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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2012
Financing Arrangements [Abstract]  
Financing Arrangements
NOTE 6. FINANCING ARRANGEMENTS

The Company's outstanding debt consisted of the following:

 
 
Senior
  
  
  
 
 
 
Term
  
Subordinated
  
  
 
 
 
Loan
  
Debt
  
Revolver
  
Total
 
Balance at December 31, 2011
 
$ 
76,111
  
$ 
38,717
  
$ 
-
  
$ 
114,828
 
Borrowings
  
-
   
-
   
53,300
   
53,300
 
Repayments
  
(6,500
)
  
-
   
(52,500
)
  
(59,000
)
Amortization of loan origination fees
  
677
   
115
   
-
   
792
 
Balance at June 30, 2012
  
70,288
   
38,832
   
800
   
109,920
 
Less:  Current portion of long-term debt
  
(13,750
)
  
-
   
-
   
(13,750
)
Long term debt, net of current portion
 
$ 
56,538
  
$ 
38,832
  
$ 
800
  
$ 
96,170
 
 
                
Weighted average interest rate at December 31, 2011 (1)
  
4.47
%
  
13.00
%
  
-
   
7.32
%
Weighted average interest rate at June 30, 2012 (1)
  
3.99
%
  
13.00
%
  
5.75
%
  
7.15
%

(1)
The weighted average interest rate includes the effect of the interest rate swap agreements.  See Note 7 for additional information.

Effective June 30, 2012, the Company amended its credit agreements to exclude non-cash expenses resulting from any impairment or write-off of goodwill during the Company's 2012 fiscal year from the definition of 'Consolidated Earnings Before Interest, Tax and Amortization ("EBITDA")' as presented in the Company's financial covenants.  At June 30, 2012, the Company was in compliance with its loan covenants.