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Debt
12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Debt

Note 3 - Debt

 

Loan Payable

 

In February 2009, the Company entered into a $30.0 million line of credit with Regions Bank, secured by substantially all assets of the Company, which provided for interest at LIBOR plus 1 1/2% with a minimum of 3%, and the maintenance of certain financial covenants In April 2011, the line of credit was increased to $35 million, the maturity date was extended to June 2014, and the interest rate was modified to LIBOR plus from 1.75% to 2.25% based upon a debt to earnings ratio covenant, as defined. This rate was further reduced to LIBOR plus 1.75% in March 2012. At December 31, 2012, we had a balance outstanding of $13,025,000 pursuant to the line of credit at an interest rate of LIBOR plus 1.75% (1.962% as of December 31, 2012).