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Line Of Credit And Capital Lease Obligations | 12 Months Ended
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Dec. 31, 2011
Line Of Credit And Capital Lease Obligations [Abstract] |
Line Of Credit And Capital Lease Obligations | 10. Line of Credit and Capital Lease Obligations: In October 2011, the Company entered into an amended and restated credit agreement ("Line of Credit") which increased the borrowing capacity thereunder to $500 million from $350 million. The Line of Credit matures in October 2016. The Line of Credit, which is guaranteed by substantially all of the Company's subsidiaries and affiliated professional contractors, includes (1) a $50 million sub-facility for the issuance of letters of credit and (2) a $25 million sub-facility for swingline loans. The Line of Credit may be increased up to $570 million, subject to the satisfaction of specified conditions. At the Company's option, borrowings under the Line of Credit (other than swingline loans) bear interest at (1) the alternate base rate (defined as the highest of (i) the Wells Fargo Bank, National Association prime rate, (ii) the Federal Funds Rate plus 1/2 of 1.000% and (iii) one month LIBOR plus 1.000%) or (2) the LIBOR rate, as defined in the Line of Credit, plus, an applicable margin rate ranging from 0.125% to 0.500% for alternate base rate borrowings and 1.125% to 1.500% for LIBOR rate borrowings, in each case based on the Company's consolidated leverage ratio. Swingline loans bear interest at the alternate base rate plus the applicable margin rate. The Company is subject to certain covenants and restrictions specified in the Line of Credit, including covenants that require the Company to maintain a minimum fixed charge coverage ratio and not to exceed a specified consolidated leverage ratio, to comply with laws, and restrict the Company from paying dividends and making certain other distributions, as specified therein. Failure to comply with these covenants would constitute an event of default under the Line of Credit, notwithstanding the Company's ability to meet its debt service obligations. The Line of Credit includes various customary remedies for the lenders following an event of default. At December 31, 2011, the Company believes it was in compliance, in all material respects, with the financial covenants and other restrictions applicable under the Line of Credit. The Company had $29.0 million in outstanding principal balance under the Line of Credit at December 31, 2011. The Company has outstanding letters of credit associated with its professional liability insurance program which reduced the amount available under the Line of Credit by $5.5 million at December 31, 2011. The weighted average interest rate on the letters of credit was 1.0% at December 31, 2011. At December 31, 2011, the Company had an available balance on the Line of Credit of $465.5 million. The Company's capital lease obligations consist of the following (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Capital lease obligations |  | $ | 470 |  |  | $ | 181 |
Less: Current portion |  |  | (143 | ) |  |  | (125 | )
Long-term portion |  | $ | 327 |  |  | $ | 56 |
The amounts due under the terms of the Company's capital lease obligations at December 31, 2011 are as follows (in thousands):
2012 |  | $ | 143 |
2013 |  |  | 101 |
2014 |  |  | 101 |
2015 |  |  | 125 |
|  | $ | 470 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- Details
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