Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Iridium Communications Inc. | ' |
Entity Central Index Key | '0001418819 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'IRDM | ' |
Entity Common Stock, Shares Outstanding | ' | 93,741,773 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $307,121 | $186,342 |
Marketable securities | 215,959 | 76,647 |
Accounts receivable, net | 60,280 | 54,758 |
Inventory | 29,352 | 29,532 |
Deferred tax assets, net | 15,719 | 9,076 |
Prepaid expenses and other current assets | 10,000 | 13,203 |
Total current assets | 638,431 | 369,558 |
Property and equipment, net | 1,689,765 | 1,575,579 |
Restricted cash | 86,086 | 81,223 |
Other assets | 8,552 | 8,909 |
Intangible assets, net | 47,665 | 57,452 |
Deferred financing costs | 128,382 | 130,036 |
Goodwill | 87,039 | 87,039 |
Total assets | 2,685,920 | 2,309,796 |
Current liabilities: | ' | ' |
Accounts payable | 11,224 | 12,934 |
Accrued expenses and other current liabilities | 41,757 | 39,209 |
Interest payable | 21,490 | 7,989 |
Deferred revenue | 38,072 | 41,367 |
Total current liabilities | 112,543 | 101,499 |
Accrued satellite operations and maintenance expense, net of current portion | 15,385 | 16,389 |
Credit facility | 1,089,540 | 1,039,203 |
Deferred tax liabilities, net | 241,530 | 202,825 |
Other long-term liabilities | 16,877 | 10,385 |
Total liabilities | 1,475,875 | 1,370,301 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value, 300,000 shares authorized, 93,742 and 76,690 shares issued and outstanding, respectively | 94 | 77 |
Additional paid-in capital | 1,028,426 | 801,262 |
Retained earnings | 182,334 | 138,845 |
Accumulated other comprehensive loss, net of tax | -809 | -689 |
Total stockholders' equity | 1,210,045 | 939,495 |
Total liabilities and stockholders' equity | 2,685,920 | 2,309,796 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock, Value | 0 | 0 |
Series B Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock, Value | $0 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets [Parenthetical] (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000 | ' | 1,000 | 1,000 | 500 | 0 |
Preferred stock, shares issued | ' | ' | 1,000 | 1,000 | 500 | 0 |
Preferred stock, shares outstanding | ' | ' | 1,000 | 1,000 | 500 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ' | ' | ' | ' |
Common stock, shares authorized | 300,000 | 300,000 | ' | ' | ' | ' |
Common stock, shares issued | 93,742 | 76,690 | ' | ' | ' | ' |
Common stock, shares outstanding | 93,742 | 76,690 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Services | $81,568 | $75,381 | $231,215 | $215,569 |
Subscriber equipment | 20,550 | 20,253 | 61,040 | 57,399 |
Engineering and support services | 5,375 | 4,935 | 15,791 | 11,474 |
Total revenue | 107,493 | 100,569 | 308,046 | 284,442 |
Operating expenses: | ' | ' | ' | ' |
Cost of services (exclusive of depreciation and amortization) | 16,372 | 14,776 | 47,305 | 43,458 |
Cost of subscriber equipment | 15,244 | 15,550 | 42,424 | 39,563 |
Research and development | 4,910 | 3,125 | 11,676 | 6,525 |
Selling, general and administrative | 18,277 | 18,290 | 55,956 | 55,054 |
Depreciation and amortization | 19,677 | 19,377 | 59,615 | 56,205 |
Total operating expenses | 74,480 | 71,118 | 216,976 | 200,805 |
Operating income | 33,013 | 29,451 | 91,070 | 83,637 |
Other income (expense): | ' | ' | ' | ' |
Interest income, net | 1,262 | 557 | 2,624 | 1,835 |
Undrawn credit facility fees | -1,454 | -1,886 | -4,413 | -6,002 |
Other expense, net | -365 | -1,101 | -4,504 | -3,366 |
Total other expense | -557 | -2,430 | -6,293 | -7,533 |
Income before income taxes | 32,456 | 27,021 | 84,777 | 76,104 |
Provision for income taxes | -12,068 | -10,436 | -32,827 | -29,172 |
Net income | 20,388 | 16,585 | 51,950 | 46,932 |
Net income attributable to common stockholders | 16,529 | 14,835 | 43,489 | 41,682 |
Weighted average shares outstanding - basic (in shares) | 94,048 | 76,962 | 86,037 | 76,877 |
Weighted average shares outstanding - diluted (in shares) | 121,516 | 87,591 | 94,691 | 87,532 |
Net income attributable to common stockholders per share - basic (in dollars per share) | $0.18 | $0.19 | $0.51 | $0.54 |
Net income attributable to common stockholders per share - diluted (in dollars per share) | $0.17 | $0.19 | $0.49 | $0.54 |
Comprehensive income: | ' | ' | ' | ' |
Net income | 20,388 | 16,585 | 51,950 | 46,932 |
Foreign currency translation adjustments, net of tax | -534 | -94 | -104 | -355 |
Unrealized gain (loss) on marketable securities, net of tax | -78 | 219 | -16 | -66 |
Comprehensive income | 19,776 | 16,710 | 51,830 | 46,511 |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' |
Dividends, Preferred Stock, Total | 1,750 | 1,750 | 5,250 | 5,250 |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' |
Dividends, Preferred Stock, Total | $2,109 | $0 | $3,211 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net cash provided by operating activities | $153,335 | $144,332 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -144,929 | -263,445 |
Purchases of marketable securities | -185,607 | -100,794 |
Sales and maturities of marketable securities | 45,610 | 26,904 |
Investment in equity method affiliate | 0 | -5,000 |
Net cash used in investing activities | -284,926 | -342,335 |
Cash flows from financing activities: | ' | ' |
Borrowings under the Credit Facility | 50,336 | 184,503 |
Payment of deferred financing fees | -5,043 | -11,704 |
Restricted cash deposits | -15,872 | -26,982 |
Release from restricted cash | 11,009 | 0 |
Proceeds from exercise of warrants | 0 | 4 |
Proceeds from exercise of stock options | 619 | 11 |
Tax payment upon settlement of stock awards | -220 | 0 |
Payment of preferred stock dividends | -8,109 | -5,250 |
Proceeds from issuance of Series B Preferred Stock, net of $4.2 million of issuance costs | 120,753 | 0 |
Proceeds from issuance of common stock, net of $2.9 million of issuance costs | 98,897 | 0 |
Net cash provided by financing activities | 252,370 | 140,582 |
Net increase (decrease) in cash and cash equivalents | 120,779 | -57,421 |
Cash and cash equivalents, beginning of period | 186,342 | 254,418 |
Cash and cash equivalents, end of period | 307,121 | 196,997 |
Supplemental cash flow information: | ' | ' |
Interest paid | 7,271 | 5,096 |
Income taxes paid (refunded) | -138 | -2,947 |
Supplemental disclosure of non-cash investing activities: | ' | ' |
Property and equipment received but not paid for yet | 8,820 | 6,382 |
Interest capitalized but not paid | 21,490 | 16,912 |
Capitalized amortization of deferred financing costs | 6,698 | 8,294 |
Capitalized paid-in-kind interest | 16,542 | 11,667 |
Capitalized stock-based compensation | 867 | 996 |
Series Preferred Stock [Member] | ' | ' |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Dividends Payable | 292 | 292 |
Series B Preferred Stock [Member] | ' | ' |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Dividends Payable | $352 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows [Parenthetical] (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Common Stock [Member] | ' | ' |
Payments of Stock Issuance Costs | $2.90 | $0 |
Series B Preferred Stock [Member] | ' | ' |
Payments of Stock Issuance Costs | $4.20 | $0 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Basis of Presentation and Principles of Consolidation | |
Iridium Communications Inc. (the “Company”) has prepared its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned subsidiaries, and (iii) all less than wholly owned subsidiaries that the Company controls. All material intercompany transactions and balances have been eliminated. | |
In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments that the Company considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). While the Company believes that the disclosures are adequate to make the information not misleading, these interim condensed consolidated financial statements should be read in conjunction with the 2013 annual consolidated financial statements and notes included in its Form 10-K filed with the SEC on March 4, 2014. | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Significant Accounting Policies [Text Block] | ' | ||||
2. Significant Accounting Policies | |||||
Warranty Expense | |||||
The Company provides the first end-user purchaser of its subscriber equipment a warranty for one to five years from the date of purchase by such first end-user, depending on the product. The Company maintains a warranty reserve based on historical experience of warranty costs and expected occurrences of warranty claims on equipment. Costs associated with warranties, including equipment replacements, repairs, freight, and program administration, are recorded as cost of subscriber equipment in the accompanying condensed consolidated statements of operations and comprehensive income. Changes in the warranty reserve during the nine months ended September 30, 2014 were as follows: | |||||
Nine Months Ended | |||||
September 30, 2014 | |||||
(in thousands) | |||||
Balance at beginning of the period | $ | 8,853 | |||
Provision | 5,052 | ||||
Utilization | -5,502 | ||||
Balance at end of the period | $ | 8,403 | |||
Fair Value Measurements | |||||
The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by management of the Company. The instruments identified as subject to fair value measurements on a recurring basis are cash and cash equivalents, marketable securities, prepaid expenses and other current assets, accounts receivable, accounts payable, and accrued expenses and other current liabilities. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. The fair value hierarchy consists of the following tiers: | |||||
• | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||||
• | Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||
The carrying values of short-term financial instruments (primarily cash and cash equivalents, prepaid expenses, and other current assets, accounts receivable, accounts payable, and accrued expenses and other current liabilities) approximate their fair values because of their short-term nature. The fair value of the Company’s investments in money market funds approximates its carrying value; such instruments are classified as Level 1 and are included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. The fair value of the Company’s investments in commercial paper and short-term U.S. agency securities with original maturities of less than ninety days approximates their carrying value; such instruments are classified as Level 2 and are included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. | |||||
The fair value of the Company’s investments in fixed-income debt securities and commercial paper with original maturities of greater than ninety days are obtained using similar investments traded on active securities exchanges and are classified as Level 2 and are included in marketable securities on the accompanying condensed consolidated balance sheets. | |||||
Depreciation Expense | |||||
The Company calculates depreciation expense using the straight line method and evaluates the appropriateness of the useful life used on a quarterly basis or as events occur that require additional assessment. In September 2014, the Company updated its analysis of the current satellites’ remaining useful lives based on the refinement of the launch schedule and deployment plan for the Company’s next-generation satellite constellation (“Iridium NEXT”). As a result, the estimated useful lives of the satellites within the current constellation have been extended and are consistent with the expected deployment of Iridium NEXT. The change in estimated useful life resulted in a decrease in depreciation expense for the three months ended September 30, 2014 compared to the prior-year period. The change in accounting estimate reduced the depreciation expense for the three months ended September 30, 2014 by $0.9 million and the change in estimate will have an impact on future periods. The Company will continue to evaluate the useful lives of its current satellites on an ongoing basis through the full deployment of Iridium NEXT as the satellites are placed into service. | |||||
Additionally, during the nine months ended September 30, 2014, the Company lost communication with three of its in-orbit satellites, one in the first quarter of 2014 and two in the third quarter of 2014. As a result, an impairment charge of $1.3 million and $2.2 million was recorded within depreciation expense for the three and nine months ended September 30, 2014, respectively. The Company had in-orbit spare satellites available to replace the lost satellites. The Company lost no satellites in 2013. The Company does not believe the loss of these satellites is an indicator of impairment of the constellation as of September 30, 2014. | |||||
Cash_and_Cash_Equivalents_Rest
Cash and Cash Equivalents, Restricted Cash and Marketable Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | |||||||||||||
3. Cash and Cash Equivalents, Restricted Cash and Marketable Securities | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with original maturities of ninety days or less to be cash equivalents. These investments, along with cash deposited in institutional money market funds, regular interest bearing and non-interest bearing depository accounts, are classified as cash and cash equivalents on the accompanying condensed consolidated balance sheet. The following table summarizes the Company’s cash and cash equivalents: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash | $ | 133,546 | $ | 86,074 | ||||||||||
Money market funds | 159,109 | 88,769 | ||||||||||||
Commercial paper | 14,466 | 11,499 | ||||||||||||
Total cash and cash equivalents | $ | 307,121 | $ | 186,342 | ||||||||||
The increase in cash, cash equivalents, and marketable securities from December 31, 2013 to September 30, 2014 is due to the proceeds from the sale of the Company’s common stock and 6.75% Series B Cumulative Perpetual Convertible Preferred Stock (the “Series B Preferred Stock”). For further discussion of the Company’s equity transactions, see the Equity Transactions and Instruments footnote below. | ||||||||||||||
Restricted Cash | ||||||||||||||
The Company is required to maintain a minimum cash reserve for debt service related to its $1.8 billion loan facility (the “Credit Facility”). As of September 30, 2014 and December 31, 2013, the Company’s restricted cash balance, which includes a minimum cash reserve for debt service related to the Credit Facility and the interest earned on these amounts, was $86.1 million and $81.2 million, respectively. For further discussion on the cash reserve for debt service related to the Credit Facility, see the Commitments and Contingencies footnote below. | ||||||||||||||
Marketable Securities | ||||||||||||||
Marketable securities consist of fixed-income debt securities and commercial paper with an original maturity in excess of ninety days. These investments are classified as available-for-sale and are included in marketable securities within current assets on the accompanying condensed consolidated balance sheets. All investments are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of other comprehensive income or loss. The specific identification method is used to determine the cost basis of the marketable securities sold. There were no material realized gains or losses on the sale of marketable securities for the three and nine months ended September 30, 2014 and 2013. The Company regularly monitors and evaluates the fair value of its investments to identify other-than-temporary declines in value. As of September 30, 2014, the fair value of the Company’s marketable securities included gross unrealized losses of approximately $0.2 million. The Company determined that the decline in fair value of these investments is temporary as the Company does not intend to sell these securities and it is not likely that the Company will be required to sell the securities before the recovery of their amortized cost basis. | ||||||||||||||
The following tables summarize the Company’s marketable securities: | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
(in thousands) | ||||||||||||||
Fixed-income debt securities | $ | 133,561 | $ | 138 | $ | -179 | $ | 133,520 | ||||||
Commercial paper | 82,439 | - | - | 82,439 | ||||||||||
Total marketable securities | $ | 216,000 | $ | 138 | $ | -179 | $ | 215,959 | ||||||
As of December 31, 2013 | ||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
(in thousands) | ||||||||||||||
Fixed-income debt securities | $ | 57,048 | $ | 45 | $ | -61 | $ | 57,032 | ||||||
Commercial paper | 19,615 | - | - | 19,615 | ||||||||||
Total marketable securities | $ | 76,663 | $ | 45 | $ | -61 | $ | 76,647 | ||||||
The following tables present the contractual maturities of the Company’s marketable securities: | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Amortized | Fair | |||||||||||||
Cost | Value | |||||||||||||
(in thousands) | ||||||||||||||
Mature within one year | $ | 127,457 | $ | 127,515 | ||||||||||
Mature after one year and within three years | 88,543 | 88,444 | ||||||||||||
Total | $ | 216,000 | $ | 215,959 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||
4. Commitments and Contingencies | |||||||||||
Commitments | |||||||||||
Thales | |||||||||||
In June 2010, the Company executed a primarily fixed-price full-scale development contract (the “FSD”) with Thales Alenia Space France (“Thales”) for the design and build of satellites for Iridium NEXT, the Company’s next-generation satellite constellation. The total price under the FSD is $2.3 billion, and the Company expects payment obligations under the FSD to extend into the first quarter of 2018. As of September 30, 2014, the Company had made aggregate payments of $1,126.8 million to Thales, of which $957.8 million were from borrowings under the Credit Facility, which were capitalized as construction in progress within property and equipment, net in the accompanying condensed consolidated balance sheet. The Company currently uses the Credit Facility to pay 85% of each invoice received from Thales under the FSD with the remaining 15% funded from cash on hand. Once the Credit Facility is fully drawn, the Company expects to pay 100% of each invoice received from Thales from cash and marketable securities on hand as well as internally generated cash flow, including potential cash flows from hosted payloads and Iridium PRIMESM. | |||||||||||
SpaceX | |||||||||||
In March 2010, the Company entered into an agreement with Space Exploration Technologies Corp. (“SpaceX”) to secure SpaceX as the primary launch services provider for Iridium NEXT (as amended to date, the “SpaceX Agreement”). The maximum price under the SpaceX Agreement is $453.1 million. As of September 30, 2014, the Company had made aggregate payments of $104.4 million to SpaceX, which were capitalized as construction in progress within property and equipment, net in the accompanying condensed consolidated balance sheet. Aggregate payments to SpaceX include a $3.0 million refundable deposit made in the first quarter of 2014 for the reservation of additional future launches. | |||||||||||
Kosmotras | |||||||||||
In June 2011, the Company entered into an agreement with International Space Company Kosmotras (“Kosmotras”) as a supplemental launch service provider for Iridium NEXT (the “Kosmotras Agreement”). The Kosmotras Agreement originally provided for the purchase of up to six launches with options to purchase additional launches. Each launch can carry two satellites. In June 2013, the Company exercised an option for one launch to carry the first two Iridium NEXT satellites. If the Company does not exercise any additional options, the total cost under the contract including this single launch will be $51.8 million. As of September 30, 2014, the Company had made aggregate payments of $23.3 million to Kosmotras, which were capitalized within property and equipment, net in the accompanying condensed consolidated balance sheet. The option to purchase two dedicated launches expired as of December 31, 2013. By amendment dated April 21, 2014, the option to purchase the remaining three dedicated launches was extended through December 31, 2014. | |||||||||||
Credit Facility | |||||||||||
In October 2010, the Company entered into the Credit Facility with a syndicate of bank lenders (the “Lenders”). The Credit Facility was subsequently amended and restated in August 2012. In May 2014, the Company entered into a supplemental agreement (the “Supplemental Agreement”) with the Lenders under the Credit Facility to further amend and restate the Credit Facility. The Company had borrowed an aggregate total of $1,089.5 million as of September 30, 2014. The unused portion of the Credit Facility as of September 30, 2014 was $710.5 million. Pursuant to the Credit Facility, the Company maintains a minimum cash reserve for repayment. As of September 30, 2014, the minimum required cash reserve balance was $86.0 million. This amount is included in restricted cash in the accompanying condensed consolidated balance sheet. This minimum cash reserve requirement will increase over the term of the Credit Facility to $189.0 million in 2017. | |||||||||||
Interest costs incurred under the Credit Facility were $12.8 million and $37.3 million for the three and nine months ended September 30, 2014, respectively. All interest costs incurred related to the Credit Facility are capitalized during the construction period of the Iridium NEXT assets. The Company pays interest on each semi-annual due date through a combination of a cash payment and a deemed additional loan. Interest paid through deemed loans is included in the Company’s aggregate total borrowings under the Credit Facility of $1,089.5 million as of September 30, 2014. The following table presents interest activity for the Credit Facility for the nine months ended September 30, 2014 and 2013 payable via cash or deemed loan: | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2014 | |||||||||||
Cash | Deemed Loan | Total | |||||||||
(in thousands) | |||||||||||
Beginning interest payable | $ | 2,435 | $ | 5,543 | $ | 7,978 | |||||
Interest incurred | 11,419 | 25,906 | 37,325 | ||||||||
Interest payments | -7,271 | -16,542 | -23,813 | ||||||||
Ending interest payable | $ | 6,583 | $ | 14,907 | $ | 21,490 | |||||
Nine Months Ended | |||||||||||
September 30, 2013 | |||||||||||
Cash | Deemed Loan | Total | |||||||||
(in thousands) | |||||||||||
Beginning interest payable | $ | 1,630 | $ | 3,734 | $ | 5,364 | |||||
Interest incurred | 8,653 | 19,658 | 28,311 | ||||||||
Interest payments | -5,096 | -11,667 | -16,763 | ||||||||
Ending interest payable | $ | 5,187 | $ | 11,725 | $ | 16,912 | |||||
The Company is obligated to pay a cash commitment fee of 0.80% per year, in semi-annual installments, on any undrawn portion of the Credit Facility. During the nine months ended September 30, 2014, the Company paid $3.2 million as a semi-annual installment of the commitment fee. The commitment fee payable on the undrawn portion of the Credit Facility as of September 30, 2014 was $2.9 million and is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet. | |||||||||||
The Supplemental Agreement includes revised financial covenant levels. The Supplemental Agreement also delays, until 2017, a portion of the contributions that the Company had been scheduled to make during 2014, 2015 and 2016 to the debt service reserve account that the Company is required to maintain under the Credit Facility. The Supplemental Agreement delays $22 million of the Company’s 2014 contributions, $22 million of the Company’s 2015 contributions and $32 million of the Company’s 2016 contributions, for a total of $76 million. As of March 31, 2014, prior to the execution of the Supplemental Agreement, the minimum required cash reserve balance was $94.5 million. As of June 30, 2014 after the execution of the Supplemental Agreement, the minimum required cash reserve balance was reduced to $83.5 million. As a result of this reduction, $11.0 million was released from restricted cash to the Company during the three months ended June 30, 2014. In accordance with the Supplemental Agreement, as of September 30, 2014, the minimum cash reserve for debt service was $86.0 million and was maintained and classified as restricted cash on the accompanying condensed consolidated balance sheet. | |||||||||||
Contingencies | |||||||||||
From time to time, in the normal course of business, the Company is party to various pending claims and lawsuits. On October 7, 2014, Kappa Digital, LLC filed a complaint for patent infringement against the Company in the United States District Court for the Eastern District of Texas - Marshall Division. In this action, Kappa Digital alleges that the Company’s products, services and/or systems infringe on Kappa’s U.S. Patent entitled “Method And System For A Wireless Digital Message Service.” Kappa Digital is seeking a judgment that the Company has infringed on its patent and is seeking a permanent injunction enjoining the Company from further infringement, as well as damages, costs, expenses, interest and attorneys’ fees. The Company has not yet filed an answer to the complaint, and no discovery has occurred. As of the date of this report, the Company has not completed an assessment to determine the likelihood of an unfavorable outcome of the complaint as remote, reasonably possible, or probable and an amount of possible loss cannot be reasonably estimated. For additional information regarding the complaint, refer to the “Legal Proceedings” section of the Quarterly Report on Form 10-Q that includes these financial statements. | |||||||||||
The Company is not aware of any other actions that it would expect to have a material adverse impact on its business, financial results or financial condition. | |||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. Stock-Based Compensation | |
The Company accounts for stock-based compensation at fair value. The fair value of stock options is determined at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock units (“RSUs”) is equal to the closing price of the underlying common stock on the grant date. The fair value of an award that is ultimately expected to vest is recognized on a straight-line basis over the requisite service or performance period and is classified in the accompanying condensed consolidated statements of operations and comprehensive income in a manner consistent with the classification of the recipient’s compensation. Stock-based awards to non-employee consultants are expensed at their fair value as services are provided according to the terms of their agreements and are classified in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income. | |
During 2012, the Company’s stockholders approved a stock incentive plan (the “2012 Stock Incentive Plan”) to provide stock-based awards, including nonqualified stock options, incentive stock options, restricted stock and other equity securities, as incentives and rewards for employees, consultants and non-employee directors. As of September 30, 2014, 13,416,019 shares of common stock were authorized for issuance as awards under the 2012 Stock Incentive Plan. | |
In January 2014, members of the Company’s board of directors elected to receive a portion of their 2014 annual compensation in the form of equity awards, in an aggregate amount of approximately 112,000 stock options and 108,000 RSUs. These stock options and RSUs were granted in January 2014 and vest through the end of 2014, with 25% vesting on the last day of each calendar quarter. The estimated aggregate grant-date fair value of the stock options was $0.3 million. The estimated aggregate grant-date fair value of the RSUs was $0.7 million. In July 2014, a new member of the Company’s board of directors elected to receive a portion of his 2014 annual compensation in the form of equity awards, in an aggregate amount of approximately 20,000 stock options which vest through the end of 2014, with 33% vesting immediately upon grant and 33% and 34% vesting on September 30, 2014 and December 31, 2014, respectively. The estimated aggregate grant date fair value of the stock options was $0.1 million. | |
During the nine months ended September 30, 2014, the Company granted approximately 987,000 stock options and 786,000 service-based RSUs to its employees. Employee stock options and service-based RSUs generally vest over a four-year service period with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter. The estimated aggregate grant date fair values of the stock options and service-based RSUs granted during the nine months ended September 30, 2014 were $3.0 million and $5.1 million, respectively. | |
In addition, during the nine months ended September 30, 2014, the Company granted performance-based RSUs to its employees. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. In March 2014, the Company awarded approximately 207,000 performance-based RSUs to the Company’s executives (the “March 2014 RSUs”). Vesting of these March 2014 RSUs is dependent upon the Company’s achievement of defined performance goals over fiscal years 2014 and 2015. The number of March 2014 RSUs that will ultimately vest may range from 0% to 150% of the original grant based on the level of achievement of the performance goals. If the Company achieves the performance goals, 50% of the March 2014 RSUs will vest at the end of two years and the remaining 50% will vest at the end of the third year, subject to continued service. In June 2014, the Company awarded approximately 323,000 performance-based RSUs to its executives and employees (the “June 2014 RSUs”). Vesting of the June 2014 RSUs is dependent upon the Company’s achievement of defined performance goals for the 2014 fiscal year. The level of achievement, if any, of performance goals in connection with the June 2014 RSUs will be determined by the compensation committee. The Company expects this determination to occur in the first quarter of 2015. The estimated aggregate grant date fair values of the March 2014 RSUs and June 2014 RSUs granted during the nine months ended September 30, 2014 were $1.3 million and $2.6 million, respectively. | |
In June 2014, the Company granted 45,000 stock options to non-employee consultants. The stock options granted to consultants are generally subject to service vesting and vest quarterly over a two-year service period. The fair value of the consultant options is the then-current fair value attributable to the vesting portions of the awards, calculated using the Black-Scholes option pricing model. The estimated aggregate grant date fair value of the stock options granted to non-employee consultants during 2014 was $0.2 million. | |
Equity_Transactions_and_Instru
Equity Transactions and Instruments | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
6. Equity Transactions and Instruments | |
$7.00 Warrants | |
In connection with the Company’s initial public offering in February 2008, the Company sold 40.0 million units at a price of $10.00 per unit. Each unit consisted of one share of common stock and one common stock purchase warrant (a “$7.00 Warrant”). Each $7.00 Warrant entitled the holder to purchase from the Company one share of common stock at a price of $7.00 per share. On February 14, 2013, the remaining 655,499 outstanding and unexercised $7.00 Warrants expired in accordance with their terms. | |
$11.50 Warrants | |
On September 29, 2009, in connection with the acquisition of Iridium Holdings LLC, holders of approximately 14.4 million $7.00 Warrants exchanged their existing warrants for new warrants to purchase the Company’s common stock at an exercise price of $11.50 per share (the “$11.50 Warrants”). | |
The Company may redeem each of the $11.50 Warrants at a price of $0.01 upon 30 days prior notice, provided that the warrants are exercisable and the registration statement covering the common stock issuable upon exercise of the warrants remains effective and available, and provided further that such redemption can only be made if the closing price of the common stock is at least $18.00 per share for any 20 trading days within a 30-trading-day period ending on the third day prior to the date on which notice of redemption is given. If the registration statement is not still effective at the time of exercise, the holders of the $11.50 Warrants will not be entitled to exercise the warrants, and in no event (whether in the case of a registration statement not being effective or otherwise) will the Company be required to net cash settle any such warrant exercise. Consequently, the $11.50 Warrants may expire unexercised and unredeemed. The number of shares of the Company’s common stock issuable upon the exercise of each $11.50 Warrant is subject to adjustment from time to time upon the occurrence of specified events. As of September 30, 2014, 277,021 of the $11.50 Warrants remained outstanding. Any remaining outstanding $11.50 Warrants will expire in February 2015. | |
Preferred Stock | |
The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. As described below, the Company issued 1.0 million shares of preferred stock in the fourth quarter of 2012 and 0.5 million shares of preferred stock in the second quarter of 2014. The remaining 0.5 million authorized shares of preferred stock remain undesignated and unissued as of September 30, 2014. | |
Series A Cumulative Perpetual Convertible Preferred Stock | |
In the fourth quarter of 2012, the Company issued 1.0 million shares of its 7.00% Series A Cumulative Perpetual Convertible Preferred Stock (the “Series A Preferred Stock”) in a private offering. The Company received proceeds of $96.5 million from the sale of the Series A Preferred Stock, net of the aggregate $3.5 million in initial purchaser discount and offering costs. The net proceeds of this offering are being used to partially fund the construction and deployment of Iridium NEXT and for other general corporate purposes. | |
Holders of Series A Preferred Stock are entitled to receive cumulative cash dividends at a rate of 7.00% per annum of the $100 liquidation preference per share (equivalent to an annual rate of $7.00 per share). Dividends are payable quarterly in arrears on each March 15, June 15, September 15 and December 15. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. The Series A Preferred Stock ranks senior to the Company’s common stock and on parity with the Company’s Series B Preferred Stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding-up. Holders of Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in other specified circumstances. Holders of Series A Preferred Stock may convert some or all of their outstanding Series A Preferred Stock at an initial conversion rate of 10.6022 shares of common stock per $100 liquidation preference, which is equivalent to an initial conversion price of approximately $9.43 per share of common stock (subject to adjustment in certain events). | |
In 2013, the Company paid $7.0 million in cash dividends to its holders of Series A Preferred Stock. During the three and nine months ended September 30, 2014, the Company paid cash dividends of $1.8 million and $5.3 million, respectively, to holders of the Series A Preferred Stock. As of September 30, 2014, the Company has accrued $0.3 million in cash dividends for the holders of the Series A Preferred Stock, which is included within accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheet. | |
On or after October 3, 2017, the Company may, at its option, convert some or all of the Series A Preferred Stock into the number of shares of common stock that are issuable at the then-applicable conversion rate, subject to specified conditions. On or prior to October 3, 2017, the holders of Series A Preferred Stock will have a special right to convert some or all of the Series A Preferred Stock into shares of common stock in the event of fundamental changes described in the Certificate of Designations for the Series A Preferred Stock, subject to specified conditions and limitations. In certain circumstances, the Company may also elect to settle conversions in cash as a result of these fundamental changes. | |
Series B Cumulative Perpetual Convertible Preferred Stock | |
In May 2014, the Company issued 500,000 shares of its Series B Preferred Stock in an underwritten public offering at a price to the public of $250 per share. The purchase price received by the Company, equal to $242.50 per share, reflected an underwriting discount of $7.50 per share. The Company received proceeds of $120.8 million from the sale of the Series B Preferred Stock, net of the $3.8 million underwriter discount and $0.4 million of offering costs. The Company intends to use the net proceeds of this offering to partially fund the construction and deployment of Iridium NEXT and for other general corporate purposes. | |
Holders of Series B Preferred Stock are entitled to receive cumulative cash dividends at a rate of 6.75% per annum of the $250 liquidation preference per share (equivalent to an annual rate of $16.875 per share). Dividends are payable quarterly in arrears on each March 15, June 15, September 15 and December 15, beginning September 15, 2014. The Series B Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. The Series B Preferred Stock ranks senior to the Company’s common stock and pari passu with respect to the Company’s Series A Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up. Holders of Series B Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in other specified circumstances. Holders of Series B Preferred Stock may convert some or all of their outstanding Series B Preferred Stock at an initial conversion rate of 33.456 shares of common stock per $250 liquidation preference, which is equivalent to an initial conversion price of approximately $7.47 per share of common stock (subject to adjustment in certain events). | |
During the three and nine months ended September 30, 2014, the Company paid cash dividends of $2.9 million to holders of the Series B Preferred Stock. As of September 30, 2014, the Company has accrued $0.4 million in cash dividends for the holders of the Series B Preferred Stock, which is included within accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheet. | |
On or after May 15, 2019, the Company may, at its option, convert some or all of the Series B Preferred Stock into the number of shares of common stock that are issuable at the then-applicable conversion rate, subject to specified conditions. On or prior to May 15, 2019, in the event of certain specified fundamental changes, holders of the Series B Preferred Stock will have the right to convert some or all of their shares of Series B Preferred Stock into the greater of (i) a number of shares of the Company’s common stock as subject to adjustment plus the make-whole premium, if any, and (ii) a number of shares of the Company’s common stock equal to the lesser of (a) the liquidation preference divided by the market value of the Company’s common stock on the effective date of such fundamental change and (b) 81.9672 (subject to adjustment). In certain circumstances, the Company may elect to cash settle any conversions in connection with a fundamental change. | |
Common Stock | |
Registered Direct Public Offering | |
In May 2014, the Company issued 7,692,308 shares of its common stock in a registered direct public offering to certain investment funds affiliated with Baron Capital Group Inc. (“Baron”) at a price of $6.50 per share for aggregate gross proceeds of $50.0 million. The Company received proceeds of $49.9 million from the sale of the common stock to Baron, net of offering costs of $0.1 million. The Company intends to use the proceeds from this offering for general corporate purposes, which may include capital expenditures, including construction and deployment of the Iridium NEXT system, working capital and general and administrative expenses. | |
Under the stock purchase agreement entered into with Baron, Baron was entitled to receive additional shares if, during the 90-day period following the date of the stock purchase agreement, the Company issued or sold securities below specified prices. As a result of the Company’s public offering of common stock, described below, and its public offering of Series B Preferred Stock, described above, the Company delivered 504,413 additional shares of common stock to Baron on August 6, 2014. | |
Underwritten Public Offering | |
Concurrently with its public offering of Series B Preferred Stock in May 2014, the Company issued 8,483,608 shares of its common stock in an underwritten public offering, including 1,106,558 shares upon the underwriters’ exercise of their overallotment option in full, at a price to the public of $6.10 per share. The Company received proceeds of $49.0 million, net of the $2.6 million underwriting discount and $0.2 million of offering costs. | |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
7. Net Income Per Share | ||||||||
The Company calculates basic net income per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share takes into account the effect of potential dilutive common shares when the effect is dilutive. The effect of potential dilutive common shares, including common stock issuable upon exercise of outstanding stock options and stock purchase warrants, is computed using the treasury stock method. The effect of potential dilutive common shares issuable upon the conversion of the outstanding convertible preferred securities is computed using the as-if converted method at the stated conversion rate. The RSUs granted to members of the Company’s board of directors contain non-forfeitable rights to dividends and therefore are considered to be participating securities in periods of net income. The calculation of basic and diluted net income per share excludes net income attributable to the unvested RSUs from the numerator and excludes the impact of unvested RSUs from the denominator. | ||||||||
The computations of basic and diluted net income per share are set forth as follows: | ||||||||
Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator: | ||||||||
Net income attributable to common stockholders | $ | 16,529 | $ | 14,835 | ||||
Net income allocated to participating securities | -8 | -11 | ||||||
Numerator for basic net income per share | 16,521 | 14,824 | ||||||
Dividends on Series A Preferred Stock | 1,750 | 1,750 | ||||||
Dividends on Series B Preferred Stock | 2,109 | - | ||||||
Numerator for diluted net income per share | $ | 20,380 | $ | 16,574 | ||||
Denominator: | ||||||||
Denominator for basic net income per share - weighted average outstanding common shares | 94,048 | 76,962 | ||||||
Dilutive effect of stock options | 115 | 3 | ||||||
Dilutive effect of contingently issuable shares | 23 | 24 | ||||||
Dilutive effect of Series A Preferred Stock | 10,602 | 10,602 | ||||||
Dilutive effect of Series B Preferred Stock | 16,728 | - | ||||||
Denominator for diluted net income per share | 121,516 | 87,591 | ||||||
Net income per share attributable to common stockholders - basic | $ | 0.18 | $ | 0.19 | ||||
Net income per share attributable to common stockholders - diluted | $ | 0.17 | $ | 0.19 | ||||
For the three months ended September 30, 2014, warrants to purchase 0.3 million shares of common stock and options to purchase 1.7 million shares of common stock were not included in the computation of diluted net income per share as the effect would be anti-dilutive. For the three months ended September 30, 2014, 1.3 million unvested RSUs were excluded from the computation of basic and diluted net income per share. | ||||||||
For the three months ended September 30, 2013, warrants to purchase 0.3 million shares of common stock and options to purchase 4.8 million shares of common stock were not included in the computation of diluted net income per share as the effect would be anti-dilutive. Additionally, for the three months ended September 30, 2013, 0.9 million unvested RSUs were excluded from the computation of basic and diluted net income per share. | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator: | ||||||||
Net income attributable to common stockholders | $ | 43,489 | $ | 41,682 | ||||
Net income allocated to participating securities | -38 | -48 | ||||||
Numerator for basic net income per share | 43,451 | 41,634 | ||||||
Dividends on Series A Preferred Stock | - | 5,250 | ||||||
Dividends on Series B Preferred Stock | 3,211 | - | ||||||
Numerator for diluted net income per share | $ | 46,662 | $ | 46,884 | ||||
Denominator: | ||||||||
Denominator for basic net income per share - weighted average outstanding common shares | 86,037 | 76,877 | ||||||
Dilutive effect of warrants | - | 1 | ||||||
Dilutive effect of stock options | 26 | - | ||||||
Dilutive effect of contingently issuable shares | 50 | 52 | ||||||
Dilutive effect of Series A Preferred Stock | - | 10,602 | ||||||
Dilutive effect of Series B Preferred Stock | 8,578 | - | ||||||
Denominator for diluted net income per share | 94,691 | 87,532 | ||||||
Net income attributable to common stockholders per share - basic | $ | 0.51 | $ | 0.54 | ||||
Net income attributable to common stockholders per share - diluted | $ | 0.49 | $ | 0.54 | ||||
For the nine months ended September 30, 2014, warrants to purchase 0.3 million shares of common stock and options to purchase 3.9 million shares of common stock were not included in the computation of diluted net income per share as the effect would be anti-dilutive. In addition, for the nine months ended September 30, 2014, 10.6 million shares of Series A Preferred Stock, which represent the weighted-average number of shares of common stock calculated using the as-if converted method, were also excluded from the calculation of diluted net income per share, as the effect would be anti-dilutive. For the nine months ended September 30, 2014, 1.3 million unvested RSUs were excluded from the computation of basic and diluted net income per share. | ||||||||
For the nine months ended September 30, 2013, warrants to purchase 0.3 million shares of common stock and options to purchase 4.1 million shares of common stock were not included in the computation of diluted net income per share as the effect would be anti-dilutive. Additionally, for the nine months ended September 30, 2013, 0.5 million unvested RSUs were excluded from the computation of basic and diluted net income per share. | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||
Warranty Expense | |||||
The Company provides the first end-user purchaser of its subscriber equipment a warranty for one to five years from the date of purchase by such first end-user, depending on the product. The Company maintains a warranty reserve based on historical experience of warranty costs and expected occurrences of warranty claims on equipment. Costs associated with warranties, including equipment replacements, repairs, freight, and program administration, are recorded as cost of subscriber equipment in the accompanying condensed consolidated statements of operations and comprehensive income. Changes in the warranty reserve during the nine months ended September 30, 2014 were as follows: | |||||
Nine Months Ended | |||||
September 30, 2014 | |||||
(in thousands) | |||||
Balance at beginning of the period | $ | 8,853 | |||
Provision | 5,052 | ||||
Utilization | -5,502 | ||||
Balance at end of the period | $ | 8,403 | |||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||
Fair Value Measurements | |||||
The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by management of the Company. The instruments identified as subject to fair value measurements on a recurring basis are cash and cash equivalents, marketable securities, prepaid expenses and other current assets, accounts receivable, accounts payable, and accrued expenses and other current liabilities. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. The fair value hierarchy consists of the following tiers: | |||||
• | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||||
• | Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||
The carrying values of short-term financial instruments (primarily cash and cash equivalents, prepaid expenses, and other current assets, accounts receivable, accounts payable, and accrued expenses and other current liabilities) approximate their fair values because of their short-term nature. The fair value of the Company’s investments in money market funds approximates its carrying value; such instruments are classified as Level 1 and are included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. The fair value of the Company’s investments in commercial paper and short-term U.S. agency securities with original maturities of less than ninety days approximates their carrying value; such instruments are classified as Level 2 and are included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. | |||||
The fair value of the Company’s investments in fixed-income debt securities and commercial paper with original maturities of greater than ninety days are obtained using similar investments traded on active securities exchanges and are classified as Level 2 and are included in marketable securities on the accompanying condensed consolidated balance sheets. | |||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||
Depreciation Expense | |||||
The Company calculates depreciation expense using the straight line method and evaluates the appropriateness of the useful life used on a quarterly basis or as events occur that require additional assessment. In September 2014, the Company updated its analysis of the current satellites’ remaining useful lives based on the refinement of the launch schedule and deployment plan for the Company’s next-generation satellite constellation (“Iridium NEXT”). As a result, the estimated useful lives of the satellites within the current constellation have been extended and are consistent with the expected deployment of Iridium NEXT. The change in estimated useful life resulted in a decrease in depreciation expense for the three months ended September 30, 2014 compared to the prior-year period. The change in accounting estimate reduced the depreciation expense for the three months ended September 30, 2014 by $0.9 million and the change in estimate will have an impact on future periods. The Company will continue to evaluate the useful lives of its current satellites on an ongoing basis through the full deployment of Iridium NEXT as the satellites are placed into service. | |||||
Additionally, during the nine months ended September 30, 2014, the Company lost communication with three of its in-orbit satellites, one in the first quarter of 2014 and two in the third quarter of 2014. As a result, an impairment charge of $1.3 million and $2.2 million was recorded within depreciation expense for the three and nine months ended September 30, 2014, respectively. The Company had in-orbit spare satellites available to replace the lost satellites. The Company lost no satellites in 2013. The Company does not believe the loss of these satellites is an indicator of impairment of the constellation as of September 30, 2014. | |||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||
Changes in the warranty reserve during the nine months ended September 30, 2014 were as follows: | |||||
Nine Months Ended | |||||
September 30, 2014 | |||||
(in thousands) | |||||
Balance at beginning of the period | $ | 8,853 | |||
Provision | 5,052 | ||||
Utilization | -5,502 | ||||
Balance at end of the period | $ | 8,403 | |||
Cash_and_Cash_Equivalents_Rest1
Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | |||||||||||||
The following table summarizes the Company’s cash and cash equivalents: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash | $ | 133,546 | $ | 86,074 | ||||||||||
Money market funds | 159,109 | 88,769 | ||||||||||||
Commercial paper | 14,466 | 11,499 | ||||||||||||
Total cash and cash equivalents | $ | 307,121 | $ | 186,342 | ||||||||||
Marketable Securities [Table Text Block] | ' | |||||||||||||
The following tables summarize the Company’s marketable securities: | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
(in thousands) | ||||||||||||||
Fixed-income debt securities | $ | 133,561 | $ | 138 | $ | -179 | $ | 133,520 | ||||||
Commercial paper | 82,439 | - | - | 82,439 | ||||||||||
Total marketable securities | $ | 216,000 | $ | 138 | $ | -179 | $ | 215,959 | ||||||
As of December 31, 2013 | ||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
(in thousands) | ||||||||||||||
Fixed-income debt securities | $ | 57,048 | $ | 45 | $ | -61 | $ | 57,032 | ||||||
Commercial paper | 19,615 | - | - | 19,615 | ||||||||||
Total marketable securities | $ | 76,663 | $ | 45 | $ | -61 | $ | 76,647 | ||||||
Schedule of Investments Classified By Contractual Maturity Date [Table Text Block] | ' | |||||||||||||
The following tables present the contractual maturities of the Company’s marketable securities: | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Amortized | Fair | |||||||||||||
Cost | Value | |||||||||||||
(in thousands) | ||||||||||||||
Mature within one year | $ | 127,457 | $ | 127,515 | ||||||||||
Mature after one year and within three years | 88,543 | 88,444 | ||||||||||||
Total | $ | 216,000 | $ | 215,959 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Line Of Credit Facilities, Interest Payable [Table Text Block] | ' | ||||||||||
Interest paid through deemed loans is included in the Company’s aggregate total borrowings under the Credit Facility of $1,089.5 million as of September 30, 2014. The following table presents interest activity for the Credit Facility for the nine months ended September 30, 2014 and 2013 payable via cash or deemed loan: | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2014 | |||||||||||
Cash | Deemed Loan | Total | |||||||||
(in thousands) | |||||||||||
Beginning interest payable | $ | 2,435 | $ | 5,543 | $ | 7,978 | |||||
Interest incurred | 11,419 | 25,906 | 37,325 | ||||||||
Interest payments | -7,271 | -16,542 | -23,813 | ||||||||
Ending interest payable | $ | 6,583 | $ | 14,907 | $ | 21,490 | |||||
Nine Months Ended | |||||||||||
September 30, 2013 | |||||||||||
Cash | Deemed Loan | Total | |||||||||
(in thousands) | |||||||||||
Beginning interest payable | $ | 1,630 | $ | 3,734 | $ | 5,364 | |||||
Interest incurred | 8,653 | 19,658 | 28,311 | ||||||||
Interest payments | -5,096 | -11,667 | -16,763 | ||||||||
Ending interest payable | $ | 5,187 | $ | 11,725 | $ | 16,912 | |||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The computations of basic and diluted net income per share are set forth as follows: | ||||||||
Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator: | ||||||||
Net income attributable to common stockholders | $ | 16,529 | $ | 14,835 | ||||
Net income allocated to participating securities | -8 | -11 | ||||||
Numerator for basic net income per share | 16,521 | 14,824 | ||||||
Dividends on Series A Preferred Stock | 1,750 | 1,750 | ||||||
Dividends on Series B Preferred Stock | 2,109 | - | ||||||
Numerator for diluted net income per share | $ | 20,380 | $ | 16,574 | ||||
Denominator: | ||||||||
Denominator for basic net income per share - weighted average outstanding common shares | 94,048 | 76,962 | ||||||
Dilutive effect of stock options | 115 | 3 | ||||||
Dilutive effect of contingently issuable shares | 23 | 24 | ||||||
Dilutive effect of Series A Preferred Stock | 10,602 | 10,602 | ||||||
Dilutive effect of Series B Preferred Stock | 16,728 | - | ||||||
Denominator for diluted net income per share | 121,516 | 87,591 | ||||||
Net income per share attributable to common stockholders - basic | $ | 0.18 | $ | 0.19 | ||||
Net income per share attributable to common stockholders - diluted | $ | 0.17 | $ | 0.19 | ||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator: | ||||||||
Net income attributable to common stockholders | $ | 43,489 | $ | 41,682 | ||||
Net income allocated to participating securities | -38 | -48 | ||||||
Numerator for basic net income per share | 43,451 | 41,634 | ||||||
Dividends on Series A Preferred Stock | - | 5,250 | ||||||
Dividends on Series B Preferred Stock | 3,211 | - | ||||||
Numerator for diluted net income per share | $ | 46,662 | $ | 46,884 | ||||
Denominator: | ||||||||
Denominator for basic net income per share - weighted average outstanding common shares | 86,037 | 76,877 | ||||||
Dilutive effect of warrants | - | 1 | ||||||
Dilutive effect of stock options | 26 | - | ||||||
Dilutive effect of contingently issuable shares | 50 | 52 | ||||||
Dilutive effect of Series A Preferred Stock | - | 10,602 | ||||||
Dilutive effect of Series B Preferred Stock | 8,578 | - | ||||||
Denominator for diluted net income per share | 94,691 | 87,532 | ||||||
Net income attributable to common stockholders per share - basic | $ | 0.51 | $ | 0.54 | ||||
Net income attributable to common stockholders per share - diluted | $ | 0.49 | $ | 0.54 | ||||
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Significant Accounting Policies [Line Items] | ' |
Balance at beginning of the period | $8,853 |
Provision | 5,052 |
Utilization | -5,502 |
Balance at end of the period | $8,403 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Asset Impairment Charges | $1.30 | $2.20 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease) | $0.90 | ' |
Cash_and_Cash_Equivalents_Rest2
Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash | $133,546 | $86,074 | ' | ' |
Money market funds | 159,109 | 88,769 | ' | ' |
Commercial paper | 14,466 | 11,499 | ' | ' |
Total cash and cash equivalents | $307,121 | $186,342 | $196,997 | $254,418 |
Cash_and_Cash_Equivalents_Rest3
Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Marketable securities: | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $216,000 | $76,663 |
Available-for-sale Securities, Gross Unrealized Gains | 138 | 45 |
Available-for-sale Securities, Gross Unrealized Losses | -179 | -61 |
Available-for-sale Securities | 215,959 | 76,647 |
Commercial Paper [Member] | ' | ' |
Marketable securities: | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 82,439 | 19,615 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 82,439 | 19,615 |
Fixed Income Debt Securities [Member] | ' | ' |
Marketable securities: | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 133,561 | 57,048 |
Available-for-sale Securities, Gross Unrealized Gains | 138 | 45 |
Available-for-sale Securities, Gross Unrealized Losses | -179 | -61 |
Available-for-sale Securities | $133,520 | $57,032 |
Cash_and_Cash_Equivalents_Rest4
Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed-income debt securities: | ' | ' |
Mature within one year - Amortized Cost | $127,457 | ' |
Mature within one year - Estimated Fair Value | 127,515 | ' |
Mature after one year and within three years - Amortized Cost | 88,543 | ' |
Mature after one year and within three years - Estimated Fair Value | 88,444 | ' |
Total - Amortized Cost | 216,000 | 76,663 |
Total - Estimated Fair Value | $215,959 | $76,647 |
Cash_and_Cash_Equivalents_Rest5
Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | $86,086,000 | $81,223,000 |
Line Of Credit Facility, Maximum Borrowing Capacity | 1,800,000,000 | ' |
Available-for-sale Securities, Gross Unrealized Loss, Total | $179,000 | $61,000 |
Series B Preferred Stock [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 6.75% | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments And Contingencies [Line Items] | ' | ' |
Beginning interest payable, Total | $7,989 | $5,364 |
Interest incurred, Total | 37,325 | 28,311 |
Interest payments, Total | -23,813 | -16,763 |
Ending interest payable, Total | 21,490 | 16,912 |
Beginning interest payable, Cash | 2,435 | 1,630 |
Interest incurred, Cash | 11,419 | 8,653 |
Interest payments, Cash | -7,271 | -5,096 |
Ending interest payable, Cash | 6,583 | 5,187 |
Beginning interest payable, Deemed Loan | 5,543 | 3,734 |
Interest incurred, Deemed Loan | 25,906 | 19,658 |
Interest payments, Deemed Loan | -16,542 | -11,667 |
Ending interest payable, Deemed Loan | $14,907 | $11,725 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Jun. 30, 2010 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | |
FSD [Member] | Thales Alenia Space France [Member] | Space Exploration Technologies Corp [Member] | Space Exploration Technologies Corp [Member] | Kosmotras [Member] | Kosmotras [Member] | |||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction in Progress, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,126,800,000 | ' | $104,400,000 | $23,300,000 | ' |
Maximum Commitments Amount | ' | ' | ' | ' | ' | ' | ' | 453,100,000 | ' | ' | ' | ' | ' | ' |
Commitments Price For Design and Build Of Satellites | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | ' | ' | ' |
Refundable Deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Credit facility | 1,089,540,000 | ' | 1,089,540,000 | 1,089,540,000 | ' | ' | 1,039,203,000 | ' | ' | ' | ' | ' | ' | ' |
Unused Portion Credit Facility | 710,500,000 | ' | 710,500,000 | 710,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Required Cash Reserve Balance For Credit Facility | 86,000,000 | ' | 86,000,000 | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Required Cash Reserve Balance For Credit Facility At Beginning Of Repayment Period | ' | ' | ' | 189,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 12,800,000 | ' | ' | 37,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | 0.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Commitment Fee Payable | 2,900,000 | ' | 2,900,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Obligation Amount For Single Launch | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,800,000 |
Construction In Progress Funded By Credit Facility | 957,800,000 | ' | 957,800,000 | 957,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Restricted For Debt Service Reserve Decreases | ' | 11,000,000 | 11,000,000 | 11,009,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Invoice Received Payment Term Description | ' | ' | ' | 'The Company currently uses the Credit Facility to pay 85% of each invoice received from Thales under the FSD with the remaining 15% funded from cash on hand. Once the Credit Facility is fully drawn, the Company expects to pay 100% of each invoice received from Thales from cash and marketable securities on hand as well as internally generated cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Minimum Cash Reserve Required Prior To Execution Of Supplemental Agreement | ' | ' | ' | ' | ' | 94,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Minimum Cash Reserve Required After To Execution Of Supplemental Agreement | ' | 83,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Delay of Contributions to Debt Service Reserve Account, Description | ' | ' | ' | 'The Supplemental Agreement delays $22 million of the Companys 2014 contributions, $22 million of the Companys 2015 contributions and $32 million of the Companys 2016 contributions, for a total of $76 million | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Commitment Fee Paid Amount | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents, Noncurrent | $86,086,000 | ' | $86,086,000 | $86,086,000 | ' | ' | $81,223,000 | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Subsequent Event [Member] | Non Employee [Member] | Non Employee [Member] | Non Employee [Member] | 2012 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Service Based RSU [Member] | Performance Based RSU [Member] | Performance Based RSU [Member] | Performance Based RSU [Member] | March 2014 Restricted Stock Units [Member] | June 2014 Restricted Stock Units [Member] | |||
Non Employee [Member] | Non Employee [Member] | Employee [Member] | Executives [Member] | Employee [Member] | Employee [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Shares Stock Incentive Plan Newly Authorized | ' | ' | ' | ' | ' | ' | 13,416,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant Date Fair Value Of Stock Options | ' | ' | ' | $0.10 | $0.30 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant Date Fair Value Of Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | 1.3 | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | 20,000 | 112,000 | 45,000 | ' | 987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000 | ' | 786,000 | ' | 323,000 | 207,000 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Vesting Range Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Vesting Range Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' |
Percentage Of Restricted Stock Units Awards Vested After Two Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Percentage Of Restricted Stock Units Awards Vested After Third Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Quarterly Vesting Percentage | ' | ' | ' | 33.00% | 25.00% | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' |
First Anniversary Vesting Percentage | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | 33.00% | 34.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Aggregate Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $3 | $5.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Transactions_and_Instru1
Equity Transactions and Instruments (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 14, 2013 | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | 14-May-14 | 31-May-14 | 14-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2008 | Sep. 29, 2009 | Sep. 30, 2014 | Dec. 31, 2009 | 14-May-14 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | |
Baron Capital Group Inc [Member] | Common Stock [Member] | Common Stock [Member] | Public Offering [Member] | Public Offering [Member] | Underwriter [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Cumulative Convertible Perpetual Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | 7.00 Warrants [Member] | 7.00 Warrants [Member] | 11.50 Warrants [Member] | 11.50 Warrants [Member] | 11.50 Warrants [Member] | Private Offering [Member] | Private Offering [Member] | Private Offering [Member] | Private Offering [Member] | Private Offering [Member] | ||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Public Offering [Member] | Underwriter [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Units Of Initial Public Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Price Per Unit Of Initial Public Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Price Per Share Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 | ' | ' | ' | $11.50 | ' | ' | ' | ' | ' |
Price Per Share Of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 | ' | ' | $11.50 | ' | ' | ' | ' | ' |
Shares Of Warrants Outstanding | 655,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unexercised Warrants Price Per Share | $7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Price Per Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' |
Number Of Warrants Exchange For New Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Redemption Price Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'closing price of the common stock is at least $18.00 per share for any 20 trading days within a 30-trading-day period | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 277,021 | ' | ' | ' | ' | ' | ' |
Class Of Warrant Exercise Price Of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.50 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' | 500,000 | 500,000 | ' | 500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 1,000,000 | ' |
Convertible Perpetual Preferred Discount On Issue Of Shares Including Offering Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' |
Net Proceeds From Issuance Of Convertible Preferred Stock | ' | ' | 120,753,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,800,000 | ' | 96,500,000 | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 |
Preferred Stock Conversion Rate | ' | ' | 10.6022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.456 | 33.456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Convertible Conversion Price | ' | ' | $9.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.47 | $7.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par Or Stated Value Per Share | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | ' | $0.00 | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Shares Authorized Undesignated And Unissued | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' |
Preferred Stock, Discount on Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' |
Preferred Stock Purchase Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $242.50 | ' | ' | ' |
Convertible Preferred Stock, Terms of Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On or prior to May 15, 2019, in the event of a fundamental change, holders of the Series B Preferred Stock will have the right to convert some or all of their shares of Series B Preferred Stock into the greater of (i) a number of shares of the Companys common stock as subject to adjustmentplus the make-whole premium, if any, and (ii) a number of shares of the Companys common stock equal to the lesser of (a) the liquidation preference divided by the market value of the Companys common stock on the effective date of such fundamental change and (b) 81.9672 (subject to adjustment). In certain circumstances, the Company may elect to cash settle any conversions in connection with a fundamental change | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 7,692,308 | ' | ' | 504,413 | ' | ' | 8,483,608 | ' | 1,106,558 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchase Price Per Share | ' | ' | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.10 | ' | ' | ' | ' |
Proceeds From Issuance Of Common Stock Gross | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Purchase Agreement Commencing Start Date | ' | ' | ' | ' | ' | ' | 3-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Purchase Agreement Commencing End Date | ' | ' | ' | ' | ' | ' | 31-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' |
Other Underwriting Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Convertible Perpetual Preferred Discount Per Share on Issue of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | 49,900,000 | 98,897,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | 2,900,000 | 0 | ' | 100,000 | ' | ' | ' | ' | ' | ' | 4,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' | 500,000 | 500,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price Per Share Of Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment Of Underwriters Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | $5,300,000 | $7,000,000 | ' | $2,900,000 | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to common stockholders | $16,529 | $14,835 | $43,489 | $41,682 |
Net income allocated to participating securities | -8 | -11 | -38 | -48 |
Numerator for basic net income per share | 16,521 | 14,824 | 43,451 | 41,634 |
Numerator for diluted net income per share | 20,380 | 16,574 | 46,662 | 46,884 |
Denominator: | ' | ' | ' | ' |
Denominator for basic net income per share - weighted average outstanding common shares | 94,048 | 76,962 | 86,037 | 76,877 |
Dilutive effect of contingently issuable shares | 23 | 24 | 50 | 52 |
Denominator for diluted net income per share | 121,516 | 87,591 | 94,691 | 87,532 |
Net income per share attributable to common stockholders - basic (in dollars per share) | $0.18 | $0.19 | $0.51 | $0.54 |
Net income per share attributable to common stockholders - diluted (in dollars per share) | $0.17 | $0.19 | $0.49 | $0.54 |
Warrant [Member] | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Dilutive effect | ' | ' | 0 | 1 |
Equity Option [Member] | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Dilutive effect | 115 | 3 | 26 | 0 |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' |
Dividends on Preferred Stock | 1,750 | 1,750 | 0 | 5,250 |
Denominator: | ' | ' | ' | ' |
Dilutive effect of Preferred Stock | 10,602 | 10,602 | 0 | 10,602 |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' |
Dividends on Preferred Stock | $2,109 | $0 | $3,211 | $0 |
Denominator: | ' | ' | ' | ' |
Dilutive effect of Preferred Stock | 16,728 | 0 | 8,578 | 0 |
Net_Income_Per_Share_Details_T
Net Income Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Series Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 10.6 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 0.9 | 1.3 | 0.5 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.3 | 0.3 | 0.3 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.7 | 4.8 | 3.9 | 4.1 |