Debt

Debt consists of the following at:



	December 31,
	2011		2010
	(In thousands)
$250 million senior notes with an effective interest rate of 6.19% less discount of $0.6 million at both December 31, 2011 and 2010	$	249,444	$	249,379
$350 million senior unsecured revolving credit facility with an effective interest rate of 0.675% at December 31, 2010	—		200
Capital lease obligations due 2016 with an effective interest rate of 3.18% at December 31, 2011 and 2010	3,172		2,538
Other notes payable	89		57
Total debt	$	252,705	$	252,174
Less current portion	673		620
Total long-term debt	$	252,032	$	251,554

Scheduled principal maturities of debt as of December 31, 2011 were as follows:



Year Ending	Senior Notes		Capital Lease			Revolving Credit Facilities		Other Notes Payable		Total
			(In thousands)
2012	$	—	$	1,024		$	—	$	19	$	1,043
2013	—		1,024			—		21		1,045
2014	—		1,024			—		23		1,047
2015	—		1,024			—		20		1,044
2016	—		598			—		6		604
Thereafter	249,444		—			—		—		249,444
Total payments	249,444		4,694			—		89		254,227
Less: Amount representing estimated executory costs	—		(1,281		)	—		—		(1,281		)
Less: Amounts representing interest	—		(241		)	—		—		(241		)
Net principal payments	$	249,444	$	3,172		$	—	$	89	$	252,705

On February 24, 2011, the Company entered into a new $300 million senior unsecured revolving credit agreement (the “Revolver”), with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders. Simultaneously with the closing of the Revolver, the $350 million unsecured revolving credit agreement dated as of June 2006 (the “Old Revolver”) was terminated. The Revolver provides for a $300 million unsecured revolving credit facility with a final maturity date on February 24, 2016. Up to $30 million of borrowings under the Revolver may be used for letters of credit and up to $20 million of borrowings under the Revolver may be used for swing-line loans.

The Revolver is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company's subsidiaries that currently guarantee the obligations under the Company's Indenture governing the terms of its 5.70% senior notes due 2020.

The Company may at any time prior to the final maturity date increase the amount of the Revolver by up to an additional amount of $150 million to the extent that any one or more of the lenders commit to being a lender for the additional amount and certain other customary conditions are met.

The Company may elect to have borrowings under the Revolver bear interest at (i) a base rate plus a margin ranging from 5 to 80 basis points based on the Company's credit rating or (ii) LIBOR plus a margin ranging from 105 to 180 basis points based on the Company's credit rating. In addition, the Revolver requires the Company to pay a quarterly facility fee on the full amount of the commitments under the Revolver (regardless of usage) ranging from 20 to 45 basis points based upon the credit rating of the Company.

The Revolver requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments and effecting mergers and/or asset sales. In addition, the Revolver imposes financial maintenance covenants requiring the Company to maintain a total leverage ratio of not more than 3.5 to 1.0 and an interest coverage ratio of at least 3.5 to 1.0. The Revolver includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Company under the Revolver to be immediately due and payable. At December 31, 2011 the Company was in compliance with all covenants under the Revolver.

The proceeds of the Revolver are used for general corporate purposes, including working capital, debt repayment, stock

repurchases, dividends, investments and other permitted uses. At December 31, 2011, no amounts were outstanding under the

Revolver.

On August 25, 2010, the Company completed a $250 million senior unsecured note offering (“the Senior Notes”) at a discount of $0.6 million, bearing a coupon of 5.70% with an effective rate of 6.19%. The Senior Notes will mature on August 28, 2020, with interest on the Senior Notes to be paid semi-annually on February 28^th and August 28^th. The Company used the net proceeds from the offering, after deducting underwriting discounts and other offering expenses, to repay outstanding borrowings under the Old Revolver and other general corporate purposes. The Company’s Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by eight 100%-owned domestic subsidiaries.

Bond discounts incurred in connection with the Senior Notes are amortized on a straight-line basis, which is not materially different that the effective interest method, through the maturity of the Senior Notes. Amortization of these costs is included in interest expense in the consolidated statements of income.

The Company may redeem the Senior Notes at its option at a redemption price equal to the greater of (a) 100% of the principal amount of the notes to be redeemed and (b) the sum of the present values of the remaining scheduled principal and interest payments from the redemption date to the date of maturity discounted to the redemption date on a semi-annual basis at the Treasury rate, plus 45 basis points.