6.	LONG-TERM DEBT:


	December 31,
	2011		2010
	(in thousands)
Series A Term Note, maturing on February 25, 2014, due in annual payments of $2.1 million that began February 25, 2008, plus interest at 10.50% paid quarterly, on February 25, May 25, August 25 and November 25, collateralized by accounts receivable, inventory and certain equipment	$	6,429	$	8,571
Series B Term Note, maturing on June 21, 2014, due in annual payments of $1.5 million that began June 21, 2008, plus interest at 10.22% paid quarterly, on March 21, June 21, September 21 and December 21, collateralized by accounts receivable, inventory and certain equipment		4,500		6,000
Series C Term Note, maturing on October 26, 2014, due in annual payments of $1.4 million that began October 26, 2008, plus interest at 9.11% paid quarterly, on January 26, April 26, July 26 and October 26, collateralized by accounts receivable, inventory and certain equipment		4,286		5,714
Series D Term Note, maturing on January 24, 2015, due in annual payments of $643,000 that began January 24, 2009, plus interest at 9.07% paid quarterly, on January 24, April 24, July 24 and October 24, collateralized by accounts receivable, inventory and certain equipment		2,570		3,215

Total long-term debt	$	17,785	$	23,500

Amounts are presented in the Consolidated Balance Sheets as follows:
Current portion of long-term debt	$	5,714	$	5,714
Long-term debt, less current portion		12,071		17,786

	$	17,785	$	23,500

The Company was not in compliance with its financial covenants as of December 31, 2011 and was granted waivers by its long-term debt holders. See Note 17, "Subsequent Events", for additional information on the waivers.

Future principal payments of long-term debt are as follows (in thousands):


2012	$	5,714
2013		5,714
2014		5,714
2015		643
Thereafter		—

	$	17,785

Interest expense under our Credit Agreement and long-term debt was $9.3 million, net of amounts capitalized of $243,000 in 2011, $8.9 million, net of amounts capitalized of $484,000 in 2010, and $5.1 million, net of amounts capitalized of $569,000 in 2009.