XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Long-Term Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Debt Disclosure [Abstract] |
Scheduled maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of June 30, 2016 are as follows (in thousands):
| Term Loan |  | 2032 Notes (1) |  | MARAD Debt |  | Nordea Q5000 Loan |  | Total
Less than one year | $ | 30,000 |  |  | $ | — |  |  | $ | 6,072 |  |  | $ | 35,714 |  |  | $ | 71,786 |
One to two years | 30,000 |  |  | — |  |  | 6,375 |  |  | 35,715 |  |  | 72,090 |
Two to three years | 180,000 |  |  | — |  |  | 6,693 |  |  | 35,714 |  |  | 222,407 |
Three to four years | — |  |  | — |  |  | 7,027 |  |  | 107,142 |  |  | 114,169 |
Four to five years | — |  |  | — |  |  | 7,378 |  |  | — |  |  | 7,378 |
Over five years | — |  |  | 192,750 |  |  | 52,676 |  |  | — |  |  | 245,426 |
Total debt | 240,000 |  |  | 192,750 |  |  | 86,221 |  |  | 214,285 |  |  | 733,256 |
Current maturities | (30,000 | ) |  | — |  |  | (6,072 | ) |  | (35,714 | ) |  | (71,786 | )
Long-term debt, less current maturities | 210,000 |  |  | 192,750 |  |  | 80,149 |  |  | 178,571 |  |  | 661,470 |
Unamortized debt discount (2) | — |  |  | (11,400 | ) |  | — |  |  | — |  |  | (11,400 | )
Unamortized debt issuance costs (3) | (1,855 | ) |  | (1,036 | ) |  | (5,245 | ) |  | (2,949 | ) |  | (11,085 | )
Long-term debt | $ | 208,145 |  |  | $ | 180,314 |  |  | $ | 74,904 |  |  | $ | 175,622 |  |  | $ | 638,985 |
(1) | Beginning in March 2018, the holders of our Convertible Senior Notes due 2032 may require us to repurchase these notes or we may at our option elect to repurchase these notes. The notes will mature in March 2032.
(2) | Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018.
(3) | Debt issuance costs are amortized over the life of the applicable debt agreement.
Schedule of long-term debt | Also pursuant to the February 2016 amendment to the Credit Agreement:
(a) | The minimum permitted Consolidated Interest Coverage Ratio was revised as follows:
Four Fiscal Quarters Ending | Minimum Consolidated Interest Coverage Ratio
March 31, 2016 through and including September 30, 2016 | 2.50 |  | to 1.00
December 31, 2016 through and including March 31, 2017 | 2.75 |  | to 1.00
June 30, 2017 and each fiscal quarter thereafter | 3.00 |  | to 1.00
(b) | The maximum permitted Consolidated Leverage Ratio was revised as follows:
Four Fiscal Quarters Ending | Maximum Consolidated Leverage Ratio
March 31, 2016 | 5.50 |  | to 1.00
June 30, 2016 | 5.25 |  | to 1.00
September 30, 2016 through and including December 31, 2016 | 5.00 |  | to 1.00
March 31, 2017 | 4.75 |  | to 1.00
June 30, 2017 | 4.25 |  | to 1.00
September 30, 2017 | 3.75 |  | to 1.00
December 31, 2017 and each fiscal quarter thereafter | 3.50 |  | to 1.00
(c) | A new financial covenant was established requiring us to maintain a minimum cash balance if our Consolidated Leverage Ratio is 3.50x or greater, as described below. This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it as cash and cash equivalents on our balance sheet. As of June 30, 2016, we needed to maintain an aggregate cash balance of at least $150 million in order to comply with this covenant.
Consolidated Leverage Ratio | Minimum Cash
Greater than or equal to 4.50x | $150,000,000.00
Greater than or equal to 4.00x but less than 4.50x | $100,000,000.00
Greater than or equal to 3.50x but less than 4.00x | $50,000,000.00
Less than 3.50x | $0.00
Components of net interest expense | The following table details the components of our net interest expense (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Interest expense | $ | 10,435 |  |  | $ | 9,751 |  |  | $ | 23,479 |  |  | $ | 18,160 |
Interest income | (436 | ) |  | (457 | ) |  | (880 | ) |  | (1,107 | )
Capitalized interest | (2,519 | ) |  | (4,059 | ) |  | (4,435 | ) |  | (7,748 | )
Net interest expense | $ | 7,480 |  |  | $ | 5,235 |  |  | $ | 18,164 |  |  | $ | 9,305 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration