On August 1, 2011, the Company completed an initial public offering in which 22,250,000 shares of common stock were sold at an initial public offering price of $19.00 per share. Immediately prior to the offering, each share of the Company's Class L common stock converted into 2.4338 shares of common stock.
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Ruffle. In sewing and dressmaking, a ruffle, frill, or furbelow is a strip of fabric, lace or ribbon tightly gathered or pleated on one edge and applied to a garment, bedding, or other textile as a form of trimming. The term flounce is a particular type of fabric manipulation that creates a similar look but with less bulk. The term derives from earlier terms of frounce or fronce. A wavy effect effected without gathers or pleats is created by cutting a curved strip of fabric and applying the inner or shorter edge to the garment.