Note 7 - Long-term Debt

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

(

7

) Long-Term Debt

In

August 2018,

we entered into an amendment to our unsecured committed credit facility which reduces the aggregate principal amount of the facility from

$40.0

million to

$30.0

million and extends the term of the facility to

August 2023.

At

September 30, 2018,

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

$14.6

million and remaining borrowing availability of

$15.4

million. At

December 31, 2017,

there was also

no

outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of

$12.9

million 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 interest rate for the facility that would apply to outstanding principal balances was

3.0%

at

September 30, 2018.

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. 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

September 30, 2018

and

December 31, 2017.