LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	111,000	May 2023		30-day LIBOR + [1.35% - 1.95%]
2026 Term Loan (1)		65,000	March 2026		30-day LIBOR + [1.35% - 1.95%]
2027 Term Loan (2)		100,000	January 2027		30-day LIBOR + [1.35% - 1.95%]
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%
Mortgage Note Payable		17,800	August 2026		4.060%
Total Long-Term Face Value Debt	$	344,834

⁽¹⁾      The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance, including (i) its redesignation of the existing $50.0 million interest rate swap, entered into as of August 31, 2020, and (ii) a $15.0 million interest rate swap effective August 31, 2021, to fix LIBOR and achieve a weighted average fixed interest rate of 0.35% plus the applicable spread (see Note 17, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps).

⁽²⁾ Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan balance (see Note 17, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps).

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):

	June 30, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	111,000	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
3.875% Convertible Senior Notes, net of Discount		50,590		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,194)		—		(1,196)		—
Total Long-Term Debt	$	343,196	$	—	$	278,273	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of June 30, 2022 will be required as follows (in thousands):

As of June 30, 2022	Amount
Remainder of 2022	$	—
2023		111,000
2024		—
2025		51,034
2026		82,800
2027		100,000
2028 and Thereafter		—
Total Long-Term Debt - Face Value	$	344,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2022 consisted of the following (in thousands):

	Total
Current Face Amount	$	344,834
Unamortized Discount on Convertible Debt		(444)
Financing Costs, net of Accumulated Amortization		(1,194)
Total Long-Term Debt	$	343,196

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Interest Expense	$	2,065	$	1,943	$	3,733	$	3,912
Amortization of Deferred Financing Costs		172		159		337		324
Amortization of Discount on Convertible Notes		40		319		109		629
Total Interest Expense	$	2,277	$	2,421	$	4,179	$	4,865
Total Interest Paid	$	2,591	$	2,627	$	3,678	$	4,022