Note 7 - Financing Arrangements and Fair Value of Financial Instruments
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6 Months Ended |
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Jun. 30, 2012
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Financing Arrangements And Fair Value Of Financial Instruments Disclosure [Text Block] |
Note
7 – Financing Arrangements and Fair Value of Financial
Instruments
Our
financing arrangements include $172.5 million of unsecured
convertible senior notes (“Senior Notes”) and a
$125.0 million revolving credit facility, of which $66.0
million was outstanding at June 30, 2012. The
Senior Notes bear interest at a rate of 4.0% per year,
payable semi-annually in arrears on April 1 and October 1 of
each year, beginning April 1, 2011. Holders may
convert the Senior Notes at their option at any time prior to
the close of business on the business day immediately
preceding the October 1, 2017 maturity date. The
conversion rate is initially 90.8893 shares of our common
stock per $1,000 principal amount of Senior Notes (equivalent
to an initial conversion price of $11.00 per share of common
stock), subject to adjustment in certain circumstances. Upon
conversion, the Senior Notes will be settled in shares of our
common stock. We may not redeem the Senior Notes
prior to their maturity date.
Our
financial instruments include cash and cash equivalents,
receivables, payables and debt. We believe the carrying
values of these instruments, with the exception of our Senior
Notes, approximated their fair values at
June 30, 2012 and December 31, 2011. The estimated
fair value of our Senior Notes is $158.6 million at June 30,
2012 and $195.8 million at December 31, 2011, based on Level
2 inputs including quoted market prices at these respective
dates.
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