3. Long-term Debt

Long-term debt consisted of the following:

	(in thousands)
	June 30, 2012			December 31, 2011
Borrowings under credit facility	$	24,259		$	19,888
Notes payable		7,245			7,989
Capitalized lease obligations		2,672			2,848
Total long-term debt		34,176			30,725
Less: Current maturities		(2,027	)		(1,936	)
Total maturities due after one year	$	32,149		$	28,789

As of June 30, 2012, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015. At June 30, 2012, the borrowing base availability under the credit facility increased to $49.2 million compared to $44.5 million for the quarter ended March 31, 2012. At June 30, 2012, our availability under the credit facility was $19.9 million, as the Company had borrowings of $24.3 million under the credit facility and $5.0 million of standby letters of credit, which are used primarily for our self-insurance programs and legal matters, has been issued. The $4.7 million increase in gross availability during the three month period ended June 30, 2012 was due to an increase in accounts receivable and equipment at the end of the quarter. This was a direct result of an increase in billed revenue, improvement in account aging during the quarter, as well as an increase in equipment assets resulting from certain tractors being purchased off lease and included in the borrowing base. As of June 30, 2012, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 2.8%, or bank base rate loans which had an interest rate of 4.8%.

The obligations under the credit facility are guaranteed by our parent company and certain named subsidiaries and secured by a pledge of substantially all of our assets. The obligations bear interest at either (i) the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day, plus 1.0%, plus the Applicable Margin (as discussed below);or (ii) at LIBOR for the applicable interest period, plus the Applicable Margin; and (iii) if any other obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility). The Applicable Margin for both the three months and six months ended June 30, 2012 was 1.5%. For the three months ended June 30, 2011, the Applicable Margin was 1.25%. Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers. If a loan is repaid on the same day made, one day's interest shall accrue. We are obligated to comply with certain covenants under the credit facility.

In the normal course of business, the Company has chosen to enter into various master security agreements and a capital lease agreement as an alternative to off-balance sheet operating leases to finance the purchase of revenue generating equipment at more favorable rates. The master security agreements provide for funding structured as promissory notes. The effective interest rates on the promissory notes range from 5.5% to 7.6%. The capital lease obligation for approximately $3.0 million of revenue generating equipment is structured as a 60- month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses.