Note 11 - Long-term Debt

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Long-term Debt [Text Block]

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1

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Short-term and

Long-term Debt

In November 2011, the Company entered into a $250,000 five-year Syndicated Senior Revolving Credit Facility (“Credit Facility”) which expires in November 2016. The Company pays interest on this Credit Facility at LIBOR plus 1.50% - 2.10% based upon certain financial measurements.  The Credit Facility also includes financial covenants regarding interest coverage and leverage ratios.  The Company was in compliance with all financial covenants at December 31, 2015. As of December 31, 2015, there was $30,000 outstanding on the Credit Facility which was reclassified to short-term debt in 2015. The 2015 and 2014 weighted average interest rate for long-term bank debt was 2.3% and 2.4%, respectively.