We paid our first quarterly dividend as a public company of $0.1461 per share in August 2008, and subsequent dividends of $0.475 per share in November 2008, $0.15 per share each in February 2009, May 2009, August 2009, November 2009, February 2010 and May 2010. We also declared a dividend of $0.15 per share payable on or about August 27, 2010 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange ("NYSE") on August 20, 2010.
We currently intend to use a portion of our free cash to pay dividends to our shareholders. The declaration and payment of dividends, if any, will always be subject to the discretion of our board of directors and the requirements of Marshall Islands law. The timing and amount of any dividends declared will depend on, among other things: (a) our earnings, financial condition and cash requirements and availability, (b) decisions in relation to our growth strategies, (c) provisions of Marshall Islands and Liberian law governing the payment of dividends, (d) restrictive covenants in our existing and future debt instruments and (e) global financial conditions.
There can be no assurance that dividends will be paid. Our ability to pay dividends may be limited by the amount of cash we can generate from operations following the payment of fees and expenses and the establishment of any reserves as well as additional factors unrelated to our profitability. We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations and to make dividend payments.
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