Credit Facilities

3 Months Ended

Mar. 31, 2012

Credit Facilities [Abstract]

Credit Facilities

(2) Credit Facilities

As of March 31, 2012, we have committed credit facilities with two banks totaling $225.0 million that mature in May 2012 ($50.0 million) and November 2013 ($175.0 million). Borrowings under these credit facilities bear variable interest based on the London Interbank Offered Rate ("LIBOR"). As of March 31, 2012, we had no borrowings outstanding under these credit facilities with banks. In April 2012, we borrowed $20.0 million. The $225.0 million of credit available under these facilities is further reduced by $37.9 million in stand-by letters of credit under which we are obligated. Each of the debt agreements includes, among other things, two financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and (ii) not to exceed a maximum ratio of total funded debt to earnings before interest, income taxes, depreciation and amortization (as such terms are defined in each credit facility). At March 31, 2012, we were in compliance with these covenants.