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Table of Contents
Index to Financial Statements
semiannually, and non-
callable for three years and were subsequently callable by the Company at a premium which declined over time. In June
2004, the Company called $162.5 million of the 6.75% Notes and in July 2004 called the remaining $162.5 million. Of these notes, total
principal of $81.3 million was converted into 7.4 million shares of the Company’s common stock, with $1.3 million recorded in additional
paid-in capital for its portion of the premium and unamortized debt offering costs. The remaining principal of $243.7 million was redeemed for
cash.
6.00% Convertible Subordinated Notes Due February 2007
In February and March 2000, the Company completed a private offering of an aggregate principal amount of $650 million of the 6.00%
convertible subordinated notes due February 2007 (the “6.00% Notes”). The 6.00% Notes are convertible, at the option of the holder, into
common stock at a conversion price of $23.60 per share (7.8 million shares based on the $185.2 million principal amount of notes outstanding
at December 31, 2004). The notes bear interest at 6.00%, payable semiannually, and are non-callable for three years and may then be called by
the Company at a premium, which declines over time. The holders have the right to require redemption at a premium in the event of a change
in control or other defined redemption events. Debt issuance costs of $19.1 million were incurred in connection with the issuance of this debt
and included in other assets. Through 2003, the Company retired $279.7 million of the 6.00% Notes. In July 2004, the Company called $185.2
million of the 6.00% Notes for cash. Through December 31, 2004, approximately $9.4 million had been amortized and $8.5 million removed in
connection with the extinguishment of the $464.9 million of debt.
Early Extinguishment of Debt
The Company recorded a $19.4 million charge as loss on early extinguishment of debt in 2004, no gain on early extinguishment of debt in
2003 and $5.3 million gain on early extinguishment of debt in 2002. In 2004, loss on early extinguishment of debt included $12.6 million loss
from the retirement of the 6.75% Notes and $6.8 million loss from the retirement of the 6.00% Notes, both charges relating to the portion of the
premium paid and write-off of unamortized debt offering costs. In 2002, gain on early extinguishment of debt included an $8.6 million gain
from the retirement of $64.9 million of the Company’s 6.00% Notes in exchange for approximately 6.5 million shares of the Company’s
common stock, offset by a $3.3 million loss recorded as a result of the early redemption of $100 million adjustable rate advances from the
FHLB.
NOTE 18—ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES
Accounts payable, accrued and other liabilities consist of the following (in thousands):
99
December 31,
2004
2003
Accounts payable and accrued expenses
$
183,999
$
135,818
Securities purchased collateral not received
53,131
35,947
Federal income tax payable
45,530
92,599
Equipment loans
38,530
16,235
Margin call collaterals
36,097
—
Restructuring liabilities
33,205
44,010
Liabilities from discontinued operations
4,396
13,037
Other
192,198
320,769
Total accounts payable, accrued and other liabilities
$
587,086
$
658,415