LONG-TERM DEBT AND NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2011

Comparison of Key Financial Covenants and Current Compliance

A comparison of the key financial covenants and current compliance is as follows:

	Required		Actual
Maximum leverage ratio		3.00		0.34
Minimum interest coverage ratio		4.00		12.69

Long-Term Debt Obligations

A summary of our long-term debt obligations are as follows:

	December 31,
	2011		2010
	(In thousands)
Long-term debt consists of:
North Ocean 102 Construction Financing	$	43,325	$	51,872
North Ocean 105 Construction Financing		50,410		3,423
		93,735		55,295
Less: Amounts due within one year		8,941		8,547
Total long-term debt	$	84,794	$	46,748

Maturities of Long-Term Debt During Five Years

Maturities of long-term debt during the five years subsequent to December 31, 2011 are as follows:

	(In thousands)
2012	$	8,941
2013		11,906
2014		37,304
2015		5,931
2016		5,931
Thereafter		23,722
Total	$	93,735