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Credit Agreement (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Credit Agreement

Selected details of our credit agreement as of and for the years ended December 31, 2017 and 2016 were as follows (dollars in thousands):

 

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

Credit Agreement:

 

 

 

 

 

 

 

 

Credit facility remaining availability

 

$

89,930

 

 

$

86,403

 

Outstanding letters of credit (1)(2)

 

$

5,070

 

 

$

8,597

 

Availability of additional letters of credit (3)

 

$

54,930

 

 

$

51,403

 

Weighted average daily revolving credit borrowings

   for the year ended

 

$

-

 

 

$

19

 

Weighted average annual interest rate

 

 

0.00

%

 

 

1.93

%

Commitment fee rate

 

 

0.25

%

 

 

0.25

%

Letter of credit fee rate (4)

 

 

0.75

%

 

 

0.75

%

 

(1)

Represents letters of credit which are fully collateralized with $5.1 million and $8.6 million of restricted short-term investments as of December 31, 2017 and 2016, respectively.

(2)

As of December 31, 2017 and 2016, outstanding letters of credit not related to the Credit Agreement totaled $0.8 million and $1.4 million, respectively, which amount is fully collateralized with restricted cash, which is in addition to the $5.1 million and $8.6 million, respectively, referenced in this Note 10.

(3)

The letters of credit sublimit of $60.0 million under the Credit Agreement is part of, not in addition to, the $95.0 million aggregate commitments.

(4)

Certain outstanding letters of credit in the above table originating after October 31, 2014 carry a fee rate of 1.50%