XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Long-Term Debt | 9 Months Ended
--- | ---
Sep. 30, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | Note 9 — Long-Term Debt The following table summarizes the Company’s long-term debt:
|  | September 30, |  |  | December 31, |
|  | 2016 |  |  | 2015 |
8% Senior Notes, due January 30, 2020 |  | $ | 40,250 |  |  | $ | 40,250 |
3.875% Convertible Senior Notes, due March 15, 2019 |  |  | 89,990 |  |  |  | 103,000 |
4% Promissory note, due through February 1, 2031 |  |  | 8,936 |  |  |  | — |
3.75% Promissory note, due through September 1, 2036 |  |  | 9,000 |  |  |  | — |
Total principal amount |  |  | 148,176 |  |  |  | 143,250 |
Less: unamortized discount and issuance costs |  |  | (10,004 | ) |  |  | (13,821 | )
Total long-term debt |  | $ | 138,172 |  |  | $ | 129,429 |
As of September 30, 2016, future maturities of long-term debt are as follows:
Due in 12 months following September 30, |  |  |  |
2016 |  | $ | 776 |
2017 |  |  | 807 |
2018 |  |  | 90,829 |
2019 |  |  | 41,122 |
2020 |  |  | 906 |
Thereafter |  |  | 13,736 |
Total |  | $ | 148,176 |
Information with respect to interest expense is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual interest |  | $ | 1,810 |  |  | $ | 1,802 |  |  | $ | 5,466 |  |  | $ | 5,408 |
Non-cash expense* |  |  | 862 |  |  |  | 896 |  |  |  | 2,646 |  |  |  | 2,630 |
|  | $ | 2,672 |  |  | $ | 2,698 |  |  | $ | 8,112 |  |  | $ | 8,038 |
* | Includes amortization of debt discount and issuance costs.
As of September 30, 2016, the remaining amortization period of the debt discount was 2.5 years. 3.75% Promissory Note In connection with the business acquisition described in Note 5 — Business Acquisition, Sorrento PBX, LLC entered into a 20-year secured loan agreement for gross proceeds of $9,000. The loan proceeds were used to finance the acquisition. The loan bears a fixed annual interest rate of 3.75% and is collateralized by the acquired property and the assignment of associated lease agreements. Approximately $53 of principal and interest is payable in 240 monthly installments beginning October 1, 2016. The promissory note may be repaid in full after September 1, 2017 as long as the Company provides at least 60 days’ written notice and pays a prepayment premium as specified in the loan agreement. In addition, the lender may require full payment of the outstanding principal and unpaid interest on September 1, 2031 provided a written notice of its intention to call the note is given at least six months in advance. 4% Promissory Note On January 14, 2016, HCPCI Holdings, LLC, a subsidiary of the Company, entered into a 15-year secured loan agreement for proceeds of $9,200. The loan is collateralized by the Company’s Tampa, Florida real estate, which is owned by HCPCI Holdings, and the lease agreements associated with this property. The loan bears a fixed annual interest rate of 4%. Approximately $68 of principal and interest is payable in 180 monthly installments beginning March 1, 2016. The promissory note may be repaid in full after February 1, 2017 as long as the Company provides at least 60 days’ written notice and pays a prepayment premium as specified in the loan agreement. The proceeds were used for real estate development projects or other general business purposes. 3.875% Convertible Senior Notes Conversion Rate Since January 2015, the Company’s cash dividends on common stock have exceeded $0.275 per share, resulting in adjustments to the conversion rate. As of September 30, 2016, each $1 of the Company’s convertible notes would have been convertible into 16.0833 shares of common stock, which was the equivalent of approximately $62.18 per share. Repurchases of Convertible Senior Notes During the first quarter of 2016, the Company repurchased an aggregate of $13,010 in principal of its 3.875% convertible senior notes in privately negotiated transactions for cash in the amount of $11,347, inclusive of $81 in commissions. As a result, the Company recognized a $153 gain on extinguishment net of $1,591 in unamortized debt discount and issuance costs and commissions associated with the notes that were repurchased during the first quarter of 2016.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration