Second, our new building construction program progressed according to schedule. We expect to take delivery of our four remaining 13100 TEU new vessels in March and April this year, all of which we’ve commenced 12-year charter with COSCO.
Third, our Board declared dividend on our common stock and our Series C preferred shares. We remain committed to growing our common share dividend in a suspendable manner that preserves our financial strength and our ability to expand our fleet. In line with our commitment, I am pleased to announce that we have increased our first quarter 2011 quarterly common share dividend by 33%, $0.25 per share.
Fourth and finally, we continue to execute innovative transaction that demonstrates the focus on long-term shareholder value. As previously announced we entered into bareboat charters for remaining 4800 TEU vessels locking an income for the next five years and effectively removing our operating closure to our oldest vessel. And we completed $53 million non-recourse from the lease back arrangements with a leading American bank for 4250 TEU vessel, [NV] UASC Madinah.
In January 2012, we repurchased 11.3 million shares of our Class A common stock through a fixed-price tender offer at $15 per share, and we acquired our Manager and our Class C common stock for $54 million in common shares. In addition, we have authorized up to $50 million share repurchase program, highlighting both confidence in our future prospects and commitment to enhancing shareholder value.I would now like to turn the call over to Sai to discuss our quarterly financial results. Sai, please? Sai W. Chu Thanks Gerry. Please turn to slide four for a summary of our quarter and year-end results for December 31, 2011 compared to same periods of 2010. We began 2011 with 55 vessels in operation and accepted delivery of 10 vessels during the year, bringing our fleet to a total of 65 vessels in operation at year-end.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV