Carbo Ceramics (CRRTQ) 10-Q 31 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 28, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'CRR	'
Entity Registrant Name	'CARBO CERAMICS INC	'
Entity Central Index Key	'0001009672	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	23,104,325

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$46,379	$94,250
Trade accounts and other receivables, net	131,551	125,179
Inventories:	'	'
Finished goods	89,567	87,218
Raw materials and supplies	41,382	47,042
Total inventories	130,949	134,260
Prepaid expenses and other current assets	8,756	5,442
Prepaid income taxes	4,334	1,888
Deferred income taxes	9,382	10,363
Total current assets	331,351	371,382
Property, plant and equipment:	'	'
Land and land improvements	36,422	31,163
Land-use and mineral rights	17,735	12,751
Buildings	77,694	72,702
Machinery and equipment	645,418	535,529
Construction in progress	71,717	109,735
Total	848,986	761,880
Less accumulated depreciation and amortization	304,243	283,345
Net property, plant and equipment	544,743	478,535
Goodwill	12,164	12,164
Intangible and other assets, net	17,103	16,870
Total assets	905,361	878,951
Current liabilities:	'	'
Accounts payable	29,796	24,570
Accrued payroll and benefits	9,208	13,650
Other accrued expenses	18,271	18,468
Total current liabilities	57,275	56,688
Deferred income taxes	54,473	53,676
Shareholders' equity:	'	'
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none outstanding	0	0
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 23,104,325 and 23,080,632 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	231	231
Additional paid-in capital	57,267	56,782
Retained earnings	740,686	714,835
Accumulated other comprehensive loss	-4,571	-3,261
Total shareholders' equity	793,613	768,587
Total liabilities and shareholders' equity	$905,361	$878,951

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Preferred stock, par value	$0.01	$0.01
Preferred stock, share authorized	5,000	5,000
Preferred stock, share outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, share authorized	80,000,000	80,000,000
Common stock, share issued	23,104,325	23,080,632
Common stock, share outstanding	23,104,325	23,080,632

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	$176,561	$153,744	$325,125	$301,402
Cost of sales	122,913	114,411	227,113	219,684
Gross profit	53,648	39,333	98,012	81,718
Selling, general and administrative and other operating expenses	18,728	15,457	35,681	32,451
Start-up costs	811	'	811	'
Operating profit	34,109	23,876	61,520	49,267
Other income, net	200	212	292	325
Income before income taxes	34,309	24,088	61,812	49,592
Income taxes	11,292	7,781	20,368	15,709
Net income	$23,017	$16,307	$41,444	$33,883
Earnings per share:	'	'	'	'
Basic	$1	$0.71	$1.79	$1.47
Diluted	$1	$0.71	$1.79	$1.47
Other information:	'	'	'	'
Dividends declared per common share (See Note 4)	'	'	$0.60	$0.54

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$23,017	$16,307	$41,444	$33,883
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustment	2,432	-2,033	-2,016	-2,727
Deferred income tax (expense) benefit	-664	712	706	954
Other comprehensive income (loss), net of tax	1,768	-1,321	-1,310	-1,773
Comprehensive income	$24,785	$14,986	$40,134	$32,110

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'
Net income	$41,444	$33,883
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	23,706	23,394
Provision for doubtful accounts	246	28
Deferred income taxes	2,485	2,609
Excess tax benefits from stock based compensation	-372	-67
Gain on disposal of assets	-191	-40
Foreign currency transaction (gain) loss, net	-26	31
Stock compensation expense	4,454	3,189
Changes in operating assets and liabilities:	'	'
Trade accounts and other receivables	-6,726	-6,540
Inventories	-2,074	-2,372
Prepaid expenses and other current assets	-3,316	-3,466
Long-term other assets	500	1,711
Accounts payable	4,348	-4,845
Accrued expenses	-4,875	-6,748
Accrued income taxes, net	-2,099	-4,054
Net cash provided by operating activities	57,504	36,713
Investing activities	'	'
Capital expenditures	-85,487	-31,169
Net cash used in investing activities	-85,487	-31,169
Financing activities	'	'
Dividends paid	-13,876	-12,503
Purchase of common stock	-5,779	-6,821
Excess tax benefits from stock based compensation	372	67
Net cash used in financing activities	-19,283	-19,257
Effect of exchange rate changes on cash	-605	-899
Net decrease in cash and cash equivalents	-47,871	-14,612
Cash and cash equivalents at beginning of period	94,250	90,635
Cash and cash equivalents at end of period	46,379	76,023
Supplemental cash flow information	'	'
Interest paid	17	3
Income taxes paid	$19,983	$17,153

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation	'
	1	Basis of Presentation
	The accompanying unaudited consolidated financial statements of CARBO Ceramics Inc. have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. The results of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. The consolidated balance sheet as of December 31, 2013 has been derived from the audited financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the annual report on Form 10-K of CARBO Ceramics Inc. for the year ended December 31, 2013.
	The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries (the “Company”). All significant intercompany transactions have been eliminated.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share	'
	2	Earnings Per Share
	The following table sets forth the computation of basic and diluted earnings per share under the two-class method:
			Three months ended						Six months ended
			June 30,						June 30,
			2014			2013			2014			2013
	Numerator for basic and diluted earnings per share:
	Net income		$	23,017		$	16,307		$	41,444		$	33,883
	Effect of reallocating undistributed earnings of participating securities			(154	)		(107	)		(290	)		(224	)
	Net income available under the two-class method		$	22,863		$	16,200		$	41,154		$	33,659
	Denominator:
	Denominator for basic earnings per share— weighted-average shares			22,947,957			22,953,453			22,948,032			22,971,649
	Effect of dilutive potential common shares			—			—			—			—
	Denominator for diluted earnings per share— adjusted weighted-average shares			22,947,957			22,953,453			22,948,032			22,971,649
	Basic earnings per share		$	1		$	0.71		$	1.79		$	1.47
	Diluted earnings per share		$	1		$	0.71		$	1.79		$	1.47

Common_Stock_Repurchase_Progra

Common Stock Repurchase Program	6 Months Ended
	Jun. 30, 2014
Common Stock Repurchase Program	'
	3	Common Stock Repurchase Program
	On August 28, 2008, the Company’s Board of Directors authorized the repurchase of up to two million shares of the Company’s common stock. Shares are effectively retired at the time of purchase. During the six months ended June 30, 2014, the Company repurchased and retired 36,969 shares at an aggregate purchase price of $4,062. As of June 30, 2014, the Company has repurchased and retired 1,989,545 shares at an aggregate purchase price of $88,196.

Dividends_Paid

Dividends Paid	6 Months Ended
	Jun. 30, 2014
Dividends Paid	'
	4	Dividends Paid
	On March 18, 2014, the Board of Directors declared a cash dividend of $0.30 per common share payable to shareholders of record on May 1, 2014. The dividend was paid on May 15, 2014. On July 22, 2014, the Board of Directors declared a cash dividend of $0.33 per common share payable to shareholders of record on August 1, 2014. This dividend is payable on August 15, 2014.

Stock_Based_Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2014
Stock Based Compensation	'
	5	Stock Based Compensation
	On May 20, 2014, the shareholders approved the 2014 CARBO Ceramics Inc. Omnibus Incentive Plan (the “2014 Omnibus Incentive Plan”). The 2014 Omnibus Incentive Plan replaces the expired 2009 Omnibus Incentive Plan. Under the 2014 Omnibus Incentive Plan, the Company may grant cash-based awards, stock options (both non-qualified and incentive) and other equity-based awards (including stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units or share-denominated performance units) to employees and non-employee directors. The amount paid under the 2014 Omnibus Incentive Plan to any single participant in any calendar year with respect to any cash-based award shall not exceed $5,000. Awards may be granted with respect to a number of shares of the Company’s Common Stock that in the aggregate does not exceed 750,000 shares prior to the fifth anniversary of its effective date, plus (i) the number of shares that are forfeited, cancelled or returned, and (ii) the number of shares that are withheld from the participants to satisfy an option exercise price or minimum statutory tax withholding obligations. No more than 50,000 shares may be granted to any single participant in any calendar year. Equity-based awards may be subject to performance-based and/or service-based conditions. With respect to stock options and stock appreciation rights granted, the exercise price shall not be less than the market value of the underlying Common Stock on the date of grant. The maximum term of an option is ten years. Restricted stock awards granted generally vest (i.e., transfer and forfeiture restrictions on these shares are lifted) proportionately on each of the first three anniversaries of the grant date, but subject to certain limitations, awards may specify other vesting periods. As of June 30, 2014, 744,834 shares were available for issuance under the 2014 Omnibus Incentive Plan. Although the Company’s 2009 Omnibus Incentive Plan has expired, unvested shares granted under that plan remain outstanding in accordance with its terms.
	A summary of restricted stock activity and related information for the six months ended June 30, 2014 is presented below:
			Shares			Weighted-
						Average
						Grant-Date
						Fair Value
	Nonvested at January 1, 2014			136,195		$	90.5
	Granted			73,785		$	112.19
	Vested			(53,152	)	$	97.08
	Forfeited			(3,298	)	$	100.45
	Nonvested at June 30, 2014			153,530		$	98.43
	As of June 30, 2014, there was $10,480 of total unrecognized compensation cost, net of estimated forfeitures, related to restricted shares granted under the expired 2009 Omnibus Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of shares vested during the six months ended June 30, 2014 was $5,160.
	The Company also made phantom stock awards to key international employees pursuant to the expired 2009 Omnibus Incentive Plan prior to its expiration. The units subject to an award vest and cease to be forfeitable in equal annual installments over a three-year period. Participants awarded units of phantom stock are entitled to a lump sum cash payment equal to the fair market value of a share of Common Stock on the vesting date. In no event will Common Stock of the Company be issued with regard to outstanding phantom stock awards. As of June 30, 2014, there were 18,180 units of phantom stock granted under the expired 2009 Omnibus Incentive Plan, of which 9,397 have vested and 1,570 have been forfeited, with a total value of $1,112, a portion of which is accrued as a liability within Other Accrued Expenses.

Bank_Borrowings

Bank Borrowings	6 Months Ended
	Jun. 30, 2014
Bank Borrowings	'
	6	Bank Borrowings
	The Company has an unsecured revolving credit agreement with a bank. The credit agreement provides the Company with a revolving credit facility of $50,000 and expires on July 25, 2018. The Company has the option of choosing either the bank’s fluctuating Base Rate or LIBOR Fixed Rate, plus an Applicable Margin, all as defined in the credit agreement. The terms of the credit agreement provide for certain affirmative and negative covenants and require the Company to maintain certain financial ratios. Commitment fees are payable quarterly at an annual rate between 0.375% and 0.50% of the unused line of credit.

Foreign_Currencies

Foreign Currencies	6 Months Ended
	Jun. 30, 2014
Foreign Currencies	'
	7	Foreign Currencies
	As of June 30, 2014, the Company’s net investment that is subject to foreign currency fluctuations totaled $75,882 and the Company has recorded a cumulative foreign currency translation loss of $4,571, net of deferred income tax benefit. This cumulative translation loss is included in and is the only component of Accumulated Other Comprehensive Loss. There were no amounts reclassified to net income during the three and six month periods ended June 30, 2014.

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncements	'
	8	New Accounting Pronouncements
	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”) which amends current revenue guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the interim and annual periods beginning after December 15, 2016 with no early adoption permitted. The Company is currently evaluating the potential impact, if any, of adopting this new guidance on the consolidated financial statements and related disclosures.
	In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force),” (“ASU 2014-12”) which amends current guidance for stock compensation tied to performance targets. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 will be effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Legal_Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2014
Legal Proceedings	'
	9	Legal Proceedings
	The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Computation of Basic and Diluted Earnings per Share under Two-Class Method	'
	The following table sets forth the computation of basic and diluted earnings per share under the two-class method:
		Three months ended						Six months ended
		June 30,						June 30,
		2014			2013			2014			2013
	Numerator for basic and diluted earnings per share:
	Net income	$	23,017		$	16,307		$	41,444		$	33,883
	Effect of reallocating undistributed earnings of participating securities		(154	)		(107	)		(290	)		(224	)
	Net income available under the two-class method	$	22,863		$	16,200		$	41,154		$	33,659
	Denominator:
	Denominator for basic earnings per share— weighted-average shares		22,947,957			22,953,453			22,948,032			22,971,649
	Effect of dilutive potential common shares		—			—			—			—
	Denominator for diluted earnings per share— adjusted weighted-average shares		22,947,957			22,953,453			22,948,032			22,971,649
	Basic earnings per share	$	1		$	0.71		$	1.79		$	1.47
	Diluted earnings per share	$	1		$	0.71		$	1.79		$	1.47

Stock_Based_Compensation_Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Summary of Restricted Stock Activity and Related Information	'
	A summary of restricted stock activity and related information for the six months ended June 30, 2014 is presented below:
		Shares			Weighted-
					Average
					Grant-Date
					Fair Value
	Nonvested at January 1, 2014		136,195		$	90.5
	Granted		73,785		$	112.19
	Vested		(53,152	)	$	97.08
	Forfeited		(3,298	)	$	100.45
	Nonvested at June 30, 2014		153,530		$	98.43

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Earnings per Share under Two-Class Method (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator for basic and diluted earnings per share:	'	'	'	'
Net income	$23,017	$16,307	$41,444	$33,883
Effect of reallocating undistributed earnings of participating securities	-154	-107	-290	-224
Net income available under the two-class method	$22,863	$16,200	$41,154	$33,659
Denominator:	'	'	'	'
Denominator for basic earnings per share- weighted-average shares	22,947,957	22,953,453	22,948,032	22,971,649
Effect of dilutive potential common shares	'	'	'	'
Denominator for diluted earnings per share- adjusted weighted-average shares	22,947,957	22,953,453	22,948,032	22,971,649
Basic earnings per share	$1	$0.71	$1.79	$1.47
Diluted earnings per share	$1	$0.71	$1.79	$1.47

Common_Stock_Repurchase_Progra1

Common Stock Repurchase Program - Additional Information (Detail) (USD $)	6 Months Ended	70 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Aug. 28, 2008
			Maximum
Equity, Class of Treasury Stock [Line Items]	'	'	'
Board of Directors authorized the repurchase of common stock	'	'	2,000,000
Repurchased and retired, shares	36,969	1,989,545	'
Repurchased and retired, aggregate purchase price	$4,062	$88,196	'

Dividends_Paid_Additional_Info

Dividends Paid - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended		1 Months Ended
	Mar. 18, 2014	Jun. 30, 2014	Jun. 30, 2013	Jul. 22, 2014
				Subsequent Event
Dividends Payable [Line Items]	'	'	'	'
Dividends declared per common share	$0.30	$0.60	$0.54	$0.33
Cash dividend, payment date	15-May-14	'	'	15-Aug-14
Cash dividend, record date	1-May-14	'	'	1-Aug-14
Cash dividend, declaration date	18-Mar-14	'	'	22-Jul-14

Stock_Based_Compensation_Addit

Stock Based Compensation - Additional Information (Detail) (Omnibus Incentive Plan, USD $)	1 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	20-May-14	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares granted to any single participant in any calendar year	50,000	'
Shares available for issuance under the plan	'	744,834
Maximum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Cash-based award paid to a single participant in any calendar year	5,000	'
Aggregate number of common stock for issuance under the plan	750,000	'
Period of years for which the 750,000 shares can be granted over	'5 years	'
Employee Stock Options | Maximum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Term Period	'10 years	'
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period	'3 years	'
Unrecognized compensation expense, net	'	10,480
Unrecognized compensation expense, net, weighted average period	'	'2 years 1 month 6 days
Total fair value of restricted stock vested	'	5,160
Phantom Share Units (PSUs)	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period	'	'3 years
Units granted	'	18,180
Units vested	'	9,397
Units forfeited	'	1,570
Total fair value of units outstanding	'	$1,112

Summary_of_Restricted_Stock_Ac

Summary of Restricted Stock Activity and Related Information (Detail) (Restricted Stock Units (RSUs), USD $)	6 Months Ended
	Jun. 30, 2014
Restricted Stock Units (RSUs)	'
Shares	'
Beginning Balance	136,195
Granted	73,785
Vested	-53,152
Forfeited	-3,298
Ending Balance	153,530
Weighted-Average Grant-Date Fair Value	'
Beginning Balance	$90.50
Granted	$112.19
Vested	$97.08
Forfeited	$100.45
Ending Balance	$98.43

Bank_Borrowings_Additional_Inf

Bank Borrowings - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Line of Credit Facility [Line Items]	'
Line of credit, maximum borrowing capacity	$50,000
Line of credit maturity date	25-Jul-18
Frequency of payments for commitment fees	'Quarterly
Minimum	'
Line of Credit Facility [Line Items]	'
Commitment fees on unused line of credit, percentage	0.38%
Maximum	'
Line of Credit Facility [Line Items]	'
Commitment fees on unused line of credit, percentage	0.50%

Foreign_Currencies_Additional_

Foreign Currencies - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Schedule of Foreign Currency Balance [Line Items]	'	'	'
Investment subject to foreign currency fluctuations	$75,882	$75,882	'
Cumulative foreign currency translation loss, net of deferred income tax benefit	-4,571	-4,571	-3,261
Amount reclassified to net income	$0	$0	'