Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Long-Term Debt [Abstract]

Schedule of long-term debt instruments

Long-term debt consists of the following:

	July 4, 2015		December 31, 2014
Credit facility	$	170,000	$	200,000
Exchangeable unsecured notes, due 2102		38,642		38,642
Convertible senior debentures, due 2040		104,986		103,841
Convertible senior debentures, due 2041		53,914		53,249
Convertible senior debentures, due 2042		59,752		59,190
		427,294		454,922
Less current portion		-		-
	$	427,294	$	454,922

Key terms of the convertible debentures

The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the June 25, 2015 dividend payment:

	Due 2040			Due 2041			Due 2042
Issuance date	November 9, 2010			May 13, 2011			May 31, 2012
Maturity date	November 15, 2040			May 15, 2041			June 1, 2042
Principal amount	$	275,000		$	150,000		$	150,000
Cash coupon rate (per annum)		2.25	%		2.25	%		2.25	%
Nonconvertible debt borrowing rate at issuance (per annum)		8.00	%		8.375	%		7.50	%
Conversion rate effective June 9, 2015 (per $1 principal amount)		73.8821			53.9153			86.8677
Effective conversion price effective June 9, 2015 (per share)	$	13.54		$	18.55		$	11.51
130% of the conversion price (per share)	$	17.60		$	24.12		$	14.96
Call date	November 20, 2020			May 20, 2021			June 7, 2022

Liability and equity of component of convertible senior debentures

The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:

	Principal amount of the debentures		Unamortized discount			Embedded derivative		Carrying value of liability component		Equity component - net carrying value
July 4, 2015
Due 2040	$	275,000		(170,646	)		632	$	104,986	$	110,094
Due 2041	$	150,000		(96,564	)		478	$	53,914	$	62,246
Due 2042	$	150,000		(90,525	)		277	$	59,752	$	57,874
Total	$	575,000	$	(357,735	)	$	1,387	$	218,652	$	230,214
December 31, 2014
Due 2040	$	275,000		(171,685	)		526	$	103,841	$	110,094
Due 2041	$	150,000		(97,092	)		341	$	53,249	$	62,246
Due 2042	$	150,000		(91,048	)		238	$	59,190	$	57,874
Total	$	575,000	$	(359,825	)	$	1,105	$	216,280	$	230,214

Convertible debentures, interest expense

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Non-cash amortization of deferred financing costs		Non-cash change in value of derivative liability			Total interest expense related to the debentures
July 4, 2015
Due 2040	$	1,547		524		22		165		$	2,258
Due 2041	$	844		267		12		124		$	1,247
Due 2042	$	844		263		14		46		$	1,167
Total	$	3,235	$	1,054	$	48	$	335		$	4,672
June 28, 2014
Due 2040	$	1,547		485		22		(76	)	$	1,978
Due 2041	$	844		245		13		(20	)	$	1,082
Due 2042	$	844		245		14		(21	)	$	1,082
Total	$	3,235	$	975	$	49	$	(117	)	$	4,142

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the six fiscal months ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Non-cash amortization of deferred financing costs		Non-cash change in value of derivative liability			Total interest expense related to the debentures
July 4, 2015
Due 2040	$	3,094		1,039		44		106		$	4,283
Due 2041	$	1,688		528		24		137		$	2,377
Due 2042	$	1,688		523		27		39		$	2,277
Total	$	6,470	$	2,090	$	95	$	282		$	8,937
June 28, 2014
Due 2040	$	3,094		961		44		(31	)	$	4,068
Due 2041	$	1,688		486		24		(6	)	$	2,192
Due 2042	$	1,688		486		27		(1	)	$	2,200
Total	$	6,470	$	1,933	$	95	$	(38	)	$	8,460