Unsecured Senior Notes (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instruments [Abstract]

Schedule of Unsecured Convertible Senior Notes Outstanding

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

	Coupon Rate			Effective Rate (1)		Maturity Date	Remaining Period of Amortization	Carrying Value at
								December 31, 2021		December 31, 2020
2021 Senior Notes	N/A			N/A		N/A	N/A	$	—	$	700,000
2023 Senior Notes	5.50	%		5.71	%	11/1/2023	1.8 years	300,000		300,000
2023 Convertible Notes	4.38	%		4.57	%	4/1/2023	1.2 years	250,000		250,000
2024 Senior Notes	3.75	%		3.94	%	12/31/2024	3.0 years	400,000		—
2025 Senior Notes	4.75	%	(2)	5.04	%	3/15/2025	3.2 years	500,000		500,000
2026 Senior Notes	3.63	%		3.77	%	7/15/2026	4.5 years	400,000		—
Total principal amount								1,850,000		1,750,000
Unamortized discount—Convertible Notes								(578)		(2,559)
Unamortized discount—Senior Notes								(10,067)		(9,332)
Unamortized deferred financing costs								(10,765)		(5,589)
Carrying amount of debt components								$	1,828,590	$	1,732,520
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes								N/A		$	3,755

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(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%

Schedule of Conversion Attributes on Convertible Notes Outstanding

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

	December 31, 2021
	Conversion	Conversion
	Rate (1)	Price (2)
2023 Convertible Notes	38.5959	$	25.91

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(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 December 31, 2021, 2020, and 2019, the market price of the Company’s common stock was $24.30, $19.30 and $24.86, respectively.