Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity

3 Months Ended

Mar. 31, 2019

Shareholders’ Equity

Repurchase Program

In March 2007, October 2011, November 2014, November 2016 and April 2019, the Company’s board of directors authorized in the aggregate the repurchase of up to 37,500,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, depending on market conditions.

Since inception through March 31, 2019, 25,184,105 shares of common stock have been repurchased for $66,116 under the program and have been retired. No shares were repurchased during the three months ended March 31, 2019. As of March 31, 2019, 2,315,895 shares remained available for purchase under the program. In April 2019, our board of directors authorized the repurchase of up to an additional 10,000,000 shares of our common stock from time to time on the open market or in privately negotiated transactions depending on market conditions.

Stock Compensation Plans

As of March 31, 2019, there was $172 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 is approximately 0.78 year for all grants.

Options were exercised to purchase 170,217 shares of the Company’s common stock during the three months ended March 31, 2019, respectively, for which the intrinsic value on dates of exercise was $235.

Restricted stock granted during the three months ended March 31, 2019 was as follows:



Grant Date	Final Vesting Date	Shares	Fair Value⁽¹⁾
January 10, 2019 (2)	January 10, 2023	2,295,000	$	7,436
January 25, 2019 (3)	January 25, 2021	30,000	86
		2,325,000	$	7,522


(1)	Fair value is calculated using the closing price on the grant date.


(2)	Vests in four equal annual installments beginning on the first anniversary of the grant date.


(3)	Vests in two equal annual installments beginning on the first anniversary of the grant date.

As of March 31, 2019, there was $13,797 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $7,046 related to the 2019 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 3.05 years for all grants and approximately 3.76 years for the 2019 grants.

Stock-based compensation, including options and restricted stock, attributed to employees was $1,483 for the three and months ended March 31, 2019.

Stock-based compensation for consultants and independent financial advisors was $11 for the three months ended March 31, 2019. In the three months ended March 31, 2019, 341,704 shares were surrendered to cover payment of taxes.

Capital Stock

During the three months ended March 31, 2019, the Company sold 287,230 shares of Series A Preferred Stock, under the Company's "at the market" offering program, which provided total net proceeds to the Company of $6,915. During April 2019, the Company sold an additional 101,977 shares of Series A Preferred Stock, which provided total net proceeds of $2,549.

For the three months ended March 31, 2019, the Company paid dividends of $8,590, on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.

For the three months ended March 31, 2019, the Company paid a quarterly dividend of $0.0125 per share on its outstanding common stock. For the three months ended March 31, 2019, the Company paid dividends of $1,794 on its outstanding common stock.