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Credit Agreement (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Credit Agreement

 

Selected details of our credit agreement as of and for the years ended December 31, 2021 and 2020 were as follows (dollars in thousands):

 

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Credit Agreement:

 

 

 

 

 

 

 

 

Credit facility remaining availability

 

$

124,082

 

 

$

48,582

 

Outstanding letters of credit

 

$

918

 

 

$

1,418

 

Availability of additional letters of credit (1)

 

$

124,082

 

 

$

23,582

 

Weighted average daily revolving credit borrowings

   for the year ended

 

$

-

 

 

$

-

 

Weighted average annual interest rate

 

 

0.00

%

 

 

0.00

%

Commitment fee rate

 

 

0.30

%

 

 

0.30

%

Letter of credit fee rate (2)

 

 

3.00

%

 

 

1.25

%

________________  

(1)

The letters of credit availability under the credit agreement with Wintrust is up to the borrowing limit of $125.0 million. For the previous credit agreement with BMO Harris Bank N.A., a sublimit of $25.0 million under the credit agreement was part of, not in addition to, the $50.0 million borrowing limit under the credit agreement.

(2)

The 2021 letter of credit fee rate is based on prime minus 1.0%, subject to a minimum rate of 3.0%. The prime rate as of December 31, 2021 was 3.25%, which would yield a 2.25% fee rate, therefore the minimum rate of 3.0% is reflected in the table above.