29 has judged that it is more likely than not that a future tax benefit for the New Zealand business's $5.8 million of net deferred tax assets will be realized. Future deterioration in the New Zealand unit's profitability could result in the need to record a valuation allowance against its deferred tax assets in a subsequent period. Pr eferr ed Stock Dividends During 2012 and 201 1 , the Company accrued and paid $ 0.3 million in dividends on its Series  A preferred stock. T able of Contents