Annual report pursuant to Section 13 and 15(d)

Debt and Capital Lease Obligations

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Debt and Capital Lease Obligations
12 Months Ended
Dec. 31, 2011
Debt and Capital Lease Obligations [Abstract]  
Debt and Capital Leases Disclosures [Text Block]
Debt and Capital Lease Obligations

Credit Facilities
 
In October 2007, the Company entered into a $100,000 senior credit facility that expires in October 2012.  Interest rates for advances under the facility are at LIBOR plus 0.6% to 0.9% based upon covenants related to total indebtedness to earnings (0.9% at December 31, 2011). The agreement contains certain covenants and restrictions, none of which are expected to significantly affect the Company’s operations or ability to pay dividends.  No assets are pledged as collateral against the senior credit facility.  As of December 31, 2011, the Company had no outstanding balance under the senior credit facility. At December 31, 2011, the Company had utilized $9,316 of availability for outstanding letters of credit and had $90,684 of available borrowing capacity outstanding under the senior credit facility.

In February 2012, the Company terminated the October 2007 credit facility and entered into a new $150,000 credit facility. This facility has a term of five years and matures in February 2017. The Company entered into this larger credit facility in order to fund potential acquisitions, the repurchase of its common stock and the financing of other general business purposes. Interest rates for advances under the facility are LIBOR plus 1.1% to 1.6% based upon covenants related to total indebtedness to earnings. The agreement contains certain covenants and restrictions, none of which are expected to significantly affect the Company's operations or ability to pay dividends. No assets are pledged as collateral against the credit facility.

Capital Leases

In September 2000, the Company entered into an agreement with the Rickenbacker Port Authority (“Rickenbacker”) to lease a building located near the Company’s Columbus, Ohio hub facility. The lease agreement had a ten-year initial term, with two five-year renewal options.  During 2010, the original lease expired and the renewal option was not exercised resulting in the termination of the lease.  Upon termination of the lease the related assets and liabilities were written off resulting in a gain of approximately $679.

Through acquisitions, the Company assumed several equipment leases that met the criteria for classification as a capital lease.  The leased equipment is being amortized over the shorter of the lease term or useful life.

Property and equipment include the following amounts for assets under capital leases:

December 31,
2011

December 31,
2010
Equipment
$
1,402


$
2,071

Accumulated amortization
(1,078
)

(1,401
)

$
324


$
670



Amortization of assets under capital leases is included in depreciation and amortization expense.
    
    
Future minimum payments, by year and in the aggregate, under non-cancelable capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2011:
2012

$
585

2013

286

2014

55

Total

926

Less amounts representing interest

41

Present value of net minimum lease payments (including current portion of $552)

$
885



Interest Payments

Interest payments during 2011, 2010 and 2009 were $563, $718 and $749, respectively.  During the year ended December 31, 2009, $110 of interest payments were capitalized.  No interest was capitalized during the years ended December 31, 2011 and 2010.