World Fuel Services 2011 Annual Report Download - page 92
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As of December 31, 2011, the aggregate annual maturities of debt are as follows (in thousands):
Year Ended December 31,
2012 $ 17,800
2013 20,716
2014 19,835
2015 18,109
2016 210,688
$287,148
The following table provides additional information about our interest income and expense and other
financing costs, net (in thousands):
2010 2009
Interest income $ 788 $ 714 $ 1,216
Interest expense and other financing costs (16,613) (5,459) (4,879)
$(15,825) $(4,745) $(3,663)
7. Shareholders’ Equity
Dividends
We declared cash dividends of $0.15 per common share for 2011, 2010 and 2009. Our Credit Facility and
Term Loan Facility restrict the payment of cash dividends to a maximum of the sum of (i) $50 million plus
(ii) 50% of the consolidated net income calculated quarterly for the previous four fiscal quarters plus
(iii) 100% of the net proceeds of all equity issuances made after the closing date of the Credit Facility and
Term Loan Facility. The payment of the above-referenced dividends was in compliance with the Credit
Facility and Term Loan Facility.
Issuance of Common Stock
In September 2010, we completed a public offering of 9.2 million shares of our common stock at a price
of $25.00 per common share. We received net proceeds of $218.8 million from the offering, after
deducting $10.4 million in commissions paid to the underwriters and an estimated $0.8 million in other
expenses incurred in connection with the offering.
Stock Repurchase Programs
Our Board of Directors, from time to time, has authorized stock repurchase programs under the terms of
which we may repurchase our common stock, subject to certain restrictions contained in our Credit
Facility and Term Loan Facility. We did not repurchase any shares of common stock under any stock
repurchase program in 2011, 2010 or 2009. As of December 31, 2011, we have $50.0 million available to
repurchase shares under our stock repurchase program.
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2011