Common Stock
As of June 30, 2018 and December 31, 2017, there were
38,621,712 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 13 – “Earnings per Share” for additional
information.
Preferred Stock
The Company has 25,000,000 authorized shares of preferred stock
with a par value $0.0001 per share. At June 30, 2018 and
December 31, 2017, there were no preferred shares issued or
outstanding.
Accumulated Other Comprehensive (Loss) Income
The components of accumulated other comprehensive income as of
June 30, 2018, by component, net of income taxes consisted of
the following (in thousands):
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Unrealized gains
and (losses) of
available-for-sale
securities |
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Foreign
currency
translation (3)
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Total |
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Beginning balance, December 31, 2017
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$ |
(62 |
) |
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$ |
1,002 |
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$ |
940 |
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Cumulative effect of change in accounting principle (1)
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(13 |
) |
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— |
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(13 |
) |
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Balance at January 1, 2018, as adjusted
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|
(75 |
) |
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1,002 |
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|
927 |
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|
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Other comprehensive (loss) income before reclassifications
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(664 |
) |
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|
73 |
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|
(591 |
) |
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Amounts reclassified from accumulated other comprehensive (loss)
income (2)
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|
8 |
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|
|
— |
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|
8 |
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Net current-period other comprehensive (loss) income
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(656 |
) |
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|
73 |
|
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(583 |
) |
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Ending balance, June 30, 2018
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$ |
(731 |
) |
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$ |
1,075 |
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$ |
344 |
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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.
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| (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.
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| (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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