Subsequent Event

9 Months Ended

Sep. 30, 2011

Subsequent Event

15.   Subsequent Event In October 2011, the Company closed on its $85,000,000 New Credit Facility.  The New Credit Facility can be increased by up to $50,000,000 at the Company’s request, dependent upon there being one or more lenders willing to acquire the additional commitment, for a total potential credit facility commitment of $135,000,000.  The New Credit Facility matures in October 2014, and can be extended for two one-year terms to October 2016, subject to certain conditions.  The New Credit Facility bears interest at LIBOR plus a spread of 175 to 260 basis points or the base rate plus a spread of 75 to 160 basis points depending on the Company’s leverage.  As of October 26, 2011, the Company borrowed $54 million on the New Credit Facility and the interest rate is anticipated to be 185 basis points over LIBOR.  The net proceeds from the New Credit Facility were used to repay the Credit Facility and Line of Credit.   The New Credit Facility contains customary covenants, including financial covenants regarding debt levels, total liabilities, tangible net worth, fixed charge coverage, unencumbered borrowing base properties, permitted investments etc.  The Company was in compliance with the covenant terms at closing.