Convertible Notes, Net (Tables)

9 Months Ended

Sep. 30, 2017

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Summary of Outstanding Convertible Senior Notes

As of September 30, 2017, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Coupon Rate			All-in Cost(1)			Conversion Rate(2)		Maturity
November 2013	$	172,500		5.25	%		5.87	%		36.1380	December 1, 2018
May 2017		402,500		4.38	%		4.85	%		28.0324	May 5, 2022

(1)

Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)

Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $27.67 and $35.67 per share of class A common stock, respectively, for the November 2013 and May 2017 convertible notes. As a result of exceeding the cumulative dividend threshold, as defined in the November 2013 convertible notes supplemental indenture, the conversion rate on the November 2013 convertible notes was most recently adjusted on June 28, 2017 from the prior conversion rate of 35.7236 shares of class A common stock per $1,000 principal amount of convertible notes, which was equivalent to a conversion price of $27.99 per share of class A common stock. The cumulative dividend threshold as defined in the May 2017 convertible notes supplemental indenture has not been exceeded as of September 30, 2017.

Summary of Details about Interest Expense

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Cash coupon	$	6,247	$	2,264	$	12,732	$	6,792
Discount and issuance cost amortization		1,202		691		2,869		2,038
Total interest expense	$	7,449	$	2,955	$	15,601	$	8,830

Summary of Details of Net Book Value of Convertible Note

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	September 30, 2017			December 31, 2016
Face value	$	575,000		$	172,500
Unamortized discount		(11,386	)		(5,532	)
Deferred financing costs		(873	)		(206	)
Net book value	$	562,741		$	166,762