Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Our long-term debt consisted of the following:

	March 31,			December 31,
	2015			2014
Term note to bank due May 30, 2021⁽¹⁾	$	26,514		$	26,978
Total long-term debt (including current portion)		26,514			26,978
Less: Current portion		(862	)		(855	)
Total long-term debt, net	$	25,652		$	26,123

(1)

Our outstanding indebtedness consisted of a term note under the 2021 Consolidated Loan due to Kirkpatrick Bank (the “2021 Consolidated Loan”) with an outstanding principal balance of $26.5 million and $27.0 million as of March 31, 2015 and December 31, 2014, respectively. The 2021 Consolidated Loan matures on May 30, 2021. Under the 2021 Consolidated Loan, interest is payable monthly and accrues at a fixed rate of 4.75% per annum. The 2021 Consolidated Loan is secured by a mortgage covering our headquarters buildings and certain personal property relating to our headquarters buildings.

The 2021 Consolidated Loan includes certain financial covenants, including maintaining a debt coverage ratio of EBITDA to indebtedness (defined as current maturities of long-term debt, interest expense and distributions), as defined in the agreement, of greater than 1.5 to 1.0. We were in compliance with all of the covenants as of March 31, 2015.