SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Conversion of Loan

As previously disclosed in Note 11. Borrowings, we entered into a syndicated senior secured credit facility in connection with the construction of our corporate headquarters, which provided for an aggregate credit amount of $55.8 million consisting of (i) a senior secured real estate loan of $45.8 million to be used to finance the development and construction of our headquarters and (ii) a $10.0 million senior secured revolving credit facility for working capital and capital expenditures. The Real Estate Loan was designed to convert into an approximately 6.75-year term loan due October 1, 2023. On January 1, 2017, the conditions to conversion were satisfied, and the Real Estate Loan converted into the Term Loan.

The aggregate principal amount of the term loan is $45.8 million. Monthly principal payments of $93,695 plus interest will be due under the term loan beginning February 1, 2017 through September 1, 2023, with a balloon payment due October 2, 2023 in the aggregate principal amount of $38.3 million plus all then accrued unpaid interest and any other monetary obligations that may be due under the agreement.

Repurchase of Common Stock

On January 27, 2017, we repurchased approximately 604,000 shares of our common stock for an aggregate purchase price of $10 million under the stock repurchase plan authorized by our Board of Directors on May 5, 2015. All common shares repurchased will be recognized as treasury stock.