LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

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

	Face Value Debt		Maturity Date	Interest Rate
Credit Facility	$	38,500	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (1)		65,000	March 2026		30-day SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (2)		100,000	January 2027		30-day SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (3)		100,000	January 2028		30-day SOFR + 0.10% + [1.20% - 2.15%]
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	$	372,334

⁽¹⁾      The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾ The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾ The Company entered into interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

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

	September 30, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	38,500	$	—	$	67,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,630		—		47,469		—
Mortgage Note Payable		17,800		—		—
Financing Costs, net of Accumulated Amortization		(1,682)		—		(1,196)		—
Total Long-Term Debt	$	370,248	$	—	$	278,273	$	—

Schedule of payments applicable to reduction of principal amounts

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

As of September 30, 2022	Amount
Remainder of 2022	$	—
2023		—
2024		—
2025		51,034
2026		121,300
2027		100,000
2028 and Thereafter		100,000
Total Long-Term Debt - Face Value	$	372,334

Schedule of carrying value of long-term debt

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

	Total
Current Face Amount	$	372,334
Unamortized Discount on Convertible Debt		(404)
Financing Costs, net of Accumulated Amortization		(1,682)
Total Long-Term Debt	$	370,248

Schedule of interest expense on debt

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

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest Expense	$	2,819	$	1,544	$	6,552	$	5,456
Amortization of Deferred Financing Costs		178		120		515		444
Amortization of Discount on Convertible Notes		40		322		149		951
Total Interest Expense	$	3,037	$	1,986	$	7,216	$	6,851
Total Interest Paid (1)	$	2,107	$	964	$	5,785	$	4,986

⁽¹⁾ Includes capitalized interest of $0.1 million during the three and nine months ended September 30, 2022, with no interest capitalized during the three and nine months ended September 30, 2021.