Annual report pursuant to Section 13 and 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
 12 Months Ended
Dec. 31, 2014
EQUITY TRANSACTIONS [Abstract]  
EQUITY TRANSACTIONS

NOTE 14. EQUITY TRANSACTIONS

 

We account for stock-based compensation expense in accordance with FASB ASC Topic 718 Compensation-Stock Compensation. As a result, $1.4 million, $1.8 million and $1.6 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the year ended December 31, 2012, 2013, and 2014, 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, 2012:

 

Announcement Date Payment Date   Amount Per Share    

Cash Distributed

(in thousands)
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  
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