Annual report pursuant to Section 13 and 15(d)

Equity Offerings

Equity Offerings
12 Months Ended
Dec. 31, 2012
Equity Offerings/Shareholders' Equity [Abstract]  
Equity Offerings

Note 7 Equity Offerings

On March 14, 2011, we issued 27,000,000 shares of our Common Stock in a public offering at a price of $3.75 per share. We also granted the underwriters a 30-day option to purchase up to an additional 4,050,000 shares of our Common Stock to cover over-allotments, if any. On March 15, 2011, representatives for the underwriters provided us notice that the underwriters exercised a portion of their 4,050,000 share overallotment option for 2,397,029 additional shares of our Common Stock.

The following table reflects the proceeds received from the issuance of shares:



(Dollars in thousands, except share amounts)

  Shares     Dollars  

Original issuance

    27,000,000     $ 101,250  


    2,397,029       8,989  








    29,397,029       110,239  




Underwriters discount and commissions (1)

    5.5% on 24,064,029  shares      (4,963

Offering expenses





Net proceeds

          $ 104,828  






The underwriters did not receive any underwriting discount or commissions on the sale of 5,333,000 shares of Common Stock to entities associated with certain stockholders, including two of our directors and executive officers. Refer to Note 12.