Convertible Senior Debt

9 Months Ended

Sep. 30, 2014

The following table summarizes the Company’s convertible senior debt:



	September 30, 2014		December 31, 2013
	(in thousands)
5.000% Notes due 2016	$	50,000	$	50,000
4.250% Notes due 2018	350,000		350,000
3.625% Notes due 2020	300,000		300,000
Total	$	700,000	$	700,000

As of September 30, 2014, all of the Company’s outstanding senior notes are convertible into Class A common stock based on conversion prices ranging from $13.91 to $24.21 per Class A common share.

All of the senior debt are unsecured senior obligations and rank equally with all existing and future unsecured indebtedness; however, they are effectively subordinated to the Credit Facility and all existing and future secured indebtedness and other liabilities of the Company’s subsidiaries to the extent of the value of the collateral securing that other debt.