Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2017

Long-term debt consists of the following:

	September 30, 2017			December 31, 2016

Credit facility	$	138,000		$	143,000
Convertible senior debentures, due 2040		109,864			108,120
Convertible senior debentures, due 2041		56,372			55,442
Convertible senior debentures, due 2042		62,247			61,341
Deferred financing costs		(9,545	)		(10,880	)
		356,938			357,023
Less current portion		-			-
	$	356,938		$	357,023

Key terms of the convertible debentures

The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the September 28, 2017 dividend payment:

	Due 2040			Due 2041			Due 2042
Issuance date	November 9, 2010			May 13, 2011			May 31, 2012
Maturity date	November 15, 2040			May 15, 2041			June 1, 2042
Principal amount	$	275,000		$	150,000		$	150,000
Cash coupon rate (per annum)		2.25	%		2.25	%		2.25	%
Nonconvertible debt borrowing rate at issuance (per annum)		8.00	%		8.375	%		7.50	%
Conversion rate effective September 14, 2017 (per $1 principal amount)		76.9650			56.1650			90.4924
Effective conversion price effective September 14, 2017 (per share)	$	12.99		$	17.80		$	11.05
130% of the conversion price (per share)	$	16.89		$	23.14		$	14.37
Call date	November 20, 2020			May 20, 2021			June 7, 2022

Liability and equity of component of convertible senior debentures

The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:

	Principal amount of the debentures		Unamortized discount			Embedded derivative		Carrying value of liability component		Equity component (including temporary equity) - net carrying value
September 30, 2017
Due 2040	$	275,000		(165,432	)		296	$	109,864	$	110,094
Due 2041	$	150,000		(93,900	)		272	$	56,372	$	62,246
Due 2042	$	150,000		(87,916	)		163	$	62,247	$	57,874
Total	$	575,000	$	(347,248	)	$	731	$	228,483	$	230,214

December 31, 2016
Due 2040	$	275,000		(167,273	)		393	$	108,120	$	110,094
Due 2041	$	150,000		(94,843	)		285	$	55,442	$	62,246
Due 2042	$	150,000		(88,835	)		176	$	61,341	$	57,874
Total	$	575,000	$	(350,951	)	$	854	$	224,903	$	230,214

Convertible debentures, interest expense

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Non-cash amortization of deferred financing costs		Non-cash change in value of derivative liability			Total interest expense related to the debentures
September 30, 2017
Due 2040	$	1,547		626		22		(53	)	$	2,142
Due 2041	$	844		321		11		(21	)	$	1,155
Due 2042	$	844		312		13		(21	)	$	1,148
Total	$	3,235	$	1,259	$	46	$	(95	)	$	4,445

October 1, 2016
Due 2040	$	1,547		579		22		(115	)	$	2,033
Due 2041	$	844		296		11		(102	)	$	1,049
Due 2042	$	844		291		13		(71	)	$	1,077
Total	$	3,235	$	1,166	$	46	$	(288	)	$	4,159

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Non-cash amortization of deferred financing costs		Non-cash change in value of derivative liability			Total interest expense related to the debentures
September 30, 2017
Due 2040	$	4,641		1,841		66		(97	)	$	6,451
Due 2041	$	2,532		943		35		(13	)	$	3,497
Due 2042	$	2,532		919		40		(13	)	$	3,478
Total	$	9,705	$	3,703	$	141	$	(123	)	$	13,426

October 1, 2016
Due 2040	$	4,641		1,702		66		(150	)	$	6,259
Due 2041	$	2,532		869		35		(136	)	$	3,300
Due 2042	$	2,532		854		40		(102	)	$	3,324
Total	$	9,705	$	3,425	$	141	$	(388	)	$	12,883