Debt and Shareholders' Equity	3 Months Ended
Mar. 31, 2018
Debt And Shareholders Equity
Debt and Stockholders Equity	5. Debt and Shareholders’ Equity Under its revolving loan agreement with HSBC Bank, N.A., the Company can borrow up to $50 million at an interest rate of LIBOR plus 2.0%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the facility expires; interest is payable monthly. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. Funds borrowed under the facility may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. At March 31, 2018, the Company was in compliance with the covenants of the loan agreement. As of March 31, 2018 and December 31, 2017, the Company had outstanding borrowings of $41,100,000 and $43,450,000, respectively, under the Company’s revolving loan agreement with HSBC. The decrease in debt outstanding was primarily due to the Company repatriating approximately $5.8 million from its foreign subsidiaries, a portion of which was used to pay down the debt under the Company’s credit facility. On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing on December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024. During the three months ended March 31, 2018, the Company paid approximately $44,610 to optionees who had elected a net cash settlement of their respective options.

Debt and Shareholders' Equity

3 Months Ended

Mar. 31, 2018

5. Debt and Shareholders’ Equity

Under its revolving loan agreement with HSBC Bank, N.A., the Company can borrow up to $50 million at an interest rate of LIBOR plus 2.0%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the facility expires; interest is payable monthly. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. Funds borrowed under the facility may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. At March 31, 2018, the Company was in compliance with the covenants of the loan agreement.

As of March 31, 2018 and December 31, 2017, the Company had outstanding borrowings of $41,100,000 and $43,450,000, respectively, under the Company’s revolving loan agreement with HSBC. The decrease in debt outstanding was primarily due to the Company repatriating approximately $5.8 million from its foreign subsidiaries, a portion of which was used to pay down the debt under the Company’s credit facility.

On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing on December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024.

During the three months ended March 31, 2018, the Company paid approximately $44,610 to optionees who had elected a net cash settlement of their respective options.