5. Long-Term Debt

On March 1, 2011, we replaced our existing credit agreement with our Revolving Credit Facility (“2011 Credit Agreement”). Terms of the 2011 Credit Agreement consist of a five-year, $350 million revolving credit facility. This 2011 Credit Agreement has a floating interest rate that is currently LIBOR plus 175 basis points. The 2011 Credit Agreement also includes a $150 million expansion feature. The 2011 Credit Agreement contains the following quarterly financial covenants:



Description		Requirement

Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)		< 3.50 to 1.00

Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges)		> 1.50 to 1.00

Annual Operating Lease Commitment		< $30.0 million

We are in compliance with all debt covenants as of September 30, 2012. We have issued $29.2 million in standby letters of credit as of September 30, 2012 for insurance purposes. Issued letters of credit reduce our available credit under the 2011 Credit Agreement. As of September 30, 2012, we have approximately $320.8 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility, excluding the $150 million expansion feature.

The following amounts are included in our consolidated balance sheet related to the Notes:



	September 30, 2012		December 31, 2011
Principal amount of convertible debentures	$	186,956	$	186,956
Unamortized debt discount		(14,144)		(20,172)
Carrying amount of convertible debentures	$	172,812	$	166,784
Additional paid in capital (net of tax)	$	31,310	$	31,310

The following amounts comprise interest expense included in our consolidated income statement (in thousands):



	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Cash interest expense	$	1,381	$	1,345	$	4,064	$	3,786
Non-cash amortization of debt discount		2,043		1,910		6,028		5,633
Amortization of debt costs		319		300		940		841
Total interest expense	$	3,743	$	3,555	$	11,032	$	10,260

The unamortized debt discount is being amortized using the effective interest method over the remaining life of the Notes. The effective rate on the Notes is approximately 6.875% as of September 30, 2012.