Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following tables summarize the components of our shareholders’ equity (deficit) and the changes therein as of and for the six months ended June 30, 2016 and 2015:

	As of												As of
	December 31,						Dividends			All Other			June 30,
	2015			Net Loss			Declared			Changes 1			2016
Preferred stock 2	$	3,146		$	—		$	—		$	(1,266	)	$	1,880
Common stock 2	628			—			—			69			697
Paid-in capital 2	1,211,088			—			—			(2,725		)	1,208,363
Accumulated deficit	(2,130,271		)	(95,453		)				—			(2,225,724		)
Deferred compensation obligation	3,440			—			—			—			3,440
Accumulated other comprehensive income 3	422			—			—			(38		)	384
Treasury stock	(3,574		)	—			—			—			(3,574		)
	$	(915,121	)	$	(95,453	)	$	—		$	(3,960	)	$	(1,014,534	)
	As of												As of
	December 31,						Dividends			All Other			June 30,
	2014			Net Loss			Declared 4			Changes 1			2015
Preferred stock	$	4,044		$	—		$	—		$	—		$	4,044
Common stock	529			—			—			1			530
Paid-in capital	1,206,305			—			—			1,549			1,207,854
Accumulated deficit	(535,176		)	(137,294		)	(12,134		)	—			(684,604		)
Deferred compensation obligation	3,211			—			—			143			3,354
Accumulated other comprehensive income 3	249			—			—			(21		)	228
Treasury stock	(3,345		)	—			—			(143		)	(3,488		)
	$	675,817		$	(137,294	)	$	(12,134	)	$	1,529		$	527,918

_______________________

¹ Includes equity-classified share-based compensation of $(3,922) and $2,106 for the six months ended June 30, 2016 and 2015, respectively.

² A total of 52 shares, or 5,159 depositary shares, of our Series A 6% Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) were converted into 85,982 shares of our common stock during the six months ended June 30, 2016. A total of 12,619 shares, or 1,261,850 depositary shares, of our Series B 6% Convertible Perpetual Preferred Stock (the “Series B Preferred Stock”) were converted into 6,879,222 shares of our common stock during the six months ended June 30, 2016. No Series A Preferred Stock or Series B Preferred Stock was converted during the six months ended June 30, 2015.

³ Accumulated other comprehensive income (“AOCI”) is entirely attributable to our defined benefit pension and postretirement health care plans. The changes in the balance of AOCI for the six months ended June 30, 2016 and 2015 represent reclassifications from AOCI to net periodic benefit expense, a component of General and administrative expenses, of $(38) and $(21), respectively, and are presented above net of taxes of $(11) in the 2015 period.

⁴ Includes dividends declared of $300.00 per share on the Series A Preferred Stock for the six months ended June 30, 2016 and $300.00 per share on the Series B Preferred Stock for the six months ended June 30, 2015.

In September 2015, we announced a suspension of quarterly dividends on the Series A Preferred Stock and Series B Preferred Stock for the quarter ended September 30, 2015. The suspension was extended through June 30, 2016. Pursuant to the Eleventh Amendment, we are precluded from making dividend payments on our Series A and Series B Preferred Stock. Our articles of incorporation provide that any unpaid dividends will accumulate. While the accumulation does not result in presentation of a liability on the balance sheet, the accumulated dividends are deducted from our net income (or added to our net loss) in the determination of income (loss) attributable to common shareholders and, as appropriate, the corresponding computation of earnings (loss) per share. As of June 30, 2016, we had accumulated a total of $16.6 million in unpaid preferred stock dividends, including $2.8 million attributable to the Series A Preferred Stock and $13.8 million attributable to the Series B Preferred Stock.

If we do not pay dividends on our Series A Preferred Stock and Series B Preferred Stock for six quarterly periods, whether consecutive or non-consecutive, the holders of the shares of both series of preferred stock, voting together as a single class, will have the right to elect two additional directors to serve on our board of directors until all accumulated and unpaid dividends are paid in full. Because it is highly likely that our preferred stock will be canceled, extinguished and discharged upon emergence from bankruptcy, we do not expect that holders of our preferred stock will be able to exercise such rights.