Common Stock Transactions

3 Months Ended

Mar. 31, 2016

Common Stock Transactions

Common Stock Transactions

7.  Common Stock Transactions

In March 2015, the Company sold 3,755,000 shares of common stock in an underwritten public offering at a price to the public of $51.00 per share, resulting in gross proceeds of approximately $191.5 million.  Net proceeds to the Company after deducting fees, commissions and other expenses related to the offering were approximately $179.8 million.  The shares were issued pursuant to an automatic shelf registration statement on Form S-3.

In March 2016, the Company sold 4,404,658 shares of common stock in an private placement offering at a price of $35.19 per share, with certain accredited investors, including funds affiliated with threeofitsdirectors and current investors, resulting in gross proceeds of approximately $155.0 million.  The price per share was equal to the volume weighted average price for the ten-day period ending on March 17, 2016.  There were no placement agents used for this financing.  The sale and issuance of the shares of common stock in the private placement was made in reliance on the exemption afforded by Section 4(a)(2) under the Securities Act of 1933 and Regulation D promulgated under the Securities Act.