SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS:

In April 2014, the Company settled the repurchase of and cancelled $56.3 million of its Convertible Notes in private transactions for aggregate consideration of $120.2 million, which was funded by cash on hand and borrowings under the Company’s revolving credit facility. As a result of these repurchases, the Company expects to record a loss on extinguishment of debt of approximately $1.6 million in the second quarter of 2014. In addition, the Company received notice of conversion of $15.3 million of Convertible Notes that will be settled in June 2014. After these transactions, $232.2 million in principal amount of the Convertible Notes will remain outstanding.

In connection with the Company’s repurchase of the Convertible Notes, the Company entered into agreements with the note-hedge counterparties to proportionately reduce the number of Purchased Options and the warrants entered into separately and concurrently with the Purchased Options. In consideration for the reductions, the counterparties paid the Company approximately $9.2 million. As a result of these transactions, the number of shares of the Company’s common stock underlying the Purchased Options and the warrants was reduced to approximately 11.0 million and 11.8 million shares, respectively.