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Senior Debt (Tables) | 9 Months Ended
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Sep. 30, 2016
Senior Debt [Abstract] |
Financial Covenants Ratios | The Credit Agreement requires us to comply with several financial covenants, including: (i) a consolidated total leverage ratio of no greater than 4.25:1 from the quarter ended December 31, 2015, to the quarter ended September 30, 2016, and 4.00:1 thereafter; (ii) a consolidated senior secured leverage ratio of no greater than 2.75:1; and (iii) a consolidated fixed charge coverage ratio of no less than 1.50:1 (pursuant to the Second Amendment discussed below). On February 1, 2016, we entered into a First Amendment (the “First Amendment”), with JPMorgan Chase Bank, N.A., as administrative agent, the other agents party thereto and the lenders party thereto, to the Credit Agreement. The First Amendment permits us to make Restricted Payments (as such term is defined in the Credit Agreement) with respect to repurchases of and dividends upon our capital stock and repurchases of our senior unsecured notes, in an aggregate amount during any fiscal year not to exceed $20 million, if after giving pro forma effect thereto the Consolidated Senior Leverage Ratio (as such term is defined in the Credit Agreement) is greater than 2.50:1 and less than or equal to 3.75:1. The First Amendment is included as an exhibit to our Current Report on Form 8-K dated as of February 1, 2016. On October 4, 2016, we entered into a Second Amendment (the “Second Amendment”), effective as of September 30, 2016, with JPMorgan Chase Bank, N.A., as administrative agent, the other agents party thereto and the lenders party thereto, to the Credit Agreement. The Second Amendment (i) reduces the maximum Consolidated Senior Secured Leverage Ratio from 2.75 to 1.00 to 2.50 to 1.00, beginning with the quarter ended December 31, 2016, and (ii) reduces the minimum Consolidated Fixed Charge Coverage Ratio covenant level from 1.75 to 1.00 to 1.50 to 1.00, beginning with the quarter ended September 30, 2016. We may elect to increase the minimum Consolidated Fixed Charge Coverage Ratio to 1.75 to 1.00. The Second Amendment also effects the following changes to our ability to make certain Restricted Payments: When the Consolidated Fixed Charge Coverage Ratio covenant level is 1.5 to 1.00, only regularly scheduled dividends are payable up to annual maximums as follows:
• | When the Consolidated Senior Leverage Ratio is less than or equal to 2.5 to 1.00, a maximum of $25 million annually
• | When the Consolidated Senior Leverage Ratio is between 2.5 to 1.00 and 3.75 to 1.00, a maximum of $20 million annually (including Notes Payments)
• | When the Consolidated Senior Leverage Ratio is over 3.75 to 1.00, a maximum of $15 million annually (including Notes Payments)
Share repurchases are not permitted when the Consolidated Fixed Charge Coverage Ratio covenant level is 1.5 to 1.00. When the Consolidated Fixed Charge Coverage Ratio covenant level is 1.75 to 1.00, Stock Payments (dividend & share repurchase) are permitted up to annual maximums as follows:
• | When the Consolidated Senior Leverage Ratio is less than or equal to 2.5 to 1.00:
AND available revolving commitments are greater than or equal to $400 million, then a maximum of $50 million annually AND available revolving commitments are less than $400 million, then a maximum of $40 million annually
• | When the Consolidated Senior Leverage Ratio is between 2.5 to 1.00 and 3.75 to 1.00, then a maximum of $20 million annually (including Notes Payments)
• | When the Consolidated Senior Leverage Ratio is over 3.75 to 1.00, then a maximum of $15 million annually (including Notes Payments)
We retain the ability to repurchase senior notes when the Consolidated Senior Leverage Ratio is less than or equal to 2.50 to 1.00. In connection with the Second Amendment, we paid customary amendment fees to the Agent and the lenders that provided their consent to the Amendment of approximately $1.0 million, which were capitalized and will be amortized to interest expense over the remaining term of the agreement. The Second Amendment is included as an exhibit to our Current Report on Form 8-K dated as of October 4, 2016. The table below shows the required and actual ratios under the Credit Agreement calculated as of September 30, 2016:
| Required Ratio |  | Actual Ratio
Consolidated total leverage ratio | No greater than |  | 4.25:1 |  | 2.52:1
Consolidated senior secured leverage ratio | No greater than |  | 2.75:1 |  | 0.35:1
Consolidated fixed charge coverage ratio | No less than |  | 1.50:1 |  | 1.72:1
Schedule of Maturities of Long-term Debt | The table below shows the scheduled maturity dates of our outstanding debt at September 30, 2016:
| Term Loan |  | Revolving Facility |  | INTRUST Line of Credit |  | Total
Year Ending December 31, | (In thousands)
2016 | $ | 563 |  |  | $ | — |  |  | $ | — |  |  | $ | 563 |
2017 | 2,250 |  |  | — |  |  | — |  |  | 2,250 |
2018 | 2,250 |  |  | — |  |  | — |  |  | 2,250 |
2019 | 2,250 |  |  | — |  |  | — |  |  | 2,250 |
2020 | 2,250 |  |  | — |  |  | — |  |  | 2,250 |
Thereafter | 182,813 |  |  | — |  |  | — |  |  | 182,813 |
| $ | 192,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 192,376 |

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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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