Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt

Schedule of total debt

The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreement for equipment notes:

						Outstanding		Outstanding
		Stated Interest				Balance as of		Balance as of
	Inception	Rate		Payment	Term	December 31,		December 31,
(dollars in thousands)	Date	(per annum)		Frequency	(years)	2019		2018
Credit Agreement
Revolving loans	9/13/2019	Variable		Variable	5	$	103,820	$	58,306
Equipment Notes
Equipment Note 1	9/28/2018	4.16	%	Semi-annual	5		10,643		12,655
Equipment Note 2	9/28/2018	4.23	%	Semi-annual	7		11,200		12,279
Equipment Note 3	12/31/2018	3.97	%	Semi-annual	5		1,953		2,291
Equipment Note 4	12/31/2018	4.02	%	Semi-annual	7		2,108		2,313
Equipment Note 5	12/31/2018	4.01	%	Semi-annual	7		1,751		1,948
Equipment Note 6	6/25/2019	2.89	%	Semi-annual	7		14,286		—
Equipment Note 7	6/24/2019	3.09	%	Semi-annual	5		9,033		—
Equipment Note 8	12/27/2019	2.75	%	Semi-annual	5		6,496		—
Equipment Note 9	12/24/2019	3.01	%	Semi-annual	7		4,534		—
							62,004		31,486
Total debt							165,824		89,792
Less: current portion of long-term debt							(8,737)		(3,681)
Long-term debt						$	157,087	$	86,111

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Notes as of December 31, 2019:

	Future
	Equipment
	Notes Principal
(in thousands)	Payments
2020	$	8,737
2021		8,349
2022		8,645
2023		11,906
2024		8,923
Thereafter		15,444
Total future principal payments	$	62,004
Less: current portion of equipment notes		(8,737)
Long-term principal obligations	$	53,267