Debt (Tables)

3 Months Ended

May 31, 2012

Debt

Summary of long-term debt

(dollars in thousands)
	Original
	Date	Interest		May 31,			February 29,
	Borrowed	Rates	Matures	2012			2012
$15 million unsecured Senior Note payable at a fixed interest rate of 7.24%. Interest payable quarterly. Annual principal payments of $3 million began in July 2008.	07/97	7.24%	07/12	$	3,000		$	3,000
$75 million unsecured floating interest rate 10 year Senior Notes. Interest set and payable quarterly at three-month LIBOR plus 90 basis points. Principal is due at maturity. Notes can be prepaid without penalty. (1)	06/04	6.01%	06/14	75,000			75,000
$100 million unsecured Senior Notes payable at a fixed interest rate of 3.90%. Interest payable semi-annually. Annual principal payments of $20 million begin in January 2014. Prepayment of notes are subject to a “make whole” premium.	01/11	3.90%	01/18	100,000			100,000
Total long-term debt				178,000			178,000
Less current maturities of long-term debt				(3,000		)	(3,000		)
Long-term debt, excluding current maturities				$	175,000		$	175,000

(1)Floating interest rates have been hedged with an interest rate swap to effectively fix interest rates. Additional information regarding the swap is provided in Note (12) to these consolidated condensed financial statements.