Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

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

	December 31,
	2021		2020
Term Loan (repaid September 2021) (1)	$	—	$	29,750
Nordea Q5000 Loan (matured January 2021) (2)		—		53,572
2022 Notes (mature May 2022)		35,000		35,000
2023 Notes (mature September 2023)		30,000		30,000
2026 Notes (mature February 2026)		200,000		200,000
MARAD Debt (matures February 2027)		48,850		56,410
Unamortized debt discounts (3)		—		(45,692)
Unamortized debt issuance costs		(8,840)		(9,477)
Total debt		305,010		349,563
Less current maturities		(42,873)		(90,651)
Long-term debt	$	262,137	$	258,912

(1) The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility.

(2) The Nordea Q5000 Loan was fully repaid upon maturity in January 2021.

(3) As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there are no longer any debt discounts associated with the 2022 Notes, the 2023 Notes and the 2026 Notes (Note 2).

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of December 31, 2021 are as follows (in thousands):

	2022		2023		2026		MARAD
	Notes		Notes		Notes		Debt		Total
Less than one year	$	35,000	$	—	$	—	$	7,937	$	42,937
One to two years		—		30,000		—		8,333		38,333
Two to three years		—		—		—		8,749		8,749
Three to four years		—		—		—		9,186		9,186
Four to five years		—		—		200,000		9,644		209,644
Over five years		—		—		—		5,001		5,001
Gross debt		35,000		30,000		200,000		48,850		313,850
Unamortized debt issuance costs (1)		(64)		(314)		(5,901)		(2,561)		(8,840)
Total debt		34,936		29,686		194,099		46,289		305,010
Less current maturities		(34,936)		—		—		(7,937)		(42,873)
Long-term debt	$	—	$	29,686	$	194,099	$	38,352	$	262,137

(1) Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. See Note 2 for accounting changes as a result of the adoption of ASU No. 2020-06.

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):

	Year Ended December 31,
	2021		2020		2019
Interest expense	$	23,489	$	30,538	$	31,186
Capitalized interest (1)		—		(1,182)		(20,246)
Interest income		(288)		(825)		(2,607)
Net interest expense	$	23,201	$	28,531	$	8,333

(1) The significant reduction in capitalized interest was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000 in 2020.