Related-Party Transactions

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related-Party Transactions

9. RELATED-PARTY TRANSACTIONS

Prior to April 2013, certain affiliates of Blackstone provided monitoring, advisory, and consulting services to the Company under an advisory fee agreement (the “2009 Advisory Agreement”), which was terminated on April 24, 2013, in connection with the completion of the initial public offering (see Note 12 – Stockholders’ Equity). Fees related to these services, which were based upon a multiple of Adjusted EBITDA as defined in the 2009 Advisory Agreement, amounted to $1,874 and $2,799 for the three and six months ended June 30, 2013. These amounts are included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of comprehensive income (loss). There were no fees related to these services in the three or six months ended June 30, 2014 due to the termination of the 2009 Advisory Agreement in April 2013.

In connection with the completion of the initial public offering in April 2013 (see Note 12 – Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for certain provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, in April 2013, the Company paid a termination fee of $46,300 to Blackstone using a portion of the net proceeds from the offering and wrote off $3,772 of the 2013 prepaid advisory fee. The combined expense of $50,072 was recorded as termination of advisory agreement during the three and six months ended June 30, 2013 in the accompanying unaudited condensed consolidated statements of comprehensive income (loss).

In March 2014 the Company’s Board of Directors declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on March 20, 2014 (see Note 12 – Stockholders’ Equity). In May 2014, the Company’s Board of Directors declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on June 20, 2014. In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $7,849 and $4,252 on April 1, 2014, and July 1, 2014, respectively.

In December 2013 and April 2014, the Company repurchased shares of its common stock from the selling stockholders concurrently with the closing of the respective secondary offerings in December 2013 and April 2014. See further discussion in Note 12 – Stockholders’ Equity.