Juno 2013 Annual Report Download - page 126

Table of Contents
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In January, April, and July 2013, United Online, Inc.'s Board of Directors declared quarterly cash dividends of $0.70 per share of common stock,
as adjusted to reflect the one-for-seven reverse stock split. The dividends were paid on February 28, 2013, May 31, 2013, and August 30, 2013 and
totaled $9.4 million, $9.7 million, and $9.7 million, respectively, including dividend equivalents paid on nonvested restricted stock units. In November
2013, United Online, Inc.'s Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividends were paid on
November 29, 2013 and totaled $2.2 million, including dividend equivalents paid on nonvested restricted stock units.
In January 2014, the Company announced that United Online, Inc.'s Board of Directors determined to discontinue cash dividend payments in order
to provide financial flexibility to support anticipated long-term growth initiatives.
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In May 2001, United Online, Inc.'s Board of Directors authorized a common stock repurchase program (the "Program") that allows us to
repurchase shares of our common stock through open market or privately negotiated transactions based on prevailing market conditions and other
factors. From time to time since then, the Board of Directors has increased the amount authorized for repurchase under this Program and has extended
the Program. From August 2001 through December 31, 2010, we had repurchased $150.2 million of our common stock under the Program, leaving
$49.8 million of authorization remaining under the Program. In February 2011, the Board of Directors extended the Program through December 31,
2011 and authorized an increase in the $49.8 million authorization remaining to $80.0 million. In December 2011, the Board of Directors extended the
Program through December 31, 2012. In January 2013, the Board of Directors approved and ratified the extension of the Program through
December 31, 2013, and in September 2013, the Board of Directors further extended the Program through December 31, 2014. There were no
repurchases under the Program in the year ended December 31, 2013 and, at December 31, 2013, the authorization remaining under the Program was
$80.0 million.
Shares withheld upon the vesting of restricted stock units to pay minimum statutory employee withholding taxes are considered common stock
repurchases, but are not counted as purchases against the Program. Upon vesting of restricted stock units, the Company currently does not collect the
minimum statutory withholding taxes from employees. Instead, the Company automatically withholds, from the restricted stock units that vest, the
portion of those shares with a fair market value equal to the amount of the minimum statutory employee withholding taxes due, which is accounted for
as a repurchase of common stock. The Company then pays the minimum statutory withholding taxes in cash. The amounts remitted in the year ended
December 31, 2013, 2012 and 2011 were $4.3 million, $2.6 million, and $7.7 million, respectively, for which the Company withheld 0.3 million,
0.1 million, and 0.2 million shares of common stock, respectively, that were underlying the restricted stock units that vested.
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