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Other Matters
12 Months Ended
Dec. 31, 2016
Other Matters Disclosure [Abstract]  
Other Matters

21. Other Matters

On August 5, 2015, Mr. Cole resigned as the Company’s Chairman of the Board, President, Chief Executive Officer and as a director of the Company effective immediately. Upon Mr. Cole’s resignation, Mr. F. Peter Cuneo, a member of the Company’s Board of Directors, was appointed the Company’s Chairman of the Board and Interim Chief Executive Officer.  The Company recognized a one-time pre-tax charge of approximately $4.6 million in FY 2015, primarily related to the terms of a binding term sheet with Mr. Cole.  Under the terms of Mr. Cuneo’s agreement as Interim Chief Executive Officer, the Company recognized a one-time pre-tax charge of approximately $1.2 million in FY 2015.  

In December 2016, based on the final settlement of unearned incentive compensation from the Company’s former CEO in connection with the previously announced financial restatements, the Company clawed back certain performance based compensation ($2.2 million in cash and 575,127 shares of the Company’s common stock) which were awarded to the former CEO in those prior periods.  As a result, the Company recognized a pre-tax gain of $7.3 million in its FY 2016 consolidated statement of operations.

As a result of a comprehensive review of the Company’s license agreements and relationships with its licensees and based on current business conditions in FY 2015, the Company increased its provision for doubtful accounts and wrote off uncollectible accounts, which in the aggregate amounted to bad debt expense of approximately $16.0 million, which is included in the Company’s selling, general and administrative expenses for the year ended December 31, 2015.

During FY 2016 and FY 2015, the Company included in its selling, general and administrative expenses approximately $14.3 million and $11.1 million, respectively, of charges for professional fees associated with the continuing correspondence with the Staff of the SEC, the SEC investigation, the class action and derivative litigations, and costs related to the transition of the Company’s management (which includes $4.6 million in FY 2015 noted above with no corresponding amount in FY 2016).