LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2016

LONG-TERM DEBT [Abstract]

Long Term Debt

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

	December 31,
	2016			2015
Line of credit	$	147,600		$	172,147
Term loan		74,500			175,000
Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment		3,577			4,408
Less unamortized debt issuance costs		(992	)		(2,046	)
Total Debt		224,685			349,509
Less: Current maturities		(51,354	)		(50,829	)
Total Long-term Debt	$	173,331		$	298,680

Computation of Minimum Consolidated EBITDA

Minimum Consolidated EBITDA– The  Facility requires that the Company’s Consolidated EBITDA for any twelve month period as of the last day of any calendar month ending during the periods specified below not be less than the corresponding amount set forth below:

Period	Minimum Consolidated EBITDA
December 31, 2016	$	39,891,000
January 31, 2017	$	40,576,000
February 28, 2017	$	42,257,000
March 31, 2017	$	43,276,000
April 30, 2017	$	41,266,000
May 31, 2017	$	39,283,000
June 30, 2017	$	36,210,000
July 31, 2017	$	42,968,000
August 31, 2017	$	42,411,000
September 30, 2017	$	39,306,000
October 31, 2017 and thereafter	$	39,000,000

Computation of the Leverage Ratio

The following table sets forth the computation of the Leverage Ratio as of December 31, 2016 (in thousands, except for ratios):

For the Twelve Months ended December 31, 2016	Leverage Ratio
Income before taxes	$	9,674
Before tax loss attributable to noncontrolling interest		886
Interest expense		15,564
Depreciation and amortization		29,994
Stock compensation expense		3,580
(A) Defined EBITDA	$	59,698
As of December 31, 2016
Total long-term debt, including current maturities	$	224,685
Unamortized debt issuance costs		992
(B) Defined indebtedness	$	225,677
Leverage Ratio (B)/(A)		3.78

Computation of the Fixed Charge Coverage Ratio

The following table sets forth the computation of the Fixed Charge Coverage Ratio as of December 31, 2016 (in thousands, except for ratios):

For the Twelve Months ended December 31, 2016
Defined EBITDA	$	59,698
Cash paid for income taxes		4,780
Capital expenditures		4,868
(A) Defined EBITDA minus capital expenditures & cash income taxes	$	50,050
Cash interest payments	$	13,708
Dividends		90
Scheduled principal payments		50,831
(B) Fixed Charges	$	64,629
Fixed Charge Coverage Ratio (A)/(B)		0.77

Computation of the Asset Coverage Ratio

The following table sets forth the computation of the Asset Coverage Ratio as of December 31, 2016 (in thousands, except for ratios):

Credit facility outstanding balance	$	147,600
Outstanding letters of credit		5,564
Defined indebtedness	$	153,164
Accounts receivable (net), valued at 85% of gross	$	126,581
Inventory, valued at 65% of gross		54,405
	$	180,986
Asset Coverage Ratio		1.18

Maturities of Long-Term Debt

As of December 31, 2016, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):

2017	$	51,354
2018		172,479
2019		905
2020		940
Thereafter		-