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Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Payable [Abstract] |
Schedule of Long-term Debt Instruments | The following table presents information about the Company's notes payable:
|  |  |  |  |  |  |  | December 31,
|  | Lender |  | Interest Rate |  | Expiration |  | 2021 |  | 2020
|  |  |  |  |  |  |  | (Amounts in thousands)
Senior unsecured notes(1) |  | Publicly traded |  | 4.40% |  | March 15, 2027 |  | $ | 375,000 |  |  | $ | 375,000 |
Unsecured credit facility(2) |  | Bank of America, Wells Fargo Bank, and U.S. Bank |  | LIBOR plus 112.5-150.0 basis points |  | March 31, 2026 |  | — |  |  | — |
Total principal amount |  |  |  |  |  |  |  | 375,000 |  |  | 375,000 |
Less unamortized discount and debt issuance costs(3) |  |  |  |  |  |  |  | 2,069 |  |  | 2,468 |
Total |  |  |  |  |  |  |  | $ | 372,931 |  |  | $ | 372,532 |
__________ (1)On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured senior obligations of the Company, with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off the total outstanding balance of $320 million under the existing loan and credit facility agreements and terminated the agreements on March 8, 2017. The remainder of the proceeds from the notes was used for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million, inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate, including debt issuance costs, of approximately 4.45%. (2)On March 29, 2017, the Company entered into an unsecured credit agreement (the "2017 Credit Agreement") that provided for revolving loans of up to $50 million and was set to mature on March 29, 2022. On March 31, 2021, the Company entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") that amended and restated the 2017 Credit Agreement. The Amended and Restated Credit Agreement, among other things, extended the maturity date of the loan that was the subject of the 2017 Credit Agreement to March 31, 2026, added U.S. Bank as an additional lender, and increased the aggregate commitments by all the lenders to $75 million from $50 million under the 2017 Credit Agreement. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 20% to LIBOR plus 150.0 basis points when the ratio is greater than or equal to 30%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 20% to 22.5 basis points when the ratio is greater than or equal to 30%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 14.9% at December 31, 2021, resulting in a 12.5 basis point commitment fee on the $75 million undrawn portion of the credit facility. As of December 31, 2021, there have been no borrowings under this facility. (3)The unamortized discount and debt issuance costs are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized debt issuance cost of approximately $0.2 million associated with the $75 million unsecured revolving credit facility maturing on March 31, 2026 is included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.
Schedule of Maturities of Long-term Debt | Debt maturities for each of the next five years and thereafter as of December 31, 2021 are as follows:
Maturity |  | Amounts
|  | (in thousands)
2022 |  | $ | — |
2023 |  | — |
2024 |  | — |
2025 |  | — |
2026 |  | — |
Thereafter |  | 375,000 |
Total |  | $ | 375,000 |

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