Quarterly report pursuant to Section 13 or 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
 3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
EQUITY TRANSACTIONS

NOTE 8. EQUITY TRANSACTIONS

We account for stock-based compensation expense in accordance with FASB ASC Topic 718 Compensation-Stock Expense. As a result, $0.8 million and $0.6 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the three months ended March 31, 2013 and 2014, respectively.

The following table shows distributions that have been declared and paid since January 1, 2013:

 

Announcement Date

   

Payment Date

    Amount Per Share      Cash Distributed
(in thousands) 		 

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   

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 $5.8 million for the year ending December 31, 2014.