XML 72 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 13 - Covenants Compliance | 3 Months Ended
--- | ---
Mar. 31, 2014
Covenants And Events Of Default [Abstract] |
Covenants And Events Of Default [Text Block] |
13. | Covenant Compliance
The Credit Facility is subject to our compliance with certain covenants, including financial covenants relating to fixed charges, leverage, tangible net worth, asset coverage and total loss for a quarterly period. The Credit Facility contains restrictions on the Company’s ability to:
· | Make distributions and pay dividends;
· | Incur liens and encumbrances;
· | Incur further indebtedness;
· | Guarantee obligations;
· | Dispose of a material portion of assets or merge with a third party;
· | Make acquisitions;
· | Make investments in securities.
At the end of the fourth quarter of 2013, the Company was not in compliance with the minimum tangible net worth and the leverage ratio financial covenants. As a result, subsequent to year end, the Company obtained a Waiver and Fourth Amendment to Credit Agreement (the “Fourth Amendment”) with its lender which waived the noncompliance with the financial covenants as of December 31, 2013 and provided less restrictive covenant requirements. The Fourth Amendment also imposed liquidity thresholds that the Company is required to meet in 2014. The Company believes that it will be able to maintain compliance with all covenants required under the Fourth Amendment through at least the next twelve months. Refer to Note 14 regarding a revised amendment which eased our required liquidity thresholds. Among other things, the Fourth Amendment reduced the borrowings available to $40.0 million from the previously available $50 million and has eliminated the option to increase the Credit Facility by an additional $50 million. The Fourth Amendment also modified the existing borrowing interest fee schedule and increased borrowing rates by 50 basis points to 4.75% effective December 31, 2013. In addition, if certain liquidity thresholds are not met in 2014 the interest rate may increase 200 basis points and continue to increase 100 basis points every quarter after 2015 until such thresholds are met. Furthermore, the Fourth Amendment requires the payment of a quarterly commitment fee of 0.75% per annum on unused availability.

X
- Definition The covenants and events of defaults. + References No definition available. + Details
Name: | strl_CovenantsAndEventsOfDefaultTextBlock
Namespace Prefix: | strl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | strl_CovenantsAndEventsOfDefaultTextBlockAbstract
Namespace Prefix: | strl_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration