|
The table below sets forth our matching contributions and profit-sharing contributions for the past three years
(in thousands):
Note 13 - Quarterly Financial Data (Unaudited)
The table below summarizes the unaudited quarterly operating results of operations for the past two years
(in thousands, except per share data):
The sum of basic and diluted earnings per share for each of the quarters may not equal the total basic and diluted
earnings per share for the annual period because of rounding differences and a difference in the way that in-the-money
stock options are considered from quarter to quarter under the requirements of SFAS 128, Earnings per Share.
Note 14 - Subsequent Event
On February 12, 2007, we issued and sold $100.0
million aggregate principal amount of Floating Rate Senior Notes
(the Notes) in a private placement offering pursuant to a Note Purchase
Agreement. The Notes are due February 12, 2012 and will accrue interest
on the unpaid principal balance at a floating rate equal to a spread
of 0.600% over the three-month LIBOR, as adjusted from time to time.
The Notes have scheduled quarterly payments that are due on February
12, May 12, August 12 and November 12 of each year. The Notes are
unsecured and are guaranteed by each domestic subsidiary that is
or becomes a borrower or guarantor under our Credit Facility. We
used the net proceeds from the placement to pay down borrowings
under the Credit Facility.
The Notes are subject to redemption at our
option, in whole or in part, at 103% of the principal amount on
or prior to February 12, 2008 and at 100% of the principal amount
thereafter, plus accrued interest to the date of redemption and
any LIBOR breakage amount. In the event we have a change of control,
the holders of the Notes will have the right to put the Notes back
to us at par.
The Note Purchase Agreement includes customary
affirmative and negative covenants for transactions of this type,
including a maximum Funded Indebtedness to EBITDA covenant, a minimum
Fixed Charge Coverage covenant and limitations on priority debt,
liens, subsidiary debt, asset sales and mergers and consolidations.
The Agreement also contains customary events of default, which if
they were to occur would give the holders of the Notes the right
to accelerate the Notes.
In February 2007, we also entered into an
interest rate swap agreement to reduce our exposure to fluctuations
in interest rates on the Notes. The swap agreement converts the
variable interest rate to a fixed rate of 5.088% on the initial
notional amount of $100.0 million, which will decrease to a notional
amount of $50.0 million in 2010. The swap agreement will terminate
on February 12, 2012. Including the 0.600% spread, we expect to
pay an effective interest rate on the Notes of approximately 5.688%.
56
|