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Short-Term and Long-Term Debt
 6 Months Ended
Jun. 30, 2012
Short-Term and Long-Term Debt [Abstract]  
SHORT-TERM AND LONG-TERM DEBT

NOTE G – SHORT-TERM AND LONG-TERM DEBT

The Company had no outstanding balance on its line of credit at June 30, 2012 and December 31, 2011.

Long-term debt consists of the following:

 

                 
($ in thousands)            
    June 30, 2012     December 31, 2011  

Note payable to a bank

   $ 271     $ 290  

Less current portion

     (39 )      (37 ) 
   

 

 

    

 

 

  
    $ 232     $ 253  
   

 

 

    

 

 

  

We have a long-term revolving line of credit of $30,000,000 that, as of June 30, 2012, had no outstanding balance. At the Company’s option, the interest rate on this line of credit can float at 2.50% over a selected LIBOR rate or can be fixed at 2.25% above LIBOR for a fixed rate term. During the term of this credit facility (which matures in October 2013), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. Under the terms of the line of credit, we must maintain tangible net worth, defined as total equity, including noncontrolling interest, plus debt less intangible assets, of not less than $175,000,000 and liquid assets of not less than $25,000,000. At June 30, 2012 our tangible net worth was $302,893,000 and liquid assets were $74,784,000. A portion of our farm acreage secures this line of credit. The outstanding long-term debt, less current portion of $39,000, is $232,000 at June 30, 2012. This debt is being used to provide long-term financing for a building being leased to Starbucks and the debt is secured by the leased building and land. The balance of the long-term debt instrument listed above approximates the fair value of the instrument.