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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2015
LONG-TERM DEBT [Abstract] |
Long Term Debt | Long-term debt consisted of the following (in thousands):
|  | December 31, |
|  | 2015 |  |  | 2014 |
Line of credit |  | $ | 172,147 |  |  | $ | 193,443 |
Term loan |  |  | 175,000 |  |  |  | 212,500 |
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment |  |  | 4,408 |  |  |  | 5,216 |
Unsecured subordinated notes payable in quarterly installments at 5% |  |  | - |  |  |  | 357 |
Less unamortized debt issuance costs |  |  | (2,046 | ) |  |  | (2,714 | )
Total Debt |  |  | 349,509 |  |  |  | 408,802 |
Less: Current maturities |  |  | (50,829 | ) |  |  | (38,608 | )
Total Long-term Debt |  | $ | 298,680 |  |  | $ | 370,194 |
Computation of the Leverage Ratio | The following table sets forth the computation of the Leverage Ratio as of December 31, 2015 (in thousands, except for ratios):
For the Twelve Months ended December 31, 2015 |  | Leverage Ratio |
Loss before taxes |  | $ | (38,920 | )
Loss attributable to noncontrolling interest |  |  | 813 |
Interest expense |  |  | 10,932 |
Depreciation and amortization |  |  | 33,243 |
Impairment expense |  |  | 68,735 |
Stock compensation expense |  |  | 2,973 |
Pro forma acquisition EBITDA |  |  | 2,244 |
B27 settlment |  |  | 7,348 |
(A) Defined EBITDA |  | $ | 87,368 |
As of December 31, 2015 |  |  |  |
Total long-term debt, including current maturities |  | $ | 349,509 |
Unamortized debt issuance costs |  |  | 2,046 |
(B) Defined indebtedness |  | $ | 351,555 |
Leverage Ratio (B)/(A) |  |  | 4.02 |
Computation of the fixed charge coverage ratio | The following table sets forth the computation of the Fixed Charge Coverage Ratio as of December 31, 2015 (in thousands, except for ratios):
For the Twelve Months ended December 31, 2015 |  |  |
Defined EBITDA |  | $ | 87,368 |
Cash paid for income taxes |  |  | 13,792 |
Capital expenditures |  |  | 13,992 |
(A) Defined EBITDA minus capital expenditures & cash income taxes |  | $ | 59,584 |
Cash interest payments |  | $ | 9,721 |
Dividends |  |  | 90 |
Scheduled principal payments |  |  | 38,666 |
(B) Fixed Charges |  | $ | 48,477 |
Fixed Charge Coverage Ratio (A)/(B) |  |  | 1.23 |
Computation of the Asset Coverage Ratio | The following table sets forth the computation of the Asset Coverage Ratio as of December 31, 2015 (in thousands, except for ratios):
Credit facility outstanding balance |  | $ | 172,147 |
Outstanding letters of credit |  |  | 6,305 |
Defined indebtedness |  | $ | 178,452 |
Accounts receivable (net), valued at 85% of gross |  | $ | 138,486 |
Inventory, valued at 65% of gross |  |  | 67,482 |
|  | $ | 205,968 |
Asset Coverage Ratio |  |  | 1.15 |
Maturities of Long-Term Debt | As of December 31, 2015, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):
2016 |  | $ | 50,829 |
2017 |  |  | 63,356 |
2018 |  |  | 63,381 |
2019 |  |  | 173,055 |
2020 |  |  | 934 |
Thereafter |  |  | - |

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