Quarterly report pursuant to Section 13 or 15(d)

Related Party Transaction

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Related Party Transaction
6 Months Ended
Jun. 30, 2011
Condensed Notes to Interim Consolidated Financial Statements (Unaudited)  
Related Party Transaction Disclosure Text Block

(9)        Related Party Transaction

In January 2001 we entered into an aircraft operating lease agreement with a company owned by our President and CEO. The lease was amended several times, most recently on May 9, 2011. The amended lease agreement added the lease of a second aircraft. The lease term of the original aircraft may be terminated at any time upon 90 days written notice. The monthly lease rate of the original aircraft is $45,000. The lease term of the second aircraft may be terminated at any time upon 12 months' written notice. The monthly lease rate of the second aircraft is $132,000. In 2001, we paid a deposit of $1.5 million in connection with the lease. The deposit will be repaid to us no later than six months after the agreement terminates.