LONG-TERM DEBT AND NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Comparison of Key Financial Covenants and Current Compliance

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

	Required		Actual
Maximum leverage ratio		3.75		0.90
Minimum interest coverage ratio		4.00		20.63

Long-Term Debt Obligations

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

	September 30, 2013		December 31, 2012
	(Unaudited)
	(In thousands)
Long-term debt consists of:
North Ocean 102 Construction Financing	$	32,867	$	37,349
North Ocean 105 Construction Financing		61,274		65,359
		94,141		102,708
Less: Amounts due within one year		41,037		14,146
Total long-term debt	$	53,104	$	88,562