Bank borrowings

12 Months Ended

Dec. 31, 2011

Bank borrowings

Bank borrowings

6.       Bank borrowings

Borrowings under the line of credit consist of borrowings in Euros used to fund international operations. The borrowings under such facility were $1.3 million and $3.8 million at December 31, 2011 and 2010, respectively. The weighted average interest rate on borrowings under lines of credit as of December 31, 2011 and 2010 was 4.02% and 3.57%, respectively.

The Company had an unused available line of credit of €6.3 million ($8.1 million) and €4.4 million ($5.9 million) at December 31, 2011 and 2010, respectively, in its Italian line of credit. This line of credit provides the Company the option to borrow amounts in Italy at rates which are determined at the time of borrowing. This line of credit is unsecured.