DEBT (Tables)

12 Months Ended

Dec. 31, 2012

DEBT [Abstract]

Long-Term Debt

Long-term debt consisted of the following at December 31:

		2012			2011
		(In thousands)
$125 million credit facility bearing interest at floating rates, due February 2016(1)	$	108,000		$	12,000
Mortgage note, bearing interest at 6.24%, due 2014		30,708			31,703
Mortgage note, bearing interest at 6.50%, due 2015		23,834			24,775
Mortgage note, bearing interest at 7.07%, due 2018		8,391			8,552
Oregon Trust Deed Notes, weighted average interest rate of 7.33%, maturing from 2021 through 2026		6,946			7,274
HUD Insured Mortgages, interest rates ranging from 5.66% to 5.85%, due 2032		3,836			3,937
Total debt		181,715			88,241
Less current maturities		(114,575	)		(2,538	)
Total long-term debt	$	67,140		$	85,703

(1) Prior to December 31, 2012, borrowings under this facility bore interest at a floating rate at ALC's option equal to LIBOR or prime plus a margin. The margin was determined by ALC's consolidated leverage ratio (as defined in the U.S. Bank Credit Facility) and ranged from 137.5 to 250 basis points over prime or 225 to 350 basis points over LIBOR. From February 18, 2011 through May 6, 2011, ALC's prime and LIBOR margins were 175 and 275 basis points, respectively. On May 7, 2011, the prime and LIBOR margins were reduced to 150 and 250 basis points, respectively. On December 31, 2012, commencing with the Third Amendment, the facility bears interest at the base rate plus 350 basis points. At December 31, 2012, prime was 3.25% and one month LIBOR was 0.21%. Pursuant to the Third Amendment (as defined below), the debt associated with the U.S. Bank Credit Facility now expires in the current year.

Principal Payments on Long-Term Debt

Principal payments on long-term debt due within the next five years and thereafter, as of December 31, 2012, are as follows (in thousands):

2013	$	114,575
2014		27,565
2015		22,440
2016		749
2017		805
After 2017		15,443
		181,577
Plus: Unamortized market value adjustment		138
Total debt	$	181,715