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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of long-term debt
Long-term debt consists of the following (in thousands): 
 
December 31,
 
2017
 
2016
 
 
 
 
Former term loan (was scheduled to mature June 2018)
$
—

 
$
192,258

Term Loan (matures June 2020)
97,500

 
—

2022 Notes (mature May 2022)
125,000

 
125,000

2032 Notes (mature March 2032)
60,115

 
60,115

MARAD Debt (matures February 2027)
77,000

 
83,222

Nordea Q5000 Loan (matures April 2020)
160,714

 
196,429

Unamortized debt discounts
(14,406
)
 
(19,094
)
Unamortized debt issuance costs
(10,296
)
 
(11,963
)
Total debt
495,627

 
625,967

Less current maturities
(109,861
)
 
(67,571
)
Long-term debt
$
385,766

 
$
558,396
Schedule of debt covenants
(a)
The minimum required Consolidated Interest Coverage Ratio:
Four Fiscal Quarters Ending
Minimum Consolidated
Interest Coverage Ratio
 
 
 
December 31, 2017 and each fiscal quarter thereafter
2.50

to 1.00
 
(b)
The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio:
Four Fiscal Quarters Ending
Maximum Consolidated
Total or Net Leverage Ratio
 
 
 
December 31, 2017
5.75

to 1.00
March 31, 2018
5.50

to 1.00
June 30, 2018
5.25

to 1.00
September 30, 2018
5.00

to 1.00
December 31, 2018 through and including March 31, 2019
4.50

to 1.00
June 30, 2019 through and including September 30, 2019
4.25

to 1.00
December 31, 2019
4.00

to 1.00
March 31, 2020 and each fiscal quarter thereafter
3.50

to 1.00
 
(c)
The maximum permitted Consolidated Secured Leverage Ratio:
Four Fiscal Quarters Ending
Maximum Consolidated
Secured Leverage Ratio
 
 
 
December 31, 2017 through and including June 30, 2018
3.00

to 1.00
September 30, 2018 and each fiscal quarter thereafter
2.50

to 1.00
 
(d)
The minimum required Unrestricted Cash and Cash Equivalents:
Consolidated Total Leverage Ratio
Minimum Cash (1)
 
 
Greater than or equal to 4.00 to 1.00
$100,000,000.00
Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00
$50,000,000.00
Less than 3.50 to 1.00
$0.00

(1)
This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it on our balance sheet as cash and cash equivalents. As of December 31, 2017, we were required to, and did, maintain an aggregate cash balance of at least $100 million in compliance with this covenant.
Schedule of maturities of long-term debt outstanding
Scheduled maturities of long-term debt outstanding as of December 31, 2017 are as follows (in thousands): 
 
Term
Loan (1)
 
2022
Notes
 
2032
Notes (2)
 
MARAD
Debt
 
Nordea
Q5000
Loan
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Less than one year
$
7,500

 
$
—

 
$
60,115

 
$
6,532

 
$
35,714

 
$
109,861

One to two years
12,500

 
—

 
—

 
6,858

 
35,714

 
55,072

Two to three years
77,500

 
—

 
—

 
7,200

 
89,286

 
173,986

Three to four years
—

 
—

 
—

 
7,560

 
—

 
7,560

Four to five years
—

 
125,000

 
—

 
7,937

 
—

 
132,937

Over five years
—

 
—

 
—

 
40,913

 
—

 
40,913

Total debt
97,500

 
125,000

 
60,115

 
77,000

 
160,714

 
520,329

Current maturities
(7,500
)
 
—

 
(60,115
)
 
(6,532
)
 
(35,714
)
 
(109,861
)
Long-term debt, less current maturities
90,000

 
125,000

 
—

 
70,468

 
125,000

 
410,468

Unamortized debt discounts (3)
—

 
(13,876
)
 
(530
)
 
—

 
—

 
(14,406
)
Unamortized debt issuance costs (4)
(1,658
)
 
(2,295
)
 
(46
)
 
(4,513
)
 
(1,784
)
 
(10,296
)
Long-term debt
$
88,342

 
$
108,829

 
$
(576
)
 
$
65,955

 
$
123,216

 
$
385,766

(1)
Term Loan borrowing pursuant to the Credit Agreement matures in June 2020.
(2)
The holders of our remaining 2032 Notes may require us to repurchase the notes in March 2018. Accordingly, these notes are classified as current liabilities.
(3)
The 2022 Notes will increase to their face amount through accretion of the debt discount through May 2022. The 2032 Notes will increase to their face amount through accretion of the debt discount through March 2018.
(4)
Debt issuance costs are amortized over the term of the applicable debt agreement.
Components of net interest expense
The following table details the components of our net interest expense (in thousands): 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
 
 
 
 
 
Interest expense
$
38,274

 
$
45,110

 
$
40,024

Interest income
(2,590
)
 
(2,086
)
 
(2,068
)
Capitalized interest
(16,906
)
 
(11,785
)
 
(11,042
)
Net interest expense
$
18,778

 
$
31,239

 
$
26,914