Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

9. Debt

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

	September 30, 2011			December 31, 2010
Bank loan	$	4,721		$	7,284
Debt obligations maturing within one year		(2,937	)		(3,039	)
Long-term obligations (less current portion)	$	1,784		$	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 $2.6 million for the nine months ended September 30, 2011 reflect a decrease of approximately $1.5 million, compared to the same period in 2010, due primarily to repayment of loans for excimer lasers that we sold in 2011 relating to vision centers that we closed in 2010.

The estimated fair value of our long-term portion of debt obligations is $1.8 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.