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Borrowings Under Line of Credit Arrangement and Related Items
 6 Months Ended
Jun. 30, 2011
Borrowings Under Line of Credit Arrangement and Related Items [Abstract]  
Borrowings Under Line of Credit Arrangement and Related Items
9. Borrowings Under Line of Credit Arrangement and Related Items
     At June 30, 2011, we had an unsecured line of credit arrangement with a consortium of sixteen banks in the amount of $1,150,000,000. On January 24, 2011, we provided notice to KeyBank National Association, as administrative agent, of our desire to extend the line of credit. Under the terms of the loan agreement, we had the right to extend the revolving line of credit for one year if we were in compliance with all covenants and paid an extension fee of $1,725,000. As a result of the extension, the line of credit was set to expire on August 6, 2012. Borrowings under the agreement were subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (0.79% at June 30, 2011). The applicable margin was based on certain of our debt ratings and was 0.6% at June 30, 2011. In addition, we paid a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depended on certain of our debt ratings and was 0.15% at June 30, 2011. We also paid an annual agent’s fee of $50,000. Principal was due upon expiration of the agreement. In July 2011, we expanded and extended the facility. See Note 18 for additional information.
     The following information relates to aggregate borrowings under the unsecured line of credit arrangement for the periods presented (dollars in thousands):
                                 
    Three Months Ended June 30,   Six Months Ended June 30,
    2011   2010   2011   2010
Balance outstanding at quarter end
  $ —     $ 206,000     $ —     $ 206,000  
Maximum amount outstanding at any month end
  $ 20,000     $ 431,000     $ 495,000     $ 431,000  
Average amount outstanding (total of daily principal balances divided by days in period)
  $ 253     $ 293,505     $ 158,856     $ 288,337  
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)
    n/a       1.63 %     2.17 %     1.55 %