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Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Scheduled maturities of long-term debt outstanding
Scheduled maturities of our long-term debt outstanding as of September 30, 2017 are as follows (in thousands):
 
Term
Loan (1)
 
2022
Notes
 
2032
Notes (2)
 
MARAD
Debt
 
Nordea
Q5000
Loan
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Less than one year
$
6,250

 
$
—

 
$
60,115

 
$
6,532

 
$
35,714

 
$
108,611

One to two years
11,250

 
—

 
—

 
6,858

 
35,714

 
53,822

Two to three years
81,250

 
—

 
—

 
7,200

 
98,215

 
186,665

Three to four years
—

 
—

 
—

 
7,560

 
—

 
7,560

Four to five years
—

 
125,000

 
—

 
7,937

 
—

 
132,937

Over five years
—

 
—

 
—

 
40,913

 
—

 
40,913

Total debt
98,750

 
125,000

 
60,115

 
77,000

 
169,643

 
530,508

Current maturities
(6,250
)
 
—

 
(60,115
)
 
(6,532
)
 
(35,714
)
 
(108,611
)
Long-term debt, less current maturities
92,500

 
125,000

 
—

 
70,468

 
133,929

 
421,897

Unamortized debt discount (3)
—

 
(14,555
)
 
(1,052
)
 
—

 
—

 
(15,607
)
Unamortized debt issuance costs (4)
(1,815
)
 
(2,427
)
 
(92
)
 
(4,635
)
 
(1,976
)
 
(10,945
)
Long-term debt
$
90,685

 
$
108,018

 
$
(1,144
)
 
$
65,833

 
$
131,953

 
$
395,345

(1)
Term Loan borrowing pursuant to the Credit Agreement (amended and restated in June 2017) matures in June 2020.
(2)
The holders of our remaining Convertible Senior Notes due 2032 may require us to repurchase the notes in March 2018. Accordingly, these notes are classified as current liabilities.
(3)
Our Convertible Senior Notes due 2022 will increase to their face amount through accretion of non-cash interest charges through May 2022. Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018.
(4)
Debt issuance costs are amortized over the term of the applicable debt agreement.
Schedule of debt covenants
These financial covenant requirements are detailed as follows:
 
(a)
The minimum required Consolidated Interest Coverage Ratio:
Four Fiscal Quarters Ending
Minimum Consolidated
Interest Coverage Ratio
 
 
 
September 30, 2017 and each fiscal quarter thereafter
2.50

to 1.00
 
(b)
The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio:
Four Fiscal Quarters Ending
Maximum Consolidated
Total or Net Leverage Ratio
 
 
 
September 30, 2017
6.00

to 1.00
December 31, 2017
5.75

to 1.00
March 31, 2018
5.50

to 1.00
June 30, 2018
5.25

to 1.00
September 30, 2018
5.00

to 1.00
December 31, 2018 through and including March 31, 2019
4.50

to 1.00
June 30, 2019 through and including September 30, 2019
4.25

to 1.00
December 31, 2019
4.00

to 1.00
March 31, 2020 and each fiscal quarter thereafter
3.50

to 1.00
 

(c)
The maximum permitted Consolidated Secured Leverage Ratio:
Four Fiscal Quarters Ending
Maximum Consolidated
Secured Leverage Ratio
 
 
 
September 30, 2017 through and including June 30, 2018
3.00

to 1.00
September 30, 2018 and each fiscal quarter thereafter
2.50

to 1.00
 
(d)
The minimum required Unrestricted Cash and Cash Equivalents:
Consolidated Total Leverage Ratio
Minimum Cash (1)
 
 
Greater than or equal to 4.00 to 1.00
$100,000,000.00
Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00
$50,000,000.00
Less than 3.50 to 1.00
$0.00

(1)
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 on our balance sheet as cash and cash equivalents. As of September 30, 2017, we were required to, and did, maintain an aggregate cash balance of at least $100 million in complying with this covenant.
Components of net interest expense
The following table details the components of our net interest expense (in thousands): 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Interest expense
$
8,336

 
$
10,745

 
$
30,183

 
$
34,224

Interest income
(792
)
 
(833
)
 
(2,056
)
 
(1,713
)
Capitalized interest
(3,929
)
 
(3,069
)
 
(12,647
)
 
(7,504
)
Net interest expense
$
3,615

 
$
6,843

 
$
15,480

 
$
25,007