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Note 9 - Line of Credit
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Debt Disclosure [Text Block]
9.
Line of Credit
 
The Company and its subsidiaries are party to a loan agreement with
Citizens Bank of Pennsylvania which provides for a
$35
million revolving credit facility and includes a sub-limit of
$5
million for letters of credit (the “Revolving Credit Facility”) and expires
December 11, 2019. 
The Revolving Credit Facility has been amended several times, most recently pursuant to the Seventh Amendment entered into on
March 8, 2017
when the Company was granted a waiver that expressly excludes
$1.3
million of certain legal settlement and office closure expenses in the calculation of the Company’s loan covenants. Borrowings under the Revolving Credit Facility bear interest at
one
of
two
alternative rates, as selected by the Company at each incremental borrowing.  These alternatives are: (i) LIBOR (London Interbank Offered Rate), plus applicable margin, typically borrowed in fixed
30
-day increments or (ii) the agent bank’s prime rate generally borrowed over shorter durations.  The Company also pays unused line fees based on the amount of the Revolving Credit Facility that is
not
drawn.  Unused line fees are recorded as interest expense.  The effective interest rate, including unused line fees, for the
thirty-nine
week period ended
September 30, 2017
was
2.6%.
 
All borrowings under the Revolving Credit Facility are collateralized by all of the assets of the Company and its subsidiaries and a pledge of the stock of its subsidiaries.
  The Revolving Credit Facility also contains various financial and non-financial covenants, such as a covenant that restricts on the Company’s ability to borrow in order to pay dividends.  As of
September 30, 2017,
the Company was in compliance with all covenants contained in its Revolving Credit Facility.
 
Borrowings under the line of credit as of
September 30, 2017
and
December 31, 2016
were
$9.5
million and
$14.3
million, respectively. At
September 30, 2017
and
December 31, 2016
there were letters of credit outstanding for
$0.8
million. At
September 30, 2017,
the Company had availability for additional borrowings under the Revolving Credit Facility of
$24.7
million.