Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GIFI | |
Entity Registrant Name | GULF ISLAND FABRICATION INC | |
Entity Central Index Key | 1031623 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,540,132 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $50,115 | $36,085 |
Contracts receivable, net | 50,312 | 80,448 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 26,194 | 26,989 |
Prepaid expenses and other | 3,613 | 4,510 |
Inventory | 10,145 | 10,140 |
Deferred tax assets | 1,422 | 2,646 |
Income tax receivable | 1,161 | 1,350 |
Assets held for sale | 10,327 | 10,327 |
Total current assets | 153,289 | 172,495 |
Property, plant and equipment, net | 220,379 | 224,777 |
Other assets | 671 | 671 |
Total assets | 374,339 | 397,943 |
Current liabilities: | ||
Accounts payable | 25,803 | 40,272 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 13,208 | 18,766 |
Accrued contract losses | 167 | 817 |
Accrued employee costs | 6,791 | 7,723 |
Accrued expenses and other liabilities | 5,512 | 5,187 |
Total current liabilities | 51,481 | 72,765 |
Deferred tax liabilities | 38,007 | 39,380 |
Total liabilities | 89,488 | 112,145 |
Shareholders' equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, no par value, 20,000,000 shares authorized, 14,539,866 issued and outstanding at March 31, 2015 and 14,539,104 at December 31, 2014, respectively | 10,133 | 10,090 |
Additional paid-in capital | 94,220 | 93,828 |
Retained earnings | 180,498 | 181,880 |
Total shareholders' equity | 284,851 | 285,798 |
Total liabilities and shareholders' equity | $374,339 | $397,943 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 14,539,866 | 14,539,104 |
Common stock, shares outstanding | 14,539,866 | 14,539,104 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $99,233 | $134,690 |
Cost of revenue | 94,785 | 125,917 |
Gross profit | 4,448 | 8,773 |
General and administrative expenses | 4,293 | 3,373 |
Operating income | 155 | 5,400 |
Other income (expense): | ||
Interest expense | -37 | -24 |
Interest income | 6 | 3 |
Other income (expense) | 3 | -104 |
Total other income (expense) | -28 | -125 |
Income before income taxes | 127 | 5,275 |
Income taxes | 44 | 1,740 |
Net income | $83 | $3,535 |
Per share data: | ||
Basic earnings per share - common shareholders | $0 | $0.24 |
Diluted earnings per share - common shareholders | $0 | $0.24 |
Cash dividend declared per common share | $0.10 | $0.10 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||
Beginning Balance at Dec. 31, 2014 | $285,798 | $10,090 | $93,828 | $181,880 |
Beginning Balance, (in shares) at Dec. 31, 2014 | 14,539,104 | 14,539,104 | ||
Net income | 83 | 83 | ||
Vesting of restricted stock | -1 | -1 | ||
Vesting of restricted stock, (in shares) | 762 | |||
Compensation expense restricted stock | 436 | 43 | 393 | |
Dividends on common stock | -1,465 | -1,465 | ||
Ending Balance at Mar. 31, 2015 | $284,851 | $10,133 | $94,220 | $180,498 |
Ending Balance, (in shares) at Mar. 31, 2015 | 14,539,866 | 14,539,866 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $83 | $3,535 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Bad debt expense | 400 | |
Depreciation | 6,599 | 6,379 |
Loss on sale of asset | 85 | |
Deferred income taxes | -149 | 1,824 |
Compensation expense - restricted stock | 435 | 316 |
Changes in operating assets and liabilities: | ||
Contracts receivable and retainage | 28,536 | 6,075 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 795 | 4,035 |
Prepaid expenses and other assets | 897 | 1,276 |
Inventory | -5 | 134 |
Accounts payable | -14,469 | -18,363 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -5,558 | -6,389 |
Accrued employee costs | -932 | -974 |
Accrued expenses | 325 | -111 |
Accrued contract losses | -650 | |
Current income taxes | 189 | -83 |
Net cash provided by (used in) operating activities | 16,496 | -2,261 |
Cash flows from investing activities: | ||
Capital expenditures | -1,001 | -10,589 |
Proceeds on the sale of equipment | 925 | |
Net cash used in investing activities | -1,001 | -9,664 |
Cash flows from financing activities: | ||
Borrowings against line of credit | 15,000 | |
Payments on line of credit | -15,000 | |
Payments of dividends on common stock | -1,465 | -1,466 |
Net cash used in financing activities | -1,465 | -1,466 |
Net change in cash and cash equivalents | 14,030 | -13,391 |
Cash and cash equivalents at beginning of period | 36,085 | 36,569 |
Cash and cash equivalents at end of period | $50,115 | $23,178 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Gulf Island Fabrication, Inc., together with its subsidiaries (the “Company”, “we” or “our”), is a leading fabricator of offshore drilling and production platforms and other specialized structures. The Company’s principal corporate office is located in Houston, Texas and its fabrication facilities are located in Houma, Louisiana and San Patricio County, Texas. The Company’s principal markets are concentrated in the offshore regions and along the coast of the Gulf of Mexico. The consolidated financial statements include the accounts of Gulf Island Fabrication, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Gulf Island Fabrication, Inc. serves as a holding company and conducts all of its operations through its subsidiaries, which include Gulf Island, L.L.C. and Gulf Marine Fabricators, L.P., both of which perform fabrication of offshore drilling and production platforms and other specialized structures used in the development and production of oil and gas reserves, Gulf Island Marine Fabricators, L.L.C., which performs marine fabrication and construction services, Dolphin Services, L.L.C., which performs offshore and onshore fabrication and construction services, Dolphin Steel Sales, L.L.C., which sells steel plate and other steel products and Gulf Island Resources, L.L.C., which hires laborers with similar rates and terms as those provided by contract labor service companies. | |
Structures and equipment fabricated by us include: jackets and deck sections of fixed production platforms; hull, tendon, and/or deck sections of floating production platforms (such as “TLPs”, “SPARs”, “FPSOs” and “MinDOCs”); piles; wellhead protectors; subsea templates; various production, compressor and utility modules; offshore living quarters; towboats, offshore support vessels, dry docks, liftboats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales. For definitions of certain technical terms contained in this Form 10-Q, see the Glossary of Certain Technical Terms contained in our Annual Report on Form 10-K for the year ended December 31, 2014. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. | |
The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
CONTRACTS_RECEIVABLE_AND_RETAI
CONTRACTS RECEIVABLE AND RETAINAGE | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
CONTRACTS RECEIVABLE AND RETAINAGE | NOTE 2 – CONTRACTS RECEIVABLE AND RETAINAGE |
The principal customers of the Company include major and large independent oil and gas companies, marine companies, and their contractors. Of our contracts receivable balance at March 31, 2015, $32.8 million, or 65.3%, is with four customers. The significant projects for these four customers consist of a large deepwater jacket, piles and topside for one customer, two separate projects with fabrication and installation of offshore skids for a second customer, shallow water jackets, piles, and topsides for a third customer, and refurbishment of a living quarters for a fourth customer. | |
At March 31, 2015, there was no allowance for bad debt included in the Company’s contract receivable balance. | |
In connection with work associated with a completed hull and topside project for a large deepwater customer in the first quarter 2014, we had a remaining receivable balance of $10.0 million at December 31, 2014. In the first quarter, 2015, we entered into a settlement agreement with this customer that included payment of $8.4 million in cash and title to certain skidway equipment used for project load-outs. The cash settlement was received during the first quarter 2015. The equipment, valued at $1.2 million, was included in property, plant and equipment at March 31, 2015 with an assigned useful life of 15 years and represents a non-cash change in contracts receivable and property, plant and equipment in the accompanying unaudited statement of cash flows for the three months ended March 31, 2015. The remaining $0.4 million balance was charged to bad debt expense and was included in general and administrative expenses for the three months ended March 31, 2015. |
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
ASSETS HELD FOR SALE | NOTE 3 – ASSETS HELD FOR SALE |
Assets held for sale consist of a partially constructed topside, related valves, piling and equipment that we acquired from a customer following its default under a contract for a deepwater project in 2012. Assets held for sale are required to be measured at the lower of their carrying amount or fair value less cost to sell. Management determined fair value of these assets with the assistance of third party valuation specialists, assuming the sale of the underlying assets individually or in the aggregate to a willing market participant, including normal ownership risks assumed by the purchaser, and the sale of certain components at scrap value. We estimated fair value relying primarily on the cost approach and applied the market approach where comparable sales transaction information was readily available. The cost approach is based on current replacement or reproduction costs of the subject assets less depreciation attributable to physical, functional, and economic factors. The market approach involves gathering data on sales and offerings of similar assets in order to value the subject assets. This approach also includes an assumption for the measurement of the loss in value from physical, functional, and economic factors. The fair value of assets held for sale represent Level 3 fair value measurements (as defined by GAAP), based primarily on the limited availability of market pricing information for either identical or similar items. As of March 31, 2015, management estimates that the fair value of these assets held for sale was $10.3 million. | |
During the first quarter of 2014, we entered into an agreement with the manufacturer of certain equipment, representing approximately 50% of the fair value of assets held for sale, whereby the manufacturer agreed to assist with restoration and marketing efforts, in return for a percentage of the sale proceeds. The agreement is subject to six-month renewal periods; the next option to renew occurs in October 2015. | |
To date, we have not sold, licensed, or leased any of this equipment; however, we continue to actively market the equipment, and believe that the fair value of the assets is recoverable through the eventual sale of this equipment and the other project deliverables. We continue to engage our engineering consulting group to assist with marketing efforts for the assets held for sale. However, the ultimate amount we are able to recover for these assets is dependent upon market interest in the project deliverables and equipment, which may change in the future. The timing of any sales we are able to consummate and the price we are able to obtain may result in a revision to the recorded fair value amount of any remaining assets held for sale. |
LINE_OF_CREDIT
LINE OF CREDIT | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | NOTE 4 – LINE OF CREDIT |
The Company has a credit agreement with Whitney Bank and JPMorgan Chase Bank, N.A. that provides the Company with an $80 million revolving credit facility. The credit facility also allows the Company to use up to the full amount of the available borrowing base for letters of credit. On October 23, 2014, we entered into an amendment to our credit facility to extend the maturity date to December 31, 2015. We intend to renew our line of credit before the maturity date. | |
The credit facility is secured by substantially all of our assets other than real property located in the state of Louisiana. Amounts borrowed under the credit facility bear interest, at our option, at either the prime lending rate established by JPMorgan Chase Bank, N.A. or LIBOR plus 1.5 percent. We pay a fee on a quarterly basis of one-fourth of one percent per annum on the weighted-average unused portion of the credit facility. | |
At March 31, 2015, no amounts were outstanding under the credit facility, and we had outstanding letters of credit totaling $13.5 million, reducing the unused portion of our credit facility to $66.5 million. We are required to maintain certain financial covenants, including a minimum current ratio of 1.25 to 1, a net worth minimum requirement of $254.2 million, debt to net worth ratio of 0.5 to 1, and earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense ratio of 4.0 to 1. As of March 31, 2015, we were in compliance with all covenants. |
CONTRACT_COSTS
CONTRACT COSTS | 3 Months Ended |
Mar. 31, 2015 | |
Contractors [Abstract] | |
CONTRACT COSTS | NOTE 5 – CONTRACT COSTS |
The Company uses the percentage-of-completion accounting method for fabrication contracts. Revenue from fixed-price or unit rate contracts is recognized on the percentage-of-completion method, computed by the efforts-expended method which measures the percentage of labor hours incurred to date as compared to estimated total labor hours to complete each contract. This progress percentage is applied to our estimate of total anticipated gross profit for each contract to determine gross profit earned to date. Revenue recognized in a period for a contract is the amount of gross profit recognized for that period plus labor costs and pass-through costs incurred on the contract during the period. We define pass-through costs as material, freight, equipment rental, and sub-contractor services included in the direct costs of revenue associated with projects. Consequently, pass-through costs are included in revenue but have no impact on the gross profit realized for that particular period. | |
Pass-through costs as a percentage of revenue were 44.7% and 68.9% for the three-month periods ended March 31, 2015 and 2014, respectively. | |
Costs and estimated earnings in excess of billings on uncompleted contracts include unbilled costs of $17.3 million relating to three major customers. Billings in excess of costs and estimated earnings include advances of $7.6 million from three major customers. | |
At March 31, 2015, we included in our estimates to complete, $21.6 million and $0.2 million, respectively, for change orders on two projects which have been approved as to scope but not price. These projects were 76% and 88% complete at March 31, 2015, respectively. We expect to resolve these change orders before the end of the third quarter of 2015. At March 31, 2014, we included in our estimates to complete $5.0 million for change orders on seven projects which were approved as to scope but not price. All unapproved change orders as of March 31, 2014 were subsequently approved in the normal course of business. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
EARNINGS PER SHARE | NOTE 6 – EARNINGS PER SHARE | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
Mar 31, | Mar 31, | ||||||||
2015 | 2014 | ||||||||
Basic: | |||||||||
Numerator: | |||||||||
Net Income | $ | 83 | $ | 3,535 | |||||
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 | |||||||
Net income attributable to common shareholders | $ | 58 | $ | 3,497 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Basic earnings per share - common shareholders | $ | 0 | $ | 0.24 | |||||
Diluted: | |||||||||
Numerator: | |||||||||
Net Income | $ | 83 | $ | 3,535 | |||||
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 | |||||||
Net income attributable to common shareholders | $ | 58 | $ | 3,497 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options | — | — | |||||||
Denominator for dilutive earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Diluted earnings per share - common shareholders | $ | 0 | $ | 0.24 | |||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS |
On April 23, 2015, our Board of Directors declared a dividend of $0.10 per share on the shares of our common stock outstanding, payable May 29, 2015 to shareholders of record on May 15, 2015. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||
Three Months Ended | |||||||||
Mar 31, | Mar 31, | ||||||||
2015 | 2014 | ||||||||
Basic: | |||||||||
Numerator: | |||||||||
Net Income | $ | 83 | $ | 3,535 | |||||
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 | |||||||
Net income attributable to common shareholders | $ | 58 | $ | 3,497 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Basic earnings per share - common shareholders | $ | 0 | $ | 0.24 | |||||
Diluted: | |||||||||
Numerator: | |||||||||
Net Income | $ | 83 | $ | 3,535 | |||||
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 | |||||||
Net income attributable to common shareholders | $ | 58 | $ | 3,497 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options | — | — | |||||||
Denominator for dilutive earnings per share-weighted-average shares | 14,540 | 14,496 | |||||||
Diluted earnings per share - common shareholders | $ | 0 | $ | 0.24 | |||||
Recovered_Sheet1
Contracts Receivable and Retainage - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Long-term Contracts or Programs Disclosure [Line Items] | ||
Contract receivable | $50,312,000 | $80,448,000 |
Allowance for bad debt | 0 | |
Bad debt expense | 400,000 | |
Large Deepwater Customer [Member] | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Receivables, long-term contracts or programs | 10,000,000 | |
Cash settlement with customer | 8,400,000 | |
Contract equipment transferred to property plant and equipment | 1,200,000 | |
Contract equipment, useful life | 15 years | |
Bad debt expense | 400,000 | |
Top 4 Customer [Member] | ||
Long-term Contracts or Programs Disclosure [Line Items] | ||
Contract receivable | $32,800,000 | |
Number of major customers account for 65.3% of contract receivable | 4 | |
Percentage of contract receivable | 65.30% |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ||
Fair value of assets held for sale | $10.30 | |
Percentage of fair value of assets held for sale under sales assistance agreement | 50.00% | |
Renewal term of sales assistance agreement | 6 months |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Revolving credit facility | $80,000,000 |
Revolving credit facility, extended maturity date | 31-Dec-15 |
Revolving credit facility, interest rate above LIBOR | 1.50% |
Revolving credit facility, interest rate description | Amounts borrowed under the credit facility bear interest, at our option, at either the prime lending rate established by JPMorgan Chase Bank, N.A. or LIBOR plus 1.5 percent. |
Revolving credit facility, unused annual commitment fee | 0.25% |
Revolving credit facility, amount outstanding | 0 |
Total outstanding letters of credit | 13,500,000 |
Revolving credit facility, unused portion | 66,500,000 |
Line of credit covenant, debt to net worth | 0.5 |
Line of credit covenant, Earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense ratio | 4 |
Line of credit covenant, minimum net worth required | $254,200,000 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit covenant, current ratio | 1.25 |
Contract_Costs_Additional_Info
Contract Costs - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Project | Project | ||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Pass-through costs as a percentage of revenue | 44.70% | 68.90% | |
Costs and estimated earnings in excess of billings on uncompleted contracts, unbilled costs | $26,194,000 | $26,989,000 | |
Billings in excess of costs and estimated earnings, advances | 13,208,000 | 18,766,000 | |
Estimate to complete projects | 5,000,000 | ||
Number of projects orders changed | 2 | 7 | |
Project One [Member] | |||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Estimate to complete projects | 21,600,000 | ||
Percentage of complete projects | 76.00% | ||
Project Two [Member] | |||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Estimate to complete projects | 200,000 | ||
Percentage of complete projects | 88.00% | ||
Unbilled Contract Costs [Member] | |||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Costs and estimated earnings in excess of billings on uncompleted contracts, unbilled costs | 17,300,000 | ||
Number of major customers | 3 | ||
Contract Advances [Member] | |||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Number of major customers | 3 | ||
Billings in excess of costs and estimated earnings, advances | $7,600,000 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic: | ||
Net income | $83 | $3,535 |
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 |
Net income attributable to common shareholders | 58 | 3,497 |
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 |
Basic earnings per share - common shareholders | $0 | $0.24 |
Diluted: | ||
Net income | 83 | 3,535 |
Less: Distributed and undistributed income (unvested restricted stock) | 25 | 38 |
Net income attributable to common shareholders | $58 | $3,497 |
Denominator for basic earnings per share-weighted-average shares | 14,540 | 14,496 |
Effect of dilutive securities: | ||
Employee stock options | 0 | 0 |
Denominator for dilutive earnings per share-weighted-average shares | 14,540 | 14,496 |
Diluted earnings per share - common shareholders | $0 | $0.24 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 23, 2015 | |
Subsequent Event [Line Items] | |||
Dividends declared per share | $0.10 | $0.10 | |
Dividends declared, date | 23-Apr-15 | ||
Dividends declared, payable date | 29-May-15 | ||
Dividends declared, record date | 15-May-15 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $0.10 |