Subsequent events

3 Months Ended

Mar. 31, 2016

Subsequent events

Subsequent events

13. Subsequent Event

On April 11, 2016, 708,352 shares of Series A Preferred Stock were converted into 2,162,907 shares of common stock at a conversion ratio of approximately 3.05 shares of common stock per share of Series A Preferred Stock.

On April 12, 2016, the Company borrowed approximately $13.9 million under the Credit Facility to repurchase approximately 3.9 million shares of common stock as part of the modified “Dutch auction” tender offer (described above in Note 12).  Subsequently, on April 26, 2016, the Company repaid $4.0 million on the Credit Facility.

On April 15, 2016, 450,000 shares of the 2015 restricted stock awards granted to certain officers of the Company vested.  The market condition was achieved as the Company’s volume weighted average price on NASDAQ was greater than or equal to $3.50 per share for seven consecutive trading days, or any ten trading days over a consecutive thirty-five day period. The market condition was valued at $0.7 million, of which $0.5 million was expensed as of March 31, 2016 and $0.2 million will be expensed in the second quarter of 2016.