Note 2 - Notes Payable

6 Months Ended

Jun. 30, 2015

2.	Notes Payable

Notes payable consists of the following (in thousands, except percentages):

	December 31,			June 30 ,
	2014			2015
Third amended and restated term credit facility; General Electric Capital Corporation; variable interest rate of 6.5% at December 31, 2014 and June 30, 2015. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016.	$	112,135		$	105,089

Less: current portion		(6,665	)		(105,089	)

Long-term notes payable	$	105,470		$	—

Associated with the notes payable, the Company has capitalized and amortized deferred financing costs using the effective interest method. The Company has capitalized $2.7 million in deferred financing costs associated with the credit facility. Amortization expense for the deferred financing costs associated with the third amendment and restatement of the Company’s credit facility was $475 thousand and $447 thousand for the six months ended June 30, 2014 and 2015, respectively.

The Company had a revolving credit facility on December 31, 2014 and June 30, 2015 of $5.0 million. The revolving credit facility is available until April 30, 2016. There was no balance outstanding as of December 31, 2014 or June 30, 2015. The Company pays a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan. The commitment fee expense was $13 thousand in each of the six months ended June 30, 2014 and 2015.

Maturities of notes payable for the next five years and thereafter are as follows (in thousands):

2015 (remaining)	$	3,333
2016		101,756
2017		—
2018		—
2019		—
Thereafter		—
Total	$	105,089

The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of June 30, 2015, the Company was in compliance with all such covenants and restrictions.