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Long-Term Debt
 12 Months Ended
Dec. 31, 2011
Floor Plan Notes Payable and Lines of Credit/ Long-Term Debt [Abstract]  
LONG-TERM DEBT

8. LONG-TERM DEBT:

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

 

      September 30,       September 30,  
    December 31,  
    2011     2010  
     

Variable interest rate term notes

   $ 130,092     $ 82,707  

Fixed interest rate term notes

     198,195       169,422  
   

 

 

    

 

 

  
     

Total debt

     328,287       252,129  
     

Less: current maturities

     (63,465 )      (62,279 ) 
   

 

 

    

 

 

  
     

Total

   $ 264,822     $ 189,850  
   

 

 

    

 

 

  

As of December 31, 2011, debt maturities were as follows (in thousands):

 

      September 30,  

2012

   $ 63,465  

2013

     61,090  

2014

     52,545  

2015

     64,039  

2016

     65,918  

Thereafter

     21,230  
   

 

 

  
   

Total

   $ 328,287  
   

 

 

  

The interest rates on the Company’s variable interest rate notes are based on LIBOR. The interest rates on the notes range from approximately 1.78% to 3.28% on December 31, 2011. Payments on the notes range from $1,910 to $80,000 per month, plus interest. Maturities of these notes range from December 2012 to December 2016.

The Company’s fixed interest rate notes are with financial institutions and had interest rates that ranged from approximately 3.24% to 8.50% on December 31, 2011. Payments on the notes range from $186 to $44,021 per month, plus interest. Maturities of these notes range from January 2012, to November 2021.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles. The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements and floor plan arrangement require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. At December 31, 2011, the Company was in compliance with all debt covenants related to debt secured by real estate. The Company does not anticipate any breach of the covenants in the foreseeable future.