PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK (Block) |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Disclosure Text Block Supplement Abstract | |
| PreferredStockTextBlock | 11. PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK As discussed in Note 10, Long-Term Debt, a portion of the proceeds from the debt refinancing that occurred on November 17, 2017 were used to fully redeem the Preferred. As a result of this redemption, during 2017 the Company: (i) removed the net carrying value of Preferred of $27.5 million from its books, which included accrued dividends through the date of redemption of $0.2 million; and (ii) recognized a loss on extinguishment of the Preferred of $0.2 million. As of December 31, 2018 and 2017, the Company has no Preferred shares authorized, issued and outstanding. In connection with an acquisition on July 16, 2015, the Company issued Preferred that in the event of a liquidation, ranked senior to common stock as to liquidation preference. The payment of the liquidation preference of the Preferred took preference over any liquidation payments to the Company’s common shareholders. The Preferred was convertible by the holder into a fixed number of 1.9 million shares, subject to customary anti-dilution provisions, after a three-year waiting period. The Preferred was redeemed in cash at a price of 100%. The initial dividend rate on the Preferred was 6% and increased over time to 12%. Due to the legal obligation to pay cumulative dividends as a liquidation preference, the dividends were accrued as they were earned instead of when they were declared. |