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DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Disaggregation of Revenue The following table depicts the disaggregation of revenue:
 
Products and Services
 
Years Ended December 31,
 
(in thousands)
 
2018
 
 
2017
 
 
2016
 
Sales of generic pharmaceutical products
 
$
117,451
 
 
$
118,437
 
 
$
95,201
 
Sales of branded pharmaceutical products
 
 
60,554
 
 
 
50,919
 
 
 
26,443
 
Sales of contract manufactured products
 
 
9,119
 
 
 
7,046
 
 
 
5,537
 
Royalties from licensing agreements
 
 
12,504
 
 
 
-
 
 
 
-
 
Product development services
 
 
1,019
 
 
 
-
 
 
 
-
 
Other
(1)
 
 
929
 
 
 
440
 
 
 
1,441
 
Total net revenues
 
$
201,576
 
 
$
176,842
 
 
$
128,622
 
 
(1)
Primarily includes laboratory services and royalties on sales of contract manufactured products
 
Timing of Revenue Recognition
 
Years Ended December 31,
 
(in thousands)
 
2018
 
 
2017
 
 
2016
 
Performance obligations transferred at a point in time
 
$
200,557
 
 
$
176,842
 
 
$
128,622
 
Performance obligations transferred over time
 
 
1,019
 
 
 
-
 
 
 
-
 
Total
 
$
201,576
 
 
$
176,842
 
 
$
128,622
 
Schedule of Valuation and Qualifying Accounts Disclosure
The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2018, 2017, and 2016:
 
 
 
Accruals for Chargebacks, Returns, and Other Allowances
 
 
 
 
 
 
 
 
 
 
 
 
Administrative
 
 
Prompt
 
 
 
 
 
 
Government
 
 
 
 
 
Fees and Other
 
 
Payment
 
(in thousands)
 
Chargebacks
 
 
Rebates
 
 
Returns
 
 
Rebates
 
 
Discounts
 
Balance at December 31, 2015
 
$
11,381
 
 
$
4,631
 
 
$
2,648
 
 
$
1,653
 
 
$
674
 
Accruals/Adjustments
 
 
114,433
 
 
 
9,671
 
 
 
10,271
 
 
 
12,747
 
 
 
5,517
 
Credits Taken Against Reserve
 
 
(99,029
)
 
 
(8,411
)
 
 
(7,163
)
 
 
(10,850
)
 
 
(4,637
)
Balance at December 31, 2016
 
$
26,785
 
 
$
5,891
 
 
$
5,756
 
 
$
3,550
 
 
$
1,554
 
Accruals/Adjustments
 
 
179,297
 
 
 
12,237
 
 
 
12,184
 
 
 
24,037
 
 
 
8,126
 
Credits Taken Against Reserve
 
 
(177,852
)
 
 
(10,198
)
 
 
(9,666
)
 
 
(22,361
)
 
 
(7,846
)
Balance at December 31, 2017
 
$
28,230
 
 
$
7,930
 
 
$
8,274
 
 
$
5,226
 
 
$
1,834
 
Accruals/Adjustments
 
 
229,813
 
 
 
11,383
 
 
 
14,243
 
 
 
33,167
 
 
 
9,371
 
Credits Taken Against Reserve
 
 
(219,036
)
 
 
(10,339
)
 
 
(9,965
)
 
 
(31,040
)
 
 
(9,196
)
Balance at December 31, 2018
 
$
39,007
 
 
$
8,974
 
 
$
12,552
 
 
$
7,353
 
 
$
2,009
 
Schedule of Earnings Per Share, Basic and Diluted
The numerator for earnings per share for the years ended December 31, 2018, 2017, and 2016 are calculated for basic and diluted earnings (loss) per share as follows:
 
 
 
Basic
 
 
Diluted
 
 
 
Years Ended December 31,
 
 
Years Ended December 31,
 
(in thousands, except per share amounts)
 
2018
 
 
2017
 
 
2016
 
 
2018
 
 
2017
 
 
2016
 
Net income/(loss)
 
$
15,494
 
 
$
(1,076
)
 
$
3,934
 
 
$
15,494
 
 
$
(1,076
)
 
$
3,934
 
Net income allocated to restricted stock
 
 
(154
)
 
 
-
 
 
 
(21
)
 
 
(154
)
 
 
-
 
 
 
(21
)
Net income/(loss) allocated to common shares
 
$
15,340
 
 
$
(1,076
)
 
$
3,913
 
 
$
15,340
 
 
$
(1,076
)
 
$
3,913
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Weighted-Average Shares Outstanding
 
 
11,677
 
 
 
11,547
 
 
 
11,445
 
 
 
11,677
 
 
 
11,547
 
 
 
11,445
 
Dilutive effect of stock options and ESPP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
95
 
 
 
-
 
 
 
128
 
Diluted Weighted-Average Shares Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,772
 
 
 
11,547
 
 
 
11,573
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings/(Loss) per share
 
$
1.31
 
 
$
(0.09
)
 
$
0.34
 
 
$
1.30
 
 
$
(0.09
)
 
$
0.34
 
Revenue from External Customers by Geographic Areas
The following table depicts the Company’s revenue by geographic operations during the following periods:
 
(in thousands)
 
Years Ended December 31,
 
Location of Operations
 
2018
 
 
2017
 
 
2016
 
United States
 
$
196,886
 
 
$
176,842
 
 
$
128,622
 
Canada
 
 
4,690
 
 
 
-
 
 
 
-
 
Total Revenue
 
$
201,576
 
 
$
176,842
 
 
$
128,622
 
Schedule of LongLived Assets by Geographical Areas
The following table depicts the Company’s property and equipment, net according to geographic location as of:
 
(in thousands)
 
December 31,

2018
 
 
December 31,

2017
 
United States
 
$
24,437
 
 
$
20,403
 
Canada
 
 
13,653
 
 
 
-
 
Total property and equipment, net
 
$
38,090
 
 
$
20,403