Annual report pursuant to Section 13 and 15(d)

Dividends to Shareholders

v3.6.0.2
Dividends to Shareholders
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Dividends to Shareholders

11.  DIVIDENDS TO SHAREHOLDERS

The Company declared dividends of $10,757, $12,018, and $38,377 to shareholders in 2016, 2015, and 2014, respectively.

Except as noted below, the Company declared the following regular quarterly dividends to shareholders of record on the last day of the respective quarter, paid on the 15th day of each month following the date of declaration:

 

 

 

 

2016

 

 

 

2015

 

 

 

2014

 

First quarter

 

$

0.090

 

 

$

0.090

 

 

$

0.090

 

Second quarter

 

 

0.090

 

 

 

0.090

 

 

 

0.090

 

Third quarter

 

 

0.090

 

 

 

0.090

 

 

 

0.090

 

Fourth quarter

 

 

0.090

 

 

 

0.090

 

 

 

0.090

 

 

In addition to the regular quarterly dividends, the Company declared shared distribution cash dividends in 2016, 2015 and 2014, equal to $0.04, $0.09 and $0.09, respectively.  The 2016 dividend was paid on March 31, 2016, to shareholders of record on March 15, 2016, the 2015 dividend was paid on March 31, 2015, to shareholders of record on March 15, 2015, and the 2014 dividend was paid on March 31, 2014, to shareholders of record as of March 15, 2014.  The shared distribution was introduced in 2008 as a way to reward both shareholders and employees when the Company has a successful year.  In February 2017, the Board of Directors declared a shared distribution cash dividend of $0.02 per share, payable on March 31, 2017, to shareholders of record as of March 15, 2017.  

In 2014, the Company declared a special one-time cash dividend of $1.00 per share paid on October 24, 2014, to shareholders of record as of October 10, 2014.  In declaring the special dividend, the Board of Directors cited the Company's strong cash position, ability to generate on-going cash, and strong financial performance in the first half of 2014 as reasons for its decision.