included in the current portion of long-term debt. This long-term debt is U.S. dollar denominated, bears interest of ap- proximately  4 . 5 % per annum and is amortized in two tranches over five and seven years beginning in October  2004  and  April  2006 , respectively. In February  2005 , we made an additional borrowing under the Shelf Facility in Japanese yen  denominated senior notes in the amount of  3 . 1  billion yen, or approximately $ 30 . 0  million as of February  28 ,  2005 . These  notes bear interest of approximately  1 . 7 % per annum and are due April  2014 , with principal payments beginning in April  2008 . Our long-term debt also includes the long-term portion of Japanese yen denominated ten-year senior notes issued to  the Prudential Insurance Company of America in  2000 . The notes bear interest at an effective rate of  3 . 0 % per annum and  are due October  2010 , with annual principal payments that began in October  2004 . As of December  31 ,  2004 , the outstand- ing balance on the notes was  8 . 3  billion Japanese yen, or $ 81 . 2  million, $ 13 . 5  million of which is included in the current  portion of long-term debt. The Japanese notes and the revolving and shelf credit facilities are secured by guarantees issued  by our material subsidiaries or by pledges of  65 % to  100 % of the outstanding stock of our material subsidiaries.  Since August  1998 , our board of directors has authorized us to repurchase up to $ 110 . 0  million of our outstanding  shares of Class A common stock under a stock repurchase program, which allows us to repurchase our shares on the open  market or in private transactions. This includes an additional $ 20 . 0  million authorized by the board of directors in Febru- ary  2005 . The repurchases are used primarily for our equity incentive plans and strategic initiatives. During the year  ended December  31 ,  2004  we repurchased approximately  0 . 1  million shares of Class A common stock under this program  for an aggregate amount of approximately $ 1 . 3  million. Between August  1998  and December  31 ,  2004 , we had repurchased  a total of approximately  8 . 8  million shares of Class A common stock under this program for an aggregate price of approxi- mately $ 82 . 9  million. On July  30 ,  2004 , we purchased approximately  3 . 1  million shares of common stock from members of our original  stockholder group for an aggregate purchase price of approximately $ 71 . 0  million, or $ 22 . 62  per share. The purchase was  made pursuant to an option granted in connection with the recapitalization transaction that occurred in October  2003 , and  we used existing cash balances to pay for the repurchase. The purchase price was determined based on the agreement entered  into in October  2003 , which provided for a purchase price equal to  94 % of the lower of (a) the closing sales price on the  New York Stock Exchange on the date the notice of exercise was given, and (b) the average closing sales price over the im- mediately preceding  15  trading days. A special committee of independent directors of the board of directors made the  decision to exercise the option. The special committee engaged its own independent financial and legal advisors. We still  have a similar option to acquire approximately  300 , 000  shares from one of our original shareholders. Since  1998 , we have  repurchased an aggregate of approximately  22 . 7  million shares pursuant to our stock repurchase program and other pri- vately negotiated transactions.  During each quarter of  2004 , our board of directors declared cash dividends of $ 0 . 08  per share on our Class A common  stock. These quarterly cash dividends totaled approximately $ 22 . 6  million and were paid during  2004  to stockholders of  record in  2004 . In February  2005 , the board of directors declared a dividend that was paid in March  2005  of $ 0 . 09  per  share for Class A common stock. Currently, we anticipate that our board of directors will continue to declare quarterly cash  dividends and that the cash flows from operations will be sufficient to fund our future dividend payments. Assuming a  quarterly dividend declaration of $ 0 . 09  per share in  2005 , dividends for the year should total approximately $ 25 . 2  million  based upon the number of shares currently outstanding. However, the declaration of dividends is subject to the discretion  of our board of directors and will depend upon various factors, including our net earnings, financial condition, cash require- ments, future prospects and other factors deemed relevant by our board of directors.  We believe we have sufficient liquidity to be able to meet our obligations on both a short- and long-term basis. We  currently believe that existing cash balances together with future cash flows from operations and existing lines of credit  will be adequate to fund our cash needs. The majority of our historical expenses have been variable in nature and as such,  a potential reduction in the level of revenue would reduce our cash flow needs. Within the past year our capital needs have  increased due to the retail store model in China including manufacturing facilities and the manufacture of BioPhotonic  Scanners. In the event that our current cash balances, future cash flow from operations and current lines of credit are not  sufficient to meet our obligations or strategic needs, we would consider raising additional funds in the debt or equity mar- kets or restructuring our current debt obligations. Additionally, we would consider realigning our strategic plans including  a reduction in capital spending, stock repurchases or dividend payments.  46