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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2011
LONG-TERM DEBT [Abstract] |
LONG-TERM DEBT |
6. | LONG-TERM DEBT
Long-term debt at December 31, consists of the following:
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
Line of credit with a bank-due May 31, 2012, and |  |  |  |  |  |
collateralized by accounts receivable (1) |  | $ | 9,328 |  |  | $ | - |
Equipment financing (2) |  |  | 52,245 |  |  |  | 40,611 |
Total long-term debt |  | $ | 61,573 |  |  | $ | 40,611 |
Less current maturities |  |  | (17,438 | ) |  |  | (23,410 | )
Long-term debt-net of current maturities |  | $ | 44,135 |  |  | $ | 17,201 |
(1) | Line of credit agreement with a bank provides for maximum borrowings of $30.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the first day of the month plus 1.95% (2.22% at December 31, 2011) and are secured by our trade accounts receivable. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must have (a) a debt to equity ratio of no more than 2:1, and (b) maintain a tangible net worth of at least $135 million. The Company was in compliance with all provisions of the agreement throughout 2011. The Company has the intent and ability to extend the terms of this line of credit for an additional one year period until May 31, 2013, therefore the balance is included in the long-term debt balance.
(2) | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through January 2015, at a weighted average interest rate of 3.66% as of December 31, 2011 and collateralized by revenue equipment.
The Company has provided letters of credit to third parties totaling approximately $1,201,000 at December 31, 2011. The letters are held by these third parties to assist such parties in collection of any amounts due by the Company should the Company default in its commitments to the parties. Scheduled annual maturities on long-term debt outstanding at December 31, 2011, are:
|  | (in thousands) |
2012 |  | $ | 17,438 |
2013 |  |  | 23,989 |
2014 |  |  | 17,512 |
2015 |  |  | 2,634 |
2016 |  |  | - |
Total |  | $ | 61,573 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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