Debt

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

DEBT

12. DEBT

The Company had the following debt outstanding as of June 30, 2012 and December 31, 2011, respectively:

DETAIL OF DEBT

(Dollars in Thousands)

Description	Current Outstanding Par			June 30, 2012		December 31, 2011		Interest Rate Terms			Weighted Average Interest Rate at 06/30/2012			Weighted Average Maturity
Contingent convertible senior notes:
7.625% contingent convertible senior notes (the “Old Notes”)	$	100		$	100	$	10,303		7.63	%		7.63	%	July 2012(1)
10.50% contingent convertible senior notes (the “New Notes”)		8,121			8,049		8,030		10.50	%		10.50	%	May 2014(2)
	$	8,221		$	8,149	$	18,333
Junior subordinated notes	$	48,125	(3)		17,068		17,343		7.47	%		7.47	%	August 2036
Subordinated notes payable	$	1,514			1,514		1,491		12.00	%(4)		12.00	%	June 2013
Total				$	26,731	$	37,167

(1) Represents the date the Company redeemed the remaining $100 aggregate principal amount of Old Notes outstanding for cash.

(2) Represents the weighted average put date maturity. The weighted average contractual maturity for the New Notes is May 2027.

The Company may redeem all or part of the $8,121 aggregate principal amount of the New Notes for cash on or after May 20, 2014, at a redemption price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes may require the Company to repurchase all or a portion of the New Notes for cash on May 15, 2014; May 15, 2017; and May 15, 2022 for a repurchase price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes are required to provide notice to the Company of their plan to redeem the New Notes at any time during the 30 days prior to May 15, 2014; May 15, 2017; and May 15, 2022.

(3) The outstanding par represents the total par amount of the junior subordinated notes held by two separate VIE trusts. The Company does not consolidate these trusts. The Company holds $1,489 par value of these junior subordinated notes. These notes held by the Company have a carrying value of $0. Therefore, the net par value held by third parties is $48,125.

(4) Comprised of 9% paid currently and 3% paid in kind.

Refer to note 19 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 for a discussion of the Company’s debt.

In March 2012, the Company repurchased $150 aggregate principal amount of the Old Notes from an unrelated third party for $147 excluding accrued interest. The Company recognized a gain from repurchase of debt of $3 which was included as a separate component of non-operating income / (expense) in the Company’s consolidated statements of operations.

On May 15, 2012, the holders of $10,110 aggregate principal amount of the Old Notes exercised their option to require the Company to repurchase their Old Notes. On July 5, 2012, the Company, at its option, redeemed the remaining $100 aggregate principal amount of the Old Notes outstanding.