LONG-TERM DEBT AND NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

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		0.32
Minimum interest coverage ratio		4.00		53.96

Long-Term Debt Obligations

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

	December 31,
	2012		2011
	(In thousands)
Long-term debt consists of:
North Ocean 102 Construction Financing	$	37,349	$	43,325
North Ocean 105 Construction Financing		65,359		50,410
		102,708		93,735
Less: Amounts due within one year		14,146		8,941
Total long-term debt	$	88,562	$	84,794

Maturities of Long-Term Debt During Five Years

Maturities of long-term debt during the five years subsequent to December 31, 2012 are as follows:

	(In thousands)
2013	$	14,146
2014		39,543
2015		8,170
2016		8,170
2017		8,170
Thereafter		24,509
Total	$	102,708