Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity [Abstract]

Stockholders Equity

Note 7 - Stockholders' Equity

Authorized common stock consists of the following:

(shares in thousands)	December 31, 2014		December 31, 2013
Par value	$	0.01	$	0.01
Authorized shares		200,000		200,000
Issued shares		46,410		46,410
Outstanding shares		40,738		41,176

Authorized cumulative preferred stock consists of the following:

(shares in thousands)	December 31, 2014		December 31, 2013
Par value	$	0.01	$	0.01
Authorized shares		50,000		50,000
Issued shares		-		-
Outstanding shares		-		-

Changes in the outstanding shares of Common Stock of the Company are as follows:

(in thousands)	Year Ended December 31, 2014	Year Ended December 31, 2013
Common stock outstanding at beginning of period	41,176	43,284
Common stock repurchased for treasury	(438)	(2,108)
Issuance of treasury stock	-	-
Common stock outstanding at end of period	40,738	41,176

Changes in the treasury shares of Common Stock of the Company are as follows:

(in thousands)	Year Ended December 31, 2014	Year Ended December 31, 2013
Treasury stock held at beginning of period	5,234	3,126
Common stock repurchased for treasury	438	2,108
Issuance of treasury stock	-	-
Treasury stock held at end of period	5,672	5,234

Common Stock Repurchase Plan

In January 2002, and reaffirmed by the Company's Board of Directors in June 2013, the Company announced a common stock repurchase plan (the "Repurchase Plan") which allows for the repurchase by the Company of its common stock in the open market.

The Repurchase Plan is conditioned upon favorable business conditions and acceptable prices for the common stock.  Purchases under the Repurchase Plan may be made, from time to time, in the open market, through block trades or otherwise.  Depending on market conditions and other factors, purchases may be commenced or suspended any time or from time to time without prior notice.  Pursuant to the Repurchase Plan the Company repurchased shares of common stock from unaffiliated parties at various dates at market prices at their time of purchase, including broker commissions.

Information relating to the Repurchase Plan is as follows:

(in thousands)	Year Ended December 31, 2014
Common shares repurchased to treasury		438
Aggregate cost of shares repurchased	$	525

(in thousands)	December 31, 2014
Total number of common shares authorized for repurchase	10,000
Total number of common shares repurchased	6,226
Total number of shares that may still be repurchased	3,774

Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan as further described in Note 9 herein, and other non-related employee benefit plans is as follows:

(in thousands)	December 31, 2014
1993 Stock Incentive Plan		4,320
Other employee benefit plan		110
Total common shares reserved for issuance		4,430

Stockholder Rights Plan

On January 29, 1986, the Company's Board of Directors declared a dividend distribution of one right for each outstanding share of Common Stock of the Company. The rights, as amended, which entitle the holder to purchase from the Company a common share at a price of $75.00, are not exercisable until either a person or group of affiliated persons acquires 25% or more of the Company's outstanding common shares or upon the commencement or disclosure of an intention to commence a tender offer or exchange offer for 20% or more of the common shares. The rights are redeemable by the Company at $0.05 per right at any time until the earlier of the tenth day following an accumulation of 20% or more of the Company's shares by a single acquirer or group, or the occurrence of certain Triggering Events (as defined in the Stockholder Rights Plan). In the event the rights become exercisable and thereafter, the Company is acquired in a merger or other business combination, or in certain other circumstances, each right will entitle the holder to purchase from the surviving corporation, for the exercise price, Common Stock having a market value of twice the exercise price of the right. The rights are subject to adjustment to prevent dilution and expire on February 10, 2016.