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Note 3 - Long-Term Debt
12 Months Ended
Dec. 31, 2011
Debt Disclosure [Text Block]
3.  Long-Term Debt

In May 2011, we entered into an amendment to our unsecured committed credit facility which extends the maturity date of loans made under the facility until May 2016.  The aggregate principal amount of the credit facility of $50 million may be increased at our option, subject to completion of signed amendments with the lender, up to a maximum aggregate principal amount of $75 million.  At December 31, 2011, there was no outstanding principal balance on the credit facility.  As of that date, we had outstanding standby letters of credit of $8.9 million and remaining borrowing availability of $41.1 million.  At December 31, 2010, the credit facility had an outstanding principal balance of $19.3 million.  This facility bears interest at a variable rate based on the London Interbank Offered Rate or the lender’s Prime Rate, in each case plus/minus applicable margins.  The weighted average interest rate for the facility was 0.86% at December 31, 2010.

Our credit facility prohibits us from paying, in any fiscal year, dividends in excess of 25% of our net income from the prior fiscal year.  The debt agreements also contain restrictive covenants which, among other matters, require us to maintain certain financial ratios, including debt-to-equity, cash flow leverage, interest coverage and fixed charge coverage.  We were in compliance with all of these covenants at December 31, 2011 and December 31, 2010.