Long-Term Debt

The carrying value of our long-term debt at March 31, 2015 and December 31, 2014 was as follows:



(In thousands)		March 31, 2015		December 31, 2014
9.000%	Senior Notes due 2017	$	192,870	$	192,605
3.000%	Convertible Senior Notes due 2017 (1)	381,018		375,310
2.250%	Convertible Senior Notes due 2019 (2)	345,084		342,011
5.500%	Senior Notes due 2019	300,000		300,000
	Total long-term debt	$	1,218,972	$	1,209,926

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(1)	The principal amount of these notes is $450 million.


(2)	The principal amount of these notes is $400 million.

Convertible Senior Notes due 2017 and 2019

During the three-month period ended March 31, 2015, our closing stock price exceeded the thresholds required for the holders of our Convertible Senior Notes due 2017 and our Convertible Senior Notes due 2019 to be able to exercise their conversion rights during the three-month period ending June 30, 2015. In any period when holders of the Convertible Senior Notes due 2017 are eligible to exercise their conversion option, the equity component related to these instruments is classified as mezzanine (temporary) equity, because we are required to settle the aggregate principal amount of the notes in cash. If in any future period the conversion threshold requirements of our Convertible Senior Notes due 2017 are not met, then the difference between (1) the amount of cash deliverable upon conversion (i.e., par value of debt) and (2) the carrying value of the debt component will be reclassified from mezzanine equity to permanent equity, and will continue to be reported as permanent equity for any period in which the debt is not currently convertible. Our conversion obligation for the Convertible Senior Notes due 2019 may be satisfied by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election.

Issuance and transaction costs incurred at the time of the issuance of the convertible notes are allocated to the liability and equity components in proportion to the allocation of proceeds and are accounted for as debt issuance costs and equity issuance costs, respectively. The convertible notes are reflected on our condensed consolidated balance sheets as follows:



	Convertible Senior Notes due 2017						Convertible Senior Notes due 2019
(In thousands)	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
Liability component:
Principal	$	450,000		$	450,000		$	400,000		$	400,000
Less: Debt discount, net (1)	(68,982		)	(74,690		)	(54,916		)	(57,989		)
Net carrying amount	$	381,018		$	375,310		$	345,084		$	342,011

Equity component of currently redeemable convertible senior notes	$	68,982		$	74,690		$	—		$	—

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(1)	Included within long-term debt and is being amortized over the life of the convertible notes.

The following tables set forth total interest expense recognized related to the convertible notes for the periods indicated:



	Convertible Senior Notes due 2017
	Three Months Ended March 31,
($ in thousands)	2015			2014
Contractual interest expense	$	3,375		$	3,375
Amortization of debt issuance costs	318			300
Amortization of debt discount	5,708			5,186
Total interest expense	$	9,401		$	8,861

Effective interest rate of the liability component	9.75		%	9.75		%



	Convertible Senior Notes due 2019
	Three Months Ended March 31,
($ in thousands)	2015			2014
Contractual interest expense	$	2,250		$	2,250
Amortization of debt issuance costs	328			316
Amortization of debt discount	3,073			2,889
Total interest expense	$	5,651		$	5,455

Effective interest rate of the liability component	6.25		%	6.25		%