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Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Long-term debt $ 221,223 $ 172,636
Less current maturities (63,908) (73,641)
Long-term debt—net of current maturities 157,315 98,995
Line of Credit [Member]    
Long-term debt [1] 10,192
Secured Debt [Member]    
Long-term debt [2] $ 211,031 $ 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% (3.85% at December 31, 2018) 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 2018. At December 31, 2018, outstanding advances on the line were approximately $10.9 million, including letters of credit totaling $0.7 million, with availability to borrow $29.1 million.
[2] Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through October 2025, at a weighted average interest rate of 3.61% as of December 31, 2018 and collateralized by revenue equipment.