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Note 8 - Long-term Debt
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Long-term Debt [Text Block]
8
.
LONG-TERM DEBT
:
 
Long-term debt was comprised of the following (in thousands):
 
   
December 31,
  
   
20
17
    
20
16
  
                 
Variable interest rate term notes
   $
96,157
     $
107,894
  
Fixed interest rate term notes
    
515,371
      
495,326
  
                 
Total debt
    
611,528
      
603,220
  
                 
Less: current maturities
    
(145,139
 )    
(130,717
 )
                 
Total long-term debt, net of current maturities
   $
466,389
     $
472,503
  
 
As of
December
 
31,
2017,
debt maturities were as follows (in thousands):
 
201
8
    
145,139
  
201
9
    
140,823
  
2020
    
144,163
  
2021
    
85,559
  
202
2
    
60,525
  
Thereafter
    
35,319
  
         
Total
   $
611,528
  
 
The interest rate
s on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes ranged from approximately
3.1%
to
3.6%
on
December 31, 2017.
Payments on the notes range from approximately
$5,330
to
$125,833
per month, plus interest. Maturities of these notes range from
June 2018
to
June 2025.
 
The Company
’s fixed interest rate notes had interest rates that ranged from approximately
2.75%
to
7.61%
on
December 
31,
2017.
Payments on the notes range from
$255
to
$32,840
per month. Maturities of these notes range from
January 2018
to
August 2027.
 
The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements and
vehicles for the Company’s lease and rental fleet. The notes are secured by the assets acquired with the proceeds of such notes.
 
The Company
’s long-term real estate debt agreements, floor plan financing arrangements and the Working Capital Facility 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. As of
December 31, 2017,
the Company was in compliance with all debt covenants. The Company does
not
anticipate any breach of the covenants in the foreseeable future.