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Long-Term Debt | 12 Months Ended
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Dec. 31, 2016
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 6. LONG-TERM DEBT ﻿ Long-term debt, net as of December 31, 2016 and December 31, 2015, was as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | December 31,
﻿ |  | 2016 |  | 2015
﻿ |  |  |  |  |  |
﻿Revolving credit facilities (a) |  | $ | - |  | $ | -
﻿5% Senior Subordinated Notes due 2017 (b) |  |  | 22,610 |  |  | 22,610
﻿Term note (c) |  |  | 102 |  |  | 105
﻿Unamortized discount |  |  | (814) |  |  | (2,582)
﻿ |  |  | 21,898 |  |  | 20,133
﻿Less current portion |  |  | (21,898) |  |  | -
﻿ |  | $ | - |  | $ | 20,133
﻿
| (a) |  | As of December 31, 2016, the Company had drawn $0 on a $20,000 revolving credit facility with the Lender with a maturity date of April 1, 2017.
﻿ On March 3, 2017, the Company together with its direct and indirect domestic subsidiaries entered into a third amendment (the “Third Amendment”) to the second amended and restated loan agreement (the “Second Amended and Restated Loan Agreement”) as amended by the first amendment (the “First Amendment”) and the second amendment (the “Second Amendment”) to the Second Amended and Restated Loan Agreement with Zions First National Bank (the “Lender”), which matures on April 1, 2020. Under the Third Amendment, the Company has a $20,000 revolving line of credit (the “Revolving Line of Credit”) pursuant to a third amended and restated promissory note (revolving loan) (the “Revolving Line of Credit Promissory Note”). ﻿ All debt associated with the Third Amendment to the Second Amended and Restated Loan Agreement bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin as determined by the ratio of Total Senior Debt to Trailing Twelve Month EBITDA as follows: (i) one month LIBOR plus 4.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) one month LIBOR plus 3.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than 1.00 and less than 2.00; and (iii) one month LIBOR plus 2.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 1.00. The Second Amended and Restated Loan Agreement requires the payment of any unused commitment fee of (i) .6% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) .5% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than 1.00 and less than 2.00; and (iii) .4% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 1.00. ﻿ The Third Amendment to the Second Amended and Restated Loan Agreement contains certain restrictive debt covenants that require the Company and its subsidiaries to maintain an EBITDA based minimum Trailing Twelve Month EBITDA, a minimum net worth, a positive amount of asset coverage, and limitations on capital expenditures all as calculated in the Third Amendment to the Second Amended and Restated Loan Agreement. In addition, the Third Amendment to the Second Amended and Restated Loan Agreement contains covenants restricting the Company and its subsidiaries from pledging or encumbering their assets, with certain exceptions, and from engaging in acquisitions other than acquisitions permitted by the Third Amendment to the Second Amended and Restated Loan Agreement. The Third Amendment to the Second Amended and Restated Loan Agreement contains customary events of default (with grace periods where customary) including, among other things, failure to pay any principal or interest when due; any materially false or misleading representation, warranty, or financial statement; failure to comply with or to perform any provision of the Third Amendment to the Second Amended and Restated Loan Agreement; and default on any debt or agreement in excess of certain amounts. ﻿
| (b) |  | In connection with the Company’s acquisition of Gregory on May 2010, $22,056 and $554 in subordinated notes were issued to the Gregory Stockholders. The notes have a seven year term, 5% stated interest rate payable quarterly, and are prepayable at any time. Given the below market interest rate for comparably secured notes and the relative illiquidity of the notes, we discounted the notes to $13,127 and $316, respectively, at date of acquisition. We are accreting the discount on the notes to interest expense using the effective interest method over the term of the notes. During the years ended December 31, 2016, 2015 and 2014, $1,768, $1,537 and $1,337, respectively, of the discounts were accreted and recorded as interest expense in the accompanying statements of comprehensive (loss) income.
﻿ During February 2017, the Company’s Board of Directors approved the repayment of the Merger Consideration Subordinated Notes. On February 13, 2017, the entire principal amount and all accrued interest were paid in full. The note discount as of December 31, 2016 of $814 will be expensed and recognized as interest expense during the three months ending March 31, 2017. ﻿
| (c) |  | The term loan is payable to a government entity with an interest rate of 0.75% and no monthly installments. The note matures in March 2017.
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ The aggregate maturities of long-term debt and revolving lines of credit for the years subsequent to December 31, 2016 are as follows: ﻿ ﻿
﻿ |  |  |
﻿2017 |  | $ | 22,712
﻿2018 |  |  | -
﻿2019 |  |  | -
﻿2020 |  |  | -
﻿2021 |  |  | -
﻿Thereafter |  |  | -
﻿Total future long-term debt payments |  |  | 22,712
﻿Less amount representing debt discounts |  |  | (814)
﻿Total carrying amount of long-term debt |  |  | 21,898
﻿Less current portion |  |  | (21,898)
﻿Long-term debt obligations |  | $ | -
﻿ |  |  |
There was no property held under capital leases as of December 31, 2016 and 2015. ﻿ ﻿

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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 + Details
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