XML 28 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings
12 Months Ended
Dec. 31, 2017
Borrowings [Abstract]  
Borrowings
8. Borrowings
 
We maintain a credit facility (the "TD Bank Credit Facility") with TD Bank N.A. ("TD Bank) which provides for a $20,000,000 revolving credit line.  On November 21, 2017, we signed an amendment extending the term to the TD Bank Credit Facility through November 28, 2022.  Borrowings under the revolving credit line bear a floating rate of interest at the prime rate minus one percent and are secured by a lien on all of our assets.  We also pay a fee of 0.125% on unused borrowings under the revolving credit line.  The amendment increased the amount of revolving credit loans we may use to fund future cash dividend payments or treasury share buybacks to $12,500,000 from $10,000,000.  

The TD Bank Credit Facility imposes certain quarterly financial covenants on us and restricts, among other things, our ability to incur additional indebtedness and the creation of other liens. We were in compliance with all financial covenants of the TD Bank Credit Facility at December 31, 2017.

As of December 31, 2017, undrawn commitments under the TD Bank Credit facility were $20,000,000.