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Mandatorily redeemable Series C preferred shares | 12 Months Ended
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Dec. 31, 2017
Equity [Abstract] |
Mandatorily redeemable Series C preferred shares | Mandatorily redeemable Series C preferred shares APUC has 100 redeemable Series C preferred shares issued and outstanding. Thirty-six of the Series C preferred shares are owned by related parties controlled by executives of the Company. The preferred shares are mandatorily redeemable in 2031 for $53,400 per share (fifty-three thousand and four hundred dollars per share) and have a contractual cumulative cash dividend paid quarterly until the date of redemption based on a prescribed payment schedule indexed in proportion to the increase in CPI over the term of the shares. The Series C preferred shares are convertible into common shares at the option of the holder and the Company, at any time after May 20, 2031 and before June 19, 2031, at a conversion price of $53,400 per share. As these shares are mandatorily redeemable for cash, they are classified as liabilities in the consolidated financial statements. The Series C preferred shares are accounted for under the effective interest method, resulting in accretion of interest expense over the term of the shares. Dividend payments are recorded as a reduction of the Series C preferred share carrying value.
Estimated dividend payments due in the next five years and dividend and redemption payments thereafter are:
2018 | $ | 1,068 |
2019 | 1,282 |
2020 | 1,344 |
2021 | 1,364 |
2022 | 1,390 |
Thereafter to 2031 | 15,761 |
Redemption amount | 5,340 |
| 27,549 |
Less amounts representing interest | (9,085 | )
| 18,464 |
Less current portion | (1,068 | )
| $ | 17,396 |

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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