VSE (VSEC) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VSE Corporation
Entity Central Index Key	102,752
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,374,863
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 444	$ 263
Receivables	76,685	59,391
Inventories	113,699	49,363
Deferred tax assets	4,577	1,834
Other current assets	12,557	11,517
Total current assets	207,962	122,368
Property and equipment, net	64,988	52,911
Intangible assets, net	157,668	72,209
Goodwill	184,384	92,052
Other assets	17,028	15,790
Total assets	632,030	355,330
Current liabilities:
Current portion of long-term debt	15,682	24,837
Accounts payable	36,167	29,424
Current portion of earn-out obligations	23,807	9,455
Accrued expenses and other current liabilities	24,688	23,245
Dividends payable	591	536
Total current liabilities	100,935	87,497
Long-term debt, less current portion	226,384	23,563
Deferred compensation	13,787	12,563
Long-term lease obligations, less current portion	23,988	24,584
Earn-out obligation, less current portion	12,281	0
Deferred income taxes	38,525	1,634
Total liabilities	$ 415,900	$ 149,841
Commitments and contingencies
Stockholders' equity
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 5,374,863 and 5,358,261 respectively	$ 269	$ 268
Additional paid-in capital	21,597	20,348
Retained earnings	194,442	184,873
Accumulated other comprehensive loss	(178)	0
Total stockholders' equity	216,130	205,489
Total liabilities and stockholders' equity	$ 632,030	$ 355,330

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	5,374,863	5,358,261
Common stock, outstanding (in shares)	5,374,863	5,358,261

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Products	$ 80,238	$ 42,338	$ 149,959	$ 82,983
Services	50,888	65,624	101,958	144,388
Total revenues	131,126	107,962	251,917	227,371
Contract costs:
Products	68,822	34,069	128,160	66,783
Services	49,850	62,412	99,460	137,309
Total contract costs	118,672	96,481	227,620	204,092
Selling, general and administrative expenses	958	778	2,117	1,219
Operating income	11,496	10,703	22,180	22,060
Interest expense, net	2,417	1,090	4,560	2,287
Income before income taxes	9,079	9,613	17,620	19,773
Provision for income taxes	3,600	3,669	6,921	7,560
Income from continuing operations	5,479	5,944	10,699	12,213
Loss from discontinued operations, net of tax	0	(279)	0	(894)
Net income	$ 5,479	$ 5,665	$ 10,699	$ 11,319
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 1.02	$ 1.11	$ 1.99	$ 2.28
Loss income from discontinued operations	0	(0.05)	0	(0.17)
Net income (in dollars per share)	$ 1.02	$ 1.06	$ 1.99	$ 2.11
Basic weighted average shares outstanding (in shares)	5,374,863	5,355,698	5,372,293	5,351,589
Diluted earnings per share:
Income from continuing operations (in dollars per share)	$ 1.02	$ 1.11	$ 1.99	$ 2.28
Loss from discontinued operations (in dollars per share)	0	(0.05)	0	(0.17)
Net income (in dollars per share)	$ 1.02	$ 1.06	$ 1.99	$ 2.11
Diluted weighted average shares outstanding (in shares)	5,390,821	5,368,166	5,385,548	5,366,306
Dividends declared per share (in dollars per share)	$ 0.11	$ 0.10	$ 0.21	$ 0.19

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 5,479	$ 5,665	$ 10,699	$ 11,319
Change in fair value of interest rate swap agreements, net of tax	123	43	(178)	201
Comprehensive income	$ 5,602	$ 5,708	$ 10,521	$ 11,520

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 10,699	$ 11,319
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,778	9,554
Deferred taxes	(1,602)	(812)
Stock-based compensation	1,416	1,488
Earn-out obligation adjustment	527	787
Changes in operating assets and liabilities, net of impact of acquisition:
Receivables, net	(6,190)	16,253
Inventories	(8,792)	(4,793)
Other current assets and noncurrent assets	1,443	(1,026)
Accounts payable and deferred compensation	(721)	(5,201)
Accrued expenses and other current liabilities	(5,047)	(1,066)
Long-term lease obligations	(581)	(567)
Net cash provided by operating activities	3,930	25,936
Cash flows from investing activities:
Purchases of property and equipment	(5,212)	(1,828)
Proceeds from the sale of property and equipment	227	0
Cash paid for acquisitions, net of cash acquired	(188,771)	0
Net cash used in investing activities	(193,756)	(1,828)
Cash flows from financing activities:
Borrowings on loan arrangement	351,596	142,039
Repayments on loan arrangement	(156,994)	(164,375)
Payment of debt financing costs	(2,699)	0
Payments on capital lease obligations	(479)	(413)
Payments of taxes for equity transactions	(342)	(314)
Dividends paid	(1,075)	(963)
Net cash provided by (used in) financing activities	190,007	(24,026)
Net increase in cash and cash equivalents	181	82
Cash and cash equivalents at beginning of period	263	220
Cash and cash equivalents at end of period	$ 444	$ 302

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation	(1) Nature of Business and Basis of Presentation Our accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. For further information refer to the consolidated financial statements and footnotes thereto included in our 2014 Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include accruals for contract disallowance reserves, recoverability of goodwill and intangible assets and earn-out obligations. We have made the following additions to our significant accounting policies as a result of our Aviation Acquisition in January 2015 (see Note 2): Revenues Our Aviation Group revenues are recognized upon the shipment or delivery of products to customers based on when title transfers to the customer. Sales returns and allowances are not significant. Inventories Our Aviation Group inventories are stated at lower of cost or market. Our Aviation Group inventories primarily consist of corporate and regional jet aircraft engines and jet aircraft engine accessories and parts. Cost for purchased engines and parts is determined by the specific identification method. Included in inventory are related purchasing, overhaul labor, storage, and handling costs. We also purchase aircraft engines for disassembly to individual parts and components.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2015
Acquisition [Abstract]
Acquisition	(2) Acquisition On January 28, 2015, we acquired four businesses that specialize in maintenance, repair and overhaul ("MRO") services and parts supply for corporate and regional jet aircraft engines and jet aircraft engine accessories. The businesses acquired include Air Parts & Supply Co., Kansas Aviation of Independence, L.L.C., Prime Turbines LLC (including both U.S. and Germany-based operations), and CT Aerospace LLC (collectively, the "Aviation Acquisition"). These four businesses are operating as a combined group managed by our recently formed wholly owned subsidiary VSE Aviation, Inc ("VAI"). The Aviation Acquisition provides diversification by adding more service offerings and broadening our client base. The initial purchase consideration paid at closing for the Aviation Acquisition was approximately $189 million (subject to adjustment). We may also be required under an earn-out obligation to make additional purchase price payments of up to $40 million if the Aviation Acquisition meets certain financial targets during the first two post-closing years. An additional $5 million purchase price consideration will be payable if certain of the acquired businesses surpass certain financial targets during any 12 consecutive month period in 2014 and 2015. Of the payment made at closing, $18 million was deposited into an escrow account to secure the sellers' indemnification obligations (the "Indemnification Amount"). Any remaining Indemnification Amount at the end of the indemnification period not encumbered as a result of any indemnification claims will be distributed to the sellers. VAI's results of operations are included in the accompanying unaudited consolidated financial statements beginning on the acquisition date of January 28, 2015. VAI had revenues of approximately $54.7 million and operating income of approximately $4.7 million from the acquisition date through June 30, 2015. We are in the process of finalizing our valuation of the assets acquired and liabilities assumed. The fair values assigned to our earn-out obligation and intangible assets acquired were based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations that utilized established valuation techniques. Based on our preliminary valuation, the total estimated consideration of approximately $189 million, which included an estimated final cash and net working capital and other adjustments of approximately $5 million. Additional cash consideration of approximately $2.4 million due to the sellers based on the final cash and net working capital and other adjustments was recorded as additional goodwill and an accrued liability during June 2015. The $2.4 million was paid to the sellers in July 2015. The total estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed (including deferred taxes on identifiable intangible assets that are not deductible for income tax purposes), as follows (in thousands): Description Fair Value Cash $ 686 Accounts receivable 11,104 Inventory 55,544 Prepaid expenses and other current assets 2,641 Property and equipment 11,461 Customer relationships 85,700 Trade name 7,500 Goodwill 92,332 Accounts payable (8,688 ) Accrued expenses and other current liabilities (4,446 ) Long-term deferred tax liability (35,861 ) $ 217,973 Cash consideration $ 191,867 Acquisition date fair value of earn-out obligation 26,106 Total $ 217,973 The estimated value attributed to customer relationships is being amortized on a straight-line basis using weighted average useful lives of approximately 14 years. The estimated value attributed to trade name is being amortized on a straight-line basis over nine years. None of the value attributed to goodwill, customer relationships and trade name is deductible for income tax purposes. The amount of goodwill recorded for the Aviation Acquisition was approximately $92.3 million and reflects the strategic advantage of expanding our supply chain management and MRO capabilities through the addition of new service offerings to new markets. We incurred approximately $135 thousand and $413 thousand of acquisition-related expenses during the three and six months ended June 30, 2015 which are included in selling, general and administrative expenses. The following pro forma results are prepared for comparative purposes only and do not necessarily reflect the results that would have occurred had the Aviation Acquisition which occurred on January 28, 2015, occurred at the beginning of the periods presented or the results that may occur in the future. The following unaudited pro forma results of operations assume the Aviation Acquisition had occurred on January 1, 2014 (in thousands except per share amounts): Six Months ended June 30, 2015 2014 Revenue $ 259,322 $ 283,231 Income from continuing operations $ 10,942 $ 14,147 Basic earnings per share $ 2.04 $ 2.65 Diluted earnings per share $ 2.03 $ 2.64

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt [Abstract]
Debt	(3) Debt We have a loan agreement with a group of banks. In January 2015, we amended and restated the loan agreement to fund the Aviation Acquisition, provide working capital for our continuing operations, and retire our existing debt. Both the former and the amended and restated loan agreements are comprised of a term loan facility and a revolving loan facility. The revolving loan facility provides for revolving loans and letters of credit. The amended and restated loan agreement expires in January 2020. Financing costs associated with the inception of the amended and restated loan agreement of approximately $2.7 million were capitalized and are being amortized over the five-year life of the loan. The term loan requires quarterly installment payments. Our scheduled term loan payments after June 30, 2015 are $7.5 million in 2015, $17.8 million in 2016, $21.6 million in 2017, $28.1 million in 2018, $30 million in 2019, and $41.3 million after 2019. The amount of term loan borrowings outstanding as of June 30, 2015 was $146.3 million. The maximum amount of credit available to us from the banking group for revolving loans and letters of credit as of June 30, 2015 was $150 million. We may borrow and repay the revolving loan borrowings as our cash flows require or permit. We pay an unused commitment fee and fees on letters of credit that are issued. We had approximately $97 million in revolving loan amounts outstanding and no letters of credit outstanding as of June 30, 2015. We had approximately $23.6 million in revolving loan amounts outstanding and no letters of credit outstanding as of December 31, 2014. Under the amended and restated loan agreement we may elect to increase the maximum availability of the term loan facility, the revolving loan facility, or both facilities up to an aggregate additional amount of $75 million. Total bank loan borrowed funds outstanding as of June 30, 2015, including term loan borrowings and revolving loan borrowings, were approximately $243.2 million. Total bank loan borrowed funds outstanding as of December 31, 2014 were $48.6 million. The fair value of outstanding debt as of June 30, 2015 under our bank loan facilities approximates its carrying value using Level 2 inputs based on market data on companies with a corporate rating similar to ours that have recently priced credit facilities. We pay interest on the term loan borrowings and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of June 30, 2015, the LIBOR base margin was 2.25% and the base rate base margin was 1.00%. The base margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. The terms of the amended and restated loan agreement require us to have interest rate hedges on a portion of the outstanding term loan for the first three years of the agreement. We executed interest rate hedges in February 2015 that complied with these terms. The amount of swapped debt outstanding as of June 30, 2015 is $125 million. After taking into account the impact of hedging instruments, as of June 30, 2015, interest rates on portions of our outstanding debt ranged from 2.44% to 4.25%, and the effective interest rate on our aggregate outstanding debt was 2.97%. Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $1.9 million and $586 thousand for the quarters ended June 30, 2015 and 2014, respectively. Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $3.4 million and $1.3 million for the six months ended June 30, 2015 and 2014, respectively. The loan agreement contains collateral requirements to secure our loan agreement obligations, restrictive covenants, a limit on annual dividends, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a maximum Total Funded Debt/EBITDA Ratio and a minimum Fixed Charge Coverage Ratio. We were in compliance with required ratios and other terms and conditions at June 30, 2015.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	(4) Earnings Per Share Basic earnings per share ("EPS") have been computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Three months Six months ended June 30, ended June 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 5,374,863 5,355,698 5,372,293 5,351,589 Effect of dilutive shares 15,958 12,468 13,255 14,717 Diluted weighted average common shares outstanding 5,390,821 5,368,166 5,385,548 5,366,306

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(5) Commitments and Contingencies Commitments As of June 30, 2015, we had two uncompleted bonded projects and the aggregate bonded amount on these projects was approximately $4 million. Our bonded projects are the subject of claims and disputes involving the subcontractors associated with the projects. We expect the two remaining bonded projects to be completed in 2015. Contingencies We are one of the primary defendants in a multiple plaintiff wrongful death action in Hawaii related to a fireworks explosion that occurred in April 2011 at a facility operated by one of our subcontractors, which resulted in the death of five subcontractor employees. The litigation is expected to proceed to trial in late 2016. While the results of litigation cannot be predicted with certainty, we do not anticipate that this litigation will have a material adverse effect on our results of operations or financial position. On or about March 8, 2013, a lawsuit, Anchorage v. Integrated Concepts and Research Corporation, et al. On or about February 27, 2015, a lawsuit , Heritage Disposal and Storage v. VSE Corporation In addition to the above-referenced litigation, we have, in the normal course of business, certain claims against us and against other parties and we may be subject to various governmental investigations. In our opinion, the resolution of these claims and investigations will not have a material adverse effect on our results of operations or financial position. However, the results of any legal proceedings cannot be predicted with certainty.

Business Segments and Customer

Business Segments and Customer Information	6 Months Ended
	Jun. 30, 2015
Business Segments and Customer Information [Abstract]
Business Segments and Customer Information	(6) Business Segments and Customer Information Business Segments Management of our business operations is conducted under four reportable operating segments: Supply Chain Management Group – Aviation Group Federal Services Group IT, Energy and Management Consulting Group These segments operate under separate management teams and financial information is produced for each segment. The entities within each of the Federal Services Group and IT, Energy and Management Consulting Group reportable segments meet the aggregation of operating segments criteria as defined by the accounting standard for segment reporting. We evaluate segment performance based on consolidated revenues and operating income. Net sales of our business segments exclude intersegment sales as these activities are eliminated in consolidation. Our segment information for the three- and six-months ended June 30, 2015 and 2014 is as follows (in thousands): Three months Six months 2015 2014 2015 2014 Revenues: Supply Chain Management Group $ 47,872 $ 42,313 $ 94,114 $ 82,936 Aviation Group 31,904 - 54,668 - Federal Services Group 37,742 49,931 75,534 113,202 13,608 15,718 27,601 31,233 Total revenues $ 131,126 $ 107,962 $ 251,917 $ 227,371 Operating income: Supply Chain Management Group $ 8,681 $ 7,697 $ 16,987 $ 15,518 Aviation Group 2,604 - 4,717 - Federal Services Group (356 ) 1,646 (623 ) 4,364 1,488 1,832 2,703 3,285 Corporate/unallocated expenses (921 ) (472 ) (1,604 ) (1,107 ) Operating income $ 11,496 $ 10,703 $ 22,180 $ 22,060 June 30, December 31, 2015 2014 Total assets: Supply Chain Management Group $ 190,372 $ 192,720 Aviation Group 272,890 - Federal Services Group 33,823 36,225 49,633 49,790 Corporate 85,312 76,595 Total assets $ 632,030 $ 355,330 Customer Information Our revenue by customer is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 % 2014 % 2015 % 2014 % Source of Revenues U.S. Navy $ 22,607 17.2 $ 24,142 22.4 $ 44,004 17.4 $ 48,756 21.5 Army/Army Reserve 18,557 14.2 28,026 26.0 37,728 15.0 61,724 27.1 U.S. Air Force 924 0.7 809 0.7 1,714 0.7 1,605 0.7 Total - DoD 42,088 32.1 52,977 49.1 83,446 33.1 112,085 49.3 U.S. Postal Service 45,339 34.5 41,263 38.2 89,519 35.5 80,592 35.4 Department of Energy 4,662 3.6 4,923 4.5 9,106 3.6 9,549 4.2 Department of Treasury 572 0.4 573 0.5 987 0.4 8,931 3.9 Other government 4,801 3.7 7,288 6.8 11,224 4.5 14,467 6.4 Total – Federal civilian agencies 55,374 42.2 54,047 50.0 110,836 44.0 113,539 49.9 Commercial Aviation 31,904 24.3 - - 54,668 21.7 - - Other commercial 1,760 1.4 938 0.9 2,967 1.2 1,747 0.8 Commercial 33,664 25.7 938 0.9 57,635 22.9 1,747 0.8 Total $ 131,126 100 $ 107,962 100 $ 251,917 100 $ 227,371 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	(7) Goodwill and Intangible Assets Changes in goodwill by operating segment for the three and six months ended June 30, 2015 are as follows (in thousands): Supply Chain Management IT, Energy and Management Consulting Aviation Total Balance as of December 31, 2014 $ 61,169 $ 30,883 $ - $ 92,052 Increase from the Aviation Acquisition - - 92,332 92,332 Balance as of June 30, 2015 $ 61,169 $ 30,883 $ 92,332 $ 184,384 Intangible assets consist of the value of contract-related assets, acquired technologies and trade names. Intangible assets were comprised of the following (in thousands): Cost Accumulated Amortization Accumulated Impairment Loss Net Intangible Assets June 30, 2015 Contract and customer-related $ 179,004 $ (40,152 ) $ (1,025 ) $ 137,827 Acquired technologies 12,400 (4,587 ) - 7,813 Trade names – amortizable 17,600 (5,572 ) - 12,028 Total $ 209,004 $ (50,311 ) $ (1,025 ) $ 157,668 December 31, 2014 Contract and customer-related $ 93,304 $ (33,840 ) $ (1,025 ) $ 58,439 Acquired technologies 12,400 (4,024 ) - 8,376 Trade names – amortizable 10,100 (4,706 ) - 5,394 Total $ 115,804 $ (42,570 ) $ (1,025 ) $ 72,209

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	(8) Fair Value Measurements The accounting standard for fair value measurements defines fair value, and establishes a market-based framework or hierarchy for measuring fair value. The standard is applicable whenever assets and liabilities are measured at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities; Level 2 – Observable inputs other than the quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets and amounts derived from valuation models where all significant inputs are observable in active markets; and Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2015 Fair Value December 31, 2014 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $265 $253 Interest rate swaps Accrued expenses Level 2 $289 - Earn-out obligation - current Current portion of earn-out obligations Level 3 $23,807 $9,455 Earn-out obligation - long-term Earn-out obligations Level 3 $12,281 - Changes in the fair value of the Non-COLI assets held in the deferred supplemental compensation plan, as well as changes in the related deferred compensation obligation, are recorded as selling, general and administrative expenses. We account for our interest rate swap agreements under the provisions of ASC 815, and have determined that our swap agreements qualify as highly effective hedges. Accordingly, the fair value of the swap agreements, which is a liability of approximately $289 thousand at June 30, 2015, has been reported in accrued expenses. We had no interest rate swaps in place at December 31, 2014. The offset, net of an income tax effect of approximately $111 thousand is included in accumulated other comprehensive loss in the accompanying balance sheets as of June 30, 2015. The amounts paid and received on the swap agreements will be recorded in interest expense as yield adjustments in the period during which the related floating-rate interest is incurred. We determine the fair value of the swap agreements based on a valuation model using market data inputs. We utilize the Monte Carlo valuation model for our Wheeler Bros., Inc. ("WBI") and Aviation Acquisition earn-out obligations. Significant unobservable inputs used to value the contingent consideration include projected earnings before interest, taxes, depreciation and amortization and the discount rate. The model used a discount rate of 4.5% for the WBI earn-out as of June 30, 2015. If a significant increase or decrease in the discount rate occurred in isolation, the result could be a significantly higher or lower fair value measurement. Our acquisition of WBI in 2011 required us to make additional payments to the sellers of up to a total of $40 million over a four-year post-acquisition period that ended June 30, 2015 if WBI achieves certain financial performance. WBI's sellers earned approximately $2.7 million, $219 thousand and $7.1 million based on WBI's financial performances for the earn-out years ended June 30, 2014, 2013 and 2012, respectively. Included in current portion of earn-out obligations on our June 30, 2015 balance sheet is approximately $10 million, which represents our best estimate of the present value of our earn-out obligation for the final WBI earn-out year, which ended June 30, 2015. Changes in the fair value of the earn-out obligations are recorded as contract costs in the period of change through settlement. The acquisition date fair value of the Aviation Acquisition earn-out obligation decreased approximately $8.9 million. There was no change in the fair value of the Aviation Acquisition earn-out obligation between the acquisition date and June 30, 2015 (see Note 2, Acquisition, for further discussion of the Aviation Acquisition earn-out obligation). The following table provides a reconciliation of the beginning and ending balance of the earn-out obligations measured at fair value on a recurring basis that used significant unobservable inputs (Level 3). Current portion Long-term portion Total Balance as of December 31, 2014 $ 9,455 $ - $ 9,455 Fair value adjustment included in earnings 527 - 527 Additional earn-out obligation 13,825 12,281 26,106 Balance as of June 30, 2015 $ 23,807 $ 12,281 $ 36,008

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	(9) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisition [Abstract]
Summary of Fair Value Adjustments for Assets and Liabilities Assumed	The total estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed (including deferred taxes on identifiable intangible assets that are not deductible for income tax purposes), as follows (in thousands): Description Fair Value Cash $ 686 Accounts receivable 11,104 Inventory 55,544 Prepaid expenses and other current assets 2,641 Property and equipment 11,461 Customer relationships 85,700 Trade name 7,500 Goodwill 92,332 Accounts payable (8,688 ) Accrued expenses and other current liabilities (4,446 ) Long-term deferred tax liability (35,861 ) $ 217,973 Cash consideration $ 191,867 Acquisition date fair value of earn-out obligation 26,106 Total $ 217,973
Business Acquisition, Pro Forma Information	The following unaudited pro forma results of operations assume the Aviation Acquisition had occurred on January 1, 2014 (in thousands except per share amounts): Six Months ended June 30, 2015 2014 Revenue $ 259,322 $ 283,231 Income from continuing operations $ 10,942 $ 14,147 Basic earnings per share $ 2.04 $ 2.65 Diluted earnings per share $ 2.03 $ 2.64

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic earnings per share ("EPS") have been computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Three months Six months ended June 30, ended June 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 5,374,863 5,355,698 5,372,293 5,351,589 Effect of dilutive shares 15,958 12,468 13,255 14,717 Diluted weighted average common shares outstanding 5,390,821 5,368,166 5,385,548 5,366,306

Business Segments and Custome18

Business Segments and Customer Information (Tables)	6 Months Ended
	Jun. 30, 2015
Business Segments and Customer Information [Abstract]
Segment Information	Our segment information for the three- and six-months ended June 30, 2015 and 2014 is as follows (in thousands): Three months Six months 2015 2014 2015 2014 Revenues: Supply Chain Management Group $ 47,872 $ 42,313 $ 94,114 $ 82,936 Aviation Group 31,904 - 54,668 - Federal Services Group 37,742 49,931 75,534 113,202 13,608 15,718 27,601 31,233 Total revenues $ 131,126 $ 107,962 $ 251,917 $ 227,371 Operating income: Supply Chain Management Group $ 8,681 $ 7,697 $ 16,987 $ 15,518 Aviation Group 2,604 - 4,717 - Federal Services Group (356 ) 1,646 (623 ) 4,364 1,488 1,832 2,703 3,285 Corporate/unallocated expenses (921 ) (472 ) (1,604 ) (1,107 ) Operating income $ 11,496 $ 10,703 $ 22,180 $ 22,060 June 30, December 31, 2015 2014 Total assets: Supply Chain Management Group $ 190,372 $ 192,720 Aviation Group 272,890 - Federal Services Group 33,823 36,225 49,633 49,790 Corporate 85,312 76,595 Total assets $ 632,030 $ 355,330
Revenue by Customer	Our revenue by customer is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 % 2014 % 2015 % 2014 % Source of Revenues U.S. Navy $ 22,607 17.2 $ 24,142 22.4 $ 44,004 17.4 $ 48,756 21.5 Army/Army Reserve 18,557 14.2 28,026 26.0 37,728 15.0 61,724 27.1 U.S. Air Force 924 0.7 809 0.7 1,714 0.7 1,605 0.7 Total - DoD 42,088 32.1 52,977 49.1 83,446 33.1 112,085 49.3 U.S. Postal Service 45,339 34.5 41,263 38.2 89,519 35.5 80,592 35.4 Department of Energy 4,662 3.6 4,923 4.5 9,106 3.6 9,549 4.2 Department of Treasury 572 0.4 573 0.5 987 0.4 8,931 3.9 Other government 4,801 3.7 7,288 6.8 11,224 4.5 14,467 6.4 Total – Federal civilian agencies 55,374 42.2 54,047 50.0 110,836 44.0 113,539 49.9 Commercial Aviation 31,904 24.3 - - 54,668 21.7 - - Other commercial 1,760 1.4 938 0.9 2,967 1.2 1,747 0.8 Commercial 33,664 25.7 938 0.9 57,635 22.9 1,747 0.8 Total $ 131,126 100 $ 107,962 100 $ 251,917 100 $ 227,371 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill by Operating Segment	Changes in goodwill by operating segment for the three and six months ended June 30, 2015 are as follows (in thousands): Supply Chain Management IT, Energy and Management Consulting Aviation Total Balance as of December 31, 2014 $ 61,169 $ 30,883 $ - $ 92,052 Increase from the Aviation Acquisition - - 92,332 92,332 Balance as of June 30, 2015 $ 61,169 $ 30,883 $ 92,332 $ 184,384
Schedule of Intangible Assets	Intangible assets were comprised of the following (in thousands): Cost Accumulated Amortization Accumulated Impairment Loss Net Intangible Assets June 30, 2015 Contract and customer-related $ 179,004 $ (40,152 ) $ (1,025 ) $ 137,827 Acquired technologies 12,400 (4,587 ) - 7,813 Trade names – amortizable 17,600 (5,572 ) - 12,028 Total $ 209,004 $ (50,311 ) $ (1,025 ) $ 157,668 December 31, 2014 Contract and customer-related $ 93,304 $ (33,840 ) $ (1,025 ) $ 58,439 Acquired technologies 12,400 (4,024 ) - 8,376 Trade names – amortizable 10,100 (4,706 ) - 5,394 Total $ 115,804 $ (42,570 ) $ (1,025 ) $ 72,209

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value of Assets and Liabilities	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2015 Fair Value December 31, 2014 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $265 $253 Interest rate swaps Accrued expenses Level 2 $289 - Earn-out obligation - current Current portion of earn-out obligations Level 3 $23,807 $9,455 Earn-out obligation - long-term Earn-out obligations Level 3 $12,281 -
Fair Value Reconciliation, Unobservable Inputs	The following table provides a reconciliation of the beginning and ending balance of the earn-out obligations measured at fair value on a recurring basis that used significant unobservable inputs (Level 3). Current portion Long-term portion Total Balance as of December 31, 2014 $ 9,455 $ - $ 9,455 Fair value adjustment included in earnings 527 - 527 Additional earn-out obligation 13,825 12,281 26,106 Balance as of June 30, 2015 $ 23,807 $ 12,281 $ 36,008

Acquisition (Details)

Acquisition (Details) $ / shares in Units, $ in Thousands	Jan. 28, 2015USD ($)Business	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Revenue		$ 131,126	$ 107,962	$ 251,917	$ 227,371
Operating income		11,496	$ 10,703	22,180	22,060
Summary of Fair Value Adjustments for Assets and Liabilities Assumed [Abstract]
Goodwill		184,384		184,384		$ 92,052
Aviation Group [Member]
Business Acquisition [Line Items]
Number of business acquired | Business	4
Purchase consideration paid	$ 189,000
Additional potential consideration payment - two year earn-out	40,000
Additional potential consideration payment - one year earn-out	5,000
Escrow account	18,000
Revenue				54,700
Operating income				4,700
Estimated cash and net working capital adjustment	5,000
Estimated net working capital adjustment		2,400		2,400
Summary of Fair Value Adjustments for Assets and Liabilities Assumed [Abstract]
Cash	686
Accounts receivable	11,104
Inventory	55,544
Prepaid expenses and other current assets	2,641
Property and equipment	11,461
Goodwill	92,332
Accounts payable	(8,688)
Accrued expenses and other current liabilities	(4,446)
Long-term deferred tax liability	(35,861)
Cash consideration	191,867
Acquisition date fair value of earn-out obligation	26,106
Total	217,973
Acquisition-related expenses		$ 135		413
Business Acquisition, Pro Forma Information [Abstract]
Revenue				259,322	283,231
Income from continuing operations				$ 10,942	$ 14,147
Basic earnings per share (in dollars per share) | $ / shares				$ 2.04	$ 2.65
Diluted earnings per share (in dollars per share) | $ / shares				$ 2.03	$ 2.64
Aviation Group [Member] | Customer Relationships [Member]
Summary of Fair Value Adjustments for Assets and Liabilities Assumed [Abstract]
Intangible assets	$ 85,700
Amortization finite-lived intangible assets	14 years
Aviation Group [Member] | Trade Name [Member]
Summary of Fair Value Adjustments for Assets and Liabilities Assumed [Abstract]
Intangible assets	$ 7,500
Amortization finite-lived intangible assets	9 years

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt outstanding	$ 243,200		$ 243,200		$ 48,600
LIBOR [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Base margin (in hundredths)			2.25%
Base Rate [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Base margin (in hundredths)			1.00%
Amended and Restated [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 28, 2020
Financing costs	$ 2,700		$ 2,700
Amortization period of debt issuance costs			5 years
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving loans potential increment in maximum borrowing capacity			$ 75,000
Duration of interest rate cash flow hedge			3 years
Interest rate range, minimum (in hundredths)			2.44%
Interest rate range, maximum (in hundredths)			4.25%
Effective interest rate (in hundredths)	2.97%		2.97%
Interest expense, net	$ 1,900	$ 586	$ 3,400	$ 1,300
Amended and Restated [Member] | Swap [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Derivative notional amount	125,000		125,000
Term loan Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Term loan payments 2015	7,500		7,500
Term loan payments 2016	17,800		17,800
Term loan payments 2017	21,600		21,600
Term loan payments 2018	28,100		28,100
Term loan payments 2019	30,000		30,000
Term loan payments after 2019	41,300		41,300
Borrowings outstanding	146,300		146,300
Revolving Loan Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving loans maximum borrowing capacity	150,000		150,000
Revolving loans amount outstanding	97,000		97,000		23,600
Letters of credit outstanding	$ 0		$ 0		$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	5,374,863	5,355,698	5,372,293	5,351,589
Effect of dilutive shares (in shares)	15,958	12,468	13,255	14,717
Diluted weighted average common shares outstanding (in shares)	5,390,821	5,368,166	5,385,548	5,366,306

Commitments and Contingencies -

Commitments and Contingencies - (Details) - Jun. 30, 2015 $ in Millions	USD ($)ProjectSubcontractor
Commitments [Abstract]
Number of bonded projects | Project	2
Aggregate bonded amount | $	$ 4
Contingencies [Abstract]
Number of subcontractors that operated the facility	1
Number of deaths of subcontractor employees	5
Number of subcontractors for lawsuits filed	2

Business Segments and Custome25

Business Segments and Customer Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment			4
Revenues	$ 131,126	$ 107,962	$ 251,917	$ 227,371
Operating income	11,496	10,703	22,180	22,060
Total assets	632,030		632,030		$ 355,330
Corporate/unallocated Expenses [Member]
Segment Reporting Information [Line Items]
Operating income	(921)	(472)	(1,604)	(1,107)
Total assets	85,312		85,312		76,595
Operating Segments [Member] | Supply Chain Management Group [Member]
Segment Reporting Information [Line Items]
Revenues	47,872	42,313	94,114	82,936
Operating income	8,681	7,697	16,987	15,518
Total assets	190,372		190,372		192,720
Operating Segments [Member] | Aviation Group [Member]
Segment Reporting Information [Line Items]
Revenues	31,904	0	54,668	0
Operating income	2,604	0	4,717	0
Total assets	272,890		272,890		0
Operating Segments [Member] | Federal Services Group [Member]
Segment Reporting Information [Line Items]
Revenues	37,742	49,931	75,534	113,202
Operating income	(356)	1,646	(623)	4,364
Total assets	33,823		33,823		36,225
Operating Segments [Member] | IT, Energy and Management Consulting Group [Member]
Segment Reporting Information [Line Items]
Revenues	13,608	15,718	27,601	31,233
Operating income	1,488	$ 1,832	2,703	$ 3,285
Total assets	$ 49,633		$ 49,633		$ 49,790

Business Segments and Custome26

Business Segments and Customer Information, Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue, Major Customer [Line Items]
Revenue	$ 131,126	$ 107,962	$ 251,917	$ 227,371
Revenue by customer (in hundredths)	100.00%	100.00%	100.00%	100.00%
U.S. Navy [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 22,607	$ 24,142	$ 44,004	$ 48,756
Revenue by customer (in hundredths)	17.20%	22.40%	17.40%	21.50%
U.S. Army/Army Reserve [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 18,557	$ 28,026	$ 37,728	$ 61,724
Revenue by customer (in hundredths)	14.20%	26.00%	15.00%	27.10%
U.S. Air Force [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 924	$ 809	$ 1,714	$ 1,605
Revenue by customer (in hundredths)	0.70%	0.70%	0.70%	0.70%
Total DoD [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 42,088	$ 52,977	$ 83,446	$ 112,085
Revenue by customer (in hundredths)	32.10%	49.10%	33.10%	49.30%
U.S. Postal Service [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 45,339	$ 41,263	$ 89,519	$ 80,592
Revenue by customer (in hundredths)	34.50%	38.20%	35.50%	35.40%
Department of Energy [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 4,662	$ 4,923	$ 9,106	$ 9,549
Revenue by customer (in hundredths)	3.60%	4.50%	3.60%	4.20%
Department of Treasury [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 572	$ 573	$ 987	$ 8,931
Revenue by customer (in hundredths)	0.40%	0.50%	0.40%	3.90%
Other Government [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 4,801	$ 7,288	$ 11,224	$ 14,467
Revenue by customer (in hundredths)	3.70%	6.80%	4.50%	6.40%
Total Federal Civilian Agencies [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 55,374	$ 54,047	$ 110,836	$ 113,539
Revenue by customer (in hundredths)	42.20%	50.00%	44.00%	49.90%
Commercial [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 33,664	$ 938	$ 57,635	$ 1,747
Revenue by customer (in hundredths)	25.70%	0.90%	22.90%	0.80%
Commercial Aviation [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 31,904	$ 0	$ 54,668	$ 0
Revenue by customer (in hundredths)	24.30%	0.00%	21.70%	0.00%
Other Commercial [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 1,760	$ 938	$ 2,967	$ 1,747
Revenue by customer (in hundredths)	1.40%	0.90%	1.20%	0.80%

Goodwill and Intangible Asset27

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill [Roll Forward]
Balance as of beginning of period			$ 92,052
Increase from the Aviation Acquisition			92,332
Balance as of end of period	$ 184,384		184,384
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	4,100	$ 2,600	7,700	$ 5,100
Contract and customer-related	179,004		179,004		$ 93,304
Acquired technologies	12,400		12,400		12,400
Trade names - amortizable	17,600		17,600		10,100
Finite-Lived Intangible Assets, Net [Abstract]
Cost	209,004		209,004		115,804
Accumulated Amortization	(50,311)		(50,311)		(42,570)
Accumulated Impairment Loss	(1,025)		(1,025)		(1,025)
Net Intangible Assets	157,668		157,668		72,209
Contract and Customer-Related [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(40,152)		(40,152)		(33,840)
Accumulated Impairment Loss	(1,025)		(1,025)		(1,025)
Net Intangible Assets	137,827		137,827		58,439
Acquired Technologies [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(4,587)		(4,587)		(4,024)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	7,813		7,813		8,376
Trade Names - Amortizable [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(5,572)		(5,572)		(4,706)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	12,028		12,028		$ 5,394
Supply Chain Management Group [Member]
Goodwill [Roll Forward]
Balance as of beginning of period			61,169
Increase from the Aviation Acquisition			0
Balance as of end of period	61,169		61,169
IT, Energy and Management Consulting Group [Member]
Goodwill [Roll Forward]
Balance as of beginning of period			30,883
Increase from the Aviation Acquisition			0
Balance as of end of period	30,883		30,883
Aviation Group [Member]
Goodwill [Roll Forward]
Balance as of beginning of period			0
Increase from the Aviation Acquisition			92,332
Balance as of end of period	$ 92,332		$ 92,332

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligations - current	$ 23,807				$ 9,455
Earn-out obligation - long-term	12,281				0
Income tax expense benefit on interest rate swap	111
Earn-out obligation	$ 26,106
Discount rate (in hundredths)	4.50%
WBI Acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligations - current	$ 10,000
Maximum potential cash payment	$ 40,000
Post acquisition payment period	4 years
Earn-out obligation		$ 2,700	$ 219	$ 7,100
Earn-out Obligation - Current [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation	$ 13,825
Earn-out Obligation - Long-term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation	12,281
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-COLI assets held in Deferred Supplemental Compensation Plan	265				253
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Expenses [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	289				0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Earn-out Obligation - Current [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligations - current	23,807				9,455
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Earn-out Obligation - Long-term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation - long-term	$ 12,281				$ 0

Fair Value Measurements, Unobse

Fair Value Measurements, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of the period	$ 9,455
Fair value adjustment included in earnings	527
Earn-out obligation	26,106
Balance as of the end of the period	36,008
WBI Acquisition [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value adjustment included in earnings	(8,900)
Earn-out obligation		$ 2,700	$ 219	$ 7,100
Earn-out Obligation - Current [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of the period	9,455
Fair value adjustment included in earnings	527
Earn-out obligation	13,825
Balance as of the end of the period	23,807
Earn-out Obligation - Long-term [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of the period	0
Fair value adjustment included in earnings	0
Earn-out obligation	12,281
Balance as of the end of the period	$ 12,281