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Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Long-term debt |  | $ 286,106 | $ 241,824
Less current maturities |  | (57,776) | (67,637)
Long-term debt—net of current maturities |  | 228,330 | 174,187
Line of Credit [Member] |  |  |
Long-term debt | [1] | 18,246 | 17,047
Secured Debt [Member] |  |  |
Long-term debt | [2] | 250,572 | 224,777
Texas Real Estate Agreement [Member] |  |  |
Long-term debt | [3] | $ 17,288 |
Real Estate Financing [Member] |  |  |
Long-term debt | [3] |  | $ 0
[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% (1.40% at December 31, 2020) and are secured by our trade accounts receivable. An “unused fee” 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 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding gains/losses on equity securities and extraordinary items) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2020. At December 31, 2020, outstanding advances on the line were approximately $18.6 million, including letters of credit totaling $0.3 million, with availability to borrow $41.4 million. At December 31, 2019, outstanding advances on the line were approximately $17.4 million, including letters of credit totaling $0.4 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 3.30% as of December 31, 2020 and collateralized by revenue equipment.
[3] | Real estate financing consisting of an installment obligation for the purchase of real estate in Laredo, TX, payable in 120 installments at an interest rate of 3.02% and maturing in August 2030. This obligation is collateralized by the underlying real estate and any rental income generated by the underlying real estate.

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