11.

Debt

Debt consists of the following (in thousands):

	March 31, 2016			December 31, 2015
Equipment-based Facility	$	30,036		$	17,957
Less deferred loan costs		(1,063	)		(1,119	)
Equipment-based Facility, net		28,973			16,838
Notes payable for transportation and construction equipment and other		3,157			3,342
		32,130			20,180

Current maturities of long-term debt		5,193			5,192
Less current deferred loan costs		(336	)		(336	)
Less current maturities of long-term debt, net		(4,857	)		(4,856	)
Total long-term debt	$	27,273		$	15,324

Equipment-based Facility

At March 31, 2016, the Company had a borrowing base of $30.0 million, which was the result of calculating 65% of the appraised value (where appraised value equals net operating liquidated value) of the Company’s collateral. At March 31, 2016, the Company had $13.1 million drawn on the revolving loan and $16.9 million of its term loan outstanding.

Fair Value

The Company’s debt is recorded at its carrying amount in the condensed consolidated balance sheets. The Company uses an income approach to determine the fair value of its 12% Term Loan due May 29, 2019 using estimated cash flows, which is a Level 3 fair value measurement. As of March 31, 2016, the carrying values and fair values are as follows (amounts in thousands):

	March 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value

Revolving Loan	$	13,100	$	-	$	-	$	-
Term Loan		16,936		16,863		17,957		17,957
Total Equipment-based Facility debt	$	30,036	$	16,863	$	17,957	$	17,957

The Revolving Loan’s fair value was not practicable to estimate at March 31, 2016 as the timing of cash drawdowns and repayments cannot be determined.

Notes Payable for Transportation and Construction Equipment

The Company has purchased and financed various transportation and construction equipment to enhance the Company’s fleet of equipment. The total long-term notes payable related to the purchase of financed equipment was $3.2 million and $3.3 million at March 31, 2016 and December 31, 2015, respectively. The purchases have payment terms ranging from 3 to 5 years and the associated interest rates range from 3.12% to 7.13%. The fair value of these notes payable approximates their book value.

Interest Expense

Interest expense related to our Equipment-based Facility and other debt for the three months ended March 31, 2016 and 2015 was $0.9 million and $0.4 million, respectively. The increase in interest expense was due to the increased interest rate on the Equipment-based Facility.