XML 55 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Long-Term Debt | 3 Months Ended
--- | ---
Dec. 31, 2013
Debt Disclosure [Abstract] |
Long-Term Debt | (4) Long-Term debt. Long-term debt is summarized as follows (in thousands):
|  | December 31, |  | September 30,
|  | 2013 |  | 2013
Revolving credit (uncollateralized) |  | $ | 15,745 |  |  |  | — |
5.6% to 8.6% mortgage notes |  |  |  |  |  |  |  |
due in installments through 2027 |  |  | 48,853 |  |  |  | 49,904 |
|  |  | 64,598 |  |  |  | 49,904 |
Less portion due within one year |  |  | 4,383 |  |  |  | 4,311 |
|  | $ | 60,215 |  |  |  | 45,593 |
On December 21, 2012, the Company entered into a five year credit agreement with Wells Fargo Bank, N.A. with a maximum facility amount of $55 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a maximum facility amount of $40 million, with a $20 million sublimit for standby letters of credit, and a term loan facility of $15 million. As of December 31, 2013, $15,745,000 was borrowed under the Revolver, $7,000,000 in letters of credit was outstanding, and $32,255,000 was available for additional borrowing. The letters of credit were issued for insurance retentions and to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The Revolver bears interest at a rate of 1.0% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. As of December 31, 2013, $68,444,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of December 31, 2013. The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At December 31, 2013, the carrying amount and fair value of such other long-term debt was $48,853,000 and $52,004,000, respectively.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration