XML 46 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
NOTE 14 - SUBSEQUENT EVENTS (Tables)
12 Months Ended
Dec. 31, 2015
NOTE 14 - SUBSEQUENT EVENTS (Tables) [Line Items]  
Schedule of Long-term Debt Instruments [Table Text Block] The term loan and revolving loan will bear interest, at our option, at (i) the greater of 1% or LIBOR, plus an applicable margin or (ii) a base rate (as defined in the Credit Agreement) plus an applicable margin. We have elected to use the LIBOR rate plus the applicable margin, which was has remained constant at 5% since the inception of the loan. Interest is payable quarterly and the margin varies based upon our leverage ratio. See table below of applicable margin rates as of December 31, 2015.

Total Leverage Ratio
 
Base Rate Margin
   
LIBOR Rate Margin
 
> 2.75:1.0
   
3.00
%
   
4.00
%
< 2.75:1.0 but > 2.25:1.0
   
2.50
%
   
3.50
%
< 2.25:1.0
   
2.00
%
   
3.00
%
Total Leverage Ratio
 
Base Rate Margin
   
LIBOR Rate Margin
 
> 3.25:1.0
   
3.50
%
   
4.50
%
< 3.25:1.0 but > 2.75:1.0
   
3.00
%
   
4.00
%
< 2.75:1.0 but > 2.25:1.0
   
2.50
%
   
3.50
%
< 2.25:1.0
   
2.00
%
   
3.00
%
Schedule of Maturities of Long-term Debt [Table Text Block] The following table summarizes the future principal payments related to our outstanding debt:

Year  Ended
 
Gross Amount
 
December 31, 2016
 
$
1,031
 
December 31, 2017
   
1,406
 
December 31, 2018
   
1,500
 
December 31, 2019
   
9,750
 
Gross Notes Payable
 
$
13,687
 
Amended Credit Agreement [Member]  
NOTE 14 - SUBSEQUENT EVENTS (Tables) [Line Items]  
Schedule of Long-term Debt Instruments [Table Text Block] We amended our Credit Agreement in March 2016. Under this amendment, we expanded our overall credit facility by $12,500 to $29,188. This includes a $26,188 term facility which is due March 21, 2019 and a $3,000 revolving credit facility. The amendment also changed the applicable margin rates for determining the interest rate payable on the loan as follows:

Total Leverage Ratio
 
Base Rate Margin
   
LIBOR Rate Margin
 
≤ 2.75:1
    3.50 %     4.50 %
> 2.75:1 but ≤ 3.25:1
    4.00 %     5.00 %
≥ 3.25:1
    4.50 %     5.50 %
Schedule of Maturities of Long-term Debt [Table Text Block] Including the March 2016 amendment, the following table summarizes the maximum future principal payments related to our outstanding debt:

Year  Ended
 
Gross Amount
 
December 31, 2016
 
$
1,473
 
December 31, 2017
   
2,455
 
December 31, 2018
   
2,619
 
December 31, 2019
   
22,641
 
Gross Notes Payable
 
$
29,188