XML 20 R46.htm IDEA: XBRL DOCUMENT v2.4.1.9
LONG-TERM DEBT AND LEASE OBLIGATIONS (Details) (USD $)
12 Months Ended 0 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Jan. 15, 2016
Jan. 15, 2015
Long-term debt and lease obligations [Abstract]          
Long term debt and capital lease obligations $ 65,181,000linc_LongTermDebtAndCapitalLeaseObligationsTotal $ 90,116,000linc_LongTermDebtAndCapitalLeaseObligationsTotal      
Less current maturities (30,471,000)us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent (435,000)us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent      
Long-term debt and lease obligations 34,710,000us-gaap_LongTermDebtAndCapitalLeaseObligations 89,681,000us-gaap_LongTermDebtAndCapitalLeaseObligations      
Reduced amount of credit facility 20,000,000us-gaap_LineOfCreditFacilityIncreaseDecreaseOtherNet        
Sale and a leaseback of several facilities, Date December 28, 2001        
Rent expense under finance lease 1,600,000us-gaap_SaleLeasebackTransactionRentExpense 1,500,000us-gaap_SaleLeasebackTransactionRentExpense 1,500,000us-gaap_SaleLeasebackTransactionRentExpense    
Lease expiration date Dec. 31, 2016        
Scheduled maturities of long-term debt and lease obligations [Abstract]          
2015 30,471,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalInNextTwelveMonths        
2016 10,244,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalInYearTwo        
2017 748,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalInYearThree        
2018 810,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalInYearFour        
2019 877,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalInYearFive        
Thereafter 22,031,000linc_LongTermDebtMaturitiesAndCapitalLeaseObligationsRepaymentsOfPrincipalAfterYearFive        
Long term debt and capital lease obligations 65,181,000linc_LongTermDebtAndCapitalLeaseObligationsTotal 90,116,000linc_LongTermDebtAndCapitalLeaseObligationsTotal      
Subsequent Event [Member]          
Long-term debt and lease obligations [Abstract]          
Reduced amount of credit facility       0us-gaap_LineOfCreditFacilityIncreaseDecreaseOtherNet
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
 
Credit Agreement [Member]          
Long-term debt and lease obligations [Abstract]          
Credit agreement 30,000,000us-gaap_LineOfCredit
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
[1] 54,500,000us-gaap_LineOfCredit
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
[1]      
Number of lenders led by Bank of America 4linc_NumberOfLendersLedByBank
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
       
Maximum borrowing capacity of credit facility   60,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
     
Reduced amount of credit facility 40,000,000us-gaap_LineOfCreditFacilityIncreaseDecreaseOtherNet
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
       
Expiration date of credit facility Apr. 05, 2015        
Maturity period of credit facility 36 months        
Extension period of credit facility 12 months        
Variable rate of debt instrument prime rate        
Federal Funds rate plus, variable rate (in hundredths) 0.50%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
       
LIBOR rate plus, variable rate (in hundredths) 1.00%linc_DebtInstrumentBasisSpreadOnVariableRateOnLiborRate
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
       
Interest rate of credit facility (in hundredths) 7.25%us-gaap_LineOfCreditFacilityInterestRateDuringPeriod
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
7.25%us-gaap_LineOfCreditFacilityInterestRateDuringPeriod
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
     
Amount outstanding under letter of credit 7,100,000us-gaap_LettersOfCreditOutstandingAmount
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
       
Credit Agreement [Member] | Subsequent Event [Member]          
Long-term debt and lease obligations [Abstract]          
Reduced amount of credit facility       0us-gaap_LineOfCreditFacilityIncreaseDecreaseOtherNet
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
20,000,000us-gaap_LineOfCreditFacilityIncreaseDecreaseOtherNet
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Letter of Credit [Member]          
Long-term debt and lease obligations [Abstract]          
Maximum borrowing capacity of credit facility 25,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
/ us-gaap_CreditFacilityAxis
= us-gaap_LetterOfCreditMember
       
Minimum [Member] | Credit Agreement [Member]          
Long-term debt and lease obligations [Abstract]          
Interest rate of credit facility (in hundredths) 2.50%us-gaap_LineOfCreditFacilityInterestRateDuringPeriod
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
       
Maximum [Member] | Credit Agreement [Member]          
Long-term debt and lease obligations [Abstract]          
Interest rate of credit facility (in hundredths) 6.00%us-gaap_LineOfCreditFacilityInterestRateDuringPeriod
/ us-gaap_CreditFacilityAxis
= us-gaap_LineOfCreditMember
/ us-gaap_RangeAxis
= us-gaap_MaximumMember
       
Finance Obligation [Member]          
Long-term debt and lease obligations [Abstract]          
Capital lease and finance obligation 9,672,000us-gaap_CapitalLeaseObligations
/ us-gaap_LongtermDebtTypeAxis
= linc_FinanceObligationMember
[2] 9,672,000us-gaap_CapitalLeaseObligations
/ us-gaap_LongtermDebtTypeAxis
= linc_FinanceObligationMember
[2]      
Capital Lease-Property (with a rate of 8.0%) [Member]          
Long-term debt and lease obligations [Abstract]          
Capital lease and finance obligation $ 25,509,000us-gaap_CapitalLeaseObligations
/ us-gaap_LongtermDebtTypeAxis
= linc_CapitalLeasePropertyMember
[3] $ 25,944,000us-gaap_CapitalLeaseObligations
/ us-gaap_LongtermDebtTypeAxis
= linc_CapitalLeasePropertyMember
[3]      
Interest rate of debt instrument (in hundredths) 8.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_LongtermDebtTypeAxis
= linc_CapitalLeasePropertyMember
       
[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 with a syndicate of four lenders led by Bank of America, N.A., as administrative agent and letter of credit issuer (the "Credit Facility"). The April 5, 2012 agreement, along with subsequent amendments dated June 18, 2013, December 20, 2013, December 29, 2014 and March 4, 2015, are collectively referred to as the "Credit Agreement." As of December 31, 2013, the aggregate principal amount available under the Credit Facility was $60 million. Effective January 16, 2014, this amount was reduced to $40 million. Effective January 15, 2015, this amount was reduced to $20 million. During the period commencing on December 1, 2015 through January 15, 2016 the Company is required to reduce the outstanding revolving loans, other than letters of credit obligations, to $0. 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 $25 million letter of credit sublimit which is reduced to $20 million effective January 15, 2015. 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 including real estate. The term of the Credit Facility was 36 months, maturing on April 5, 2015 which was extended on March 4, 2015 for an additional 12 months with an expiration date of April 5, 2016. The Credit Agreement provides that the lenders will receive first priority lien on substantially all of the tangible and intangible non-real property assets of the Company and its subsidiaries as well as a first priority lien on substantially all real property owned by the Company and its subsidiaries and that all net proceeds of future sales of real property by the Company and its subsidiaries be used to prepay revolving loans and permanently reduce the principal amount of revolving loans available under the Credit Facility. In 2014, 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 rate of interest announced from time to time by Bank of America, N.A. as its 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%. Pursuant to the Amendment, the margin interest rate is subject to adjustment within a range of 2.50% to 6.00% 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. 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 December 31, 2014, the Company had outstanding letters of credit aggregating $7.1 million, which were primarily comprised of letters of credit for the Department of Education, or DOE, matters and real estate leases. The 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 December 31, 2014 the Company is in compliance with all financial covenants. As of December 31, 2014, the Company had $30.0 million outstanding under the Credit Agreement. The interest rate on borrowings under the Credit Agreement during the year ended December 31, 2014 was 7.25%. All amounts outstanding on December 31, 2014 were repaid on January 14, 2015. The Company had $54.5 million outstanding under the Credit Agreement as of December 31, 2013. The interest rate on this borrowing was 7.25%.
[2] The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained 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. Rent payments under this obligation for the three years in the period ended December 31, 2014 were $1.6 million, respectively. These payments have been reflected in the accompanying consolidated statements of operations as interest expense for all periods presented since the effective interest rate on the obligation is greater than the scheduled payments. The lease expiration date is 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.