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Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
June 30, 2023December 31, 2022
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,506 $23,264 $23,431 $22,147 
2025 notes268,122 223,668 512,683 309,292 
2027 notes566,594 399,625 565,474 267,398 
The following table summarizes borrowings under these facilities as of the periods presented:
June 30, 2023December 31, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $32,140 7.01 %$75,000 $27,288 5.89 %
Comerica Bank75,000 6,636 7.22 %75,000 26,526 6.36 %
Origin Bank75,000 35,128 7.01 %75,000 23,739 5.98 %
M&T Bank50,000 24,298 7.21 %50,000 19,126 6.45 %
Prosperity Bank100,000 45,688 7.05 %100,000 35,856 6.18 %
Republic Bank & Trust Company75,000 48,868 7.15 %75,000 26,636 5.81 %
Wells Fargo Bank, N.A.100,000 35,043 7.23 %100,000 31,338 6.41 %
Total$550,000 $227,801 $550,000 $190,509 
Convertible Debt We have issued convertible senior notes with the following characteristics:
IssuanceMaturity DateStated Cash Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesConversion Rate
2023 notesJuly 15, 20231.75 %2.45 %January 15, 2019January 15; July 1532.7332
2025 notesOctober 15, 2025— %0.42 %——13.7920
2027 notesApril 1, 20270.50 %0.90 %October 1, 2021April 1; October 110.6920

We issued our 2023 notes on July 23, 2018, with an aggregate principal amount of $143,750. Subsequent to the issuance date, we repurchased or settled conversions of an aggregate of $120,238 of our 2023 notes. On July 20, 2021, our 2023 notes became redeemable by us, but we did not exercise our redemption right during the three months ended June 30, 2023. The 2023 notes were fully repaid in cash on July 15, 2023.

We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended June 30, 2023, we repurchased and retired approximately $95,800 in aggregate principal amount of our 2025 notes at a price of $74,746 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $20,082 for the three months ended June 30, 2023. In the six months ended June 30, 2023, we repurchased and retired approximately $248,022 in aggregate principal amount of our 2025 notes at a price of $183,020 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $62,352 for the six months ended June 30, 2023.

We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000.

The components of our convertible senior notes were as follows:
June 30, 2023
IssuanceAggregate Principal Amount Unamortized Debt Issuance CostsNet Carrying Amount
2023 notes$23,512 $6 $23,506 
2025 notes270,706 2,584 268,122 
2027 notes575,000 8,406 566,594 
December 31, 2022
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2023 notes$23,512 $81 $23,431 
2025 notes518,728 6,045 512,683 
2027 notes575,000 9,526 565,474 
Interest Income and Interest Expense Disclosure
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
2023 notes
Contractual interest expense$103 $103 $206 $206 
Amortization of debt issuance costs38 38 75 75 
Total interest expense$141 $141 $281 $281 
2025 notes
Contractual interest expense— — — — 
Amortization of debt issuance costs1,306 690 3,462 1,380 
Total interest expense$1,306 $690 $3,462 $1,380 
2027 notes
Contractual interest expense719 719 1,438 1,438 
Amortization of debt issuance costs560 560 1,120 1,120 
Total interest expense$1,279 $1,279 $2,558 $2,558 
Total
Contractual interest expense822 822 1,644 1,644 
Amortization of debt issuance costs1,904 1,288 4,657 2,575 
Total interest expense$2,726 $2,110 $6,301 $4,219