Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | HBP |
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC |
Entity Central Index Key | 1,093,082 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 24,885,265 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 175.1 | $ 168.7 | $ 322.5 | $ 304 |
Cost of sales | 139.5 | 135.2 | 258.4 | 244 |
Gross margin | 35.6 | 33.5 | 64.1 | 60 |
Operating expenses | 30 | 29.4 | 57.9 | 56.1 |
Gain on disposal of assets | (0.4) | 0 | (0.4) | 0 |
Operating income | 6 | 4.1 | 6.6 | 3.9 |
Interest expense, net | 0.6 | 0.7 | 1.1 | 1.3 |
Income from continuing operations before income taxes | 5.4 | 3.4 | 5.5 | 2.6 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Income from continuing operations | 5.4 | 3.4 | 5.5 | 2.6 |
Loss from discontinued operations, net of taxes | (0.3) | (0.2) | (0.4) | (3.4) |
Net income (loss) | $ 5.1 | $ 3.2 | $ 5.1 | $ (0.8) |
Net income from continuing operations per share - basic and diluted | $ 0.21 | $ 0.14 | $ 0.22 | $ 0.11 |
Net loss from discontinued operations per share - basic and diluted | (0.01) | (0.01) | (0.02) | (0.14) |
Net income (loss) per share - basic and diluted | $ 0.20 | $ 0.13 | $ 0.20 | $ (0.03) |
Weighted average shares outstanding: | ||||
Basic shares outstanding | 24.1 | 23.6 | 24 | 23.4 |
Diluted shares outstanding | 24.1 | 23.6 | 24 | 23.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 2.5 | $ 0.5 | $ 3.5 |
Trade accounts receivable, net | 72 | 48.9 | 69.4 |
Inventories | 76.2 | 67.4 | 77.4 |
Other current assets | 6.8 | 7.8 | 6.5 |
Total current assets | 157.5 | 124.6 | 156.8 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 4.3 | 4.3 | 4.3 |
Buildings and improvements | 25.9 | 25.4 | 24.6 |
Machinery and equipment | 36.4 | 36 | 34.9 |
Gross property, plant and equipment | 66.6 | 65.7 | 63.8 |
Less accumulated depreciation | 49.9 | 48.8 | 47.4 |
Property, plant and equipment, net | 16.7 | 16.9 | 16.4 |
OTHER ASSETS: | |||
Goodwill | 6.3 | 6.3 | 6.3 |
Other | 2 | 2.2 | 2.3 |
Deferred income taxes | 7.8 | 8 | 7.7 |
Total other assets | 16.1 | 16.5 | 16.3 |
TOTAL ASSETS | 190.3 | 158 | 189.5 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 0.8 | 1.3 | 0.6 |
Trade accounts payable | 53.7 | 39.4 | 52 |
Deferred income taxes | 7.8 | 8 | 7.7 |
Accrued compensation | 3.8 | 4 | 2.9 |
Other accrued liabilities | 11.9 | 13.4 | 11.8 |
Total current liabilities | 78 | 66.1 | 75 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 77.5 | 62.4 | 88.3 |
Other non-current liabilities | 3.8 | 3.8 | 4.2 |
Total non-current liabilities | $ 81.3 | $ 66.2 | $ 92.5 |
SHAREHOLDERS' EQUITY: | |||
Preferred shares; $.01 par (5,000,000 shares authorized) | |||
Common shares; $.01 par (50,000,000 shares authorized: 24,885,265; 24,556,536; and 24,572,371 shares issued at June 30, 2015, December 31, 2014 and June 30, 2014, respectively) | $ 0.2 | $ 0.2 | $ 0.2 |
Additional paid-in capital | 40.6 | 40.4 | 39.7 |
Accumulated deficit | (9.8) | (14.9) | (17.9) |
Total shareholders' equity | 31 | 25.7 | 22 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 190.3 | $ 158 | $ 189.5 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,885,265 | 24,556,536 | 24,572,371 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities: | ||||
Net income (loss) | $ 5.1 | $ 3.2 | $ 5.1 | $ (0.8) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Net loss from discontinued operations | 0.3 | 0.2 | 0.4 | 3.4 |
Depreciation and amortization | 0.8 | 0.7 | 1.5 | 1.5 |
Non-cash interest expense | 0.1 | 0.1 | 0.2 | 0.2 |
Stock-based compensation | 0.4 | 0.4 | 0.8 | 0.7 |
Gain on disposal of assets | (0.4) | 0 | (0.4) | 0 |
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | (4.7) | (9.2) | (23.5) | (25.1) |
Inventories | 3.9 | (2.3) | (10.4) | (10.7) |
Trade accounts payable | (6.6) | (0.6) | 14.3 | 11.2 |
Other | 1.2 | (0.3) | (1.2) | (1.9) |
Total cash provided by (used in) operating activities | 0.1 | (7.8) | (13.2) | (21.5) |
Cash Flows From Investing Activities: | ||||
Capital expenditures | (0.7) | (0.6) | (0.9) | (0.9) |
Proceeds from disposition of capital assets | 2.4 | 0 | 2.4 | 0 |
Total cash provided by (used in) investing activities | 1.7 | (0.6) | 1.5 | (0.9) |
Cash Flows From Financing Activities: | ||||
Borrowings of debt, net | 0 | 9.5 | 14.3 | 26.1 |
Repurchase shares of common stock | 0 | 0 | (0.6) | (0.8) |
Total cash provided by financing activities | 0 | 9.5 | 13.7 | 25.3 |
Net increase in cash and equivalents | 1.8 | 1.1 | 2 | 2.9 |
Cash and equivalents, beginning of period | 0.7 | 2.4 | 0.5 | 0.6 |
Cash and equivalents, end of period | 2.5 | 3.5 | 2.5 | 3.5 |
Supplemental Disclosure of Cash Flow Information: | ||||
Interest paid | 0.5 | 0.6 | 0.9 | 1.2 |
Income taxes paid | $ 0 | $ 0.1 | $ 0.1 | $ 0.1 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Huttig Building Products, Inc. and Subsidiary (the “Company” or “Huttig”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated results of operations and resulting cash flows for the interim periods presented are not necessarily indicative of the results that might be expected for the full year. Due to the seasonal nature of Huttig’s business, operating profitability is usually lower in the Company’s first and fourth quarters than in the second and third quarters. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income | 2. COMPREHENSIVE INCOME Comprehensive income refers to net income adjusted by gains and losses that in conformity with GAAP are excluded from net income. Other comprehensive items are amounts that are included in shareholders’ equity in the condensed consolidated balance sheets. The Company has no comprehensive income (loss) items and therefore the comprehensive net income (loss) is equal to net income (loss) for all periods presented. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 3. DEBT Debt consisted of the following (in millions): June 30, December 31, June 30, 2015 2014 2014 Revolving credit facility $ 75.9 $ 60.8 $ 87.3 Other obligations 2.4 2.9 1.6 Total debt 78.3 63.7 88.9 Less current portion 0.8 1.3 0.6 Long-term debt $ 77.5 $ 62.4 $ 88.3 Credit Agreement — The Company has a $160.0 million asset-based senior secured revolving credit facility (“credit facility”). Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets, and the Company is subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. The entire unpaid balance under the credit facility is due and payable on May 28, 2019. At June 30, 2015, under the credit facility, the Company had revolving credit borrowings of $75.9 million outstanding at a weighted average interest rate of 2.09% per annum, letters of credit outstanding totaling $3.0 million, primarily for health and workers’ compensation insurance and $59.1 million of additional committed borrowing capacity. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $2.4 million of capital lease and other obligations outstanding at June 30, 2015. The sole financial covenant in the credit facility is the fixed charge coverage ratio (“FCCR”) of 1.05:1.00 which must be tested by the Company if the excess borrowing availability falls below a range of $12.5 million to $20.0 million, depending on the Company’s borrowing base, and must also be tested on a pro forma basis prior to consummation of certain significant business transactions outside the ordinary course of the Company’s business, as defined in the credit agreement. The Company believes that cash generated from its operations and funds available under the credit facility will provide sufficient funds to meet the operating needs of the Company for at least the next twelve months. However, if the Company’s availability falls below the required threshold and the Company does not meet the minimum FCCR, its lenders would have the right to terminate the loan commitments and accelerate the repayment of the entire amount outstanding under the credit facility. The lenders could also foreclose on the Company’s assets that secure the credit facility. In that event, the Company would be forced to seek alternative sources of financing, which may not be available on terms acceptable to it, or at all. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 4. CONTINGENCIES The Company carries insurance policies on insurable risks with coverage and other terms that it believes to be appropriate. The Company generally has self-insured retention limits and has obtained fully insured layers of coverage above such self-insured retention limits. Accruals for self-insurance losses are made based on claims experience. Liabilities for existing and unreported claims are accrued for when it is probable that future costs will be incurred and can be reasonably estimated. As described in Note 7 — “Commitments and Contingencies” to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, Huttig was previously identified as a potentially responsible party in connection with the cleanup of contamination at a formerly owned property in Montana. The following information supplements and updates the Company’s prior disclosure. On February 18, 2015, the Montana Department of Environmental Quality (the “DEQ”) issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its Record of Decision (the “ROD”). The Company submitted a work plan to the DEQ to implement the ROD and it is currently under review by the DEQ. Under the ROD, the DEQ estimated the remediation costs of the property to be $8.3 million. Based on the Company’s review of the ROD, including discussions with third-party specialists, the Company has accrued $3.7 million at June 30, 2015 and December 31, 2014 with respect to the contingent liability. The Company believes this accrual represents a reasonable estimate of its expected remaining costs of remediation in light of current facts and circumstances. However, the ultimate amount of remediation expenditures is difficult to estimate. There is uncertainty regarding the implementation of the final remediation. As part of the remediation process, additional soil and groundwater sampling, bench and pilot testing is required to ensure the remediation will achieve the projected outcome required by the DEQ. The Company considered in its estimate, among other things, discussions with the DEQ, including the utilization of alternative remediation methods. Potential indemnification or other claims we may be able to assert against third parties and possible insurance coverage have also been considered but any potential recoveries have not been recognized at this time. Since the top end of the range of our potential remediation costs for the property is unknown, our actual remediation expenses ultimately incurred could exceed our accrual by a material amount which could have a material adverse effect on our future liquidity, financial condition or operating results in any period in which any such additional expenses are recognized. On June 29, 2015, certain private plaintiffs owning properties adjacent to the Montana site sued the Company in the Montana Fourth Judicial District Court seeking remediation of the property in excess of what is contemplated by the ROD and other damages. The Company has not yet been served, but plans to defend the lawsuit vigorously. The Company has filed a declaratory action against certain liability insurers seeking, inter alia, defense and indemnification for the costs of implementing the final remediation activities associated with the Montana property and defense and indemnification costs associated with the related lawsuit described above. This case currently is pending in the United States District Court for the Eastern District of Missouri. A trial date has been set for August 21, 2017. In addition, some of the Company’s current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which the Company, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of its distribution center locations. The Company accrues expenses for contingencies when it is probable that an asset has been impaired or a liability has been incurred and management can reasonably estimate the expense. Contingencies for which the Company has made accruals include environmental, product liability and other legal matters. It is possible, however, that actual expenses could exceed our accrual by a material amount which could have a material adverse effect on Huttig’s future liquidity, financial condition or operating results in the period in which any such additional expenses are incurred. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. EARNINGS PER SHARE The Company calculates its basic income per share by dividing net income allocated to common shares outstanding by the weighted average number of common shares outstanding. Holders of unvested shares of restricted stock participate in dividends on the same basis as common shares. As a result, these share-based awards meet the definition of participating securities and the Company applies the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In periods in which the Company has net losses, the losses are not allocated to participating securities because the participating security holders are not obligated to share in such losses. The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocated to participating shareholders $ 0.2 $ 0.2 $ 0.2 $ 0.1 Number of participating securities 1.0 1.2 1.1 1.3 The diluted earnings per share calculations include the effect of the assumed exercise using the treasury stock method for both stock options and unvested restricted stock units, except when the effect would be anti-dilutive. The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted-average number of common shares-basic 24.1 23.6 24.0 23.4 Dilutive potential common shares — — — 0.1 Weighted-average number of common shares-dilutive 24.1 23.6 24.0 23.5 The calculation of diluted earnings (loss) per common share for the periods ended June 30, 2015 and June 30, 2014 excludes the impact of antidilutive stock options and restricted stock units. The Company has 0.1 million stock options outstanding at June 30, 2015, which were all antidilutive. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES Huttig recognized no income tax expense or benefit in the six-month periods ended June 30, 2015 and June 30, 2014. At June 30, 2015, the Company had gross deferred tax assets of $36.9 million and a valuation allowance of $28.1 million netting to deferred tax assets of $8.8 million. The Company had deferred tax liabilities of $8.8 million at June 30, 2015. After classifying $1.0 million of short-term deferred tax assets against short-term deferred tax liabilities, the Company had current net deferred tax liabilities of $7.8 million, as well as long-term deferred tax assets of $7.8 million at June 30, 2015. The Company expects its deferred tax liabilities to be settled with utilization of its deferred tax assets. The deferred tax liabilities enable the Company to partially utilize the deferred tax assets at June 30, 2015, and the balance of the deferred tax assets are covered by the Company’s valuation allowance. The Company is not relying on future pre-tax income at June 30, 2015 to support the utilization of the deferred tax assets. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Employee Compensation | 7. STOCK-BASED EMPLOYEE COMPENSATION The Company recognized $0.8 million and $0.7 million in non-cash stock-based compensation expense in each of the six-month periods ended June 30, 2015 and June 30, 2014, respectively. During the first six months of 2015, the Company granted an aggregate of 500,468 shares of restricted stock at a fair market value of $3.19 per share under its 2005 Executive Incentive Compensation Plan, as amended. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date. During the first six months of 2015, the Company granted 90,820 shares of restricted stock under its 2005 Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $3.52 per share. The directors’ restricted shares vest on the date of the 2016 Annual Meeting. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of June 30, 2015 and 2014, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $2.6 million and $2.5 million, respectively. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): June 30, December 31, June 30, 2015 2014 2014 Revolving credit facility $ 75.9 $ 60.8 $ 87.3 Other obligations 2.4 2.9 1.6 Total debt 78.3 63.7 88.9 Less current portion 0.8 1.3 0.6 Long-term debt $ 77.5 $ 62.4 $ 88.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Number of Participating Securities and Earning Allocations to those Securities | The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Earnings allocated to participating shareholders $ 0.2 $ 0.2 $ 0.2 $ 0.1 Number of participating securities 1.0 1.2 1.1 1.3 |
Summary of Diluted Earning Per Share | The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted-average number of common shares-basic 24.1 23.6 24.0 23.4 Dilutive potential common shares — — — 0.1 Weighted-average number of common shares-dilutive 24.1 23.6 24.0 23.5 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 75.9 | $ 60.8 | $ 87.3 |
Other obligations | 2.4 | 2.9 | 1.6 |
Total debt | 78.3 | 63.7 | 88.9 |
Less current portion | 0.8 | 1.3 | 0.6 |
Long-term debt | $ 77.5 | $ 62.4 | $ 88.3 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Line of Credit Facility [Line Items] | |||
Revolving credit borrowing | $ 75,900,000 | $ 60,800,000 | $ 87,300,000 |
Weighted average interest rate | 2.09% | ||
Letters of credit outstanding | $ 3,000,000 | ||
Additional committed borrowing capacity | $ 59,100,000 | ||
Unused commitment fees | 0.25% | ||
Capital lease and other obligations | $ 2,400,000 | $ 2,900,000 | $ 1,600,000 |
Fixed charge coverage ratio of credit facility | 1.05% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio | $ 12,500,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio | 20,000,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Asset based senior secured revolving credit | $ 160,000,000 | ||
Credit facility maturity date | May 28, 2019 | ||
Revolving credit borrowing | $ 75,900,000 | ||
Amended Amortization on Real Estate Component of Borrowing Base [Member] | |||
Line of Credit Facility [Line Items] | |||
Amortization on real estate component of borrowing base | 12 years 6 months |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Estimated total costs to remediate property | $ 8.3 | |
Total accrual for reasonably estimable remediation cost | $ 3.7 | $ 3.7 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Earnings allocated to participating shareholders | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.1 |
Number of participating securities | 1 | 1.2 | 1.1 | 1.3 |
Earnings Per Share - Summary 19
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of common shares-basic | 24.1 | 23.6 | 24 | 23.4 |
Dilutive potential common shares | 0 | 0 | 0 | 0.1 |
Weighted-average number of common shares-dilutive | 24.1 | 23.6 | 24 | 23.5 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) shares in Millions | 6 Months Ended |
Jun. 30, 2015shares | |
Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive shares not included in the computation of basic and diluted income per share | 0.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense or benefit | $ 0 | $ 0 | $ 0 | $ 0 | |
Gross deferred tax assets | 36.9 | 36.9 | |||
Valuation allowance for net deferred tax assets | 28.1 | 28.1 | |||
Net deferred tax assets | 8.8 | 8.8 | |||
Deferred tax liabilities | 8.8 | 8.8 | |||
Short term deferred tax liabilities | 1 | 1 | |||
Current net deferred tax liabilities | 7.8 | 7.7 | 7.8 | 7.7 | $ 8 |
Long term deferred tax assets | $ 7.8 | $ 7.7 | $ 7.8 | $ 7.7 | $ 8 |
Stock-Based Employee Compensa22
Stock-Based Employee Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Installment$ / sharesshares | Jun. 30, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.7 |
Number of installments of restricted shares | Installment | 3 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense of restricted stock | $ | $ 2.6 | $ 2.5 | $ 2.6 | $ 2.5 |
2005 Executive Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock shares granted | 500,468 | |||
Fair market value of restricted shares granted | $ / shares | $ 3.19 | |||
2005 Non-Employee Directors Restricted Stock Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock shares granted | 90,820 | |||
Fair market value of restricted shares granted | $ / shares | $ 3.52 |