XML 24 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Long-Term Debt
 6 Months Ended
Jun. 30, 2011
Long-Term Debt  
Long-Term Debt

Note 5 – Long-term debt:

 

     December 31,
2010		      June 30,
2011		  
     (In thousands)  

Revolving bank credit facility

    $ 3,000       $ —     

Promissory note payable to affiliate

      42,230         37,730   
                 

Total debt

      45,230         37,730   

Less current maturities

      1,000         1,000   
                 

Total long-term debt

    $ 44,230       $ 36,730   
                 

In February 2011, we repaid all of the $3.0 million which was outstanding at December 31, 2010 on the revolving credit facility. In July 2011, we borrowed approximately $5 million under our revolving credit facility in connection with the acquisition discussed in Note 2.

The promissory note payable to affiliate was amended in September 2009 resulting in the deferral of interest payments and postponement of quarterly principal payments on the promissory note until March 2011. As such, in March 2011 we paid our required quarterly principal payment of $250,000 and all accrued interest totaling approximately $1.0 million. In addition, we prepaid $4.0 million principal amount on the promissory note. In the second quarter of 2011, we continued our regularly scheduled principal payment of $250,000 and related accrued interest for the quarter. The interest rate on the promissory note at June 30, 2011 was 1.3%.