Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-Term Debt [Abstract]

Long-term debt instruments

Long-term debt consists of the following:

	December 31, 2021			December 31, 2020
Credit facility	$	-		$	-
Convertible senior notes, due 2025		465,344			406,268
Convertible senior debentures, due 2040		-			130
Deferred financing costs		(9,678	)		(11,512	)
		455,666			394,886
Less current portion		-			-
	$	455,666		$	394,886

Key terms of the convertible debt instruments

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of December 31, 2021:

	Due 2025
Issuance date	June 12, 2018
Maturity date	June 15, 2025
Principal amount	$	465,344
Cash coupon rate (per annum)		2.25	%
Nonconvertible debt borrowing rate at issuance (per annum)		5.50	%
Conversion rate effective December 16, 2021 (per $1 principal amount)		31.9492
Effective conversion price effective December 16, 2021 (per share)	$	31.30
130% of the conversion price (per share)	$	40.69

Liability and equity components of the convertible debt instruments

The carrying value of the convertible senior notes due 2025 was $465,344 as of December 31, 2021.  The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated balance sheet as follows:

	Principal amount of the convertible debt		Unamortized discount			Carrying value of liability component		Equity component (including temporary equity) - net carrying value
December 31, 2020
Convertible senior notes due 2025	$	465,344		(59,076	)	$	406,268	$	66,127
Convertible senior debentures due 2040	$	300		(170	)	$	130	$	121
Total	$	465,644	$	(59,246	)	$	406,398	$	66,248

Convertible Debt Interest Expense

Interest expense related to the convertible debt instruments is reflected on the accompanying consolidated statements of operations for the years ended December 31:

	Contractual coupon interest		Non-cash amortization of debt discount		Other non-cash interest expense			Total interest expense related to the debentures
2021
Convertible senior notes due 2025	$	10,470		-		1,733		$	12,203
2020
Convertible senior notes due 2025	$	12,097		13,118		1,623		$	26,838
Convertible senior debentures	$	88		43		-		$	131
Total	$	12,185	$	13,161	$	1,623		$	26,969
2019
Convertible senior notes due 2025	$	13,500		13,925		1,816		$	29,241
Convertible senior debentures		498		221		(35	)		684
Total	$	13,998	$	14,146	$	1,781		$	29,925