Litigation Settlement Due in Shares of Common Stock

9 Months Ended

Sep. 30, 2016

Litigation Settlement Due in Shares of Common Stock [Abstract]

Litigation Settlement Due in Shares of Common Stock

5.Litigation Settlement Due in Shares of Common Stock

The class-action settlement we announced in December 2015 was completed on May 25, 2016 with the issuance of 1,561,578 shares of our common stock valued at $4.5 million, or $2.88 a share, and payment of $4 million in cash, of which $3.5 million was paid by our insurance carriers and $500,000 was paid out of company funds.  In accordance with ASC 480, "Distinguishing Liabilities from Equity," we classified the $4.5 million worth of shares of the common stock as a non-cash liability due in shares of common stock on the December 31, 2015 balance sheet, due to the variable number of shares issuable under the settlement.