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Bank borrowings
9 Months Ended
Sep. 30, 2011
Bank borrowings
6. Bank borrowings

Borrowings under lines 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 September 30, 2011 and December 31, 2010, respectively. The weighted average interest rates on borrowings under lines of credit as of September 30, 2011 and December 31, 2010 were 4.99% and 3.57%, respectively.

 

The Company had unused available lines of credit of €6.3 million ($8.5 million) at September 30, 2011 in its Italian lines of credit. These lines of credit are unsecured and provide the Company the option to borrow amounts in Italy at rates which are determined at the time of borrowing.