Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v2.4.0.6
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Schedule of Borrowings
 
For the year ended December 31,
 
2012
 
2011
Principal components:
 
 
 
     Credit Facility
$
10,000

 
$
—

     13% Senior Notes due 2016, principal
96,961

 
106,961

          Total principal outstanding
$
106,961

 
$
106,961

 
 
 
 
Non-cash components:
 
 
 
     13% Senior Notes due 2016 unamortized deferred credit
13,707

 
18,384

          Total carrying value of borrowings
$
120,668

 
$
125,345

Schedule of Deferred Credit Balance Related to Senior Notes
The following table summarizes the Company’s deferred credit balance at December 31, 2012:
Gross Carrying Amount
 
Accumulated Amortization
 
Carrying Value
 
Amortization Recorded during Current Year (a)
 
Estimated Annual Amortization Expense Expected to be Recognized in 2013 (b)
$31,507
 
$17,800
 
$13,707
 
$4,677
 
$3,300

(a)
Of the amount recorded as amortization during the current year, $3,086 was recorded as a reduction of interest expense and $1,591 (discussed below) was recorded as a component of the gain on early extinguishment of debt.  

(b)
Deferred credit amortization expected to be recorded as a reduction in interest expense during, 2014, 2015 and 2016 is $3,592, $3,910, and $2,905, respectively.