Unsecured Senior Notes (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of unsecured convertible senior notes outstanding

10. Unsecured Senior Notes

The following table is a summary of our unsecured senior notes outstanding as of March 31, 2017 and December 31, 2016 (dollars in thousands):


						Remaining
	Coupon		Effective		Maturity	Period of		Carrying Value at
	Rate		Rate (1)		Date	Amortization		March 31, 2017		December 31, 2016
2017 Convertible Notes	3.75	%	5.86	%	10/15/2017	0.5	years	$	411,885	$	411,885
2018 Convertible Notes	4.55	%	6.10	%	3/1/2018	0.9	years		369,981		599,981
2019 Convertible Notes	4.00	%	5.35	%	1/15/2019	1.8	years		341,363		341,363
2021 Senior Notes	5.00	%	5.32	%	12/15/2021	4.7	years		700,000		700,000
2023 Convertible Notes	4.38	%	4.86	%	4/1/2023	6.0	years		250,000		—
Total principal amount									2,073,229		2,053,229
Unamortized discount—Convertible Notes									(23,907)		(26,135)
Unamortized discount—Senior Notes									(9,297)		(9,728)
Unamortized deferred financing costs									(6,641)		(5,822)
Carrying amount of debt components								$	2,033,384	$	2,011,544
Carrying amount of conversion option equity components recorded in additional paid-in capital								$	31,638	$	45,988

(1)

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

Schedule of conversion attributes on Convertible Notes outstanding

The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2017 (amounts in thousands, except rates):


	March 31, 2017			Conversion Spread Value - Shares (3)
	Conversion	Conversion		For the Three Months Ended March 31,
	Rate (1)	Price (2)		2017	2016
2017 Notes	41.7397	$	23.96	—	—
2018 Notes	47.5317	$	21.04	1,200	—
2019 Notes	50.2114	$	19.92	2,020	—
2023 Notes	38.5959	$	25.91	—	—
				3,220	—

(1)

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 segment to our stockholders in January 2014 and cash dividend payments.

(2)

As of March 31, 2017 and 2016, the market price of the Company’s common stock was $22.58 and $18.93 per share, respectively.

(3)

The conversion spread value represents the portion of the convertible senior notes that are “in-the-money”, representing the value that would be delivered to investors in shares upon an assumed conversion.