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LINE OF CREDIT
6 Months Ended
Jun. 30, 2012
Line Of Credit Facility [Abstract]  
LINE OF CREDIT

NOTE 4 - LINE OF CREDIT

 

In December 2011, the Company renewed a $25 million credit facility with a bank. This facility is renewable annually and now terminates on June 15, 2013. Borrowings under this facility bear interest at LIBOR (1.01% at June 30, 2012) plus 200 basis points. The Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At June 30, 2012 and December 31, 2011, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.