Bank Borrowings	12 Months Ended
Dec. 31, 2015
Bank Borrowings	3. Bank Borrowings The Company has a revolving credit agreement with a bank. On July 27, 2015, the Company entered into a fourth amendment to this credit facility that, among other items, (i) reduced the size of the revolving credit facility from $100,000 to $90,000; (ii) secures borrowings with a blanket lien on substantially all of the Company’s accounts receivable and inventories; (iii) prohibits the Company from granting security interests in the Company’s fixed assets and real property; (iv) sets interest at LIBOR plus 4.00%; (v) sets the maturity date as December 31, 2018; and (vi) waives compliance with the maximum leverage ratio and fixed charge ratio covenants through December 31, 2016. Additionally, the fourth amendment added covenants which (i) requires a minimum assets coverage ratio of 1.25 to 1.0 calculated on a monthly basis and (ii) limits capital expenditures to $65,000 annually through December 31, 2016, subject to maintaining pro forma liquidity of $15,000. Our credit facility also allows for the issuance of up to $9,500 in standby letters of credit, of which $8,875 was issued as of December 31, 2015, primarily as collateral relating to our natural gas commitments. The terms of the credit agreement provide for certain affirmative and negative covenants and require the Company to maintain certain financial ratios. Commitment fees are payable quarterly at an annual rate between 0.375% and 0.50% of the unused line of credit. Commitment fees for 2015, 2014 and 2013 were $75, $207 and $154, respectively. Interest cost for 2015, 2014 and 2013 was $2,973, $135, and $10, respectively, of which $2,038 was capitalized into the cost of property, plant and equipment in 2015. No interest cost was capitalized in 2014 and 2013. As of December 31, 2015, the Company’s outstanding debt under the credit agreement was $88,000 of which $33,000 was classified as current and $55,000 was classified as long-term. The weighted average interest rate was 4.664% based on LIBOR-based rate borrowings. As of December 31, 2014, the Company’s outstanding debt under the credit agreement was $25,000 and the weighted average interest rate was 2.625% based on LIBOR-based rate borrowings. As of December 31, 2015, the Company was in compliance with its debt covenants. As of January 31, 2016, we were in breach of the asset coverage ratio covenant (which requires a ratio of certain assets to total debt of at least 1.25). Our asset coverage ratio as of January 31, 2016 was 1.21. In order to cure this breach, the Company repaid $16,100 of borrowings under the credit facility in February 2016. As of February 26, 2016, the Company’s outstanding debt under the credit agreement was $71,900. Depending on the duration and severity of the industry downturn, there is a risk that the Company may again not be in compliance with certain of the financial covenants under its existing credit agreement. Such a breach would constitute an event of default under the Company’s credit agreement if it remained uncured or a modification or waiver is not agreed to with its lender. In the event of non-compliance and if the Company is unable to secure waivers or modifications to the existing credit agreement or alternative sources of capital, it is possible that the Company may not have the liquidity sufficient to meet operating expenses, capital expenditures and other cash needs. Given continuing uncertainties with regards to the length of the industry downturn, the Company is evaluating alternative sources of capital, including modifications to its existing credit agreement, although there can be no assurance that the Company will be able to obtain such financing or modifications on favorable terms, or at all.

3. Bank Borrowings

The Company has a revolving credit agreement with a bank. On July 27, 2015, the Company entered into a fourth amendment to this credit facility that, among other items, (i) reduced the size of the revolving credit facility from $100,000 to $90,000; (ii) secures borrowings with a blanket lien on substantially all of the Company’s accounts receivable and inventories; (iii) prohibits the Company from granting security interests in the Company’s fixed assets and real property; (iv) sets interest at LIBOR plus 4.00%; (v) sets the maturity date as December 31, 2018; and (vi) waives compliance with the maximum leverage ratio and fixed charge ratio covenants through December 31, 2016. Additionally, the fourth amendment added covenants which (i) requires a minimum assets coverage ratio of 1.25 to 1.0 calculated on a monthly basis and (ii) limits capital expenditures to $65,000 annually through December 31, 2016, subject to maintaining pro forma liquidity of $15,000. Our credit facility also allows for the issuance of up to $9,500 in standby letters of credit, of which $8,875 was issued as of December 31, 2015, primarily as collateral relating to our natural gas commitments.

The terms of the credit agreement provide for certain affirmative and negative covenants and require the Company to maintain certain financial ratios. Commitment fees are payable quarterly at an annual rate between 0.375% and 0.50% of the unused line of credit. Commitment fees for 2015, 2014 and 2013 were $75, $207 and $154, respectively. Interest cost for 2015, 2014 and 2013 was $2,973, $135, and $10, respectively, of which $2,038 was capitalized into the cost of property, plant and equipment in 2015. No interest cost was capitalized in 2014 and 2013.

As of December 31, 2015, the Company’s outstanding debt under the credit agreement was $88,000 of which $33,000 was classified as current and $55,000 was classified as long-term. The weighted average interest rate was 4.664% based on LIBOR-based rate borrowings. As of December 31, 2014, the Company’s outstanding debt under the credit agreement was $25,000 and the weighted average interest rate was 2.625% based on LIBOR-based rate borrowings.

As of December 31, 2015, the Company was in compliance with its debt covenants. As of January 31, 2016, we were in breach of the asset coverage ratio covenant (which requires a ratio of certain assets to total debt of at least 1.25). Our asset coverage ratio as of January 31, 2016 was 1.21. In order to cure this breach, the Company repaid $16,100 of borrowings under the credit facility in February 2016. As of February 26, 2016, the Company’s outstanding debt under the credit agreement was $71,900. Depending on the duration and severity of the industry downturn, there is a risk that the Company may again not be in compliance with certain of the financial covenants under its existing credit agreement. Such a breach would constitute an event of default under the Company’s credit agreement if it remained uncured or a modification or waiver is not agreed to with its lender. In the event of non-compliance and if the Company is unable to secure waivers or modifications to the existing credit agreement or alternative sources of capital, it is possible that the Company may not have the liquidity sufficient to meet operating expenses, capital expenditures and other cash needs. Given continuing uncertainties with regards to the length of the industry downturn, the Company is evaluating alternative sources of capital, including modifications to its existing credit agreement, although there can be no assurance that the Company will be able to obtain such financing or modifications on favorable terms, or at all.