Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

(5) SUBSEQUENT EVENTS –

In April and May 2016, the Company retired $64.3 million of principal of its outstanding debt comprised of $47.6 million of its 2019 Notes and $16.7 million of its 2020 Notes.  The senior notes were acquired in several transactions in exchange for the issuance of 7,627,358 shares of common stock and $3.5 million in cash for total consideration of $9.2 million based on the stock price on the closing dates of the transactions plus accrued interest.  The effect on the consolidated financial statements of the Company is to decrease the carrying value of long-term debt by $63.7 million and increase stockholders' equity by $60.2 million, comprised of $5.7 million of value for the common stock issued and a gain on retirement of debt of $54.5 million.