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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2013
LONG-TERM DEBT [Abstract] |
Long term debt | Long-term debt consisted of the following (in thousands):
| December 31,
| 2013 |  | 2012
Line of credit | $ 76,849 |  | $ 104,526
Term loan | 109,375 |  | 130,000
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment | 6,000 |  | -
Unsecured subordinated notes payable in quarterly installments at 5% through November 2015 | 2,361 |  | 3,870
| 194,585 |  | 238,396
Less: Current portion | (26,213) |  | (22,057)
Total Long-term Debt | $ 168,372 |  | $ 216,339
Computation of the Leverage Ratio | The following table sets forth the computation of the Leverage Ratio as of December 31, 2013 (in thousands, except for ratios):
For the Twelve Months ended December 31, 2013 | Leverage Ratio
Income before taxes | $ 94,717
Interest expense | 6,282
Depreciation and amortization | 21,660
Stock compensation expense | 2,832
Pro forma acquisition EBITDA | 6,612
Other adjustments | (351)
(A) Defined EBITDA | $ 131,752
As of December 31, 2013 |
Total long-term debt, including current maturities | $ 194,585
(B) Defined indebtedness | $ 194,585
Leverage Ratio (B)/(A) | 1.48
Maturities of long-term debt | As of December 31, 2013, the maturities of long-term debt under the Company’s term loan for the next five years and thereafter were as follows (in thousands):
2014 | $ 26,213
2015 | 32,672
2016 | 35,204
2017 | 97,701
2018 | 879
Thereafter | 1,916

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- Definition 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. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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