Juno 2014 Annual Report Download - page 113
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Table of Contents
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.
In May 2001, United Online, Inc.'s Board of Directors authorized a common stock repurchase program (the "Program") that allows United Online, Inc. to
repurchase shares of its 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, United Online, Inc. had repurchased $150.2 million of its 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. In October 2014, the Board of Directors further extended
the Program through December 31, 2015. There were no repurchases under the Program during the year ended December 31, 2014 and, at December 31, 2014,
the authorization remaining under the Program was $80.0 million.
Shares withheld upon the vesting of restricted stock units and upon the issuance of stock awards to pay minimum statutory employee withholding taxes
are considered common stock repurchases, but are not counted as purchases against the Program. Upon vesting of most restricted stock units or issuance of
stock awards, we currently do not collect the minimum statutory withholding taxes from employees. Instead, we automatically withhold, from the restricted
stock units that vest and from the stock awards that are issued, 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. We then pay the minimum statutory employee
withholding taxes in cash. The amounts remitted in the years ended 2014, 2013, and 2012 were $2.8 million, $4.3 million, and $2.6 million, respectively, for
which the Company withheld 0.3 million, 0.3 million and 0.1 million shares of common stock, respectively, that were underlying the restricted stock units
that vested.
F-31