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Note 3 - Lease Obligations and Long-term Debt | 12 Months Ended
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Jun. 30, 2012
Debt and Capital Leases Disclosures [Text Block] | (3) LEASE OBLIGATIONS AND LONG-TERM DEBT Lease Obligations The Company leases certain revenue and service equipment under long-term lease agreements, payable in monthly installments. Equipment obtained under a capital lease is reflected on the Company's balance sheet as owned and the related lease bears interest at rates ranging from 1.4% to 5.4% per annum, maturing at various dates through 2018. Assets held under operating leases are not recorded on the Company's balance sheet. The Company leases revenue and service equipment under non-cancellable operating leases expiring at various dates through August 2013. The Company leases warehouse and office space under non-cancellable operating leases expiring at various dates through August 2013. Certain real estate leases contain renewal options. Total rental expense under operating leases was as follows for 2012, 2011, and 2010 (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Revenue and service equipment |  | $ | 5,986 |  |  | $ | 1,559 |  |  | $ | 3,694 |
Office facilities and terminals |  |  | 2,185 |  |  |  | 3,054 |  |  |  | 3,049 |
|  | $ | 8,171 |  |  | $ | 4,613 |  |  | $ | 6,743 |
Future minimum lease payments relating to capital leases and to operating leases with initial or remaining terms in excess of one year are as follows (in thousands):
Year ended June 30, |  | Capital Leases |  |  | Operating Leases |
2013 |  | $ | 49,583 |  |  | $ | 9,818 |
2014 |  |  | 31,707 |  |  |  | 7,797 |
2015 |  |  | 81,082 |  |  |  | 17,490 |
2016 |  |  | 15,775 |  |  |  | 2,548 |
2017 |  |  | 8,784 |  |  |  | 2,548 |
Thereafter |  |  | 58,206 |  |  |  | 13,343 |
Total minimum lease payments |  | $ | 245,137 |  |  | $ | 53,544 |
Less amounts representing interest |  |  | 14,566 |  |  |  |  |
Present value of minimum lease payments |  | $ | 230,571 |  |  |  |  |
Less current maturities |  |  | 45,135 |  |  |  |  |
Non-current portion |  | $ | 185,436 |  |  |  |  |
The Company is obligated for lease residual value guarantees of $25.9 million, with $2.1 million due in fiscal 2013. The guarantees are included in the future minimum lease payments above. To the extent the expected value at lease termination date is lower than the residual value guarantee, we would accrue for the difference over the remaining lease term. As of June 2012, the Company believes the expected value at lease termination date is greater than the residual value guarantee. Long-Term Debt The Company did not have outstanding borrowings, excluding capital leases, at the years ended June 30, 2011 and 2012. Lines of Credit On December 7, 2010, the Company entered into a new $50 million five-year revolving credit facility agented by Bank of America, N.A. The facility refinanced the Company's Credit Agreement and provides for ongoing working capital needs and general corporate purposes. Bank of America, N.A. served as the lead arranger in the facility and Wells Fargo Bank, N.A. also participated in the new facility. On August 29, 2011, we increased our credit facility to $100 million and reset the term on our five-year revolving credit facility. The facility refinanced the Company's existing credit facility and provides for ongoing working capital needs and general corporate purposes. Bank of America, N.A. continues to serve as the lead arranger in the facility and Wells Fargo Bank, N.A. continues to participate in the new facility. At June 30, 2012, we were authorized to borrow up to $100 million under this revolving line of credit, which expires August 29, 2016. The applicable interest rate under this agreement is based on either a base rate equal to Bank of America, N.A.'s prime rate or LIBOR plus an applicable margin between 0.75% and 1.125% that is adjusted quarterly based on the Company's lease adjusted total debt to EBITDAR ratio. At June 30, 2012, we had no outstanding borrowings related to our credit facility and $0.4 million utilized for letters of credit. The agreement is collateralized by the assets of all the U.S. and Canadian subsidiaries of the Company. We are obligated to comply with certain financial covenants under our credit agreement and we were in compliance with these covenants at June 30, 2012.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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