Note 13 - Proposed Recapitalization

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Recapitalization [Text Block]

( 1 3 ) Proposed Recapitalization

In

December 2017,

the Company

’s Board of Directors approved a recapitalization plan that will exchange each share of class B common stock for

one

share of class A common stock plus

$19.59

in cash, for total value of

$53.44

per class B share. This proposed recapitalization plan replaces the proposed plan announced in

September 2017.

In

December 2017,

the Company entered into a commitment letter with First National Bank of Omaha, which expires on

April 30, 2018,

to provide a senior secured term loan of

$40

million, a delayed draw term loan facility of

$15

million and a senior secured revolving line of credit facility of

$15

million.

The proposed recapitalization is subject to closing of financing and approval by the holders of the Company

’s class A common stock, class B common stock and both classes of stock voting together as a group. The Company incurred expenses related to the proposed recapitalization of approximately

$1.4

million in the year ended

December 31, 2017,

which are included in selling and administrative expenses. These expenses include certain amounts reimbursed to Mr. Hays (see Note

11

).