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LONG-TERM DEBT AND LEASE OBLIGATIONS (Details) (USD $)
6 Months Ended
Jun. 30, 2013
Lender
Jun. 18, 2013
Dec. 31, 2012
Apr. 05, 2012
Long-term debt and lease obligations [Abstract]        
Credit agreement $ 0 [1]   $ 37,500,000 [1]  
Long term debt and capital lease obligations 35,820,000   73,527,000  
Less current maturities (418,000)   (412,000)  
Long-term debt and lease obligations 35,402,000   73,115,000  
Sale and a leaseback of several facilities, Date December 28, 2001      
Lease expiration date Dec. 31, 2016      
Scheduled maturities of long-term debt and lease obligations [Abstract]        
2013 418,000      
2014 452,000      
2015 490,000      
2016 10,360,000      
2017 611,000      
Thereafter 23,489,000      
Long term debt and capital lease obligations 35,820,000   73,527,000  
Credit Agreement [Member]
       
Long-term debt and lease obligations [Abstract]        
Number of lenders led by Bank of America 4      
Maximum borrowing capacity of credit facility   60,000,000   85,000,000
Expiration date of credit facility Apr. 05, 2015      
Maximum aggregate amount to increase under the credit facility 50,000,000      
Maturity period of credit facility 36 months      
Variable rate of debt instrument prime rate      
Federal Funds rate plus, variable rate (in hundredths) 0.50%      
LIBOR rate plus, variable rate (in hundredths) 1.00%      
Interest rate of credit facility (in hundredths) 4.50%      
Amount outstanding under letter of credit 5,300,000      
Outstanding amount of credit facility 0   37,500,000  
Swing Line [Member]
       
Long-term debt and lease obligations [Abstract]        
Maximum borrowing capacity of credit facility       5,000,000
Letter of Credit [Member]
       
Long-term debt and lease obligations [Abstract]        
Maximum borrowing capacity of credit facility       25,000,000
Minimum [Member]
       
Long-term debt and lease obligations [Abstract]        
Interest rate of credit facility (in hundredths) 1.25%      
Maximum [Member]
       
Long-term debt and lease obligations [Abstract]        
Interest rate of credit facility (in hundredths) 2.75%      
Finance Obligation [Member]
       
Long-term debt and lease obligations [Abstract]        
Capital lease and finance obligation 9,672,000 [2]   9,672,000 [2]  
Capital Lease-Property (with a rate of 8.0%) [Member]
       
Long-term debt and lease obligations [Abstract]        
Capital lease and finance obligation 26,148,000 [3]   26,344,000 [3]  
Interest rate of debt instrument (in hundredths) 8.00%      
Capital Leases-Equipment (with rates ranging from 5.0% to 8.5%) [Member]
       
Long-term debt and lease obligations [Abstract]        
Capital lease and finance obligation $ 0   $ 11,000  
Interest rate of debt instrument, minimum (in hundredths) 5.00%      
Interest rate of debt instrument, maximum (in hundredths) 8.50%      
[1] On April 5, 2012, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into a secured revolving credit agreement (the “Credit Agreement”) with a syndicate of four lenders led by Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, for an aggregate principal amount of up to $85 million. Under the Credit Agreement, the Company has the right to increase the aggregate amount available under the Credit Facility by up to $50 million upon satisfaction of certain conditions. The Credit Facility may be used to finance capital expenditures and permitted acquisitions, to pay transaction expenses, for the issuance of letters of credit and for general corporate purposes. The Credit Agreement includes a $5 million swing line sublimit and a $25 million letter of credit sublimit. Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the tangible and intangible assets of the Company and its subsidiaries exclusive of real estate. The term of the Credit Facility is 36 months, maturing on April 5, 2015. Amounts borrowed as revolving loans under the Credit Facility will bear interest, at the Company’s option, at either (i) an interest rate based on LIBOR and adjusted for any reserve percentage obligations under Federal Reserve Bank regulations (the “Eurodollar Rate”) for specified interest periods or (ii) the Base Rate (as defined in the Credit Agreement), in each case, plus an applicable margin rate as determined under the Credit Agreement. The “Base Rate”, as defined under the Credit Agreement, is the highest of (a) the prime rate, (b) the Federal Funds rate plus 0.50% and (c) a daily rate equal to the one-month LIBOR rate plus 1.0%. Under the Credit Agreement, the margin interest rate is subject to adjustment within a range of 1.25% to 2.75% based upon changes in the Company’s consolidated leverage ratio and depending on whether the Company has chosen the Eurodollar Rate or the Base Rate option. Swing line loans will bear interest at the Base Rate plus the applicable margin rate. Letters of credit will require a fee equal to the applicable margin rate multiplied by the daily amount available to be drawn under each issued letter of credit plus an agreed upon fronting fee and customary issuance, presentation, amendment and other processing fees associated with letters of credit. At June 30, 2013, the Company had outstanding letters of credit aggregating $5.3 million, which were primarily comprised of letters of credit for the Department of Education, or DOE, matters and real estate leases. On June 18, 2013, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into an amendment of the Credit Agreement (the “Amended Credit Agreement”) with a syndicate of four lenders led by Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer (the “Credit Facility”). The Amended Credit Agreement reduces the aggregate principal amount available under the Credit Facility from $85 million to $60 million. The Credit Facility continues to provide the Company with a $25 million letter of credit sublimit and a $5 million sing line sublimit, the availability of which will be at the discretion of the swing line lender, and the right to increase the aggregate amount available under the Credit Facility by up to $50 million upon the satisfaction of certain conditions. The Amended Credit Agreement includes certain revisions relevant to the calculation of consolidated leverage ratio and consolidated fixed charge coverage ratio. The Amended Credit Agreement contains customary representations, warranties and covenants including consolidated adjusted net worth, consolidated leverage ratio, consolidated fixed charge coverage ratio, minimum financial responsibility composite score, cohort default rate and other financial covenants, certain restrictions on capital expenditures as well as affirmative and negative covenants and events of default customary for facilities of this type. In addition, the Company is paying fees to the lenders that are customary for facilities of this type. As of June 30, 2013, the Company is in compliance with all financial covenants. As of June 30, 2013, the Company had no amounts outstanding under the Credit Agreement. As of December 31, 2012, the Company had $37.5 million outstanding under the Credit Agreement. The interest rate on the borrowings was 4.5%. All amounts outstanding under the Credit Agreement were repaid on January 3, 2013.
[2] The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retains a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company has treated this transaction as a finance lease. The lease expires on December 31, 2016.
[3] In 2009, the Company assumed real estate capital leases in Fern Park, Florida and Hartford, Connecticut. These leases bear interest at 8% and expire in 2032 and 2031, respectively.