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Notes Payable and Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2012
Notes Payable and Long-term Debt  
Schedule of the redemption price expressed as a percentage of principal amount of the Senior Notes to be redeemed

 

Year

 

Percentage

 

2013

 

104.375

%

2014

 

102.187

%

2015 and thereafter

 

100.00

%

Schedule of outstanding long-term debt balances and weighted average interest rates

Outstanding long-term debt balances and weighted average interest rates at December 31, 2012 and 2011 were as follows:

 

 

 

 

 

Weighted

 

 

 

Weighted

 

 

 

Year Ended

 

Average

 

Year Ended

 

Average

 

 

 

December 31,

 

Effective

 

December 31,

 

Effective

 

 

 

2012

 

Interest Rate

 

2011

 

Interest Rate

 

Senior notes (a)(b)

 

$

250,000

 

9.0

%

$

250,000

 

9.0

%

Unamortized discount

 

(2,433

)

 

 

(2,814

)

 

 

 

 

247,567

 

 

 

247,186

 

 

 

Less: current portion

 

—

 

 

 

—

 

 

 

 

 

$

247,567

 

 

 

$

247,186

 

 

 

 

(a)                                 Interest expense for 2012 and 2011 includes $381 and $348, respectively, of amortization of original issue discount.

(b)                                 The senior notes bear interest at 8.75%. The effective rate of these notes is 9%, giving effect to the original issue discount.

Summary of deferred financing fee activity

 

 

 

 

Total

 

Balance at December 31, 2010

 

$

9,452

 

Amortization of deferred financing costs

 

(1,498

)

Debt prepayment expense

 

(295

)

Financing fees paid and accrued

 

1,653

 

Balance at December 31, 2011

 

$

9,312

 

Amortization of deferred financing costs

 

(1,653

)

Debt prepayment expense

 

—

 

Financing fees paid and accrued

 

(17

)

Balance at December 31, 2012

 

$

7,642

 

Schedule of total prepayment expense related to the debt refinancing activities and amendments

 

 

 

 

2012

 

2011

 

2010

 

Write-off of deferred financing costs

 

$

—

 

$

295

 

$

1,246

 

 

 

$

—

 

$

295

 

$

1,246