DEBT (Tables)

9 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of debt

Debt as of December 31 and March 31, 2018 consisted of the following (in thousands):

	December 31,   2018			March 31,    2018
8.75% Senior Secured Notes due 2023	$	347,205		$	346,610
4½% Convertible Senior Notes due 2023	111,514			107,397
6¼% Senior Notes due 2022	401,535			401,535
Lombard Debt	182,388			211,087
Macquarie Debt	174,528			185,028
PK Air Debt	216,637			230,000
Airnorth Debt	11,738			13,832
Eastern Airways Debt	—			14,519
Other Debt	7,959			3,991
Unamortized debt issuance costs	(23,280		)	(27,465		)
Total debt	1,430,224			1,486,534
Less short-term borrowings and current maturities of long-term debt	(1,421,050		)	(1,475,438		)
Total long-term debt	$	9,174		$	11,096

Schedule of convertible debt

The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of December 31 and March 31, 2018 is as follows (in thousands):

	December 31,   2018			March 31,    2018
Equity component - net carrying value (1)	$	36,778		$	36,778
Debt component:
Face amount due at maturity	$	143,750		$	143,750
Unamortized discount	(32,236		)	(36,353		)
Debt component - net carrying value	$	111,514		$	107,397

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⁽¹⁾ Net of equity issuance costs of $1.0 million.

The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months endedDecember 31, 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for the three and nine months endedDecember 31, 2018 was as follows (in thousands):

	Three Months Ended   December 31,				Nine Months Ended   December 31,
	2018		2017		2018		2017
Contractual coupon interest	$	1,620	$	234	$	4,867	$	234
Amortization of debt discount	1,412		181		4,117		181
Total interest expense	$	3,032	$	415	$	8,984	$	415