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NOTES PAYABLE TO BANKS (Detail Textuals)
$ in Millions
9 Months Ended
Sep. 30, 2017
USD ($)
Revolving credit facility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 125.0
Percentage of ownership 100.00%
Borrowing capacity description
Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of September 30, 2017, the Company was in compliance with this covenant.
Borrowing base of line of credit $ 125.0
Minimum tangible net worth $ 700.0
Description of variable rate basis of debt instrument

Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election:

 

· the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or

 

· the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”) plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.
Loan origination fees and other debt related costs $ 3.0
Term of line of credit facility 5 years
Non-current other assets net $ 0.2
Revolving credit facility | Minimum  
Line of Credit Facility [Line Items]  
Account receivable percentage for line of credit determination 70.00%
Fees on unused portion of facility 0.225%
Revolving credit facility | Maximum  
Line of Credit Facility [Line Items]  
Account receivable percentage for line of credit determination 80.00%
Fees on unused portion of facility 0.325%
Revolving credit facility | Option 1 A  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.50%
Description of reference rate basis Federal Funds Rate
Revolving credit facility | Option 1 A | Minimum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.125%
Revolving credit facility | Option 1 A | Maximum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.125%
Revolving credit facility | Option 1 B  
Line of Credit Facility [Line Items]  
Description of reference rate basis prime rate
Revolving credit facility | Option 1 B | Minimum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.125%
Revolving credit facility | Option 1 B | Maximum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.125%
Revolving credit facility | Option 1 C  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.00%
Description of reference rate basis Eurodollar Rate
Revolving credit facility | Option 1 C | Minimum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.125%
Revolving credit facility | Option 1 C | Maximum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.125%
Letter of credit subfacility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 50.0
Swingline subfacility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 35.0