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Leases | 12 Months Ended
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Dec. 31, 2011
Leases [Abstract] |
Leases |
7. | LEASES:
Capital Leases The Company leases certain equipment used in the manufacturing process. The future minimum payments under the Company's capital leases are as follows (in thousands):
2012 |  | $ | 4,454 |
2013 |  |  | 4,095 |
2014 |  |  | 4,019 |
2015 |  |  | 2,663 |
Thereafter |  |  | 3,413 |
Total minimum lease payments |  |  | 18,644 |
Amount representing interest |  |  | (2,939 | )
Present value of minimum lease payments with average interest rates of 7.80% |  |  | 15,705 |
Current portion of capital lease obligation |  |  | (3,358 | )
Capital lease obligation, less current portion |  | $ | 12,347 |
We had a total of $15.7 million in capital lease obligations outstanding at December 31, 2011. The weighted average interest rate on all of our capital leases is 7.80%. Our capital leases are for certain equipment used in the manufacturing process. Of the total capital lease balance, $7.7 million of our capital leases outstanding as of December 31, 2011 consists of a Financing Arrangement entered into as of September 2009 to finance our Bossier City, Louisiana facility under which certain equipment used in the manufacturing process at the facility is leased. As part of the Financing Arrangement, a $10 million escrow account was provided for the Company by a local government entity through a financial institution and funds are released upon qualifying purchase requisitions. As we purchase equipment for the facility, we enter into a sale-leaseback transaction with the governmental entity as part of the Financing Arrangement. As of December 31, 2011, $0.9 million was held in the escrow account, which is included in Other Assets, as a result of proceeds from the Financing Arrangement. The Financing Arrangement requires us to meet certain loan covenants, measured at the end of each fiscal quarter. These loan covenants follow the covenants required by our Credit Agreement. The company was not in compliance with its financial covenants as of December 31, 2011 and was granted waivers by the lessors. See Note 17, "Subsequent Events", for additional information on the waivers. Operating Leases The Company has entered into various equipment leases with terms of ten years or less. Total rental expense for 2011, 2010, and 2009 was $3.3 million, $3.2 million, and $2.0 million, respectively. Certain of the Company's operating lease agreements include renewals and/or purchase options set to expire at various dates. Future minimum payments as of December 31, 2011 for operating leases with initial or remaining terms in excess of one year are (in thousands):
2012 |  | $ | 2,070 |
2013 |  |  | 1,498 |
2014 |  |  | 1,099 |
2015 |  |  | 827 |
Thereafter |  |  | 1,272 |
|  | $ | 6,766 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 16 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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