Note 7 - Debt, Credit Agreement and Leases

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

Debt, Credit Agreement and Leases

Note 7. Debt, Credit Agreement and Leases

On April 9, 2026, we repaid the remaining $263 million of our 7.25% Senior Notes ("Senior Notes") for a total payment of $265.8 million, including interest of $2.8 million. The full redemption of the Senior Notes resulted in a loss on extinguishment of $0.9 million related to the remaining portion of deferred debt issuance costs, which were recorded as part of Interest expense in our Consolidated Statement of Operations and Comprehensive Income. At December 31, 2025, our debt consisted entirely of our Senior Notes.

The following table summarizes our long-term debt balances as of December 31, 2025 (in thousands):

	December 31, 2025
	Senior Notes
Principal	$	263,000
Unamortized discount/premium and issuance costs		(1,053	)
Total debt	$	261,947

The following table summarizes the scheduled annual future payments, including interest, for our finance and operating leases as of June 30, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 11 for more information.

Twelve-month period ending June 30,	Finance Leases			Operating Leases
2027	$	5,821		$	1,464
2028		2,422			1,501
2029		2,422			1,506
2030		2,422			1,381
2031		1,211			928
Thereafter		—			5,055
		14,298			11,835
Less: effect of discounting		(1,564	)		(3,091	)
Total	$	12,734		$	8,744

Credit Agreement

On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million, plus a $75 million accordion option, with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes were not refinanced by that date), the proceeds may be used for general corporate purposes.

At June 30, 2026, we had no amounts drawn and $3.5 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement.

We believe we were in compliance with all covenants under the Credit Agreement as of June 30, 2026.