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Note K - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Long-term debt $ 205,459 $ 172,636
Less current maturities (62,413) (73,641)
Long-term debt – net of current maturities 143,046 98,995
Line of Credit [Member]    
Long-term debt [1] 18,122
Secured Debt [Member]    
Long-term debt [2] $ 187,337 $ 172,636
[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% (3.60% at September 30, 2018), are secured by our trade accounts receivable and mature on July 1, 2020. 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 2018.
[2] Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through July 2025, at a weighted average interest rate of 3.30% as of September 30, 2018 and are collateralized by revenue equipment.