6. PROGRAM CONTRACTS:  7. COMMON STOCK:  Future payments required under program contracts as of December 31, 2010 were as follows (in thousands):  Each future periods’ film liability includes contractual amounts owed, however, what is contractually owed does not necessarily  reflect what we are expected to pay during that period. While we are contractually bound to make the payments reflected in the  table during the indicated periods, industry protocol typically enables us to make film payments on a three-month lag. Included in  the current portion amounts are payments due in arrears of $18.5 million. In addition, we have entered into non-cancelable  commitments for future program rights aggregating $88.5 million as of December 31, 2010.  We perform a net realizable value calculation quarterly for each of our program contract costs in accordance with FASB  guidance on Financial Reporting for Broadcasters. We utilize sales information to estimate the future revenue of each  commitment and measure that amount against the commitment. If the estimated future revenue is less than the amount of the  commitment, a loss is recorded in amortization of program contract costs and net realizable value adjustments in the consolidated  statements of operations. Holders of Class A Common Stock are entitled to one vote per share and holders of Class B Common Stock are entitled to ten  votes per share, except for votes relating to “going private” and certain other transactions. The Class A Common Stock and the  Class B Common Stock vote together as a single class, except as otherwise may be required by Maryland law, on all matters  presented for a vote. Holders of Class B Common Stock may at any time convert their shares into the same number of shares of  Class A Common Stock. During 2010 and 2009, 2,370,040 and 2,000,000, respectively, Class B Common Stock shares were  converted into Class A Common Stock shares. Our Bank Credit Agreement and some of our subordinated debt instruments have restrictions on our ability to pay dividends. Under our Bank Credit Agreement, in certain circumstances, we may make up to $40.0 million in unrestricted annual cash  payments including but not limited to dividends. Under the indentures governing the 9.25% Notes and 8.375% Notes, we are  restricted from paying dividends on our common stock unless certain specified conditions are satisfied, including that:  In addition, under certain of our debt instruments, the payment of dividends is not permissible during a default thereunder. No dividend payments were made in 2009. In November 2010, our Board of Directors declared a $0.43 per share common  stock dividend. The dividend was paid on December 15, 2010 to holders of record on December 1, 2010. In February 2011, our  Board of Directors reinstated our dividend policy, declaring a quarterly common stock dividend of $0.12 per share.  On February 5, 2008, our Board of Directors renewed its authorization to repurchase up to $150.0 million of the Class A  Common Stock on the open market or through private transactions. During 2009, we repurchased approximately 1.5 million  shares of Class A Common Stock for approximately $1.5 million on the open market, including transaction cost. We did not  repurchase any shares of Class A Common Stock during 2010.  2010 Annual Report    49  $_{•}$  no event of default then exists under the indenture or certain other specified agreements relating to our  indebtedness; and  $_{•}$  after taking into account the dividends payment, we are within certain restricted payment requirements contained in  the indenture.  2011  $ 68,301  2012 17,776 2013  10,477  2014 1,215 2015 and thereafter  125  Total 97,894 Less: Current portion  (68,301)  Long-term portion of program contracts payable  $ 29,593 