Convertible Notes, Net (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Outstanding Convertible Senior Note

As of March 31, 2018, 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	%		36.5472		December 1, 2018
May 2017		402,500		4.38	%		4.85	%		28.0324		May 5, 2022
March 2018		220,000		4.75	%		5.33	%		27.6052		March 15, 2023

(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 $27.36, $35.67, and $36.23 per share of class A common stock, respectively, for the November 2013, May 2017, and March 2018 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 March 28, 2018 from the prior conversion rate of 36.1380 shares of class A common stock per $1,000 principal amount of convertible notes, which was equivalent to a conversion price of $27.67 per share of class A common stock. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of March 31, 2018.

Summary of Details about Interest Expense

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


	Three Months Ended March 31,
	2018		2017
Cash coupon	$	6,783	$	2,264
Discount and issuance cost amortization		1,189		713

Total interest expense	$	7,972	$	2,977

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):


	March 31, 2018			December 31, 2017
Face value	$	795,000		$	575,000
Unamortized discount		(15,848	)		(10,279	)
Deferred financing costs		(1,082	)		(810	)

Net book value	$	778,070		$	563,911