Revolving Credit Facility

9 Months Ended

Sep. 30, 2011

Revolving Credit Facility [Abstract]

Revolving Credit Facility

Note 7:  Revolving Credit Facility

In June 2011, we entered into a credit agreement and related document governing the terms of our new $50.0 million revolving credit facility (the “New Credit Facility”). The proceeds of the loans will be used to finance the construction and acquisition of our new corporate office and research building. We currently expect to acquire the new building during the first quarter of 2013. On the date of acquisition, the revolving loan balance will be converted to a five-year term loan. Borrowings under the loans will bear interest at a variable rate equal to one-month LIBOR plus a margin of 1.50 percentage points. The credit agreement requires us to maintain a total leverage ratio no greater than 3.50 to 1.00 and an interest coverage ratio greater than or equal to 2.50 to 1.00.

In connection with the New Credit Facility, we incurred debt issuance costs of $0.3 million which are recorded in other noncurrent assets and are being amortized as additional interest expense over the term of the facility. As of September 30, 2011, we had no balance outstanding under this New Credit Facility.