Note 14 - Subsequent Event

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Subsequent Events [Text Block]

Note 14 – Subsequent Event

On November 3, 2015, the Series A Convertible Preferred Stock was redeemed for cash at a redemption price of $15.75 per share, plus an accrued dividend of $0.04 per share, for a total of $15.79 per share. There were 8,290,775 shares of Preferred Stock redeemed under the mandatory redemption for approximately $130,580,000. As of November 3, 2015, the Preferred Stock is no longer deemed outstanding, and all rights with respect to such stock ceased and terminated, except for the right of the holders to receive payment of the redemption price, without interest. The funding of the Preferred Stock redemption was provided by the Company's cash on hand and borrowings under the credit facility of approximately $110,000,000.

In lieu of redemption, at any time prior to 5:00 p.m. (EDT) on November 2, 2015, the holders of the Preferred Stock could have converted any or all of their shares into shares of the Company's common stock. The holders electing to convert their Preferred Shares received 0.24204 shares of common stock for each Preferred Share, together with the cash payable with respect to fractional shares. There were 2,470,917 shares of preferred stock that were converted into 597,968 shares of the Company's common stock subsequent to September 30, 2015, but prior to the redemption.