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Buckskin Corporation has 10,000 shares of $100 par, 5% noncumulative preferred stock authorized, of which 5,000 shares have been outstanding since the corporation's formation in 1998. Buckskin also has had 100,000 shares of $10 par value common stock issued and outstanding since 1998.
Up until 2011, Buckskin paid the regular cash dividend on the preferred stock plus a $1 per share cash dividend on the common stock each year. In 2011, however, Buckskin was unable to pay any dividends due to its losses and its poor cash flow. By the end of 2012, Buckskin was slightly profitable and paid a total of only $10,000 of dividends. Now, in planning for its cash flows for the remainder of 2013, the board of directors seeks to pay a large enough dividend to the common shareholders to make up for the "missed" dividends for 2011 and 2012 and give them at least a $1 per share dividend for 2013.
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