Note 8 - Notes Payable

12 Months Ended

Dec. 31, 2015

8.	Notes Payable

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

	December 31,
	2014			2015
Third amended and restated term credit facility; Antares Capital (formerly General Electric Capital Corporation); variable interest rate of 6.5% at December 31, 2014 and December 31, 2015. The Credit Facility was secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016.	$	112,135		$	100,052

Less: current portion		(6,665	)		(3,000	)

Long-term notes payable	$	105,470		$	97,052

Associated with these notes payable, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $2.7 million in deferred financing cost associated with the Credit Facility. Amortization expense for the deferred financing cost associated with the third amendment and restatement of the Credit Facility was $936 thousand and $880 thousand for the years ended December 31, 2014 and 2015, respectively.

The Company had revolving credit facilities on December 31, 2014 and 2015 of $5.0 million, with commitments until April 30, 2016. There was no balance outstanding as of December 31, 2014 or 2015. The Company paid a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan under the Credit Facility. The commitment fee expense was $25 thousand for the years ended December 31, 2014 and 2015, respectively.

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 December 31, 2015, the Company was in compliance with all such covenants and restrictions. On February 17, 2016, the Company paid all amounts due, including principal, interest and fees, and satisfied in full all of its obligations under the Credit Facility. See note 17,

Subsequent Events

, below.