LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2013

Long-term debt consisted of the following (in thousands):

	December 31,
	2013	2012

Line of credit	$ 76,849	$ 104,526
Term loan	109,375	130,000
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment	6,000	-
Unsecured subordinated notes payable in quarterly installments at 5% through November 2015	2,361	3,870
	194,585	238,396
Less: Current portion	(26,213)	(22,057)
Total Long-term Debt	$ 168,372	$ 216,339

Computation of the Leverage Ratio

The following table sets forth the computation of the Leverage Ratio as of December 31, 2013 (in thousands, except for ratios):

For the Twelve Months ended December 31, 2013	Leverage Ratio

Income before taxes	$ 94,717
Interest expense	6,282
Depreciation and amortization	21,660
Stock compensation expense	2,832
Pro forma acquisition EBITDA	6,612
Other adjustments	(351)
(A) Defined EBITDA	$ 131,752

As of December 31, 2013
Total long-term debt, including current maturities	$ 194,585
(B) Defined indebtedness	$ 194,585

Leverage Ratio (B)/(A)	1.48

Maturities of long-term debt

As of December 31, 2013, the maturities of long-term debt under the Company’s term loan for the next five years and thereafter were as follows (in thousands):

2014	$ 26,213
2015	32,672
2016	35,204
2017	97,701
2018	879
Thereafter	1,916