Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Stockholders' Equity

(10)        STOCKHOLDERS’ EQUITY

Effective October 30, 2012, we completed a one-for-forty reverse stock split of our issued and outstanding common stock which was approved by shareholders on October 29, 2012. The reverse stock split was initiated to reduce the amount of small shareholders that typically do not vote their shares. Accordingly, all share and per share amounts have been retroactively restated to reflect the reverse stock split. In conjunction with the reverse stock split, our shareholders also approved a reduction of our common stock shares authorized from 24 million shares to 2 million shares. Our shares authorized have been adjusted to reflect this change.

No changes in the number of preferred shares occurred during the nine months ended September 30, 2013. The changes in the number of common and treasury shares held during the nine months ended September 30, 2013 are as follows:

	Number of Shares
Description		Preferred G1	Preferred G2	Common		Treasury
Balance as of December 31, 2012		1,000	1,000	435,328		—
Shares issued for preferred stock dividends		—	—	2		—
Treasury stock repurchase		—	—	—		33,389
Treasury stock retirements		—	—	(33,389	)	(33,389	)
Balance as of September 30, 2013		1,000	1,000	401,941		—

Treasury Stock – At September 30, 2013 and December 31, 2012, we held no shares of treasury stock. In January 2013, we announced that our Board of Directors authorized the cancellation of our amended September 2005 stock repurchase plan and authorized a new stock repurchase program which allows us to buy back up to 45 thousand shares of our common stock. During the nine months ended September 30, 2013, we purchased and retired approximately 33 thousand shares of our common stock in privately negotiated transactions for approximately $3 million. As of September 30, 2013, approximately 12 thousand shares remained available for repurchase under our repurchase program.

Additional Paid in Capital – Additional paid in capital decreased by approximately $2.9 million during the nine month period ended September 30, 2013 primarily due to the purchase and retirement of our common stock and BWI stock compensation.