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1A. RESTATEMENT | 9 Months Ended
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Sep. 30, 2013
Equity [Abstract] |
1A - RESTATEMENT | On November 12, 2013, the Company amended its Annual Report on Form 10-K as of and for the year ended December 31, 2012. The Company is also restating herein its previously issued consolidated balance sheet as of December 31, 2012 to correct an error in its accounting for income taxes. In the fourth quarter of 2012, the Company recorded a benefit from income taxes of approximately $60.4 million primarily resulting from the release of a valuation allowance against its deferred tax assets. In November 2013, during a review of the Company’s work papers supporting its deferred tax assets, management discovered an error in the historical tax treatment of certain mark-to-market adjustments recorded in relation to its interest rate swaps, dating back as far as 2009. This error caused the Company’s deferred tax assets to be overstated by approximately $4.3 million and unrecognized tax benefit liability (included in accounts payable, accrued expenses and other) to be understated by approximately $0.4 million at December 31, 2012. Periods prior to the fourth quarter of 2012 were not significantly impacted by the overstatement as the Company had a valuation allowance established against the overstated deferred tax assets. To correct the income tax benefit overstatement described above, the Company restated the following line items in its financial statements:
|  | As Previonsly Reported |  |  | Restatement Adjustments |  |  | As Restated |
As of and for the year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
Current portion of deferred tax assets |  | $ | 7,607 |  |  | $ | – |  |  | $ | 7,607 |
Deferred tax assets, net of current portion |  |  | 52,790 |  |  |  | (4,255 | ) |  |  | 48,535 |
Total deferred tax assets |  |  | 60,397 |  |  |  | (4,255 | ) |  |  | 56,142 |
Total Assets |  |  | 715,119 |  |  |  | (4,255 | ) |  |  | 710,864 |
Accounts payable, accrued expenses and other |  |  | 105,929 |  |  |  | 428 |  |  |  | 106,357 |
Total current liabilities |  |  | 118,613 |  |  |  | 428 |  |  |  | 119,041 |
Total liabilities |  |  | 717,120 |  |  |  | 428 |  |  |  | 717,548 |
Accumulated deficit |  |  | (171,093 | ) |  |  | (4,683 | ) |  |  | (175,776 | )
Total stockholders' deficit |  |  | (2,001 | ) |  |  | (4,683 | ) |  |  | (6,684 | )

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- Definition Tabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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