|3 Months Ended|
Mar. 31, 2017
In March 2007, the Company’s board of directors authorized the repurchase of up to 2,500,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, depending on market conditions. In each of October 2011, November 2014 and November 2016, the board approved an amendment to the repurchase program to permit the repurchase of an additional 5,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively. Since inception through March 31, 2017, 17,615,000 shares of common stock have been repurchased for $44,971 under the program and have been retired, including the repurchase of 115,000 shares for $281 during the three months ended March 31, 2017. As of March 31, 2017, 9,885,000 shares remained available for purchase under the program.
Stock Compensation Plans
As of March 31, 2017, there was $3,431 of unrecognized compensation cost for stock-based compensation related to options. This cost is expected to be recognized over the vesting periods of the options, which on a weighted-average basis are approximately 1.70 years for all grants.
Options and warrants were exercised to purchase 171,096 shares of the Company’s common stock during the three months ended March 31, 2017, for which the intrinsic value on dates of exercise was $106.
Restricted stock granted during the three months ended March 31, 2017 was as follows:
During the three months ended March 31, 2017, no shares of restricted stock were forfeited.
As of March 31, 2017, there was $7,331 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $3,298 related to the 2017 grants described above. This cost is expected to be recognized over the vesting periods of the restricted stock, which on a weighted-average basis are approximately 2.97 years for all grants and approximately 3.79 years for the 2017 grants.
Stock-based compensation, including options and restricted stock, attributed to employees was $1,418 for the three months ended March 31, 2017.
Stock based compensation for consultants and independent financial advisors was $11 for the three months ended March 31, 2017. In the three months ended March 31, 2017, 140,227 shares were surrendered to cover payment of exercise prices and taxes.
On May 18, 2016, the Company's shareholders approved an amendment to the Company's Articles of Incorporation to increase the number of shares of preferred stock authorized from 25,000,000 to 50,000,000 and to increase the number of shares of common stock authorized from 800,000,000 to 1,000,000,000.
For the three months ended March 31, 2017, the Company paid dividends of $7,924 on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef