Short-Term Loans

9 Months Ended

Sep. 30, 2011

Short-Term Loans

Short-Term Loans

H.        Short-Term Loans

As of September 30, 2011, the Company had no loans or letters of credit outstanding under its revolving credit facility. As of December 31, 2010, the Company had outstanding under the revolving credit facility loans of $53.7 million and an irrevocable standby letter of credit of $23.5 million.  Commitment fees averaging approximately 7.5 basis points in the third quarter of 2011 and 2.0 basis points in the third quarter of 2010 were paid to maintain credit availability under the revolving credit facility.

The maximum amount of outstanding short-term loans at any time during the nine months ended September 30, 2011 and 2010 was $104.0 million and $139.7 million, respectively.  The average daily balance of short-term loans outstanding during the nine months ended September 30, 2011 and 2010 was approximately $7.3 million and $17.7 million, respectively, at weighted average annual interest rates of 1.81% and 0.86%, respectively.