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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Scheduled maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of September 30, 2016 are as follows (in thousands):
| Term Loan |  | 2032 Notes (1) |  | MARAD Debt |  | Nordea Q5000 Loan |  | Total
Less than one year | $ | 28,968 |  |  | $ | — |  |  | $ | 6,222 |  |  | $ | 35,715 |  |  | $ | 70,905 |
One to two years | 195,532 |  |  | — |  |  | 6,532 |  |  | 35,714 |  |  | 237,778 |
Two to three years | — |  |  | — |  |  | 6,858 |  |  | 35,714 |  |  | 42,572 |
Three to four years | — |  |  | — |  |  | 7,200 |  |  | 98,214 |  |  | 105,414 |
Four to five years | — |  |  | — |  |  | 7,560 |  |  | — |  |  | 7,560 |
Over five years | — |  |  | 185,116 |  |  | 48,850 |  |  | — |  |  | 233,966 |
Total debt | 224,500 |  |  | 185,116 |  |  | 83,222 |  |  | 205,357 |  |  | 698,195 |
Current maturities | (28,968 | ) |  | — |  |  | (6,222 | ) |  | (35,715 | ) |  | (70,905 | )
Long-term debt, less current maturities | 195,532 |  |  | 185,116 |  |  | 77,000 |  |  | 169,642 |  |  | 627,290 |
Unamortized debt discount (2) | — |  |  | (9,448 | ) |  | — |  |  | — |  |  | (9,448 | )
Unamortized debt issuance costs (3) | (1,623 | ) |  | (853 | ) |  | (5,123 | ) |  | (2,741 | ) |  | (10,340 | )
Long-term debt | $ | 193,909 |  |  | $ | 174,815 |  |  | $ | 71,877 |  |  | $ | 166,901 |  |  | $ | 607,502 |
(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
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 September 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 September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Interest expense | $ | 10,745 |  |  | $ | 10,897 |  |  | $ | 34,224 |  |  | $ | 29,057 |
Interest income | (833 | ) |  | (470 | ) |  | (1,713 | ) |  | (1,577 | )
Capitalized interest | (3,069 | ) |  | (1,714 | ) |  | (7,504 | ) |  | (9,462 | )
Net interest expense | $ | 6,843 |  |  | $ | 8,713 |  |  | $ | 25,007 |  |  | $ | 18,018 |

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