Annual report pursuant to Section 13 and 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
EQUITY TRANSACTIONS
NOTE 15. EQUITY TRANSACTIONS
 
We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” As a result, $0.8 million, $1.6 million and $1.8 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the years ended December 31, 2015, 2014, and 2013, respectively.
 
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 financial measure defined in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations included with this annual report on Form 10-K.
 
The following table shows distributions that have been declared and paid since January 1, 2013:
 
 
 
 
 
 
 
Cash Distributed
 
Announcement Date
 
Payment Date
 
Amount Per Share
 
(in thousands)
 
December 1, 2015
 
December 29, 2015
 
$
0.0650
 
$
1,656
 
September 1, 2015
 
September 30, 2015
 
$
0.0650
 
$
1,655
 
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
 
November 20, 2013
 
December 27, 2013
 
$
0.0550
 
$
1,376
 
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
 
 
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 ended December 31, 2016.