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Convertible Notes (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of key terms of convertible notes | Key terms of the Convertible Notes are as follows:
|  | 2021 Notes |  |  | 2020 Notes |
Maturity date (unless earlier converted, repurchased or redeemed) |  |  | June 15, 2026 |  |  |  | June 15, 2023 |
Interest rate |  |  | 3.25 | % |  |  | 4.25 | %
Conversion price |  | $ | 11.04 |  |  | $ | 5.92 |
Conversion rate |  |  | 90.5797 |  |  |  | 168.9189 |
Redemption price |  | $ | 14.35 |  |  | $ | 7.70 |
Summary of the carrying value of the convertible notes | The following table provides a summary of the carrying value of the Convertible Notes at September 30, 2021 and December 31, 2020:
|  | September 30, 2021 |  |  | December 31, |
|  | 2021 Notes |  |  | 2020 Notes |  |  | Total |  |  | 2020 |
Principal amount |  | $ | 150,000 |  |  | $ | 175,000 |  |  | $ | 325,000 |  |  | $ | 175,000 |
Plus: Premium |  |  | — |  |  |  | 250 |  |  |  | 250 |  |  |  | 250 |
Gross proceeds |  |  | 150,000 |  |  |  | 175,250 |  |  |  | 325,250 |  |  |  | 175,250 |
Less: Unamortized discount (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,207 | )
Less: Unamortized issuance costs (1) |  |  | (4,045 | ) |  |  | (3,226 | ) |  |  | (7,271 | ) |  |  | (4,397 | )
Carrying amount |  | $ | 145,955 |  |  | $ | 172,024 |  |  | $ | 317,979 |  |  | $ | 166,646 |
Effective interest rate (2) |  |  | 3.83% |  |  |  | 5.26% |  |  |  | 4.60% |  |  |  | 6.29% |
(1) | Unamortized discount was reduced by $4,207 and unamortized issuance costs increased by $119 upon the early adoption of ASU 2020-06 on January 1, 2021. The discount previously arose from the bifurcation of the conversion option which occurred prior to the adoption of ASU 2020-06. The unamortized issuance costs are reported net of the unamortized premium.
(2) | Includes amortization of the issuance costs and premium. The effective interest rate prior to January 1, 2021 also included amortization of the discount arising from the bifurcation of the conversion option.

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