8. LONG-TERM DEBT

The Company has two loans outstanding which bear interest at 4.75%, mature in February 2027 and are collateralized by the facility the Company owns in Corvallis, Oregon. At December 31, 2011, these loans had unpaid principal balances of $1,172,000 and $670,000, for a total indebtedness of $1,842,000. The Company incurred interest expense on these loans of $90,000, $94,000 and $97,000, respectively, for 2011, 2010 and 2009.

The following table sets forth the expected future principal payments on these loans for the years shown (in thousands):


2012	$	85
2013		90
2014		92
2015		98
2016		103
Thereafter		1,374

Total scheduled loan principal payments	$	1,842