5. Long-Term Debt

On January 18, 2013, we replaced our existing credit agreement with our Revolving Credit Facility (“2013 Credit Agreement”). Terms of the 2013 Credit Agreement consist of a five-year, $350 million revolving credit facility. This 2013 Credit Agreement has a floating interest rate that is currently LIBOR plus 125 basis points. The 2013 Credit Agreement also includes a $150 million expansion feature. Debt issuance costs associated with the existing credit agreement were not material. With respect to the 2013 Credit Agreement, deferred financing costs are immaterial. The 2013 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 March 31, 2013. We have issued $29.2 million in standby letters of credit as of March 31, 2013 for insurance purposes. Issued letters of credit reduce our available credit under the 2013 Credit Agreement. As of March 31, 2013, 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:



	March 31, 2013		December 31, 2012
Principal amount of convertible debentures	$	186,956	$	186,956
Unamortized debt discount		(9,952)		(12,066)
Carrying amount of convertible debentures	$	177,004	$	174,890
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 March 31,
	2013		2012
Cash interest expense	$	1,200	$	1,334
Non-cash amortization of debt discount		2,114		1,975
Amortization and write-off of debt costs		780		308
Total interest expense	$	4,094	$	3,617

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 March 31, 2013.