Common Stock
As of March 31, 2018 and December 31, 2017, there were
38,578,834 and 38,374,011 shares of common stock, $0.0001 par
value, issued and outstanding, which includes unvested restricted
stock awards issued to non-employee directors,
respectively. See Note 12 – “Earnings per Share”
for additional information.
Preferred Stock
The Company has 25,000,000 authorized shares of preferred stock
with a par value $0.0001 per share. At March 31, 2018 and
December 31, 2017, there were no preferred shares issued or
outstanding.
Accumulated Other Comprehensive (Loss) Income
The components of accumulated other comprehensive income as of
March 31, 2018, by component, net of income taxes consisted of
the following (in thousands):
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| |
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Unrealized
gains and
(losses) of
available-for-
sale securities |
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|
Foreign
currency
translation (3)
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|
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Total |
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|
Beginning balance, December 31, 2017
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|
$ |
(62 |
) |
|
$ |
1,002 |
|
|
$ |
940 |
|
|
Cumulative effect of change in accounting
principle (1)
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|
|
(13 |
) |
|
|
— |
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|
|
(13 |
) |
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Balance at January 1, 2018, as adjusted
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|
|
(75 |
) |
|
|
1,002 |
|
|
|
927 |
|
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|
|
|
|
|
|
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|
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|
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|
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Other comprehensive (loss) income before reclassifications
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|
|
(492 |
) |
|
|
39 |
|
|
|
(453 |
) |
|
Amounts reclassified from accumulated other comprehensive (loss)
income (2)
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|
|
— |
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|
|
— |
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|
|
— |
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Net current-period other comprehensive (loss) income
|
|
|
(492 |
) |
|
|
39 |
|
|
|
(453 |
) |
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|
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Ending balance, March 31, 2018
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|
$ |
(567 |
) |
|
$ |
1,041 |
|
|
$ |
474 |
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| (1) |
Relates to reclassification of
stranded tax effects from accumulated other comprehensive income to
retained earnings as a result of adoption of
ASU 2018-02. See Note 2
– “Accounting Policies and Recent Accounting
Pronouncements” for additional information. |
| (2) |
Included as a component of other
income (expense), net in the condensed consolidated statements of
net and comprehensive income. The reclassifications were determined
on a specific identification basis. |
| (3) |
The Company has not provided for U.S.
taxes on unremitted earnings of its foreign subsidiary as it is
operating at a loss and has no earnings and profits to remit. As a
result, deferred taxes were not provided related to the cumulative
foreign currency translation adjustments. |
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