Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of the unsecured convertible senior notes outstanding

The following summarizes the unsecured convertible senior notes (collectively, the “Convertible Notes”) outstanding as of June 30, 2016 (dollars in thousands):


									Remaining
	Principal		Coupon		Effective		Conversion	Maturity	Period of
	Amount		Rate		Rate(1)		Rate(2)	Date	Amortization
2017 Notes	$	431,250	3.75	%	5.87	%	41.7397	10/15/2017	1.3	years
2018 Notes	$	599,981	4.55	%	6.10	%	46.7513	3/1/2018	1.7	years
2019 Notes	$	341,363	4.00	%	5.35	%	49.4927	1/15/2019	2.5	years


	As of		As of
	June 30, 2016		December 31, 2015
Total principal	$	1,372,594	$	1,372,594
Unamortized discount		(37,055)		(47,351)
Unamortized deferred financing costs		(1,115)		(1,448)
Carrying amount of debt components	$	1,334,424	$	1,323,795
Carrying amount of conversion option equity components recorded in additional paid-in capital	$	46,343	$	46,343

(1)

Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in-capital.

(2)

The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of Convertible Notes converted, as adjusted in accordance with the indentures governing the Convertible Notes (including the applicable supplemental indentures) as a result of the spin-off of our former single family residential (“SFR”) segment to our stockholders in January 2014 and cash dividend payments.