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Subsequent Events:
12 Months Ended
Dec. 31, 2011
Subsequent Events:  
Subsequent Events:

14.          Subsequent Events:

 

On January 18, 2012, the Company announced that its Board of Directors approved the payment of a special dividend to shareholders (the “Special Dividend”).  The Special Dividend of $5.00 per share paid on March 1, 2012, totaled $25.4 million and was financed by a combination of cash on hand as well as net borrowings under the Line of Credit of $12.8 million.

 

On January 30, 2012, the Line of Credit was amended to, among other things, provide the consent of the lenders for the payment of the Special Dividend and to amend certain financial covenant calculations to remove the effect of the Special Dividend in such calculations.

 

On February 29, 2012, the Line of Credit was amended to, among other things, increase the aggregate commitments from $30.0 million to $35.0 million and extend the termination date from July 31, 2014 to February 29, 2016.