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<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 8. Senior Notes due May 1, 2016</b>
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<div align="justify" style="font-size: 10pt; margin-top: 10pt">On April 17, 2006, the Company completed a public debt offering of $125 million principal amount of
7% senior notes due May 1, 2016 (the “Senior Notes”) and received net proceeds of $123.5 million.
The interest payment dates on the Senior Notes are each May 1 and November 1. The effective
interest rate related to the Senior Notes, based on the proceeds net of discount and all issuance
costs, approximates 7.17%. The interest expense on the Senior Notes was $2.0 million for the three
months ended March 31, 2011 and was $2.0 million for the three months ended March 31, 2010. The
fair value of the Senior Notes, based on quoted market prices, was $122.6 million and $117.6
million at March 31, 2011 and December 31, 2010, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company may redeem the Senior Notes at any time and from time to time, in whole or in part, at
a “make-whole” redemption price. The terms of the Senior Notes contain various restrictive
business and financial covenants typical for debt obligations of this type, including limitations
on mergers, liens and dispositions of the common stock of certain subsidiaries. As of March 31,
2011, the Company was in compliance with all such covenants.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In April 2009, the Company repurchased $10.0 million aggregate principal amount of the Senior Notes
from an unaffiliated note holder on the open market for $7.0 million, which generated a $2.9
million pre-tax gain that was reflected in Other income. As a result of this transaction,
approximately $115 million aggregate principal amount of the Senior Notes remains issued and
outstanding as of March 31, 2011.
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
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