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Debt (Tables)
12 Months Ended
Dec. 31, 2011
Debt [Abstract]  
Debt detail
   
December 31,
 
   
2011
  
2010
 
Debt classified as current liabilities:
      
1.75% convertible senior notes due 2024, net of debt discount of $0 and $1,584, respectively,  interest payable semiannually (1)
 $-  $45,483 
Hancock County industrial revenue bonds due 2028, interest payable quarterly (variable interest rates (not to exceed 12%))(1)
  7,815   7,815 
Debt classified as non-current liabilities:
        
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $2,695 and $3,677, respectively, interest payable semiannually
  246,909   245,927 
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually
  2,603   2,603 
E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (2)
  13,958   13,091 
Total
 $271,285  $314,919 

(1)
The convertible notes were classified as current because they were convertible at any time by the holder.  The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at December 31, 2011 was 0.35%.
(2)
E.ON contingent obligation principal and interest payments are payable based on CAKY's operating level and the LME price for primary aluminum.  See E.ON contingent obligation below.
Interest expense related to the convertible senior notes:
Interest expense related to the 1.75% convertible senior notes:
 
   
2011
  
2010
  
2009
 
Contractual interest coupon
 $316  $823  $2,585 
Amortization of the debt discount on the liability component
  874   2,244   6,969 
Total
 $1,190  $3,067  $9,554 
              
Effective interest rate for the liability component for the period
  6.74%  6.52%  6.34%
Principal payments on long term debt
Principal payments on our long term debt, excluding contingent obligations, in the next five years and thereafter are as follows:
 
   
Total
  
2012
  
2012
  
2013
  
2014
 
7.5% senior unsecured notes due August 15, 2014
 $2,603  $-  $-  $-  $2,603 
8.0% senior secured notes due May 15, 2014
  249,604   -   -   -   249,604 
Total
 $252,207  $-  $-  $-  $252,207