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Line of Credit
12 Months Ended
Dec. 31, 2017
Line of Credit Facility [Abstract]  
Line of Credit

7.       Line of Credit

 

The Company has an unsecured $40 million revolving line of credit with a bank. This facility, which is renewable annually, has an expiration date of June 15, 2018.

 

The credit facility remained unused throughout 2016 and 2017. Borrowings under this facility would bear interest at LIBOR (2.106% at December 31, 2017) plus 200 basis points and the Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At December 31, 2017 and 2016, the Company was in compliance with the terms and covenants of the credit facility.