Debt

6 Months Ended

Jun. 30, 2011

Debt

Debt

9. Debt

Long-term debt obligations consist of (in thousands):

	June 30, 2011			December 31, 2010
Bank loan	$	5,587		$	7,284
Debt obligations maturing within one year		(3,004	)		(3,039	)
Long-term obligations (less current portion)	$	2,583		$	4,245

In April 2008, we entered into a five-year bank loan agreement for $19.2 million to finance medical equipment. The loan agreement provides for repayment in equal monthly installments over a five-year period at a fixed interest rate of 4.96%. Loan repayments totaling $1.7 million for the six months ended June 30, 2011 reflect a decrease of approximately $674,000, compared to the same period in 2010, due primarily to early payoffs of excimer lasers that were sold relating to vision centers that we closed in the prior year.

The estimated fair value of our long-term obligations is $5.5 million based on the present value of the underlying cash flows discounted at our incremental borrowing rate. Within the hierarchy of fair value measurements, this is a Level 3 fair value measurement.