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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2012
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
10. SHORT-TERM BORROWINGS

 

At December 31, 2012, the Company had a $60 million unsecured revolving line of credit with a bank expiring April 30, 2013. The line of credit allows for up to $60 million in borrowings at a rate of LIBOR plus 100 basis points (“LIBOR loans”). At December 31, 2012, outstanding borrowings were $45 million in LIBOR loans at an interest rate of approximately 1.2%. At December 31, 2011, outstanding borrowings were $37 million in LIBOR loans at an interest rate of 1.0%.

 

The Company’s line of credit includes a financial covenant that specifies a minimum level of net worth. As of December 31, 2012, the Company was in compliance with the covenant.