DEBT

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

DEBT

NOTE 6 – DEBT

As of June 30, 2011, the Company’s long-term debt consisted of the following obligations (in thousands):

Revolving credit facility	$	48,136
10¼% senior unsecured notes		225,000
Capital leases		174
		273,310
Less: obligations maturing within one year		48,240
Long term debt - net of current portion	$	225,070

As of June 30, 2011, the carrying amount of the Company’s senior unsecured notes was $225.0 million, and the estimate of the fair value of the senior unsecured notes, based on current market rates for debt of the same risk and maturities, was $238.8 million.

As of June 30, 2011, borrowings under the Company’s senior secured revolving credit facility include debt having variable interest rates totaling $48.1 million.  The Company believes the carrying value of the debt under the senior secured revolving credit facility approximates fair market value.