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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​		Face Value Debt			Maturity Date			Interest Rate
Credit Facility (1)	​	$	163,000	​	January 2027		​	​	SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (2)	​	​	65,000	​	March 2026		​	​	SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (3)	​	​	100,000	​	January 2027		​	​	SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (4)	​	​	100,000	​	January 2028		​	​	SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025	​	​	51,034	​	April 2025		​	​	3.875%
Mortgage Note Payable	​	​	17,800	​	August 2026		​	​	4.060%
Total Long-Term Face Value Debt	​	$	496,834	​	​	​	​	​	​

(1) The Company utilized interest rate swaps on $100.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread. Another forward swap for $50.0 million of the Credit Facility balance was effective on February 1, 2024.

(2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.

(3) The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread.

(4) The Company entered into interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

​

Long-term debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

Total

Due Within One Year

Total

Due Within One Year

Credit Facility

​

$

163,000

​

$

—

​

$

113,750

​

$

—

2026 Term Loan

​

​

65,000

​

​

—

​

​

65,000

​

​

—

2027 Term Loan

​

​

100,000

​

​

—

​

​

100,000

​

​

—

2028 Term Loan

​

​

100,000

​

​

—

​

​

100,000

​

​

—

3.875% Convertible Senior Notes, net of Discount

​

​

50,830

​

​

—

​

​

50,670

​

​

—

Mortgage Note Payable

​

​

17,800

​

​

—

​

​

17,800

​

​

—

Financing Costs, net of Accumulated Amortization

​

​

(1,260)

​

​

—

​

​

(1,637)

​

​

—

Total Long-Term Debt

​

$

495,370

​

$

—

​

$

445,583

​

$

—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of December 31, 2023 will be required as follows (in thousands):

​	​	​	​
As of December 31, 2023		Amount
2024	​	$	—
2025	​	​	51,034
2026	​	​	82,800
2027	​	​	263,000
2028	​	​	100,000
2029 and Thereafter	​	​	—
Total Long-Term Debt - Face Value	​	$	496,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2023 consisted of the following (in thousands):

​	​	​	​
​		Total
Current Face Amount	​	$	496,834
Unamortized Discount on Convertible Debt	​	​	(204)
Financing Costs, net of Accumulated Amortization	​	​	(1,260)
Total Long-Term Debt	​	$	495,370

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2023, 2022 and 2021 (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31, 2023		​	December 31, 2022		​	December 31, 2021
Interest Expense	​	$	21,230	​	$	10,171	​	$	7,065
Amortization of Deferred Financing Costs	​	​	970	​	​	755	​	​	586
Amortization of Discount on Convertible Notes	​	​	159	​	​	189	​	​	1,278
Total Interest Expense	​	$	22,359	​	$	11,115	​	$	8,929
​	​	​	​	​	​	​	​	​	​
Total Interest Paid (1)	​	$	21,636	​	$	9,862	​	$	7,274

⁽¹⁾ Includes capitalized interest of $0.3 million and $0.2 million during the years ended December 31, 2023 and 2022, respectively, with no interest capitalized during the year ended December 31, 2021.

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