4. CONVERTIBLE PREFERRED STOCK

On December 25, 2011, the Company had three series of convertible preferred stock: series A preferred stock, series B preferred stock and series X preferred stock. There were no mandatory dividends on the convertible preferred stock. Each share of preferred stock was convertible at the option of the holder, at any time, without the payment of additional consideration into one share of common stock.

On April 6, 2012, the Company repurchased 15,627 and 1,640,035 shares of common and preferred stock, respectively, totaling $22,425.

According to the Company’s By-Laws and effective upon the closing of the IPO on July 27, 2012, all preferred stock mandatorily converted into common stock on a 1:1 basis.