LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2012

Long-term debt at December 31, consists of the following:

	2012			2011
	(in thousands)
Line of credit with a bank—due June 1, 2014, and
collateralized by accounts receivable (1)	$	5,417		$	9,328
Equipment financing (2)		102,084			52,245
Total long-term debt	$	107,501		$	61,573
Less current maturities		(28,918	)		(17,438	)

Long-term debt—net of current maturities	$	78,583		$	44,135

(1)

Line of credit agreement with a bank provides for maximum borrowings of $35.0 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% (2.16% at December 31, 2012) 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 $115 million. The Company was in compliance with all provisions of the agreement throughout 2012.

(2)	Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through September 2017, at a weighted average interest rate of 3.02% as of December 31, 2012 and collateralized by revenue equipment.

Schedule of Maturities of Long-term Debt

Scheduled annual maturities on long-term debt outstanding at December 31, 2012, are:

	(in thousands)

2013	$	28,918
2014		37,689
2015		38,674
2016		1,408
2017		812

Total	$	107,501