XML 45 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events

20.    Subsequent Events

In January 2016, the Company awarded the following:

234,412 shares of restricted stock to certain employees. The fair value of the stock award on the date of grant totaled $4,048, which will be recognized as expense, net of estimated forfeitures, on a straight-line basis over the three-year vesting period.

6,095 units of phantom shares to certain key international employees. The fair value of the stock award on the date of grant totaled $105.

Market-based cash awards to certain executives of the Company with a total target award of $1,324. The amount of awards that will ultimately vest can range from 0 to 200% based on the Company’s Relative Total Shareholder Return calculated over a three year period beginning January 1, 2016 through December 31, 2018.

As of January 31, 2016, we were in breach of the asset coverage ratio covenant (which requires a ratio of certain assets to total debt of at least 1.25). Our asset coverage ratio as of January 31, 2016 was 1.21. In order to cure this breach, the Company repaid $16,100 of borrowings under the credit facility in February 2016.

On February 26, 2016, the Company entered into a sixth amendment to the credit facility that, among other items, removed the minimum tangible net worth covenant effective July 1, 2016 through March 31, 2017, and replaced it with a minimum liquidity covenant calculated monthly beginning as of July 31, 2016 through as of March 31, 2017.