Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following (in thousands): 

	December 31,
	2016			2015
Term Loan (matures June 2018)	$	192,258		$	255,000
2022 Notes (mature May 2022)	125,000			—
2032 Notes (mature March 2032)	60,115			200,000
MARAD Debt (matures February 2027)	83,222			89,148
Nordea Q5000 Loan (matures April 2020)	196,429			232,143
Unamortized debt discounts	(19,094		)	(14,963		)
Unamortized debt issuance costs	(11,963		)	(11,993		)
Total debt	625,967			749,335
Less current maturities	(67,571		)	(71,640		)
Long-term debt	$	558,396		$	677,695

Schedule of debt covenants

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
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
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 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 December 31, 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 Balance
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

Schedule of maturities of long-term debt outstanding

Scheduled maturities of long-term debt outstanding as of December 31, 2016 are as follows (in thousands): 

	Term Loan			2022 Notes			2032 Notes (1)			MARAD Debt			Nordea Q5000 Loan			Total
Less than one year	$	25,634		$	—		$	—		$	6,222		$	35,715		$	67,571
One to two years	166,624			—			—			6,532			35,714			208,870
Two to three years	—			—			—			6,858			35,714			42,572
Three to four years	—			—			—			7,200			89,286			96,486
Four to five years	—			—			—			7,560			—			7,560
Over five years	—			125,000			60,115			48,850			—			233,965
Total debt	192,258			125,000			60,115			83,222			196,429			657,024
Current maturities	(25,634		)	—			—			(6,222		)	(35,715		)	(67,571		)
Long-term debt, less current maturities	166,624			125,000			60,115			77,000			160,714			589,453
Unamortized debt discounts (2)	—			(16,513		)	(2,581		)	—			—			(19,094		)
Unamortized debt issuance costs (3)	(1,391		)	(2,790		)	(231		)	(5,001		)	(2,550		)	(11,963		)
Long-term debt	$	165,233		$	105,697		$	57,303		$	71,999		$	158,164		$	558,396

(1) Beginning in March 2018, the holders of the 2032 Notes 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) The 2022 Notes will increase to their face amount through accretion of non-cash interest charges through May 2022. The 2032 Notes will increase to their face amount through accretion of non-cash interest charges through March 2018.

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

Components of net interest expense

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

	Year Ended December 31,
	2016			2015			2014
Interest expense	$	45,110		$	40,024		$	33,064
Interest income	(2,086		)	(2,068		)	(4,786		)
Capitalized interest	(11,785		)	(11,042		)	(10,419		)
Net interest expense	$	31,239		$	26,914		$	17,859