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Convertible Senior Notes (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Convertible Notes

The Notes consist of the following as of:

 

 

As of

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Liability component:

 

 

 

 

 

 

 

 

Principal

 

$

221,250

 

 

$

221,250

 

Less:  Debt discount, net of amortization

 

 

(34,074

)

 

 

(36,942

)

Net carrying amount

 

$

187,176

 

 

$

184,308

 

Equity component (a)

 

 

56,539

 

 

 

56,539

 

 

(a)

Recorded in the consolidated balance sheet within additional paid-in capital, net of $1,550 transaction costs in equity.

 

 

Summary of Recognized Interest Expense

The following table sets forth total interest expense recognized related to the Notes:

 

 

Three Months Ended March 31,

 

 

Interest expense

 

2021

 

 

2020

 

 

1.25% coupon

 

$

691

 

 

$

750

 

 

Amortization of debt discount and transaction costs

 

 

2,868

 

 

 

2,924

 

 

Total

 

$

3,559

 

 

$

3,674

 

 

 

Schedule of Fair Value and Carrying Value of Convertible Senior Notes

As of March 31, 2021, the fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s Notes classified in equity) were as follows:

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

Convertible senior notes

 

$

203,827

 

 

$

187,176

 

 

$

192,587

 

 

$

184,308