Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PROVIDENCE SERVICE CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 13,961,932 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001220754 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $105,840 | $98,995 |
Accounts receivable, net of allowance of $3.9 million in 2014 and $4.2 million in 2013 | 100,275 | 88,315 |
Other receivables | 5,624 | 6,607 |
Prepaid expenses and other | 8,560 | 11,831 |
Restricted cash | 2,883 | 3,772 |
Deferred tax assets | 2,932 | 2,152 |
Total current assets | 226,114 | 211,672 |
Property and equipment, net | 33,321 | 32,709 |
Goodwill | 113,154 | 113,263 |
Intangible assets, net | 41,831 | 43,476 |
Other assets | 8,869 | 11,681 |
Restricted cash, less current portion | 11,433 | 11,957 |
Total assets | 434,722 | 424,758 |
Current liabilities: | ' | ' |
Current portion of long-term obligations | 49,000 | 48,250 |
Accounts payable | 5,314 | 3,904 |
Accrued expenses | 59,916 | 52,484 |
Accrued transportation costs | 54,864 | 54,962 |
Deferred revenue | 3,818 | 3,687 |
Reinsurance liability reserve | 7,694 | 10,778 |
Total current liabilities | 180,606 | 174,065 |
Long-term obligations, less current portion | 74,500 | 75,250 |
Other long-term liabilities | 13,313 | 15,359 |
Deferred tax liabilities | 8,894 | 9,447 |
Total liabilities | 277,313 | 274,121 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders' equity | ' | ' |
Common stock: Authorized 40,000,000 shares; $0.001 par value; 14,556,544 and 14,477,312 issued and outstanding (including treasury shares) | 15 | 14 |
Additional paid-in capital | 195,581 | 194,363 |
Accumulated deficit | -27,354 | -33,641 |
Accumulated other comprehensive loss, net of tax | -1,683 | -1,419 |
Treasury shares, at cost, 973,564 and 956,442 shares | -16,111 | -15,641 |
Total Providence stockholders' equity | 150,448 | 143,676 |
Non-controlling interest | 6,961 | 6,961 |
Total stockholders' equity | 157,409 | 150,637 |
Total liabilities and stockholders' equity | $434,722 | $424,758 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance (in Dollars) | $3,900 | $4,200 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 14,556,544 | 14,477,312 |
Common stock, shares outstanding | 14,556,544 | 14,477,312 |
Treasury shares, shares | 973,564 | 956,442 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Revenues | $289,403 | $281,487 |
Operating expenses: | ' | ' |
Cost of non-emergency transportation services | 175,230 | 176,684 |
Client service expense | 84,748 | 75,517 |
General and administrative expense | 13,617 | 12,452 |
Depreciation and amortization | 3,728 | 3,729 |
Total operating expenses | 277,323 | 268,382 |
Operating income | 12,080 | 13,105 |
Other expense: | ' | ' |
Interest expense, net | 1,585 | 1,751 |
Income before income taxes | 10,495 | 11,354 |
Provision for income taxes | 4,208 | 4,676 |
Net income | 6,287 | 6,678 |
Earnings per common share: | ' | ' |
Basic (in Dollars per share) | $0.45 | $0.51 |
Diluted (in Dollars per share) | $0.44 | $0.49 |
Weighted-average number of common shares outstanding: | ' | ' |
Basic (in Shares) | 13,801,456 | 13,148,717 |
Diluted (in Shares) | 15,257,577 | 14,507,367 |
NET Services [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 198,077 | 193,133 |
Operating expenses: | ' | ' |
Operating income | 16,695 | 11,287 |
Human Services [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 91,326 | 88,354 |
Operating expenses: | ' | ' |
Operating income | ($4,615) | $1,818 |
Condesed_Consolidated_Statemen
Condesed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $6,287 | $6,678 |
Other comprehensive loss: | ' | ' |
Foreign currency translation adjustments | -264 | -160 |
Comprehensive income | $6,023 | $6,518 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income | $6,287 | $6,678 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 2,103 | 1,934 |
Amortization | 1,625 | 1,795 |
Provision for doubtful accounts | 557 | 558 |
Stock based compensation | 408 | 918 |
Deferred income taxes | -1,333 | -21 |
Amortization of deferred financing costs | 214 | 264 |
Excess tax benefit upon exercise of stock options | -323 | -158 |
Other non-cash charges | 35 | 22 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -12,534 | 8,905 |
Other receivables | 984 | 10 |
Restricted cash | -111 | -410 |
Prepaid expenses and other | 6,049 | -287 |
Reinsurance liability reserve | -1,950 | -1,948 |
Accounts payable and accrued expenses | 8,862 | 11,349 |
Accrued transportation costs | -98 | -2,059 |
Deferred revenue | 131 | 2,322 |
Other long-term liabilities | -3,060 | -71 |
Net cash provided by operating activities | 7,846 | 29,801 |
Investing activities | ' | ' |
Purchase of property and equipment | -2,723 | -1,438 |
Net increase (decrease) in short-term investments | -5 | -8 |
Restricted cash for reinsured claims losses | 1,525 | 46 |
Net cash used in investing activities | -1,203 | -1,400 |
Financing activities | ' | ' |
Repurchase of common stock, for treasury | -470 | -384 |
Proceeds from common stock issued pursuant to stock option exercise | 506 | 1,878 |
Excess tax benefit upon exercise of stock options | 323 | 158 |
Repayment of long-term debt | ' | -2,750 |
Capital lease payments | -2 | -3 |
Net cash provided by (used in) financing activities | 357 | -1,101 |
Effect of exchange rate changes on cash | -155 | -83 |
Net change in cash | 6,845 | 27,217 |
Cash at beginning of period | 98,995 | 55,863 |
Cash at end of period | 105,840 | 83,080 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 619 | 732 |
Cash paid for income taxes | $2,216 | $1,770 |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Basis of Presentation and Description of Business | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements (the “consolidated financial statements”) include the accounts of The Providence Service Corporation (“the Company,” “our,” “we” and “us”) and its wholly-owned subsidiaries. | |
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and with 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 GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) considered necessary for fair presentation have been included. In order to conform to the current year presentation, prior year amounts have been reclassified to show human services revenues as one line item, and interest expense and interest income as interest expense, net. Additionally, prior year management fee receivables have been included in other receivables for comparable presentation purposes. | |
The Company has made a number of estimates relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. Management has evaluated events and transactions that occurred after the balance sheet date and through the date these consolidated financial statements were issued, and considered the effect of such events in the preparation of these consolidated financial statements. | |
The consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements contained herein should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Description of Business | |
The Company provides and manages government sponsored human services and non-emergency transportation services. The Company operates in two segments, Human Services and Non-Emergency Transportation Services (“NET Services”). In our Human Services segment, our counselors, social workers and behavioral health professionals work with clients who are eligible for government assistance due to income level, emotional/educational disabilities or court order. We provide human services primarily in the client’s home or community. The NET Services segment manages transportation networks and arranges for client transportation to health care related facilities and services for state or regional Medicaid agencies, managed care organizations (“MCOs”) and commercial insurers. As of March 31, 2014, the Company operated in 44 states and the District of Columbia in the United States and in three provinces in Canada. |
Note_2_Concentration_of_Credit
Note 2 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
2. Concentration of Credit Risk | |
Contracts with governmental agencies, and other entities that contract with governmental agencies, accounted for approximately 78.5% and 81.0% of the Company’s revenue for the three months ended March 31, 2014 and 2013, respectively. The contracts are subject to possible statutory and regulatory changes, rate adjustments, administrative rulings, rate freezes and funding reductions. |
Note_3_Accrued_Expenses
Note 3 - Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
3. Accrued Expenses | |||||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 21,033 | $ | 22,940 | |||||
NET Services contract adjustments | 16,481 | 12,445 | |||||||
Other | 22,402 | 17,099 | |||||||
$ | 59,916 | $ | 52,484 | ||||||
Note_4_StockBased_Compensation
Note 4 - Stock-Based Compensation Arrangements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
4. Stock-Based Compensation Arrangements | |||||||||
The Company issues both option awards and restricted stock to employees and non-employee directors. Option awards and restricted stock generally vest in three equal installments on the first, second and third anniversaries of the date of grant. The fair value expense of option awards was estimated on the date of grant using the Black-Scholes option pricing formula and amortized over the option’s vesting periods, and the fair value of unvested restricted stock grants was determined based on the closing market price of the Company’s common stock on the date of grant. The following table summarizes the stock option activity: | |||||||||
For the three months ended March 31, 2014 | |||||||||
Number of Shares Under Option | Weighted-average Exercise Price | ||||||||
Balance at beginning of period | 874,252 | $ | 19.76 | ||||||
Exercised | (22,249 | ) | 22.76 | ||||||
Forfeited or expired | (9,001 | ) | 27.87 | ||||||
Outstanding at March 31, 2014 | 843,002 | $ | 19.6 | ||||||
The following table summarizes the activity of the shares and weighted-average grant date fair value of the Company’s unvested restricted common stock: | |||||||||
For the three months ended March 31, 2014 | |||||||||
Shares | Weighted-average Grant Date Fair Value | ||||||||
Non-vested balance at beginning of period | 158,842 | $ | 17.68 | ||||||
Granted | 20,333 | 27.99 | |||||||
Vested | (56,983 | ) | 15.39 | ||||||
Forfeited or cancelled | (14,439 | ) | 16.19 | ||||||
Non-vested at March 31, 2014 | 107,753 | $ | 21.04 | ||||||
Note_5_Stockholders_Equity
Note 5 - Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||||||
5. Stockholders’ Equity | |||||||||||||||||||||||||
The following table reflects changes in common stock, additional paid-in capital, treasury stock and accumulated other comprehensive loss for the three months ended March 31, 2014: | |||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||
Common Stock | Paid-In | Treasury Stock | Comprehensive | ||||||||||||||||||||||
Shares | Amount | Capital | Shares | Amount | Loss | ||||||||||||||||||||
Balance at December 31, 2013 | 14,477,312 | $ | 14 | $ | 194,363 | 956,442 | $ | (15,641 | ) | $ | (1,419 | ) | |||||||||||||
Stock-based compensation | - | - | 408 | - | - | - | |||||||||||||||||||
Exercise of employee stock options, including net tax windfall of $304 | 22,249 | - | 810 | - | - | - | |||||||||||||||||||
Restricted stock issued | 56,983 | 1 | - | 17,122 | (470 | ) | - | ||||||||||||||||||
Foreign currency translation adjustments | - | - | - | - | - | (264 | ) | ||||||||||||||||||
Balance at March 31, 2014 | 14,556,544 | $ | 15 | $ | 195,581 | 973,564 | $ | (16,111 | ) | $ | (1,683 | ) | |||||||||||||
On March 27, 2014, the Company entered into an Amendment and Termination of Rights Agreement (“Amendment”) with Computershare Trust Company, N.A. (“Rights Agent”), which amended the Amended and Restated Rights Agreement (“Rights Agreement”), dated as of December 9, 2011, by and between the Company and the Rights Agent. The Amendment accelerated the expiration date of the Rights Agreement from December 9, 2014 to March 27, 2014, such that, as of March 27, 2014, the preferred share purchase rights, each representing the right to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock of the Company expired and were no longer outstanding, and the Rights Agreement was terminated. Following the termination of the Rights Agreement, the Company filed a Certificate of Elimination with the Secretary of State of the State of Delaware eliminating the Preferred Shares. |
Note_6_Earnings_Per_Share
Note 6 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
6. Earnings Per Share | |||||||||
The following table details the computation of basic and diluted earnings per share: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income, basic | $ | 6,287 | $ | 6,678 | |||||
Effect of interest related to the Senior Notes | 499 | 499 | |||||||
Net income available to common stockholders, diluted | $ | 6,786 | $ | 7,177 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share -- weighted-average shares | 13,801,456 | 13,148,717 | |||||||
Effect of dilutive securities: | |||||||||
Common stock options and restricted stock awards | 299,784 | 219,505 | |||||||
Performance-based restricted stock units | 17,172 | - | |||||||
Senior Notes | 1,139,145 | 1,139,145 | |||||||
Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion | 15,257,557 | 14,507,367 | |||||||
Basic earnings per share | $ | 0.45 | $ | 0.51 | |||||
Diluted earnings per share | $ | 0.44 | $ | 0.49 | |||||
The effect of issuing 1,139,145 shares of common stock on an assumed conversion basis related to the convertible senior subordinated notes (“Senior Notes”) was included in the computation of diluted earnings per share for the three months ended March 31, 2014 and 2013 as they have a dilutive effect. For the three months ended March 31, 2014 and 2013, employee stock options to purchase 198,261 and 880,010 shares of common stock, respectively, were not included in the computation of diluted earnings per share as the exercise price of these options was greater than the average fair value of the common stock for the period and, therefore, the effect of these options would have been antidilutive. |
Note_7_Income_Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income Taxes | |
The Company’s effective tax rate from continuing operations for the three months ended March 31, 2014 and 2013 was 40.1% and 41.2%, respectively. For both periods, the Company’s effective tax rate was higher than the United States federal statutory rate of 35.0%, due primarily to state income taxes as well as non-deductible stock option expense. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
8. Commitments and Contingencies | |
The Company is involved in various claims and legal actions arising in the ordinary course of business, many of which are covered in whole or in part by insurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. | |
The Company has two deferred compensation plans for management and highly compensated employees. These deferred compensation plans are unfunded; therefore, benefits are paid from the general assets of the Company. The total of participant deferrals, which is reflected in “Other long-term liabilities” in the accompanying condensed consolidated balance sheets, was approximately $1,426 and $1,485 at March 31, 2014 and December 31, 2013, respectively. |
Note_9_Transactions_with_Relat
Note 9 - Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
9. Transactions with Related Parties | |
The Company operates a call center in Phoenix, Arizona. The building in which the call center is located is currently leased by the Company from VWP McDowell, LLC (“McDowell”) under a five year lease that expires in June 2014. A new lease has been executed with McDowell with a commencement date of July 1, 2014 and termination date of June 30, 2024. Certain immediate family members of Herman M. Schwarz (the chief executive officer of the Company’s non-emergency transportation services and an executive officer of the Company) have partial ownership interest in McDowell. In the aggregate, these immediate family members have an ownership interest of approximately 13% in McDowell directly and indirectly through a trust. For the three months ended March 31, 2014 and 2013, the Company expensed approximately $105 and $102, respectively, in lease payments to McDowell. Future minimum lease payments due under the current and new lease agreements totaled approximately $4,886 at March 31, 2014. |
Note_10_Business_Segments
Note 10 - Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
10. Business Segments | |||||||||
The Company’s operations are organized and reviewed by management along its services lines. The Company operates in two segments, Human Services and NET Services. Human Services includes government sponsored human services consisting of home and community based counseling, foster care and not-for-profit management services. NET Services includes managing the delivery of non-emergency transportation services. All corporate costs have been allocated to the Human Services and NET Services operating segments. | |||||||||
The following table sets forth certain financial information attributable to the Company’s business segments for the three months ended March 31, 2014 and 2013. | |||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
NET Services | $ | 198,077 | $ | 193,133 | |||||
Human Services | 91,326 | 88,354 | |||||||
Consolidated | $ | 289,403 | $ | 281,487 | |||||
Operating income: | |||||||||
NET Services | $ | 16,695 | $ | 11,287 | |||||
Human Services | (4,615 | ) | 1,818 | ||||||
Consolidated | $ | 12,080 | $ | 13,105 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements (the “consolidated financial statements”) include the accounts of The Providence Service Corporation (“the Company,” “our,” “we” and “us”) and its wholly-owned subsidiaries. | |
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and with 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 GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) considered necessary for fair presentation have been included. In order to conform to the current year presentation, prior year amounts have been reclassified to show human services revenues as one line item, and interest expense and interest income as interest expense, net. Additionally, prior year management fee receivables have been included in other receivables for comparable presentation purposes. | |
The Company has made a number of estimates relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. Management has evaluated events and transactions that occurred after the balance sheet date and through the date these consolidated financial statements were issued, and considered the effect of such events in the preparation of these consolidated financial statements. | |
The consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements contained herein should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Description Of Business [Policy Text Block] | ' |
Description of Business | |
The Company provides and manages government sponsored human services and non-emergency transportation services. The Company operates in two segments, Human Services and Non-Emergency Transportation Services (“NET Services”). In our Human Services segment, our counselors, social workers and behavioral health professionals work with clients who are eligible for government assistance due to income level, emotional/educational disabilities or court order. We provide human services primarily in the client’s home or community. The NET Services segment manages transportation networks and arranges for client transportation to health care related facilities and services for state or regional Medicaid agencies, managed care organizations (“MCOs”) and commercial insurers. As of March 31, 2014, the Company operated in 44 states and the District of Columbia in the United States and in three provinces in Canada. |
Note_3_Accrued_Expenses_Tables
Note 3 - Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 21,033 | $ | 22,940 | |||||
NET Services contract adjustments | 16,481 | 12,445 | |||||||
Other | 22,402 | 17,099 | |||||||
$ | 59,916 | $ | 52,484 |
Note_4_StockBased_Compensation1
Note 4 - Stock-Based Compensation Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
For the three months ended March 31, 2014 | |||||||||
Number of Shares Under Option | Weighted-average Exercise Price | ||||||||
Balance at beginning of period | 874,252 | $ | 19.76 | ||||||
Exercised | (22,249 | ) | 22.76 | ||||||
Forfeited or expired | (9,001 | ) | 27.87 | ||||||
Outstanding at March 31, 2014 | 843,002 | $ | 19.6 | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||
For the three months ended March 31, 2014 | |||||||||
Shares | Weighted-average Grant Date Fair Value | ||||||||
Non-vested balance at beginning of period | 158,842 | $ | 17.68 | ||||||
Granted | 20,333 | 27.99 | |||||||
Vested | (56,983 | ) | 15.39 | ||||||
Forfeited or cancelled | (14,439 | ) | 16.19 | ||||||
Non-vested at March 31, 2014 | 107,753 | $ | 21.04 |
Note_5_Stockholders_Equity_Tab
Note 5 - Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||
Common Stock | Paid-In | Treasury Stock | Comprehensive | ||||||||||||||||||||||
Shares | Amount | Capital | Shares | Amount | Loss | ||||||||||||||||||||
Balance at December 31, 2013 | 14,477,312 | $ | 14 | $ | 194,363 | 956,442 | $ | (15,641 | ) | $ | (1,419 | ) | |||||||||||||
Stock-based compensation | - | - | 408 | - | - | - | |||||||||||||||||||
Exercise of employee stock options, including net tax windfall of $304 | 22,249 | - | 810 | - | - | - | |||||||||||||||||||
Restricted stock issued | 56,983 | 1 | - | 17,122 | (470 | ) | - | ||||||||||||||||||
Foreign currency translation adjustments | - | - | - | - | - | (264 | ) | ||||||||||||||||||
Balance at March 31, 2014 | 14,556,544 | $ | 15 | $ | 195,581 | 973,564 | $ | (16,111 | ) | $ | (1,683 | ) |
Note_6_Earnings_Per_Share_Tabl
Note 6 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income, basic | $ | 6,287 | $ | 6,678 | |||||
Effect of interest related to the Senior Notes | 499 | 499 | |||||||
Net income available to common stockholders, diluted | $ | 6,786 | $ | 7,177 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share -- weighted-average shares | 13,801,456 | 13,148,717 | |||||||
Effect of dilutive securities: | |||||||||
Common stock options and restricted stock awards | 299,784 | 219,505 | |||||||
Performance-based restricted stock units | 17,172 | - | |||||||
Senior Notes | 1,139,145 | 1,139,145 | |||||||
Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion | 15,257,557 | 14,507,367 | |||||||
Basic earnings per share | $ | 0.45 | $ | 0.51 | |||||
Diluted earnings per share | $ | 0.44 | $ | 0.49 |
Note_10_Business_Segments_Tabl
Note 10 - Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
NET Services | $ | 198,077 | $ | 193,133 | |||||
Human Services | 91,326 | 88,354 | |||||||
Consolidated | $ | 289,403 | $ | 281,487 | |||||
Operating income: | |||||||||
NET Services | $ | 16,695 | $ | 11,287 | |||||
Human Services | (4,615 | ) | 1,818 | ||||||
Consolidated | $ | 12,080 | $ | 13,105 |
Note_1_Basis_of_Presentation_a1
Note 1 - Basis of Presentation and Description of Business (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Note 1 - Basis of Presentation and Description of Business (Details) [Line Items] | ' |
Number of Operating Segments | 2 |
UNITED STATES | ' |
Note 1 - Basis of Presentation and Description of Business (Details) [Line Items] | ' |
Number of States in which Entity Operates | 44 |
Note_2_Concentration_of_Credit1
Note 2 - Concentration of Credit Risk (Details) (Government Contracts Concentration Risk [Member], Sales Revenue, Net [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Government Contracts Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' |
Note 2 - Concentration of Credit Risk (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 78.50% | 81.00% |
Note_3_Accrued_Expenses_Detail
Note 3 - Accrued Expenses (Details) - Accrued expenses (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses [Abstract] | ' | ' |
Accrued compensation | $21,033 | $22,940 |
NET Services contract adjustments | 16,481 | 12,445 |
Other | 22,402 | 17,099 |
$59,916 | $52,484 |
Note_4_StockBased_Compensation2
Note 4 - Stock-Based Compensation Arrangements (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Installments | 3 |
Note_4_StockBased_Compensation3
Note 4 - Stock-Based Compensation Arrangements (Details) - Changes in Options Awards Outstanding (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Changes in Options Awards Outstanding [Abstract] | ' |
Number of Shares Under Option | 874,252 |
Weighted-Average Exercise Price | $19.76 |
Exercised | -22,249 |
Exercised | $22.76 |
Forfeited or expired | -9,001 |
Forfeited or expired | $27.87 |
Number of Shares Under Option | 843,002 |
Weighted-Average Exercise Price | $19.60 |
Note_4_StockBased_Compensation4
Note 4 - Stock-Based Compensation Arrangements (Details) - Nonvested Stock Activity (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Nonvested Stock Activity [Abstract] | ' |
Non-vested | 158,842 |
Non-vested | $17.68 |
Granted | 20,333 |
Granted | $27.99 |
Vested | -56,983 |
Vested | $15.39 |
Forfeited or cancelled | -14,439 |
Forfeited or cancelled | $16.19 |
Non-vested | 107,753 |
Non-vested | $21.04 |
Note_5_Stockholders_Equity_Det
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Balance | $150,637 | ' |
Foreign currency translation adjustments | -264 | -160 |
Balance | 157,409 | ' |
Common Stock [Member] | ' | ' |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Balance (in Shares) | 14,477,312 | ' |
Balance | 14 | ' |
Exercise of employee stock options, including net tax windfall of $304 (in Shares) | 22,249 | ' |
Restricted stock issued (in Shares) | 56,983 | ' |
Restricted stock issued | 1 | ' |
Balance (in Shares) | 14,556,544 | ' |
Balance | 15 | ' |
Additional Paid-in Capital [Member] | ' | ' |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Balance | 194,363 | ' |
Stock-based compensation | 408 | ' |
Exercise of employee stock options, including net tax windfall of $304 | 810 | ' |
Balance | 195,581 | ' |
Treasury Stock [Member] | ' | ' |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Balance (in Shares) | 956,442 | ' |
Balance | -15,641 | ' |
Restricted stock issued (in Shares) | 17,122 | ' |
Restricted stock issued | -470 | ' |
Balance (in Shares) | 973,564 | ' |
Balance | -16,111 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Balance | -1,419 | ' |
Foreign currency translation adjustments | -264 | ' |
Balance | ($1,683) | ' |
Note_5_Stockholders_Equity_Det1
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss (Parentheticals) (Additional Paid-in Capital [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Additional Paid-in Capital [Member] | ' |
Note 5 - Stockholders' Equity (Details) - Changes in Common Stock, Additional Paid-in Capital, Treasury Stock and Accumulated Other Comprehensive Loss (Parentheticals) [Line Items] | ' |
Net tax windfall | $304 |
Note_6_Earnings_Per_Share_Deta
Note 6 - Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 6 - Earnings Per Share (Details) [Line Items] | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 1,139,145 | 1,139,145 |
Equity Option [Member] | ' | ' |
Note 6 - Earnings Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 198,261 | 880,010 |
Note_6_Earnings_Per_Share_Deta1
Note 6 - Earnings Per Share (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Net income, basic (in Dollars) | $6,287 | $6,678 |
Effect of interest related to the Senior Notes (in Dollars) | 499 | 499 |
Net income available to common stockholders, diluted (in Dollars) | $6,786 | $7,177 |
Denominator: | ' | ' |
Denominator for basic earnings per share -- weighted-average shares | 13,801,456 | 13,148,717 |
Effect of dilutive securities: | ' | ' |
Senior Notes | 1,139,145 | 1,139,145 |
Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion | 15,257,557 | 14,507,367 |
Basic earnings per share (in Dollars per share) | $0.45 | $0.51 |
Diluted earnings per share (in Dollars per share) | $0.44 | $0.49 |
Stock Options and RSAs [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Common stock options and restricted stock awards | 299,784 | 219,505 |
Performance-based restricted stock units | 299,784 | 219,505 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Common stock options and restricted stock awards | 17,172 | ' |
Performance-based restricted stock units | 17,172 | ' |
Note_7_Income_Taxes_Details
Note 7 - Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 40.10% | 41.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Number Of Deferred Compensation Plans | 2 | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $1,426 | $1,485 |
Note_9_Transactions_with_Relat1
Note 9 - Transactions with Related Parties (Details) (Vwp Mcdowell Llc [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Vwp Mcdowell Llc [Member] | ' | ' |
Note 9 - Transactions with Related Parties (Details) [Line Items] | ' | ' |
Description Of Lessee Leasing Arrangements Operating Leases Period | '5 years | ' |
Ownership Percentage In Related Party | 13.00% | ' |
Operating Leases, Rent Expense | $105 | $102 |
Operating Leases, Future Minimum Payments Due | $4,886 | ' |
Note_10_Business_Segments_Deta
Note 10 - Business Segments (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Note_10_Business_Segments_Deta1
Note 10 - Business Segments (Details) - Financial Information Attributable to the Company's Business Segments (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Revenues | $289,403 | $281,487 |
Operating income: | ' | ' |
Operating Income | 12,080 | 13,105 |
NET Services [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 198,077 | 193,133 |
Operating income: | ' | ' |
Operating Income | 16,695 | 11,287 |
Human Services [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 91,326 | 88,354 |
Operating income: | ' | ' |
Operating Income | ($4,615) | $1,818 |