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6. LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
6. LONG-TERM DEBT

In October 2010, we entered into a financing agreement with PNC Bank (“PNC”) to provide a $70 million credit facility. In December 2014, we amended and restated the credit facility to increase the facility to $75 million and extend the term of the facility an additional five years. The current interest rate is generally LIBOR plus 1.25%. The amended and restated credit facility matures in November 2019


The total amount available under our amended and restated revolving credit facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of December 31, 2014, we had $36.3 million in borrowings under this facility and total capacity of $75 million.


Our amended and restated credit facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio. This restrictive covenant is only in effect upon a triggering event taking place (as defined in the amended and restated credit facility agreement). At December 31, 2014, there was no triggering event and the covenant was not in effect. Our amended and restated credit facility places a restriction on the amount of dividends that may be paid. During 2014 and 2013, we paid dividends on our common stock totaling $3,017,979 and $2,254,935, respectively. No dividends were paid during 2012.


Our amended and restated revolving credit facility matures in November 2019. We have no other long-term debt maturities.