Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity

6 Months Ended

Jun. 30, 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 June 30, 2019, 27,070,492 shares of common stock have been repurchased for $72,668 under the program and have been retired, including the repurchase of 1,886,387 shares for $6,552 during the three and six months ended June 30, 2019. As of June 30, 2019, 10,429,508 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 June 30, 2019, there was $115 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 0.54 year for all grants.

Options were exercised to purchase 2,578,710 and 2,748,927 shares of the Company’s common stock during the three and six months ended June 30, 2019, respectively, for which the intrinsic value on dates of exercise was $6,099 and $6,334, respectively.

Restricted stock granted during the six months ended June 30, 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
April 22, 2019 (2)	April 22, 2023	250,000	945
June 13, 2019 (3)	June 13, 2021	210,000	737
		2,785,000	$	9,204


(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.

During the three and six months ended June 30, 2019, 82,500 shares of restricted stock were forfeited.

As of June 30, 2019, there was $13,845 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $8,050 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 2.87 years for all grants and approximately 3.41 years for the 2019 grants.

Stock-based compensation, including options and restricted stock, attributed to employees was $1,440 and $2,923 for the three and six months ended June 30, 2019, respectively.

Stock-based compensation for consultants and independent financial advisors was $4 and $15 for the three and six months ended June 30, 2019, respectively. In the three and six months ended June 30, 2019, 660,756 and 1,002,460 shares were surrendered to cover payment of taxes.

Capital Stock

During the three and six months ended June 30, 2019, the Company sold 101,977 and 389,207 shares of Series A Preferred Stock, under the Company's "at the market" offering program, which provided total net proceeds to the Company of $2,534 and $9,449, respectively.

For the three and six months ended June 30, 2019, the Company paid dividends of $8,695 and $17,285, on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.

For the three and six months ended June 30, 2019, the Company paid a quarterly dividend of $0.0125 per share on its outstanding common stock. For the three and six months ended June 30, 2019, the Company paid dividends of $1,793 and $3,587 on its outstanding common stock.