Long-Term Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2016

Debt Obligations

Schedule of components of debt obligations

Long‑term debt obligations consist of the following (in thousands):

	December 31,
	2016		2015
Revolving credit facility	$	—	$	10,000
Notes to former owners		2,250		1,000
Other debt		305		—
Capital lease obligations		256		507
Total debt		2,811		11,507
Less—current portion		(763)		(751)
Total long-term portion of debt	$	2,048	$	10,756

Schedule of future principal payments of long-term debt

At December 31, 2016, future principal payments of debt are as follows (in thousands):

Year ended December 31—
2017	$	763
2018		1,046
2019		1,002
2020		—
2021		—
Thereafter		—
	$	2,811

Schedule of interest expense

Interest expense included the following primary elements (in thousands):

	Year Ended December 31,
	2016		2015		2014
Interest expense on notes to former owners	$	70	$	25	$	38
Interest expense on borrowings and unused commitment fees		1,251		692		790
Letter of credit fees		657		719		747
Amortization of debt financing costs		367		317		283
Total	$	2,345	$	1,753	$	1,858

Schedule of reconciliation of Credit Facility Adjusted EBITDA to net income

The following is a reconciliation of Credit Facility Adjusted EBITDA to net income for 2016 (in thousands):

Net income including noncontrolling interests	$	64,896
Income tax expense		36,165
Interest expense, net		2,336
Depreciation and amortization expense		26,166
Stock-based compensation		5,041
Pre-acquisition results of acquired companies, as defined under the Facility		10
Credit Facility Adjusted EBITDA	$	134,614

Schedule of market rates relating to interest options under the Facility

the following are the respective market rates as of December 31, 2016 relating to interest options under the Facility:

Base Rate Loan Option:
Federal Funds Rate plus 0.50%	1.16%
Wells Fargo Bank, N.A. Prime Rate	3.75%
One-month LIBOR plus 1.00%	1.77%
Eurodollar Rate Loan Option:
One-month LIBOR	0.77%
Six-month LIBOR	1.32%

Summary of additional margins

	Consolidated Total Indebtedness to
	Credit Facility Adjusted EBITDA
	Less than 0.75		0.75 to 1.50		1.50 to 2.25		2.25 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.25	%	0.50	%	0.75	%	1.00	%
Eurodollar Rate Loan Option	1.25	%	1.50	%	1.75	%	2.00	%
Letter of credit fees	1.25	%	1.50	%	1.75	%	2.00	%
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time	0.20	%	0.25	%	0.30	%	0.35	%