(18) Subsequent Events

Divestiture of North American wood mobile office fleet

On April 16, 2015 the Company entered into a definitive agreement to sell its wood mobile offices within its North American Portable Storage segment for a cash price of $92.0 million. See Note 5 for information regarding the $64.7 million impairment related to these assets recorded during the quarter ended March 31, 2015. The transaction is expected to be completed in May 2015, at which time the Company expects to recognize approximately $2 million of divestiture-related expenses. Cash received will be net of approximately $6.6 million of deferred revenue related to these products.

 

Increase to treasury stock repurchase program.

On April 17, 2015, Mobile Mini’s Board approved a $50 million increase in the current share repurchase program to $175 million. Through April 30, 2015, the Company has repurchased $40.0 million of shares under this program and approximately $135.0 million is available for repurchase as of April 30, 2015.

Declaration of quarterly dividend

On April 29, 2015, the Company’s Board authorized and declared a quarterly dividend to all the Company’s common stockholders of $0.187 per share of common stock, payable on June 3, 2015 to all stockholders of record as of the close of business on May 20, 2015.