• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 27 — Subsequent Events

On January 15, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.35 per common share. The dividends are scheduled for payment on March 16, 2018 to stockholders of record on February 16, 2018.

On January 26, 2018, Greenleaf Essence, LLC, a wholly own subsidiary and party to a joint venture which the Company consolidated as the primary beneficiary to its operations, purchased the interest of the noncontrolling member for $539. See Consolidated Variable Interest Entity in Note 4 — “Investment.” The transaction was accounted for as an equity transaction. As a result, there was no gain or loss recognized. On the same day, the Company entered into an agreement to lease office space at a new location in Miami Lakes, Florida for its claims related administration. The lease commenced on March 1, 2018 and has an initial term of approximately three years. Rent expense will be recorded on a straight-line basis over the lease term. Future minimum lease payments, inclusive of sales tax, are as follows:

 

Year

   Amount  

2018

   $ 116  

2019

     158  

2020

     163  

2021

     41  
  

 

 

 

Total minimum future payments

   $ 478  
  

 

 

 

On February 8, 2018, the Company granted 40,000 shares of restricted stock and options to purchase 110,000 of the Company’s common shares at an exercise price of $40 per share to its chief executive officer, Paresh Patel. The options will expire on February 8, 2028. These share-based awards were granted pursuant to the 2012 Plan and will vest in equal annual installments over four years, so long as Mr. Patel remains employed by the Company. The grant date fair values of the restricted stock and options were $1,397 and $939, respectively.

On February 20, 2018, the Company entered into a subscription agreement with another limited partnership and committed to provide $5,000 of capital for investment. The capital is callable at the discretion of the general partner during a commitment period.