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Debt
9 Months Ended
Dec. 31, 2013
Debt [Abstract]  
Debt
Note 9 - Debt

The Company has an unsecured revolving credit agreement (the “credit facility”) with Comerica Bank and other lenders. The credit facility, as amended, provides for a revolving line of credit in the amount of $300 million and expires in March 2017. The credit facility also permits the Company to increase the revolving line of credit by an additional $200 million subject to receiving further commitments from lenders and certain other conditions.

The Company had no debt as of December 31, 2013.  As of March 31, 2013, the Company’s debt balance under its credit facility was $18.0 million and was classified as long term.

The credit facility contains various covenant requirements, including limitations on liens; indebtedness; mergers, consolidations and acquisitions; asset sales; stock repurchases; dividends; investments, loans and advances from the Company; transactions with affiliates; minimum net worth requirements; and limits additional borrowing outside of the facility. The credit facility is also subject to maximum total debt to EBITDA and minimum fixed charge coverage financial covenants. Additionally, the Company’s stock repurchases are limited to $50 million from August 8, 2013 through the end of the agreement. The Company was in compliance with the covenants under the credit facility at December 31, 2013.

Borrowings under the credit facility bear interest at the base rate (the greatest of the prime rate, the federal funds effective rate plus one percent, or the daily LIBOR rate plus one percent) or the Eurodollar rate, at the Company’s option, plus the applicable margin (which is based on the level of maximum total debt to EBITDA ratio). The Company pays a quarterly fee on the credit facility based on the applicable margin grid. Interest and fees related to the credit facility were $273,000 and $487,000 during the three months ended December 31, 2013 and 2012, respectively, and were $769,000 and $1.4 million during the nine months ended December 31, 2013 and 2012, respectively.
 
Cash paid for interest during the third quarters of 2014 and 2013 was $286,000 and $471,000, respectively.  Cash paid for interest during the first nine months of 2014 and 2013 was $833,000 and $1.4 million, respectively.