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Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018
--- | --- | ---
Long-term debt |  | $ 241,824 | $ 221,223
Less current maturities |  | (67,637) | (63,908)
Long-term debt—net of current maturities |  | 174,187 | 157,315
Line of Credit [Member] |  |  |
Long-term debt | [1] | 17,047 | 10,192
Secured Debt [Member] |  |  |
Long-term debt | [2] | $ 224,777 | $ 211,031
[1] | Line of credit agreement with a bank provides for maximum borrowings of $60.0 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 1.25% (2.96% at December 31, 2019) and are secured by our trade accounts receivable. An &#8220;unused fee&#8221; of 0.25% is charged if average daily borrowings are less than $18.0 million in a given month. 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 2019. At December 31, 2019, outstanding advances on the line were approximately $17.4 million, including letters of credit totaling $0.4 million, with availability to borrow $42.6 million. At December 31, 2018, outstanding advances on the line were approximately $10.9 million, including letters of credit totaling $0.7 million.
[2] | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through September 2026, at a weighted average interest rate of 3.65% as of December 31, 2019 and collateralized by revenue equipment.

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