VSE (VSEC) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 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	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 194	$ 263
Receivables	75,762	59,391
Inventories	113,728	49,363
Deferred tax assets	4,897	1,834
Other current assets	10,635	11,517
Total current assets	205,216	122,368
Property and equipment, net	65,237	52,911
Intangible assets, net	153,640	72,209
Goodwill	184,384	92,052
Other assets	16,212	15,790
Total assets	624,689	355,330
Current liabilities:
Current portion of long-term debt	16,620	24,837
Accounts payable	36,677	29,424
Current portion of earn-out obligation	9,038	9,455
Accrued expenses and other current liabilities	26,101	23,245
Dividends payable	0	536
Total current liabilities	88,436	87,497
Long-term debt, less current portion	228,214	23,563
Deferred compensation	10,905	12,563
Long-term lease obligations, less current portion	23,635	24,584
Earn-out obligation, less current portion	12,576	0
Deferred income taxes	38,767	1,634
Total liabilities	$ 402,533	$ 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	200,916	184,873
Accumulated other comprehensive loss	(626)	0
Total stockholders' equity	222,156	205,489
Total liabilities and stockholders' equity	$ 624,689	$ 355,330

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Products	$ 83,644	$ 44,567	$ 233,603	$ 127,550
Services	53,752	57,182	155,710	201,570
Total revenues	137,396	101,749	389,313	329,120
Contract costs:
Products	72,371	36,440	200,531	103,223
Services	51,281	56,948	150,741	194,257
Total contract costs	123,652	93,388	351,272	297,480
Selling, general and administrative expenses	501	1,178	2,618	2,397
Operating income	13,243	7,183	35,423	29,243
Interest expense, net	2,441	871	7,001	3,158
Income before income taxes	10,802	6,312	28,422	26,085
Provision for income taxes	4,328	2,425	11,249	9,985
Income from continuing operations	6,474	3,887	17,173	16,100
Loss from discontinued operations, net of tax	0	(4)	0	(898)
Net income	$ 6,474	$ 3,883	$ 17,173	$ 15,202
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 1.20	$ 0.73	$ 3.20	$ 3.01
Loss income from discontinued operations	0	0	0	(0.17)
Net income (in dollars per share)	$ 1.20	$ 0.73	$ 3.20	$ 2.84
Basic weighted average shares outstanding (in shares)	5,374,863	5,355,968	5,373,159	5,353,065
Diluted earnings per share:
Income from continuing operations (in dollars per share)	$ 1.20	$ 0.72	$ 3.19	$ 3
Loss from discontinued operations (in dollars per share)	0	0	0	(0.17)
Net income (in dollars per share)	$ 1.20	$ 0.72	$ 3.19	$ 2.83
Diluted weighted average shares outstanding (in shares)	5,396,174	5,371,995	5,389,129	5,368,224
Dividends declared per share (in dollars per share)	$ 0	$ 0	$ 0.21	$ 0.19

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unaudited Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 6,474	$ 3,883	$ 17,173	$ 15,202
Change in fair value of interest rate swap agreements, net of tax	(448)	0	(626)	201
Comprehensive income	$ 6,026	$ 3,883	$ 16,547	$ 15,403

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 17,173	$ 15,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,215	14,274
Deferred taxes	(1,400)	2,551
Stock-based compensation	1,698	1,610
Earn-out obligation adjustment	1,035	2,758
Changes in operating assets and liabilities, net of impact of acquisition:
Receivables, net	(5,267)	14,548
Inventories	(8,821)	(7,672)
Other current assets and noncurrent assets	4,110	(2,560)
Accounts payable and deferred compensation	(3,235)	2,429
Accrued expenses and other current liabilities	(1,811)	(2,587)
Long-term lease obligations	(926)	(835)
Earn-out obligation	(3,269)	0
Net cash provided by operating activities	18,502	39,718
Cash flows from investing activities:
Purchases of property and equipment	(7,819)	(2,725)
Proceeds from the sale of property and equipment	273	0
Cash paid for acquisitions, net of cash acquired	(191,181)	0
Net cash used in investing activities	(198,727)	(2,725)
Cash flows from financing activities:
Borrowings on loan arrangement	435,377	210,552
Repayments on loan arrangement	(238,071)	(243,023)
Earn-out obligation payments	(11,713)	(1,972)
Payment of debt financing costs	(2,699)	0
Payments on capital lease obligations	(730)	(629)
Payments of taxes for equity transactions	(342)	(314)
Dividends paid	(1,666)	(1,499)
Net cash provided by (used in) financing activities	180,156	(36,885)
Net (decrease) increase in cash and cash equivalents	(69)	108
Cash and cash equivalents at beginning of period	263	220
Cash and cash equivalents at end of period	$ 194	$ 328

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 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 U.S. generally accepted accounting principles 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 U.S. generally accepted accounting principles 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 nine months ended September 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 U.S. generally accepted accounting principles 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 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	9 Months Ended
	Sep. 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 general aviation jet aircraft engines and 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 German-based operations), and CT Aerospace LLC (collectively, the "Aviation Acquisition"). These four businesses are operating as a combined group managed by our wholly owned subsidiary VSE Aviation, Inc. ("VAI"). The Aviation Acquisition provides diversification by adding 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 certain of the acquired businesses meet certain financial targets during the first two post-closing years. An additional purchase price consideration of $5 million was paid to the sellers in September 2015 because certain of the acquired businesses surpassed agreed upon financial targets during a 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 then pending 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 $87.6 million and operating income of approximately $6.8 million from the acquisition date through September 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. Our preliminary valuation of approximately $189 million includes an estimated net working capital adjustment 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 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 Inventories 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 $75 thousand and $488 thousand of acquisition-related expenses during the three and nine months ended September 30, 2015 which are included in selling, general and administrative expenses. The following VSE consolidated pro forma results are prepared as if the Aviation Acquisition had occurred on January 1, 2014. This information is for comparative purposes only and does not necessarily reflect the results that would have occurred or may occur in the future. The following unaudited consolidated pro forma results of operations are as following (in thousands except per share amounts): Nine months ended September 30, 2015 2014 Revenue $ 396,717 $ 412,501 Income from continuing operations $ 17,454 $ 19,623 Basic earnings per share $ 3.25 $ 3.67 Diluted earnings per share $ 3.24 $ 3.66

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt [Abstract]
Debt	(3) Debt We have a loan agreement with a group of banks. In January 2015, we amended the loan agreement to fund our Aviation Acquisition, provide working capital for our continuing operations, and retire our existing debt. Both the former and the amended 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 loan agreement expires in January 2020. Financing costs associated with the inception of the amended 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 September 30, 2015 are $3.7 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 September 30, 2015 was $142.5 million. The maximum amount of credit available to us from the banking group for revolving loans and letters of credit as of September 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 $103.4 million in revolving loan amounts outstanding and no letters of credit outstanding as of September 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 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 September 30, 2015, including term loan borrowings and revolving loan borrowings, were approximately $245.9 million. Total bank loan borrowed funds outstanding as of December 31, 2014 were $48.6 million. The fair value of outstanding debt as of September 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 September 30, 2015, the LIBOR base margin was 2.5% and the base rate base margin was 1.25%. The base margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. The terms of the amended 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 September 30, 2015 was $125 million. After taking into account the impact of hedging instruments, as of September 30, 2015, interest rates on portions of our outstanding debt ranged from 2.69% to 4.5%, and the effective interest rate on our aggregate outstanding debt was 3.25%. Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $1.9 million and $366 thousand for the quarters ended September 30, 2015 and 2014, respectively. Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $5.3 million and $1.6 million for the nine months ended September 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 September 30, 2015.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 Nine months ended September 30, ended September 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 5,374,863 5,355,968 5,373,159 5,353,065 Effect of dilutive shares 21,311 16,027 15,970 15,159 Diluted weighted average common shares outstanding 5,396,174 5,371,995 5,389,129 5,368,224

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(5) Commitments and Contingencies Commitments As of September 30, 2015, we had one uncompleted bonded project and the aggregate bonded amount on this project was approximately $3 million. Our bonded project is the subject of claims and disputes involving the subcontractors associated with the project. We expect this project to be completed in early 2016. 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 early 2017. 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	9 Months Ended
	Sep. 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 the IT, Energy and Management Consulting Group reportable segment 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 nine-months ended September 30, 2015 and 2014 is as follows (in thousands): Three months Nine months 2015 2014 2015 2014 Revenues: Supply Chain Management Group $ 50,315 $ 44,542 $ 144,429 $ 127,478 Aviation Group 32,976 - 87,644 - Federal Services Group 42,240 41,915 117,774 155,117 11,865 15,292 39,466 46,525 Total revenues $ 137,396 $ 101,749 $ 389,313 $ 329,120 Operating income: Supply Chain Management Group $ 9,235 $ 6,195 $ 26,222 $ 21,713 Aviation Group 2,116 - 6,833 - Federal Services Group 1,152 (105 ) 529 4,259 1,169 1,866 3,872 5,151 Corporate/unallocated expenses (429 ) (773 ) (2,033 ) (1,880 ) Operating income $ 13,243 $ 7,183 $ 35,423 $ 29,243 September 30, December 31, 2015 2014 Total assets: Supply Chain Management Group $ 196,355 $ 192,720 Aviation Group 269,743 - Federal Services Group 33,014 36,225 47,559 49,790 Corporate 78,018 76,595 Total assets $ 624,689 $ 355,330 Customer Information Our revenue by customer is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 % 2014 % 2015 % 2014 % Source of Revenues U.S. Postal Service $ 47,356 34.5 $ 43,273 42.5 $ 136,875 35.1 $ 123,865 37.6 Department of Energy 2,817 2.0 4,791 4.7 11,923 3.1 14,340 4.4 Department of Treasury 418 0.3 263 0.3 1,405 0.4 9,194 2.8 Other government 6,861 5.0 9,197 9.0 18,085 4.6 23,664 7.2 Total – Federal civilian agencies 57,452 41.8 57,524 56.5 168,288 43.2 171,063 52.0 U.S. Navy 24,036 17.5 20,568 20.2 68,040 17.5 69,324 21.1 Army/Army Reserve 20,476 14.9 21,855 21.5 58,204 15.0 83,579 25.4 U.S. Air Force 869 0.6 800 0.8 2,583 0.6 2,405 0.7 Total - DoD 45,381 33.0 43,223 42.5 128,827 33.1 155,308 47.2 Commercial Aviation 32,976 24.0 - - 87,644 22.5 - - Other commercial 1,587 1.2 1,002 1.0 4,554 1.2 2,749 0.8 Commercial 34,563 25.2 1,002 1.0 92,198 23.7 2,749 0.8 Total $ 137,396 100 $ 101,749 100 $ 389,313 100 $ 329,120 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	(7) Goodwill and Intangible Assets Changes in goodwill by operating segment for the nine months ended September 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 September 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 September 30, 2015 Contract and customer-related $ 179,004 $ (43,435 ) $ (1,025 ) $ 134,544 Acquired technologies 12,400 (4,869 ) - 7,531 Trade names – amortizable 17,600 (6,035 ) - 11,565 Total $ 209,004 $ (54,339 ) $ (1,025 ) $ 153,640 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	9 Months Ended
	Sep. 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 September 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 September 30, 2015 Fair Value December 31, 2014 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 255 $ 253 Interest rate swaps Accrued expenses Level 2 $ 1,017 - Earn-out obligation - current Current portion of earn-out obligation Level 3 $ 9,038 $ 9,455 Earn-out obligation - long-term Earn-out obligation Level 3 $ 12,576 - 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 $1 million at September 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 $391 thousand is included in accumulated other comprehensive loss in the accompanying balance sheets as of September 30, 2015. The amounts paid and received on the swap agreements are recorded in interest expense 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 utilized an income approach to determine the fair value of our Aviation Acquisition earn-out obligation. Significant unobservable inputs used to value the contingent consideration include projected earnings before interest, taxes, depreciation and amortization and the discount rate. 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 Wheeler Bros., Inc. ("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 achieved certain financial performance. WBI's sellers earned approximately $10 million, $2.7 million, $219 thousand, and $7.1 million based on WBI's financial performances for the earn-out years ended June 30, 2015, 2014, 2013 and 2012, respectively. WBI's final earn-out payment of approximately $10 million was made in September 2015. Changes in the fair value of the earn-out obligations were recorded as contract costs in the period of change through settlement. The fair value of the earn-out obligations increased $508 and $1,035 thousand for the three and nine months ended September 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 Earn-out payments (14,982 ) - (14,982 ) Fair value adjustment included in earnings 740 295 1,035 Aviation Acquisition earn-out obligation 13,825 12,281 26,106 Balance as of September 30, 2015 $ 9,038 $ 12,576 $ 21,614

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	(9) Recently Issued Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 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 Inventories 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 consolidated pro forma results of operations are as following (in thousands except per share amounts): Nine months ended September 30, 2015 2014 Revenue $ 396,717 $ 412,501 Income from continuing operations $ 17,454 $ 19,623 Basic earnings per share $ 3.25 $ 3.67 Diluted earnings per share $ 3.24 $ 3.66

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 Nine months ended September 30, ended September 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 5,374,863 5,355,968 5,373,159 5,353,065 Effect of dilutive shares 21,311 16,027 15,970 15,159 Diluted weighted average common shares outstanding 5,396,174 5,371,995 5,389,129 5,368,224

Business Segments and Custome18

Business Segments and Customer Information (Tables)	9 Months Ended
	Sep. 30, 2015
Business Segments and Customer Information [Abstract]
Segment Information	Our segment information for the three- and nine-months ended September 30, 2015 and 2014 is as follows (in thousands): Three months Nine months 2015 2014 2015 2014 Revenues: Supply Chain Management Group $ 50,315 $ 44,542 $ 144,429 $ 127,478 Aviation Group 32,976 - 87,644 - Federal Services Group 42,240 41,915 117,774 155,117 11,865 15,292 39,466 46,525 Total revenues $ 137,396 $ 101,749 $ 389,313 $ 329,120 Operating income: Supply Chain Management Group $ 9,235 $ 6,195 $ 26,222 $ 21,713 Aviation Group 2,116 - 6,833 - Federal Services Group 1,152 (105 ) 529 4,259 1,169 1,866 3,872 5,151 Corporate/unallocated expenses (429 ) (773 ) (2,033 ) (1,880 ) Operating income $ 13,243 $ 7,183 $ 35,423 $ 29,243 September 30, December 31, 2015 2014 Total assets: Supply Chain Management Group $ 196,355 $ 192,720 Aviation Group 269,743 - Federal Services Group 33,014 36,225 47,559 49,790 Corporate 78,018 76,595 Total assets $ 624,689 $ 355,330
Revenue by Customer	Our revenue by customer is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 % 2014 % 2015 % 2014 % Source of Revenues U.S. Postal Service $ 47,356 34.5 $ 43,273 42.5 $ 136,875 35.1 $ 123,865 37.6 Department of Energy 2,817 2.0 4,791 4.7 11,923 3.1 14,340 4.4 Department of Treasury 418 0.3 263 0.3 1,405 0.4 9,194 2.8 Other government 6,861 5.0 9,197 9.0 18,085 4.6 23,664 7.2 Total – Federal civilian agencies 57,452 41.8 57,524 56.5 168,288 43.2 171,063 52.0 U.S. Navy 24,036 17.5 20,568 20.2 68,040 17.5 69,324 21.1 Army/Army Reserve 20,476 14.9 21,855 21.5 58,204 15.0 83,579 25.4 U.S. Air Force 869 0.6 800 0.8 2,583 0.6 2,405 0.7 Total - DoD 45,381 33.0 43,223 42.5 128,827 33.1 155,308 47.2 Commercial Aviation 32,976 24.0 - - 87,644 22.5 - - Other commercial 1,587 1.2 1,002 1.0 4,554 1.2 2,749 0.8 Commercial 34,563 25.2 1,002 1.0 92,198 23.7 2,749 0.8 Total $ 137,396 100 $ 101,749 100 $ 389,313 100 $ 329,120 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill by Operating Segment	Changes in goodwill by operating segment for the nine months ended September 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 September 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 September 30, 2015 Contract and customer-related $ 179,004 $ (43,435 ) $ (1,025 ) $ 134,544 Acquired technologies 12,400 (4,869 ) - 7,531 Trade names – amortizable 17,600 (6,035 ) - 11,565 Total $ 209,004 $ (54,339 ) $ (1,025 ) $ 153,640 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)	9 Months Ended
	Sep. 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 September 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 September 30, 2015 Fair Value December 31, 2014 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 255 $ 253 Interest rate swaps Accrued expenses Level 2 $ 1,017 - Earn-out obligation - current Current portion of earn-out obligation Level 3 $ 9,038 $ 9,455 Earn-out obligation - long-term Earn-out obligation Level 3 $ 12,576 -
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 Earn-out payments (14,982 ) - (14,982 ) Fair value adjustment included in earnings 740 295 1,035 Aviation Acquisition earn-out obligation 13,825 12,281 26,106 Balance as of September 30, 2015 $ 9,038 $ 12,576 $ 21,614

Acquisition (Details)

Acquisition (Details) $ / shares in Units, $ in Thousands	Jan. 28, 2015USD ($)Business	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Revenue		$ 137,396	$ 101,749	$ 389,313	$ 329,120
Operating income		13,243	$ 7,183	35,423	29,243
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 businesses 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				87,600
Operating income				6,800
Estimated net working capital adjustment	5,000
Additional cash consideration paid		2,400		2,400
Summary of Fair Value Adjustments for Assets and Liabilities Assumed [Abstract]
Cash	686
Accounts receivable	11,104
Inventories	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		$ 75		488
Business Acquisition, Pro Forma Information [Abstract]
Revenue				396,717	412,501
Income from continuing operations				$ 17,454	$ 19,623
Basic earnings per share (in dollars per share) | $ / shares				$ 3.25	$ 3.67
Diluted earnings per share (in dollars per share) | $ / shares				$ 3.24	$ 3.66
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt outstanding	$ 245,900		$ 245,900		$ 48,600
LIBOR [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Base margin			2.50%
Base Rate [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Base margin			1.25%
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			2.69%
Interest rate range, maximum			4.50%
Effective interest rate	3.25%		3.25%
Interest expense, net	$ 1,900	$ 366	$ 5,300	$ 1,600
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	3,700		3,700
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	142,500		142,500
Revolving Loan Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving loans maximum borrowing capacity	150,000		150,000
Revolving loans amount outstanding	103,400		103,400		23,600
Letters of credit outstanding	$ 0		$ 0		$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	5,374,863	5,355,968	5,373,159	5,353,065
Effect of dilutive shares (in shares)	21,311	16,027	15,970	15,159
Diluted weighted average common shares outstanding (in shares)	5,396,174	5,371,995	5,389,129	5,368,224

Commitments and Contingencies -

Commitments and Contingencies - (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)ProjectSubcontractor
Commitments [Abstract]
Number of bonded projects | Project	1
Aggregate bonded amount | $	$ 3
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		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments | Segment			4
Revenues	$ 137,396	$ 101,749	$ 389,313	$ 329,120
Operating income	13,243	7,183	35,423	29,243
Total assets	624,689		624,689		$ 355,330
Corporate/unallocated Expenses [Member]
Segment Reporting Information [Line Items]
Operating income	(429)	(773)	(2,033)	(1,880)
Total assets	78,018		78,018		76,595
Operating Segments [Member] | Supply Chain Management Group [Member]
Segment Reporting Information [Line Items]
Revenues	50,315	44,542	144,429	127,478
Operating income	9,235	6,195	26,222	21,713
Total assets	196,355		196,355		192,720
Operating Segments [Member] | Aviation Group [Member]
Segment Reporting Information [Line Items]
Revenues	32,976	0	87,644	0
Operating income	2,116	0	6,833	0
Total assets	269,743		269,743		0
Operating Segments [Member] | Federal Services Group [Member]
Segment Reporting Information [Line Items]
Revenues	42,240	41,915	117,774	155,117
Operating income	1,152	(105)	529	4,259
Total assets	33,014		33,014		36,225
Operating Segments [Member] | IT, Energy and Management Consulting Group [Member]
Segment Reporting Information [Line Items]
Revenues	11,865	15,292	39,466	46,525
Operating income	1,169	$ 1,866	3,872	$ 5,151
Total assets	$ 47,559		$ 47,559		$ 49,790

Business Segments and Custome26

Business Segments and Customer Information, Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue, Major Customer [Line Items]
Revenue	$ 137,396	$ 101,749	$ 389,313	$ 329,120
Revenue by customer	100.00%	100.00%	100.00%	100.00%
U.S. Postal Service [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 47,356	$ 43,273	$ 136,875	$ 123,865
Revenue by customer	34.50%	42.50%	35.10%	37.60%
Department of Energy [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 2,817	$ 4,791	$ 11,923	$ 14,340
Revenue by customer	2.00%	4.70%	3.10%	4.40%
Department of Treasury [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 418	$ 263	$ 1,405	$ 9,194
Revenue by customer	0.30%	0.30%	0.40%	2.80%
Other Government [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 6,861	$ 9,197	$ 18,085	$ 23,664
Revenue by customer	5.00%	9.00%	4.60%	7.20%
Total Federal Civilian Agencies [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 57,452	$ 57,524	$ 168,288	$ 171,063
Revenue by customer	41.80%	56.50%	43.20%	52.00%
U.S. Navy [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 24,036	$ 20,568	$ 68,040	$ 69,324
Revenue by customer	17.50%	20.20%	17.50%	21.10%
U.S. Army/Army Reserve [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 20,476	$ 21,855	$ 58,204	$ 83,579
Revenue by customer	14.90%	21.50%	15.00%	25.40%
U.S. Air Force [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 869	$ 800	$ 2,583	$ 2,405
Revenue by customer	0.60%	0.80%	0.60%	0.70%
Total DoD [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 45,381	$ 43,223	$ 128,827	$ 155,308
Revenue by customer	33.00%	42.50%	33.10%	47.20%
Commercial Aviation [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 32,976	$ 0	$ 87,644	$ 0
Revenue by customer	24.00%	0.00%	22.50%	0.00%
Other Commercial [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 1,587	$ 1,002	$ 4,554	$ 2,749
Revenue by customer	1.20%	1.00%	1.20%	0.80%
Commercial [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 34,563	$ 1,002	$ 92,198	$ 2,749
Revenue by customer	25.20%	1.00%	23.70%	0.80%

Goodwill and Intangible Asset27

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ 2,500	11,800	$ 7,600
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	(54,339)		(54,339)		(42,570)
Accumulated Impairment Loss	(1,025)		(1,025)		(1,025)
Net Intangible Assets	153,640		153,640		72,209
Contract and Customer-Related [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(43,435)		(43,435)		(33,840)
Accumulated Impairment Loss	(1,025)		(1,025)		(1,025)
Net Intangible Assets	134,544		134,544		58,439
Acquired Technologies [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(4,869)		(4,869)		(4,024)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	7,531		7,531		8,376
Trade Names - Amortizable [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(6,035)		(6,035)		(4,706)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	11,565		11,565		$ 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	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jan. 28, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligations - current	$ 9,038	$ 9,038						$ 9,455
Earn-out obligation - long-term	12,576	12,576						0
Income tax expense benefit on interest rate swap		391
Earn-out payments		(14,982)
WBI Acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum potential cash payment	40,000	$ 40,000
Post acquisition payment period		4 years
Earn-out payments			$ (10,000)	$ (2,700)	$ (219)	$ (7,100)
Aviation Acquisitions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum potential cash payment							$ 40,000
Increase in earn-out obligations	508	$ 1,035
Earn-out Obligation - Current [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out payments		(14,982)
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	255	255						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	1,017	1,017						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	9,038	9,038						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	$ 12,576	$ 12,576						$ 0

Fair Value Measurements, Unobse

Fair Value Measurements, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	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
Earn-out payments	(14,982)
Fair value adjustment included in earnings	1,035
Aviation Acquisition earn-out obligation	26,106
Balance as of the end of the period	21,614
WBI Acquisition [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Earn-out payments		$ (10,000)	$ (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
Earn-out payments	(14,982)
Fair value adjustment included in earnings	740
Aviation Acquisition earn-out obligation	13,825
Balance as of the end of the period	9,038
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	295
Aviation Acquisition earn-out obligation	12,281
Balance as of the end of the period	$ 12,576