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Debt (Tables)
6 Months Ended
Jun. 30, 2014
Debt  
Schedule of covenants

 

 

 

 

 

 

Ratio Calculation

 

 

 

Covenant

 

as of

 

Covenant

 

Requirement

 

June 30, 2014

 

 

 

 

 

 

 

Leverage ratio (1)

 

Maximum 3.75x (2)

 

2.2x

 

 

 

 

 

 

 

Interest coverage ratio (3)

 

Minimum 2.5x

 

13.6x

 

 

(1)

Calculated as the ratio of total debt to EBITDA, as defined by the Restated Credit Agreement, for the period of four consecutive fiscal quarters on the measurement date.

 

(2)

The leverage ratio covenant requirement lowers to a maximum of 3.50x on June 30, 2015 and 3.25x on June 30, 2016.

 

(3)

Calculated as the ratio of EBITDA to interest expense, as defined by the Restated Credit Agreement, for the period of four consecutive fiscal quarters on the measurement date.