Unsecured Senior Notes (Tables)

3 Months Ended

Mar. 31, 2021

The following table is a summary of our unsecured senior notes outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands):


							Remaining
	Coupon			Effective		Maturity	Period of		Carrying Value at
	Rate			Rate (1)		Date	Amortization		March 31, 2021		December 31, 2020
2021 Senior Notes	5.00	%		5.32	%	12/15/2021	0.7	years	$	700,000	$	700,000
2023 Senior Notes	5.50	%		5.71	%	11/1/2023	2.6	years		300,000		300,000
2023 Convertible Notes	4.38	%		4.57	%	4/1/2023	2.0	years		250,000		250,000
2025 Senior Notes	4.75	%	(2)	5.04	%	3/15/2025	4.0	years		500,000		500,000
Total principal amount										1,750,000		1,750,000
Unamortized discount—Convertible Notes										(910)		(2,559)
Unamortized discount—Senior Notes										(8,356)		(9,332)
Unamortized deferred financing costs										(5,076)		(5,589)
Carrying amount of debt components									$	1,735,658	$	1,732,520
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes										N/A	$	3,755

(1)	Effective rate includes the effects of underwriter purchase discount.

(2)	The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53%.

The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2021 (amounts in thousands, except rates):

(1)	The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture).

(2)	As of March 31, 2021, the market price of the Company’s common stock was $24.74.