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Equity (Tables) | 12 Months Ended
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Dec. 31, 2015
Stockholders Equity Note [Line Items] |
Preferred Stock Terms | The following table summarizes information about each series of the Company’s convertible perpetual preferred stock outstanding at December 31, 2015:
|  | Convertible Perpetual Preferred Stock
|  | 8.5% |  | 7.0%
Liquidation preference per share |  | $ | 100.00 |  |  | $ | 100.00 |
Annual dividend per share |  | $ | 8.50 |  |  | $ | 7.00 |
Conversion rate per share to common stock |  | 12.4805 |  |  | 12.8791 |
Preferred Stock Dividends | Preferred stock dividend payments and accruals for the Company’s 8.5%, 7.0% and 6.0% convertible perpetual preferred stock for the years ended December 31, 2015, 2014 and 2013 are as follows:
|  | December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (In thousands)
8.5% Convertible perpetual preferred stock |  |  |  |  |  |
Dividends paid in cash |  | $ | 11,262 |  |  | $ | 22,525 |  |  | $ | 22,525 |
Dividends satisfied in shares of common stock(1) |  | $ | 11,262 |  |  | $ | — |  |  | $ | — |
Accrued dividends at period end |  | $ | 8,447 |  |  | $ | 8,447 |  |  | $ | 8,447 |
7.0% Convertible perpetual preferred stock |  |  |  |  |  |
Dividends paid in cash |  | $ | — |  |  | $ | 21,000 |  |  | $ | 21,000 |
Dividends satisfied in shares of common stock(2) |  | $ | 10,500 |  |  | $ | — |  |  | $ | — |
Accrued dividends at period end |  | $ | 13,125 |  |  | $ | 2,625 |  |  | $ | 2,625 |
Dividends in arrears(3) |  | $ | 10,500 |  |  | $ | — |  |  | $ | — |
6.0% Convertible perpetual preferred stock(4) |  |  |  |  |  |
Dividends paid in cash |  | $ | — |  |  | $ | 12,000 |  |  | $ | 12,000 |
Accrued dividends at period end |  | $ | — |  |  | $ | — |  |  | $ | 5,500 |
____________________
(1) | For the year ended December 31, 2015, the Company paid a semi-annual dividend by issuing approximately 18.6 million shares of common stock. For purposes of the dividend payment, the value of each share issued was calculated as 95% of the average volume-weighted share price for the 15 trading day period ending July 29, 2015. Based upon the common stock’s closing price on August 17, 2015, the common stock issued had a market value of approximately $9.5 million, ($3.58 per outstanding share at the time the dividend was paid) that resulted in a difference between the fixed rate semi-annual dividend and the value of shares issued of approximately $1.8 million, which was recorded as a reduction to preferred stock dividends in the accompanying condensed consolidated statement of operations.
(2) | For the year ended December 31, 2015, the Company paid a semi-annual dividend by issuing approximately 5.7 million shares of common stock. For purposes of the dividend payment, the value of each share issued was calculated as 95% of the average volume-weighted share price for the 15 trading day period ending April 28, 2015. Based upon the common stock’s closing price on May 15, 2015, the common stock issued had a market value of approximately $6.7 million, ($2.23 per outstanding share at the time the dividend was paid) that resulted in a difference between the fixed rate semi-annual dividend and the value of shares issued of approximately $3.8 million, which was recorded as a reduction to preferred stock dividends in the accompanying condensed consolidated statement of operations.
(3) | In the third quarter of 2015, the Company announced the suspension of payment of the semi-annual dividend on shares of its 7.0% convertible perpetual preferred stock.
(4) | The final dividend payment for the 6.0% convertible preferred stock was made during 2014.
Treasury Stock Activity | The following table shows the number of shares withheld for taxes and the associated value of those shares for the years ended December 31, 2015, 2014 and 2013. These shares were accounted for as treasury stock when withheld, and then immediately retired.
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (In thousands)
Number of shares withheld for taxes | 1,872 |  |  | 1,034 |  |  | 5,679 |
Value of shares withheld for taxes | $ | 2,428 |  |  | $ | 6,373 |  |  | $ | 30,126 |
Preferred Stock |
Stockholders Equity Note [Line Items] |
Schedule of Stock by Class | The following table presents information regarding the Company’s preferred stock (in thousands):
| December 31,
| 2015 |  | 2014
Shares authorized, $0.001 par value | 50,000 |  |  | 50,000 |
Shares outstanding at end of period |  |  |
8.5% Convertible perpetual preferred stock | 2,650 |  |  | 2,650 |
7.0% Convertible perpetual preferred stock(1) | 2,770 |  |  | 3,000 |
____________________
(1) | For the year ended December 31, 2015, approximately 230,500 shares were converted into approximately 3.0 million shares of the Company’s common stock.
Common Stock |
Stockholders Equity Note [Line Items] |
Schedule of Stock by Class | The following table presents information regarding the Company’s common stock (in thousands):
| December 31,
| 2015 |  | 2014
Shares authorized | 1,800,000 |  |  | 800,000 |
Shares outstanding at end of period | 633,471 |  |  | 484,819 |
Shares held in treasury | 2,113 |  |  | 1,113 |

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