INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The amounts borrowed as of June 30, 2023 and December 31, 2022 are as follows (dollars in thousands):

	June 30, 2023			December 31, 2022
Long-term debt under revolving credit facility(1)	$	43,000		$	30,000
Available to be borrowed under revolving facility(2)	$	57,000		$	70,000
Interest rates:
SOFR rate loans:
Interest margin(3)	2.32		%	2.35		%
Actual interest rates(4)	7.52		%	6.67		%
Commitment fee	0.40		%	0.40		%
(1) In connection with the new Credit Agreement entered into during the three months ended June 30, 2022, the Company recorded deferred financing costs of $0.7 million to other assets on the condensed consolidated balance sheets. Accumulated amortization as of June 30, 2023 was $0.2 million.
(2) The amount available to be borrowed is subject to certain limitations, such as a consolidated leverage ratio, as defined in the Credit Agreement.
(3) Includes additional spread of 0.10%.
(4) Computed as the weighted average interest rate on all borrowings.