Note 9 - Long-term Debt

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

9

—LONG-TERM DEBT

The Company entered into a Fourth Amended and Restated Business Loan and Security Agreement with a syndication of

11

commercial banks on

May

16,

2014

,

which was further modified on

November

5,

2014

(the “Credit Facility”). The Credit Facility matures on

May

16,

2019

, and allows for borrowings of up to

$500.0

million without a borrowing base requirement, taking into account financial, performance-based limitations and provides for an “accordion,” which permits additional revolving credit commitments of up to

$100.0

million, subject to lenders’ approval. The Company has the option to borrow funds under the Credit Facility at interest rates based on both LIBOR

(1,

3,

or

6

month rates) and prime rates, plus their applicable margins, and are payable monthly. The Credit Facility provides for stand-by letters of credit aggregating up to

$30.0

million that reduce the funds available under the Credit Facility when issued. The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants, as defined in the Credit Facility, require, among other things, that the Company maintain, on a consolidated basis for each quarter, a fixed charge coverage ratio of not less than

1.25

to

1.00

and a leverage ratio of not more than

3.75

to

1.00.

As of

December

31,

2016,

the Company was in compliance with its covenants under the Credit Facility.

T

he Credit Facility was subject to a commitment fee on the unused portion of the Credit Facility of

0.25%

per annum at

December

31,

2016

and

2015.

As of

December

31,

2016,

the available borrowing capacity under the Credit Facility (excluding the accordion) was

$237.2

million. Taking into account the financial and performance-based limitations, the available borrowing capacity (excluding the accordion) was

$195.0

million as of

December

31,

2016.

Long-term debt

outstanding and the weighted average interest rate at

December

 

31

is summarized as follows:

	201 6					201 5
	Debt Outstanding		Weighted Average Interest Rate			Debt Outstanding		Weighted Average Interest Rate
Revolving Line of Credit/Swing Line	$	259,389		2.46	%	$	311,532		2.23	%

Debt Issuance Cost

The Company

’s debt issuance costs, which are included within other assets, are amortized over the term of indebtedness. Amortizable debt issuance costs were

$5.8

million as of both

December

31,

2016

and

December

31,

2015.

Accumulated amortization related to debt issuance costs was

$4.5

million and

$4.0

million, as of

December

31,

2016

and

2015,

respectively. Amortization expense of

$0.5

million was recorded for each of the years ended

December

31,

2016,

2015,

and

2014.

Letters of Credit

At

December

31,

2016

and

2015,

the Company had

nine

outstanding letters of credit totaling approximately

$3.4

million and

$3.7

million, respectively. These letters of credit are renewed annually.