Annual report pursuant to Section 13 and 15(d)

Debt Issuance Costs

v2.4.0.6
Debt Issuance Costs
 12 Months Ended
Dec. 31, 2011
DEBT ISSUANCE COSTS [Abstract]  
Debt Issuance Costs [Text Block]
DEBT ISSUANCE COSTS
 
We have incurred debt issuance costs in connection with our long-term debt. These costs are capitalized and are being amortized over the term of the related debt. The amortization of the debt issuance cost was recorded as interest expense. As of December 31, 2011 and 2010, we had capitalized $17.6 million and $22.0 million (net of accumulated amortization of $21.8 million and $17.4 million), respectively, of costs directly associated with the Senior Notes.
 
As of December 31, 2011 (in thousands):
Long-Term Debt
 
Debt Issuance Costs
 
Amortization Period
 
Accumulated
Amortization
 
Net Costs
2013 Notes
 
$
9,353

 
7 years
 
$
(6,837
)
 
$
2,516

2016 Notes
 
30,057

 
10 years
 
(14,951
)
 
15,106

Total
 
$
39,410

 
 
 
$
(21,788
)
 
$
17,622

 
Scheduled amortization of these debt issuance costs related to the Senior Notes for the next five years is estimated to be $17.6 million.