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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Schedule of long-term debt | Long-term debt consists of the following (in thousands):
| December 31,
| 2017 |  | 2016
Former term loan (was scheduled to mature June 2018) | $ | — |  |  | $ | 192,258 |
Term Loan (matures June 2020) | 97,500 |  |  | — |
2022 Notes (mature May 2022) | 125,000 |  |  | 125,000 |
2032 Notes (mature March 2032) | 60,115 |  |  | 60,115 |
MARAD Debt (matures February 2027) | 77,000 |  |  | 83,222 |
Nordea Q5000 Loan (matures April 2020) | 160,714 |  |  | 196,429 |
Unamortized debt discounts | (14,406 | ) |  | (19,094 | )
Unamortized debt issuance costs | (10,296 | ) |  | (11,963 | )
Total debt | 495,627 |  |  | 625,967 |
Less current maturities | (109,861 | ) |  | (67,571 | )
Long-term debt | $ | 385,766 |  |  | $ | 558,396 |
Schedule of debt covenants |
(a) | The minimum required Consolidated Interest Coverage Ratio:
Four Fiscal Quarters Ending | Minimum Consolidated Interest Coverage Ratio
December 31, 2017 and each fiscal quarter thereafter | 2.50 |  | to 1.00
(b) | The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio:
Four Fiscal Quarters Ending | Maximum Consolidated Total or Net Leverage Ratio
December 31, 2017 | 5.75 |  | to 1.00
March 31, 2018 | 5.50 |  | to 1.00
June 30, 2018 | 5.25 |  | to 1.00
September 30, 2018 | 5.00 |  | to 1.00
December 31, 2018 through and including March 31, 2019 | 4.50 |  | to 1.00
June 30, 2019 through and including September 30, 2019 | 4.25 |  | to 1.00
December 31, 2019 | 4.00 |  | to 1.00
March 31, 2020 and each fiscal quarter thereafter | 3.50 |  | to 1.00
(c) | The maximum permitted Consolidated Secured Leverage Ratio:
Four Fiscal Quarters Ending | Maximum Consolidated Secured Leverage Ratio
December 31, 2017 through and including June 30, 2018 | 3.00 |  | to 1.00
September 30, 2018 and each fiscal quarter thereafter | 2.50 |  | to 1.00
(d) | The minimum required Unrestricted Cash and Cash Equivalents:
Consolidated Total Leverage Ratio | Minimum Cash (1)
Greater than or equal to 4.00 to 1.00 | $100,000,000.00
Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 | $50,000,000.00
Less than 3.50 to 1.00 | $0.00
(1) | 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 on our balance sheet as cash and cash equivalents. As of December 31, 2017, we were required to, and did, maintain an aggregate cash balance of at least $100 million in compliance with this covenant.
Schedule of maturities of long-term debt outstanding | Scheduled maturities of long-term debt outstanding as of December 31, 2017 are as follows (in thousands):
| Term Loan (1) |  | 2022 Notes |  | 2032 Notes (2) |  | MARAD Debt |  | Nordea Q5000 Loan |  | Total
Less than one year | $ | 7,500 |  |  | $ | — |  |  | $ | 60,115 |  |  | $ | 6,532 |  |  | $ | 35,714 |  |  | $ | 109,861 |
One to two years | 12,500 |  |  | — |  |  | — |  |  | 6,858 |  |  | 35,714 |  |  | 55,072 |
Two to three years | 77,500 |  |  | — |  |  | — |  |  | 7,200 |  |  | 89,286 |  |  | 173,986 |
Three to four years | — |  |  | — |  |  | — |  |  | 7,560 |  |  | — |  |  | 7,560 |
Four to five years | — |  |  | 125,000 |  |  | — |  |  | 7,937 |  |  | — |  |  | 132,937 |
Over five years | — |  |  | — |  |  | — |  |  | 40,913 |  |  | — |  |  | 40,913 |
Total debt | 97,500 |  |  | 125,000 |  |  | 60,115 |  |  | 77,000 |  |  | 160,714 |  |  | 520,329 |
Current maturities | (7,500 | ) |  | — |  |  | (60,115 | ) |  | (6,532 | ) |  | (35,714 | ) |  | (109,861 | )
Long-term debt, less current maturities | 90,000 |  |  | 125,000 |  |  | — |  |  | 70,468 |  |  | 125,000 |  |  | 410,468 |
Unamortized debt discounts (3) | — |  |  | (13,876 | ) |  | (530 | ) |  | — |  |  | — |  |  | (14,406 | )
Unamortized debt issuance costs (4) | (1,658 | ) |  | (2,295 | ) |  | (46 | ) |  | (4,513 | ) |  | (1,784 | ) |  | (10,296 | )
Long-term debt | $ | 88,342 |  |  | $ | 108,829 |  |  | $ | (576 | ) |  | $ | 65,955 |  |  | $ | 123,216 |  |  | $ | 385,766 |
(1) | Term Loan borrowing pursuant to the Credit Agreement matures in June 2020.
(2) | The holders of our remaining 2032 Notes may require us to repurchase the notes in March 2018. Accordingly, these notes are classified as current liabilities.
(3) | The 2022 Notes will increase to their face amount through accretion of the debt discount through May 2022. The 2032 Notes will increase to their face amount through accretion of the debt discount through March 2018.
(4) | Debt issuance costs are amortized over the term of the applicable debt agreement.
Components of net interest expense | The following table details the components of our net interest expense (in thousands):
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Interest expense | $ | 38,274 |  |  | $ | 45,110 |  |  | $ | 40,024 |
Interest income | (2,590 | ) |  | (2,086 | ) |  | (2,068 | )
Capitalized interest | (16,906 | ) |  | (11,785 | ) |  | (11,042 | )
Net interest expense | $ | 18,778 |  |  | $ | 31,239 |  |  | $ | 26,914 |

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