Quarterly report pursuant to Section 13 or 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
 6 Months Ended
Jun. 30, 2015
EQUITY TRANSACTIONS [Abstract]  
EQUITY TRANSACTIONS

NOTE 8. EQUITY TRANSACTIONS

 

We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation. As a result, $0.2 million and $0.5 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the three and six months ended June 30, 2015, respectively, in comparison to $0.3 million and $0.9 million for the three and six months ended June 30, 2014.

 

While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial requirements, and other factors. The current policy of the Board of Directors is to review each of these factors on a quarterly basis to determine the appropriate amount, if any, to allocate toward a cash distribution with the general principle of using approximately 20% of free cash flow. Free cash flow is a non-GAAP measure defined in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations included with this quarterly report.

 

The following table shows distributions that have been declared and paid since January 1, 2014:

 

Announcement Date Payment Date    Amount Per Share     Cash Distributed

(Dollars in thousands) 

 
June 2, 2015     June 30, 2015   $ 0.0650     $ 1,654  
March 5, 2015 March 31, 2015   $  0.0650       1,647  
December 2, 2014 December 29, 2014   $  0.0650       1,646  
September 2, 2014 September 30, 2014   $  0.0625       1,579  
May 27, 2014   June 30, 2014   $  0.0600       1,514  
March 6, 2014   March 31, 2014   $  0.0575       1,444  

 

Based on the number of shares of Class A and Class B currently outstanding, and the currently approved distribution amount, we expect to pay total annual distributions of approximately $6.6 million for the year ending December 31, 2015.