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NOTES PAYABLE TO BANKS
12 Months Ended
Dec. 31, 2011
NOTES PAYABLE TO BANKS [Abstract]  
NOTES PAYABLE TO BANKS
(7)  NOTES PAYABLE TO BANKS

The Company has a $200 million unsecured revolving credit facility with a group of seven banks that matures in January 2013.  The interest rate on the facility is based on the LIBOR index and varies according to total liability to total asset value ratios (as defined in the credit agreement), with an annual facility fee of 15 to 20 basis points.  The interest rate on each tranche is usually reset on a monthly basis and as of December 31, 2011, was LIBOR plus 85 basis points with an annual facility fee of 20 basis points.  At December 31, 2011, the weighted average interest rate was 1.148% on a balance of $147,000,000.  The Company had an additional $53,000,000 remaining on the line of credit at that date.

The Company also has a $25 million unsecured revolving credit facility with PNC Bank, N.A. that matures in January 2013.  This credit facility is customarily used for working capital needs.  The interest rate on this working capital line is based on the LIBOR index and varies according to total liability to total asset value ratios (as defined in the credit agreement), with no annual facility fee.  The interest rate is reset on a daily basis and as of December 31, 2011, was LIBOR plus 90 basis points.  At December 31, 2011, the interest rate was 1.195% on a balance of $7,516,000.  The Company had an additional $17,484,000 remaining on the line of credit at that date.  Beginning January 3, 2012, the interest rate on this working capital line is LIBOR plus 165 basis points.

Average bank borrowings were $124,697,000 in 2011 compared to $122,942,000 in 2010 with weighted average interest rates of 1.41% in 2011 compared to 1.42% in 2010.  Weighted average interest rates (including amortization of loan costs) were 1.65% for 2011 and 1.68% for 2010.  Amortization of bank loan costs was $300,000, $314,000 and $297,000 for 2011, 2010 and 2009, respectively.

The Company's bank credit facilities have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its debt covenants at December 31, 2011.