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Line of Credit and Long-Term
 12 Months Ended
Dec. 31, 2011
Line of Credit and Long-Term [Abstract]  
Line of Credit and Long-Term
10.  Line of Credit and Long-Term Debt
 
Long-term debt consists of the following (in thousands):
 
   
As of December 31,
 
   
2011
  
2010
 
Credit facility
 $--  $-- 
Notes payable to related party
  500   -- 
Mortgage due monthly through June 2016
  336   409 
    836   409 
Less current maturities of long-term debt
  (573 )  (73 )
Total long-term debt
 $263  $336 
 
Line of Credit Facility
 
On October 31, 2007, the Company and its subsidiaries entered into a new credit facility (“Credit Facility”) with Comerica Bank with a maturity date of October 31, 2012.  In November 2011, the Credit Facility was amended to extend the maturity date to September 30, 2016.  Up to $50 million in borrowings are available under the amended Credit Facility with, under certain circumstances, an optional increase of $50 million. The Credit Facility is secured by all assets of the Company, other than proceeds and other rights under our construction contracts, which are pledged to our bond surety. The Credit Facility requires the payment of a quarterly commitment fee of 0.25% per annum of the unused portion of the Credit Facility. At December 31, 2011 and 2010, the Company had no aggregate borrowings outstanding under the Credit Facility and the aggregate amount of letters of credit outstanding under the Credit Facility was $1.8 million and $1.7 million, respectively, which reduces availability under the Credit Facility.  Availability under the Credit Facility was, therefore, $48.2 million and $73.3 million at December 31, 2011 and 2010, respectively, without violating any of the covenants discussed in the next paragraph.
 
The Credit Facility is subject to our compliance with certain covenants, including financial covenants relating to fixed charges, leverage, tangible net worth and asset coverage. The Credit Facility contains restrictions on the Company's ability to:
 
 
·
Make distributions and dividends;
 
·
Incur liens and encumbrances;
 
·
Incur further indebtedness;
 
·
Guarantee obligations;
 
·
Dispose of a material portion of assets or merge with a third party;
 
·
Make acquisitions;
 
·
Make investments in securities.
 
The Company was in compliance with all covenants under the Credit Facility as of December 31, 2011.
 
The unpaid principal balance of each loan will bear interest at a variable rate equal to either Comerica's prime rate or a rate equal to LIBOR plus 1.75%.  The interest rate on funds borrowed under this revolver during the year ended December 31, 2011 was 3.25% at all times that the Company had debt outstanding under this facility.
 
Mortgage
 
In 2001, TSC completed the construction of a headquarters building and financed it principally through a mortgage of $1.1 million on the land and facilities, at a floating interest rate, which at December 31, 2011 was 3.5% per annum, repayable over 15 years.  The outstanding balance on this mortgage was $336,000 at December 31, 2011.
 
Related Party Notes Payable
 
As of December 31, 2011, Myers had $500,000 of outstanding notes payable to Clinton Charles Myers, a noncontrolling interest owner.  These notes bear interest at 4.25% per annum and do not have a specified maturity date.  The notes are included in current liabilities at December 31, 2011.
 
Maturities of Debt
 
The Company's long-term obligations mature in future years as follows (in thousands):
 
Years Ending December 31,
   
2012
 $573 
2013
  73 
2014
  73 
2015
  73 
2016
  44 
Thereafter
  -- 
   $836