0001193125-16-569233.txt : 20160429 0001193125-16-569233.hdr.sgml : 20160429 20160429160751 ACCESSION NUMBER: 0001193125-16-569233 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160429 DATE AS OF CHANGE: 20160429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pendrell Corp CENTRAL INDEX KEY: 0001359555 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 980221142 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33008 FILM NUMBER: 161606600 BUSINESS ADDRESS: STREET 1: 2300 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 BUSINESS PHONE: (425) 278-7100 MAIL ADDRESS: STREET 1: 2300 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 FORMER COMPANY: FORMER CONFORMED NAME: ICO Global Communications (Holdings) LTD DATE OF NAME CHANGE: 20060417 10-Q 1 d163245d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-33008

 

 

PENDRELL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Washington   98-0221142

(State or other jurisdiction of

incorporation or organization)

  

(IRS Employer

Identification No.)

2300 Carillon Point,

Kirkland, Washington 98033

(Address of principal executive offices including zip code)

(425) 278-7100

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨    Accelerated filer   x
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x.

As of April 22, 2016, the registrant had 214,512,443 shares of Class A common stock and 53,660,000 shares of Class B convertible common stock outstanding.

 

 

 

Table of Contents

PENDRELL CORPORATION

FORM 10-Q

For the three months ended March 31, 2016

INDEX

 

         Page  

PART I. FINANCIAL INFORMATION

  

Item 1.

   Financial Statements (unaudited):   
  Condensed Consolidated Balance Sheets      3   
  Condensed Consolidated Statements of Operations      4   
  Condensed Consolidated Statement of Changes in Shareholders’ Equity      5   
  Condensed Consolidated Statements of Cash Flows      6   
  Notes to Condensed Consolidated Financial Statements (unaudited)      7   

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      11   

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      15   

Item 4.

   Controls and Procedures      15   

PART II. OTHER INFORMATION

  

Item 1.

   Legal Proceedings      16   

Item 1A.

   Risk Factors      16   

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      16   

Item 6.

   Exhibits      16   

Signatures

       17   

Certifications

     

 

2

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Pendrell Corporation

Condensed Consolidated Balance Sheets

(In thousands, except share data, unaudited)

 

     March 31,
2016		     December 31,
2015		  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 169,944      $ 162,457   

Accounts receivable

      —          87   

Other receivables

      3,649        1,329   

Prepaid expenses and other current assets

      677        384   
  

 

 

    

 

 

  

Total current assets

      174,270        164,257   

Property in service – net of accumulated depreciation of $522 and $512, respectively

      108        118   

Other assets

      1,540        2,140   

Intangible assets – net of accumulated amortization of $56,641 and $54,523, respectively

      11,942        14,377   
  

 

 

    

 

 

  

Total

    $ 187,860      $ 180,892   
  

 

 

    

 

 

  

LIABILITIES, SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTEREST

     

Current liabilities:

     

Accounts payable

    $ 378      $ 140   

Accrued expenses

      2,706        4,292   

Other liabilities

      113        119   
  

 

 

    

 

 

  

Total current liabilities

      3,197        4,551   
  

 

 

    

 

 

  

Commitments and contingencies (Note 5)

     

Shareholders’ equity and noncontrolling interest:

     

Preferred stock, $0.01 par value, 75,000,000 shares authorized, no shares issued or outstanding

      —          —     

Class A common stock, $0.01 par value, 900,000,000 shares authorized 272,080,158 and 271,879,107 shares issued, and 214,311,266 and 214,110,215 shares outstanding

      2,146        2,144   

Class B convertible common stock, $0.01 par value, 150,000,000 shares authorized, 84,663,382 shares issued and 53,660,000 shares outstanding

      537        537   

Additional paid-in capital

      1,959,586        1,958,376   

Accumulated deficit

      (1,774,258 )      (1,780,823 ) 
  

 

 

    

 

 

  

Total Pendrell shareholders’ equity

      188,011        180,234   
  

 

 

    

 

 

  

Noncontrolling interest

      (3,348 )      (3,893 ) 
  

 

 

    

 

 

  

Total shareholders’ equity and noncontrolling interest

      184,663        176,341   
  

 

 

    

 

 

  

Total

    $ 187,860      $ 180,892   
  

 

 

    

 

 

  

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

Table of Contents

Pendrell Corporation

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data, unaudited)

 

     Three months ended March 31,  
     2016     2015  

Revenue

    $ 13,500      $ 25,245   

Operating expenses:

     

Cost of revenues

      —          9,112   

Patent administration and related costs

      362        1,127   

Patent litigation

      2,727        4,557   

General and administrative

      1,990        5,129   

Stock-based compensation

      1,112        648   

Amortization of intangible assets

      2,381        3,596   
  

 

 

    

 

 

  

Total operating expenses

      8,572        24,169   
  

 

 

    

 

 

  

Operating income

      4,928        1,076   

Interest income

      137        31   

Interest expense

      —          (41 ) 

Gain on contingency

      2,047        1,748   

Other expense

      (2 )      (4 ) 
  

 

 

    

 

 

  

Income before income taxes

      7,110        2,810   

Income taxes

      —          (4,125 ) 
  

 

 

    

 

 

  

Net income (loss)

      7,110        (1,315 ) 

Net income (loss) attributable to noncontrolling interest

      545        (756 ) 
  

 

 

    

 

 

  

Net income (loss) attributable to Pendrell

    $ 6,565      $ (559 ) 
  

 

 

    

 

 

  

Basic income (loss) per share attributable to Pendrell (1)

    $ 0.02      $ —     
  

 

 

    

 

 

  

Diluted income (loss) per share attributable to Pendrell (1)

    $ 0.02      $ —     
  

 

 

    

 

 

  

Weighted average shares outstanding used to compute basic income (loss) per share

      267,046,961        265,435,018   

Weighted average shares outstanding used to compute diluted income (loss) per share

      276,804,216        265,435,018   

 

(1) Per share amounts for the three months ended March 31, 2015 are less than ($0.01).

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

Table of Contents

Pendrell Corporation

Condensed Consolidated Statement of Changes in Shareholders’ Equity

(In thousands, except share data, unaudited)

 

    Common stock     Additional
paid-in
capital		     Accumulated
deficit		     Shareholders’
equity		     Noncontrolling
interest		     Total  
    Class A
shares		     Class B
shares		     Amount            

Balance, December 31, 2015

     214,110,215        53,660,000      $ 2,681      $ 1,958,376      $ (1,780,823 )    $ 180,234      $ (3,893 )    $ 176,341   

Class A common stock withheld at vesting to cover statutory tax obligations

     (11,728 )      —          —          (6 )      —          (6 )      —          (6 ) 

Stock-based compensation and issuance of restricted stock, net of forfeitures

     212,779        —          2        1,216        —          1,218        —          1,218   

Net income

     —          —          —          —          6,565        6,565        545        7,110   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, March 31, 2016

     214,311,266        53,660,000      $ 2,683      $ 1,959,586      $ (1,774,258 )    $ 188,011      $ (3,348 )    $ 184,663   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

Table of Contents

Pendrell Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands, unaudited)

 

     Three months ended
March 31,		  
     2016     2015  

Operating activities:

     

Net income (loss) including noncontrolling interests

    $ 7,110      $ (1,315 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

Stock-based compensation

      1,112        648   

Amortization of intangibles

      2,381        3,596   

Depreciation

      15        118   

Loss associated with the abandonment and/or disposition of patents

      54        501   

Other

      —          43   

Other changes in certain assets and liabilities:

     

Accounts receivable

      87        62   

Prepaid expenses and other current/non-current assets

      (2,413 )     (324 )

Accounts payable

      238        268   

Accrued expenses and other current/non-current liabilities

      (1,486 )     (659 )
  

 

 

    

 

 

  

Net cash provided by operating activities

      7,098        2,938   
  

 

 

    

 

 

  

Investing activities:

     

Payment received on note receivable

      400        —     

Purchases of property and intangible assets

      (5 )      (2,005 )
  

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      395        (2,005 )
  

 

 

    

 

 

  

Financing activities:

     

Payment of statutory taxes for stock awards

      (6 )      (40 )

Payment of accrued obligations for purchased intangible assets

      —          (4,000 )

Purchase of noncontrolling interest in Provitro Biosciences LLC

      —          (400 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (6 )     (4,440 )
  

 

 

    

 

 

  

Net increase (decrease) in cash and cash equivalents

      7,487        (3,507 )

Cash and cash equivalents – beginning of period

      162,457        168,793   
  

 

 

    

 

 

  

Cash and cash equivalents – end of period

    $ 169,944      $ 165,286   
  

 

 

    

 

 

  

Supplemental disclosures:

     

Income taxes paid

    $ —        $ 4,125   

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6

Table of Contents

Pendrell Corporation

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Nature of Business

These condensed consolidated financial statements include the accounts of Pendrell Corporation (“Pendrell”) and its consolidated subsidiaries (collectively referred to as the “Company”). Since 2011, the Company’s strategy, through its consolidated subsidiaries, has been to invest in, acquire and develop businesses with unique technologies that are often protected by intellectual property (“IP”) rights, and that present the opportunity to address large, global markets. The Company’s subsidiaries focus on licensing the IP rights they hold to third parties and pursuing relevant product opportunities. The Company regularly evaluates its existing investments to determine whether retention or disposition is appropriate, and investigates new investment and business acquisition opportunities. From 2011 through 2015, the Company also advised clients on various IP strategies and transactions. As of December 31, 2015, the Company sold its consulting business, Ovidian Group LLC, for nominal consideration.

2. Basis of Presentation

Interim Financial Statements—The financial information included in the accompanying condensed consolidated financial statements is unaudited and includes all adjustments, consisting of normal recurring adjustments and accruals, considered necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures have been condensed or omitted. The financial information as of December 31, 2015 is derived from the Company’s audited consolidated financial statements and notes included in Item 8 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (“2015 Form 10-K”), filed with the U.S. Securities and Exchange Commission on March 4, 2016. The financial information included in this quarterly report should be read in conjunction with management’s discussion and analysis of financial condition and results of operations and the consolidated financial statements and notes included in the 2015 Form 10-K. Capitalized terms used and not otherwise defined in this quarterly report have the meanings given to them in the Company’s 2015 Form 10-K. Operating results and cash flows for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 or any other interim period.

Principles of Consolidation and Basis of Presentation— The consolidated financial statements of the Company include the assets and liabilities of its wholly-owned subsidiaries and subsidiaries it controls or in which it has a controlling financial interest. Noncontrolling interests on the consolidated balance sheets include third-party investments in entities that the Company consolidates, but does not wholly own. Noncontrolling interests are classified as part of equity and the Company allocates net income (loss), other comprehensive income (loss) and other equity transactions to its noncontrolling interests in accordance with their applicable ownership percentages. All intercompany transactions and balances have been eliminated in consolidation. All information in these financial statements is in U.S. dollars.

Segment Information—The Company operates in and reports on one segment (IP management). Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, and the criteria used by its Chief Operating Decision Maker. Substantially all of the Company’s revenue is generated by operations located within the United States, and the Company does not have any long-lived assets located in foreign countries.

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.

On an ongoing basis, the Company evaluates its estimates, including among others, those related to the fair value of acquired intangible assets and goodwill, the useful lives and potential impairment of intangible assets and property and equipment, the value of stock awards for the purpose of determining stock-based compensation expense, accrued liabilities (including bonus accruals), valuation allowances related to the ability to realize deferred tax assets, allowances for doubtful receivables and certain tax liabilities. Estimates are based on historical experience and other factors, including the current economic environment as deemed appropriate under the circumstances. Estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in estimates used to prepare these financial statements will be reflected in the financial statements in future periods.

 

7

Table of Contents

Accounting Policies—There have been no material changes or updates in the Company’s existing accounting policies from the disclosures included in its 2015 Form 10-K.

New Accounting Pronouncements—In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company believes the future adoption of this ASU will not have a material impact on its financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify certain provisions in stock compensation accounting, including: (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term and (7) intrinsic value. Compliance with this ASU is required for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The Company plans to adopt this ASU in its fiscal year ended December 31, 2017 and believes the adoption will not have a material impact on its financial position, results of operations or cash flows.

3. Provitro

In February 2013, the Company acquired a 68.75% interest in Provitro, the developer of the Provitro™ proprietary micro-propagation technology designed to facilitate the production on a commercial scale of certain plants, particularly timber bamboo. In February 2015, the Company acquired the minority partner’s interest in Provitro for nominal consideration resulting in 100% ownership of Provitro. From acquisition through the year ended December 31, 2014, the Company attempted to develop a strategy to commercialize the Provitro™ technology, but did not generate revenue from the technology.

In January 2015, the Company discontinued its efforts to commercialize the Provitro™ technology and in September 2015, the Company sold Provitro’s facility and related tangible assets for $2.0 million, resulting in a $0.7 million loss in the third quarter of the year ended December 31, 2015. The purchase price will be paid in installments of which $0.1 million was paid immediately, $0.4 million was received in January 2016 and $1.5 million will be paid within twelve months and is included in other current receivables at March 31, 2016.

4. Accrued expenses

The following table summarizes accrued expenses (in thousands):

 

     March 31,
2016		      December 31,
2015		  

Accrued payroll and related expenses

    $ 411       $ 1,742   

Accrued legal, professional and other expenses

      2,295         2,550   
  

 

 

     

 

 

  
   $ 2,706       $ 4,292   
  

 

 

     

 

 

  

5. Commitments and Contingencies

Purchase and Lease Commitments— The Company has operating lease agreements for its main office in Kirkland, Washington, and offices in Texas and Finland.

Litigation— In the opinion of management, except for those matters described below and elsewhere in this report, to the extent so described, litigation, contingent liabilities and claims against the Company in the normal course of business are not expected to involve any judgments or settlements that would be material to the Company’s financial condition, results of operations or cash flows.

 

8

Table of Contents

There have been no material changes to the legal proceedings disclosures included under Part I, Item 3 of the Company’s 2015 Form 10-K other than the following update:

ContentGuard Enforcement Actions— ContentGuard continues to challenge the jury’s findings in the Google Litigation and Apple Litigation. Specifically, ContentGuard filed motions for judgments as a matter of law (“JMOL”) in both cases, seeking judicial reversal of the jury’s findings or new trials. On April 18, 2016, the federal district judge presiding over the Apple Litigation denied the JMOL motion in the Apple Litigation. Thereafter, ContentGuard filed notice of appeal with the federal circuit court, indicating its intent to appeal the district court judgment to the federal circuit court. Briefing on the ContentGuard appeal will continue through much of 2016. The Company cannot predict the outcome of any post-trial activities in the Google Litigation or Apple Litigation.

6. Stock-based Compensation

The Company records stock-based compensation on stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards issued to employees, directors, consultants and/or advisors based on the estimated fair value on the date of grant and recognizes compensation cost over the requisite service period for awards expected to vest.

Stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 was as follows (in thousands):

 

     Three months ended
March 31,		  
     2016      2015  

Stock options

    $ 481       $ 462   

Restricted stock awards

      631         186   
  

 

 

     

 

 

  

Total stock-based compensation expense

    $ 1,112       $ 648   
  

 

 

     

 

 

  

Stock Options—The Company’s stock option activity for the three months ended March 31, 2016 is summarized as follows:

 

     Number of
shares of
Class A
common
stock
underlying
options		      Weighted
average
exercise price		  

Outstanding – December 31, 2015

      17,317,232       $ 1.62   

Forfeited

      (2,208,581 )     $ 1.87   
  

 

 

     

Outstanding – March 31, 2016

      15,108,651       $ 1.59   
  

 

 

     

Exercisable – March 31, 2016

      8,224,933       $ 1.77   
  

 

 

     

Vested and expected to vest – March 31, 2016

      14,526,963       $ 1.58   
  

 

 

     

Restricted Stock—The Company’s restricted stock activity for three months ended March 31, 2016 is summarized as follows:

 

     Number of
shares of
Class A
common
stock
underlying
restricted
stock awards		      Weighted
average
fair value
per share		  

Unvested – December 31, 2015

      10,530,638       $ 0.84   

Granted (1)

      212,779       $ 0.50   

Vested

      (1,253,154 )     $ 1.24   

Forfeited

      (625 )     $ 0.79   
  

 

 

     

Unvested – March 31, 2016

      9,489,638       $ 0.84   
  

 

 

     

 

(1) Represents shares issued to the Company’s Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.

 

9

Table of Contents

7. Gain on Contingency

During 2012, as part of the Company’s exit from the satellite business, the Company sold its partially completed medium earth orbit satellites, related equipment, and contracts. In February 2016, the final scheduled payment for those assets became payable, resulting in the recognition of a $2.0 million gain on contingency for the three months ended March 31, 2016. The Company received the final scheduled payment in April 2016.

8. Income Taxes

The Company recorded a tax provision of $4.1 million for the three months ended March 31, 2015 related to foreign taxes withheld on revenue generated from license agreements executed with third party licensees domiciled in a foreign jurisdiction. In general, foreign taxes withheld may be claimed as a deduction on future U.S. corporate income tax returns, or as a credit against future U.S. income tax liabilities, subject to certain limitations. However, due to uncertainty regarding the Company’s ability to utilize the deduction or credit resulting from the foreign withholding, the Company established a full valuation allowance against the related deferred tax asset at March 31, 2015.

The Company had no foreign taxes withheld during the three months ended March 31, 2016 and anticipates that it will not have a U.S. federal income tax liability for fiscal 2016.

9. Income (Loss) per Share

Basic income (loss) per share is calculated based on the weighted average number of Class A common stock and Class B common stock (the “Common Shares”) outstanding during the period. Diluted income (loss) per share is calculated by dividing the income (loss) allocable to common shareholders by the weighted average Common Shares outstanding plus potential dilutive Common Shares. Prior to the satisfaction of vesting conditions, unvested restricted stock awards are considered contingently issuable and are excluded from weighted average Common Shares outstanding used for computation of basic income (loss) per share.

Potential dilutive Common Shares consist of the incremental Class A common stock issuable upon the exercise of outstanding stock options (both vested and non-vested) and unvested restricted stock awards and units, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (i.e., such options’ exercise prices were greater than the average market price of the Company’s Class A common shares for the period) because their inclusion would have been anti-dilutive.

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data):

 

    Three months ended March 31,  
    2016     2015  

Net income (loss) attributable to Pendrell

   $ 6,565      $ (559 ) 
 

 

 

    

 

 

  

Weighted average common shares outstanding

     267,976,679        266,488,886   

Less: weighted average unvested restricted stock awards

     (929,718 )      (1,053,868 )
 

 

 

    

 

 

  

Shares used for computation of basic income (loss) per share

     267,046,961        265,435,018   

Add back: weighted average unvested restricted stock awards and units

     9,757,255        —   
 

 

 

    

 

 

  

Shares used for computation of diluted income (loss) per share(1)

     276,804,216        265,435,018   
 

 

 

    

 

 

  

Basic income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

Diluted income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

 

(1) Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.
(2) Per share amounts for the three months ended March 31, 2015 are less than ($0.01).

 

10

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and accompanying notes included elsewhere in this quarterly report and the audited consolidated financial statements and notes included in our 2015 Form 10-K.

Special Note Regarding Forward-Looking Statements

With the exception of historical facts, the statements contained in this management’s discussion and analysis are “forward-looking” statements. All of these forward-looking statements are subject to risks and uncertainties that could cause the actual results of Pendrell Corporation (“Pendrell,” together with its consolidated subsidiaries, “us” or “we”) to differ materially from those contemplated by the relevant forward-looking statements. Factors that might cause or contribute to such a difference include, but are not limited to, those discussed in the section entitled “Risk Factors” (Part II, Item 1A of this Form 10-Q) and elsewhere in this quarterly report. The forward-looking statements included in this document are made only as of the date of this report, and we undertake no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Overview

For the past five years we invested in, acquired and monetized IP rights. Although we continue to monetize our IP assets, our primary focus has shifted to identifying and evaluating new business opportunities. We have not limited our evaluation to a specific industry or segment. Instead, we are evaluating opportunities across a number of industries that we believe may provide us with more reliable cash flow and a greater potential for growth.

To more efficiently support our business strategy, we have substantially reduced our costs and simplified our operations while retaining the resources we believe critical to the generation of revenue from our existing IP assets and the pursuit of new business opportunities. These reductions are reflected in our financial statements, where general and administrative expenses decreased from approximately $5.1 million in the first quarter of 2015 to approximately $2.0 million in the first quarter of 2016. Absent a significant acquisition or investment partnership, we expect continued year-over-year reductions in general and administrative expenses through the remainder of 2016.

Our focus on new business opportunities and our reduction in overhead expenses will not distract us from continuing to monetize our existing IP portfolios. We believe the licenses we signed in the past two years reflect the importance of our inventions, our leadership in the development of breakthrough next-generation solutions, and our commitment to entering into licenses on reasonable and non-discriminatory terms. In addition to granting licenses, we have continued to pursue recovery from companies that have resisted licenses while, we believe, incorporating our inventions into their consumer products. Our efforts include our appeals to the federal circuit court of the judgments in the Google Litigation and Apple Litigation.

We believe that as a result of our setbacks in the Google Litigation and Apple Litigation, the closing bid price of our Class A common stock price remains below the $1.00 price required by NASDAQ’s continued listing requirements. To address this stock price deficiency, a special committee of our Board has approved, and is recommending shareholder approval of, a reverse split of our issued and outstanding shares of Class A and Class B common stock, if needed to maintain listing of our Class A Stock on the NASDAQ Stock Market. At this year’s annual meeting of shareholders we will be asking our shareholders to authorize our Board to implement the reverse stock split, to the extent that we have not regained compliance with the minimum $1.00 bid price requirement.

Critical Accounting Policies

Critical accounting policies require difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The judgments and uncertainties affecting the application of these policies include significant estimates and assumptions made by us using information available at the time the estimates are made. Actual results could differ materially from those estimates. Our critical accounting policies involve judgments associated with our accounting for the fair value of financial instruments, asset impairment, valuation of intangible assets, contract settlements, revenue recognition, stock-based compensation, income taxes, contingencies and business combinations. There have been no significant changes to our critical accounting policies disclosed in our 2015 Form 10-K.

 

11

Table of Contents

New Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. We believe the future adoption of this ASU will not have a material impact on our financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify certain provisions in stock compensation accounting, including: (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term and (7) intrinsic value. Compliance with this ASU is required for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. We plan to adopt this ASU in our fiscal year ended December 31, 2017 and believe its adoption will not have a material impact on our financial position, results of operations or cash flows.

Results of Operations

The following table is provided to facilitate the discussion of our results of operations for the three months ended March 31, 2016 and 2015 (in thousands):

 

     Three months ended
March 31,		  
     2016      2015  

Revenue

    $ 13,500       $ 25,245   

Cost of revenues

      —           9,112   

Patent administration and related costs

      362         1,127   

Patent litigation

      2,727         4,557   

General and administrative expenses

      1,990         5,129   

Stock-based compensation

      1,112         648   

Amortization of intangibles

      2,381         3,596   

Interest income

      137         31   

Interest expense

      —           41   

Gain on contingency

      2,047         1,748   

Other expense

      2         4   

Income taxes

      —           4,125   

Revenue. Revenue of $13.5 million for the three months ended March 31, 2016 decreased by $11.7 million, or 47%, as compared to $25.2 million for the three months ended March 31, 2015. The decrease was primarily due to larger licensing transactions during the three months ended March 31, 2015.

Cost of revenues. There were no cost of revenues incurred during the three months ended March 31, 2016 as revenues generated did not have any associated costs that are variable in nature such as (i) payments to third parties to whom we have an obligation to share revenue, (ii) commissions, and/or (iii) success fees. Cost of revenues of $9.1 million for the three months ended March 31, 2015 primarily consisted of payments to third parties to whom we have an obligation to share revenue.

Patent administration and related costs. Patent administration and related costs of $0.4 million for the three months ended March 31, 2016 decreased by $0.7 million, or 68%, as compared to $1.1 million for the three months ended March 31, 2015. This decrease was primarily due to a decrease in the cost of patents abandoned of $0.5 million as well as a reduction in patent maintenance and prosecution costs resulting from the abandonment of patents during the first quarter of 2016 and throughout 2015 that were not part of existing licensing programs.

Patent litigation. Patent litigation expenses of $2.7 million for the three months ended March 31, 2016 decreased by $1.9 million, or 40%, as compared to $4.6 million for the three months ended March 31, 2015. This decrease was primarily

 

12

Table of Contents

due to the inclusion, during the three months ended March 31, 2015, of costs incurred by our subsidiary, ContentGuard, in its litigation efforts against Amazon, Apple, Google, HTC, Huawei, Motorola Mobility and Samsung as it prepared for its March 2015 claim construction hearing and jury trials in September 2015 and November 2015. Patent litigation expenses for the three months ended March 31, 2016, primarily relate to contingent fees associated with our settlement and license agreement with DirecTV.

General and administrative. General and administrative expenses of $2.0 million for the three months ended March 31, 2016 decreased by $3.1 million, or 61%, as compared to $5.1 million for the three months ended March 31, 2015. The decrease was primarily due to (i) $2.5 million reduction in employment expenses resulting from a lower headcount, (ii) $0.3 million reduction in expenses associated with Provitro, (iii) $0.2 million reduction in professional fees and other expenses, and (iv) $0.1 million decrease in depreciation expense.

Stock-based compensation. Stock-based compensation of $1.1 million for the three months ended March 31, 2016 increased by $0.5 million, or 72%, as compared to $0.6 million for the three months ended March 31, 2015. The increase was primarily due to expense associated with awards issued in June 2015 to our CEO.

Amortization of intangibles. Amortization of intangibles of $2.4 million for the three months ended March 31, 2016 decreased by $1.2 million, or 34%, as compared to $3.6 million for the three months ended March 31, 2015, primarily due to a reduction in value of our intangible assets due to their impairment during the fourth quarter of 2015, partially offset by a change in their estimated useful lives.

Interest income. Interest income for the three months ended March 31, 2016 and 2015 was nominal and primarily related to interest earned on money market funds.

Interest expense. Interest expense for the three months ended March 31, 2015 consisted of interest expense resulting from installment payment obligations associated with intangible assets acquired during 2013. The payment obligation was satisfied in March 2015 and no further interest expense is being incurred.

Gain on contingency. Gain on contingency for the three months ended March 31, 2016 and 2015 of $2.0 million and $1.7 million, respectively, was due to contingent payments associated with the disposition of assets of our prior satellite business.

Other expense. Other expense for the three months ended March 31, 2016 and 2015 was due to losses on foreign currency transactions.

Income taxes. We recorded a tax provision of $4.1 million for the three months ended March 31, 2015 related to foreign taxes withheld on revenue generated from license agreements executed with third party licensees domiciled in a foreign jurisdiction. In general, foreign taxes withheld may be claimed as a deduction on future U.S. corporate income tax returns, or as a credit against future U.S. income tax liabilities, subject to certain limitations. However, due to uncertainty regarding our ability to utilize the deduction or credit resulting from the foreign withholding, we established a full valuation allowance against the related deferred tax asset at March 31, 2015.

We had no foreign taxes withheld during the three months ended March 31, 2016 and anticipate that we will not have a U.S. federal income tax liability for fiscal 2016.

Liquidity and Capital Resources

Overview. As of March 31, 2016, we had cash and cash equivalents of $169.9 million. Our primary expected cash needs for the next twelve months include ongoing operating costs associated with commercialization of our IP assets, expenses in connection with legal proceedings, expenses associated with researching new business opportunities and other general corporate purposes. We may also use our cash, and may incur debt or issue equity, to acquire or invest in other businesses or assets.

We believe our current balances of cash and cash equivalents and cash flows from operations will be adequate to meet our liquidity needs for the foreseeable future. Cash and cash equivalents in excess of our immediate needs are held in interest bearing accounts with financial institutions.

 

13

Table of Contents

Cash Flows. The following table is provided to facilitate the discussion of our liquidity and capital resources for the three months ended March 31, 2016 and 2015 (in thousands):

 

     Three months ended
March 31,		  
     2016      2015  

Net cash provided by (used in):

      

Operating activities

    $ 7,098       $ 2,938   

Investing activities

      395         (2,005 ) 

Financing activities

      (6 )       (4,440 ) 
  

 

 

     

 

 

  

Net increase (decrease) in cash and cash equivalents

      7,487         (3,507 ) 

Cash and cash equivalents – beginning of period

      162,457         168,793   
  

 

 

     

 

 

  

Cash and cash equivalents – end of period

    $ 169,944       $ 165,286   
  

 

 

     

 

 

  

The increase in cash and cash equivalents for the three months ended March 31, 2016 of $7.5 million was primarily due to $13.5 million of revenue generated by operations during the quarter and the receipt of a $0.4 million installment payment on notes receivable, partially offset by $6.4 million of general corporate expenditures.

The decrease in cash and cash equivalents for the three months ended March 31, 2015 of $3.5 million was primarily due to $18.6 million of general corporate expenditures, a $4.1 million payment of foreign withholding taxes, a $4.0 million payment of an accrued obligation associated with the 2013 acquisition of our memory and storage technologies portfolio and a $2.0 million acquisition of intangible assets partially offset by revenue generated by operations during the quarter of $25.2 million.

For the three months ended March 31, 2016, the $7.1 million of cash provided by operating activities consisted primarily of revenue generated by operations of $13.5 million, partially offset by operating expenses of $8.6 million adjusted for various non-cash items including (i) $2.4 million of amortization expense associated with intangibles and (ii) $1.1 million of stock-based compensation expense, as well as a $1.2 million decrease in accounts payable, accrued expenses and other current/non-current liabilities.

For the three months ended March 31, 2015, the $2.9 million of cash provided by operating activities consisted primarily of revenue generated by operations during the period of $25.2 million and a $1.7 million gain on contingency, partially offset by operating expenses of $24.2 million adjusted for various non-cash items including (i) $3.6 million of amortization expense associated with patents and other intangibles, (ii) $0.6 million of stock-based compensation expense, (iii) $0.5 million of non-cash loss associated with the abandonment of patents, and (iv) $0.1 million of depreciation expense as well as (a) a $4.1 million payment of foreign withholding taxes, (b) a $0.4 net decrease in accounts payable and accrued expenses, and (c) a $0.3 million increase in prepaids and other current/non-current assets.

For the three months ended March 31, 2016, the $0.4 million of cash provided by investing activities was due to the receipt of an installment payment associated with the sale of the Provitro assets in 2015. For the three months ended March 31, 2015, the $2.0 million of cash used in investing activities was primarily due to the acquisition of intangible assets.

For the three months ended March 31, 2016, the $6,000 of cash utilized by financing activities relates to statutory taxes paid as a result of the vesting of restricted stock awards. For the three months ended March 31, 2015, the $4.4 million of cash used in financing activities primarily consisted of a $4.0 million payment of an accrued obligation associated with the 2013 purchase of intangible assets and a $0.4 million payment to acquire the minority partner’s interest in Provitro.

Contractual Obligations. We have contractual obligations under operating lease agreements for our main office in Kirkland, Washington and offices in Texas and Finland.

Risks and Uncertainties

Certain risks and uncertainties that could materially affect our future results of operations or liquidity are discussed under “Part II—Other Information, Item 1A. Risk Factors” in this quarterly report.

Inflation

The impact of inflation on our condensed consolidated financial condition and results of operations was not significant during any of the periods presented.

 

14

Table of Contents

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We have assessed our vulnerability to certain market risks, including interest rate risk associated with our accounts receivable, accounts payable, other liabilities, and cash and cash equivalents and foreign currency risk associated with our cash held in foreign currencies.

As of March 31, 2016, our cash and investment portfolio consisted of both cash and money market funds, with a fair value of $169.9 million. The primary objective of our investments in money market funds is to preserve principal, while optimizing returns and minimizing risk, and our policies require, at the time of purchase, that we make these investments in short-term, high rated securities. These securities have a current yield of less than 1%.

 

     March 31,
2016
(in thousands)		  

Cash

    $ 24,332   

Money market funds

      145,612   
  

 

 

  
   $ 169,944   
  

 

 

  

Our primary foreign currency exposure relates to cash balances in foreign currencies. Due to the small balances we hold, we have determined that the risk associated with foreign currency fluctuations is not material to us.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we have evaluated our disclosure controls and procedures (as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the first quarter of 2016 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

15

Table of Contents

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

There have been no material changes to our legal proceedings disclosures included under Part I, Item 3 of our 2015 Form 10-K other than the following update:

ContentGuard Enforcement Actions— ContentGuard continues to challenge the jury’s findings in the Google Litigation and Apple Litigation. Specifically, ContentGuard filed motions for judgments as a matter of law (“JMOL”) in both cases, seeking judicial reversal of the jury’s findings or new trials. On April 18, 2016, the federal district judge presiding over the Apple Litigation denied the JMOL motion in the Apple Litigation. Thereafter, ContentGuard filed notice of appeal with the federal circuit court, indicating its intent to appeal the district court judgment to the federal circuit court. Briefing on the ContentGuard appeal will continue through much of 2016. We cannot predict the outcome of any post-trial activities in the Google Litigation or Apple Litigation.

Item 1A. Risk Factors

There have been no material changes to our risk factor disclosures included under Part I, Item 1A of our 2015 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Class A common stock securities purchases described in the table below represent the withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock.

 

     Total
Number
of Shares
Purchased		      Average
Price
Paid Per
Share		      Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs		      Approximate
Dollar Value
of Shares
That May
Yet Be
Purchased
Under the
Publicly
Announced
Plans or
Programs		  

January 1 – January 31, 2016

      —         $ —           —           —     

February 1 – February 29, 2016

      11,728         0.5299         —           —     

March 1 – March 31, 2016

      —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  
     11,728       $ 0.5299         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Item 6. Exhibits

 

Ex. 10.1*    Pendrell Corporation 2016 Incentive Plan (incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 18, 2016).
Ex. 31.1    Certification of the principal executive officer required by Rule 13a-14(a) or Rule 15d-14(a).
Ex. 31.2    Certification of the principal accounting and financial officer required by Rule 13a-14(a) or Rule 15d-14(a).
Ex. 32.1    Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. § 1350).
Ex. 101    The following financial information from Pendrell Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016 is formatted in XBRL: (i) the Unaudited Condensed Consolidated Balance Sheets, (ii) the Unaudited Condensed Consolidated Statements of Operations, (iii) the Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity, (iv) the Unaudited Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

 

* Management contract or compensatory plan or arrangement.

 

16

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

     

PENDRELL CORPORATION

(Registrant)

Date: April 29, 2016     By:   /S/  STEVEN A. EDNIE
     

Steven A. Ednie

Vice President and Chief Financial Officer

Principal Financial and Accounting Officer

 

17

EX-31.1 2 d163245dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lee E. Mikles, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Pendrell Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 29, 2016    

/s/    LEE E. MIKLES

    Lee E. Mikles
    Chief Executive Officer and President (Principal Executive Officer)
 EX-31.2 3 d163245dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven A. Ednie, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Pendrell Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 29, 2016     /s/    STEVEN A. EDNIE
    Steven A. Ednie
   

Vice President, Chief Financial Officer

(Principal Financial and Accounting Officer)

 EX-32.1 4 d163245dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pendrell Corporation on Form 10-Q for the period ending March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (“Report”), Lee E. Mikles, Chief Executive Officer and President (principal executive officer) and Steven A. Ednie, Vice President, Chief Financial Officer (principal financial and accounting officer) of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

 

  (1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/S/    LEE E. MIKLES

  

/S/    STEVEN A. EDNIE

Lee E. Mikles

Chief Executive Officer and President

(principal executive officer)

  

Steven A. Ednie

Vice President, Chief Financial Officer

(principal financial and accounting officer)

April 29, 2016   April 29, 2016

A signed original of this written statement has been provided to Pendrell Corporation and will be retained by Pendrell Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-101.INS 5 pco-20160331.xml XBRL INSTANCE DOCUMENT 0.6875 1.00 214512443 53660000 165286000 2000000 14526963 15108651 1.77 75000000 8224933 0 1.58 1.59 0 0.01 3197000 411000 522000 2706000 56641000 1959586000 -3348000 2295000 -1774258000 188011000 187860000 184663000 378000 113000 11942000 108000 174270000 3649000 169944000 187860000 677000 1540000 9489638 0.84 100000 2683000 214311266 53660000 -1774258000 -3348000 1959586000 188011000 0.01 900000000 214311266 272080158 2146000 0.01 150000000 53660000 84663382 537000 168793000 17317232 75000000 0 1.62 0 0.01 4551000 1742000 512000 4292000 54523000 1958376000 -3893000 2550000 -1780823000 180234000 180892000 176341000 140000 119000 14377000 118000 164257000 1329000 162457000 180892000 384000 87000 2140000 10530638 0.84 2681000 214110215 53660000 -1780823000 -3893000 1958376000 180234000 0.01 900000000 214110215 271879107 2144000 0.01 150000000 53660000 84663382 537000 2000000 100000 400000 26816410 265435018 2938000 266488886 1053868 265435018 4000000 -4000 1076000 2810000 -501000 25245000 -62000 31000 -1315000 40000 2005000 324000 -559000 -43000 400000 4125000 41000 118000 -4440000 3596000 9112000 4125000 -756000 5129000 24169000 -3507000 648000 268000 648000 -2005000 -659000 4100000 1748000 1127000 4557000 186000 462000 -0.01 -0.01 10-Q PCO <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b><i>Stock Options&#x2014;</i></b>The Company&#x2019;s stock option activity for the three months ended March&#xA0;31, 2016 is summarized as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Number of<br /> shares of<br /> Class A<br /> common<br /> stock<br /> underlying<br /> options</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted<br /> average<br /> exercise&#xA0;price</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Outstanding &#x2013; December&#xA0;31, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,317,232</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.62</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Forfeited</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2,208,581</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Outstanding &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,108,651</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.59</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Exercisable &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8,224,933</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.77</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Vested and expected to vest &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,526,963</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.58</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"></td> </tr> </table> </div> 0001359555 2016-03-31 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>4. Accrued expenses</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The following table summarizes accrued expenses (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>March&#xA0;31,</b><br /> <b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Accrued payroll and related expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">411</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,742</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Accrued legal, professional and other expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,295</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,550</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,706</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,292</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data):</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b>Three months ended March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Net income (loss) attributable to Pendrell</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,565</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(559</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Weighted average common shares outstanding</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">267,976,679</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">266,488,886</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Less: weighted average unvested restricted stock awards</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(929,718</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(1,053,868</td> <td valign="bottom" nowrap="nowrap">)</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Shares used for computation of basic income (loss) per share</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">267,046,961</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">265,435,018</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Add back: weighted average unvested restricted stock awards and units</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,757,255</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right">&#x2014;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Shares used for computation of diluted income (loss) per share(1)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">276,804,216</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">265,435,018</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Basic income (loss) per share attributable to Pendrell(2)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Diluted income (loss) per share attributable to Pendrell(2)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; WHITE-SPACE: normal; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium/8pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; WIDTH: 156px; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March&#xA0;31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.</td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left">Per share amounts for the three months ended March&#xA0;31, 2015 are less than ($0.01).</td> </tr> </table> </div> Accelerated Filer <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>6. Stock-based Compensation</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company records stock-based compensation on stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards issued to employees, directors, consultants and/or advisors based on the estimated fair value on the date of grant and recognizes compensation cost over the requisite service period for awards expected to vest.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March&#xA0;31, 2016 and 2015 was as follows (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="84%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b>Three&#xA0;months&#xA0;ended<br /> March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Stock options</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">481</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">462</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted stock awards</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">186</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total stock-based compensation expense</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">648</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Stock Options&#x2014;</i></b>The Company&#x2019;s stock option activity for the three months ended March&#xA0;31, 2016 is summarized as follows:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Number of<br /> shares of<br /> Class A<br /> common<br /> stock<br /> underlying<br /> options</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted<br /> average<br /> exercise&#xA0;price</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Outstanding &#x2013; December&#xA0;31, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,317,232</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.62</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Forfeited</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2,208,581</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Outstanding &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,108,651</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.59</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Exercisable &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8,224,933</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.77</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Vested and expected to vest &#x2013; March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,526,963</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.58</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Restricted Stock&#x2014;</i></b>The Company&#x2019;s restricted stock activity for three months ended March&#xA0;31, 2016 is summarized as follows:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Number of<br /> shares of<br /> Class A<br /> common<br /> stock<br /> underlying<br /> restricted<br /> stock awards</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted<br /> average<br /> fair value<br /> per share</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Unvested &#x2013; December&#xA0;31, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,530,638</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Granted (1)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">212,779</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Vested</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(1,253,154</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.24</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Forfeited</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(625</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.79</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Unvested &#x2013; March 31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,489,638</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; WHITE-SPACE: normal; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium/8pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; WIDTH: 156px; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Represents shares issued to the Company&#x2019;s Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.</td> </tr> </table> </div> 15108650 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The following table summarizes accrued expenses (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>March&#xA0;31,</b><br /> <b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Accrued payroll and related expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">411</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,742</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Accrued legal, professional and other expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,295</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,550</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,706</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,292</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 2208581 <div><strong><em><font size="2">Principles of Consolidation and Basis of Presentation&#x2014;</font></em></strong>&#xA0;The consolidated financial statements of the Company include the assets and liabilities of its wholly-owned subsidiaries and subsidiaries it controls or in which it has a controlling financial interest. Noncontrolling interests on the consolidated balance sheets include third-party investments in entities that the Company consolidates, but does not wholly own. Noncontrolling interests are classified as part of equity and the Company allocates net income (loss), other comprehensive income (loss) and other equity transactions to its noncontrolling interests in accordance with their applicable ownership percentages. All intercompany transactions and balances have been eliminated in consolidation. All information in these financial statements is in U.S. dollars.</div> --12-31 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March&#xA0;31, 2016 and 2015 was as follows (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="84%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b>Three&#xA0;months&#xA0;ended<br /> March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Stock options</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">481</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">462</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted stock awards</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">186</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total stock-based compensation expense</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">648</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div><strong><em><font size="2">Interim Financial Statements&#x2014;</font></em></strong>The financial information included in the accompanying condensed consolidated financial statements is unaudited and includes all adjustments, consisting of normal recurring adjustments and accruals, considered necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;). Certain information and footnote disclosures have been condensed or omitted. The financial information as of December&#xA0;31, 2015 is derived from the Company&#x2019;s audited consolidated financial statements and notes included in Item&#xA0;8 in the Company&#x2019;s Annual Report on Form&#xA0;10-K for the fiscal year ended December&#xA0;31, 2015 (&#x201C;2015&#xA0;Form 10-K&#x201D;), filed with the U.S. Securities and Exchange Commission on March&#xA0;4, 2016. The financial information included in this quarterly report should be read in conjunction with management&#x2019;s discussion and analysis of financial condition and results of operations and the consolidated financial statements and notes included in the 2015 Form 10-K. Capitalized terms used and not otherwise defined in this quarterly report have the meanings given to them in the Company&#x2019;s 2015 Form 10-K. Operating results and cash flows for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending December&#xA0;31, 2016 or any other interim period.</div> Q1 267046961 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Interim Financial Statements&#x2014;</i></b>The financial information included in the accompanying condensed consolidated financial statements is unaudited and includes all adjustments, consisting of normal recurring adjustments and accruals, considered necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;). Certain information and footnote disclosures have been condensed or omitted. The financial information as of December&#xA0;31, 2015 is derived from the Company&#x2019;s audited consolidated financial statements and notes included in Item&#xA0;8 in the Company&#x2019;s Annual Report on Form&#xA0;10-K for the fiscal year ended December&#xA0;31, 2015 (&#x201C;2015&#xA0;Form 10-K&#x201D;), filed with the U.S. Securities and Exchange Commission on March&#xA0;4, 2016. The financial information included in this quarterly report should be read in conjunction with management&#x2019;s discussion and analysis of financial condition and results of operations and the consolidated financial statements and notes included in the 2015 Form 10-K. Capitalized terms used and not otherwise defined in this quarterly report have the meanings given to them in the Company&#x2019;s 2015 Form 10-K. Operating results and cash flows for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending December&#xA0;31, 2016 or any other interim period.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Principles of Consolidation and Basis of Presentation&#x2014;</i></b>&#xA0;The consolidated financial statements of the Company include the assets and liabilities of its wholly-owned subsidiaries and subsidiaries it controls or in which it has a controlling financial interest. Noncontrolling interests on the consolidated balance sheets include third-party investments in entities that the Company consolidates, but does not wholly own. Noncontrolling interests are classified as part of equity and the Company allocates net income (loss), other comprehensive income (loss) and other equity transactions to its noncontrolling interests in accordance with their applicable ownership percentages. All intercompany transactions and balances have been eliminated in consolidation. All information in these financial statements is in U.S. dollars.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Segment Information&#x2014;</i></b>The Company operates in and reports on one segment (IP management). Operating segments are based upon the Company&#x2019;s internal organization structure, the manner in which its operations are managed, and the criteria used by its Chief Operating Decision Maker. Substantially all of the Company&#x2019;s revenue is generated by operations located within the United States, and the Company does not have any long-lived assets located in foreign countries.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates&#x2014;</i></b>The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On an ongoing basis, the Company evaluates its estimates, including among others, those related to the fair value of acquired intangible assets and goodwill, the useful lives and potential impairment of intangible assets and property and equipment, the value of stock awards for the purpose of determining stock-based compensation expense, accrued liabilities (including bonus accruals), valuation allowances related to the ability to realize deferred tax assets, allowances for doubtful receivables and certain tax liabilities. Estimates are based on historical experience and other factors, including the current economic environment as deemed appropriate under the circumstances. Estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in estimates used to prepare these financial statements will be reflected in the financial statements in future periods.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Accounting Policies&#x2014;</i></b>There have been no material changes or updates in the Company&#x2019;s existing accounting policies from the disclosures included in its 2015 Form 10-K.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>New Accounting Pronouncements&#x2014;</i></b>In February 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standard Update (&#x201C;ASU&#x201D;) No.&#xA0;2016-02,&#xA0;<i>Leases (Topic 842),&#xA0;</i>which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December&#xA0;15, 2018, and interim periods therein. Early adoption is permitted. The Company believes the future adoption of this ASU will not have a material impact on its financial position, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In March 2016, the FASB issued ASU No.&#xA0;2016-09,&#xA0;<i>Compensation&#x2014;Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i>, to simplify certain provisions in stock compensation accounting, including: (1)&#xA0;accounting for income taxes, (2)&#xA0;classification of excess tax benefits on the statement of cash flow, (3)&#xA0;forfeitures, (4)&#xA0;minimum statutory tax withholding requirements, (5)&#xA0;classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6)&#xA0;the practical expedient for estimating the expected term and (7)&#xA0;intrinsic value. Compliance with this ASU is required for annual periods beginning after December&#xA0;15, 2016, and interim periods therein. Early adoption is permitted. The Company plans to adopt this ASU in its fiscal year ended December&#xA0;31, 2017 and believes the adoption will not have a material impact on its financial position, results of operations or cash flows.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>New Accounting Pronouncements&#x2014;</i></b>In February 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standard Update (&#x201C;ASU&#x201D;) No.&#xA0;2016-02,&#xA0;<i>Leases (Topic 842),&#xA0;</i>which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December&#xA0;15, 2018, and interim periods therein. Early adoption is permitted. The Company believes the future adoption of this ASU will not have a material impact on its financial position, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In March 2016, the FASB issued ASU No.&#xA0;2016-09,&#xA0;<i>Compensation&#x2014;Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i>, to simplify certain provisions in stock compensation accounting, including: (1)&#xA0;accounting for income taxes, (2)&#xA0;classification of excess tax benefits on the statement of cash flow, (3)&#xA0;forfeitures, (4)&#xA0;minimum statutory tax withholding requirements, (5)&#xA0;classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6)&#xA0;the practical expedient for estimating the expected term and (7)&#xA0;intrinsic value. Compliance with this ASU is required for annual periods beginning after December&#xA0;15, 2016, and interim periods therein. Early adoption is permitted. The Company plans to adopt this ASU in its fiscal year ended December&#xA0;31, 2017 and believes the adoption will not have a material impact on its financial position, results of operations or cash flows.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>7. Gain on Contingency</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> During 2012, as part of the Company&#x2019;s exit from the satellite business, the Company sold its partially completed medium earth orbit satellites, related equipment, and contracts. In February 2016, the final scheduled payment for those assets became payable, resulting in the recognition of a $2.0 million gain on contingency for the three months ended March&#xA0;31, 2016. The Company received the final scheduled payment in April 2016.</p> </div> <div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>3. Provitro</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In February 2013, the Company acquired a 68.75% interest in Provitro, the developer of the Provitro&#x2122; proprietary micro-propagation technology designed to facilitate the production on a commercial scale of certain plants, particularly timber bamboo. In February 2015, the Company acquired the minority partner&#x2019;s interest in Provitro for nominal consideration resulting in 100% ownership of Provitro. From acquisition through the year ended December&#xA0;31, 2014, the Company attempted to develop a strategy to commercialize the Provitro&#x2122; technology, but did not generate revenue from the technology.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In January 2015, the Company discontinued its efforts to commercialize the Provitro&#x2122; technology and in September 2015, the Company sold Provitro&#x2019;s facility and related tangible assets for $2.0 million, resulting in a $0.7 million loss in the third quarter of the year ended December&#xA0;31, 2015.&#xA0;The purchase price will be paid in installments of which $0.1 million was paid immediately, $0.4 million was received in January 2016 and $1.5 million will be paid within twelve months and is included in other current receivables at March&#xA0;31, 2016.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>9. Income (Loss) per Share</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Basic income (loss) per share is calculated based on the weighted average number of Class&#xA0;A common stock and Class B common stock (the &#x201C;Common Shares&#x201D;) outstanding during the period. Diluted income (loss) per share is calculated by dividing the income (loss) allocable to common shareholders by the weighted average Common Shares outstanding plus potential dilutive Common Shares. Prior to the satisfaction of vesting conditions, unvested restricted stock awards are considered contingently issuable and are excluded from weighted average Common Shares outstanding used for computation of basic income (loss) per share.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Potential dilutive Common Shares consist of the incremental Class&#xA0;A common stock issuable upon the exercise of outstanding stock options (both vested and non-vested) and unvested restricted stock awards and units, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (i.e., such options&#x2019; exercise prices were greater than the average market price of the Company&#x2019;s Class&#xA0;A common shares for the period) because their inclusion would have been anti-dilutive.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data):</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b>Three months ended March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2015</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Net income (loss) attributable to Pendrell</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,565</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(559</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Weighted average common shares outstanding</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">267,976,679</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">266,488,886</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Less: weighted average unvested restricted stock awards</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(929,718</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(1,053,868</td> <td valign="bottom" nowrap="nowrap">)</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Shares used for computation of basic income (loss) per share</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">267,046,961</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">265,435,018</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Add back: weighted average unvested restricted stock awards and units</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,757,255</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right">&#x2014;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Shares used for computation of diluted income (loss) per share(1)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">276,804,216</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">265,435,018</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Basic income (loss) per share attributable to Pendrell(2)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Diluted income (loss) per share attributable to Pendrell(2)</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.02</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; WHITE-SPACE: normal; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium/8pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; WIDTH: 156px; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March&#xA0;31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.</td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left">Per share amounts for the three months ended March&#xA0;31, 2015 are less than ($0.01).</td> </tr> </table> </div> 7098000 267976679 false <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Restricted Stock&#x2014;</i></b>The Company&#x2019;s restricted stock activity for three months ended March&#xA0;31, 2016 is summarized as follows:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Number of<br /> shares of<br /> Class A<br /> common<br /> stock<br /> underlying<br /> restricted<br /> stock awards</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted<br /> average<br /> fair value<br /> per share</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Unvested &#x2013; December&#xA0;31, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,530,638</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Granted (1)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">212,779</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Vested</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(1,253,154</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.24</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Forfeited</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(625</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.79</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Unvested &#x2013; March 31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,489,638</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; WHITE-SPACE: normal; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium/8pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; WIDTH: 156px; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Represents shares issued to the Company&#x2019;s Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.</td> </tr> </table> </div> 1.87 <div><strong><em><font size="2">Segment Information&#x2014;</font></em></strong>The Company operates in and reports on one segment (IP management). Operating segments are based upon the Company&#x2019;s internal organization structure, the manner in which its operations are managed, and the criteria used by its Chief Operating Decision Maker. Substantially all of the Company&#x2019;s revenue is generated by operations located within the United States, and the Company does not have any long-lived assets located in foreign countries.</div> Pendrell Corp <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>8. Income Taxes</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company recorded a tax provision of $4.1 million for the three months ended March&#xA0;31, 2015 related to foreign taxes withheld on revenue generated from license agreements executed with third party licensees domiciled in a foreign jurisdiction. In general, foreign taxes withheld may be claimed as a deduction on future U.S. corporate income tax returns, or as a credit against future U.S. income tax liabilities, subject to certain limitations. However, due to uncertainty regarding the Company&#x2019;s ability to utilize the deduction or credit resulting from the foreign withholding, the Company established a full valuation allowance against the related deferred tax asset at March&#xA0;31, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company had no foreign taxes withheld during the three months ended March&#xA0;31, 2016 and anticipates that it will not have a U.S. federal income tax liability for fiscal 2016.</p> </div> 0.02 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates&#x2014;</i></b>The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On an ongoing basis, the Company evaluates its estimates, including among others, those related to the fair value of acquired intangible assets and goodwill, the useful lives and potential impairment of intangible assets and property and equipment, the value of stock awards for the purpose of determining stock-based compensation expense, accrued liabilities (including bonus accruals), valuation allowances related to the ability to realize deferred tax assets, allowances for doubtful receivables and certain tax liabilities. Estimates are based on historical experience and other factors, including the current economic environment as deemed appropriate under the circumstances. Estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in estimates used to prepare these financial statements will be reflected in the financial statements in future periods.</p> </div> 1 2016 9757255 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>5. Commitments and Contingencies</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Purchase and Lease Commitments&#x2014;</i></b>&#xA0;The Company has operating lease agreements for its main office in Kirkland, Washington, and offices in Texas and Finland.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Litigation&#x2014;</i></b>&#xA0;In the opinion of management, except for those matters described below and elsewhere in this report, to the extent so described, litigation, contingent liabilities and claims against the Company in the normal course of business are not expected to involve any judgments or settlements that would be material to the Company&#x2019;s financial condition, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> There have been no material changes to the legal proceedings disclosures included under Part&#xA0;I, Item&#xA0;3 of the Company&#x2019;s 2015&#xA0;Form 10-K other than the following update:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>ContentGuard Enforcement Actions</i>&#x2014; ContentGuard continues to challenge the jury&#x2019;s findings in the Google Litigation and Apple Litigation. Specifically, ContentGuard filed motions for judgments as a matter of law (&#x201C;JMOL&#x201D;) in both cases, seeking judicial reversal of the jury&#x2019;s findings or new trials. On April&#xA0;18, 2016, the federal district judge presiding over the Apple Litigation denied the JMOL motion in the Apple Litigation. Thereafter, ContentGuard filed notice of appeal with the federal circuit court, indicating its intent to appeal the district court judgment to the federal circuit court. Briefing on the ContentGuard appeal will continue through much of 2016. The Company cannot predict the outcome of any post-trial activities in the Google Litigation or Apple Litigation.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> These condensed consolidated financial statements include the accounts of Pendrell Corporation (&#x201C;Pendrell&#x201D;) and its consolidated subsidiaries (collectively referred to as the &#x201C;Company&#x201D;). Since 2011, the Company&#x2019;s strategy, through its consolidated subsidiaries, has been to invest in, acquire and develop businesses with unique technologies that are often protected by intellectual property (&#x201C;IP&#x201D;) rights, and that present the opportunity to address large, global markets. The Company&#x2019;s subsidiaries focus on licensing the IP rights they hold to third parties and pursuing relevant product opportunities. The Company regularly evaluates its existing investments to determine whether retention or disposition is appropriate, and investigates new investment and business acquisition opportunities. From 2011 through 2015, the Company also advised clients on various IP strategies and transactions. As of December&#xA0;31, 2015, the Company sold its consulting business, Ovidian Group LLC, for nominal consideration.</p> </div> 929718 276804216 0.02 1218000 -2000 4928000 7110000 -54000 13500000 -87000 137000 7110000 6000 5000 2413000 6565000 15000 -6000 2381000 545000 1990000 8572000 7487000 400000 6000 1112000 238000 1112000 395000 -1486000 <div><strong><em><font size="2">Accounting Policies&#x2014;</font></em></strong>There have been no material changes or updates in the Company&#x2019;s existing accounting policies from the disclosures included in its 2015 Form 10-K.</div> 2047000 362000 2727000 631000 481000 0.79 625 0.50 1253154 212779 1.24 P12M 1500000 2000 212779 11728 6565000 545000 1216000 6000 1218000 6565000 6000 700000 0001359555 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2015-07-01 2015-09-30 0001359555 us-gaap:ParentMember 2016-01-01 2016-03-31 0001359555 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-03-31 0001359555 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-03-31 0001359555 us-gaap:RetainedEarningsMember 2016-01-01 2016-03-31 0001359555 us-gaap:CommonClassAMemberus-gaap:CommonStockMember 2016-01-01 2016-03-31 0001359555 us-gaap:CommonStockMember 2016-01-01 2016-03-31 0001359555 pco:OtherCurrentReceivablesMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2016-01-01 2016-03-31 0001359555 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2016-01-01 2016-03-31 0001359555 pco:RestrictedStockAndUnitsEquityAndLiabilityAwardsMember 2016-01-01 2016-03-31 0001359555 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-03-31 0001359555 us-gaap:RestrictedStockMember 2016-01-01 2016-03-31 0001359555 2016-01-01 2016-03-31 0001359555 us-gaap:MaximumMember 2015-01-01 2015-03-31 0001359555 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001359555 us-gaap:RestrictedStockMember 2015-01-01 2015-03-31 0001359555 2015-01-01 2015-03-31 0001359555 pco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2016-01-01 2016-01-31 0001359555 pco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2015-09-01 2015-09-30 0001359555 pco:FinalScheduledPaymentsMember 2016-02-23 2016-02-23 0001359555 us-gaap:CommonClassBMember 2015-12-31 0001359555 us-gaap:CommonClassAMember 2015-12-31 0001359555 us-gaap:ParentMember 2015-12-31 0001359555 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001359555 us-gaap:NoncontrollingInterestMember 2015-12-31 0001359555 us-gaap:RetainedEarningsMember 2015-12-31 0001359555 us-gaap:CommonClassBMemberus-gaap:CommonStockMember 2015-12-31 0001359555 us-gaap:CommonClassAMemberus-gaap:CommonStockMember 2015-12-31 0001359555 us-gaap:CommonStockMember 2015-12-31 0001359555 pco:RestrictedStockAndUnitsEquityAndLiabilityAwardsMember 2015-12-31 0001359555 2015-12-31 0001359555 2014-12-31 0001359555 us-gaap:CommonClassBMember 2016-03-31 0001359555 us-gaap:CommonClassAMember 2016-03-31 0001359555 us-gaap:ParentMember 2016-03-31 0001359555 us-gaap:AdditionalPaidInCapitalMember 2016-03-31 0001359555 us-gaap:NoncontrollingInterestMember 2016-03-31 0001359555 us-gaap:RetainedEarningsMember 2016-03-31 0001359555 us-gaap:CommonClassBMemberus-gaap:CommonStockMember 2016-03-31 0001359555 us-gaap:CommonClassAMemberus-gaap:CommonStockMember 2016-03-31 0001359555 us-gaap:CommonStockMember 2016-03-31 0001359555 us-gaap:DirectorMember 2016-03-31 0001359555 pco:RestrictedStockAndUnitsEquityAndLiabilityAwardsMember 2016-03-31 0001359555 2016-03-31 0001359555 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2015-09-30 0001359555 2015-03-31 0001359555 us-gaap:CommonClassBMember 2016-04-22 0001359555 us-gaap:CommonClassAMember 2016-04-22 0001359555 pco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2015-02-28 0001359555 pco:ProvitroBiosciencesLimitedLiabilityCompanyMember 2013-02-28 pure shares iso4217:USD iso4217:USD shares pco:Segment Represents shares issued to the Company's Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance. Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive. Per share amounts for the three months ended March 31, 2015 are less than ($0.01). EX-101.SCH 6 pco-20160331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) link:calculationLink link:presentationLink link:definitionLink 108 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Nature of Business link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Basis of Presentation link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Provitro link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Accrued expenses link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Stock-based Compensation link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Gain on Contingency link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Income (Loss) per Share link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Basis of Presentation (Policies) link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Accrued expenses (Tables) link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Stock-based Compensation (Tables) link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Income (Loss) per Share (Tables) link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Basis of Presentation - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Provitro - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Provitro - Additional Information1 (Detail) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Summary of Accrued Expenses (Detail) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Stock-Based Compensation Expense Included in Condensed Consolidated Statements of Operations (Detail) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Stock Option Activity (Detail) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Restricted Stock Activity (Detail) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Restricted Stock Activity (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Gain on Contingency - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Computation of Basic and Diluted Income (Loss) Per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Computation of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 7 pco-20160331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 pco-20160331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 pco-20160331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 10 pco-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.4.0.3
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2016
Apr. 22, 2016
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  
Trading Symbol PCO  
Entity Registrant Name Pendrell Corp  
Entity Central Index Key 0001359555  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   214,512,443
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   53,660,000
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 169,944 $ 162,457
Accounts receivable   87
Other receivables 3,649 1,329
Prepaid expenses and other current assets 677 384
Total current assets 174,270 164,257
Property in service - net of accumulated depreciation of $522 and $512, respectively 108 118
Other assets 1,540 2,140
Intangible assets - net of accumulated amortization of $56,641 and $54,523, respectively 11,942 14,377
Total 187,860 180,892
Current liabilities:    
Accounts payable 378 140
Accrued expenses 2,706 4,292
Other liabilities 113 119
Total current liabilities $ 3,197 $ 4,551
Commitments and contingencies (Note 5)
Shareholders' equity and noncontrolling interest:    
Preferred stock, $0.01 par value, 75,000,000 shares authorized, no shares issued or outstanding
Additional paid-in capital $ 1,959,586 $ 1,958,376
Accumulated deficit (1,774,258) (1,780,823)
Total Pendrell shareholders' equity 188,011 180,234
Noncontrolling interest (3,348) (3,893)
Total shareholders' equity and noncontrolling interest 184,663 176,341
Total 187,860 180,892
Class A common stock    
Shareholders' equity and noncontrolling interest:    
Common stock, value 2,146 2,144
Class B common stock    
Shareholders' equity and noncontrolling interest:    
Common stock, value $ 537 $ 537
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Property in service, accumulated depreciation $ 522 $ 512
Intangible assets, accumulated amortization $ 56,641 $ 54,523
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 75,000,000 75,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Class A common stock    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 900,000,000 900,000,000
Common stock, shares issued 272,080,158 271,879,107
Common stock, shares outstanding 214,311,266 214,110,215
Class B common stock    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 84,663,382 84,663,382
Common stock, shares outstanding 53,660,000 53,660,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]    
Revenue $ 13,500 $ 25,245
Operating expenses:    
Cost of revenues   9,112
Patent administration and related costs 362 1,127
Patent litigation 2,727 4,557
General and administrative 1,990 5,129
Stock-based compensation 1,112 648
Amortization of intangible assets 2,381 3,596
Total operating expenses 8,572 24,169
Operating income 4,928 1,076
Interest income 137 31
Interest expense   (41)
Gain on contingency 2,047 1,748
Other expense (2) (4)
Income before income taxes 7,110 2,810
Income taxes   (4,125)
Net income (loss) 7,110 (1,315)
Net income (loss) attributable to noncontrolling interest 545 (756)
Net income (loss) attributable to Pendrell $ 6,565 $ (559)
Basic income (loss) per share attributable to Pendrell [1] $ 0.02  
Diluted income (loss) per share attributable to Pendrell [1] $ 0.02  
Weighted average shares outstanding used to compute basic income (loss) per share 267,046,961 265,435,018
Weighted average shares outstanding used to compute diluted income (loss) per share [2] 276,804,216 265,435,018
[1] Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
[2] Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Basic income (loss) per share attributable to Pendrell [1] $ 0.02  
Diluted income (loss) per share attributable to Pendrell [1] $ 0.02  
Maximum    
Basic income (loss) per share attributable to Pendrell   $ (0.01)
Diluted income (loss) per share attributable to Pendrell   $ (0.01)
[1] Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)
$ in Thousands
Total
Class A common stock
Class B common stock
Common stock
Common stock
Class A common stock
Common stock
Class B common stock
Additional paid-in capital
Accumulated deficit
Shareholder's equity
Noncontrolling interests
Beginning Balance at Dec. 31, 2015 $ 176,341     $ 2,681     $ 1,958,376 $ (1,780,823) $ 180,234 $ (3,893)
Beginning Balance (in shares) at Dec. 31, 2015   214,110,215 53,660,000   214,110,215 53,660,000        
Class A common stock withheld at vesting to cover statutory tax obligations (6)           (6)   (6)  
Class A common stock withheld at vesting to cover statutory tax obligations (in shares)         (11,728)          
Stock-based compensation and issuance of restricted stock, net of forfeitures 1,218     2     1,216   1,218  
Stock-based compensation and issuance of restricted stock, net of forfeitures (in shares)         212,779          
Net income 7,110             6,565 6,565 545
Ending Balance at Mar. 31, 2016 $ 184,663     $ 2,683     $ 1,959,586 $ (1,774,258) $ 188,011 $ (3,348)
Ending Balance (in shares) at Mar. 31, 2016   214,311,266 53,660,000   214,311,266 53,660,000        
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net income (loss) including noncontrolling interests $ 7,110 $ (1,315)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 1,112 648
Amortization of intangibles 2,381 3,596
Depreciation 15 118
Loss associated with the abandonment and/or disposition of patents 54 501
Other   43
Other changes in certain assets and liabilities:    
Accounts receivable 87 62
Prepaid expenses and other current/non-current assets (2,413) (324)
Accounts payable 238 268
Accrued expenses and other current/non-current liabilities (1,486) (659)
Net cash provided by operating activities 7,098 2,938
Investing activities:    
Payment received on note receivable 400  
Purchases of property and intangible assets (5) (2,005)
Net cash provided by (used in) investing activities 395 (2,005)
Financing activities:    
Payment of statutory taxes for stock awards (6) (40)
Payment of accrued obligations for purchased intangible assets   (4,000)
Purchase of noncontrolling interest in Provitro Biosciences LLC   (400)
Net cash used in financing activities (6) (4,440)
Net increase (decrease) in cash and cash equivalents 7,487 (3,507)
Cash and cash equivalents - beginning of period 162,457 168,793
Cash and cash equivalents - end of period $ 169,944 165,286
Supplemental disclosures:    
Income taxes paid   $ 4,125
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Nature of Business
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Nature of Business

1. Nature of Business

These condensed consolidated financial statements include the accounts of Pendrell Corporation (“Pendrell”) and its consolidated subsidiaries (collectively referred to as the “Company”). Since 2011, the Company’s strategy, through its consolidated subsidiaries, has been to invest in, acquire and develop businesses with unique technologies that are often protected by intellectual property (“IP”) rights, and that present the opportunity to address large, global markets. The Company’s subsidiaries focus on licensing the IP rights they hold to third parties and pursuing relevant product opportunities. The Company regularly evaluates its existing investments to determine whether retention or disposition is appropriate, and investigates new investment and business acquisition opportunities. From 2011 through 2015, the Company also advised clients on various IP strategies and transactions. As of December 31, 2015, the Company sold its consulting business, Ovidian Group LLC, for nominal consideration.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Basis of Presentation
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Basis of Presentation

2. Basis of Presentation

Interim Financial Statements—The financial information included in the accompanying condensed consolidated financial statements is unaudited and includes all adjustments, consisting of normal recurring adjustments and accruals, considered necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures have been condensed or omitted. The financial information as of December 31, 2015 is derived from the Company’s audited consolidated financial statements and notes included in Item 8 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (“2015 Form 10-K”), filed with the U.S. Securities and Exchange Commission on March 4, 2016. The financial information included in this quarterly report should be read in conjunction with management’s discussion and analysis of financial condition and results of operations and the consolidated financial statements and notes included in the 2015 Form 10-K. Capitalized terms used and not otherwise defined in this quarterly report have the meanings given to them in the Company’s 2015 Form 10-K. Operating results and cash flows for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 or any other interim period.

Principles of Consolidation and Basis of Presentation— The consolidated financial statements of the Company include the assets and liabilities of its wholly-owned subsidiaries and subsidiaries it controls or in which it has a controlling financial interest. Noncontrolling interests on the consolidated balance sheets include third-party investments in entities that the Company consolidates, but does not wholly own. Noncontrolling interests are classified as part of equity and the Company allocates net income (loss), other comprehensive income (loss) and other equity transactions to its noncontrolling interests in accordance with their applicable ownership percentages. All intercompany transactions and balances have been eliminated in consolidation. All information in these financial statements is in U.S. dollars.

Segment Information—The Company operates in and reports on one segment (IP management). Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, and the criteria used by its Chief Operating Decision Maker. Substantially all of the Company’s revenue is generated by operations located within the United States, and the Company does not have any long-lived assets located in foreign countries.

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.

On an ongoing basis, the Company evaluates its estimates, including among others, those related to the fair value of acquired intangible assets and goodwill, the useful lives and potential impairment of intangible assets and property and equipment, the value of stock awards for the purpose of determining stock-based compensation expense, accrued liabilities (including bonus accruals), valuation allowances related to the ability to realize deferred tax assets, allowances for doubtful receivables and certain tax liabilities. Estimates are based on historical experience and other factors, including the current economic environment as deemed appropriate under the circumstances. Estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in estimates used to prepare these financial statements will be reflected in the financial statements in future periods.

 

Accounting Policies—There have been no material changes or updates in the Company’s existing accounting policies from the disclosures included in its 2015 Form 10-K.

New Accounting Pronouncements—In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company believes the future adoption of this ASU will not have a material impact on its financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify certain provisions in stock compensation accounting, including: (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term and (7) intrinsic value. Compliance with this ASU is required for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The Company plans to adopt this ASU in its fiscal year ended December 31, 2017 and believes the adoption will not have a material impact on its financial position, results of operations or cash flows.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Provitro
 3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Provitro

3. Provitro

In February 2013, the Company acquired a 68.75% interest in Provitro, the developer of the Provitro™ proprietary micro-propagation technology designed to facilitate the production on a commercial scale of certain plants, particularly timber bamboo. In February 2015, the Company acquired the minority partner’s interest in Provitro for nominal consideration resulting in 100% ownership of Provitro. From acquisition through the year ended December 31, 2014, the Company attempted to develop a strategy to commercialize the Provitro™ technology, but did not generate revenue from the technology.

In January 2015, the Company discontinued its efforts to commercialize the Provitro™ technology and in September 2015, the Company sold Provitro’s facility and related tangible assets for $2.0 million, resulting in a $0.7 million loss in the third quarter of the year ended December 31, 2015. The purchase price will be paid in installments of which $0.1 million was paid immediately, $0.4 million was received in January 2016 and $1.5 million will be paid within twelve months and is included in other current receivables at March 31, 2016.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Accrued expenses
 3 Months Ended
Mar. 31, 2016
Payables and Accruals [Abstract]  
Accrued expenses

4. Accrued expenses

The following table summarizes accrued expenses (in thousands):

 

     March 31,
2016		      December 31,
2015		  

Accrued payroll and related expenses

    $ 411       $ 1,742   

Accrued legal, professional and other expenses

      2,295         2,550   
  

 

 

     

 

 

  
   $ 2,706       $ 4,292   
  

 

 

     

 

 

  
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

5. Commitments and Contingencies

Purchase and Lease Commitments— The Company has operating lease agreements for its main office in Kirkland, Washington, and offices in Texas and Finland.

Litigation— In the opinion of management, except for those matters described below and elsewhere in this report, to the extent so described, litigation, contingent liabilities and claims against the Company in the normal course of business are not expected to involve any judgments or settlements that would be material to the Company’s financial condition, results of operations or cash flows.

 

There have been no material changes to the legal proceedings disclosures included under Part I, Item 3 of the Company’s 2015 Form 10-K other than the following update:

ContentGuard Enforcement Actions— ContentGuard continues to challenge the jury’s findings in the Google Litigation and Apple Litigation. Specifically, ContentGuard filed motions for judgments as a matter of law (“JMOL”) in both cases, seeking judicial reversal of the jury’s findings or new trials. On April 18, 2016, the federal district judge presiding over the Apple Litigation denied the JMOL motion in the Apple Litigation. Thereafter, ContentGuard filed notice of appeal with the federal circuit court, indicating its intent to appeal the district court judgment to the federal circuit court. Briefing on the ContentGuard appeal will continue through much of 2016. The Company cannot predict the outcome of any post-trial activities in the Google Litigation or Apple Litigation.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-based Compensation
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation

6. Stock-based Compensation

The Company records stock-based compensation on stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards issued to employees, directors, consultants and/or advisors based on the estimated fair value on the date of grant and recognizes compensation cost over the requisite service period for awards expected to vest.

Stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 was as follows (in thousands):

 

     Three months ended
March 31,		  
     2016      2015  

Stock options

    $ 481       $ 462   

Restricted stock awards

      631         186   
  

 

 

     

 

 

  

Total stock-based compensation expense

    $ 1,112       $ 648   
  

 

 

     

 

 

  

Stock Options—The Company’s stock option activity for the three months ended March 31, 2016 is summarized as follows:

 

     Number of
shares of
Class A
common
stock
underlying
options		      Weighted
average
exercise price		  

Outstanding – December 31, 2015

      17,317,232       $ 1.62   

Forfeited

      (2,208,581 )     $ 1.87   
  

 

 

     

Outstanding – March 31, 2016

      15,108,651       $ 1.59   
  

 

 

     

Exercisable – March 31, 2016

      8,224,933       $ 1.77   
  

 

 

     

Vested and expected to vest – March 31, 2016

      14,526,963       $ 1.58   
  

 

 

     

Restricted Stock—The Company’s restricted stock activity for three months ended March 31, 2016 is summarized as follows:

 

     Number of
shares of
Class A
common
stock
underlying
restricted
stock awards		      Weighted
average
fair value
per share		  

Unvested – December 31, 2015

      10,530,638       $ 0.84   

Granted (1)

      212,779       $ 0.50   

Vested

      (1,253,154 )     $ 1.24   

Forfeited

      (625 )     $ 0.79   
  

 

 

     

Unvested – March 31, 2016

      9,489,638       $ 0.84   
  

 

 

     

 

(1) Represents shares issued to the Company’s Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Gain on Contingency
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Gain on Contingency

7. Gain on Contingency

During 2012, as part of the Company’s exit from the satellite business, the Company sold its partially completed medium earth orbit satellites, related equipment, and contracts. In February 2016, the final scheduled payment for those assets became payable, resulting in the recognition of a $2.0 million gain on contingency for the three months ended March 31, 2016. The Company received the final scheduled payment in April 2016.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes
 3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

8. Income Taxes

The Company recorded a tax provision of $4.1 million for the three months ended March 31, 2015 related to foreign taxes withheld on revenue generated from license agreements executed with third party licensees domiciled in a foreign jurisdiction. In general, foreign taxes withheld may be claimed as a deduction on future U.S. corporate income tax returns, or as a credit against future U.S. income tax liabilities, subject to certain limitations. However, due to uncertainty regarding the Company’s ability to utilize the deduction or credit resulting from the foreign withholding, the Company established a full valuation allowance against the related deferred tax asset at March 31, 2015.

The Company had no foreign taxes withheld during the three months ended March 31, 2016 and anticipates that it will not have a U.S. federal income tax liability for fiscal 2016.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income (Loss) per Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Income (Loss) per Share

9. Income (Loss) per Share

Basic income (loss) per share is calculated based on the weighted average number of Class A common stock and Class B common stock (the “Common Shares”) outstanding during the period. Diluted income (loss) per share is calculated by dividing the income (loss) allocable to common shareholders by the weighted average Common Shares outstanding plus potential dilutive Common Shares. Prior to the satisfaction of vesting conditions, unvested restricted stock awards are considered contingently issuable and are excluded from weighted average Common Shares outstanding used for computation of basic income (loss) per share.

Potential dilutive Common Shares consist of the incremental Class A common stock issuable upon the exercise of outstanding stock options (both vested and non-vested) and unvested restricted stock awards and units, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (i.e., such options’ exercise prices were greater than the average market price of the Company’s Class A common shares for the period) because their inclusion would have been anti-dilutive.

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data):

 

    Three months ended March 31,  
    2016     2015  

Net income (loss) attributable to Pendrell

   $ 6,565      $ (559 ) 
 

 

 

    

 

 

  

Weighted average common shares outstanding

     267,976,679        266,488,886   

Less: weighted average unvested restricted stock awards

     (929,718 )      (1,053,868 )
 

 

 

    

 

 

  

Shares used for computation of basic income (loss) per share

     267,046,961        265,435,018   

Add back: weighted average unvested restricted stock awards and units

     9,757,255        —   
 

 

 

    

 

 

  

Shares used for computation of diluted income (loss) per share(1)

     276,804,216        265,435,018   
 

 

 

    

 

 

  

Basic income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

Diluted income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

 

(1) Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.
(2) Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Interim Financial Statements
Interim Financial Statements—The financial information included in the accompanying condensed consolidated financial statements is unaudited and includes all adjustments, consisting of normal recurring adjustments and accruals, considered necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures have been condensed or omitted. The financial information as of December 31, 2015 is derived from the Company’s audited consolidated financial statements and notes included in Item 8 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (“2015 Form 10-K”), filed with the U.S. Securities and Exchange Commission on March 4, 2016. The financial information included in this quarterly report should be read in conjunction with management’s discussion and analysis of financial condition and results of operations and the consolidated financial statements and notes included in the 2015 Form 10-K. Capitalized terms used and not otherwise defined in this quarterly report have the meanings given to them in the Company’s 2015 Form 10-K. Operating results and cash flows for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 or any other interim period.
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation— The consolidated financial statements of the Company include the assets and liabilities of its wholly-owned subsidiaries and subsidiaries it controls or in which it has a controlling financial interest. Noncontrolling interests on the consolidated balance sheets include third-party investments in entities that the Company consolidates, but does not wholly own. Noncontrolling interests are classified as part of equity and the Company allocates net income (loss), other comprehensive income (loss) and other equity transactions to its noncontrolling interests in accordance with their applicable ownership percentages. All intercompany transactions and balances have been eliminated in consolidation. All information in these financial statements is in U.S. dollars.
Segment Information
Segment Information—The Company operates in and reports on one segment (IP management). Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, and the criteria used by its Chief Operating Decision Maker. Substantially all of the Company’s revenue is generated by operations located within the United States, and the Company does not have any long-lived assets located in foreign countries.
Use of Estimates

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.

On an ongoing basis, the Company evaluates its estimates, including among others, those related to the fair value of acquired intangible assets and goodwill, the useful lives and potential impairment of intangible assets and property and equipment, the value of stock awards for the purpose of determining stock-based compensation expense, accrued liabilities (including bonus accruals), valuation allowances related to the ability to realize deferred tax assets, allowances for doubtful receivables and certain tax liabilities. Estimates are based on historical experience and other factors, including the current economic environment as deemed appropriate under the circumstances. Estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in estimates used to prepare these financial statements will be reflected in the financial statements in future periods.
Accounting Policies
Accounting Policies—There have been no material changes or updates in the Company’s existing accounting policies from the disclosures included in its 2015 Form 10-K.
New Accounting Pronouncements

New Accounting Pronouncements—In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires companies that are lessees to recognize a right-of-use asset and lease liability for most leases that do not meet the definition of a short-term lease. For income statement purposes, leases will continue to be classified as either operating or financing. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Compliance with this ASU is required for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company believes the future adoption of this ASU will not have a material impact on its financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify certain provisions in stock compensation accounting, including: (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term and (7) intrinsic value. Compliance with this ASU is required for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The Company plans to adopt this ASU in its fiscal year ended December 31, 2017 and believes the adoption will not have a material impact on its financial position, results of operations or cash flows.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Accrued expenses (Tables)
 3 Months Ended
Mar. 31, 2016
Payables and Accruals [Abstract]  
Summary of Accrued Expenses

The following table summarizes accrued expenses (in thousands):

 

     March 31,
2016		      December 31,
2015		  

Accrued payroll and related expenses

    $ 411       $ 1,742   

Accrued legal, professional and other expenses

      2,295         2,550   
  

 

 

     

 

 

  
   $ 2,706       $ 4,292   
  

 

 

     

 

 

  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Expense Included in Condensed Consolidated Statements of Operations

Stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 was as follows (in thousands):

 

     Three months ended
March 31,		  
     2016      2015  

Stock options

    $ 481       $ 462   

Restricted stock awards

      631         186   
  

 

 

     

 

 

  

Total stock-based compensation expense

    $ 1,112       $ 648   
  

 

 

     

 

 

  

Stock Option Activity

Stock Options—The Company’s stock option activity for the three months ended March 31, 2016 is summarized as follows:

 


     Number of
shares of
Class A
common
stock
underlying
options		      Weighted
average
exercise price		  

Outstanding – December 31, 2015

      17,317,232       $ 1.62   

Forfeited

      (2,208,581 )     $ 1.87   
  

 

 

     

Outstanding – March 31, 2016

      15,108,651       $ 1.59   
  

 

 

     

Exercisable – March 31, 2016

      8,224,933       $ 1.77   
  

 

 

     

Vested and expected to vest – March 31, 2016

      14,526,963       $ 1.58   
  

 

 

     
Restricted Stock Activity

Restricted Stock—The Company’s restricted stock activity for three months ended March 31, 2016 is summarized as follows:

 

     Number of
shares of
Class A
common
stock
underlying
restricted
stock awards		      Weighted
average
fair value
per share		  

Unvested – December 31, 2015

      10,530,638       $ 0.84   

Granted (1)

      212,779       $ 0.50   

Vested

      (1,253,154 )     $ 1.24   

Forfeited

      (625 )     $ 0.79   
  

 

 

     

Unvested – March 31, 2016

      9,489,638       $ 0.84   
  

 

 

     

 

(1) Represents shares issued to the Company’s Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income (Loss) per Share (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data):

 

    Three months ended March 31,  
    2016     2015  

Net income (loss) attributable to Pendrell

   $ 6,565      $ (559 ) 
 

 

 

    

 

 

  

Weighted average common shares outstanding

     267,976,679        266,488,886   

Less: weighted average unvested restricted stock awards

     (929,718 )      (1,053,868 )
 

 

 

    

 

 

  

Shares used for computation of basic income (loss) per share

     267,046,961        265,435,018   

Add back: weighted average unvested restricted stock awards and units

     9,757,255        —   
 

 

 

    

 

 

  

Shares used for computation of diluted income (loss) per share(1)

     276,804,216        265,435,018   
 

 

 

    

 

 

  

Basic income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

Diluted income (loss) per share attributable to Pendrell(2)

   $ 0.02      $ —     
 

 

 

    

 

 

  

 

(1) Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.
(2) Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
Basis of Presentation - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2016
Segment
Accounting Policies [Abstract]  
Number of operating and reporting segments 1
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Provitro - Additional Information (Detail) - Provitro Biosciences LLC
Feb. 28, 2015
Feb. 28, 2013
Business Acquisition [Line Items]    
Percentage of business acquisition interest   68.75%
Ownership percentage 100.00%  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Provitro - Additional Information1 (Detail) - Provitro Biosciences LLC - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2016
Sep. 30, 2015
Mar. 31, 2016
Sep. 30, 2015
Property, Plant and Equipment [Line Items]        
Proceeds associated with the disposition of property $ 0.4 $ 0.1    
Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Property, Plant and Equipment [Line Items]        
Considerations paid and payable under the sale of assets   $ 2.0   $ 2.0
Loss related to tangible assets       $ 0.7
Period over which balance payable under sale of assets     12 months  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Current Receivables        
Property, Plant and Equipment [Line Items]        
Proceeds associated with the disposition of property     $ 1.5  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Accrued Expenses (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Payables and Accruals [Abstract]    
Accrued payroll and related expenses $ 411 $ 1,742
Accrued legal, professional and other expenses 2,295 2,550
Accrued expenses $ 2,706 $ 4,292
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation Expense Included in Condensed Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation $ 1,112 $ 648
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation 481 462
Restricted stock awards    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation $ 631 $ 186
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock Option Activity (Detail)
 3 Months Ended
Mar. 31, 2016
$ / shares
shares
Number of shares of Class A common stock underlying options  
Outstanding at beginning of period | shares 17,317,232
Forfeited | shares (2,208,581)
Outstanding at end of period | shares 15,108,651
Exercisable at end of period | shares 8,224,933
Vested and expected to vest at end of period | shares 14,526,963
Weighted average exercise price  
Outstanding at beginning of period | $ / shares $ 1.62
Forfeited | $ / shares 1.87
Outstanding at end of period | $ / shares 1.59
Exercisable at end of period | $ / shares 1.77
Vested and expected to vest at end of period | $ / shares $ 1.58
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
Restricted Stock Activity (Detail) - Restricted Stock And Units Equity And Liability Awards
 3 Months Ended
Mar. 31, 2016
$ / shares
shares
Number of shares of Class A common stock underlying restricted stock awards  
Unvested Beginning Balance | shares 10,530,638
Granted | shares 212,779 [1]
Vested | shares (1,253,154)
Forfeited | shares (625)
Unvested Ending Balance | shares 9,489,638
Weighted average fair value per share  
Unvested Beginning Balance | $ / shares $ 0.84
Granted | $ / shares 0.50 [1]
Vested | $ / shares 1.24
Forfeited | $ / shares 0.79
Unvested Ending Balance | $ / shares $ 0.84
[1] Represents shares issued to the Company's Board of Directors as compensation for service. These awards have a grant date fair value of $0.1 million and vest upon issuance.
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Restricted Stock Activity (Parenthetical) (Detail)
$ in Millions
Mar. 31, 2016
USD ($)
Board of Directors  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted stock awards grant date fair value $ 0.1
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Gain on Contingency - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 23, 2016
Mar. 31, 2016
Mar. 31, 2015
Gain Contingencies [Line Items]      
Gain on contingency   $ 2,047 $ 1,748
Final scheduled payment      
Gain Contingencies [Line Items]      
Gain on contingency $ 2,000    
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2015
USD ($)
Income Tax Disclosure [Abstract]  
Foreign income tax provision $ 4.1
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.4.0.3
Computation of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Earnings Per Share [Abstract]    
Net income (loss) attributable to Pendrell $ 6,565 $ (559)
Weighted average common shares outstanding 267,976,679 266,488,886
Less: weighted average unvested restricted stock awards (929,718) (1,053,868)
Shares used for computation of basic income (loss) per share 267,046,961 265,435,018
Shares used for computation of basic income (loss) per share 267,046,961 265,435,018
Add back: weighted average unvested restricted stock awards and units 9,757,255  
Shares used for computation of diluted income (loss) per share [1] 276,804,216 265,435,018
Basic income (loss) per share attributable to Pendrell [2] $ 0.02  
Diluted income (loss) per share attributable to Pendrell [2] $ 0.02  
[1] Stock options, restricted stock awards and units totaling 15,108,650 and 26,816,410 for the three months ended March 31, 2016 and 2015, respectively, were excluded from the calculation of diluted income (loss) per share as their inclusion was anti-dilutive.
[2] Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Computation of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) - $ / shares
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Earnings Per Share Basic And Diluted [Line Items]    
Securities excluded from calculation of diluted income (loss) per share 15,108,650 26,816,410
Basic income (loss) per share attributable to Pendrell [1] $ 0.02  
Diluted income (loss) per share attributable to Pendrell [1] $ 0.02  
Maximum    
Earnings Per Share Basic And Diluted [Line Items]    
Basic income (loss) per share attributable to Pendrell   $ (0.01)
Diluted income (loss) per share attributable to Pendrell   $ (0.01)
[1] Per share amounts for the three months ended March 31, 2015 are less than ($0.01).
EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 47 FilingSummary.xml IDEA: XBRL DOCUMENT 3.4.0.3 html 50 138 1 true 17 0 false 5 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.pendrell.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://www.pendrell.com/taxonomy/role/StatementOfFinancialPositionClassified Condensed Consolidated Balance Sheets (Unaudited) Statements 2 false false R3.htm 104 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://www.pendrell.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 105 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://www.pendrell.com/taxonomy/role/StatementOfIncomeAlternative Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 106 - Statement - Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) Sheet http://www.pendrell.com/taxonomy/role/StatementOfIncomeAlternativeParenthetical Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) Statements 5 false false R6.htm 107 - Statement - Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) Sheet http://www.pendrell.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) Statements 6 false false R7.htm 108 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://www.pendrell.com/taxonomy/role/StatementOfCashFlowsIndirect Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 7 false false R8.htm 109 - Disclosure - Nature of Business Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations Nature of Business Notes 8 false false R9.htm 110 - Disclosure - Basis of Presentation Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock Basis of Presentation Notes 9 false false R10.htm 111 - Disclosure - Provitro Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock Provitro Notes 10 false false R11.htm 112 - Disclosure - Accrued expenses Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsAccountsPayableAndAccruedLiabilitiesDisclosureTextBlock Accrued expenses Notes 11 false false R12.htm 113 - Disclosure - Commitments and Contingencies Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 12 false false R13.htm 114 - Disclosure - Stock-based Compensation Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock Stock-based Compensation Notes 13 false false R14.htm 115 - Disclosure - Gain on Contingency Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsLossContingencyDisclosures Gain on Contingency Notes 14 false false R15.htm 116 - Disclosure - Income Taxes Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes Notes 15 false false R16.htm 117 - Disclosure - Income (Loss) per Share Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Income (Loss) per Share Notes 16 false false R17.htm 118 - Disclosure - Basis of Presentation (Policies) Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlockPolicies Basis of Presentation (Policies) Policies 17 false false R18.htm 119 - Disclosure - Accrued expenses (Tables) Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsAccountsPayableAndAccruedLiabilitiesDisclosureTextBlockTables Accrued expenses (Tables) Tables http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsAccountsPayableAndAccruedLiabilitiesDisclosureTextBlock 18 false false R19.htm 120 - Disclosure - Stock-based Compensation (Tables) Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables Stock-based Compensation (Tables) Tables http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock 19 false false R20.htm 121 - Disclosure - Income (Loss) per Share (Tables) Sheet http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Income (Loss) per Share (Tables) Tables http://www.pendrell.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock 20 false false R21.htm 122 - Disclosure - Basis of Presentation - Additional Information (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureBasisOfPresentationAdditionalInformation Basis of Presentation - Additional Information (Detail) Details 21 false false R22.htm 123 - Disclosure - Provitro - Additional Information (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureProvitroAdditionalInformation Provitro - Additional Information (Detail) Details 22 false false R23.htm 124 - Disclosure - Provitro - Additional Information1 (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureProvitroAdditionalInformation1 Provitro - Additional Information1 (Detail) Details 23 false false R24.htm 125 - Disclosure - Summary of Accrued Expenses (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureSummaryOfAccruedExpenses Summary of Accrued Expenses (Detail) Details 24 false false R25.htm 126 - Disclosure - Stock-Based Compensation Expense Included in Condensed Consolidated Statements of Operations (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureStockBasedCompensationExpenseIncludedInCondensedConsolidatedStatementsOfOperations Stock-Based Compensation Expense Included in Condensed Consolidated Statements of Operations (Detail) Details 25 false false R26.htm 127 - Disclosure - Stock Option Activity (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureStockOptionActivity Stock Option Activity (Detail) Details 26 false false R27.htm 128 - Disclosure - Restricted Stock Activity (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureRestrictedStockActivity Restricted Stock Activity (Detail) Details 27 false false R28.htm 129 - Disclosure - Restricted Stock Activity (Parenthetical) (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureRestrictedStockActivityParenthetical Restricted Stock Activity (Parenthetical) (Detail) Details 28 false false R29.htm 130 - Disclosure - Gain on Contingency - Additional Information (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureGainOnContingencyAdditionalInformation Gain on Contingency - Additional Information (Detail) Details 29 false false R30.htm 131 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) Details 30 false false R31.htm 132 - Disclosure - Computation of Basic and Diluted Income (Loss) Per Share (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureComputationOfBasicAndDilutedIncomeLossPerShare Computation of Basic and Diluted Income (Loss) Per Share (Detail) Details 31 false false R32.htm 133 - Disclosure - Computation of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) Sheet http://www.pendrell.com/taxonomy/role/DisclosureComputationOfBasicAndDilutedIncomeLossPerShareParenthetical Computation of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) Details 32 false false All Reports Book All Reports pco-20160331.xml pco-20160331.xsd pco-20160331_cal.xml pco-20160331_def.xml pco-20160331_lab.xml pco-20160331_pre.xml true true ZIP 49 0001193125-16-569233-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-16-569233-xbrl.zip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չ'$0>\;5LVKQBZR1MJW^('1E]0C+XF MJ)H.3%%3>20NM6)%C(SV$:&Z".M UW3; M=B3>M+&?)4T7%,W42O&I&P&T5(XJQV-: MP?@*)%]O B<5I+?J>< 0X5U+5ZIC]6U34'E5ZJN\H@Y@H_NFS&N.9(B*8\D# M9S$RM8DLWKJH)V,O03)^YM,\71%@ZU?\G*\>8K0M^K2#].19D,37R>%+^O,T MX_>KA.Y&3':MT%T1N5,9OKG0O53D1EFO@="]1N2FC/%YH7NER%T7Z9H)W2M% M[G<_-1&ZUXG<,$-SH?M9D;N1JK5ZG;83NF@ZVA=!=%KEAABV%[@I9V%;HKDRRC=!=%KE1$]Q*Z"Z+W*DZ MN:70754'MA6Z"Y$;E;1MA>Y5*NE"C&_5LNM"*9"$D$(W3A58E"[W[J7&ZT,I$'&90:9@NM"I9B#&3 MANE"*Y.%WJU):5I(%UJ1+/3NIPW2A98F"Z$$T3Q=J)8LE%WGINE"1;+0NY^V M318'K)@I!=G 9')B .>!I6<^5C):>-BS-$T9WP*7_P\X( M@#T?849J+[U>\,* 5!(6XXHX A>5K6G<*V03$-. N[E4A,#E/-%A_7N/3$J+ M!I[I49GH-_=/$H& !S0P<8&J,!4 3B\CM^]65$N-" @5Q'24)1N>SF3U:DI5X=WC]0*E! M MY=FR;7YO>8RET.Z*!3W(DF=P;(-S "=E1KPG.9D%%2B)<1R3BEQ*@8PH$! MPHZ>E>(6(5V?PO%#6IHMA,GH<3R?SE+:CPS.G4Q #DS%1+R?R)=HR=54\E@A M .#G0L7$52,#@?./;R_&P 254>Q-M(AO*G2L5/[8%5FRJ.R&Q'F;>5K"=#RG M&GX!2:J(,X&4L^#^4U, DX5'5.\9>P!^Q"%^(G8_,P4VKN"N._J+1_\"Z3I0 M\KL0T7Z+LFJO0G$(5FAF+ 0GN.RE\IA;'M@6]%4@P(*'1[&)*\TR!2K6K5G M=T1/^Y@)*: J>RB!E$[I71B.OWN^SQ8#M'HR]SDD<^SG&6B.E!CC!+!0+Z(7 M!@7:I=/-(B2\J6R&-VV&SV=\)%]6.;@YUZAF\V@6,GHP)JA^>@%E:T4XV;N? ME@:4]?(*O>7;\SY'''<;!O.XY#(&89!AF^H.F'#)I*H:*ME<3_@1]'U4C&$. M4'U)A*[FQ'U,(>^5YT!H,)@C041&H!%Z#RCU9?=[E%JB<'1IM:<%":3LE#%O M6!UHUTF(5BX_]?P ;T'1LA!4)RXM$EXZ*(S_LHQHC@"E":?>"(<'#UX4!E-& M= 2H!]CE$QAT^!" Y6A_6G9<"\:S:?(B@$H%-.=E901U\LLA7 YC< M@'N_FE3%A:\BI5:,_<,I*Z@59Z&Z0NU(K 1"#BFU?L#N,XY#UB?:XRUBIJ&) MS_QSJ8ECV=-,>THQD-HJ-B&;C_LCF[/';:GFXT&3?(^*IS3/@'Z)-%7XX[C, M(== H((36!B\@S#G[TBMTEL!-&T^&V<*RDIU@CRFSH2J<3]=2F'N+@>XE*V2 MR/EJMK_CWO8#2=&XG/+> Y&'OT?-_%+G 3 M8LJU69N*BF%_:%W9%1L^4CG6\F+)%-SO]$15I["N?J_/\#4\+:@ +I 7I%Z5 M+E"(OA"7UN:_#F>4VQF*]*'V' ,]LZ/EF@ SM^16+*3TP+!C0F+&^D7YPR=.<*F89RP']*)QR%5*:>$)*E 1.WH7J;) MN.A@B'#[X?33@:=X$S([5LX],DF)NO#2%U#NPY0*$+%@V;=UXQGQJ+@0YJIW M&!6L++@[9;WM*;=,(X@8/\M%D5RCS["$;W>C.P*L-?:F'OS-)"<4XJB]*[5( MI9((PU%!&DY3G1ZP5C*6@2(/AP#U^71_6)R+RYQ3F5G_EMQY09 *Q1-8UA+C MNZA2X[O12]V@5<< (H-X 0A>+@L6OGV*O,"#D1)5*T2/J7D-J5\@&L*'T(/3HR5SF]0$L% Z/CC N$L;S MU._'R!@C8D"2/A'"T8@;WD[UF#3^N408"P+5PW%PH^!F3)YRC0&GI2(OY<%Q MNI"*/E3G94I0AH>7]$UQG57FY) M -0K+SU6MKY0 T=V5&%.N33GI*AW![\HI5]0WYO.I^E$?\H34ACAM^KZQ:+&D^&? H=!_KK.'-]+%]LS!084-73H5&J<> "\CY.5&.M MK2RGR=Q[K;0JAIE9A%9\]!>B"C?V\+4X2:IJ9#I;'ME'.0!3&-_KI=D\M"T& M&'E&5>G3QO23AJ@NIZ#/T4^M0C]S&U&=@C:AGS/?I5Z4C-J6EIN1P\9!!7J* MGPI-SM?0C/Q65+F< &]'?E<&36X5/E<-Q .J6GJV(MWM-;5A(,F.KILJ+_4U MFU>D@<,;HJWRAJW+EF"(CJ/9/T;P72>G=W)Z)Z=WB>G=W)Z)Z>_ M'3E]4^FZ*IM_">.XGSGS1T^#DFE[1U*X9MGPC^KP?6"2O"+J F_;2I\7AD/9 M5!6UKSD_1N'?_92)S:1P_93[%>DS'*G2?G7Y+ZM1-V Q(G TI5XY_'*=_R*%HM%F %U.6-H)CJ@3[F2RO3NIY*T@<3$Y^*T4@%MW#C-2'TJ%K.0 MAELRH6I'H1O\53H5\@;;=^F)&Q4G[MU/:RI%KZH3 M7:'/=!D86$#&:\&!5UNSR//9# THX6I:5DL,3'<3UG.+D:< :?'LSJT0DFVI MFF((O&IK(J\(LLY;?6'(.X(IJ7U1Z.,TS]&_*2A 7L GX>PCR[1+OV 5/#[2 M.XV%$W@LO/!1+#Y/7-C+IX]KFC)2ZB&?HCK_X,%=:D)22LO15JR&WDT/TX^2 MCWAGMUA=S60@5V]?%AL$9U8S3G7U;WD<,TLGS^!AH\; O'UDLQD%R,%-28 H M29\X%DI"$G;CIMXH"GG\SKUCTEY"1O=!Z(=W3S A1F>P (N).T)]',T,-!(H M"L?S+*D&Y64D"U,2L2 *D#Q8"%TF<(.T@E(F)2*CN4^E')#7;JE0>.M.;\/P MM(X+=04N:,:*!X332Q "G#/(I9IRU"Q#4XX%>J?FGJ:R%M*#3"0[J8S%M1$#1ET%]&$ MD6"L[!V-;BJPB^:3E9M;;%[>_\-CF4%9Z&T>CILS@6+,&DVX?#FEO5Z'_^,& M*TX QB2D9AG&D\AD0@.P*=XVQE JBW-7F,*(&\5>^>ZG1098GXD=LO1*/%6Z M"6-F!'PJF>LR-,%,V!CS\I?+64,=J M YIE*(XB]77MAU O]IQA;R*/80E'7V@N$?)*NF6=CK$:?:R.1K5G$R*.6G#P M9@*W1Y[.$M12"S?2J>]I70LDA:RT!1?0VA8T.Q!M3,4=M2C]#H,L[ACN/'V" ML],?J"T+?WJ/4Y<='7TVD)7+J+@\N+ HGE$*IW]7!-$//'_.XD ;08<\Z,%+ M([U9+FNEDQ7-;<-XZY1C(SPX#UJV0)C "58@I@)$9=TS?QX70=ZP %@QYL7U M,[2P,2C<>F&4!4:C&3.>L,0T1#M,]XO7 M]7+54-/*+,Q5("2AN:W]:T9P#W'@3% M>XZ=MS1;/>#91Y;2F1W&TE',)\D.(WW,HZ7HBDN)#)O9?).(N,"FG])14Y+< MPQV'66C:<#HB/58Y;N+%PYB>8IJ$.Z<^2IB=!RR0ISI4WBDY[7'Q'$2EK#M" M243,L4/MUA[F'GS'6-X[6&A"H_C=M)A(>D% J/Z3)*F$MCZK;N5&E>SJ]UG@ M^@=J)F&>5A;!3Z4IFM7WG4;C%^'%F-G'9^CI+MCB!:,%*F@/,'KP6".K5-!/ M"V$LI6$LPXSRFW<_K>0XE:YB/>HEPFXI]#>:OI,]B:JBF[A=X[&N\=AK-![3 MYM:5T;L=>#M&L>=KB. M25_K=5[0XAUYM_,D4Y4O@1)$P*86[7-[.8';-F#HJ9K::.C^FDWL%\+WJFIN M"^"'E]Z//;66:#BBR?WI&A?LA>*W&>!6+^[P7.EH>= ?=5-DU5I2LOXI"/A#.AN">Q;5)@3LR3O=<3E_'ZSI>U_&ZCKIVO*XEB]N,UYU1PMT M &EENMNZY(+<"/ORG#A6'NO,V$=F'(RY_B\8HFJXA"Y/;F]Y(0K7,&WY&6MCC2E\6.I[TPMSB.:EYDG*73O_\KB,GB MA\U/QV(MH)5U?>JE_Y.^&]_3&E&P3OOI]YB,SX.\@:Z%%X2V$&2%^^;PW451 M#'7;&D%XQ^D@+PX52=1O?K\:G'!C,O+@],2_G/#R0ATA6W*LOJ YO*"J.J_( MELG;AJWQHC,4-0<+E4KJC7@CRB>?=<$TX,WE$JPO@;**L2P:WV*Q)%]I49B+ M"?/$G=,2T\Q<^6+!^M*1QGK+,5VGFU*\>0-<,R^[ 5CLPKCJ7Q-@SE#<$>"BK,-^P;/T:UJ\.TM"BVD*-[ MN!#7L[KI>;7DR++*+.E)2"EWTUJIG(*NG$4GIK]& M.0M]\W(6ZNN5L]C[JX^L9L*KUQ3XFA6VH]]$W%FZ@BS!L/X]*VYGU;YE68GU M*2C1KGY'NT#[3VF^8NF'@D8OFZ619D7DHC\:4W5VZT,H0?TC2RX-$2AI\I"3Y/W'*&V>\BW M=F(9RGY![6);\^OS:^0&>'MV$*-Z^.!-4>KIKY[=?KAKH0K'=BU^(#[S3\IE MCNZ.O!=[DBKW1'5KDOJRE/5#W0[Q5.J8QJ'NPI"UE3O&ZZ!)6^?N'<=%$$[W MS1%?,<2ERP1K8U;>YF/W_EPGRFRL,K-NKIG]_>@HN]E3#+/3DCLZWX71O6%* MWX7^=:%_1QXGM4WHWS&HR&!*':@ M:VI&&U?'B@"T.]9%VGXJGDG[R5N(A@L6 M;SDL.JV?!Y>TI4HM\,=).[UM!R3 M5PQ!X2U+'/"6)-NF*0]$335N5 $CGDX^BZ>&7J#XT BJ;0^YP_G@F(<1;?"] MK*7WKJ*+!K8E#0:FP@N"(_"*[:B\*0\'O"K:VF"@V@-=LQ>BB_!/I"/!7?:) M3+._L*LEAUTN<4_PRQ2<=]C-5\QV5KSFNGRUT_;IA/:& M9/TF9[3W)8;4!MB AKZ4>W]^R0$)=MFV?R&DI":%M M5 /:&"J,[MS ^P^C&[#(^0AWFS7HA!<&!(-UTZZ1&'Q<:O?.FM6P58U9!V@: M%1QYM),\*[UQ^T2']>\],BDM>0 '/F;-)W]S_R31*721M/'] KEK=!N*<$(',)$\?2-W'K:+ M#9*OV U[1W=E.'2&YM!4>=569%Z1)8>W).S*(*LQPZ0$\T M8]&%RQ96O?>L%^.U^[C/SM2.:!BV/N05H'_P']GFK8&B\GU!-C1=U$7+4'^, M8,+]MLXT\M:9L%^D'D'RZN%ZVV)M'_TR2_&3M/5\-*8-O!/W$;MF/U!R1@4H MI21 ;17YGO<<#C/Z@F_!+G- R.Z)CW&:,'=& POR1S,S@* IP?:=0>O9'R! M/)+1/*.$K/GP.]9A^RE['&8?AU-OY/F,L+GYJ_\UC[QX[-&6D[29-WN?CQV5 MER\/>,(3]OX=^2[L&HT"=4'$21N+X](G<^0RW.^G5Z>4=$9 %%$435-'$*<1 M@4>XO]FSTD\/'\]E\@)-/&G6G3JP.5'S*_5?X'; 8(2SC.4T;G@?I@PEN\QW(0ED?PJ6,B+V+]O*>)Q[VJ'[W M4]JU/8-(C.@Q#LQ??TO$WF0(Y16F1/$<,SIJ>((2*3$A$VZL#:BC_6MU)6>W: JZ_]OJ+3K25D&F8 MX_F\*Q1\1MZ,2H+)/>P0G!;:0KL01= &#(>=FQ#L;^\O._(L7GL";!=^;]H: M>QV[7M\0>T?)'-LH12#.Z[;M8*]L001Q7P-Q7SGI#M$WGJ:IP^[&M"7^>E/BQ;L50;%!2MSVL6 M3*%WUIPVWZ2=6H M'-@RJ(7^LV11F8#!'B./:$! ,:$@]LCS"$28-H T!9;T,ESV6 M99NV;89MA=$AC(OH\# F93F3GI"*'= =T=/.>MJ"8G[GT9[@Q2F]"\,QLBBV M&%#V03+A4$]F/^>MS7$"6*@7T0L#,R^?#F1H.$)PX>AA@W?/\/E,%LJ75:E% MG7=#GH, R>C!F, 1FWH!M8O@LSPUB% ILV0A34]S#\ <16AS+=^>]SGBN-LP MF",'IX\!+_K06R9[Q754EJ3"B+BI5+@HBJ$%HI@#H4&W48*(! V#> ]H_,SN M=R:_UF3% 931G0 $D+E^AEN&ESHA+#,!3;_W)*!+8L]5ID'L@08"DP"!B3/9'\E30<3@\!)*9('HN '* M3;3JA@$/&\"V N2E%HQN1Y.64&M. NNW^@>K:F4 M;10\@-J^8/<9QR$YI5M*A:F@=XOW<>*346I96D6SZ7W,,,"([A*RN2CF5:6: M6EIHFMZ:V^>N,HOBBX6[=*:R-'?^=;B8PMP7AT-9-'C!02.W/C1XLS_4>5TS M1=70=$D?#)ET))8\"*N679C1!B$<(DR%I3+Q_Q W&L(W.Q/J&N;GRB>?<1)F M0%NQI 4;6D3WV_7[-'DH]8J4:EQ=A_U<$O"?,"<9OTW+'N\APWK9MC7,L59/ M/INZJDNJ6E$[7@)A%5TX@Y?0O;>"<3YJ!/1QCT;(H6-9IN ,>:V<+.*KF)8G0YCX EQ8S1?R'X M5PF[SZE)A7VB:OC(/3]4FO3IM"4+(\HN*'U.44())Q/TEL)?__"B/WU81X_[ MPXWO86Q"^2Z59]A3E&_"S739O@^] )_O]( F._T%!,"[Y6[(E;MZSB2+< 8B M,M.""VVV1P7%$0&HF62-,C6("R!"H3+@'3)=]@? M#UH;X:A(0?/"$1N9I.%D4ZOP+0&E*0B+$YII(^E)]<7YUDTF,.&&;PR-\S88]%K%!1$$0;U>=28$CZD)I$ZFH 7!AYA MX3((5XJ2%-LPQR)>Z9UW)X"=95A%-H GEE0D: M?0!++!K'2UA,$#-HLQG2E>3@T5'Y?N4VPV5SGW)VY)$)14&0ND,K:T[?0.T> MV;E$GUDXO[OGIO/1/0)"_5=<-5HJ->S,T)V:6M/#>4+]8 @Z/ 'W%"X6)85N M7KJ,'97B()>W K9] =L-S"F;:9PU*V^/Y[=( MC]V(FO8Q5CTK;8H&U]0B'R+_84LIOVA!RH'W (_ST(X.G\3>:G4 H^,21]B<.PV<87_* QV!T4Z9&SD YQ,*5Z*8A M#QCX#N!B> XB)E\S=:94H[SNYK!V?\'%]@A,D8FO;)O8B4["PMV W@PJ]$:$ MNL$8HP%F"C?38[R>NI4*#PH+1F7S(1_",%2XT,4+Z._9KF>'(IVL!L00G:MX M/O.3Q^KZEO5G$')"G&7\X-$+ZWM,$PZX!T!["!@'!*>'.,,C!GS&[BB-G;)2 MS_7JLCW5-\:X/]D52..@,GCP2%T\X)8'W*^PY!GWY4N_1T5$]$$%3*N&,Y%R MS"8L>I'-;E"NM):4T*J2I=+)9U,R==%H6*^T!DLC+*3=-M@$%_,$'7%4J#T( M(AJ&]TB "4G7#$&1T+NR)4CK@YRRMB-M#G.2A.?"G%(H:@D:>!I8,=L!#>I@ M&1[_1%_[\M210U8UUH::JFF:@\"J(,O**F]K@LD;MF3;BM+7)$W O!?C!AX7 M@-J',(JQBZ0!K^-0QRVS<+EG-8], AL=$TX$T^^3\SSPQV)Q/^VKD:[!]5&5"M8: E/%P+UDO@EJ/H.K28/>&2*<'>0WOI,9X!=2DN5D+Q' F[Q) \;SQ(;3^I'&0% M8RHHM1<3<,DE192?(6M-H%OH<])J:4\TX#JH6O445!9=A6= :(AG6V\WJBE5 M6,H+;M2"9LCLJ4?8@@85=EZK[^0+8*SBRYIB.@)+9G]=<;/AV=;A3LN&6$'( M>B#6W-UJZ.3QJ"J !#@?JZ]W$[AJ^@?+4 6J9XTQ%X":,8%!M%=O1ZI@FE51 MYQDHZA&P,?5$.EF:3OM@!#INJ'K5.%%?=@TH( SH785_'.#U#ZZ/G)_9<.JL MKXW4#AMN*35-9!.8%H1UC.))E7?FQD(2\35,2+L5,K3-*<*"(-\$FAJ!I\DB MK1?T-S5=RG6!_P5PUA#FI\5*EC_<7H((EU$*A8T M-&"D<#0IC=5"6.4E^]SD8*\0&YG9XQA%8Q2#9'-!#'H!D TN J8^?BEBKC,U M,3>FEWYK(\I0FQ 50WO^IFP *$/;;!1^3&]85JP)?MM3\3+'T0U+L67><%2- M5PQ,)-(,&TBD)IFR8ABJ,WA9\;("%( N@V:[XF4TG&1]\'$8I7&]>0#ILB@/ MFFW (BFR^!_\:URKOM5H&XL=1UM_$>@H$,DEZ#KUCR :4ZE$D5Q10>X5]5TXD-$*)A"@!.J_4C4); MH.39ZI^KBG^B7IH\G0=8#I+J()177@-Q7RP+6HNUH9VI!K#0H>M%-,SBY2C7 M3$/67AA(HP]U"40*FQX]9YQ1(LWK0&0]ZQ)4L=Z*9J:5:^8YJD M'G##"N0<:E?H>5A5@O?X[YR,=TY]5@-\!4P>:H-9H[+CN7,*!MNILJ@JA]BT M*G9>Y]*U?T^PRH@HZ8?A757DO,XU^>'H(-ZJ4^D5KE1#.HB:"<[I^CY.RL:B M)=KUR<7D,DTAN?1AM)-5\'K)'AB*!GL@JK*AX&?=%,5'49)E55"6U%>T3%72 M55[3#(=7^AI@V= 47A2=H6/W97O#]N@Q?&WW(141=,FIL9$/@=QPH6D:*IHO;696:(D*]0><9>E06 M L=6QH_N%$!3VZ_C6+^A8;'+0F=6 ?@JQ-;0C?T26^5&+W)_M)W2V\/'&KP& MYO87>O :!TZ4!%7?*]JT&W-?R6:[)$$'0\0F-/95;]3!,+*_&U5D(NU(X9(0 M5:I@RD(3A6M?BH6(,K-T\EFOZ17-P&4H2F&F[]\AS'1RF)[0ID?I)_CLC?&; MB8>%@D?WH(G_^B#[0,87$_L)\?DU3+!035I]9UR$C; 7_WRV=#T;+'.E$F@_ M73_-"%LJ]75B>$L2A;87QB-:HSK^@CU:BHB-IS1\X)FEG66X3'?MK+)M/\\* M4Q7#?.)&U,J!Q7E57M!Y080Y\F_S!TDP+CUF\K* 4X]+#_U\5IK\Y[/T-&YZ M--=2KE8>Q:NLG@NS-^$VA0&MB50YB)DWE9/.CN,4GN MF'?/&K-JEJZ/&N1YT'=G7N+Z;W0[J6YWS-NY/('BK>XFFB*.>3>_$6P*0<99 MP8\WNH]+[6SMWE9CQJ;A4[ZG=.Q;$]$K@?/'L*5Y#<7IS ^? M"*&;RL*FWNC6T3208]JZVHU\0]NV]VTZ.NP(S.&3'6I1E50T$8B:TE9#WC>, M[JP>Z-_<1V\ZG^[7 =)DJ]0#;E7'.HY_ZSK6<33;UB[6T0+LR"EC%7,;8>L5 MY1]5 Q7WML="+1ZDV^.=4SGSE0,KTFLL23+;8M649;0#*YK<4K&B6LC!(['] MQ+I9%)N+!1+]*UC9>.[GN3][MBU(O"0WN*SLL3UL)+NK<#E343[U]L$?9DL- M^IMY^^S=;A_V3 42P:Z7*%$2FGVW_UUY,S[8H]B5+IBLO7O2A8@=PR9U@5]' ML$==.%>+=Z<6I/5FQ+:CB?!IU_EX,P)D=SZ:GX^6GX>WM3%=M,81;-2KF_4/ M";/2/IB5?<-C#QS%+O2&<3:NR>=0>P8-JDSB!W! M'G4&L1;O3F<0.QZ]N@7GX\T(D-WY:'X^6GX>WM;&:*(L4K9K"&H[-^;:2["6 MTGDP]AZ\\=SUZ_ES$1DE8?1#[$9GGCR"C6J3J6[O,'=UQ[HDW*H]/(UZW=^! M:]TE4_=/6!1)ZNSA&Y,^A9>D0^[*FU%G6KPKJB!)!ML511.,=C,@>QY[ 0%\ MCX"DQUZU.$H[J+G$8]WU?>V6W.W6[G9+WGRWL (NW:K9/"(YUJ?$Q=ZDG_'+ MG\^R3VPXCJB-36O^UT>SKQN,+U??K4^2_O81?MMLIG(SFVQ2JB&6DCQPW-?Y M%.6UL#@93=[.\+I\/)UV0()PZ@6K)EZ&FV+.Q<$_GY76OA3T*W9J%O<0SF;Z MVVH$XE'T/T[", G"A'SQ@C^Y1Q_^^S$*_>H5PR=/P^CN3!($^0Q_/L,'3]+G M$Y!'X=X_)B08DW&^&#:_'X[2Q^XCK+K\ERV;0J63^.XM\;?N+%59,&U%&48G M9QLL>(-><*L7O/DD6R^X:0M><_5R-YYBWXN5A!<1R/\=@I(=O9 :_HCF78Z29\VC; RX)R]V^_[^8LT,W&G/AA,L,BS'G8GN#4F7_20C2 M"8D>O!$YY:[O85[.I:8MUF3ZP&QF'[<2YB>M%W -M[09S_E4X%;FIY_LX MC1N,N0<2)]Q\!I]P/5A)[Y0)#@7>ML&F+NX5FU2YX$+6EZW'1;D!D(OI+RDV M$$#D03%@.7'18\V):D\4C)ZF"O172>L9HM931($B%7<+/:P<[K&!H+L2E\\@SWR'HC_U..^DXAPY#'MMI[W8A^Y_FCNLYV# M+1A[_CRAW=AA3PGWW@_C^ ,W0X$3#P9N-HR"3:-]VU% Y+Z["$OB\70LO&TW M>[3?$W]90#3%9O)Q8PRK'([R01"&1]V >P^G5A _- 3:BC+:A#OP8O8=KB,5 ML.IG<)<^<39Q1PE?X#",QB3ZY40\K3$'>'P5^5H'UQ9<_AC@VEP<6 *5?J10 ME>2&'PDJ:2U4XC%");4!JCIQ1!T+?F!??_[_ 5!+ P04 " 4@9U(*H[/ M>'^Y2 M8&7'<9)NC:2+_&@+ ]G&L--%<2\%+=$QL33I):DD_N]O2$F6+,FT9"=MBM-+ M(HGS#6?X#:DA1?/LCZ:O;/FPAPGT14'Y_WOHR]B[&5X-!ZX_W MO_YR]B_/0Z,1NA:<$\;($GWU"2,2:X+N\)/@8KY$8W]&YO@W-,&*!$AP]/5R M=(..VEV$9EHO^IW.X^-C6\H@4=+VQ;R#/"^IX*_(E#XZ;1\=M8\S)2,1\J"/ MWF8>74F"-4BC (SHHZ/#[JEW>.P=G=X=]?K'Q_WNV_]FI<5B*>G]3*,#_PT( M'YYX@.BA47O4SGCU;S067('T?('Y$ETPAD8&I="(*"(?2-".E2KK+((6Y.J\ ME?'OL=<6\KX#570[7_^\B1JE]>LO*)+M/TTDHVL(\R3!]#J4*XVY3S(01OG? M#H0I-FV>K:0 B"'4D)OVP2- M2PWVN( -""V'04$Y@CSYLW*(*2DGBO('HG0Y*BHK]XQCZJMRF"TRJ&X!I:A? MCH&"#0B]D!L@4)+':"SOB?Z,YT0ML$\JAB ,9<:#MC;L=(=JZ%'QH[,0\^<$WU<@"ZY=S6V$(T.&\Y)596)'8$9$HY MM?9V#[O(0PD\>PFJ4*0+992==?(:\LI#>#W<\O?VVL?,#YD%WL!]#(XE7,"% MA &9ZQV0J66;8K94"AKRQ7#2L519?@: >!; M18";OAYPME*$S*N0!X2;5S1<*<&H>8$&Z!(S\]I!XQDA\+X[^,)Q&% H>=,P MNB>C0PQCN9X13:%Q:M-KT5LX/MZ78W2P9F3#>27.!Y MS\D%TT1R\.&!E)-; M%'.S>5*-S96(0F**;A*$0Y MRIKR'Q09T_3^NC%QA=7L(Q./:L #*HFORWDOBKFY_7V7OFXJ0;:6AL=*/'X6 MFJ@[LTT'3XSO-:"N7E^9^9$5/E,* #"3:3!L'D9*LJ)4@U_ M._!WB155M]-AQBD8:,?TGD-:[&.N+WR[P$+Y_1!ZDT]!#WG2ETSX?U=B>J\* MG#'1/F: 5!-E9OJ;I[JH10/5$O1 ML+L#NW&74T.\Q!-&H#_"$QF2X(;B"65@+5&[TKVK;C?_1WG^8Z6(/"W,Z[X9 M_'>) ^B2MDP;NEJ>[X"[63W)L_H)PU1<\$R77S:$[D!HM&)RAY]V'>&= M"MRDGN9)C729S0W-\+T3FQ^PY- ;U)!(.X+6HW(SVLWCVPT\'ICN_@;!G#Y: M-&LH_P'!66_#8E^TW0O$A:42,MD MA;P2P6YA-ZN%5;I$64/DRQ/9K<5D=PN5A;6TK51V&R[K<#D.YW,LE[?3.,G] M$.>X>18WRKGY*ZR:Q7K,$)NDU1]6:75#7 WB3)YI$]=LEAFW)>0F+ Q(,."K M[2?9W2=I3E3<)_&B-;B#I; :%^72E\5<.C8")5:875&U-]4UT58SVFX7-L_R M-84A>%D:+CD1-]^%53NK D4Z4**D(:H.42.BM*2^[8+0F)O(VB3F)JRP>I:J MB;EK2'M&TDJV(]?$N.DL+'0YZ%S?==S06X=>\Z7PEF>^$U:: 55$.2GN%9:G M2KY:-K.B9V%Y]1F2J$K\;I5W,[MI/\^6.^VHS(%-F3$OKFI(#SEJ+S!8.^'3W#TC=X]QD+ MG844,,\TWR [B=I$00&]?JB##;]<^\56)1IFDDS/6PM?>,E/UK\!H/TT9XF$ MIMI4U#S0EKI]ULF9+IMLL/67'B+3(4RK ME2XOU56_.4J/?JG4*EGDYPAHFN6=:9;NZ3Z6[&;%;B:4'DQ3-2H2@*GTI'8@ MY,\$VB,.S).Z8;#MC!VG.66XY,9+E>Q@2,F)/=4LR0)7=UZJIKXMN6. *IF1 M8,S%7I7G#Q2J5/L*9*_VBHCBT425+,C XNN]PJ%PTE$E(U)4=.FE"NJ;D#LX MJ9(!"<9<[%=Y[@BF:K4G('NUH?[X2"9KP'FKN!/4_E_FMAM#'O&M@FB4#$4G MCO5U\GR@R=Q,%%H(3Y26V-?GK2EF-MTQI[GU(0VB(KBSX""4\2H/IXR9'4#G M+2U#\\8. 4UU:$H_21$NSEL1G(+^;: M'(*P,)!L&]1!91V'-H%IKUS6"H HV=-)T20ZUXN;"'%MR&B4A>K(UZ1FV9C(C/'0P8A2S>=_DGF$R)3 MU]Q2:^-5(.:8\A_FC_F@D/F88&X'?&AK2]UQ"NW=]5)_$9_0![N_-1^Q6\1>4\@.L38#8S"G MG)J*[9#(@^RV\-2O2L(O%\+/]_J('+FAFMYGOD>E+F9+?@I_XIV EU0HR.I MN[JA2D&9!E&&U.,X/6W0SS:,^1^BSL%) $GT"7 MOH9^\1%3^1=F82:Y_D'5O[X,]:P3S>[@\G]02P,$% @ %(&=2*-L-XC' M# J*@ !0 !P8V\M,C Q-C S,S%?8V%L+GAM;.U=;6_;.!+^OL#^!YT7 M.-P!YSA.^G(-FEWDK86!;!PXZ6YQ7PI9HA-B9=)'4DE\O_Z&E&Q)MBA1L11* M:;]L-S)?GF=(#F@XA'?4SNCGM?;OHG-V>C M4>^W7W_^Z>/?^GUG,G'.*2$H"-#2^>JA #%7(.?6?:*$SI?.F1MX8> *:,VY MQ.2OJZ%6!P-!H^/CWN,^:LF]SPZ'SC]_JJ[ M/R)@1\Z[O8.#O3>I7R8T)/Z1\S[UZ(RAJ&,?(!TY!_O#=_W]-_V#=[<'AT=O MWAP-W_\G79HNE@S?W0OG']X_H?#^VS[4.'0F>Y.]%,>_.S>4<"@]7[ADZ9P$ M@3.1M;@S01RQ!^3OQ8T&,5T')$KX<2_%\&G*@CW*[@;0S>%@5;#W\T].5/CH MB>-,A/9J[?4RX<(F7J2@;RZLZ_/#APT#]&I7F^(BK5BZI MIZ1D -#1EI!_]5?%^O)1?WC0/QSN/7&_]ZOL\".C 9J@F:,P'(GE AWW.)XO M M2+G]TS-#ON+3PJ!?]N_S"J_LLY]<(Y(L#4OR "B^6(S"B;*] ]1S;[93+* MH%\@XC,8+C5[1#P5![+DH+"QP8Y()U#QVXV V2:[&,\^80+#@]W@FG(L>S@+ M7,[Q#"._,G##9E^0PK7+4/4!J-"VN$<">VY0.ZD1*+0Y.@D$8@1&_@'MPF*[ ML<;A[BSY_!8;D_?-/31_3P,?M/?%?T-8=2?$'T-W3*I1^ D1#B B5+OPJM91 MW33/7'[_*:"/?$1\S) G=J&RW=BN<,\Q]P+*0X9.78[Y>';-8,<"52B7WHGO MJR7H!CMIU^I=U,?JFM$'+!BMFTIQNR^$?]@4@6&-#&["^=QER_'LQ/-8B/R+ M)\#'$=\!N[;)&E$+ZOUU*BU2J22@=267N"-0%4'H(W]$SBCQY1,H13@-L#0J M_?6"A;D^7DC;%ZKNQ+=^,#5+:KQ0B]F#;0/TZZY4-UJK#RM8XX)A3XD%^JD! MKZ[%QC%G-^?:"=2[]R?=?78Q&)US(%L.ZEM$T+;*08X(XAW4\Q41A3!9W(_/'K,.& M:<>2Y]?NTIT&"(8E-K4OL3O% 6Q%B#7F))CKE$1!)PW36_L^S6J,PFX:IGCA,@*"75O_3?#3]V&+ M7.VKM:RGF*B7!)UES#E#&&I SS( %SV5/=82/(RZ'FSTW2P@PZ"@ @$P0%*9 MK@,9^J4L._IQSRJ^.W/Y5 5Y0]Z_<]W% *;%VP$*!%\]D1/E;7]_&,=Z?XD? M?]LP6LY")MW=54^!.T7!<:^D\, B[@GR$'Z0:*Z0,$.?6\42APWSL)2 IKP5 M].OCKVL7RZ-N=X&%&TA[CQ)U<*FC45[1"A_.D> ZS-&/]G"5S(Q,&1LH91A4 MVO?PCPSH/KB!LOC%F'I>>I M9@,HMXLG&8<""7ZFU'_$0:#!;U35!J>4JI/'4%+ F:P!#9_2:I:Y%"_FENCW MWS&A3-E. H%SH4.[5:7M8;:>%KH2EM#GMA1O-3V*JA@ M _\UM(6@>[]4M>>5M(1X =92G&"PRI8RL0U,:MIA1!>(B>5U(,,*X*F!:EY( M'PGFAI9*014;'"9(N)@@?^7O@H4>SD-U(G6.9MC#.B8&%6WP,=YA6[*G;L.( M4F]4>(JIZ)40#$]#(;7.+94*GQ(!/CE N2O9V6IJ?"V7U.'"""@3\ M[];)0C:'.RXQX#+E2K;6QP+-5_5GC,ZW_)959U3G,CB4 4UUC^#M_G[/>40R M5U[]#7\M&%9[_''OH.>$',#11>3!M95=L7))R+Y[#60UUD_"\OUK8&GFWR2D M_]TUTAO;>)J[H7>=D!^^(O+%1WT)YX-7Q+G(P$X8'[XBQD8&;D+]37>HFQYB MI*61YQ6NR0\[--.?0[XNJRX16(?V OUY0)Y.W S;) ODPRNDK(N6) .]_]I8 M:\^($LX=VNO-UG_NZ4S"MT.[GAE?DTA:0K]#.Y\9?9-#E(1^A]Q3,_K;,::$ M;(>4>+U',<7F0%I$'?+@FQ/1=JPF$=!SG/]6IL=D;V)8QKE]F]Q&:D"@&H>- MNNK):=W)'5M;=/L&-%,@Y!S,E5L5,THYG;CQ=/@!MV&=#7 M;#D"M<@K!5>:[-&>! %G/(RG,,HS;?A/5]I2WI 26_&LW2QE!^D#()#[;R2_ MTBFF*6X#^Q42R937 ,Z6L8YRA]!I]7:L9+%$ND:B*!F9O)+6\FY @C2+IWCI MEE2J81N_!C.2B/1VIJZ-IN_FY&SG)K5J W<)SL1=?/E?@R15Q%(^#&P!!9,P M5?'0RT<=( "4G))W,_7D!+S036LLS_SH90'UAP>G]L$X&8E]< M>AO^MB:2V_\A-5I^[M?-K)B7UG0E;F,G8^NY)RH;.4_HOHUO^H@LD=AN!ER.3I'T;^Z6'J5)FQP M/$6\1*^!W\ *D-Q_)MC(LX7*2UUZ"UB\W,TU;_:I;"2 ME=>D5-%89?K(2DC\&2[WQD'Y3EMS)R];-B0T8[NNDX>L#0G-V"GHY)WU>CRA M3.SNV5;8CL?=KT:"97N7)B+ZWMD'GS]0C$. M&VJRY[\[]5QPGJO)K__N1&06XM0DY?^0EF' L)MI;B\YV];I 9V\QO!"DJH4 MIM_M1L,+9WPE'TS+^XYK[N>J[<)40RT8[1RVH65P-W(YL>5X%L_G=2[PC\]8 M/0^]]$$1YVJ[0C!GL:3+\_3W?2-WJ,GC06P#'SY1'YIF-, ^^J6\/K#E.-9RF!H M :&QDFYLV"PM(YH@+ACV1/SBU7:CLG\9(($HCQ3&Z2N*;;1G4A=EV@A/KNI0 MQ"=ZTGSUP# _QT$HY+)>W05:?5#6AIVCG GU6=G5JWDEDHU[=^M)((+EB/-0 M/HW*%26\[M"J#5OC3[5G(/_D 73I';H*YU/PGV;Q:$7 QJ'@\@.\ %O#O&HK M+6(:@9,C 6ZJG*O5*&Y7;QVWE."?37"KC=:QW-A;GD-RLPFKAN(S%V;:?*PX M*SH9::E!3#MO!IV,QE15A\83:VLA=M)/:TP\1>NN4UY<-2O/OHVOLEMNZ?JM MY(DG>>4*X&/=G]0#S#L")OX-OB-X!O(D(@X:J+?/!]C#T X@.0WD^GL]5%8/ MVD8IY)@@SF%!3#%1/2>KI*WCL!%FDB^>VSJ9>K4L;M6'V%K&1=H>6$2TB)^< M0'1B(!*$XUGZ4"_]ELHD$6J=4/LG-.'6LE5!L&]#UX5;[9_WJ,T!1#&%60Y__!]02P,$% @ %(&=2#K!;K>J%0 SUX! !0 M !P8V\M,C Q-C S,S%?9&5F+GAM;.U=6V_C.)9^'V#^@R<#+': 39RD+KT= M5,W N16"3<=!DN[IW9>"(M$QMV71*TJI>'[]'E*R)=DB1#5Z^'OSZ>#AXO+BY.?C'W__\ MIR]_.3SL/3ST+ED0$-\GL][O+O%)Z$2D]^2\L8!-9KU+,J(!C:"QWBT-_GAV M./F/GOBOUX-/OY\_W/9.CTYZO7$43<_Z_1\_?AR%H3=O\VV\) MKK/>YZ/3TZ./N5\>6!QX9[V?CG(D_EOOD04<2D^F3C#K M#7R_]R!J\=X#X21\)=Y1VJB?DML#A@;\ZT&.PK?GT#]BX4L?NOG0GQ<\^/.? M>DGALS=."Q5^?)@7/^G__LOMHSLF$^>0!CQR K=043165O7DYY]_[LM?\Z4! MAQHG/R:E.3WCLL];YDJ>&I#34Y80?QW.BQV*3XN'?P M=]'AEY#YY(&,>A+Q632;DJ\'G$ZF/CE(OXU#,OIZ,'69&*;/QQ^2ZG^]9&X\ M(0'PQ;L*(AK-;H(1"R<2]$%/-/OKPTT!_90$7@B#*^=:E,[;OBC9US;67Q/I M U3\_AC!W!1=#$?7-(#!I(Y_S[A<,!>^PSD=4>+5!F[8[ 9)N'="4G\ :K0= MC4E$7<=OG:@;D'X3,O C$@8P\J]D'2I6&^L<[MJ<+V^Q,WX_CJ'Y,?,]D/57 M_Q?#JAL$WA"Z"X70A9](P %$@FH=NNIUU#:9%PX?7_OL![\)/!H2-UJ'E-7& MUH5[2;GK,QZ'Y-SAE ]']R'L;R *Q=(;>)Y<@HZ_EG2MWT5[5-V'[)5&(6N; M%'V[&\)_TA4!)RU2\!A/)DXX&XX&KAO&Q+MZ WR<\#6P*YML$77$W#_.A?XJ MA 2T+OF2=@2BPH\]XMT$%RSPQ!HL%"W-].!6*,E1=B][VP;3, MJ>%4+F87M@V0K^N2NM1:>UA!=X]"ZDJV0#\MX%6UV#GFXN;<.@'M[OU9=]\< M&@S%3(W T 2#<]:V8#;LH#V*$KT!#&'"VZ:ELNGVJ!"")4ZVY.%([-,N*$F7 MU(\C(5D$C%O&^3T)I3:U!DTU.\*BL*WEM4ZOK:BB=RPB_(DMS*IL/[AS(@"X MUA95J_&.R2E3+@/OD;X$8#RZ3A"!LL!B*1;N87-T*;1#WJ)S'Z1>BX2O!<-B M%LT_6,*J!9RN619S&A#.81T_TT!BS!9W)_/'K,..R4XYS^^=F?/L$QB65-6^ MIC@Z9A+,W0F-$IR!E^EBG4^:FAUWS(:L MR^$H;[@]$%]89A>,1UQN^]*T@Y&4M;K@R[I([&94ZXNK'3P=,TWHC3DS)\/< M)B.#[8AFG#>5H6M6@0]3TZZ:=E^J)"AWB@*Q',8,&A1T9.[$?U MT*U6WPQ6-G%HT!AJ4KM+I+*'PPF9/).P)LQ"U0XQCJ&)T(V?R>&",_60EC60 MXO46N1TBM:. &98:+%D1N4Z^BJ9:B;K+GJ%O6,>%#GV1F,#"4BY)VCAQCU[8 M:]\C%#AU\E'\0PBNCX?')VGNP5_AT_G.\\$__KP>KO_<9X M1@Y_E@R/^>&+XTP%J$]]XD=\_D6@^Y1#EW[^+@/?PY%TRUZF2Z0 4U,0!2\H MWVFX?O!+NE;*\:X61,9[;HKW?&V\IO/S(@Z%+_ :U!+'_V_BA%>!=PE;7LE4 M51;M'N5\#2=]PPY,F7<-WW@)3'793>,4/#)#F97<',:<& 1Y2VY S=$!+2V. M@E;J6V9(DZ*;0YG,-O42*B^W.7Q/T*P&EORY>S3)-GP!'88BSN21M_\BLQ)8 MY>4VAD^*8[G;27V?#^-()$B*U%4U6%VE32&_ICX)+V!FO;!0S==BJ4UA>R O ME,-X!M&=,RF;BZ7%,/;MA>67UWL&;W192%:7[YZW3Z$C9MCC;/+,_!*F%G]? MX,DT[D%81 ;J^KR95'.O:X2DM4?#TX/>C%'-"Q:1*WWB;JSE>I^X!#G?0PY&DRU10$9?I]>D[;\?'1\;&@ M+K$ISX0;C'A?#Z(P)ME'%D1@[%WYQ#\L&_"FS$FVW\5@'Y]8-Y7K M4K9DWF:DV;=*FP[:DDZ7D8BT5#L@<<5A+5CJ:,RI^WGLI2 RS3[HYWA$"];9S1BZ3@ ME$8I#*@N>);R.KO&%LQF+];@K@2XRFR32FNV8**4&#)UZ?S2+\9S.HWQ&!Y0 M1/ B+"50I5)0X4)0%,;P?LRA/!"7T%>!YHY$9NA+JR#1L)2J5DF HCP*^D4J M_KU#Q;$;9THCQ\^)7A49U151Z.&<1"KG6?HC'J[!L] M7>74*!;"PUDQ@PME MT%$:,76Y+$J,UN%CD-E9W6]NOO(OEFD M7)%6JPF9JVKLRFHVT5&Q>QM61:=,K#);HNJLP MS+EO@_[P"PVD-0P+EX2$JU"O%,/ *J\D2>4*"USM]"@OBX;:>%JK2J,ASVQB M7FE':RI@X+^'M@AT[U5NNV4ED1!/P?)-+ZZ8W\)C8C^9U,2AB$U)&,WN?7%< M-?#$%C,5:B_,#24IFBH8-#R0" P+XLW/40Q<-Y[$\J23N-7/I2I*#"J^U_R@ M%M"O>/I5L&];R/IL 6]9]J>B$ Y.0YW8$BUX%49RT8\\#!_*&$44A?0YC@1+ MGYA0 \#,#ID/4%XJ])V6&M]>OE1HL2UW@I?Y5NY#S8>4%'[!+%1H7Z*).7'Z M[3FCT;XL$W,:%69#1IQ]>2;FQ)GY:C):[OWS-.N\U!GM]B4QMD&[-C:[(/[4WFF]#O%M&X,9OW9^H2C"A!D' M[-5.JH-29=K8#TKW?#$Y89!QREY_3/><,LE=R#AEKZ+?/:?T MQIZ]5D'WG%G-$F(0&8 B'\ MVR=R) )O,!&#\B_Y71GW5N0[M-;\_C1-IWB_GV*?1MF?GND,KQQGD#3#4 HE M3ZK$V8M+&@+T-9$I2NXA&,31&,3^OS(IK:9DI885%-QP'INC3TM;@5Q]/Z)1 M%0P:KL5>3V[IJW@EJY@"E-NK\GN2@K(&#>'G\M<4 H:5\>DR% 45E6RA0RL0 M-!5LP5\M%JIJ[;/[&Z-?\23O8':__1DRJ_D_%N;-)$RM@&W)PS:@WM0FV(3.W"<6KUL(VI&PU MIW1N3VQ#KE9S*LLOI+0X5\N,5",7'G[25@?D:I:IQ-(Z5I4E4:Y7\EYHY-XH@VR%R3 MY;D59C>[RWGL0V]7D M%;H/OO._*P(7:A*ZQ[-%*R4GE+;%*I+SJDMZ/ ,;E%'X2''DEB;6 DCU9 MGD^OU6CT=7#>'?C?F"V"\+CEF MG1:W+',2.P]QGS?9&5XYR@9P\^7V>7D-/152O M!P (0&]I%6%YV*U$CV;3E M)RJT4UU;!27S3+H$M9@+19!N\1W1Z)9QE<\@5\"&&WKUKICRPB@^#BFSA/X$ M>L1ZJDJCIO;YB8W1+XE!;D)!:9V]+W"7[U#>WTF\@)Z$AB_C4 "6CQDG,JN> MF&O0DD44RWR'-@C6-;1%&;C[_&)KJ-/: (J$B-7[$W> O@IG&/K=-&W2JE*< MM^%V!3?2:C.M:Y%H1 M7-Z'8MN-5+9^=@'_GH(H&^7.%!UV(V>E;@U/:L'/'DSK7/?O ;V&1#XD8(9P4N*1SQ">H(+9."_4H MG+I,P/Y\_"$%#1^^SZ7J.67"IP\8"7:A6S:8"O@?$S/=9L1?D=4L#KJ&KTF8> MT#:)MML/:K)A%NR'VK)@AWVF=9G7=&??AB![75[4VNW1X_#F%GC#O;)*I-A_ M;L;0VCQ!,3<=WX$]^7%,2'0KNJFP:%3%4M?8.^A^0$/W9ROD6N'X-/%<51JH?^6FV)FJHL4L9 M<=6:"/[4,%H9W;' BO6A#(&9Z_OE@; JQ6>' V#U6%??^;H-@:]FTZ>68P ] M_-49&TS]9_C9$ETLAOINN6TX3U+#.F\C?0;I1$6#B+"9A6RTM^:W9/2==2.L MJ-3;ZZ:O;R<;U*9Y2O\'RY,#'N/)Q EGP]' =4'Q\:[>Q%$9PE'SX^4IB)6C M.RFTY(2C>*D)E!=/?/&$%L-\ZHEC<(N3"7PXRNP?E-M ?=DX\13"A6 ;E+K[)U&!)W;W.V>BCTQUTA6J/ZE4 M;*^Z5:G69[[ +:P.#8JJ7H7N[&E@P'>PF!=8590CZ MVC8Y2M_AGE&X=$>M16V#OW!3;%*H:W4=BIB&:3*X S>BKP 1U5!>XF81TVY9 MA:5I/ MR#=H/+H$C>W:H:&\V@B+^6;@=FM<)($<;=HO=;_+O+5OVM?%MUNC<\>"5U , MB'<7:YR*F^M_1[G[P'P?Y*NHA,?B/(@=Y;-]XJ4&M/@O1^P'L^4@4?9>W;M6\>P=T=J.KVQ$[3UX M^ZY'M%[R OH[K^IW^%IS)Y:G0:]MW^YPZG-'O-^P:HJ>-;W+G*XG /=YQ^MD M=VY+3K(B!SBYJWU,(NH"0I3[:,5C8"RLN&&V4&B?4=M>1FUIPO0&9%1EX!8/ MAY7!M7<6H'VBD5@+XK' 5^K%CJ\Y+U!>U@K4XJ%9^?"NF'-C.GUB5T$$,U,; M_:S;RKNAM+L0KATQ.,6D1X_%[>W ;52):_$><=?'MS_,\C>T6Y)V&5?)1O0% M;I:BT14#K,C",%AQ#?>\XGU816NGKAL$R7@4%_X-Q45*XJDS$KBS%IXD+C4\ MKBDT.9?_/FHD6I9O:562C[_?&JD<;1)M MA9JA-*6J9:Z:S$S"[;"]8\:@2KF+'G@R=C7H=S'M;"BN$O1)7WMT2V7U?'CU M.F)=:Q))H[X)X%?RY+P1KM&ED< )\S^.TJN?P-JG[B#P+JD?RW04 5S<_@TK M2KH#M@@J>K1K #/<$^CH*WDD;@Q3$Y;KU5MR5ZVX5KY T)43!K B%O@'$Q8K MWYQKI^U6GFI5CTFN5R@V88'LNTP_7Z]HZ/17]N9*8.EM M+8B^PA5XV9"@*W K5DL369,])M.01SMHW#3E8\OZ!'X(ICL6*?9EF]^F:9OD MQ6Z)?XC0R.NSLANMR,55:\]>T[9D]\K3LZ0@6!T1NF,1X4],6."!2\$*7[RB MD1CLJV]I6 )/K!XN7FXA'/Y,XMJ!]TA? OD>31 -7%>(0E@U]\RGTML"2,Y! MJ?EC9PB9?["+H)B#*.,<]JEG^%7TG%GW=HY!RF)^[\R$8@+\3U_%F6<( X]W ME :IB=DU@82>2*.$J, KN$%M'X0,WW"43[F1.04DN61])>/&4L&T)BT63BSA M.,RYI#,"[8*Y\"3;/MN7M=(M0UDQ0[_T!8AGF-SPQ_\#4$L#!!0 ( !2! MG4C"X3'N+#P -E2 P 4 <&-O+3(P,38P,S,Q7VQA8BYX;6SM?7MSVSJ6 MY_]3-=\!F^G:SJV2$XEZ6:GNF9(3I\>U[MAK^W;W;&KK%DW!-JC#\-W"/M. ML'+]QS^^^_7V9'G[^>+BW7_\^[_^RQ_^Q\D)NKE!7P+?QYZ'=^AO#O9P:,<8 MW=DO@1^L=^C2OL=>A"Y=_^_W=H0'B/YWA0(?_>WLYA)9'T8(/<7QYM/'CS]^ M_/@0AJN4V@O\3W09^1+Y>;VQ_AY:>AVYHJPC=X B'SWCU(2'J)>HB8DP_^N,[0<.7 M^]#[$(2/'PF;\ P*VD(B*1?T+^=I)^=T%^=C*R3\>C# M2[1Z]^^4X1_"P,,W^ $Q&3[%NPW^X[O(76\\_"[YW5.('\JE\,+P(VW_T<>/ MI"]7E,."G,A56B1H\4;?>1">O0OU$]S8N*7&/LK MO$H%I#$>)D?\M^?5O2\CH< MC8:CWT:CT60RLWXC/[W[]STQE%)#WU-Z__ M:(=.*BCYL4+#Y(N/3D""S28^R77D0QBLM;PIY1]H&^5C+?QLG(""8C8<)Y @ MORCAP/[]4)"JT-J=&WO M['L/+_T5^4VX)5,'U[YW/3C>3D\!RBAU0O<-=++RNFUX91Z!*N";RE0(ZH/ M"8H;[&#WF4KT#<=ZT"AM @"0,CFTW6E\NA@78+*G-T"$8D_@="$&;T^ MX$;E?F7HD5H#"$.%8:\20)+OS:*G7 CMG8SY8CS*H%.D:O 4X*\P B#VK\/@ 4?T5,/VOF+- "!K9#X*2"31=JW%;#[, MAP*1(J(D^Q$06E$T%Q4\_&A[ [01]:7KWR!^PF&?$%;AHB4P4QD+"&O;]=:C MYSU?\(9,8%RVUTI^]C#]@:Y UT$8N_]DOR?B;W 8[ZY)G\;DW\[_L74W:R4J MVR%O%K^MR*P_B$QFTPSI*6LD\AZ@C#O?"!+X#U J ?F)RC!@GV1B@,4& ".R M*)+20JZ/Z,&SZY!%ARU8=B4(!!Q$6L5>(=RT9W^0P+1:N3$+D]>VN[KP/]L; METSG/@?K=>#?QHIMY.J&)H-)I33:'GXZ'Z='-QE11*E21T_H#A"GC!AI(.BW MK+)54'E#J)X0E1U.%Q3!VDZ:PZ:>@7J$NC_C]3T.Z_5WT@8>:UP0[3.&T_EI M.#*^Z(&K@2SP$#JO[=13,?2Z :S ?DNN+-?_NK& M3T^!1S,'OP;A[9,=XC.:_$?SY\CRIBSCH0V*1N'86$S]35CRORE8,VXH88?B M@*9:(H$C>@A"Q'B>\%1+D6N[8"Y+IH,VU(1:ZK-G1Q%:(H?/%"(ZX* ?E!GV M5LB.T3..6*8$,9\3/),5=Q3;\9; 8X=B8L[@WG,?&7?8)?CQN,H'C^,Z 3BT MW 4WF!K-9;OW%S[I7'P91.3WG^WHB4SOG]T57IWM?B6R7_A7&YJ(3'1:.K'[ MS#;]JI(ANV %$XQ:DU][I)W.I_/#*$7@E0E"#\40%P6]I\+\0O^9RH-2@=#] M#KVG,I'I_B\H$POMY8)/Y00WLE5BY# SLD^,["9&]E(CTU\ZU- ;P=!!9EX[ MD^A33Z)=ZU"7A,%VNQ D/GJ,.%Z5Q^USOI$L(L4K#%=J*N4S$3-(;T6DZ;PZZ^F9JC,<+.A\?@^>,*NQ2( M$_H#Q=]$P!_YU6]+$D-6-(Y\]>S'0K\>_KL!%!TPU=Z%&DT7*5#2]H@2, N& M(^6W].3OVLNEKD$=N5Q%D)%#V!N_>KCP8V)AER9D1A&.(UF84CU)(DX3:&!H44^K3$]WKZ?=G9YDC7T?F--T5*$J[+)>"WFY M8:_:-" AQ(_=E>MMR6P8WV)G&[(Y\?F+XVW)M/DK49H.SMLXD?O<#GTR>XZN M,=]E(%IMYM?3M].)N?BNX*OTU[A!Y\ZGA[>WYW"^_"RHW,0R7A7+HB=3GWC7&' MKGOQ932>S$1_[C@+62\.-U)B'XZ1P]LK5GEF75N527R@,+AC:X7LXK=0CE[[ M9&DR/QV6.GQ/(OE1>K& _CGG_; '72J_DL( /L[_L,/5'>&R?'&E$^O<-R;= M7V2L[QZ31>KVM#VB!(C'$Q)0WMY<#4M;#6-^7N8P.?\^T!;"K\]LCQ92NWW" M.$X+HBE<7/JY06^7R:!_7C([3=:7"2G$:*&4&"@(VM'.:J2=*6Q4.9T($Z4] M^H*8+\':=F7IG(H&P*CA4FA'VL7I9*S?8(^0TT5")'86&D.C).V 5?@2K MP" HT8L]0U6/C5\=X\%+5-!0C+:^(F:4G&I;^Z=1]] M]\%UZ+W!@T)UFF!M1M(\A!O)J7\?9SJ?%( M,F2W>@66 NJ%6J=]P;L!4UE2 M4_4 _D>AI"0H-+"I'%^QF31NJ27'4AYT:M;-5(09TG^90GDORBPNRA*@!EGT36,1DFY:AD<-L_0$?U4)MLHFL%BK7Q5@:.F#I;^B?] :B<^V1\^;EO%G.PQW9.3] MB^UM914%]-H:1)B60-HIM=:IE1Q,LKHE]+B"_2"0'M#R0BEUQ,AW KL-#MU@ M=>XKRRYUH/TDISVK*H+WI-$)PK2*\0/B\G6H^FULA[%AY:=5RM_C1]>GUZ Z M-D%ET.U >4NI/&38K16QQ/BK;Z7^!.)KYE47OA-B.\)?,/^SEAM(2("'Y7*Y M:GCI<%$9G3D/E#)![U,VO\#<[>C.$NSJQS=>#RK1=97JBEC]RU<#9;7/5R-: M84X08-/RA%GH%IOT]7L2-6CT8_ M '&.(#JLKDA>H!;N=-K(EEBS]YBN^J0J2:1 MOJ&[]LG+:#*9C>K"&_STJ4M;E [&E;.-7F%9>435P'90: Y\-@]?*A\<*?G0 M,"KSW&M[H_'8_GJ&AA@\MZF!(M@BUX Y6H;1['MTU<%=;M3; ()&4$._7,4 M:SY3X4:@"9@.VIJF+ OTG#5$:9VH]_0Q>D:VFU0JW;3/UI1DV9YG64:G*3WK MQ\'&&LJ#8:#V5["(6!)6E&&Q:!K@V*C,G2]^!A,#:V4&CT[GH]+U+*/2F^E" M YU*H-&GA:H\I;E,ZWI>OW$"ZLJSX3AQ9/*+WW)O?="*/<[27WWASZ((3W\D M["GV[NQ[K^CKQU!J&0ZKP-FNTWI#[8FIZV4SLH2;_#9.O"Q[F^?J 3%>+ 4C MX99_K2?%&>6(OC.>W>RMEL4+8X89]=@PTLACS#I6=];I.I:U$$MHN#O6U*U$ M1#]R5^Q)X,"G+Z?;'J95S.C#RO'NFO1C3%/0-^O#9S%J-S<>^_1ET_3<\6@X M&<]XP.-/0]$4:D=D1)^QQNXS\=P@3'ZF_84>R%\C(@&[4Y7(@#94");&@E-) M/A@.@UW9*(E]HF5$$Z0L$..!,B80L:XK$U@')HC0QG97K,,W]H[YQ=8G_XCB M)YR9!NYIDZ8!81_+:IH29B'C1X'GKIB0>K6*E4V,+G#D'M.#H-L5GY-:Q0R*2O MESE1T=T/5&_N\1%V/CP&SQ]7V*7./J$_4!^?"#Y.?O5;\EC75S=R;.^_L!V> MDR6I'1?CM_)3 [ZNXE]C@G":3H>2Q]4X+42)H7.Z$T'(F0WM[2EF-5&L:P3H MN!A%0:490&)_(E 08O?1O[-?$FR>81\_N-*;B16M3(X,:E&TH^MDEKZVF/D7 M)XD(S73(0.\3LE"GC&TJR\"4*ID\HAX373>T,%X$O5K0\\OZ2<&P2/RU9]KC](A1FP. XCF"E@Z"ICR]C(7$5W[0$T0/W:)#(2V M\IY$X2.3OISCK)\%?9HN?U,"P+_T3NK5 SW%(D,'P]L-]F@..5N[L .K>SO"JVM[QV^VJDLX'$G4*'R.D53_ MZMITD0X>^WO>; -SSQ(E/!%CFN3KG3"^*&4,7OK!I+VL@KVN5/9">ZZZUC(7 M"]J 6#YV'-T+O8XU9Z+85>WZP?::A;9/9W-IUIX ZTBW+*^.ICK08UA;5?5Q!UP!>*<9/PO M9%!^.-O1S,MO05P^5E?L1Q]!$@JO->6L<=GZ=%(&Y0%*.;+7[':(,AT@PA;) MYH30>^2FK%42".I;JSE;N.7Q);DJ05.)"*MX=^$_!.&:3QW* ME[O:S0S?ZM"12?L>TL0:)]?74K+L[A$GC 3*72]FRR)=-]J.>J"M\CY&^RI; MQZMLXN9%'9"F-RZTC=5]TF J"D_5XH^5?"6_*ZZTU=\:2AN4"J _ZQV-Y@4P M)?EUR>,\C)SYO,&6-+.::&8B<;#2S=+,0;4A3..!IB[JH6'_)0@6,O8U:G-; MTW(DL$S37N"@H5:E*%!K91X#!ZY5CH"\"$#HN9%>XHI8 %7KD+'Q11H:%IPXA@D7*>EX"3WCLJ_,XR!''/] MFMSS^:( @&1B#7?;J 6-K+H:F?3Z4G1"V<0I82WU>[D^T.U6IJ^#125RY-+[,FI[/9 MB)](EL3AP^J(G>\FR0XFNU%<-KP"**X\H^Q&>]GP6U][$\>5==&<'EG6LET? MANI$,,U!)?T:<+A.1-#/VYG/I#/;0>IS_1BR&ZF6I"1QZ+SF8;O@B:J!6S14 M'T!4=15/_CT@D.J_4SRTTKV]LF44^)6XEA1D@+I(@'29 4GZS!L47I2WV-2V M ,',>N,%.XR3>W27KGWO>F[LXBBIU"+KUWUP5[[8N/28!J])^@YW@T:=/NO$3 W;A5;9Z[8H+ *1;$EU_QV4Q31*+ MQ!OFN9OHRS D-##;L:>)Y8$I)_#Q&7BD+HU\B<38?Y*4;RWC>G!GQIIR7]]J4I M4+ !OUY3Z6FE\"JU0/>G\SRG_C.)=J'M7?@K_/*_\*[DT+G\.T/G]:7,:^1N M3)(\]N121$((,4J(D#)_AM^"1E9=C4RE^4SEGYFU+_SO/67S./Q,.?@>SJ($H+R\&/4L>JI8\['R]TH[^0E MBH,LG/^Q)<)4Y3_F/S*Y1,YQUK\".AVELQ]& #Z_\0@]+&T]C*V!2YTFM_ ] MU!?.N^E>5N"3!8FRFE/YM\9]O2" _GW/6;K9G+A*1@BX4%,+:EFUU3*+!(F# M'0*BS HM)"9^=7W;NW6>\&KK[0N6EFZ 5GYN. %1)8OV:Z43,N/E28>,',KH M">5\N]P)+4-UN\J-X)13)A*VIZ&UUS#*--QP@E I@CJX2M,"*RT!,?X1H=P8 M7]+GG"\(!OU']][#2_8^[](AP-RRL^SE.@AC]Y^J]VH:$#(XT9X,XGP$2."&1%$.+ M0L#^3V1N\9G59'O$ON/BZ&SWS8ZW(584#E:W,0AFI2#Z.\*+\9CCEM)#.8(# MQ F"5@QN44VKL9JF$*CED"+8JJW3"UQ=5B1-*1I (NJR=LF4Z6PQD<&I!XE( M;6DH05)O,H*J'5 )HDOP/)T#DA55AI/Q5(X:B$(Q;2HF!0M< MH1@]-U-BI&FQF-*-F3SU'?WKA<\3YTH6TZJO#6_+*$31O1,X6@Q/IWQ7ACD) M^;\-+ZJ2YH+' 7)$TW\PNCG3FHIE -\A]HL+/RDD8WYGIC7U]C /?*&_0(Z1 M-3&5[LE4V0!^!$QFMUH5KXJV^T7*Z"'%:TI638XZBD) M,T:6.J)\H#RT#!26Z/6]*Y_7I7=YCGIQ>T;1USJM#6-,0Z0:6W7CD8"WY*XC MB>,">?JFP<%V9KOH6W#-??S(KDX9-\"$6H"2I=N4 7U6F\P^?KCQ$XJ?,++O M;7\5^.Q."/GI8Q"B5=X\&]+ +S>*2;362^9 IF$:"'3Q.A04_E^) MBGR*O26S[/U;2F?X(0@Q_^[.?L'1^0N1/0A7KF^'.[:A^XV8C+2DU^U)4S*T M8^)>LC&S2XX&4=VA&OKSRTE:]2M?3H1Z*]J+)#ZD=L^$0LGW3*P!R@G&#QKH M V.B;"@5KIO($L2VIXHLO;'V3+!V8LND)E),F4)&)0-0%B-:UUT"%PUO8S*_ M8^]"J1/395\;CT('(NB?.XX6TUP$R4B!)ZVWHIK50#6S>)4ZVR'6RFT!AQ." M:?K\HA=$V\HBUJH6QO%2*H9^L>>A-WH] 4X+.EI-=32+(*4;'J)( M;IB>(*FJV)^R"2R6ZE?$&T]&(R68P*O^M:=F 4]]F"VJ':\"// U_X2YY;7M MRHK,%K^"P AG76/+,7WF2?071&D HZ")(J+CLV42VD@4,>[]><5;A:PB?SXN@O_LWF2T.AH2$%GJ?4/L%ZHRP'>TF143T @SE M'E8*BA+M@< 18CO"7S#_\\)?.DZP]6."V9TBN;.ZG5G J(71=J[Q0A@V&"WT M/J7Z"\V!2PFCA#+88-*FPFG95Z[91JZ904#I>64!6AI&Z1?(;K"#W>=&.!.: M]@)J>WGT-X3GLXD>VO;$ 8>MMA6?Y& 7*E6$1]ZAJ^J!KV">WN"/UK@6RD O M_=55_(3#9/?=?Q3^K8Y+U"$+C=L:LFH/*)/9O'($9>7%!>+L=)JQ1AEO\=][ M-,AV9K)VD2@,:,!O"KC25WC]R/69.)] MMC=N;'O5&_VZ!$#CATPJ_2WRV=A21HI]+$A8].%DH!,K,/#S .@\T<+G$=7? MP6%,DP9Y;AR+!0+B/_4+\E5>K@:WTHS]@/%UB.FFVQ?\@$GT727K]S0&*5/5 M&Q(#A;>.A-I.OL@R[R103[AENU3["0%L0KL1N[!U0&H!S:$?/E_V.(2HPX&V MD<%" [M]Z25U?5E)WZ7P@MM=D-VUB;W=111MZ6_Y=RI/.X*JZ6#17%3]XG&3 MJ3A!X!RSVM"\*/2R\&X>>WB.Y?$^/& GIJGUHB0H%25I#SB-,&5 OK!8K="] M[?S]$_J!W<B/$7NNP:8OK/! M/7='D2; MXT%W$':.[(46+IE?^!&1P*."\+NM7X.PQDV:1B0,7T>O*Y]VZ;GA9#SG=]0% M%ND]]8<@1!'APJZ I==K-NQZ#75IG'(S>V^]6UN,BK;@/!!A@B@7=-67JT;= MVX(%OD3_@ 0[]./)=9Y(&"2-'9P> M_(;C\Q?'V]('$?X4!*L?KB5%"=()\S"9RLN*$]-]^-YT-9I,1B^R_FTX&4VL\H#.:#9D$ MDNF@!U+OHHFWYV2G$(WEP+K[$(< MH\DDIPJ6JV(0#F6>4_#\ XUAG)PNCNA0R1-W*J_F23XWZO;E,N@?3I_.L_2Q ME%1RWVW0\2VVZC&G#=VL'"#X[3-8/*B=+ \,A04@$)(_CV-/7#T%'IE21[QF MOJ0G*YL91$R5+/KQ=KA(BCT4#[D)#1]3H1.EIVZ".$ M*@Z,M9OW"%*U+R-.QK.Y"EK@1\/=:,R+IEPLSRXN+^XNSF\'Z/8_ES?G_WEU M^>7\YO;WZ/Q__WIQ]U]H^>T+^G;U[?/5M[N;J\O+BV]_0A??[LYOSF_O^HQ2 MU1EQ+7L"H_8S/Y2K]HST0Q@D)MRU)TMSJV0X&Z"$#/A@UDB=_?"%>I9%)?" M*!(J<>YO@\HR Q0-3,)&*H7^GFI5XB M>O:ACB#.[/I!2%8R%7O*!Y^9=.D";_W$QLDTJ4HAKMQ^GR[6BUE;1DNE52+@ M**49" KZN I]C(%"XFTY7)1IW@=H7/WP2:\]N9MK3'K;C^U'?+:[MA6+[CH4 M &E$*O&TT?S)&= J,!RMB@/1]TOT.<4S]@UIHI^&6*3.--1JY/\-/P:!4R MJXP% 5K^IL#5P[Y^H:3G2SXT",%#[OKYM/-),E=+'H(('L32H/"+EV-UL_*Z MG6TCU\<1Z+:8W*M$?$@4!X$!CC_;T=-U&#R[*[PZV_T:T2='Z0/#9+GK/RYI M0A+?D2@I^2GKV..(FH3749+J5X&Q)LG= )H51SFBE"4=V-Y3KF3>]0O*&*,] MYT%Y;5^8'6V3!INE!G.HP;;<1N@A,Y&=\0*%?"L(RH6'XVW\^D))Q6Y\2\1? M36BI?S-W,9NV'6+ SP8@;&@E[Z\?!!G0@X1VP=5>M $_H)"(SS//6I[ Z!*% MCS*:DM8H^F&-M*)+QOB536 Z,5A^ K,1#;9-#>9F!NOU=*8FGC0"3!V+O[[ MTFPZ4Y?XJPDTM8_T%[-AZP&GK].93FUH[5/C^S^=:0BN]J)-7Z33?_:Q?PT6QO\0'L>*,]D@#@#]#WY$SYKJU.+6)46@<5W,X?/P[N! M_4#071ILE+=9E$U,HE8AA[8_SA;I71?)X M\]Z4])56W &#QIN&".6Q5F00( M1[QF[4U6LI9=,TD*N/*E_.Z.C?!5(V434F9Q5UN^&MDYUO[F0%(%>,\',499 MH>6$%?K.F/5@U.S<,@S$!_9(*0.CN#$ "NAN9D,0U&]IT,ERO/W'6_S(!GF9 M@TB_-XE?F1#ZB?G#;)^,T1(N'9!!)24'A,%VM+/RV@EG7SXM2[ZAI3[)WR*% MKL:05^6$.7@IS0.!H4R2I+!BU8&4_'N#&)(*H>UET\DHP= >.2DQ\..?EM0K MG.BD[XB GN=4NIN(%K4=0-%2>?92]B4$0AKLY)]:PUD1&[F=4YACB:-5FN55 M@B_SJ?"F4ACTX#A">&Z'+@259<[*OS4)@C(!]-.+AY/DZ$!\=VJ ]J2 1H?C MM1)>EX-_-DKI4CD<2!5OX=$51CRI"+5_H#8JW8JK_M[P )L7R+2&T_EU3\D\E#QV4[>N(3 M5?4[(/+O30.D3(@::4\+2X1(0BQ;,"7T6EXSZ;\4TI:&DTQ%<'RHG.P (5+5 M(3$2Y%=T>D"1- ) 2[DD^F673\=%R 0'&PW=X*;6\-*2IL(HTX.G=O1Q*N#U.S%C04X -W([0&"&9\TKTXMRGQC$ANB&U])?W6#VR./G(#HXW-=M M97A+3D,D31>Q%L,1F8&/N9M3JLC.D4T.Q?DSF.DI'WKO?L ?D$=6"-X /9!% MHO](A@<<.Q]H00RV>[HR^]!QZR89"299'IHD(8P89?,[>JVK:^EY@"-3U\0N M7PW\IGM]NG9J+;I1R>F8!XGEFF8^L[P9_S&@BZH- M=QHOHYJ&B0$-!Q2$2/C; \;(#D,B%<^L M1C_<^(D0)J#PZ6,Z1(@(>Q AIJGUQ'BRIP$5.9IJ(88)3ZF%N8!P"+D\^@NZ MPLR-V>OO]&VQI>.$6]NK2H52M3 ZZ87X.KC8,$)+8@)",X'?!G?WR5S(VT*4-&3N^!B%;Z9S9$1W> MUW0@*AL-CR9G%H.-9-3?A+=&>X#RX3:=WI)QFG!# COT0$9JQO#DGG)$(DNH M@PA#)IH(-J)3H(C,M+;$T7 >ZDP-9Z*L8H )\!.J*(]V20-#1K% M;2G,X4H$?;+II@4![":D!PWQCDU 7+)0\A]=>KT(/E%-VV/+<*DV&"P T[=$ MA W(:O25-@*!7IDD^HD@H_GT$'>2VZ@]@%T+RN8P1R$GJ?) 7P)@Y9'(OZ S M-X@<%Q.01.CR\G,_<*ARW'(02LT'@D!""]-]6';%[MH.K\+;F+K"7VQOBZ\Q M'[)E+J'7V"0BM232?T%P=)I<0\@(\PN7 UK]B6Y&<>J(D:?O6/$Y+] *M0/E MK;SR$5=^0Y1_ID1!,5C+=7-8U#<4/":3:Z_;^(E$C7_BE5;G'S0"PV!1$OU: MI*>G$PGVTMO?&=$^X.TX1_:HP)!BE+_BYVL8162?3?9X: MO2NV D:2((K^%>=Q^MZ;#$X"U?Y@JK&J2F %:E4AT57BG%40*]H('F=L;JK5 MR_Q+,#PQ]OI[7_DJXU*M.W]9I:19V5>)H;\N- MLZ\^;/[K.VX!>UH6@\%B MX&"\BKX213\'GH<=>B!X]? MB'&T3UR7^H)>:Z.8U!))_QK"8I3M0'+*B#H% MVM.FN^>,NG ) PJ:'>ANB8?I_!(&'0!]FB>(A5L9L,"LY<5Y<.K;#!J@M[:' MKQZND\/1:])[,8DFY__8NINU:M#4IP $U JQ]!UV/+?*P$KI4YBF' :(\1BP M429C P_:5NU@Y>Q 1L_ <=E9"#%1# .%0";: BA.E4?.L]T= MX;U\<14!K+*EVX9#,/^IV/VW2!^P1.?1?#K,F>@,@(=HSM-56,XP-_/)X.)TFIEM*;$TEMA8P+2MC %%;NU@RCOIE!772A4UM8+*_05U03 MQ(OQ)KE]>?7 DI]NGX(POL/A^@N^EVV;5#0RZ>M*2?0K <_2[(0]0?9N'TMS M8S1/B->N$:4*=TFI)UZ,8Y-<1.[997\]M\V!K=IZ M+2S."N]RDI7@K[X;1^>L6BCY6S;S6K+R)M(56C,ZAI=IC834]=/9XG0\XVNU MPR==_15BK!#GQ7ZQ7ZUP=C!K-@,V&?75)LH%G '#2-[_U3$,U!KOJ'B1+O2: MFQ9FQI&35CV#+OW6Z/RB1 #MP_GI9+:0P!6V%'8+:A7!UI>J74KWRD\(9#: M045,5BMX=6Z'/JT%O=P?7WW!#Z[CRN?BE0V-XJ5*&OT[8J>+;$[.B:*4*GHO MT$4)8:"W2-K6F.%JF3N\9%1@,:7KG'F :5FF#VBK&(1*/P9$5:<5-(-PTUOG":^V]!+)DN];"2\MWM%+#'?X)3XC OQ=TCDPL=N>[O#HZ>WWHC"7=U1SU3!3.3! M'@,[>!\A/:84Y1V@O<24BNP]!?Z\& T"5/ >3G)ZVU$\OM*MT9.S0[.F)7#X M76)V/$P^\%?TE_13/PH\=V7S#6_RQ_Y(G;]32S[H1P@&B$KE<=RT(\ .!NE^ M1UI1F CO.DM_]<7UMO2!C'KAO!XUD(!<2T3]';#Q<'084K/=O:SJ]@ Q?BSM M/N'8PUC8H8U8-*/@V,;9F'%H$GJK6UVJW'R :H24\A!3W[[ 06*]\8(=QK?\ M?5@8D*KH!?YY2;T'9)B^8 -.> OH+L>EP7A)^$DE0(HIT MMMRAL-%2?@=-*P!6- >) M:6J9:JQGTCRO<19X=SE6D^T:B '3[J'1#BDK1EZAAU(X',Y)N[6@^#K4$ MU?) U497]3&2L=W"JPW;W2/QEVD0%R^!="I@#_>:>F'\_1Y[8M;, M8GV.@JW!O$YT;*=G0*(F?J3Q^P9O:+55__$Z\%QGQ_];&?FTVIJ,7CH"Z==, MFZ8OG"1T44:8K%484?0]^1,^=K2ONB6J?N$_!.%:^@J\,?37<=<<@K7M X)" MY5OMQ:XN_]@DSN3/P>L429L,Y^FYD&0X!\)0"VH)!]-<+:="+6/(4;I8#BIR M,_0'&\)Z1+8*:7;ED'Z17:@5!DYH),1$U72H,4"8M>[2LLAE-%!BA5!26Z(*8,HMH@J@Y_H+)/<\Q^ M]Z7U\\3^6H')Z+"@WZ]O:\1@2D9@,_0"^S<1]?,ZZ6\*#2?&Y^9%WYWF!H;FT>-QJ.QT/HV/VS3LP[ M[=.?;1#HV>2\2=^V4,FS.X6^!?XSCH@.E2, G!R&*XF"**G[1,!DOIB->252 M)@0JN0XI1O:S)+(GW^63W*2!_4X(["B3VF#X+AN-7TG?C-YZWR@KJ[Z"#E(5 MBT2/S(STKC!ZH&9\EIG11$%6T+"?%G2%Z]&WM?[*M/VV5=3W,\?_3:R?"DII MSZ7'\Z'QO:U,5O(CD[:3Z+QA,]-S'^C<^:@.88?.OZ8C&M&!OL)]9I.F3C=# M&3?6;6R'\2LTUS1GKC/\Z/I^A<5>__)0$D;-+/_*NNN-CE(W@>=]#4+:" X5 MHA!O:[P2--,^G)TL)A/P02N[E1&A[U0)E&@!E0?=XZYB"XV]U2)N-5IERK-I M93B:*[HFG<87(%M_A4-O1P-XV+]*]C 1QW!4+_;T&PWM_3O[J2':VQH&VCL= MF ZGQD]\A,$!\*BG+RN>EOOR)UX,M6S)GWN=U+,3M)J=_+,.P;U8?M62\B<; MF!NL"F@5G'GOQVCT?7E/2-I._':7=-WU+EOS98:V$T/OCY(0&67Y2O!G'W;@ MEWNUO>!M#49_848 R[0NL'\3PT=>)_WGPD\74]/C A?U+5^!/*HSV.J+4WB; M@;H<_68B<$G/O.70VK_]MKKRO<'@W-X>P^1T8?Q8IAB]?]9 M;10UZ=I7-8I/_PLD5,G M%'043RL[ZS5&6:%<45='20I.KRAZEHBOC]#I:-Q^I!0D>L7G0*V9]PV4O*S& M9)NA36;RUQC&KK9Q%-LLR;+35>\AGU<4P@Z$UW_V=#+L(( )\KSB.Y7M&)=% M+X&&UORM]SG#[=AF6F*;^RP-^$W,<*7QJ\V 7]X-KSS<=YAIJV;V.@-_D]MP M4ZO%V_9ET?]U7T5LT/8,L5%J>EK=7E_\+)/M]BSV0MS=N M"=IISTX7TWD':0]UAK#7>Z_-4.^47UW#J1$WLGG &XO/)4$$(%07>_$U1FV> MP;OT5^FMMJUV;^B"*VKD_ZNP638WI7DXO4$^BIW*BB* _9K M<[OVG0?D;CI#N'7 #(@% ])[JV\J,:-NB&@S$M?JOK<9?P&V>XX4ZDW%ZE:6 MU^/9"#2"O\D4.Y-]]_\#?NV89'88>)U;*I%,;_:?.R(?T?F:..@W>XV_!&O; MK?< _9&L^A3(&\BOO[2>C4]Y>$ZN]B;7ISB9OFY%=&X1JY9%>A/=C@!5K9C5 MU/ZO*Q+)\PB[F)BV+<:KB&#-=--_F')4Y^WGZ*C,Y-'0V2WY1;@:5?]J>C6-"P3HC2Y[ =EAKT57;[292PU$EG1 M.L$SK8 8V_&6^/X.Q<2.P;WG/C+N$7I/XCU/6_L%/%HU!-!!Q&G2!2!1@_0* M"X.L0Z\>;FE'+E]<:842Z?5H^4@I+0$*$[X I9B-_#I[$$'*Z5M(/!2)DB-.\.GL]RVQIY./V!S MO'967>V,HT?E?J4(DAH%%$67586P#C^$P,ME_7I+D].TKFM*I \%IXY4R*JG MD'%4'+A3*10NX0LUI:)O7O C2E/4JKJNK D$)DKDT%] C+*4P,R9 MZ$T50A QBO 9>ZVI:357TSA^%.Y8BB29<8 Q]=7U;=]Q;>\ZB%RVS:.-+7E3 M&(Q)Y=$_CV!_$" M/A?5!Z6B+0PJY0+IWTZ?+@XFB.DR/:'\^[0D=(^ V9;FA\ALH#D -JO=6 +. M"L.!HO..EJBJZGO^$03>&&?]O:_A9'BP\F(DH-'30(_B@DNNAW$LY)RFU.GW M^L)X=Q%PTOXY^-"HEQ>Y:WO(@OQ/ZNDEL7,9QZ%[OXU92;\X0-=V2#JE&PP$ ML>VI,7";SP2>3#D7SZU@IQ4"0VD5C7KRT2WH=R] Y0 MQAPEW \ G1< I1( 7M@'L" [A>[1$[D )F 7[+7>MH4(]-WK+PP.96,"RZSW M\UAQ%5B!&R^.";_J,:9Q)[S><:ER>Z%5)J]NG*J];)\/3T>=C%<]V-Z ,^C^ M298:4>O3ZP];ZEV3UOL#+(Q=1-$6K[YL0RH\GT*PM+!Z>9@-*)D.2/7$TW^2 M<[RPA*B#.!O$^639X9S5()=@+K(;H&^8;__ODW@!8TV7MK(R6R5V<,2,?!I4 M7,*=3A"I/2A00I==.62IFP/D.E!^Y4:. M%T04K+ +BWK.FX-H#4M!X/+.C3U\]7#AK]QG=[6U/46V>/FW!C%7*H#^Z?YH MG&P3,#IT--A3 LT/;T$OJ[Y>IM"C=#$1*W(S] (9]);4#?;XE; G=W,7G/NQ M&^^492KJ4H%$DUHT?7\_[PWPV@[("IMB-- M)NG&4M(><0)FX7*D_):>_%W[O=0UJ$>7JP@QUOP:$42=1[%+9H58-OTJ?&1P MI,ASUL\36XR2/ )"@$Y+,A(#=!UXKD-B8O+G'7Z)T1FQ\-^!1H5C5+3*5(2, M\N7N) ;Q$G4A_+Y0IH*7MKQZ^.)Z6_);OO$IU#R3]%U=*@:14U,T;;^;3L;) MYN%!^9G]0SM)=8A<8<2$,PS(.K5&>:5P?CJ N&1AVW$RQC2#43"%ZTX>^3Z MY#<8O?>"*/J%5C7DC6&R53HUU4RH'<*L0>N$<'/P_27B/ VL8BJ\-8P:8OQK M8MX>!4@N(-_Y/;,CUZGG18?-X4/B@4SZAXO3L:4;"SG] 6(<>H7L(_6?E4:_ MM/;-01#L(7RE/JV!VW+C]0ZP0D1IC-H#&GV!;E$P[?7BZ60R:C27Z0[$&W9- M\;G)9*8-8XPMC0'ZGM(U.VEI.+]KPR3]M C1\SX L\FH\92WMJ5Z,3;(PJ?V M %%J[MZ-$C=9[@([WV_B5T42?1DC"G+IKUK&\ZGF$#% >R;\YBY4H<,.+<&N MEESB*/J$?A3AO_6?>=G^8@X,LFG-4-"-J29^KXWN,I-RQT]4OB3DR-_)W\@/ M-(F(_.7_ 5!+ P04 " 4@9U(JW_RR34@ #V&UL[5WK<^.XD?^>JOP/.J?J'E7Q>.R9G62G=I*27U.N\UHN MV[N;NR]3- G)N%"@0I >:__Z T!*)$7BQ8= 0OR2S<@ V/T#T.AN=#=^^OO; MTI^\@A## 'TY.GWW_F@"D!MX$"V^'/WR>#Q]O+BY.?K[W_[XAY_^[?AX\O P MN0P0 KX/UI-_N, 'H1.!R9/S%J!@N9[3X^/-]WY-*/L\^?3N M[.S=Q]Q?'H(8>9\G?\G]=!&"Y,,>H>GSY.S]Z:?C]Q^/SSX]G7WX_/'CY]._ M_&^^=;!:AW#Q$DW^T_TOTOC]#\>DQX?)P[N'=SDF_WWR&"!,6B]7#EI/IKX_ M>:"]\.2!L!J^ N]=.JB?LCLAD"+\Y2C'X=MSZ+\+PL4)^-#NF/QV?GAU_.'WWAKVCO]$/_A0&/G@ \PFCX7.T M7H$O1Q@N5SXX2G]["<'\R]'*#2CPG]Y_2+K_Z3)PXR5=1,B[0A&,UC=H'H1+ M1O31A [[R\--@?H50%Y(IHNMGBA=BR>TY8EPL).&E#Z0CM\>R6H']!.S^35$ M9'J@X]\'&-(O7/@.QG .@:=-N.*P>V3AW@F!_@1HC!V]@ BZCM\Z4S=$HBW! MU(] B,C,OX(F7)0'ZYS(]+[Z5TQVW11Y,_*YD(I1 M\B> ,"$BH:H)7WH?:IO-"P>_7/O!=WR#/!@"-VK"2GFPIN1>0NSZ 8Y#<.Y@ MB&?S_.$\]3RV!1V_D735_T1[7-V'P2N,PJ!M5L3C[HG^TZX8.&V1@\=XN73" M]6P^==TP!M[5&Z$/ ]R =NZ0+5(=!>X_SZE&2H4$&9WADGZ(B H_]H!W@RX" MY-%?2"N$ Q]2I=+;;EBRUF1K4U9W1FN/ M5J*-1R%T&2SD.RW0RQNQ?^^I -*,K-2+&(S$BUVT+9L4/ MM,=1HC<0XQ;@MGF1#MT>%U2PQ,F1/)O3<]HE2M(E]..(2A9*QFV \3T(F3;5 M@"?-#YGBL*WMU>2KK:BB=T$$\%.P-:NR\^#.B0B!C8XHK<$[9J=*N43>(UP@ M8CRZ#HJ(LA#$3"S?4"F)56U;Z'S#'UR% '<+0YU*>@G M,$^T<9M[IQD='8-$UNX21@F=R,MTL:'.X8A^^1LGC?<'H!/+;.+ $>8 M'?O,M",SR7IU@4M32OH-5.N;JQUZ.@:-ZHTY,R>CN4TD!!_IF+VM[=.MQ!!^ MIF,6KYP0$6"WVG\7_/&_88JYUG>K[$LIHZNN(!>$)P_TC_#YV C\?O3],[ MU#^1G[Y-R:<]^OEKWUELAO.=9^!_.2K__:0V/7,'/[.KW1@?+QQG18GZX03X M$=[\0JG[(4==^O,W=H$WFS/WTF6P="#:(5/0T B]1(E(KQVG/X/E,PAY])8; M&J;W7)7>\\;TJJ[/BSBD/HUK(EX=_W^ $UXA[Y)LW8JERFVJ1V5)4I$?OFTV MZ;1BDTZ?<10Z]&:N0))RM^Y!W)"10$,$'0R\:_(;KD"1WW;?=-(I5*,R:[D_ M&G,S28X#<$-.$Q&AE?#82:Y20(/1#2Z-M3\LFC":%]#HB^Y-TF;')I8X1%(,2 MM:0]81"2-?;EZ.QH$F/"5[!*KA:'A'XC)5<)(ONZV$%F'D;(KK>#AJ/"#[,]N M_^ED]YZ\X]MSU1XLNU=^/_!?+(=:[(9[,^3W' &_*D[ M$7OI\-D/[1'%V<: !.(W-T2E9PH8UQ*I5 W6UK M))C&P2\T=)C\A^:*OSH^#3&;1A=.&*Z)TONKX\>[UW9Z?<<0++60)DX-^A MOWMIK=75!$\YU8CF;%& "R4V./Q(N_61%\GAI=S=,&]BA:$GNFZ9#'7T^Z _ M_ P1,[#)Q@7$9.9176IF@E96 R>5*P%RA)0L=#C91L@?K251"/ M[-L6XM];H+?"82S1%92Z&N6I*K:?T\@,G8IZ?D\T^S(92;4L5E$B9-,>12%\ MCB,*Z5- 59L 16'@$U(6$AVNI<&'BXMTM[7Z$9,7>-6>X?RM'3X0T"" MXQ0J!%"H7>'8&O6OC9?X@M_6+ !MF$3>&UMS ;1!4G*XV)H8H+_S>+C448;Z M+\';R'VT,T"PC=Q'.T\QW;NY/%ZBNZ0,-[MBX-O 31A]L07NS,ZMV 2XMMTJ M&=;CYA9L;DX 0H9>'I_*J\2LO?#3^V-=>N-DJ\0&%;T^[J <6]A;3&*$ZJ@>_9=+ \IV,0Q0Z<:U;!Q6::QV.F+44%%7&6RM"E/G'KPR6='R MFC#BN_5#3]^L@<[M8:5L=G%#ON,J+4?393:+K4*K:UC+B0$9IG:ZF[O'5"4! M,4/9SIO\[E%6"8O,4+;36N\>9;&GJ(YI/P2+K&M4RVD/&:9V^@%,K-1ZP8O9 M3'3M;^AI\8CBJWIFR@]DDIR 0$WM[E-A+]NTL9%O<8ZI\]OJH@ %Q3\,<)36TIG'T0@3I[YG,XW-2ZM$+ M#FXPCM6I3UOW@G)^$7NE+B9X("<;C, M?*4OQA9C8G.2/R_A.9S5&,A\FJ&F M$%#L;)XO15$@Z=07/H0"0="A+_3+Q8*LUYAX6)OZTH7/F'BX=Y[J)!X.(5"R M'$)J:;A_"R&DED;XC_$([<0CM.;$L#U;0@W/.FJ][9D3:LBI&@BVOJ[0!*VR MV6%[ &A]E#9&C>V1G_41JJX&;VGDIQI,2OY+6U]@J V50"Q9FO)5$Z*23+(T M[ZLF/)SG*2PW;,8(T.XC0$=P3 6 FHPJN$'DSV#J$X(1^=!K!E#Z$,79QU/Q M0Q3)"$:B#GPV.%'8J&@\=S#PB+RDB?D,LC1'GQ=3H-;92&'YG$E,9ZAH._/X M$7)R0I[ *\ ">I7Y]N8HI*F6J0SSJ^_OM/,!*V;R,F-HDV6+70Y!%>W M[0/5E]"/(^YE&J^U'N4K-Z#D?'K_(26&OC7\U8$HR_9>TW_>H.2]RAUB9*U- MP/@5(! Z/G5#>DN(V).)5&*+Y9RLEYEZ\?3(N TPOB9'=8)Q3&">K4#(!!@^ M!_,@!$F[)^<-X*LW0C*W-44X03A?@ M.5F?@#8!=Y3$&N4*-4>K5&W"V,X*(J1+"RB:'Z]N0 $RS"7 ,S MM>N9*<:C;OMG$[3]!N#BA=X9OY(EO@!W,8WOF,U3"T$UT$UWE!YQ6B).9 #J MC6'212?19HLYA)OE:?MMG 8H@O/9]HNX.BCE]8!FMW#]SXS4P(=O-=A^%Z<% MTHX16.\.[L<$&P065 D:/#I2YYKMM6ITQ)!$N;?]106MS=:AG[#9RPR627Z. M3Z[>(PV6";)VW)W-JC9;M:XX=YVVEV=N@-#V M7M7VLLH:&&DZ4AJ55":?> [LQX[O;K.]N)OT'J08NEF(?K$]/4\)&^5;!-M3 M]C31RE]KV)Y4::&E&C!I>UZ9'FB2:$S;T\NT#[UB,&6SW+*A M%&5MJZA8"._,XY""2*8J)09+@HB6UW&:BEP,K\P)9Z".J! M4W8!6^HED&=UYJ2.[6)E3'$5V69L8Q3?4$J?;:;.#_(G8JD2BRW-8]U0D*:_ M?OSK)W'Z:W[T_YBD!?=-)(U6/V$AU$G%?8RDOGK_%R*RZ/]4<G>U2HV+GK@5LR#L.SB?]5[I;.?A M+0Y_K0P^XE(YN"%MDA&?E&:\C$-*,DOL2>:6A[WJ0R0$7_0[,T1XM@ M$;N6ZF4Z#@>F\8T858!$?H#"U7OUPCL8G$J>ADZ?=JX3QK!*+(O("2,;,%6L M!5\GT<$RI!K=(M=+?AA2SKOB%J[ERJZ7#6$A>C76NH M/04/@!R]+O1!H2;24T!)))K-*R1XG:]_P?0YV6U2\M2-X"N,H+0F>2>?&E\' M:A!F2;">(H_^ATK^5\=G0C^Z<,)P3>!FIA(OWE*IKY5<&0H J*8M,'0A,CCP Y$%%9-4.7$*_2MQ"5Q8!J;Z,/PR1. M)PX'NZT,45I8K#=HZKI!3!>SLQ9$?LG[]8L;PIBH?]!Y MAGYRB*=)8-OS/?:T*U0'ZP=]]"%9$-ERF*G]:BV8S M,4(!67,P0T\05:FKZ4.Y>76UJG R+YFBV:##PT&R]EL:O$>X)%7^6UX?JH,. M#X=ZZT-W\![A4F'N-E\?JH,.#X=ZZT-W<)./D+F$?IWWQ\KMS23AK=O,(J\] MG$G>GX*I2PSM$)#EY\5TI8FM0WD_L]S\#!%SQ>9++DA9J>QD*.72! FQO==$ &YJ:7:>TPFK4HF7:7+839G4NKQ)0BC)Q N+\$S3W)+.AE++M5* M'^V'/*JZL%#/\2MW,<)#O%KYC"+'WU!T@^9!N$QNPR3L*/8V>=/6Y5U,*:Y, M&,)C9_K0OO!5KU=LZQ,'^T*Z>%]@>\6U?:&J?,-1+^)Y2*&F^X)<8.K9'PVM M[Q_?>3I-X?;$_JCHME%4\^'7BY@^9%Q+-Y6V1TYW *#61:+M<=CM7K\4\UCK MNO#JQ6H/22QTA[K,65(ONGO$5L65:?];TMUAV_0ZO%E]A?Z_O-GN->A.UI&: M8]OV"@T=0BR_T:E7Y\$"V=$"O$U#)9H5CQBL[*AY1=[)F]J#<$QVAV,WGB+; MW^GN;CYTK,YF;WX?,LI-0YB:O27>?[FM M;0XY(T4"DBM+5K+'AZY"JC^_@Y$$@YB6&)W-MVKT(U@P2YV7,\!M;S0613H+ M!FDD9AT)M-=!YCB #&S'^#2+;4 L_FO092KG8;3Y<)+Z*\YF$F^+X+E,S$Q M5?*_A%U,\+"Y>-X@.ON.B$A]@:L,]/-U4D&4:/+# MMXTD/8'6T3P;;MW'=LU(F#0^DX&@WZ-T>2/E-12/_U(B5[_@.48H> M7P"(;NEG)(8QK[D1ZZJ"&+%K@M^A!;OC@NP%Z*5WA336W*$[ADSY"H31^IY\ MFA4L7BW+EI)V=R/%#LDR3BY%@9>[$T5>DG7G^%_#(%[)[%O=40QQFI'"2BC# M.93N#5FOGG$BW"GR?L:Y2?Y!%M'\?$WWRET05:\MX4O@C88T6\Y30[YH=FY! M&-X@'#F^3X=+H@#T!:+V$"V0S?)7+N*0:D19('KU$I*W-UTTI@(M(FAEBT1G M!$,<5E-SOGXBWQ9(:)6>O>)(YNA7Z-@K?BC*PG-'I>?H(J[A(N8#J^0:EG0W MZAR16# %(U1@,=CN I%;2QN?N>00M/W1L9IV3K4#3K;O;%]UBJ94H4B.W&8Y M8-3XSQ4WLX[JE6T9#J0:6N-.NIES>5H2+JU1:.8AS5)5NM3C MPT^1X;0W\J1E0@TM!@*(%*/3>PT46>!U,L''U7+E!VL THIURK,A[V?HX07F M*22[G&'M^+)H %$/H\J>G).\C%.81NMM7#W$9!O8>GNV%ESBA=5U&3J3)R=] MP+Q4MS,]/V^0Z\<>K>-P$9!/(=8*X<"''MV-VYQHO,TNI+5<3)Q:/AN12X7V18 CS+!]IMAN"N@IA+,U M&-2DSO$(PE=([9FJY92N-DC+,M+J8 L$?R?T,U<08TH6FM#V5XPB1:7/C E# M83 9O[V91XS((H,NDX"$'B'EU6W-ABRTLX+4XAO:_%9_'GJ:AJ&#%LG9=[[. MVJ1BB(GD3"XCCYKH=\Y2'*+3R:>,UBFH.KWD[P\U!=?V2\-VCMOJJ(I618/M M$]'1>5\P3Q056]N-X$X/KP+@19EU0+<>'0/;^F;9IVO;T-QTJ'M43DU9&[?= M6[0OB#DFP_["(TR[F))EE58!79OP$='KL6@M\3KL-.JEQ<%;D0G$^.H-A"[$ M5 XGI;_JFAO:WQDX6K\!N'@A.W3Z"D)G =*_@'NR;[EV[IZ^/D1DKX-P#F!$ M! "^0WHZ\/?[2+NZ.:<[TL2J!(R1+Q_)08>X0RQT#.7O9%) M?]K7(:7\>3NQ-2 ^&A+5RWG@.COXBG87R+=-AM$[@DJO@]8E6$V]SO9LXNZ1 MK?"DV/Y$=_>@JA^4MC_7O5?1H*P$UGNP>T2]ADNQWOO=(]3M:8;U7OD>S@QT MZS/J2%25Y7^-[3&<5[D&,T65#OUZ%\1#>NMZ.!-4Y:EN=L4\E,?9C#G+#&AK M#0L"'*)@[')26_>9V%XO:"#SVMKM0;/2$]H2V&"@STZ0D\E@GS%Q:C^)4Y5% M0'?7 ?)^03#"J3F(LAHM; ;X-8#KC6,VMZ;^>:&63]-T_%[>._!(3F::5DP* MXR3/E!;0?'IQ4/%PI1FJW408U:# 2H2I^K)SSGTE@T>71*1<.S!,'](V [X: M<7;-"V.PL\ ZW<_;C&W_EKTN?7;-SEV 7IG;MYN "NWOC^AV^/VA15^I\]=A M#&8](BS%N7_B6X.T<4YZ-R?V2B0IZ[T065I4VC53R6VW,9U_Y_,V8]L_ :5+ MWZ!FYU92\JB%@7N)QU@[9JP=8T_MF,:N;]O!;_V68"QC,U!A*$.8#8KKO'K9:^-$]J/"2W? MXC3+G+,]#KE;)^V>YUS!>=8HM6]4IH:P'+2#*&Q//#SHU:#M7K<]-_*@5X-> M4.&8I&GQ4M"Z>,\MA3&937Z+MN<9Y%0?&>5WKV9)3Q2,]9^;U7]ND YS$+6A M.2EC]VSB7D $74*EDJ9=\_(F]!.B(B@W-(@>QV:U]S$YMHEA@&L2'C2M@]4I\M!D>Y-:T/" M+&3>:,>G-E2 &$5X&D4A?";+G&@C3\'VY(W\]0W&,?TU:<<7>(U&-8'$'8BR M[,&$&U=&?M[N'@PSCWC"3U3(C,]2ATY+QZ!&Q-8 M(Y=:+'\E-AZW112TAIB?T[(\94=%Z&T%O\WK4/3T+19O;T4IM MS61I"J_4B.VZLL*PX:HP:.UT<984F=*Q6@Z*LTN0"92F/!8[>JG%44QW003P M4T!#))$+'?^1?"-)*TTB*F?SV0J$24*8$7^&ZU+93[;K?>!#&N4J,7L%'8S$ MD)11Y 22E!L:?9=$BGOA7K>"RX/<-/08PK/Y?7["D/<(%PC.H>N@J(SK$Z'D MW*?WD^/VTJ:_$=[5'#8:QL@J\+XRD'FIBR62K M?[ >5HI2P58O83W0=H6.[2Y!-704U3;;7QK3=(IH:R#[BVKLDU458X@ QA?! M\IG\E7XYB[XRZAQ1I(RCWJMU-F*VE$F3683"+B:WI HO!;5+<4X/TL&1BBM\ M[ZSI??84>>27, ;;TNV%XCE]<%QJDRIT>&B/9F+WIC3B#9&.+]N\HAXF]ZX" M)X4@@KI3/NYE=;18((L1+V5'Z]I(N90[PK4&&72)1%W #G)W*[]-D"_[;38J8'QM1Y-DSM0U!((SJET/ M;33&>!0J^JB9T_)'T9(ZA[>O21:+5*2)\.G[<$I60ZVAS-I'^4FBLW,=A*75 MFG_B9.HSLEAR0/4K&FR.S]?TA4)-4VN?M/3QR3BV5M)W1&@X$WN?<$5D&I$X M;!/1Z@(X>0M29UEV_UV[#D)#N\/V^(+]/PW6PH:R/9"A_4FI=YY:_/8L7W>D M]2IRE;.SN3"B$!Z&:TF >35+@@Z#=AF)@#A(2ZZBXK91WT]'MZOW61?HYO+IA(^LCW%;]_W$A *'(];R>E%T,"0-U1F1TJ*&6BZ M6_1&&\IFK(V6X:WZTPEEA=JQY!__#U!+ 0(4 Q0 ( !2!G4A(30D,7%4 M *M9 P 0 " 0 !P8V\M,C Q-C S,S$N>&UL4$L! A0# M% @ %(&=2"J.SW)<"@ 55P ! ( !BE4 '!C;RTR M,#$V,#,S,2YX