XML 19 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG-TERM DEBT (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Line of Credit Facility and Equipment Financing [Line Items]    
Line of credit with a bank-due June 1, 2014, and collateralized by accounts receivable $ 1,101,000  
Total long-term debt 107,501,000 61,573,000
Less current maturities (28,918,000) (17,438,000)
Long-term debt - net of current maturities 78,583,000 44,135,000
Maturities of long-term debt [Abstract]    
2013 28,918,000  
2014 37,689,000  
2015 38,674,000  
2016 1,408,000  
2017 812,000  
Total 107,501,000  
Equipment financing [Member]
   
Line of Credit Facility and Equipment Financing [Line Items]    
Total long-term debt 102,084,000 [1] 52,245,000 [1]
Maturity date Sep. 30, 2017  
Line of Credit [Member]
   
Line of Credit Facility and Equipment Financing [Line Items]    
Line of credit with a bank-due June 1, 2014, and collateralized by accounts receivable 5,417,000 [2] 9,328,000 [2]
Face amount of debt 35,000,000  
Basis spread on variable rate (in hundredths) 1.95%  
Required debt to equity ratio 2  
Tangible net worth required by bank covenants 115,000,000  
Weighted average interest rate (in hundredths) 2.16%  
Line of Credit [Member] | Equipment financing [Member]
   
Line of Credit Facility and Equipment Financing [Line Items]    
Weighted average interest rate (in hundredths) 3.02%  
Letter of Credit [Member]
   
Line of Credit Facility and Equipment Financing [Line Items]    
Line of credit with a bank-due June 1, 2014, and collateralized by accounts receivable $ 1,101,000  
[1] 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.
[2] 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.