Shareholders' Deficit

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Deficit

Shareholders’ Deficit

As discussed in the “Debt and Financing” footnote, on January 31, 2014, we issued 14,333,334 shares of our Common Stock and 583,334 of our Convertible Preferred Stock pursuant to the Stock Purchase Agreements, for an aggregate $250.0 million in cash. On March 14, 2014, the Company held a special meeting of stockholders at which our stockholders approved amending our Certificate of Incorporation to increase the number of authorized shares of Common Stock to 95.0 million and to allow an investor involved in the 2014 Financing Transactions to own more than 19.99% of outstanding Common Stock. Upon approval of these amendments, each outstanding share of Convertible Preferred Stock automatically converted into four shares of Common Stock and the Company recorded $18.1 million related to the amortization of the beneficial conversion feature on preferred stock on the statements of consolidated comprehensive income (loss).

In 2011, the Company designated one of its authorized shares of preferred stock as its Series A Voting Preferred Stock. The Series A Voting Preferred Stock has a $1 liquidation value and entitles the holder to elect two directors to the Company’s Board of Directors. The one share of Series A Voting Preferred Stock was issued to the IBT on July 22, 2011 in connection with the financial restructuring. The Series A Voting Preferred Stock was recorded at its liquidation value.

The following reflects the activity in the shares of our preferred and common stock for the years ended December 31:

	Preferred Shares				Common Shares
	2016	2015	2014		2016	2015	2014
Beginning balance	—	—	—		32,141	30,667	10,173
Issuance of Common Shares	—	—	—		—	—	14,333
Issuance of Convertible Preferred Shares	—	—	583		—	—	—
Conversion of Preferred Shares to Common Shares	—	—	(583	)	—	—	2,333
Issuance of equity in exchange for debt	—	—	—		—	995	3,471
Issuance of equity awards, net	—	—	—		332	479	357
Ending balance	—	—	—		32,473	32,141	30,667

Our Term Loan agreement in place as of December 31, 2016, restricts the ability of YRC Worldwide to declare dividends on its outstanding capital stock.