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Line of Credit
12 Months Ended
Dec. 31, 2021
Line of Credit Facility [Abstract]  
Line of Credit

10. Line of Credit

Throughout 2020 and during 2021 the Company had a $40 million unsecured revolving line of credit with a bank. This facility terminated on September 30, 2021. On January 7, 2022, the Company entered into a new $40 million unsecured revolving line of credit agreement with a different bank that expires January 7, 2024. Borrowings under this new facility bear interest at either 1) the Bloomberg short-Term Bank Yield Index – 1 month plus 150 basis points, or 2) a fluctuating rate per annum equal to the greater of (i) the Bank’s prime rate or (ii) the federal funds rate plus 50 basis points. The Company is also charged one-quarter of a percent (0.25%) per year on the unused portion. Had this agreement been in effect at December 31, 2021, the Company would have been in compliance with the terms and covenants of the credit facility. At December 31, 2020, the Company was in compliance with the terms and covenants of the previous credit facility.