Convertible Debt

12 Months Ended

Dec. 31, 2014

2013 Convertible Senior Notes

On February 15, 2013, the Company repaid at maturity the entire outstanding balance of the 2.75% convertible senior notes due 2013 (the "2013 convertible senior notes") in accordance with the terms thereof.

2015 Convertible Senior Notes

On June 20, 2012, the Company entered into subscription agreements with certain holders of the Company's 2013 convertible senior notes. Pursuant to the subscription agreements, on June 29, 2012 the Company exchanged $18.0 million aggregate principal amount of the 2013 convertible senior notes for $18.0 million aggregate principal amount of the Company's 2015 convertible senior notes. The 2015 convertible senior notes mature on February 15, 2015 and had a coupon rate of 4.5%.

As of December 31, 2014 and 2013, the Company had outstanding 2015 convertible senior notes with a combined face value of $18.0 million. Of these balances $18.0 million and $0.0 million were classified as current liabilities in the Consolidated Balance Sheets at December 31, 2014 and 2013. As of December 31, 2014 and 2013, the estimated fair value of the Company's 2015 convertible senior notes was $18.0 million and $17.8 million.

On February 17, 2015, the Company repaid at maturity the entire outstanding balance of the 2015 convertible senior notes in accordance with the terms thereof. No convertible senior notes were converted to common stock.

The following table outlines the effective interest rate, contractually stated interest costs, and costs related to the amortization of issuance costs for the Company's 2013 and 2015 convertible senior notes:



	Years Ended
	December 31,
	2014	2013	2012
Effective interest rate of 2013 convertible senior notes	NA	NA	3.73%
Effective interest rate of 2015 convertible senior notes	4.50%	4.50%	4.50%
Contractually stated interest costs	$810	$810	$1,289
Amortization of interest costs	$43	$43	$398

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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