Note 14 - Notes Payable and Other Obligations

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Text Block]

NOTE 14 - NOTES PAYABLE AND OTHER OBLIGATIONS:

Notes payable and other obligations at December 31, 2011 and 2010 consisted of the following (000’s omitted):

	2011			2010
Notes payable	$	10,904		$	14,476
Derivative fair valuation adjustment		66			87
Obligations under capital lease		33			129
Total notes payable and other obligations	$	11,003		$	14,692
Less ¾ Current portion		(3,816	)		(3,784	)
Long-term notes payable and other obligations	$	7,187		$	10,908

Note payable to Bank -

In May, 2010, we entered into a syndicated amended and restated financing arrangement with Bank of America, TD Bank and Webster Bank and secured a $35 million three-year revolving credit facility (amounts available to be borrowed are based on eligible patient receivables and as of December 31, 2011, approximately $12.4 million of the $35 million line of credit was available) and a $25 million three-year term loan (of which approximately $16 million was outstanding at the time of closing). Both the term loan and the revolving credit facility mature in May 2013. Interest on the term loan and revolving loans are payable based on a tiered pricing structure related to a defined leverage ratio. As of December 31, 2011, interest on the term loan was payable at a rate of approximately 3.5%. As of December 31, 2011 there was no outstanding balance on the revolving credit facility and the unused balance bore a commitment fee of 0.25%.

During the third quarter of 2010 we also entered into an interest rate swap agreement to help manage interest rate risk. This swap will mature in the third quarter of 2013, at which time we will re-evaluate our options for managing interest rate risk (See Note 15).

Our credit facility is collateralized by substantially all of our assets. As of December 31, 2011, we were in full compliance with all applicable debt covenants. We continuously review our credit agreements and may renew, revise or enter into new agreements from time to time as deemed necessary.

Debt Maturities -

At December 31, 2011, aggregate note payments, including capital lease obligation payments, in future years were as follows (000’s omitted):

2012	$	3,816
2013	$	7,187
Total payments	$	11,003

Leases -

Our capital lease obligation relates to medical equipment acquired for certain vein clinics.

We maintain operating leases for our corporate headquarters and for medical office space for our Partner and our vein clinic centers.  We also have operating leases covering certain medical equipment.  Aggregate rental expense under operating leases was approximately $17.7 million, $14.0 million, and $12.6 million, for the years ended December 31, 2011, 2010 and 2009, respectively.

At December 31, 2011, the minimum lease payments for assets under capital and non-cancelable operating leases in future years were as follows (000’s omitted):

	Capital		Operating
2012	$	34	$	11,871
2013		—		11,680
2014		—		9,521
2015		—		8,176
2016		—		6,948
Thereafter		—		18,504
Total minimum lease payments	$	34	$	66,700
Less ¾ Amount representing interest		1
Present value of minimum lease payments	$	33