Notes Payable and Line of Credit (Tables)

9 Months Ended

Sep. 30, 2012

Notes Payable and Line of Credit [Abstract]

Schedule of Notes Payable and Line of Credit

	Amount Outstanding
(In thousands)	September 30, 2012		December 31, 2011
U.S. Bank Term Loan Facility (1)	$	4,800	$	14,400
U.S. Bank Revolving Credit Line (2)		2,000		2,000
Total debt	$	6,800	$	16,400

⁽¹⁾  Under the U.S. Bank term loan, we may elect to pay interest based on the bank’s prime rate or LIBOR plus a fixed margin of 1.5%. The applicable LIBOR (1, 3, 6, or 12-month LIBOR) corresponds with the loan period we select. On September 30, 2012, the 1-month LIBOR plus the fixed margin was approximately 1.7% and the bank’s prime rate was 3.25%. If a LIBOR rate loan is prepaid prior to the completion of the loan period, the Company must pay the bank the difference between the interest the bank would have earned had prepayment not occurred and the interest the bank actually earned.

⁽²⁾  Under the U.S. Bank secured revolving credit line, we may elect to pay interest based on the bank’s prime rate or LIBOR plus a fixed margin of 1.8%. The applicable LIBOR (1, 3, 6, or 12-month LIBOR) corresponds with the loan period we select. At September 30, 2012, the 1-month LIBOR plus the fixed margin was approximately 2.0% and the bank’s prime rate was 3.25%. If a LIBOR rate loan is prepaid prior to the completion of the loan period, we must pay the bank the difference between the interest the bank would have earned had prepayment not occurred and the interest the bank actually earned. We may prepay prime rate loans in whole or in part at any time without a premium or penalty.