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Note 3 - Long-Term Debt
12 Months Ended
Dec. 31, 2012
Debt Disclosure [Text Block]
3.  Long-Term Debt

We maintain a credit agreement that provides for an unsecured committed credit facility which matures in 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, 2012, the credit facility had an outstanding principal balance of $2.7 million, outstanding standby letters of credit of $7.4 million and remaining borrowing availability of $39.9 million.  At December 31, 2011, there was no outstanding principal balance on the credit facility.  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 1.05% at December 31, 2012.

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.  A waiver of the 25% limitation was obtained from the lender prior to payment of a $0.75 per share of common stock special dividend in December 2012.  This facility also contains restrictive covenants which, among other matters, require us to maintain compliance with certain cash flow leverage and fixed charge coverage ratios.  We were in compliance with all of these covenants at December 31, 2012 and December 31, 2011.