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Line of Credit and Long Term Debt
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Line of Credit and Long Term Debt

6. LINE OF CREDIT AND LONG-TERM DEBT:

Line of Credit

At December 31, 2014, the Company had $45.6 million of borrowings on its Credit Agreement. The Credit Agreement allows the Company to borrow up to $165 million, subject to compliance with financial covenants. At December 31, 2014, the Company had $61.7 million available to borrow in addition to its then-outstanding borrowings under the Credit Agreement while remaining in compliance with the Company’s financial covenants.

Under the Credit Agreement, the Company’s borrowings bear interest at LIBOR plus 1.75% to 2.75%, or the lending institution’s prime rate plus 0.75% to 1.75%. The Company was able to borrow at LIBOR plus 2.0% at December 31, 2014. The Credit Agreement bears interest at a weighted average rate of 2.43% at December 31, 2014.

At December 31, 2013, the Company had $87.9 million of borrowings on its Credit Agreement. The Company was able to borrow at LIBOR plus 2.0% at December 31, 2013. The Credit Agreement bore interest at a weighted average rate of 2.69% at December 31, 2013.

The Credit Agreement expires on October 24, 2017. The Company expects to extend, renew, or replace its line of credit borrowings, to the extent required by working capital or other borrowing needs. Therefore, borrowings on the line of credit are classified as noncurrent as of December 31, 2014 and 2013. Borrowings under the Credit Agreement are collateralized by substantially all of our personal property.

Long-Term Debt

At December 31, 2013, the Company had remaining principal on Term Notes of $6.4 million. The Term Notes originated in 2008 to 2009, bore interest at 9.07% to 10.50%, and were collateralized by accounts receivable, inventory, and certain equipment. As of June 30, 2014, the Company had paid all of the principal outstanding on its Term Notes.

Interest expense for continuing operations from Line of Credit borrowings, Term Notes, and capital leases was $2.3 million, net of amounts capitalized of $0.2 million in 2014, $3.6 million, net of amounts capitalized of $0.4 million in 2013, and $5.2 million, net of amounts capitalized of $0.2 million in 2012.