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Line of Credit

3 Months Ended

Mar. 31, 2013

(6)

Line of Credit

During the three months ended March 31, 2013, the Company borrowed $125.0 million and repaid $140.0 million under its line of credit. During the three months ended March 31, 2012, the Company borrowed $131.5 million and repaid $133.0 million under its line of credit. At March 31, 2013, the Company had $45.0 million available under its $80.0 million line of credit, reflecting $25.0 million outstanding under the line of credit and $10.0 million reserved under the standby letter of credit. The interest rate at March 31, 2013 and December 31, 2012 was 4.5%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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