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Long-Term Debt | 6 Months Ended
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Jun. 30, 2013
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The Company's senior long-term debt consisted of the following at December 31, 2012 and June 30, 2013 (in thousands):
| December 31, 2012 |  | June 30, 2013
Revolving credit facility, secured, floating rate | $ | 44,700 |  |  | $ | 34,600 |
Term loan, secured, floating rate | 127,500 |  |  | 122,500 |
Acquisition debt | 2,427 |  |  | 2,095 |
Less: current portion | (11,086 | ) |  | (11,974 | )
Total long-term debt | $ | 163,541 |  |  | $ | 147,221 |
As of June 30, 2013, we had a $255 million secured bank credit facility (the “Credit Facility”) with Bank of America, N.A. as Administrative Agent comprised of a $125 million revolving credit facility and a $130 million term loan. The Credit Facility also contains an accordion provision to borrow up to an additional $40 million in revolving loans, subject to certain conditions. The Credit Facility is set to mature on September 30, 2017 and is collateralized by all personal property and funeral home real property in certain states. As of June 30, 2013, $34.6 million was drawn under the revolving credit facility and $122.5 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at June 30, 2013. Under the Credit Facility, outstanding borrowings bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon the Company's leverage ratio. At June 30, 2013, the prime rate margin was equivalent to 2.00% and the LIBOR margin was 3.00%. The weighted average interest rate on the Credit Facility for the three and six months ended June 30, 2013 was 3.3% and 3.5%, respectively. On April 24, 2013, the Company entered into a Third amendment to the Credit Facility (the “Third Amendment”), which increased the revolving credit commitments under the Credit Facility from $105 million to $125 million and decreased the interest rate margin. The Third Amendment decreased the applicable margin for the Company's outstanding borrowings (for both prime rate and LIBOR base rates) by 50 basis points at each leverage ratio threshold. During the second quarter, in connection with this Third Amendment, we recorded a pretax charge of approximately $0.4 million to write off the unamortized loan costs. The Third Amendment also contains amendments which (a) allow the Company to issue subordinated debt or convertible subordinated debt in an amount not to exceed $100 million, (b) provide the Company with the ability to repurchase up to $15 million worth of stock-based employee awards and (c) allow for the Company to refinance its existing convertible junior subordinated debentures with the proceeds of certain issuances of subordinated debt or convertible subordinated debt. We have no material assets or operations independent of our subsidiaries. All assets and operations are held and conducted by subsidiaries, each of which (except for the Trust, which is a single purpose entity that holds our 7% debentures issued in connection with the issuance of the Trust’s term income deferrable equity securities (TIDES) 7% convertible preferred securities) have fully and unconditionally guaranteed our obligations under the Credit Facility. Additionally, we do not currently have any significant restrictions on our ability to receive dividends or loans from any subsidiary guarantor under the Credit Facility. We were in compliance with the covenants contained in the Credit Facility as of June 30, 2013. The Credit Facility calls for key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.75 to 1.00 through June 29, 2014 and no more than 3.50 to 1.00 thereafter, and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. As of June 30, 2013, the leverage ratio was 2.77 to 1.00 and the fixed charge coverage ratio was 2.28 to 1.00. Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. A majority of the notes bear interest ranging from 7.0% to 11.0%. A few notes bear interest at 0% and are discounted at imputed interest rates ranging from 9.5% to 10.0%. Original maturities range from one to ten years.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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