XML 29 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1

Note 7 - Indebtedness

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

(7 ) Indebtedness

On

December 2, 2013,

the Company entered into an unsecured

$40

million revolving credit facility with Bank of America, N.A. The credit facility called for interest of LIBOR plus a margin that ranged from

1.0%

to

1.5%

or, at the discretion of the Company, the bank’s prime rate less a margin that ranged from

0.25%

to

zero

. In both cases the applicable margin was dependent upon Company performance. Under the credit facility, the Company was subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The credit facility was amended effective

December 31, 2014,

to modify the definition of “consolidated fixed-charge coverage ratio”. The Company’s

$40

million credit facility was to mature on

November 30, 2018.

As of

December 31, 2017,

the Company had

no

borrowings outstanding under the credit facility. Included in the credit facility were approximately

$0.6

million in standby letters of credit drawable as a financial guarantee on worker’s compensation insurance policies. As of

December 31, 2017,

the Company was in compliance with all covenants under the credit facility.

On

February 1, 2018,

the Company amended and restated the credit facility (see Note

22

).

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

		December 31,
		2017				2016
Equipment loans		$	-			$	856
Total long-term debt			-				856
Current installments			-				(856	)
Long-term debt, excluding current installments		$	-			$	-

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration