Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Carrying Amount of Debt and Equity Components

The carrying amount of the debt and equity components at September 30, 2014 and December 31, 2013 were as follows (in thousands):


	September 30,			December 31,
	2014			2013
Principal amount of notes	$	97,650		$	130,000
Unamortized discount		(2,426	)		(5,494	)

Net carrying amount	$	95,224		$	124,506

Additional paid-in-capital, net of tax	$	8,555		$	8,555

Summary of Recognized Interest Expense on 2010 Notes and 2006 Notes

During the three and nine months ended September 30, 2014 and 2013, CBIZ recognized interest expense on the 2010 Notes and 2006 Notes as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Contractual coupon interest	$	1,343	$	1,590	$	4,524	$	4,771
Amortization of discount		633		710		2,133		2,104
Amortization of deferred financing costs		149		180		509		540

Total interest expense	$	2,125	$	2,480	$	7,166	$	7,415

Summary of Unsecured Credit Facility

Rates for the nine months ended September 30, 2014 and 2013 were as follows:


	Nine Months Ended September 30,
	2014	2013
Weighted average rates	2.55%	2.96%

Range of effective rates	1.87% - 3.25%	2.40% - 3.91%