EQUITY

Common stock

The par value of common stock reflected on the consolidated balance sheet at December 31, 2015 is summarized below:



	Class A	Class B
Shares accounted for at December 31, 2012	41,971,050	28,235
Issuance of shares under employee and director compensation programs⁽¹⁾	107,988	—
Shares issued upon exercise of warrants	425,618	—
Shares accounted for at December 31, 2013	42,504,656	28,235
Conversion of Class B shares	28,235	(28,235	)
Issuance of shares under employee and director compensation programs⁽¹⁾	169,933	—
Shares issued under employee stock purchase plan	6,999	—
Shares issued upon exercise of warrants	904,231	—
Shares accounted for at December 31, 2014	43,614,054	—
Issuance of shares under employee and director compensation programs⁽¹⁾	184,803	—
Shares issued under employee stock purchase plan	24,882	—
Shares accounted for at December 31, 2015⁽²⁾	43,823,739	—

(1) Of these vested shares, recipients sold back to the Company 62,291, 11,120 and 8,591 shares during the years ended December 31, 2015, 2014 and 2013, respectively, to satisfy tax withholding obligations. These repurchased shares are being recognized at cost as treasury stock on the consolidated balance sheet.

(2) In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2015. The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets.

The common stock includes Class A and Class B stock. Class A stock is eligible to be listed on an exchange, whereas Class B stock is not. Any share of Class B stock may be converted to Class A at the election of the holder. Both classes of stock have full voting rights. Both classes of stock have a par value of $0.01 per share. All Class B stock has been converted to Class A stock. The total number of shares authorized for issuance is 90,000,000 shares of Class A stock and 10,000,000 shares of Class B stock.

Warrants

Prior to November 30, 2014, we had outstanding common stock warrants which entitled the holder to purchase one share of common stock for $25. Upon exercise, a holder could elect a cashless exercise, whereby the number of shares to be issued to the holder was reduced, in lieu of a cash payment. Changes in the fair value of warrants were recorded in "other expense (income)" in the consolidated statements of operations and comprehensive income. The warrants expired on November 30, 2014.

Dividends

We began paying a quarterly cash dividend in the second quarter of 2013. The following table sets forth the quarterly dividends per share declared and paid to shareholders for the periods indicated:



Quarter Ending	Dividend Per Share		Date Declared	Date of Record	Date Paid
June 30, 2013	$	0.19	May 8, 2013	May 20, 2013	May 30, 2013
September 30, 2013	$	0.20	August 8, 2013	August 19, 2013	August 30, 2013
December 31, 2013	$	0.21	November 11, 2013	November 22, 2013	December 3, 2013

March 31, 2014	$	0.22	February 25, 2014	March 10, 2014	March 20, 2014
June 30, 2014	$	0.24	May 8, 2014	May 19, 2014	May 29, 2014
September 30, 2014	$	0.27	August 6, 2014	August 18, 2014	August 28, 2014
December 31, 2014	$	0.30	November 6, 2014	November 17, 2014	November 28, 2014

March 31, 2015	$	0.34	February 26, 2015	March 9, 2015	March 20, 2015
June 30, 2015	$	0.38	May 6, 2015	May 18, 2015	May 29, 2015
September 30, 2015	$	0.42	August 4, 2015	August 17, 2015	August 25, 2015
December 31, 2015	$	0.45	November 3, 2015	November 16, 2015	November 24, 2015

March 31, 2016	$	0.45	February 24, 2016	March 7, 2016	March 17, 2016