Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GIFI | |
Entity Registrant Name | GULF ISLAND FABRICATION INC | |
Entity Central Index Key | 1,031,623 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,554,971 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 45,301 | $ 36,085 |
Contracts receivable and retainage, net | 35,347 | 80,448 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 27,226 | 26,989 |
Prepaid expenses and other | 2,438 | 4,510 |
Inventory | 13,346 | 10,140 |
Deferred tax assets | 2,260 | 2,646 |
Income tax receivable | 1,349 | 1,350 |
Assets held for sale | 0 | 10,327 |
Total current assets | 127,267 | 172,495 |
Property, plant and equipment, net | 211,355 | 224,777 |
Other assets | 674 | 671 |
Total assets | 339,296 | 397,943 |
Current liabilities: | ||
Accounts payable | 14,870 | 40,272 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,272 | 18,766 |
Accrued contract losses | 2,184 | 817 |
Accrued employee costs | 8,066 | 7,723 |
Accrued expenses and other liabilities | 2,817 | 5,187 |
Total current liabilities | 33,209 | 72,765 |
Deferred tax liabilities | 33,530 | 39,380 |
Total liabilities | 66,739 | 112,145 |
Shareholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, no par value, 20,000,000 shares authorized, 14,542,971 issued and outstanding at September 30, 2015 and 14,539,104 at December 31, 2014, respectively | 10,275 | 10,090 |
Additional paid-in capital | 95,496 | 93,828 |
Retained earnings | 166,786 | 181,880 |
Total shareholders’ equity | 272,557 | 285,798 |
Total liabilities and shareholders’ equity | $ 339,296 | $ 397,943 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in dollars per share) | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | ||
Preferred stock, shares outstanding (in shares) | ||
Common stock, no par value (in dollars per share) | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,542,971 | 14,539,104 |
Common stock, shares outstanding (in shares) | 14,542,971 | 14,539,104 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 67,531 | $ 118,020 | $ 251,102 | $ 381,879 |
Cost of revenue | 75,368 | 103,367 | 248,686 | 348,131 |
Gross (loss) profit | (7,837) | 14,653 | 2,416 | 33,748 |
General and administrative expenses | 3,798 | 3,307 | 11,817 | 10,553 |
Asset impairment | 6,600 | 0 | 6,600 | 0 |
Operating (loss) income | (18,235) | 11,346 | (16,001) | 23,195 |
Other income (expense): | ||||
Interest expense | (39) | (23) | (126) | (72) |
Interest income | 8 | 1 | 21 | 6 |
Other income (expense) | 0 | (2) | 20 | (98) |
Total other income (expense) | (31) | (24) | (85) | (164) |
(Loss) income before income taxes | (18,266) | 11,322 | (16,086) | 23,031 |
Income taxes | (6,129) | 3,736 | (5,389) | 7,600 |
Net (loss) income | $ (12,137) | $ 7,586 | $ (10,697) | $ 15,431 |
Per share data: | ||||
Basic and diluted (loss) earnings per share - common shareholders | $ (0.84) | $ 0.52 | $ (0.74) | $ 1.05 |
Cash dividend declared per common share | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.3 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | $ (10,697) | (10,697) | ||
Vesting of restricted stock | (10) | $ (1) | (9) | |
Vesting of restricted stock, (in shares) | 3,867 | |||
Compensation expense restricted stock | 1,863 | $ 186 | 1,677 | |
Dividends on common stock | (4,397) | (4,397) | ||
Ending Balance at Sep. 30, 2015 | $ 272,557 | $ 10,275 | $ 95,496 | $ 166,786 |
Ending Balance, (in shares) at Sep. 30, 2015 | 14,542,971 | 14,542,971 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (10,697) | $ 15,431 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Bad debt expense (recovery) | 400 | (475) |
Depreciation | 19,674 | 19,693 |
Asset impairment | 6,600 | 0 |
(Gain) loss on sale of asset | (10) | 85 |
Deferred income taxes | (5,464) | 6,945 |
Compensation expense - restricted stock | 1,863 | 917 |
Changes in operating assets and liabilities: | ||
Contracts receivable and retainage | 43,501 | 16,878 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (237) | 2,924 |
Prepaid expenses and other assets | 2,072 | 1,874 |
Inventory | 508 | 869 |
Accounts payable | (25,402) | (31,779) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (13,494) | (15,186) |
Accrued employee costs | 343 | 949 |
Accrued expenses | (2,369) | 136 |
Accrued contract losses | 1,367 | 412 |
Current income taxes | 0 | 642 |
Net cash provided by operating activities | 18,655 | 20,315 |
Cash flows from investing activities: | ||
Capital expenditures | (5,052) | (26,712) |
Proceeds on the sale of equipment | 10 | 934 |
Net cash used in investing activities | (5,042) | (25,778) |
Cash flows from financing activities: | ||
Borrowings against line of credit | 0 | 22,000 |
Payments on line of credit | 0 | (22,000) |
Payments of dividends on common stock | (4,397) | (4,399) |
Net cash used in financing activities | (4,397) | (4,399) |
Net change in cash and cash equivalents | 9,216 | (9,862) |
Cash and cash equivalents at beginning of period | 36,085 | 36,569 |
Cash and cash equivalents at end of period | $ 45,301 | $ 26,707 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 and nine months ended September 30, 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 RETAIN
CONTRACTS RECEIVABLE AND RETAINAGE | 9 Months Ended |
Sep. 30, 2015 | |
Contractors [Abstract] | |
CONTRACTS RECEIVABLE AND RETAINAGE | 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 September 30, 2015 , $15.4 million , or 43.7% , is with two customers. The significant projects for these two customers consist of: • a large deepwater jacket, piles and topside; and • two separate projects with fabrication and installation of offshore skids. At September 30, 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 September 30, 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 nine months ended September 30, 2015 . The remaining $0.4 million balance was charged to bad debt expense and was included in general and administrative expenses for the nine months ended September 30, 2015 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company bases its fair value determinations by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1-inputs are based upon quoted prices for identical instruments traded in active markets. • Level 2-inputs are based upon quoted prices for similar instruments in active markets and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. These include discounted cash flow models and similar valuation techniques. Recurring fair value measurements and financial instruments - The carrying amounts that we have reported for financial instruments, including cash and cash equivalents, accounts receivables and accounts payables approximate their fair values. Assets held for sale - Assets held for sale consists of a partially constructed topside, related valves, piping 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 the estimated costs to sell. We previously determined the fair value of these assets with the assistance of third party valuation specialists, 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. To date, we have not sold, licensed, or leased any of this equipment. While we have not discontinued our programs to identify buyers for our assets held for sale, due to the sustained downturn in the energy sector, our ability to effectively market these assets held for sale has been significantly limited. In addition, during the third quarter, we learned that a potential buyer is no longer expressing interest in the assets. As a result, during the third quarter 2015, we reassessed our estimate of fair value and recorded an impairment of $ 6.6 million , and reclassified the asset’s net realizable value of $ 3.7 million to inventory based on the estimated scrap value of these materials. We intend to use this inventory on future construction projects at our various fabrication facilities. Inventory consists of materials and production supplies and is stated at the lower of cost or market. No impairment charges were recognized during the comparable periods during 2014. We have determined that our impairment of assets held for sale is a non-recurring fair value measurement that falls within Level 3 of the fair value hierarchy. |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | LINE OF CREDIT The Company has an $80 million revolving credit facility with Whitney Bank and JPMorgan Chase Bank, N.A. maturing December 31, 2015 . The credit facility is used to manage working capital needs and for the issuance of letters of credit in the ordinary course of business. Under the credit facility we may utilize up to the full amount of the available borrowing base for borrowings and letters of credit. At September 30, 2015 , no amounts were outstanding under the credit facility, and we had outstanding letters of credit totaling $20.5 million , reducing the unused portion of our credit facility to $59.5 million . 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. We are required to maintain certain financial covenants, including: • a minimum current ratio of 1.25 to 1; • a net worth minimum requirement of $254.8 million ; • debt to net worth ratio of 0.5 to 1; and • an earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense ratio of 4.0 to 1. As of September 30, 2015 , we were in compliance with all covenants. We intend to renew our credit facility through December 2016 during the fourth quarter of 2015. |
CONTRACT COSTS
CONTRACT COSTS | 9 Months Ended |
Sep. 30, 2015 | |
Contractors [Abstract] | |
CONTRACT COSTS | 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 using the percentage of labor hours incurred 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 45.3% and 42.6% for the three months ended September 30, 2015 , and 2014 , respectively. Pass-through costs as a percentage of revenue were 43.2% and 47.8% for the nine months ended September 30, 2015 and 2014 , respectively. Costs and estimated earnings in excess of billings on uncompleted contracts at September 30, 2015 , include unbilled costs of $16.4 million relating to four major customers. Billings in excess of costs and estimated earnings at September 30, 2015 , include advances of $3.4 million from three major customers. Revenues and gross profit on contracts can be significantly affected by change orders and claims that may not be ultimately negotiated until the later stages of the contract including after the contract has been completed and delivery occurs. During the quarter ended September 30, 2015 , we recorded contract losses of $ 14.3 million as a result of our inability to recover certain costs related to a deck and jacket for one of our large deepwater projects. We are currently in negotiations with this customer concerning change orders with respect to the adjusted amounts due under this contract. Our intention is to resolve the disputed cost amounts and finalize the change orders with our customer during the fourth quarter of 2015; however, we can give no assurance that these negotiations will conclude or that the change orders will be finalized during the fourth quarter of 2015. While we believe we will be able to recover the remaining costs and estimated earnings for this project reflected on our consolidated balance sheet at September 30, 2015 , we can provide no assurance that the amounts ultimately recovered from our customer will not differ materially from the amounts recorded in our financial statements as of September 30, 2015 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY Earnings per Share: The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Basic and diluted: Numerator: Net (loss) Income $ (12,137 ) $ 7,586 $ (10,697 ) $ 15,431 Less: Distributed and undistributed income (unvested restricted stock) 24 79 71 157 Net (loss) income attributable to common shareholders $ (12,161 ) $ 7,507 $ (10,768 ) $ 15,274 Denominator: Denominator for basic earnings per share-weighted-average shares 14,543 14,506 14,541 14,501 Effect of dilutive securities: Employee stock options — — — — Denominator for dilutive (loss) earnings per share-weighted-average shares 14,543 14,506 14,541 14,501 Basic and diluted (loss) earnings per share - common shareholders $ (0.84 ) $ 0.52 $ (0.74 ) $ 1.05 Stock Repurchase Plan: On July 30, 2015, our Board of Directors authorized the Company to repurchase up to $10.0 million in shares of our common stock under a share repurchase program that remains in effect through July 30, 2017. Repurchases may be effected through open market purchases or in privately negotiated transactions at such times and in such amounts as management deems appropriate, depending on market conditions and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. To date, we have made no repurchases of our common stock. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On October 29, 2015 , our Board of Directors declared a dividend of $ 0.10 per share on our shares of common stock outstanding, payable November 27, 2015 to shareholders of record on November 13, 2015 . |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Basic and diluted: Numerator: Net (loss) Income $ (12,137 ) $ 7,586 $ (10,697 ) $ 15,431 Less: Distributed and undistributed income (unvested restricted stock) 24 79 71 157 Net (loss) income attributable to common shareholders $ (12,161 ) $ 7,507 $ (10,768 ) $ 15,274 Denominator: Denominator for basic earnings per share-weighted-average shares 14,543 14,506 14,541 14,501 Effect of dilutive securities: Employee stock options — — — — Denominator for dilutive (loss) earnings per share-weighted-average shares 14,543 14,506 14,541 14,501 Basic and diluted (loss) earnings per share - common shareholders $ (0.84 ) $ 0.52 $ (0.74 ) $ 1.05 |
Contracts Receivable and Reta15
Contracts Receivable and Retainage - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($)CustomerProject | Dec. 31, 2014USD ($) | |
Long-term Contracts or Programs Disclosure [Line Items] | |||
Contract receivable | $ 35,347,000 | $ 80,448,000 | |
Number of projects for one major customer | Project | 2 | ||
Allowance for bad debt | $ 0 | ||
Large Deepwater Customer | |||
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 (recovery) | $ 400,000 | ||
Top 4 Customer | |||
Long-term Contracts or Programs Disclosure [Line Items] | |||
Contract receivable | $ 15,400,000 | ||
Percentage of contract receivable | 43.70% | ||
Number of major customers, receivables | Customer | 2 |
Fair Value Measurement - Proper
Fair Value Measurement - Property, Plant, and Equipment Reclassified (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Asset impairment | $ 6,600 | $ 0 | $ 6,600 | $ 0 |
Reclassification from assets held for sale to inventory | $ 3,700 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving credit facility | $ 80,000,000 |
Revolving credit facility, extended maturity date | Dec. 31, 2015 |
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, amount outstanding | $ 0 |
Total outstanding letters of credit | 20,500,000 |
Revolving credit facility, unused portion | $ 59,500,000 |
Revolving credit facility, interest rate above LIBOR | 1.50% |
Revolving credit facility, unused annual commitment fee | 0.25% |
Line of credit covenant, minimum net worth required | $ 254,800,000 |
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 |
Minimum | |
Line of Credit Facility [Line Items] | |
Line of credit covenant, current ratio | 1.25 |
Contract Costs - Additional Inf
Contract Costs - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Customer | Sep. 30, 2014 | Sep. 30, 2015USD ($)Customer | Sep. 30, 2014 | Dec. 31, 2014USD ($) | |
Long-term Contracts or Programs Disclosure [Line Items] | |||||
Pass-through costs as a percentage of revenue | 45.30% | 42.60% | 43.20% | 47.80% | |
Costs and estimated earnings in excess of billings on uncompleted contracts, unbilled costs | $ 27,226 | $ 27,226 | $ 26,989 | ||
Billings in excess of costs and estimated earnings, advances | 5,272 | 5,272 | $ 18,766 | ||
Large Deepwater Customer | |||||
Long-term Contracts or Programs Disclosure [Line Items] | |||||
Loss on contracts | 14,300 | ||||
Unbilled Contract Costs | |||||
Long-term Contracts or Programs Disclosure [Line Items] | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts, unbilled costs | $ 16,400 | $ 16,400 | |||
Number of major customers | Customer | 4 | 4 | |||
Contract Advances | |||||
Long-term Contracts or Programs Disclosure [Line Items] | |||||
Number of major customers | Customer | 3 | 3 | |||
Billings in excess of costs and estimated earnings, advances | $ 3,400 | $ 3,400 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic and diluted: | ||||
Net loss | $ (12,137) | $ 7,586 | $ (10,697) | $ 15,431 |
Less: Distributed and undistributed income (unvested restricted stock) | 24 | 79 | 71 | 157 |
Net (loss) income attributable to common shareholders | $ (12,161) | $ 7,507 | $ (10,768) | $ 15,274 |
Denominator for basic earnings per share-weighted-average shares | 14,543 | 14,506 | 14,541 | 14,501 |
Effect of dilutive securities: | ||||
Employee stock options | 0 | 0 | 0 | 0 |
Denominator for dilutive (loss) earnings per share-weighted-average shares | 14,543 | 14,506 | 14,541 | 14,501 |
Basic and diluted (loss) earnings per share - common shareholders | $ (0.84) | $ 0.52 | $ (0.74) | $ 1.05 |
EARNINGS PER SHARE Earnings Per
EARNINGS PER SHARE Earnings Per Share - Stock Repurchase Plan (Details) | Jul. 30, 2015USD ($) |
Earnings Per Share [Abstract] | |
Stock repurchase program, authorized amount | $ 10,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Oct. 29, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.3 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared, date | Oct. 29, 2015 | ||||
Dividends declared per share | $ 0.10 | ||||
Dividends declared, payable date | Nov. 27, 2015 | ||||
Dividends declared, record date | Nov. 13, 2015 |