Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events.

Subsequent Events

11.Subsequent Events

On April 29, 2015, the Company declared a regular quarterly cash dividend of $0.125 (12.5 cents) per share on the Company’s common stock.  This dividend is payable on June 19, 2015 to shareholders of record at the close of business on May 29, 2015.

On May 7, 2015, the Company paid off the $15.4 million balance then outstanding on the Term Loan and Draw Term Loan, as well as paid $0.5 million to repurchase the related hedges, from cash on hand.  The repurchase of the hedges will result in additional interest expense of approximately $0.3 million in the second quarter 2015, while paying off the outstanding Term Loans will reduce interest expense for the second half of the year by approximately $0.5 million.

On May 7, 2015, the Company amended its credit agreement with Well Fargo Bank, N.A.(“Wells Fargo”) to provide for a $75 million revolving credit facility (the “New Revolving Facility”), along with an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by Wells Fargo or another leader selected by the Company.  The terms of the amended credit agreement provide for a final maturity of the New Revolving Facility and any incremental loan on May 7, 2020, interest rates of LIBOR plus a margin of 1.000% to 2.000% and a commitment fee range of 0.200% to 0.350% on the undrawn portion of the New Revolving Facility.