XML 67 R96.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock (Details) (USD $)
In Millions, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2009
Dec. 31, 2010
Series 2009 Preferred Stock And Related Surplus [Member]
        
Preferred stock, shares issued 3,710 3,710 3,710 3,710
Preferred stock, private placement, value     $ 3.7  
Preferred stock, dividend rate, percentage 8.00% 8.00% 8.00%  
Preferred stock, par value $ 1 $ 1 $ 1.00  
Preferred stock, liquidation preference per share     $ 1,000  
Convertible preferred stock, terms of conversion    

     The terms of the Series 2009 Preferred Stock provide that it may be converted into common stock under three different scenarios. First, the Series 2009 Preferred Stock may be converted at the holder's option, on any dividend payment date, at the option of the holder, into shares of common stock based on a conversion rate determined by dividing $1,000 by $5.50, plus cash in lieu of fractional shares and subject to anti-dilution adjustments (the "Series 2009 Conversion Rate"). Second, on or after June 1, 2012, Summit may, at its option, on any dividend payment date, convert some or all of the Series 2009 Preferred Stock into shares of Summit's common stock at the then applicable Series 2009 Conversion Rate. Summit may exercise this conversion right if, for 20 trading days within any period of 30 consecutive trading dates during the six months immediately preceding the conversion, the closing price of the common stock exceeds 135% of $5.50. Third, after ten years, on June 1, 2019, all remaining outstanding shares of the Series 2009 Preferred Stock will be converted at the then applicable Series 2009 Conversion Rate. Adjustments to the Series 2009 Conversion Rate will be made in the event of a stock dividend, stock split, reclassification, reorganization, merger or other similar transaction.

  
Preferred stock, redemption price per share     $ 5.50  
Threshold percentage of preferred stock redemption price per share     135.00%  
Series 2011 Preferred Stock And Related Surplus [Member]
        
Preferred stock, shares issued 12,000 12,000    
Preferred stock, private placement, value   $ 6.0    
Preferred stock, dividend rate, percentage 8.00% 8.00%    
Preferred stock, par value $ 1 $ 1    
Preferred stock, liquidation preference per share   $ 500    
Convertible preferred stock, terms of conversion  

     The terms of the Series 2011 Preferred Stock also provide that it may be converted into common stock under three different scenarios. First, the Series 2011 Preferred Stock may be converted at the holder's option, on any dividend payment date, at the option of the holder, into shares of common stock based on a conversion rate determined by dividing $500 by $4.00, plus cash in lieu of fractional shares and subject to anti-dilution adjustments (the "Series 2011 Conversion Rate"). Second, on or after June 1, 2014, Summit may, at its option, on any dividend payment date, convert some or all of the Series 2011 Preferred Stock into shares of Summit's common stock at the then applicable Series 2011 Conversion Rate. Summit may exercise this conversion right if, for 20 trading days during the 30 consecutive trading days immediately preceding the date of notice of the conversion, the closing price of the common stock exceeds 135% of $4.00. Third, after ten years, on June 1, 2021, all remaining outstanding shares of the Series 2011 Preferred Stock will be converted at the then applicable Series 2011 Conversion Rate. Adjustments to the Series 2011 Conversion Rate will be made in the event of a stock dividend, stock split, reclassification, reorganization, merger or other similar transaction.

    
Preferred stock, redemption price per share   $ 4.00    
Threshold percentage of preferred stock redemption price per share   135.00%