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The Company and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Non-Vested Restricted Stock Units Granted

The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data):

 

 

Nine-Month Period

 

 

Ended September 30, 2018

 

 

Number
Granted

 

 

Weighted-Average
Fair
Value

 

Restricted stock units

 

120

 

 

$

4.00

 

 
Reconciliation of Basic and Diluted Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share computations required by Accounting Standards Codification (“ASC”) Topic 260, “Earnings per Share” (in thousands, except share and per share data):

 

 

Three-Month Period

 

 

Nine-Month Period

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

2,215

 

 

$

157,208

 

 

$

5,248

 

 

$

163,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

88,852,342

 

 

 

90,517,492

 

 

 

89,371,750

 

 

 

90,370,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

$

0.02

 

 

$

1.74

 

 

$

0.06

 

 

$

1.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

2,215

 

 

$

157,208

 

 

$

5,248

 

 

$

163,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

88,852,342

 

 

 

90,517,492

 

 

 

89,371,750

 

 

 

90,370,679

 

Dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock units

 

1,270,083

 

 

 

1,643,616

 

 

 

1,202,913

 

 

 

1,615,267

 

Diluted shares outstanding

 

90,122,425

 

 

 

92,161,108

 

 

 

90,574,663

 

 

 

91,985,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

$

0.02

 

 

$

1.71

 

 

$

0.06

 

 

$

1.78

 

 
Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets (in millions):

 

 

 

September 30, 2018

 

 

 

Total Fair Value

and Carrying

Value on Balance

 

Fair Value Measurement Category

 

 

 

Sheet

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Money market account

 

$

83.3

 

$

-

 

$

83.3

 

$

-

 

 

Certificates of deposit

 

$

8.2

 

$

-

 

$

8.2

 

$

-

 

Corporate bonds

 

$

124.2

 

$

-

 

$

124.2

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

15.0

 

$

-

 

$

-

 

$

15.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

Total Fair Value

and Carrying

Value on Balance

 

Fair Value Measurement Category

 

 

 

Sheet

 

Level 1

 

Level 2

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

Contingent consideration

 

$

15.9

 

$

-

 

$

-

 

$

15.9

 

 
Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities

As of September 30, 2018, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):

 

 

 

Certificates of Deposit

 

 

Corporate Bonds

 

 

 

Amortized Cost

 

 

Unrealized gains

(losses)

 

 

Amortized Cost

 

 

Unrealized gains

(losses)

 

Due within a year

 

$

2,400

 

 

$

(5)

 

 

$

25,118

 

 

$

(67

)

Due after one year through five years

 

 

5,882

 

 

 

(53)

 

 

 

100,528

 

 

 

(1,393)

 

Total

 

$

8,282

 

 

$

(58)

 

 

$

125,646

 

 

$

(1,460

)

 
Summary of Components of AOCI

Accumulated other comprehensive income (loss) includes the cumulative gains and losses of derivative instruments that qualify as cash flow hedges, foreign currency translation adjustments and changes in the fair value of available for sale securities. The following table provides a roll-forward of accumulated other comprehensive income (loss) for the nine-month periods ended September 30, 2018 and 2017 (in millions):

 

 

2018

 

 

2017

 

Accumulated other comprehensive income (loss) as of January 1,

$

(0.1

)

 

$

(3.0

)

Foreign currency translation (gain) loss

 

(0.2

)

 

 

0.1

 

Change in fair value of available for sale securities

 

(1.5

)

 

 

-

 

Change in fair value of interest rate swap agreements

 

-

 

 

 

2.1

 

Income tax benefit (expense)

 

0.4

 

 

 

(0.8

)

Other comprehensive income (loss), net of tax

 

(1.3

)

 

 

1.4

 

Accumulated other comprehensive income (loss) as of September 30,

$

(1.4

)

 

$

(1.6

)