Shareholders' Equity

6 Months Ended

Jun. 30, 2013

Shareholders' Equity

Shareholders' Equity

15. Shareholders’ Equity

A summary of changes in shareholders’ equity is presented below:

Six Months Ended June 30, 2013

(in thousands)

										Additional									Non-
	Preferred Stock A			Preferred Stock B			Common Stock			Paid-in			Accumulated			Treasury			controlling
	Share	Amount		Share	Amount		Share	Amount		Capital			Deficit			Stock			Interests		Total
Balance at December 31, 2012	10	$	—	—	$	—	18,072	$	18	$	203,996		$	(37,664	)	$	(196	)	$	2,451	$	168,605
Net income	—	—		—	—		—	—					9,492			—			177		9,669
Unrealized loss on available-for- sale investments	—	—		—	—		—	—		—						—					—
Cash dividend paid to Series B preferred shareholder	—	—		—	—		—	—		(700		)	—			—					(700		)
Stock-based compensation	—	—		—	—		—	—		40			.			—					40
Balance at June 30, 2013	10	$	—	—	$	—	18,072	$	18	$	203,336		$	(28,172	)	$	(196	)	$	2,628	$	177,614

Six Months Ended June 30, 2012

(in thousands)

										Additional								Non-
	Preferred Stock A			Preferred Stock B			Common Stock			Paid-in		Accumulated			Treasury			controlling
	Share	Amount		Share	Amount		Share	Amount		Capital		Deficit			Stock			Interests		Total
Balance at December 31, 2011	10	$	—	—	$	—	9,958	$	10	$	154,552	$	(88,487	)	$	(155	)	$	2,640	$	68,560
Net (loss) income	—	—		—	—		—	—				(23,118		)	—			142		(22,976		)
Issuance of common stock	—	—		—	—		7,923	7		48,263					—					48,270
Stock-based compensation	—	—		—	—		—	—		403					—					403
Balance at June 30, 2012	10	$	—	—	$	—	17,881	$	17	$	203,218	$	(111,605	)	$	(155	)	$	2,782	$	94,257

In April 2013, the Company purchased the one share of Series B preferred stock outstanding, with a book value of $0, for $0.7 million in cash. The one share of Series B preferred stock was subsequently cancelled and retired. In accordance with ASC 260, Earnings Per Share paragraph 10-S99-2 (“ASC 260”), the $0.7 million difference between the consideration transferred to the shareholder of the Series B preferred stock and the book value of the preferred stock will be subtracted from net income to arrive at income available to common shareholders in the calculation of earnings per share.

In July 2013, the Company exchanged 10,000 shares of Series A preferred stock outstanding for 903,825 shares of our common stock (Note 19).