LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2015

LONG-TERM DEBT [Abstract]

Long Term Debt

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

	December 31,
	2015			2014
Line of credit	$	172,147		$	193,443
Term loan		175,000			212,500
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment		4,408			5,216
Unsecured subordinated notes payable in quarterly installments at 5%		-			357
Less unamortized debt issuance costs		(2,046	)		(2,714	)
Total Debt		349,509			408,802
Less: Current maturities		(50,829	)		(38,608	)
Total Long-term Debt	$	298,680		$	370,194

Computation of the Leverage Ratio

The following table sets forth the computation of the Leverage Ratio as of December 31, 2015 (in thousands, except for ratios):

For the Twelve Months ended December 31, 2015	Leverage Ratio
Loss before taxes	$	(38,920	)
Loss attributable to noncontrolling interest		813
Interest expense		10,932
Depreciation and amortization		33,243
Impairment expense		68,735
Stock compensation expense		2,973
Pro forma acquisition EBITDA		2,244
B27 settlment		7,348
(A) Defined EBITDA	$	87,368
As of December 31, 2015
Total long-term debt, including current maturities	$	349,509
Unamortized debt issuance costs		2,046
(B) Defined indebtedness	$	351,555
Leverage Ratio (B)/(A)		4.02

Computation of the fixed charge coverage ratio

The following table sets forth the computation of the Fixed Charge Coverage Ratio as of December 31, 2015 (in thousands, except for ratios):

For the Twelve Months ended December 31, 2015
Defined EBITDA	$	87,368
Cash paid for income taxes		13,792
Capital expenditures		13,992
(A) Defined EBITDA minus capital expenditures & cash income taxes	$	59,584
Cash interest payments	$	9,721
Dividends		90
Scheduled principal payments		38,666
(B) Fixed Charges	$	48,477
Fixed Charge Coverage Ratio (A)/(B)		1.23

Computation of the Asset Coverage Ratio

The following table sets forth the computation of the Asset Coverage Ratio as of December 31, 2015 (in thousands, except for ratios):

Credit facility outstanding balance	$	172,147
Outstanding letters of credit		6,305
Defined indebtedness	$	178,452
Accounts receivable (net), valued at 85% of gross	$	138,486
Inventory, valued at 65% of gross		67,482
	$	205,968
Asset Coverage Ratio		1.15

Maturities of Long-Term Debt

As of December 31, 2015, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

2016	$	50,829
2017		63,356
2018		63,381
2019		173,055
2020		934
Thereafter		-