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Revolving Credit Facility (Notes)
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3 Months Ended |
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Mar. 31, 2015
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| Line of Credit [Abstract] | |
| Revolving Credit Facility | 11. Revolving Credit Facility On May 2, 2014, the Company entered into a revolving credit agreement with PNC Bank. The $50 million facility expires on May 2, 2017 and allows for the issuance of up to $20 million in letters of credit. The issuance of letters of credit under the credit facility reduces available borrowings. The Company's ability to access the revolving credit facility is subject to its compliance with the terms and conditions of the credit facility, including customary covenants that provide limitations and conditions on the Company's ability to enter into certain transactions. The credit agreement also contains financial covenants that require the Company to maintain a maximum leverage ratio and a minimum interest coverage ratio. At March 31, 2015, the Company was in compliance with all such covenants. The Company pays a commitment fee to PNC Bank to keep the revolving credit facility active. Borrowings bear interest at one of the following, plus an applicable margin: (1) the federal funds rate, (2) the prime rate, or (3) the LIBOR rate, based on the Company's election for each tranche of borrowing. Both the commitment fee and any interest expense are recorded to the income statement as interest expense in the period incurred. During the first quarter of 2015, the Company drew $29.8 million on the revolving credit facility, all of which was repaid as of March 31, 2015. At March 31, 2015, there were no amounts drawn against the revolving credit facility and there were letters of credit outstanding in the aggregate amount of $0.8 million. The amounts available under the revolving credit facility are reduced by the amounts outstanding under letters of credit, and thus availability under the revolving credit facility at March 31, 2015 was $49.2 million. |