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Long-Term Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2014

Long-Term Debt Obligations

Schedule of components of long-term debt obligations

        Long-term debt obligations consist of the following (in thousands):

		December 31,
		2014			2013
Revolving credit facility		$	38,500		$	—
Notes to former owners			1,000			2,000
Capital lease obligations			846			—
​	​	​	​	​	​	​	​
Total debt			40,346			2,000
Less—current portion			(317	)		(2,000	)
​	​	​	​	​	​	​	​
Total long-term portion of debt		$	40,029		$	—
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of future principal payments of long-term debt

        At December 31, 2014, future principal payments of debt are as follows (in thousands):

Year ended December 31—
2015		$	317
2016			755
2017			673
2018			76
2019			38,525
Thereafter			—
​	​	​	​	​
		$	40,346
​	​	​	​	​
​	​	​	​	​

Schedule of interest expense

        Interest expense included the following primary elements (in thousands):

		Year Ended December 31,
		2014			2013			2012
Interest expense on notes to former owners		$	38		$	97		$	255
Interest expense on borrowings and unused commitment fees			790			278			444
Letter of credit fees			747			731			667
Amortization of debt financing costs			283			245			229
​	​	​	​	​	​	​	​	​	​	​
Total		$	1,858		$	1,351		$	1,595
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of reconciliation of Credit Facility Adjusted EBITDA to net income

The following is a reconciliation of Credit Facility Adjusted EBITDA to net income (in thousands):

Net income including noncontrolling interests		$	28,599
Income taxes—continuing operations			11,614
Interest expense, net			1,840
Depreciation and amortization expense			21,336
Stock compensation expense			4,806
Income taxes—discontinued operations			(10	)
Goodwill impairment			727
EBITDA attributable to noncontrolling interests			(6,471	)
Pre-acquisition results of acquired companies, as defined under the Facility			2,746
​	​	​	​	​
Credit Facility Adjusted EBITDA		$	65,187
​	​	​	​	​
​	​	​	​	​

Schedule of market rates relating to interest options under the Facility

The following are the respective market rates as of December 31, 2014 relating to interest options under the Facility:

Base Rate Loan Option:
Federal Funds Rate plus 0.50%			0.63	%
Wells Fargo Bank, N.A. Prime Rate			3.25	%
One-month LIBOR plus 1.00%			1.17	%
Eurodollar Rate Loan Option:
One-month LIBOR			0.17	%
Six-month LIBOR			0.36	%

Summary of additional margins

		Consolidated Total Indebtedness to Credit Facility Adjusted EBITDA
		Less than 0.75			0.75 to 1.50			1.50 to 2.25			2.25 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option			0.25	%		0.50	%		0.75	%		1.00	%
Eurodollar Rate Loan Option			1.25	%		1.50	%		1.75	%		2.00	%
Letter of credit fees			1.25	%		1.50	%		1.75	%		2.00	%
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time			0.20	%		0.25	%		0.30	%		0.35	%

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Tabular disclosure of all significant reconciling items in the reconciliation of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to net income for debt covenant compliance.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

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-Section 50

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