Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Scheduled maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of June 30, 2016 are as follows (in thousands):



	Term Loan			2032 Notes ⁽¹⁾			MARAD Debt			Nordea Q5000 Loan			Total

Less than one year	$	30,000		$	—		$	6,072		$	35,714		$	71,786
One to two years	30,000			—			6,375			35,715			72,090
Two to three years	180,000			—			6,693			35,714			222,407
Three to four years	—			—			7,027			107,142			114,169
Four to five years	—			—			7,378			—			7,378
Over five years	—			192,750			52,676			—			245,426
Total debt	240,000			192,750			86,221			214,285			733,256
Current maturities	(30,000		)	—			(6,072		)	(35,714		)	(71,786		)
Long-term debt, less current maturities	210,000			192,750			80,149			178,571			661,470
Unamortized debt discount ⁽²⁾	—			(11,400		)	—			—			(11,400		)
Unamortized debt issuance costs ⁽³⁾	(1,855		)	(1,036		)	(5,245		)	(2,949		)	(11,085		)
Long-term debt	$	208,145		$	180,314		$	74,904		$	175,622		$	638,985


(1)	Beginning in March 2018, the holders of our Convertible Senior Notes due 2032 may require us to repurchase these notes or we may at our option elect to repurchase these notes. The notes will mature in March 2032.


(2)	Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018.


(3)	Debt issuance costs are amortized over the life of the applicable debt agreement.

Schedule of long-term debt

Also pursuant to the February 2016 amendment to the Credit Agreement:


(a)	The minimum permitted Consolidated Interest Coverage Ratio was revised as follows:



Four Fiscal Quarters Ending	Minimum Consolidated Interest Coverage Ratio

March 31, 2016 through and including September 30, 2016	2.50	to 1.00
December 31, 2016 through and including March 31, 2017	2.75	to 1.00
June 30, 2017 and each fiscal quarter thereafter	3.00	to 1.00


(b)	The maximum permitted Consolidated Leverage Ratio was revised as follows:



Four Fiscal Quarters Ending	Maximum Consolidated Leverage Ratio

March 31, 2016	5.50	to 1.00
June 30, 2016	5.25	to 1.00
September 30, 2016 through and including December 31, 2016	5.00	to 1.00
March 31, 2017	4.75	to 1.00
June 30, 2017	4.25	to 1.00
September 30, 2017	3.75	to 1.00
December 31, 2017 and each fiscal quarter thereafter	3.50	to 1.00

(c)

A new financial covenant was established requiring us to maintain a minimum cash balance if our Consolidated Leverage Ratio is 3.50x or greater, as described below. This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it as cash and cash equivalents on our balance sheet. As of June 30, 2016, we needed to maintain an aggregate cash balance of at least $150 million in order to comply with this covenant.



Consolidated Leverage Ratio	Minimum Cash

Greater than or equal to 4.50x	$150,000,000.00
Greater than or equal to 4.00x but less than 4.50x	$100,000,000.00
Greater than or equal to 3.50x but less than 4.00x	$50,000,000.00
Less than 3.50x	$0.00

Components of net interest expense

The following table details the components of our net interest expense (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015

Interest expense	$	10,435		$	9,751		$	23,479		$	18,160
Interest income	(436		)	(457		)	(880		)	(1,107		)
Capitalized interest	(2,519		)	(4,059		)	(4,435		)	(7,748		)
Net interest expense	$	7,480		$	5,235		$	18,164		$	9,305