Note 8 - Long-Term Debt

12 Months Ended

Dec. 31, 2012

Long-term Debt [Text Block]

8.               LONG-TERM DEBT:

Long-term debt was comprised of the following (in thousands):

	December 31,
	2012			2011
Variable interest rate term notes	$	80,463		$	130,092
Fixed interest rate term notes		319,201			198,195
Total debt		399,664			328,287
Less: current maturities		(80,030	)		(63,465	)
Total	$	319,634		$	264,822

As of December 31, 2012, debt maturities were as follows (in thousands):

2013	$	80,030
2014		70,693
2015		84,895
2016		86,199
2017		47,385
Thereafter		30,462
Total	$	399,664

The interest rates on the Company’s variable interest rate notes are based on LIBOR.  The interest rates on the notes range from approximately 1.7% to 3.1% on December 31, 2012.  Payments on the notes range from $1,910 to $80,000 per month, plus interest.  Maturities of these notes range from May 2013, to December 2017.

The Company’s fixed interest rate notes are with financial institutions and had interest rates that ranged from approximately 3.11% to 8.50% on December 31, 2012.  Payments on the notes range from $233 to $94,697 per month, plus interest.  Maturities of these notes range from January 2013, to November 2021.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles.  The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements and floor plan arrangement require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth.  At December 31, 2012, the Company was in compliance with all debt covenants related to debt secured by real estate.  The Company does not anticipate any breach of the covenants in the foreseeable future.