Credit Agreement

6 Months Ended

Jun. 30, 2015

Credit Agreement

Credit Agreement

11.Credit Agreement

The Company has a credit agreement with Bank of America, which was renewed on July 31, 2015.  The credit agreement currently provides the Company with a line of credit and a credit card program with a maximum commitment of $35.0 million, $45.0 million and $35.0 million for the periods of July 31, 2015 through September 30, 2015, October 1, 2015 through February 28, 2016 and March 1, 2016 through July 31, 2016, respectively, with the committed amounts of $10.0 million to be used for a revolving line of credit and to support letters of credit and the remainder to be used to support the Company’s credit card program. The credit agreement is renewable on an annual basis and, if not renewed, will expire on July 31, 2016. The Company is required to maintain certain covenants, including tangible net worth and unencumbered liquid assets, with which the Company was compliant at June 30, 2015 and December 31, 2014. The Company did not borrow any amounts under the credit agreement during the three and six months ended June 30, 2015 and the year ended December 31, 2014.