Debt and Shareholders' Equity	3 Months Ended
Mar. 31, 2017
Debt And Shareholders Equity
Debt and Stockholders Equity	4. Debt and Shareholders’ Equity On January 27, 2017, the Company amended its revolving credit loan agreement with HSBC Bank, N.A. The amended facility provides for an increase in borrowings from $50 million to $55 million for the period commencing on April 1, 2017 and ending on September 30, 2017. Commencing October 1, 2017, the maximum amount outstanding at any time under the facility returns to $50 million. The interest rate on borrowings remains unchanged at a rate of LIBOR plus 2.0%. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. In addition, the amendment modified the debt to net worth ratio covenant applicable during the same six month period. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the agreement expires; interest is payable monthly. Funds borrowed under the agreement may be used for working capital, acquisitions, general operating expenses, share repurchases and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. At March 31, 2017, the Company was in compliance with the covenants then in effect under the loan agreement. As of March 31, 2017 and December 31, 2016, the Company had outstanding borrowings of $44,382,000 and $32,936,000, respectively, under the Company’s revolving loan agreement with HSBC. During the three months ended March 31, 2017, the Company issued a total of 12,500 shares of common stock and received aggregate proceeds of $185,575 upon exercise of employee stock options. Also during the three month period ended March 31, 2017, the Company paid approximately $231,000 to optionees who had elected a net cash settlement of their respective options.

Debt and Shareholders' Equity

3 Months Ended

Mar. 31, 2017

4. Debt and Shareholders’ Equity

On January 27, 2017, the Company amended its revolving credit loan agreement with HSBC Bank, N.A. The amended facility provides for an increase in borrowings from $50 million to $55 million for the period commencing on April 1, 2017 and ending on September 30, 2017. Commencing October 1, 2017, the maximum amount outstanding at any time under the facility returns to $50 million. The interest rate on borrowings remains unchanged at a rate of LIBOR plus 2.0%. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. In addition, the amendment modified the debt to net worth ratio covenant applicable during the same six month period. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the agreement expires; interest is payable monthly. Funds borrowed under the agreement may be used for working capital, acquisitions, general operating expenses, share repurchases and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. At March 31, 2017, the Company was in compliance with the covenants then in effect under the loan agreement.

As of March 31, 2017 and December 31, 2016, the Company had outstanding borrowings of $44,382,000 and $32,936,000, respectively, under the Company’s revolving loan agreement with HSBC.

During the three months ended March 31, 2017, the Company issued a total of 12,500 shares of common stock and received aggregate proceeds of $185,575 upon exercise of employee stock options. Also during the three month period ended March 31, 2017, the Company paid approximately $231,000 to optionees who had elected a net cash settlement of their respective options.