Quarterly report pursuant to Section 13 or 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
 9 Months Ended
Sep. 30, 2013
Equity [Abstract]  
EQUITY TRANSACTIONS

NOTE 7. EQUITY TRANSACTIONS

We account for stock-based compensation expense in accordance with FASB ASC Topic 718 “Compensation-Stock Expense.” As a result, $0.4 million and $1.5 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the three and nine month ended September 30, 2013, respectively, in comparison to $0.3 million and $1.0 million for the three and nine months ended September 30, 2012, respectively.

On September 12, 2013, we announced that our Board of Directors increased our quarterly cash distribution from $0.05 per share to $0.0525 per share. The cash distribution was paid on October 4, 2013 to all Class A and Class B common stockholders of record as of September 26, 2013. The Board of Directors also decided to review distributions on a quarterly basis.

The following table shows distributions that have been declared and paid since January 1, 2012:

 

Announcement Date

   

Payment Date

    Amount Per Share      Cash Distributed
(in thousands)		  

September 12, 2013

    October 4, 2013      $0.0525         $1,308   

May 30, 2013

    June 28, 2013      $0.0500         1,240   

March 18, 2013

    April 1, 2013      $0.0500         1,234   

November 29, 2012

    December 28, 2012      $0.0350         854   

August 30, 2012

    September 28, 2012      $0.0350         854   

May 31, 2012

    June 21, 2012      $0.0350         854   

March 7, 2012

    March 30, 2012      $0.0350         850   

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. 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 $5.1 million for the year ending December 31, 2013.