DEI Document
DEI Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 17, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Opko Health, Inc. | ||
Entity Central Index Key | 944,809 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | true | ||
Amendment Description | This Amendment is being filed to amend Part IV - Exhibit 15 - Exhibits, Financial Statement Schedules of the original filing to include the financial statement schedule entitled "Schedule I - Condensed Financial Information of Registrant." | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,877,294,326 | ||
Entity Common Stock, Shares Outstanding | 545,840,064 |
Parent Company Condensed Balanc
Parent Company Condensed Balance Sheets - Parent Company - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 97,647 | $ 69,218 |
Prepaid expenses and other current assets | 4,306 | 962 |
Total current assets | 101,953 | 70,180 |
Property, plant and equipment, net | 225 | 217 |
Investments, net | 1,932,731 | 906,447 |
Other assets | 427 | 1,642 |
Total assets | 2,035,336 | 978,486 |
Current liabilities: | ||
Accounts payable | 1,266 | 370 |
Accrued expenses | 4,342 | 3,344 |
Current portion of notes payable | 522 | 1,174 |
Total current liabilities | 6,130 | 4,888 |
2033 Senior Notes and estimated fair value of embedded derivatives, net of discount | 49,412 | 131,454 |
Total long-term liabilities | 49,412 | 131,454 |
Total liabilities | 55,542 | 136,342 |
Equity: | ||
Common Stock - $0.01 par value, 750,000,000 shares authorized; 546,188,516 and 433,421,677 shares issued at December 31, 2015 and 2014, respectively | 5,462 | 4,334 |
Treasury Stock, at cost - 1,120,367 and 1,245,367 shares at December 31, 2015 and 2014, respectively | (3,645) | (4,051) |
Additional paid-in capital | 2,705,385 | 1,529,096 |
Accumulated other comprehensive loss | (22,537) | (12,392) |
Accumulated deficit | (704,871) | (674,843) |
Total shareholders’ equity | 1,979,794 | 842,144 |
Total liabilities and equity | $ 2,035,336 | $ 978,486 |
Parent Company Condensed Balan3
Parent Company Condensed Balance Sheets (Paranthetical) - Parent Company - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common Stock, shares issued (in shares) | 546,188,516 | 433,421,677 |
Treasury stock, shares (in shares) | 1,120,367 | 1,245,367 |
Parent Company Condensed Statem
Parent Company Condensed Statements of Income - Parent Company - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Revenue from products | $ 140 | $ 240 | $ 240 |
Revenue from transfer of intellectual property and other | 154 | 0 | 12,500 |
Total revenues | 294 | 240 | 12,740 |
Costs and expenses: | |||
Costs of revenue | 798 | 252 | 55 |
Selling, general and administrative | 47,708 | 27,809 | 24,351 |
Research and development | 8,496 | 5,227 | 3,792 |
Total costs and expenses | 57,002 | 33,288 | 28,198 |
Operating loss | (56,708) | (33,048) | (15,458) |
Other income and (expense), net: | |||
Interest income | 5 | 42 | 221 |
Interest expense | (5,347) | (11,325) | (11,906) |
Fair value changes of derivative instruments, net | (39,442) | (11,019) | (45,991) |
Other income (expense), net | 2,141 | 2,832 | 34,107 |
Other income and (expense), net | (42,643) | (19,470) | (23,569) |
Loss before income taxes and investment losses | (99,351) | (52,518) | (39,027) |
Income tax benefit (provision) | 0 | 0 | (1,149) |
Loss before investment losses | (99,351) | (52,518) | (40,176) |
Loss from investments in investees | (7,105) | (3,587) | (11,456) |
Net income (loss) from subsidiaries, net of taxes | 76,428 | (115,561) | (62,775) |
Net loss | (30,028) | (171,666) | (114,407) |
Preferred stock dividend | 0 | 0 | (420) |
Net loss attributable to common shareholders | $ (30,028) | $ (171,666) | $ (114,827) |
Parent Company Condensed State5
Parent Company Condensed Statements of Comprehensive Income - Parent Company - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (30,028) | $ (171,666) | $ (114,407) |
Other comprehensive income (loss), net of tax: | |||
Change in foreign currency translation and other comprehensive income (loss) from equity investments | (15,074) | (8,088) | (1,825) |
Available for sale investments: | |||
Change in unrealized gain (loss), net of tax | (2,378) | (8,044) | 2,467 |
Less: reclassification adjustments for (gains) losses included in net loss, net of tax | 7,307 | 322 | (4,580) |
Comprehensive loss | (40,173) | (187,476) | (118,345) |
Preferred stock dividend | 0 | 0 | (420) |
Comprehensive loss attributable to common shareholders | $ (40,173) | $ (187,476) | $ (118,765) |
Parent Company Condensed State6
Parent Company Condensed Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Change in fair value of derivative instruments | $ (36,587) | $ (12,213) | |
Notes | Notes Due February 1, 2033 | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Gain on conversion of 3.00% convertible senior notes | (900) | ||
Parent Company | |||
Cash flows from operating activities: | |||
Net loss | (30,028) | (171,666) | $ (114,407) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 85 | 97 | 149 |
Non-cash interest on 2033 Senior Notes | 2,612 | 5,662 | 5,980 |
Amortization of deferred financing costs | 1,212 | 2,007 | 1,170 |
Losses from investments in investees | 7,105 | 3,587 | 11,456 |
(Income) loss from subsidiaries | (76,428) | 115,561 | 62,775 |
Equity-based compensation – employees and non-employees | 26,074 | 14,779 | 10,983 |
Revenue from receipt of equity | 0 | 0 | (12,740) |
Realized gain on sale of equity securities | 7,091 | 167 | (29,881) |
Gain on conversion of 3.00% convertible senior notes | (943) | (2,668) | (972) |
Change in fair value of derivative instruments | 39,442 | 11,019 | 45,991 |
Gain on deconsolidation of SciVac | (15,940) | 0 | 0 |
Changes in other assets and liabilities | (15,640) | (5,627) | 2,264 |
Net cash used in operating activities | (55,358) | (27,082) | (17,232) |
Cash flows from investing activities: | |||
Investments in investees | (4,375) | (589) | (17,441) |
Subsidiary financing | 62,471 | (85,386) | (36,151) |
Proceeds from sale of equity securities | 0 | 1,331 | 30,556 |
Acquisition of businesses, net of cash acquired | (138) | (231) | (300) |
Capital expenditures | (92) | (18) | (236) |
Net cash provided by (used in) investing activities | 57,866 | (84,893) | (23,572) |
Cash flows from financing activities: | |||
Issuance of 2033 Senior Notes, net, including related parties | 0 | 0 | 170,184 |
Payment of Series D dividends, including related parties | 0 | 0 | (3,015) |
Proceeds from the exercise of Common Stock options and warrants | 25,921 | 12,928 | 23,425 |
Net cash provided by financing activities | 25,921 | 12,928 | 190,594 |
Net increase (decrease) in cash and cash equivalents | 28,429 | (99,047) | 149,790 |
Cash and cash equivalents at beginning of period | 69,218 | 168,265 | 18,475 |
Cash and cash equivalents at end of period | 97,647 | 69,218 | 168,265 |
SUPPLEMENTAL INFORMATION: | |||
Interest paid | 2,175 | 3,686 | 2,640 |
RXi common stock received | 0 | 0 | 12,500 |
Pharmsynthez common stock received | 0 | 6,264 | 0 |
Non-cash financing: | |||
Shares issued upon the conversion of Common Stock options and warrants, surrendered in net exercise | 14,369 | 3,494 | 815 |
Parent Company | Bio-Reference Laboratories, Inc. | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 950,148 | 0 | 0 |
Parent Company | EirGen Pharma Limited | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 33,569 | 0 | 0 |
Parent Company | OPKO Biologics | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 0 | 0 | 586,643 |
Parent Company | OPKO Renal | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 20,113 | 21,155 | 146,902 |
Parent Company | OPKO Brazil | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 0 | 0 | 436 |
Parent Company | OPKO Health Europe | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 1,813 | 0 | 4,404 |
Parent Company | OPKO Uruguay Ltda. | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 0 | 159 | 0 |
Parent Company | Inspiro | |||
Issuance of capital stock to acquire or contingent consideration settlement: | |||
Capital stock issued | 0 | 8,566 | 0 |
Parent Company | Conversion of Series D Preferred Stock | |||
Non-cash financing: | |||
Shares issued, amount | 0 | 0 | 24,386 |
Parent Company | Conversion of Senior Notes | |||
Non-cash financing: | |||
Shares issued, amount | $ 120,299 | $ 95,665 | $ 20,839 |
Parent Company Condensed State7
Parent Company Condensed Statements of Cash Flows (Parenthetical) | Dec. 31, 2015 |
Parent Company | Notes | Notes Due February 1, 2033 | |
Interest rate of notes payable | 3.00% |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation We are a diversified healthcare company that seeks to establish industry-leading positions in large and rapidly growing medical markets. The parent company condensed financial statements included in this Schedule I represent the financial statements of OPKO Health, Inc., the parent company (or "OPKO"), on a stand-alone basis and do not include results of operations from our consolidated subsidiaries. The parent company condensed financial statements should be read in conjunction with our audited consolidated financial statements included in our Form 10-K filed on February 29, 2016. As of December 31, 2015 and 2014, approximately $1.9 billion and $0.9 billion , respectively, of our Investments, net have not been eliminated in the parent company condensed financial statements. The parent company condensed financial statements included herein have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as substantially all the assets of Bio-Reference, a wholly owned subsidiary, and its subsidiaries are restricted from sale, transfer, lease, disposal or distributions to OPKO under the credit agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"), subject to certain exceptions. Bio-Reference and its subsidiaries' net assets as of December 31, 2015 were approximately $1.0 billion , which includes goodwill of $441.2 million and intangible assets of $528.3 million . Bio-Reference's restricted net assets exceeds 25% of OPKO's consolidated net assets of $2.0 billion as of December 31, 2015. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt In January 2013, we entered into note purchase agreements (the “2033 Senior Notes”) with qualified institutional buyers and accredited investors (collectively, the “Purchasers”) in a private placement in reliance on exemptions from registration under the Securities Act of 1933, (the “Securities Act”). The Purchasers of the 2033 Senior Notes include Frost Gamma Investments Trust, a trust affiliated with Dr. Phillip Frost, our Chief Executive Officer, and Hsu Gamma Investment, L.P., an entity affiliated with Dr. Jane H. Hsiao, our Vice Chairman and Chief Technology Officer. The 2033 Senior Notes were issued on January 30, 2013 . The 2033 Senior Notes, which totaled $175.0 million in original principal amount, bear interest at the rate of 3.00% per year, payable semiannually on February 1 and August 1 of each year. The 2033 Senior Notes will mature on February 1, 2033 , unless earlier repurchased, redeemed or converted. Upon a fundamental change as defined in the Indenture, dated as of January 30, 2013, by and between the Company and Wells Fargo Bank N.A., as trustee, governing the 2033 Senior Notes (the "Indenture"), subject to certain exceptions, the holders may require us to repurchase all or any portion of their 2033 Senior Notes for cash at a repurchase price equal to 100% of the principal amount of the 2033 Senior Notes being repurchased, plus any accrued and unpaid interest to but not including the related fundamental change repurchase date. The following table sets forth information related to the 2033 Senior Notes which is included in our Condensed Balance Sheets as of December 31, 2015 : (In thousands) Embedded conversion option 2033 Senior Notes Discount Total Balance at December 31, 2014 $ 65,947 $ 87,642 $ (22,135 ) $ 131,454 Amortization of debt discount — — 2,613 2,613 Change in fair value of embedded derivative 36,587 — — 36,587 Conversion (78,797 ) (55,442 ) 12,997 (121,242 ) Balance at December 31, 2015 $ 23,737 $ 32,200 $ (6,525 ) $ 49,412 The following table sets forth information related to the 2033 Senior Notes which is included in our Condensed Balance Sheets as of December 31, 2014 : (In thousands) Embedded conversion option 2033 Senior Notes Discount Total Balance at December 31, 2013 $ 101,087 $ 158,064 $ (47,239 ) $ 211,912 Amortization of debt discount — — 5,662 5,662 Change in fair value of embedded derivative 12,213 — — 12,213 Conversion (47,353 ) (70,422 ) 19,442 (98,333 ) Balance at December 31, 2014 $ 65,947 $ 87,642 $ (22,135 ) $ 131,454 The 2033 Senior Notes will be convertible at any time on or after November 1, 2032, through the second scheduled trading day immediately preceding the maturity date, at the option of the holders. Additionally, holders may convert their 2033 Senior Notes prior to the close of business on the scheduled trading day immediately preceding November 1, 2032, under the following circumstances: (1) conversion based upon satisfaction of the trading price condition relating to the 2033 Senior Notes; (2) conversion based on the Common Stock price; (3) conversion based upon the occurrence of specified corporate events; or (4) if we call the 2033 Senior Notes for redemption. The 2033 Senior Notes will be convertible into cash, shares of our Common Stock, or a combination of cash and shares of Common Stock, at our election unless we have made an irrevocable election of net share settlement. The initial conversion rate for the 2033 Senior Notes is 141.4827 shares of Common Stock per $1,000 principal amount of 2033 Senior Notes (equivalent to an initial conversion price of approximately $7.07 per share of Common Stock), and will be subject to adjustment upon the occurrence of certain events. In addition, we will, in certain circumstances, increase the conversion rate for holders who convert their 2033 Senior Notes in connection with a make-whole fundamental change (as defined in the Indenture) and holders who convert upon the occurrence of certain specific events prior to February 1, 2017 (other than in connection with a make-whole fundamental change). Holders of the 2033 Senior Notes may require us to repurchase the 2033 Senior Notes for 100% of their principal amount, plus accrued and unpaid interest, on February 1, 2019, February 1, 2023 and February 1, 2028, or following the occurrence of a fundamental change as defined in the indenture governing the 2033 Senior Notes. We may not redeem the 2033 Senior Notes prior to February 1, 2017. On or after February 1, 2017 and before February 1, 2019, we may redeem for cash any or all of the 2033 Senior Notes but only if the last reported sale price of our Common Stock exceeds 130% of the applicable conversion price for at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date on which we deliver the redemption notice. The redemption price will equal 100% of the principal amount of the 2033 Senior Notes to be redeemed, plus any accrued and unpaid interest to but not including the redemption date. On or after February 1, 2019, we may redeem for cash any or all of the 2033 Senior Notes at a redemption price of 100% of the principal amount of the 2033 Senior Notes to be redeemed, plus any accrued and unpaid interest up to but not including the redemption date. The terms of the 2033 Senior Notes, include, among others: (i) rights to convert into shares of our Common Stock, including upon a fundamental change; and (ii) a coupon make-whole payment in the event of a conversion by the holders of the 2033 Senior Notes on or after February 1, 2017 but prior to February 1, 2019. We have determined that these specific terms are considered to be embedded derivatives. Embedded derivatives are required to be separated from the host contract, the 2033 Senior Notes, and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. We have concluded that the embedded derivatives within the 2033 Senior Notes meet these criteria and, as such, must be valued separate and apart from the 2033 Senior Notes and recorded at fair value each reporting period. For accounting and financial reporting purposes, we combine these embedded derivatives and value them together as one unit of accounting. At each reporting period, we record these embedded derivatives at fair value which is included as a component of the 2033 Senior Notes on our Condensed Balance Sheets. On August 30, 2013, one of the conversion rights in the 2033 Senior Notes was triggered. Holders of the 2033 Senior Notes converted $16.9 million principal amount into 2,396,145 shares of our Common Stock at a rate of 141.48 shares of Common Stock per $1,000 principal amount of 2033 Senior Notes. We recorded a $1.0 million non-cash gain related to the conversion. The gain on exchange is included within Other income (expense), net on our Condensed Statements of Income. In June 2014, we entered into an exchange agreement with a holder of the Company’s 2033 Senior Notes pursuant to which such holder exchanged $70.4 million in aggregate principal amount of Notes for 10,974,431 shares of the Company’s Common Stock and approximately $0.8 million in cash representing accrued interest through the date of completion of the exchange. We recorded a $2.7 million non-cash gain related to the exchange. On April 1, 2015, we initially announced that our 2033 Senior Notes are convertible by holders of such notes and on July 1, 2015, October 1, 2015 and January 5, 2016, we announced that our 2033 Senior Notes continue to be convertible by holders of such notes during the third quarter of 2015, the fourth quarter of 2015 and the first quarter of 2016, respectively. We have elected to satisfy our conversion obligation under the 2033 Senior Notes in shares of our Common Stock. This conversion right was triggered because the closing price per share of our Common Stock exceeded $9.19 , or 130% of the initial conversion price of $7.07 , for at least 20 of 30 consecutive trading days during the applicable measurement periods. Pursuant to the Indenture, a holder who elects to convert the 2033 Senior Notes will receive 141.4827 shares of our Common Stock plus such number of additional shares as is applicable on the conversion date per $1,000 principal amount of 2033 Senior Notes based on the early conversion provisions in the Indenture. During 2015, pursuant to the conversion right or through exchange agreements we entered with certain holders of our 2033 Senior Notes, holders of our 2033 Senior Notes converted or exchanged $55.4 million in aggregate principal amount of 2033 Senior Notes for 8,118,062 shares of the Company’s Common Stock. We recorded a $0.9 million non-cash gain related to the conversion and exchanges. The gain is included within Other income (expense), net in our Condensed Statements of Income. In November 2015, our wholly owned subsidiary, Bio-Reference Laboratories, and certain of its subsidiaries entered into the Credit Agreement with JPMorgan Chase Bank, which provides for a $175.0 million secured revolving credit facility and includes a $20.0 million sub-facility for swingline loans and a $20.0 million sub-facility for the issuance of letters of credit. The Credit Agreement matures on November 5, 2020 and is secured by substantially all assets of Bio-Reference and its domestic subsidiaries, as well as a non-recourse pledge by us of our equity interest in Bio-Reference. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We have no significant direct commitments and contingencies, but our subsidiaries do. See Note 13 of our consolidated financial statements in our Annual Report on Form 10-K. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Dividends | Dividends We did not receive any dividend payments from our consolidated subsidiaries for the years ended December 31, 2015, 2014 and 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Taxes The parent company condensed financial statements recognize the current and deferred income tax consequences that result from our activities during the current and preceding periods pursuant to the provisions of Accounting Standards Codification Topic 740, Income Taxes (ASC 740), as if we were a separate taxpayer rather than a member of the consolidated income tax return group. The tax expense and benefit recorded in OPKO's consolidated financial statements was the result of activity at the subsidiaries and therefore all tax benefit and expense was reported in the Net income (loss) from subsidiaries, net of taxes line in the Condensed Statements of Income. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Amounts, Unamortized Discount and Net Carrying Amounts | The following table sets forth information related to the 2033 Senior Notes which is included in our Condensed Balance Sheets as of December 31, 2015 : (In thousands) Embedded conversion option 2033 Senior Notes Discount Total Balance at December 31, 2014 $ 65,947 $ 87,642 $ (22,135 ) $ 131,454 Amortization of debt discount — — 2,613 2,613 Change in fair value of embedded derivative 36,587 — — 36,587 Conversion (78,797 ) (55,442 ) 12,997 (121,242 ) Balance at December 31, 2015 $ 23,737 $ 32,200 $ (6,525 ) $ 49,412 The following table sets forth information related to the 2033 Senior Notes which is included in our Condensed Balance Sheets as of December 31, 2014 : (In thousands) Embedded conversion option 2033 Senior Notes Discount Total Balance at December 31, 2013 $ 101,087 $ 158,064 $ (47,239 ) $ 211,912 Amortization of debt discount — — 5,662 5,662 Change in fair value of embedded derivative 12,213 — — 12,213 Conversion (47,353 ) (70,422 ) 19,442 (98,333 ) Balance at December 31, 2014 $ 65,947 $ 87,642 $ (22,135 ) $ 131,454 |
Organization and Basis of Pre14
Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Net assets | $ 2,000 | |
Consolidation, Eliminations | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Long-term Investments | 1,900 | $ 900 |
Bio-Reference Laboratories, Inc. | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Net assets | 1,000 | |
Goodwill | 441.2 | |
Intangible assets | $ 528.3 |
Debt - Textual (Details)
Debt - Textual (Details) | Apr. 01, 2015d$ / shares | Aug. 30, 2013USD ($) | Aug. 30, 2013USD ($) | Aug. 30, 2013USD ($)shares | Aug. 30, 2013USD ($)conversion_right | Aug. 30, 2013USD ($)Rate | Jun. 30, 2014USD ($)shares | Jan. 31, 2013USD ($)$ / shares | Jan. 31, 2013USD ($)$ / shares | Jan. 31, 2013USD ($)$ / sharesRate | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)Rate | Nov. 05, 2015USD ($) | Jan. 30, 2013USD ($) |
Notes | Notes Due February 1, 2033 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 175,000,000 | |||||||||||||||
Interest rate of notes payable | 3.00% | |||||||||||||||
Equivalent redemption price | 100.00% | |||||||||||||||
Conversion rate | 141.48 | 14148.00% | 141.4827 | 14148.27% | 141.4827 | 14148.27% | ||||||||||
Conversion principal amount | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Conversion price | $ / shares | $ 7.07 | $ 7.07 | $ 7.07 | $ 7.07 | ||||||||||||
Convertible debt, threshold percentage of stock price trigger | 130.00% | 130.00% | ||||||||||||||
Number of consecutive trading days applicable conversion price | 30 days | |||||||||||||||
Conversion rights triggered | conversion_right | 1 | |||||||||||||||
Convertible notes, conversion | 16,900,000 | 55,400,000 | ||||||||||||||
Convertible debt, stock issued from conversion | shares | 2,396,145 | 8,118,062 | ||||||||||||||
Gain on conversion | $ 1,000,000 | |||||||||||||||
Converted amount | $ 70,400,000 | |||||||||||||||
Interest paid | 800,000 | |||||||||||||||
Gains (losses) on extinguishment of debt | $ 2,700,000 | $ 900,000 | ||||||||||||||
Common stock trigger price | $ / shares | $ 9.19 | |||||||||||||||
Threshold trading days | d | 20 | |||||||||||||||
Notes | Notes Due February 1, 2033 | On or After February 1, 2017 and before February 1, 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Equivalent redemption price | 100.00% | |||||||||||||||
Minimum | Notes | Notes Due February 1, 2033 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of trading days | 20 days | |||||||||||||||
Maximum | Notes | Notes Due February 1, 2033 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of consecutive trading days applicable conversion price | 30 days | |||||||||||||||
Common Stock | Notes | Notes Due February 1, 2033 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Convertible debt, stock issued from conversion | shares | 10,974,431 | |||||||||||||||
Revolving Credit Facility | Line of Credit | New Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit line capacity | $ 175,000,000 | |||||||||||||||
Bridge Loan | Line of Credit | New Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit line capacity | 20,000,000 | |||||||||||||||
Letter of Credit | Line of Credit | New Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit line capacity | $ 20,000,000 |
Debt - Notes (Details)
Debt - Notes (Details) - Notes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Roll Forward] | ||
Embedded conversion option, beginning balance | $ 65,947 | $ 101,087 |
Convertible notes, beginning balance | 87,642 | 158,064 |
Discount, beginning balance | (22,135) | (47,239) |
Total, beginning balance | 131,454 | 211,912 |
Amortization of debt discount | 2,613 | 5,662 |
Change in fair value of embedded derivative | 36,587 | 12,213 |
Embedded conversion option, conversion | (78,797) | (47,353) |
Convertible notes, conversion | (55,442) | (70,422) |
Discount, conversion | 12,997 | 19,442 |
Conversion | (121,242) | (98,333) |
Embedded conversion option, ending balance | 23,737 | 65,947 |
Convertible notes, ending balance | 32,200 | 87,642 |
Discount, ending balance | (6,525) | (22,135) |
Total, ending balance | $ 49,412 | $ 131,454 |