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Line of Credit
9 Months Ended
Dec. 31, 2012
Line Of Credit Facility [Abstract]  
Line of Credit

5. Line of Credit

The Company has an agreement with its consortium of lenders for a line of credit facility (the “Line”) for an amount of $150,000,000. In December 2012, the Company executed an amendment to the Line that extends the maturity date to November 30, 2014. The pricing of the Line is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at December 31, 2012 and March 31, 2012). Pledged as collateral for this credit facility are all of the assets of the Company. The outstanding amount of the credit facility was $130,500,000 and $112,000,000 as of December 31, 2012 and March 31, 2012, respectively. The amount available under the line of credit was approximately $19,500,000 and $38,000,000 as of December 31, 2012 and March 31, 2012, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of December 31, 2012, the Company was in full compliance with all debt covenants.