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LINE OF CREDIT | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
LINE OF CREDIT | LINE OF CREDIT We have a credit agreement with Whitney Bank and JPMorgan Chase Bank N.A. that provides for an $80.0 million revolving credit facility. The credit agreement allows the Company to use up to the full amount of the available borrowing base for letters of credit and up to $20.0 million for general corporate purposes. Our obligations under the credit agreement are secured by substantially all of our assets, other than real property located in the state of Louisiana. On February 29, 2016, we entered into an amendment to our credit agreement. The amendment restates our financial covenants beginning with the quarter ending March 31, 2016 as follows:
(i) | minimum net worth requirement of not less than $250.0 million plus
a) | 50% of net income earned in each quarter beginning March 31, 2016 and
b) | 100% of proceeds from any issuance of common stock;
(ii) | debt to EBITDA ratio not greater than 3.0 to 1.0; and
(iii) | interest coverage ratio not less than 2.0 to 1.0.
The amendment also (i) extends the term of the Credit Facility from February 29, 2016 to January 2, 2017; (ii) increases the commitment fee on undrawn amounts from 0.25% to 0.50% per annum; (iii) increases the letter of credit fee, subject to certain limited exceptions, to 2.0% per annum on undrawn stated amounts under letters of credit issued by the lenders; and (iv) limits the maximum amount of loans outstanding at any time for general corporate purposes to $20.0 million. At December 31, 2015 we had no outstanding borrowings under the credit agreement, and we had outstanding letters of credit totaling $20.5 million. After consideration of outstanding letters of credit, the availability of the unused portion of the revolving credit agreement (as amended) for additional letters of credit and for general corporate purposes was $59.5 million and $20.0 million, respectively. Amounts borrowed under our the credit agreement bear interest, at our option, at either the prime lending rate established by JPMorgan Chase Bank, N.A. or LIBOR plus 2.0 percent. We are required to maintain certain financial covenants under the credit agreement. As of December 31, 2015, our financial covenants included (i) a minimum current ratio of 1.25 to 1.0, (ii) a net worth minimum requirement of $254.1 million, (iii) debt to net worth ratio of not greater than 0.5 to 1.0, and (iv) interest coverage ratio of not less than 4.0 to 1.0. As of December 31, 2015, we were in compliance with all of these covenants or had obtained a waiver of noncompliance.

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- 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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