Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2013
Revolving Credit Facility
Revolving Credit Facility	5. Revolving Credit Facility At September 30, 2013, the Company had a $125 million senior secured revolving credit facility with JP Morgan Chase Bank, NA, as Administrative Agent, Bank of America, as Syndication Agent and certain other lenders (the “Facility”). The Facility consists of a $125 million credit line with a maturity date of December 2, 2015 and an “accordion” feature providing for potential future expansion of the Facility to $175 million. Borrowings (other than letters of credit) under the credit facility are at either the bank’s prime rate plus a margin (ranging from 1.25% to 2.25%, currently 1.25%) or the London Interbank Offered Rate (LIBOR) plus a margin (ranging from 2.25% to 3.25%, 2.25% at September 30, 2013). The margin for prime rate or LIBOR borrowings is determined by the Company’s leverage. Borrowings under the Facility are secured by a first priority perfected security interest in all tangible and intangible assets of the Company, and all existing and future direct and indirect subsidiaries of the Company, as guarantors. The weighted average prime rate-based interest rate was 4.50% for both the nine months ended September 30, 2013 and 2012. The weighted average LIBOR rates were 2.53% and 2.72% for the nine months ended September 30, 2013 and 2012, respectively. The Company pays a quarterly commitment fee of 0.30% to 0.50% on the average daily unused facility balance based on leverage. Borrowings are subject to various covenants including a multiple of 3.0 times earnings before interest, income tax, depreciation and amortization (“EBITDA”). “EBITDA” may include “Acquired EBITDA” from pro-forma acquisitions pursuant to a calculation rider, up to 50% of “Adjusted EBITDA,” as defined. Borrowings under the Facility may be used for general corporate purposes, including acquisitions. As of September 30, 2013, the formula permitted $73.1 million to be used, of which no amounts were outstanding. The Company had irrevocable letters of credit totaling $5.5 million outstanding in connection with the Company’s self-insurance programs, which resulted in a total of $66.7 million being available for use at September 30, 2013. As of September 30, 2013, the Company was in compliance with the Facility’s various financial covenants. Under the most restrictive of its covenants, the Company was required to maintain minimum net worth of at least $160.5 million at September 30, 2013. At such date, the Company’s net worth was approximately $213.7 million.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details