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PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK (Block) | 12 Months Ended
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Dec. 31, 2015
Disclosure Text Block Supplement Abstract |
PreferredStockTextBlock | 9. PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK In connection with an acquisition on July 16, 2015 as described in Note 18, Business Combinations, the Company issued perpetual cumulative convertible preferred stock (“Preferred”) that ranks senior to common stock in its capital structure. The payment of dividends on the Preferred and the repayment of the liquidation preference of the Preferred will t ake preference over any dividends or other payments to the Company’s common shareholders. The Preferred is convertible by the holder into a fixed number of 1.9 million shares at a price of $14.35, subject to customary anti-dilution provisions after a three-year waiting period. At certain times (including during the first three years after issuance), the Company can redeem the Preferred in cash at a price of 100%. The dividend rate on the Preferred increases over time from 6% to 12%. Due to the legal obliga tion to pay cumulative dividends as a liquidation preference, the dividends are accrued as they are earned instead of when they are declared. The Company reflected the Preferred as mezzanine due to a change in control contingency provision that provides the holder with a redeemable feature. For accounting purposes, the Preferred is not considered mandatorily redeemable at the holder’s option until the contingency is met. The Company incurred issuance costs, which are recorded as a reduction of the Pref erred. The following table reflects the Preferred shares authorized, issued and outstanding:
|  |  |  | December 31, |  |  | December 31,
|  |  |  | 2015 |  |  | 2014
|  |  |  | (amounts in thousands, except
|  |  |  | shares)
Perpetual cumulative convertible preferred stock $0.01 par value |  |  |  |  |
| Shares issued and outstanding |  | 11 |  |  | -
| Aggregate liquidation preference | $ | 27,500 |  | $ | -
| Less stock issuance costs |  | (220) |  |  | -
| Plus accrued dividend as of the end of period |  | 339 |  |  | -
| Net carrying value | $ | 27,619 |  | $ | -

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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 No definition available. + Details
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