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Note 6 - Long-term Debt
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Long-term Debt [Text Block]
6.
LONG-TERM DEBT
 
Long-term debt at
December 31,
consists of the following:
 
   
201
7
    
201
6
  
   
(in thousands)
  
Line of credit with a bank
—due July 1, 2019, and
collateralized by accounts receivable (1)
    
-
     $
1,866
  
Equipment financing (2)
    
172,636
      
165,331
  
Total long-term debt
    
172,636
      
167,197
  
Less current maturities
    
(73,641
 )    
(42,806
 )
                 
Long-term debt
—net of current maturities
   $
98,995
     $
124,391
  
 
 
(
1
)
Line of credit agreement with a bank provides for maximum borrowings of
$40.0
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
1.50%
(
2.86%
at
December 
31,
2017
) 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 maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than
4.00:1.
The Company was in compliance with all provisions under this agreement throughout
2017.
At
December 31, 2017,
outstanding advances on the line were approximately
$0.7
million, consisting entirely of letters of credit totaling
$0.7
million, with availability to borrow
$39.3
million.
 
 
(
2
)
Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through
December 2022,
at a weighted average interest rate of
2.52%
as of
December 31, 2017
and collateralized by revenue equipment.
 
The Company has provided letters of credit to
third
parties totaling approximately $
706,000
at
December 31, 2017.
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,
201
7,
are:
 
201
8
   $
73,641
  
201
9
    
48,256
  
20
20
    
40,365
  
20
21
    
8,355
  
20
22
    
2,019
  
         
Total
   $
172,636