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Restructuring

12 Months Ended

Dec. 31, 2017

Restructuring [Abstract]

Restructuring

11. RESTRUCTURING

During the first quarter of 2016, the Company announced the departure of three Executive Vice Presidents in an effort to re-align the senior leadership team to reflect the changing needs of the business and to provide greater emphasis on the Company’s key areas of focus, and also the resignation of the Company’s President and Chief Operating Officer.  The Company incurred $1.2 million in net restructuring costs in selling, general, and administrative expense associated with the departure of these four executives.  This includes a $0.2 million reversal of costs accrued in 2015 for deferred shares that were granted in connection with the 2015 bonus plan and were forfeited as a result of their departure. 

The following table summarizes our severance accruals, excluding the reversal of prior year stock accrual (in thousands):




Accrued balance as of December 31, 2015		$	-
Charges incurred during the year			1,343
Payments during the year			(997)
Accrued balance as of December 31, 2016			346
Payments during the year			(346)
Accrued balance as of December 31, 2017		$	-



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- References

No definition available.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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