Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Shareholders' Equity

Shareholders' Equity

6.Shareholders’ Equity

Common Stock — As of March 31, 2015, the Company had 500,000,000 shares of common stock authorized with a par value of $0.01 and 50,001,770 shares of common stock issued and outstanding.  In addition, as of March 31, 2015, the Company had reserved 4,821,435 shares of common stock for issuance upon the exercise of outstanding common stock options and 52,710 for issuance upon the vesting of restricted stock units.

On August 18, 2014, the Company completed an underwritten public offering of 10,235,000 shares of the Company’s common stock, which included the underwriter’s exercise in full of its over-allotment option of 1,335,000 shares, at a price to the public of $11.25 per share.  The Company’s net proceeds from the sale of the shares, after deducting the underwriter’s discount and offering expenses of $7.1 million, were $108.0 million.  See Note 10 for the Subsequent Event related to the sale of additional shares in April 2015.

Preferred Stock — As of March 31, 2015, the Company had 200,000,000 shares of preferred stock authorized with a par value of $0.01 and no shares of preferred stock were issued and outstanding.