Note 5 – Debt

A summary of debt follows (in thousands):

	June 30,			December 31,
	2011			2010
Revolving loans, due 2015	$	-		$	-
6.125% senior subordinated notes, due 2013		75,000			250,000
6.875% senior subordinated notes, due 2015		525,000			525,000
7.75% senior subordinated notes, due 2020		400,000			400,000
3.75% convertible senior subordinated notes, due 2025		575,000			575,000
4.00% junior subordinated convertible debentures, due 2033		345,000			345,000
3.25% convertible senior debentures, due 2035		452,500			452,500
Capitalized lease and other debt obligations		15,919			13,961
Subtotal		2,388,419			2,561,461
Add (subtract) interest rate swap agreements		6,075			(4,290	)
(Subtract) unamortized debt discount		(435,014	)		(446,876	)
(Subtract) current portion of debt		(3,503	)		(3,537	)
Total long-term debt, net	$	1,955,977		$	2,106,758

At June 30, 2011, there was no outstanding balance under the Company’s Revolving Credit Facility. As of June 30, 2011, the Company had approximately $20 million outstanding relating to standby letters of credit, substantially all of which were subject to automatic annual renewals. The Company amortized to expense approximately $1.4 million and $3.5 million of deferred debt issuance costs during the three months ended June 30, 2011 and 2010, respectively, and $2.8 million and $4.7 million during the six months ended June 30, 2011 and 2010, respectively, including the amounts disclosed in the following paragraph.

In the first six months of 2011, the Company redeemed $175 million aggregate principal amount of its outstanding 6.125% Senior Subordinated Notes, due 2013 (the “6.125% Notes”). In connection with the redemption of the 6.125% Notes, the Company incurred debt redemption costs of approximately $0.2 million and $1.3 million, which were recorded in interest expense for the three and six months ended June 30, 2011, respectively.

In the second quarter of 2011, the interest rate swap agreement on the 6.875% senior subordinated notes due 2015 was terminated, and the Company began paying interest at the 6.875% stated rate effective May 11, 2011.

The estimated floating interest rate on the interest rate swap agreement was 4.27% versus the 7.75% stated rate on the corresponding senior subordinated notes due 2020 with remaining principal balance of $400 million at June 30, 2011.

The Company has three convertible debentures, its 3.75% Convertible Senior Subordinated Notes, due 2025 (the “3.75% Convertible Notes”), the Series B 4.00% junior subordinated convertible debentures, due 2033 (the “4.00% Convertible Debentures”) and its 3.25% convertible senior debentures, due 2035 (with optional repurchase right, at par, of holders on December 15, 2015) (the “3.25% Convertible Debentures”). Issuers of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are required to separately account for the liability and equity components in a manner that reflects the entity’s calculated nonconvertible debt borrowing rate when the debt was issued. The carrying amounts of the Company’s convertible debt and related equity balances, are as follows (in thousands):

	June 30,			December 31,
	2011			2010
Carrying value of equity component	$	619,223		$	619,223

Principal amount of convertible debt	$	1,372,500		$	1,372,500
Unamortized debt discount		(435,014	)		(446,876	)
Net carrying value of convertible debt	$	937,486		$	925,624

As of June 30, 2011, the remaining amortization period for the debt discount was approximately 14.5, 22.0 and 4.5 years for the 3.75% Convertible Notes, 4.00% Convertible Debentures and 3.25% Convertible Debentures, respectively.

The effective interest rates for the liability components of the 3.75% Convertible Notes, 4.00% Convertible Debentures and 3.25% Convertible Debentures were 8.25%, 8.01% and 7.625%, respectively.