Revolving Credit Facility

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Revolving Credit Facility

Revolving Credit Facility

Our revolving credit facility provides for maximum borrowings of $30.0 million which is provided by BOKF, NA dba Bank of Oklahoma, formerly known as Bank of Oklahoma, N.A. ("Bank of Oklahoma"). Under the line of credit, there is one standby letter of credit totaling $0.8 million. Borrowings available under the revolving credit facility at September 30, 2015 were $29.2 million. Interest on borrowings is payable monthly at LIBOR plus 2.5%. No fees are associated with the unused portion of the committed amount. We had no outstanding balance under the revolving credit facility at September 30, 2015 and December 31, 2014. The termination date of the revolving credit facility is July 27, 2016.

As of September 30, 2015, we were in compliance with our financial covenants. These covenants require that we meet certain parameters related to our tangible net worth, total liabilities to tangible net worth ratio and working capital. At September 30, 2015, our tangible net worth was $198.4 million and met the requirement of being at or above $95.0 million. Our total liabilities to tangible net worth ratio was 0.29 to 1, and met the requirement of not being above 2 to 1. Our working capital was $102.7 million and met the requirement of being at or above $40.0 million.