Note 3 - Long-term Debt

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

(3)

  Long-Term Debt

We maintain a credit agreement that provides for an unsecured committed credit facility which matures in

December

2019.

In

April

2016,

we elected to reduce the aggregate principal amount of the facility from

$75.0

million to

$30.0

million. In

December

2016,

we entered into an amendment to the facility which increased the aggregate principal amount to

$40.0

million. At

March

31,

2017,

there was

no

outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of

$10.2

million and remaining borrowing availability of

$29.8

million. At

December

31,

2016,

there was an outstanding principal balance of

$7.9

million and

$11.2

million of outstanding standby letters of credit on the facility. This facility bears interest at a variable rate based on the London Interbank Offered Rate or the lender’s Prime Rate, in each case plus/minus applicable margins. The weighted average interest rate for the facility was

1.46%

at

December

31,

2016.

Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of

25%

of our net income from the prior fiscal year. A waiver of the

25%

limitation for

2016

was obtained from the lender. This facility also contains restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at

March

31,

2017

and

December

31,

2016.