Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit)

An analysis of stockholders’ equity is shown below (share amounts not in thousands):

	Common Stock					Preferred Stock					Additional Paid in Capital			Retained Earnings (Accumulated Deficit)			Accumulated Other Comprehensive Loss			Total Stockholders’  Equity
	Shares		Par Value			Shares		Par Value
Balance, December 31, 2016	43,261,905		$	433		1,725,000		$	17		$	242,402		$	78,977		$	(110,080	)	$	211,749
Net income	—		—			—		—			—			324,964			—			324,964
Other comprehensive loss, net of tax	—		—			—		—			—			—			33,929			33,929
Common stock issued at Acquisition	8,439,452		84			—		—			141,108			—			—			141,192
Issuance of common stock under incentive stock plans	27,131		—			—		—			14			—			—			14
Stock-based compensation	—		—			—		—			8,986			—			—			8,986
Repurchase of common stock	(11,346	)	—			—		—			(157		)	—			—			(157		)
Common stock dividends ($0.28 per share)	—		—			—		—			—			(13,121		)	—			(13,121		)
Preferred stock dividends ($8.00 per share)	—		—			—		—			—			(13,800		)	—			(13,800		)
Balance, December 31, 2017	51,717,142		517			1,725,000		17			392,353			377,020			(76,151		)	693,756
Net income	—		—			—		—			—			128,416			—			128,416
Other comprehensive loss, net of tax	—		—			—		—			—			—			(57,121		)	(57,121		)
Issuance of common stock under incentive stock plans	301,560		3			—		—			448			—			—			451
Stock-based compensation	—		—			—		—			13,007			—			—			13,007
Repurchase of common stock	(2,727,572	)	(27		)	—		—			(6,318		)	(36,435		)	—			(42,780		)
ASU 2018-02 adoption	—		—			—		—			—			22,425			(22,425		)	—
Common stock dividends ($0.28 per share)	—		—			—		—			—			(15,058		)	—			(15,058		)
Preferred stock dividends ($8.00 per share)	—		—			—		—			—			(13,800		)	—			(13,800		)
Balance, December 31, 2018	49,291,130		493			1,725,000		17			399,490			462,568			(155,697		)	706,871
Net income	—		—			—		—			—			(22,450		)	—			(22,450		)
Other comprehensive income, net of tax	—		—			—		—			—			—			16,470			16,470
Preferred stock converted to common stock	13,361,678		133			(1,725,000	)	(17		)	(116		)	—			—			—
Issuance of common stock under incentive stock plans	978,091		10			—		—			(10		)	—			—			—
Stock-based compensation	—		—			—		—			6,531			—			—			6,531
Repurchase of common stock	(494,770	)	(4		)	—		—			(6,875		)	—			—			(6,879		)
Common stock dividends ($0.14 per share)	—		—			—		—			—			(7,395		)	—			(7,395		)
Preferred stock dividends ($6.00 per share)	—		—			—		—			—			(10,350		)	—			(10,350		)
Balance, December 31, 2019	63,136,129		$	632		—		$	—		$	399,020		$	422,373		$	(139,227	)	$	682,798

 

Series A Mandatory Convertible Preferred Stock

On August 4, 2016, the Company completed a registered public offering of 1,725,000 shares of the Company’s 8.00% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”), at a public offering price of $100.00 per share. Net proceeds were $167 million after deducting underwriting discounts, commissions and expenses.

Each share of the Preferred Stock automatically converted into shares of common stock on August 15, 2019. The number of shares of common stock issuable at conversion was determined based on the volume-weighted average price of the Company’s

common stock over a 20-trading day period immediately prior to the mandatory conversion date (“Applicable Market Value”). The Applicable Market Value for our common stock was less than $12.91, resulting in a conversion rate per share of 7.7459.  On August 15, 2019, the Company issued approximately 13.4 million shares of common stock at conversion.

Dividends on the Preferred Stock were payable on a cumulative basis when declared by our Board of Directors. Preferred Stock dividends were paid at an annual rate of 8.00% of the liquidation preference of $100 per share. The final dividend was paid on August 15, 2019.

Common Stock Buyback

On January 29, 2018, the Board of Directors authorized a share buyback program pursuant to which the Company may, from time to time, purchase shares of its common stock with an aggregate purchase price of up to $100 million. During 2018, the Company repurchased and retired 2,570,449 shares of common stock under this buyback program at an average price of $15.44 per share, excluding commissions, for an aggregate purchase price of approximately $40 million. No shares were repurchased during the year ended December 31, 2019.