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Capital Lease and Financing Arrangements
9 Months Ended
Sep. 30, 2012
Capital Lease and Financing Arrangements
NOTE 7. Capital Lease and Financing Arrangements

We have standby letters of credit that expire at various dates in 2012 and 2013. As of September 30, 2012, the outstanding letters of credit totaled $3.0 million.

We had $47.0 million of unused and available borrowings under our bank revolving line of credit as of September 30, 2012. We were in compliance with our debt covenants as of September 30, 2012.

Beginning August 1, 2011, we entered into an agreement to lease 3,126 chassis for a period of 10 years. We are accounting for this lease as a capital lease. Interest on this capital lease obligation is based on interest rates that approximated available interest rates at the inception of the lease.

We paid interest of $0.2 million related to this capital lease during the quarter ended September 30, 2012 and $0.7 million during the nine months ended September 30, 2012.