Note 6 - Financing Arrangements

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

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		-			-			91,100			91,100
Repayments		(11,000	)		-			(87,100	)		(98,100	)
Balance at September 30, 2013		55,625			25,000			5,000			85,625
Unamortized loan origination fees		(1,737	)		(755	)		-			(2,492	)
Balance at September 30, 2013, net of unamortized loan origination fees		53,888			24,245			5,000			83,133
Less:  Current portion of long-term debt		(16,500	)		-			-			(16,500	)
Long term debt, net of current portion	$	37,388		$	24,245		$	5,000		$	66,633
Weighted average interest rate:
December 31, 2012 (1)		4.39	%		13.00	%		6.25	%		6.73	%
September 30, 2013		4.18	%		13.00	%		4.18	%		6.75	%

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

At September 30, 2013, the remaining borrowing capacity under the revolver was $14.5 million.

The following table represents changes in unamortized loan origination fees:

Balance at December 31, 2012	$	3,482
Amortization		(990	)
Balance at September 30, 2013	$	2,492

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 September 30, 2013, the Company was in compliance with its loan covenants.