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Long-term Debt
6 Months Ended
Jun. 30, 2011
Long-term Debt
11.           Long-term Debt
 
On January 31, 2008, the Company entered into an unsecured Credit Agreement with Bank of America. As of June 30, 2011, the Company had an outstanding debt balance of $12,000,000, at an interest rate of 1.56%. The interest payable on our debt is determined, at the Company’s option, based on LIBOR plus 1.25%, or the lender’s prime rate.  

ASC 825, Financial Instruments, requires disclosure about the fair value of financial instruments in interim as well as in annual financial statements. The carrying value of our debt instrument was $12,000,000 and $12,800,000 at June 30, 2011 and December 31, 2010, respectively, of which $1,600,000 was recorded as current at each date. The estimated fair value of our debt instrument approximated book value at June 30, 2011 and December 31, 2010, respectively.