Share Capital

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Share Capital

Share capital

The Company’s authorized share capital consists of (a) 50,000,000 shares of Preferred Stock, par value $0.001 per share; (b) 50,000,000 shares of Class A non-voting common stock, par value $0.001 per share; and (c) 99,680 shares of Class B voting common stock, par value $0.001 per share. No Preferred Stock has been issued. 99,680 shares of Class B Stock have been issued and are outstanding.

The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting.

The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated:

	Three Months Ended June 30,			Six Months Ended June 30,
	2014	2013		2014	2013
Class A Stock outstanding, beginning of period	13,516,626	13,508,318		13,377,967	13,508,318
Issued pursuant to shared-based compensation plans	2,500	—		141,159	—
Repurchased and cancelled pursuant to the stock buy-back	—	(11,535	)	—	(11,535	)
Class A Stock outstanding, end of period	13,519,126	13,496,783		13,519,126	13,496,783

Stock buy-back

On October 7, 2011, the Company announced its intention to purchase up to 675,000 shares of its Class A Stock in compliance with the rules and regulations of the New York Stock Exchange and the SEC and the terms of its Senior Secured Notes. The 675,000 shares represented approximately 5% of its then 13,572,265 issued and outstanding shares of Class A Stock. Any such purchases will be made by the Company in the open market at the prevailing open market price using cash on hand. All shares purchased will be cancelled. The repurchase program is expected to continue indefinitely. The repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

In the six months ended June 30, 2014, the Company did not buy back any stock under this program. As of June 30, 2014, 352,823 shares were available to be purchased under this program.