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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2016
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of Valuation and Qualifying Accounts Disclosure
The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2016, 2015, and 2014:
 
(in thousands)
 
Accruals for Chargebacks, Returns, and Other Allowances
 
 
 
 
 
 
 
 
 
Administrative
 
Prompt
 
 
 
 
 
Government
 
 
 
Fees and Other
 
Payment
 
 
 
Chargebacks
 
Rebates
 
Returns
 
Rebates
 
Discounts
 
Balance at December 31, 2013
 
$
4,076
 
$
253
 
$
736
 
$
735
 
$
332
 
Accruals/Adjustments
 
 
35,740
 
 
2,692
 
 
1,493
 
 
5,212
 
 
1,820
 
Credits Taken Against Reserve
 
 
(32,951)
 
 
(681)
 
 
(784)
 
 
(4,460)
 
 
(1,681)
 
Balance at December 31, 2014
 
$
6,865
 
$
2,264
 
$
1,445
 
$
1,487
 
$
471
 
Accruals/Adjustments
 
 
51,933
 
 
6,719
 
 
2,808
 
 
6,136
 
 
2,744
 
Credits Taken Against Reserve
 
 
(47,417)
 
 
(4,352)
 
 
(1,605)
 
 
(5,970)
 
 
(2,541)
 
Balance at December 31, 2015
 
$
11,381
 
$
4,631
 
$
2,648
 
$
1,653
 
$
674
 
Accruals/Adjustments
 
 
114,433
 
 
9,671
 
 
10,271
 
 
12,747
 
 
5,517
 
Credits Taken Against Reserve
 
 
(99,029)
 
 
(8,411)
 
 
(7,163)
 
 
(10,850)
 
 
(4,637)
 
Balance at December 31, 2016
 
$
26,785
 
$
5,891
 
$
5,756
 
$
3,550
 
$
1,554
 
Schedule of Earnings Per Share, Basic and Diluted
The numerator for earnings per share for the years ended December 31, 2016, 2015, and 2014 are calculated for basic and diluted earnings per share as follows:
 
 
 
Basic
 
Diluted
 
(in thousands, except per share amounts)
 
Year Ended December 31,
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
Net income
 
$
3,934
 
$
15,375
 
$
28,747
 
$
3,934
 
$
15,375
 
$
28,747
 
Net income allocated to restricted stock
 
 
(21)
 
 
(85)
 
 
(159)
 
 
(21)
 
 
(84)
 
 
(158)
 
Net income allocated to common shares
 
$
3,913
 
$
15,290
 
$
28,588
 
$
3,913
 
$
15,291
 
$
28,589
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Weighted-Average Shares Outstanding
 
 
11,445
 
 
11,370
 
 
10,941
 
 
11,445
 
 
11,370
 
 
10,941
 
Dilutive effect of stock options and ESPP
 
 
 
 
 
 
 
 
 
 
 
128
 
 
187
 
 
71
 
Dilutive effect of warrants
 
 
 
 
 
 
 
 
 
 
 
-
 
 
-
 
 
41
 
Diluted Weighted-Average Shares Outstanding
 
 
 
 
 
 
 
 
 
 
 
11,573
 
 
11,557
 
 
11,053
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
$
0.34
 
$
1.34
 
$
2.61
 
$
0.34
 
$
1.32
 
$
2.59