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Notes Payable
 12 Months Ended
Jan. 31, 2012
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE E — NOTES PAYABLE

The Company has a financing agreement with JPMorgan Chase Bank, N.A. as Agent for a consortium of banks. The financing agreement is a senior secured revolving credit facility. The financing agreement was amended in May 2010 to (a) increase the maximum line of credit from $250 million to $300 million, (b) reduce the interest rate on borrowings by 0.25% to, at the Company’s option, the prime rate plus 0.50% or LIBOR plus 2.75%, (c) extend the maturity of the loan from July 11, 2011 to July 31, 2013, and (d) revise the maximum senior leverage ratio that must be maintained. Amounts available under this facility are subject to borrowing base formulas and over advances as specified in the financing agreement. At January 31, 2012, the Company had outstanding borrowings of $30.1 million compared to no direct borrowings outstanding at January 31, 2011.

The financing agreement requires the Company, among other things, to maintain a maximum senior leverage ratio and minimum fixed charge coverage ratio, as defined, and also limits payments for cash dividends and stock redemptions. As of January 31, 2012, the Company was in compliance with these covenants. The financing agreement is secured by all of the Company’s assets.

The weighted average interest rate for amounts borrowed under the credit facility was 3.1% and 3.4% for the years ended January 31, 2012 and 2011, respectively. The Company was contingently liable under letters of credit in the amount of approximately $11.3 million and $20.1 million at January 31, 2012 and 2011, respectively.