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Convertible Senior Notes
 9 Months Ended
Sep. 30, 2023
Convertible Senior Notes  
Convertible Senior Notes

Note 11. Convertible Senior Notes

Convertible Senior Notes payable consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):

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​

​

​

​

​

​

​

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September 30, 

​

December 31, 

​

    

2023

    

2022

Principal amount of 2025 Senior Notes

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$

14,344

​

$

14,344

Principal amount of 2026 Senior Notes

​

 

371,185

​

 

402,500

Less: unamortized debt issuance costs

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​

(7,574)

​

​

(10,136)

Net carrying value of Convertible Senior Notes payable

​

$

377,955

​

$

406,708

​

Interest expense incurred in connection with the Convertible Senior Notes consisted of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended

    

Nine Months Ended

​

​

September 30, 

​

September 30, 

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2023

    

2022

    

2023

    

2022

Coupon interest

​

$

852

​

$

881

​

$

2,576

​

$

2,616

Amortization of debt issuance costs

​

​

645

​

​

635

​

​

1,928

​

​

1,903

Total interest expense on Convertible Senior Notes

​

$

1,497

​

$

1,516

​

$

4,504

​

$

4,519

​

The Company’s 2025 Senior Notes and 2026 Senior Notes payable of $14.3 million and $371.2 million, respectively, are due and payable in 2025 and 2026, respectively.

In September 2023, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Senior Notes to repurchase $31.3 million in aggregate principal amount of the 2026 Senior Notes for a repurchase price of $25.0 million in cash.  The Company recorded $5.7 million as a gain on extinguishment of debt on its condensed consolidated statement of operations for the three and nine months ended September 30, 2023, which includes the write off of $0.6 million of unamortized debt issuance costs. Following these repurchases, approximately $371.2 million principal amount of the 2026 Senior Notes remain outstanding.  

See Note 10 – Convertible Senior Notes to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information related to the Company’s Convertible Senior Notes.