Note 6 - Financing Arrangements

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Text Block]

NOTE 6. FINANCING ARRANGEMENTS

The Company’s outstanding debt consisted of the following:

	Senior Term Loan			Subordinated Debt			Revolver			Total
Balance at December 31, 2012	$	66,625		$	25,000		$	1,000		$	92,625
Borrowings		-			-			39,000			39,000
Repayments		(3,437	)		-			(28,400	)		(31,837	)
Balance at March 31, 2013		63,188			25,000			11,600			99,788
Unamortized loan origination fees		(2,286	)		(856	)		-			(3,142	)
Balance at March 31, 2013, net of unamortized loan origination fees		60,902			24,144			11,600			96,646
Less:  Current portion of long-term debt		(15,813	)		-			-			(15,813	)
Long term debt, net of current portion	$	45,089		$	24,144		$	11,600		$	80,833
Weighted average interest rate: (1)
December 31, 2012		4.39	%		13.00	%		6.25	%		6.73	%
March 31, 2013		3.87	%		13.00	%		4.69	%		6.25	%

(1) The weighted average interest rate includes the effect of the interest rate swap agreements.  See Note 7 for additional information.

At March 31, 2013, the borrowing capacity under our revolver was $7.6 million.

The following table represents changes in unamortized loan origination fees:

Balance at December 31, 2012	$	3,482
Amortization		(340	)
Balance at March 31, 2013	$	3,142

Effective April 26, 2013, the Company amended its credit agreement to adjust the calculation of Consolidated Fixed Charge Coverage ratio to exclude from the calculation of Consolidated Fixed Charges the impact of any make-whole or call payments related to any such payment of the subordinated debt.  At March 31, 2013, the Company was in compliance with its loan covenants.