Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | PROVIDENCE SERVICE CORP | |
Entity Central Index Key | 1,220,754 | |
Trading Symbol | prsc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 13,501,637 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 56,583 | $ 72,262 |
Accounts receivable, net of allowance of $6,295 in 2017 and $5,901 in 2016 | 172,189 | 162,115 |
Other receivables | 8,545 | 12,639 |
Prepaid expenses and other | 47,445 | 37,895 |
Restricted cash | 1,461 | 3,192 |
Total current assets | 286,223 | 288,103 |
Property and equipment, net | 47,761 | 46,220 |
Goodwill | 120,818 | 119,624 |
Intangible assets, net | 46,799 | 49,124 |
Equity investments | 160,601 | 161,363 |
Other assets | 9,788 | 8,397 |
Restricted cash, less current portion | 6,455 | 10,938 |
Deferred tax asset | 4,431 | 1,510 |
Total assets | 682,876 | 685,279 |
Liabilities, redeemable convertible preferred stock and stockholders' equity | ||
Current portion of long-term obligations | 1,918 | 1,721 |
Accounts payable | 18,101 | 22,177 |
Accrued expenses | 105,464 | 102,381 |
Accrued transportation costs | 83,812 | 72,356 |
Deferred revenue | 24,469 | 20,522 |
Reinsurance and related liability reserves | 4,857 | 8,639 |
Total current liabilities | 238,621 | 227,796 |
Long-term obligations, less current portion | 1,131 | 1,890 |
Other long-term liabilities | 24,750 | 22,380 |
Deferred tax liabilities | 55,141 | 57,973 |
Total liabilities | 319,643 | 310,039 |
Commitments and contingencies (Note 11) | ||
Common stock: Authorized 40,000,000 shares; $0.001 par value; 17,433,365 and 17,315,661 issued and outstanding (including treasury shares) | 17 | 17 |
Additional paid-in capital | 307,934 | 302,010 |
Retained earnings | 153,266 | 156,718 |
Accumulated other comprehensive loss, net of tax | (29,023) | (33,449) |
Treasury shares, at cost, 3,944,009 and 3,478,676 shares | (144,193) | (125,201) |
Total Providence stockholders' equity | 288,001 | 300,095 |
Noncontrolling interest | (2,333) | (2,420) |
Total stockholders' equity | 285,668 | 297,675 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | 682,876 | 685,279 |
Convertible Preferred Stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' equity | ||
Convertible preferred stock, net: Authorized 10,000,000 shares; $0.001 par value; 803,398 and 803,398 issued and outstanding; 5.5%/8.5% dividend rate | $ 77,565 | $ 77,565 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Accounts receivable allowance | $ 6,295 | $ 5,901 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 17,433,365 | 17,315,661 |
Common stock, shares outstanding (in shares) | 17,433,365 | 17,315,661 |
Treasury shares, shares (in shares) | 3,944,009 | 3,478,676 |
Convertible Preferred Stock [Member] | ||
Convertible Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred Stock, Shares Issued (in shares) | 803,398 | 803,398 |
Convertible Preferred Stock, Shares Outstanding (in shares) | 803,398 | 803,398 |
Convertible Preferred Stock [Member] | Cash Dividends [Member] | ||
Convertible Preferred Stock, Dividend Rate | 5.50% | 5.50% |
Convertible Preferred Stock [Member] | Paid-in-kind Dividends [Member] | ||
Convertible Preferred Stock, Dividend Rate | 8.50% | 8.50% |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 407,983 | $ 398,119 | $ 807,477 | $ 780,154 |
Operating expenses: | ||||
Service expense | 377,036 | 367,846 | 746,446 | 716,521 |
General and administrative expense | 18,048 | 16,711 | 35,076 | 35,228 |
Depreciation and amortization | 6,900 | 6,849 | 13,169 | 13,388 |
Total operating expenses | 401,984 | 391,406 | 794,691 | 765,137 |
Operating income | 5,999 | 6,713 | 12,786 | 15,017 |
Other expenses: | ||||
Interest expense, net | 329 | 407 | 681 | 902 |
Equity in net loss of investees | (1,530) | 1,459 | 530 | 4,176 |
Loss (gain) on foreign currency transactions | 463 | (775) | 400 | (850) |
Income from continuing operations before income taxes | 6,737 | 5,622 | 11,175 | 10,789 |
Provision for income taxes | 2,879 | 3,997 | 5,402 | 7,789 |
Income from continuing operations, net of tax | 3,858 | 1,625 | 5,773 | 3,000 |
Discontinued operations, net of tax | (117) | 2,370 | (5,984) | 3,123 |
Net income (loss) | 3,741 | 3,995 | (211) | 6,123 |
Net loss (income) attributable to noncontrolling interests | 174 | 628 | (200) | 735 |
Net income (loss) attributable to Providence | 3,915 | 4,623 | (411) | 6,858 |
Net income (loss) available to common stockholders (Note 9) | $ 2,434 | $ 3,104 | $ (3,037) | $ 4,108 |
Basic earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.19 | $ 0.07 | $ 0.22 | $ 0.09 |
Discontinued operations (in dollars per share) | (0.01) | 0.14 | (0.44) | 0.18 |
Basic earnings (loss) per common share (in dollars per share) | 0.18 | 0.21 | (0.22) | 0.27 |
Diluted earnings (loss) per share: | ||||
Continuing operations (in dollars per share) | 0.19 | 0.07 | 0.22 | 0.09 |
Discontinued operations (in dollars per share) | (0.01) | 0.14 | (0.44) | 0.18 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.18 | $ 0.21 | $ (0.22) | $ 0.27 |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 13,553,704 | 14,893,595 | 13,628,572 | 14,975,582 |
Diluted (in shares) | 13,607,576 | 15,019,312 | 13,687,183 | 15,098,945 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income (loss) | $ 3,741 | $ 3,995 | $ (211) | $ 6,123 |
Net loss (income) attributable to noncontrolling interests | 174 | 628 | (200) | 735 |
Net income (loss) attributable to Providence | 3,915 | 4,623 | (411) | 6,858 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax | 3,225 | (6,841) | 4,426 | (8,332) |
Other comprehensive income (loss): | 3,225 | (6,841) | 4,426 | (8,332) |
Comprehensive income (loss) | 6,966 | (2,846) | 4,215 | (2,209) |
Comprehensive income (loss) attributable to noncontrolling interest | 264 | 551 | (87) | 645 |
Comprehensive income (loss) attributable to Providence | $ 7,230 | $ (2,295) | $ 4,128 | $ (1,564) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net (loss) income | $ (211) | $ 6,123 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 9,245 | 11,518 |
Amortization | 3,924 | 17,632 |
Provision for doubtful accounts | 1,082 | 1,938 |
Stock-based compensation | 3,021 | 1,947 |
Deferred income taxes | (6,733) | (10,094) |
Amortization of deferred financing costs and debt discount | 349 | 1,053 |
Equity in net loss of investees | 530 | 4,176 |
Other non-cash charges (credits) | 401 | (806) |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | (8,949) | (6,531) |
Prepaid expenses and other | (3,485) | (25,909) |
Reinsurance and related liability reserve | (4,874) | 2,784 |
Accounts payable and accrued expenses | (1,716) | 44,052 |
Income taxes payable on sale of business | (28,337) | |
Accrued transportation costs | 11,456 | 12,119 |
Deferred revenue | 2,896 | 1,448 |
Other long-term liabilities | 2,325 | 4,642 |
Net cash provided by operating activities | 9,261 | 37,755 |
Investing activities | ||
Purchase of property and equipment | (10,745) | (23,636) |
Net increase (decrease) in short-term investments | 300 | (9) |
Equity investments | (6,381) | |
Loan to joint venture | (566) | |
Restricted cash for reinsured claims losses and other | 6,216 | 3,849 |
Net cash used in investing activities | (4,795) | (26,177) |
Financing activities | ||
Preferred stock dividends | (2,191) | (2,197) |
Repurchase of common stock, for treasury | (18,754) | (32,534) |
Proceeds from common stock issued pursuant to stock option exercise | 1,028 | 787 |
Performance restricted stock surrendered for employee tax payment | (96) | |
Repayment of long-term debt | (15,500) | |
Proceeds from long-term debt | 22,500 | |
Capital lease payments and other | (738) | (47) |
Net cash used in financing activities | (20,751) | (26,991) |
Effect of exchange rate changes on cash | 606 | (533) |
Net change in cash and cash equivalents | (15,679) | (15,946) |
Cash and cash equivalents at beginning of period | 72,262 | 84,770 |
Cash and cash equivalents at end of period | 56,583 | 68,824 |
Supplemental cash flow information: | ||
Cash paid for interest | 714 | 6,083 |
Cash paid for income taxes | $ 7,736 | $ 45,265 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Description of Business The Providence Service Corporation (“we”, the “Company” or “Providence”) is a holding company, which owns interests in subsidiaries and other companies that are primarily engaged in the provision of healthcare and workforce development services for public and private sector entities seeking to control costs and promote positive outcomes. The subsidiaries and other companies in which the Company holds interests comprise the following segments: ● Non-Emergency Transportation Services (“NET Services”) – Nationwide provider of non-emergency medical transportation programs for state governments and managed care organizations. ● Workforce Development Services (“WD Services”) – Global provider of employment preparation and placement and legal offender rehabilitation services to eligible participants of government sponsored programs. ● Matrix Investment – Minority interest in nationwide provider of in-home care optimization and management solutions, including comprehensive health assessments, to members of managed care organizations, accounted for as an equity method investment. Basis of Presentation The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB establishes accounting principles generally accepted in the United States (“GAAP”). Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information, and with the instructions to Form 10 10 X. not The Company has made estimates relating to the reporting of assets and liabilities, revenues and expenses and certain disclosures to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Operating results for the three six June 30, 2017 not may December 31, 2017. The condensed consolidated balance sheet at December 31, 2016 not 10 December 31, 2016. The Company holds investments that are accounted for using the equity method. The Company does not not Reclassifications We have reclassified certain amounts relating to our prior period results to conform to our current period presentation. On October 19, 2016, 53.2% 46.8% Operating results for this segment are reported as discontinued operations, net of tax in the condensed consolidated statements of income for the three six June 30, 2016. 13, Discontinued Operations, . 2, Significant Accounting Policies and Recent Accounting Pronouncements |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. The Company adopted the following accounting pronouncements during the six June 30, 2017: In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17” December 16, 2016, 2015 17 January 1, 2017, December 31, 2016 $6,825 $2,493 $9,318. In March 2016, No. 2016 07, Investments - Equity Method and Joint Ventures (Topic 323 2016 07” 2016 07 2016 07 2016 07 December 15, 2016 2016 07 January 1, 2017. 2016 07 no In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09” 2016 09 December 15, 2016, 2016 09 January 1, 2017, $850 January 1, 2017. three June 30, 2017, $97 six June 30, 2017, $113 16,196 8,787 three six June 30, 2017. The Company elected to apply the change in classification of cash flows resulting from excess tax benefits or deficiencies on a retrospective basis. This resulted in an increase in cash flows provided by operating activities of $258 $258 six June 30, 2016. 2016 09 In January 2017, No. 2017 01, Business Combinations (Topic 805 Clarifying the Definition of a Business 2017 01” 2017 01 2017 01 December 15, 2017, 2017 01 April 1, 2017. 2017 01 no In January 2017, No. 2017 04, Intangibles-Goodwill and Other (Topic 350 Simplifying the Test for Goodwill Impairment 2017 04” . 2017 04 two 2017 04, not December 15, 2019. January 1, 2017. 2017 04 April 1, 2017. 2017 04 no Updates to the recent accounting pronouncements as disclosed in the Company’ s Form 10 December 31, 2016 In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” . 2014 09 606 606” 2014 09 2014 09 2014 09 January 1, 2018. The Company has developed an adoption plan, assembled a cross-functional project team and is in the process of assessing the impacts of applying ASC 606 ● the effect of specified clauses on the term of many of the Company’s contracts with customers; ● the nature of the promises in many of the Company’s contracts with customers to perform integrated services over a period of time; ● whether and how much variable consideration to include when determining the transaction prices for its contracts with customers; ● whether any of the Company’s customer contracts require performance over a series of distinct service periods and the impact on determining and allocating the transaction price; and ● the manner in which the Company will measure its progress towards fully satisfying its performance obligations, including a determination of whether the Company may Management’s assessment is ongoing; therefore, the Company has not 606. not In January 2017, No. 2017 03, Accounting Changes and Error Corrections (Topic 250 323 ) 2017 03” 2017 03 not In May 2017, No. 2017 09, Compensation–Stock Compensation (Topic 718 Scope of Modification Accounting 2017 09” 2017 09 not not December 15, 2017. 2017 09 not There were no not 10 December 31, 2016. |
Note 3 - Equity Investment
Note 3 - Equity Investment | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3. Matrix Prior to the closing of the Matrix Transaction on October 19, 2016, 46.8% The carrying amount of the assets included in the Company’s condensed consolidated balance sheet and the maximum loss exposure related to the Company’s interest in Matrix as of June 30, 2017 December 31, 2016 $157,124 $157,202, Summary financial information for Matrix on a standalone basis is as follows: June 30, 2017 December 31, 2016 Current assets $ 43,479 $ 28,589 Long-term assets 604,598 614,841 Current liabilities 35,236 25,791 Long-term liabilities 274,426 281,348 Three months ended June 30, 2017 Revenue $ 60,852 Operating income 5,942 Net income 1,619 Six months ended June 30, 2017 Revenue $ 116,707 Operating income 6,950 Net loss (238 ) See Note 13, Discontinued Operations 2016 Mission Providence The Company entered into a joint venture agreement in November 2014 60% 75% The Company determined it has a variable interest in Mission Providence. However, it does not not The following table summarizes the carrying amounts of the assets and liabilities included in the Company’s consolidated balance sheet and the maximum loss exposure related to the Company’s interest in Mission Providence as of June 30, 2017 December 31, 2016: Equity Investments Other Assets Accrued Expenses Maximum Exposure to Loss June 30, 2017 $ 3,326 $ 576 $ - $ 3,902 December 31, 2016 $ 4,021 $ - $ - $ 4,021 Other Assets is comprised of a loan to Mission Providence, which was made during the three March 31, 2017. June 30, 2017 December 31, 2016 Current assets $ 816 $ 4,640 Long-term assets 10,530 10,473 Current liabilities 10,658 12,844 Long-term liabilities - 1,655 Three months ended June 30, 2017 2016 Revenue $ 10,493 $ 9,708 Operating income (loss) 639 (2,709 ) Net income (loss) 577 (1,945 ) Six months ended June 30, 2017 2016 Revenue $ 19,880 $ 17,126 Operating loss (1,166 ) (7,794 ) Net loss (1,283 ) (5,568 ) |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets Disclosure [Text Block] | 4. Prepaid expenses and other were comprised of the following: June 30, December 31, 2017 2016 Prepaid income taxes $ 1,701 $ 1,467 Escrow funds 10,000 10,000 Prepaid insurance 2,402 3,153 Prepaid taxes and licenses 2,479 3,570 Note receivable 3,177 3,130 Prepaid rent 3,447 2,013 Deposits held for leased premises and bonds 2,674 2,609 Other 21,565 11,953 Total prepaid expenses and other $ 47,445 $ 37,895 Escrow funds represent amounts related to potential indemnification claims from the sale of the Human Services segment, which was completed on November 1, 2015. $15,000 June 30, 2017. not 11, Commitments and Contingencies The increase in “Other” in the table above from December 31, 2016 June 30, 2017 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consisted of the following: June 30, December 31, 2017 2016 Accrued compensation $ 21,704 $ 23,050 NET Services accrued contract payments 32,146 32,836 Accrued settlement 15,000 6,000 Income taxes payable 1,545 372 Other 35,069 40,123 Total accrued expenses $ 105,464 $ 102,381 |
Note 6 - Restructuring and Rela
Note 6 - Restructuring and Related Reorganization Costs | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6. WD Services has three 2016 two 2015, $859 $4,608 six June 30, 2017 2016, The initial estimate of severance and related charges for the plans was based upon the employee groups impacted, average salary and benefits, and redundancy benefits pursuant to the existing policies. Additional charges above the initial estimates were incurred for the redundancy plans during the six June 30, 2017 2016 Summary of Severance and Related Charges January 1, 2017 Costs Incurred Cash Payments Foreign Exchange Rate Adjustments June 30, 2017 Ingeus Futures' Program $ 2,486 $ 836 $ (2,341 ) $ 130 $ 1,111 Offender Rehabilitation Program 1,380 52 (1,295 ) 18 155 UK Restructuring Program 50 (29 ) - 2 23 Total $ 3,916 $ 859 $ (3,636 ) $ 150 $ 1,289 January 1, 2016 Costs Incurred Cash Payments Foreign Exchange Rate Adjustments June 30, 2016 Offender Rehabilitation Program $ 6,538 $ 4,174 $ (2,204 ) $ (753 ) $ 7,755 UK Restructuring Program 2,059 434 (1,956 ) (96 ) 441 Total $ 8,597 $ 4,608 $ (4,160 ) $ (849 ) $ 8,196 The total of accrued severance and related costs of $1,289 June 30, 2017. June 30, 2017 2017. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. The following table reflects changes in common stock, additional paid-in capital, retained earnings, accumulated other comprehensive loss, treasury stock and noncontrolling interest for the six June 30, 2017: Accumulated Additional Other Non- Common Stock Paid-In Retained Comprehensive Treasury Stock controlling Shares Amount Capital Earnings Loss Shares Amount Interest Total Balance at December 31, 2016 17,315,661 $ 17 $ 302,010 $ 156,718 $ (33,449 ) 3,478,676 $ (125,201 ) $ (2,420 ) $ 297,675 Stock-based compensation - - 3,061 - - - - - 3,061 Exercise of employee stock options 60,233 - 968 - - 5,665 (238 ) - 730 Restricted stock issued 28,923 - - - - 17,703 (771 ) - (771 ) Performance restricted stock issued 3,773 - (96 ) - - - - - (96 ) Shares issued for bonus settlement and director stipend 24,775 1,107 - - - - 1,107 Stock repurchase plan - - - - - 441,965 (17,983 ) - (17,983 ) Foreign currency translation adjustments, net of tax - - - - 4,426 - - (113 ) 4,313 Convertible preferred stock dividends - - - (2,191 ) - - - - (2,191 ) Noncontrolling interests - - - - - - - 200 200 Other - - 34 - - - - - 34 Net income attributable to Providence - - - (411 ) - - - - (411 ) Cumulative effect adjustment from change in accounting principle - - 850 (850 ) - - - - - Balance at June 30, 2017 17,433,365 $ 17 $ 307,934 $ 153,266 $ (29,023 ) 3,944,009 $ (144,193 ) $ (2,333 ) $ 285,668 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation and Similar Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. The Company provides stock-based compensation to employees and non-employee directors under the Company’s 2006 “2006 2006 The following table reflects the amount of stock-based compensation, for share settled awards, recorded in each financial statement line item for the three six June 30, 2017 2016: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Service expense $ 110 $ 66 $ 234 $ 180 General and administrative expense 1,445 1,247 2,787 1,724 Equity in net loss of investees 13 - 40 - Discontinued operations, net of tax - 22 - 43 Total stock-based compensation $ 1,568 $ 1,335 $ 3,061 $ 1,947 Stock-based compensation, for share settled awards, includes $1,042 $2,084 three six June 30, 2017, 2015 $842 $1,462 three six June 30, 2016, No 90 December 31, 2017 $56.79. At June 30, 2017, 290,781 $37.56. 73,950 June 30, 2017 $44.40 18,298 The Company also grants stock equivalent unit awards (“SEUs”) and stock option equivalent units that are cash settled awards and are not 2006 three six June 30, 2017, $564 $1,231 three six June 30, 2016, $847 $117 three six June 30, 2017 2016 $2,789 $1,764 June 30, 2017 December 31, 2016, June 30, 2017, 6,671 200,000 The Company also provides cash settled long-term incentive plans for executive management and key employees of its operating segments. During the three June 30, 2017, $2,956. June 30, 2017, $971. three six June 30, 2017, $401 $144, three six June 30, 2016, $979 $1,994, June 30, 2017, $1,985 December 31, 2016, $1,841 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table details the computation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income (loss) attributable to Providence $ 3,915 $ 4,623 $ (411 ) $ 6,858 Less dividends on convertible preferred stock (1,102 ) (1,099 ) (2,191 ) (2,198 ) Less income allocated to participating securities (379 ) (420 ) (435 ) (552 ) Net income (loss) available to common stockholders $ 2,434 $ 3,104 $ (3,037 ) $ 4,108 Continuing operations $ 2,551 $ 1,016 $ 2,947 $ 1,355 Discontinued operations (117 ) 2,088 (5,984 ) 2,753 $ 2,434 $ 3,104 $ (3,037 ) $ 4,108 Denominator: Denominator for basic earnings per share -- weighted-average shares 13,553,704 14,893,595 13,628,572 14,975,582 Effect of dilutive securities: Common stock options 48,836 125,717 53,575 123,363 Performance-based restricted stock units 5,036 - 5,036 Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion 13,607,576 15,019,312 13,687,183 15,098,945 Basic earnings (loss) per share: Continuing operations $ 0.19 $ 0.07 $ 0.22 $ 0.09 Discontinued operations (0.01 ) 0.14 (0.44 ) 0.18 $ 0.18 $ 0.21 $ (0.22 ) $ 0.27 Diluted earnings (loss) per share: Continuing operations $ 0.19 $ 0.07 $ 0.22 $ 0.09 Discontinued operations (0.01 ) 0.14 (0.44 ) 0.18 $ 0.18 $ 0.21 $ (0.22 ) $ 0.27 Income allocated to participating securities is calculated by allocating a portion of net income attributable to Providence, less dividends on convertible stock, to the convertible preferred stockholders on a pro-rata as converted basis; however, the convertible preferred stockholders are not The following weighted average shares were not Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Stock options to purchase common stock 46,478 33,957 144,811 33,957 Convertible preferred stock 803,398 803,455 803,398 803,486 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. three six June 30, 2017 42.7% 48.3%, three six June 30, 2016 71.1% 72.2%, 35% 35%, no 2016 2017 2016 2017. The Company recorded excess tax deficiencies of $97 three June 30, 2017, $113 six June 30, 2017, 2016 09 2, Significant Accounting Policies and Recent Accounting Pronouncements . |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Legal proceedings June 15, 2015, No. 11149 On January 20, 2017, The parties have entered into a proposed settlement agreement which has been submitted to the Court for approval. The proposed settlement agreement provides for a settlement amount of $10,000 75% 25% September 28, 2017. For further information regarding this legal proceeding please see Note 19, Commitments and Contingencies 10 December 31, 2016 11, Commitments and Contingencies 10 March 31, 2017. In addition to the matter described above, in the ordinary course of business, the Company is a party to various lawsuits. Management does not Indemnifications related to Haverhill Litigation The Company completed a rights offering on February 5, 2015 ( $65,500 $100.00 130,884 524,116 $100.00 14.0% $65,500, The Company has also indemnified other third October 2014 third third The Company recorded $143 $275 three six June 30, 2017, $38 $144 three six June 30, 2016, $92 $208 three six June 30, 2017, $38 $144 three six June 30, 2016, $0 $11 three six June 30, 2017, no three six June 30, 2016. $1,167 $1,645 June 30, 2017 December 31, 2016, Other Indemnifications The Company has provided certain standard indemnifications in connection with the sale of the Human Services segment to Molina Healthcare Inc. (“Molina”) effective November 1, 2015. 15th February 1, 2017. February 1, 2017 may third February 1, 2017 Rodriguez v. Providence Community Corrections, September 2016 $14,000, Molina and the Company are in discussions regarding a settlement of an indemnification claim by Molina with respect to the Rodriguez Litigation and other matters. As of June 30, 2017, $15,000 . The Company expects to recover a substantial portion of the settlement through insurance coverage, although this cannot be assured. Litigation is inherently uncertain and the actual losses incurred in the event that the related legal proceedings were to result in unfavorable outcomes could have a material adverse effect on the Company’s business and financial performance. The Company has provided certain standard indemnifications in connection with its Matrix stock subscription transaction whereby Mercury Fortuna Buyer, LLC (“Subscriber”), Providence and Matrix entered into a stock subscription agreement (the “Subscription Agreement”), dated August 28, 2016. 15th 36th 15th As of June 30, 2017, not not not June 30, 2017. Loss Reserves for Certain Reinsurance Programs The Company historically reinsured a substantial portion of its automobile, general and professional liability and workers’ compensation costs under reinsurance programs through the Company’s wholly-owned subsidiary, Social Services Providers Captive Insurance Company (“SPCIC”), a licensed captive insurance company domiciled in the State of Arizona. As of May 16, 2017, not The Company utilizes a report prepared by an independent actuary to estimate the gross expected losses related to historical automobile, general and professional and workers’ compensation liability reinsurance policies, including the estimated losses in excess of SPCIC’s insurance limits, which would be reimbursed to SPCIC to the extent such losses were incurred. As of June 30, 2017 December 31, 2016, $8,693 $11,195, June 30, 2017 December 31, 2016 $14,776 $16,460, June 30, 2017 December 31, 2016 $6,083 $5,265, Deferred Compensation Plan The Company has one June 30, 2017. $1,755 $1,430 June 30, 2017 December 31, 2016, |
Note 12 - Transactions With Rel
Note 12 - Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. The Company incurred legal expenses under an indemnification agreement with the Standby Purchasers as further discussed in Note 11, Commitments and Contingencies three six June 30, 2017 $1,050 $2,089, three six June 30, 2016 $1,047 $2,095, During the three March 31, 2017, June 30, 2017 $576 |
Note 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 13. On November 1, 2015, three six June 30, 2017, 11, Commitment and Contingences Effective October 19, 2016, three six June 30, 2016. 46.8% Matrix’s pretax income for the three June 30, 2017 $2,284 six June 30, 2017 $314. no $529 six June 30, 2017. $312 $185 June 30, 2017 December 31, 2016, Results of Operations The following tables summarize the results of operations classified as discontinued operations, net of tax, for the three six June 30, 2017 2016. Three months ended June 30, 2017 Six months ended June 30, 2017 Human Services Segment HA Services Segment Total Discontinued Operations Human Services Segment HA Services Segment Total Discontinued Operations Operating expenses: General and administrative expense $ 190 $ - $ 190 $ 9,596 $ - $ 9,596 Total operating expenses 190 - 190 9,596 - 9,596 Loss from discontinued operations before income taxes (190 ) - (190 ) (9,596 ) - (9,596 ) Income tax benefit 73 - 73 3,612 - 3,612 Discontinued operations, net of tax $ (117 ) $ - $ (117 ) $ (5,984 ) $ - $ (5,984 ) General and administrative expenses for the three June 30, 2017 $190. six June 30, 2017 $9,000 $596. 11, Commitments and Contingencies Three months ended June 30, 2016 Six months ended June 30, 2016 Human Services Segment HA Services Segment Total Discontinued Operations Human Services Segment HA Services Segment Total Discontinued Operations Service revenue, net $ - $ 52,272 $ 52,272 $ - $ 102,864 $ 102,864 Operating expenses: Service expense - 36,963 36,963 - 74,753 74,753 General and administrative expense - 662 662 - 1,318 1,318 Depreciation and amortization - 7,965 7,965 - 15,762 15,762 Total operating expenses - 45,590 45,590 - 91,833 91,833 Operating income - 6,682 6,682 - 11,031 11,031 Other expenses: Interest expense, net - 3,029 3,029 - 6,170 6,170 Income from discontinued operations before income taxes - 3,653 3,653 - 4,861 4,861 Provision for income taxes - 1,283 1,283 - 1,738 1,738 Discontinued operations, net of tax $ - $ 2,370 $ 2,370 $ - $ 3,123 $ 3,123 Interest expense, net The Company allocated interest expense, including amortization of deferred financing fees, to discontinued operations based on the portion of debt that was required to be repaid with the proceeds from the sale of the Matrix Transaction. The total allocated interest expense was $3,031 $6,174 three six June 30, 2016, Cash Flow Information The following table presents depreciation, amortization and capital expenditures of the discontinued operations for the six June 30, 2016: Six months ended June 30, 2016 Cash flows from discontinued operating activities: Depreciation $ 2,667 Amortization 13,095 Cash flows from discontinued investing activities: Purchase of property and equipment $ 5,415 |
Note 14 - Segments
Note 14 - Segments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company is a holding company, which owns interests in subsidiaries and other companies that are primarily engaged in the provision of healthcare and workforce development services. The subsidiaries and other companies in which the Company holds interests comprise the following segments: ● NET Services – Nationwide provider of non-emergency medical transportation programs for state governments and managed care organizations. ● WD Services – Global provider of employment preparation and placement and legal offender rehabilitation services to eligible participants of government sponsored programs. ● Matrix Investment – Minority interest in nationwide provider of in-home care optimization and management solutions, including comprehensive health assessments, to members of managed care organizations, accounted for as an equity method investment. Effective October 19, 2016, no 13, Discontinued Operations October 19, 2016, not October 19, 2016 The following tables set forth certain financial information from continuing operations attributable to the Company’s business segments for the three six June 30, 2017 2016: Three months ended June 30, 2017 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 338,805 $ 69,178 $ - $ - $ 407,983 Service expense 316,435 62,882 - (2,281 ) 377,036 General and administrative expense 3,089 6,919 - 8,040 18,048 Depreciation and amortization 3,326 3,489 - 85 6,900 Operating income (loss) $ 15,955 $ (4,112 ) $ - $ (5,844 ) $ 5,999 Equity in net gain (loss) of investee $ - $ 440 $ 1,090 $ - $ 1,530 Three months ended June 30, 2016 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 308,915 $ 89,289 $ - $ (85 ) $ 398,119 Service expense 285,446 82,073 - 327 367,846 General and administrative expense 2,785 8,585 - 5,341 16,711 Depreciation and amortization 2,931 3,836 - 82 6,849 Operating income (loss) $ 17,753 $ (5,205 ) $ - $ (5,835 ) $ 6,713 Equity in net gain (loss) of investee $ - $ (1,459 ) $ - $ - $ (1,459 ) Six months ended June 30, 2017 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 662,839 $ 144,638 $ - $ - $ 807,477 Service expense 622,627 126,084 - (2,265 ) 746,446 General and administrative expense 5,980 13,964 - 15,132 35,076 Depreciation and amortization 6,477 6,529 - 163 13,169 Operating income (loss) $ 27,755 $ (1,939 ) $ - $ (13,030 ) $ 12,786 Equity in net gain (loss) of investee $ - $ (960 ) $ 430 $ - $ (530 ) Six months ended June 30, 2016 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 599,876 $ 180,332 $ - $ (54 ) $ 780,154 Service expense 552,392 163,745 - 384 716,521 General and administrative expense 5,622 16,456 - 13,150 35,228 Depreciation and amortization 5,807 7,415 - 166 13,388 Operating income (loss) $ 36,055 $ (7,284 ) $ - $ (13,754 ) $ 15,017 Equity in net gain (loss) of investee $ - $ (4,176 ) $ - $ - $ (4,176 ) Geographic Information Domestic service revenue, net, totaled 83.1% 78.0% six June 30, 2017 2016, 16.9% 22.0% six June 30, 2017 2016, At June 30, 2017 December 31, 2016, $84,702, 23.3%, $76,579, 20.4%, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB establishes accounting principles generally accepted in the United States (“GAAP”). Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information, and with the instructions to Form 10 10 X. not The Company has made estimates relating to the reporting of assets and liabilities, revenues and expenses and certain disclosures to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Operating results for the three six June 30, 2017 not may December 31, 2017. The condensed consolidated balance sheet at December 31, 2016 not 10 December 31, 2016. The Company holds investments that are accounted for using the equity method. The Company does not not |
Reclassification, Policy [Policy Text Block] | Reclassifications We have reclassified certain amounts relating to our prior period results to conform to our current period presentation. On October 19, 2016, 53.2% 46.8% Operating results for this segment are reported as discontinued operations, net of tax in the condensed consolidated statements of income for the three six June 30, 2016. 13, Discontinued Operations, . 2, Significant Accounting Policies and Recent Accounting Pronouncements |
New Accounting Pronouncements, Policy [Policy Text Block] | The Company adopted the following accounting pronouncements during the six June 30, 2017: In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17” December 16, 2016, 2015 17 January 1, 2017, December 31, 2016 $6,825 $2,493 $9,318. In March 2016, No. 2016 07, Investments - Equity Method and Joint Ventures (Topic 323 2016 07” 2016 07 2016 07 2016 07 December 15, 2016 2016 07 January 1, 2017. 2016 07 no In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09” 2016 09 December 15, 2016, 2016 09 January 1, 2017, $850 January 1, 2017. three June 30, 2017, $97 six June 30, 2017, $113 16,196 8,787 three six June 30, 2017. The Company elected to apply the change in classification of cash flows resulting from excess tax benefits or deficiencies on a retrospective basis. This resulted in an increase in cash flows provided by operating activities of $258 $258 six June 30, 2016. 2016 09 In January 2017, No. 2017 01, Business Combinations (Topic 805 Clarifying the Definition of a Business 2017 01” 2017 01 2017 01 December 15, 2017, 2017 01 April 1, 2017. 2017 01 no In January 2017, No. 2017 04, Intangibles-Goodwill and Other (Topic 350 Simplifying the Test for Goodwill Impairment 2017 04” . 2017 04 two 2017 04, not December 15, 2019. January 1, 2017. 2017 04 April 1, 2017. 2017 04 no Updates to the recent accounting pronouncements as disclosed in the Company’ s Form 10 December 31, 2016 In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” . 2014 09 606 606” 2014 09 2014 09 2014 09 January 1, 2018. The Company has developed an adoption plan, assembled a cross-functional project team and is in the process of assessing the impacts of applying ASC 606 ● the effect of specified clauses on the term of many of the Company’s contracts with customers; ● the nature of the promises in many of the Company’s contracts with customers to perform integrated services over a period of time; ● whether and how much variable consideration to include when determining the transaction prices for its contracts with customers; ● whether any of the Company’s customer contracts require performance over a series of distinct service periods and the impact on determining and allocating the transaction price; and ● the manner in which the Company will measure its progress towards fully satisfying its performance obligations, including a determination of whether the Company may Management’s assessment is ongoing; therefore, the Company has not 606. not In January 2017, No. 2017 03, Accounting Changes and Error Corrections (Topic 250 323 ) 2017 03” 2017 03 not In May 2017, No. 2017 09, Compensation–Stock Compensation (Topic 718 Scope of Modification Accounting 2017 09” 2017 09 not not December 15, 2017. 2017 09 not There were no not 10 December 31, 2016. |
Note 3 - Equity Investment (Tab
Note 3 - Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Equity Investments Other Assets Accrued Expenses Maximum Exposure to Loss June 30, 2017 $ 3,326 $ 576 $ - $ 3,902 December 31, 2016 $ 4,021 $ - $ - $ 4,021 |
Mission Providence [Member] | |
Notes Tables | |
Income statement and Balance sheet Disclosure [Table Text Block] | June 30, 2017 December 31, 2016 Current assets $ 816 $ 4,640 Long-term assets 10,530 10,473 Current liabilities 10,658 12,844 Long-term liabilities - 1,655 Three months ended June 30, 2017 2016 Revenue $ 10,493 $ 9,708 Operating income (loss) 639 (2,709 ) Net income (loss) 577 (1,945 ) Six months ended June 30, 2017 2016 Revenue $ 19,880 $ 17,126 Operating loss (1,166 ) (7,794 ) Net loss (1,283 ) (5,568 ) |
Matrix [Member] | |
Notes Tables | |
Income statement and Balance sheet Disclosure [Table Text Block] | June 30, 2017 December 31, 2016 Current assets $ 43,479 $ 28,589 Long-term assets 604,598 614,841 Current liabilities 35,236 25,791 Long-term liabilities 274,426 281,348 Three months ended June 30, 2017 Revenue $ 60,852 Operating income 5,942 Net income 1,619 Six months ended June 30, 2017 Revenue $ 116,707 Operating income 6,950 Net loss (238 ) |
Note 4 - Prepaid Expenses and23
Note 4 - Prepaid Expenses and Other (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, December 31, 2017 2016 Prepaid income taxes $ 1,701 $ 1,467 Escrow funds 10,000 10,000 Prepaid insurance 2,402 3,153 Prepaid taxes and licenses 2,479 3,570 Note receivable 3,177 3,130 Prepaid rent 3,447 2,013 Deposits held for leased premises and bonds 2,674 2,609 Other 21,565 11,953 Total prepaid expenses and other $ 47,445 $ 37,895 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2017 2016 Accrued compensation $ 21,704 $ 23,050 NET Services accrued contract payments 32,146 32,836 Accrued settlement 15,000 6,000 Income taxes payable 1,545 372 Other 35,069 40,123 Total accrued expenses $ 105,464 $ 102,381 |
Note 6 - Restructuring and Re25
Note 6 - Restructuring and Related Reorganization Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | January 1, 2017 Costs Incurred Cash Payments Foreign Exchange Rate Adjustments June 30, 2017 Ingeus Futures' Program $ 2,486 $ 836 $ (2,341 ) $ 130 $ 1,111 Offender Rehabilitation Program 1,380 52 (1,295 ) 18 155 UK Restructuring Program 50 (29 ) - 2 23 Total $ 3,916 $ 859 $ (3,636 ) $ 150 $ 1,289 January 1, 2016 Costs Incurred Cash Payments Foreign Exchange Rate Adjustments June 30, 2016 Offender Rehabilitation Program $ 6,538 $ 4,174 $ (2,204 ) $ (753 ) $ 7,755 UK Restructuring Program 2,059 434 (1,956 ) (96 ) 441 Total $ 8,597 $ 4,608 $ (4,160 ) $ (849 ) $ 8,196 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Additional Other Non- Common Stock Paid-In Retained Comprehensive Treasury Stock controlling Shares Amount Capital Earnings Loss Shares Amount Interest Total Balance at December 31, 2016 17,315,661 $ 17 $ 302,010 $ 156,718 $ (33,449 ) 3,478,676 $ (125,201 ) $ (2,420 ) $ 297,675 Stock-based compensation - - 3,061 - - - - - 3,061 Exercise of employee stock options 60,233 - 968 - - 5,665 (238 ) - 730 Restricted stock issued 28,923 - - - - 17,703 (771 ) - (771 ) Performance restricted stock issued 3,773 - (96 ) - - - - - (96 ) Shares issued for bonus settlement and director stipend 24,775 1,107 - - - - 1,107 Stock repurchase plan - - - - - 441,965 (17,983 ) - (17,983 ) Foreign currency translation adjustments, net of tax - - - - 4,426 - - (113 ) 4,313 Convertible preferred stock dividends - - - (2,191 ) - - - - (2,191 ) Noncontrolling interests - - - - - - - 200 200 Other - - 34 - - - - - 34 Net income attributable to Providence - - - (411 ) - - - - (411 ) Cumulative effect adjustment from change in accounting principle - - 850 (850 ) - - - - - Balance at June 30, 2017 17,433,365 $ 17 $ 307,934 $ 153,266 $ (29,023 ) 3,944,009 $ (144,193 ) $ (2,333 ) $ 285,668 |
Note 8 - Stock-based Compensa27
Note 8 - Stock-based Compensation and Similar Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Disclosure of Stock-based Compensation by Line Item [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Service expense $ 110 $ 66 $ 234 $ 180 General and administrative expense 1,445 1,247 2,787 1,724 Equity in net loss of investees 13 - 40 - Discontinued operations, net of tax - 22 - 43 Total stock-based compensation $ 1,568 $ 1,335 $ 3,061 $ 1,947 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income (loss) attributable to Providence $ 3,915 $ 4,623 $ (411 ) $ 6,858 Less dividends on convertible preferred stock (1,102 ) (1,099 ) (2,191 ) (2,198 ) Less income allocated to participating securities (379 ) (420 ) (435 ) (552 ) Net income (loss) available to common stockholders $ 2,434 $ 3,104 $ (3,037 ) $ 4,108 Continuing operations $ 2,551 $ 1,016 $ 2,947 $ 1,355 Discontinued operations (117 ) 2,088 (5,984 ) 2,753 $ 2,434 $ 3,104 $ (3,037 ) $ 4,108 Denominator: Denominator for basic earnings per share -- weighted-average shares 13,553,704 14,893,595 13,628,572 14,975,582 Effect of dilutive securities: Common stock options 48,836 125,717 53,575 123,363 Performance-based restricted stock units 5,036 - 5,036 Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion 13,607,576 15,019,312 13,687,183 15,098,945 Basic earnings (loss) per share: Continuing operations $ 0.19 $ 0.07 $ 0.22 $ 0.09 Discontinued operations (0.01 ) 0.14 (0.44 ) 0.18 $ 0.18 $ 0.21 $ (0.22 ) $ 0.27 Diluted earnings (loss) per share: Continuing operations $ 0.19 $ 0.07 $ 0.22 $ 0.09 Discontinued operations (0.01 ) 0.14 (0.44 ) 0.18 $ 0.18 $ 0.21 $ (0.22 ) $ 0.27 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Stock options to purchase common stock 46,478 33,957 144,811 33,957 Convertible preferred stock 803,398 803,455 803,398 803,486 |
Note 13 - Discontinued Operat29
Note 13 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Three months ended June 30, 2017 Six months ended June 30, 2017 Human Services Segment HA Services Segment Total Discontinued Operations Human Services Segment HA Services Segment Total Discontinued Operations Operating expenses: General and administrative expense $ 190 $ - $ 190 $ 9,596 $ - $ 9,596 Total operating expenses 190 - 190 9,596 - 9,596 Loss from discontinued operations before income taxes (190 ) - (190 ) (9,596 ) - (9,596 ) Income tax benefit 73 - 73 3,612 - 3,612 Discontinued operations, net of tax $ (117 ) $ - $ (117 ) $ (5,984 ) $ - $ (5,984 ) Three months ended June 30, 2016 Six months ended June 30, 2016 Human Services Segment HA Services Segment Total Discontinued Operations Human Services Segment HA Services Segment Total Discontinued Operations Service revenue, net $ - $ 52,272 $ 52,272 $ - $ 102,864 $ 102,864 Operating expenses: Service expense - 36,963 36,963 - 74,753 74,753 General and administrative expense - 662 662 - 1,318 1,318 Depreciation and amortization - 7,965 7,965 - 15,762 15,762 Total operating expenses - 45,590 45,590 - 91,833 91,833 Operating income - 6,682 6,682 - 11,031 11,031 Other expenses: Interest expense, net - 3,029 3,029 - 6,170 6,170 Income from discontinued operations before income taxes - 3,653 3,653 - 4,861 4,861 Provision for income taxes - 1,283 1,283 - 1,738 1,738 Discontinued operations, net of tax $ - $ 2,370 $ 2,370 $ - $ 3,123 $ 3,123 |
Disposal Groups, Including Discontinued Operations, Cash Flow Statement [Table Text Block] | Six months ended June 30, 2016 Cash flows from discontinued operating activities: Depreciation $ 2,667 Amortization 13,095 Cash flows from discontinued investing activities: Purchase of property and equipment $ 5,415 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2017 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 338,805 $ 69,178 $ - $ - $ 407,983 Service expense 316,435 62,882 - (2,281 ) 377,036 General and administrative expense 3,089 6,919 - 8,040 18,048 Depreciation and amortization 3,326 3,489 - 85 6,900 Operating income (loss) $ 15,955 $ (4,112 ) $ - $ (5,844 ) $ 5,999 Equity in net gain (loss) of investee $ - $ 440 $ 1,090 $ - $ 1,530 Three months ended June 30, 2016 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 308,915 $ 89,289 $ - $ (85 ) $ 398,119 Service expense 285,446 82,073 - 327 367,846 General and administrative expense 2,785 8,585 - 5,341 16,711 Depreciation and amortization 2,931 3,836 - 82 6,849 Operating income (loss) $ 17,753 $ (5,205 ) $ - $ (5,835 ) $ 6,713 Equity in net gain (loss) of investee $ - $ (1,459 ) $ - $ - $ (1,459 ) Six months ended June 30, 2017 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 662,839 $ 144,638 $ - $ - $ 807,477 Service expense 622,627 126,084 - (2,265 ) 746,446 General and administrative expense 5,980 13,964 - 15,132 35,076 Depreciation and amortization 6,477 6,529 - 163 13,169 Operating income (loss) $ 27,755 $ (1,939 ) $ - $ (13,030 ) $ 12,786 Equity in net gain (loss) of investee $ - $ (960 ) $ 430 $ - $ (530 ) Six months ended June 30, 2016 NET Services WD Services Matrix Investment Corporate and Other Total Service revenue, net $ 599,876 $ 180,332 $ - $ (54 ) $ 780,154 Service expense 552,392 163,745 - 384 716,521 General and administrative expense 5,622 16,456 - 13,150 35,228 Depreciation and amortization 5,807 7,415 - 166 13,388 Operating income (loss) $ 36,055 $ (7,284 ) $ - $ (13,754 ) $ 15,017 Equity in net gain (loss) of investee $ - $ (4,176 ) $ - $ - $ (4,176 ) |
Note 1 - Organization and Bas31
Note 1 - Organization and Basis of Presentation (Details Textual) | Oct. 19, 2016 | Jun. 30, 2017 |
Matrix [Member] | ||
Equity Method Investment, Ownership Percentage | 46.80% | 46.80% |
Matrix [Member] | ||
Interest in Subsidiary Subscribed for by Third Party | 53.20% |
Note 2 - Significant Accounti32
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Expense (Benefit) | $ 2,879 | $ 3,997 | $ 5,402 | $ 7,789 | |
Accounting Standards Update 2015-17 [Member] | Reclassification from Current Tax Assets to Long-term Deferred Tax Assets and Liabilities [Member] | December 31, 2016 [Member] | |||||
Prior Period Reclassification Adjustment | 6,825 | ||||
Accounting Standards Update 2015-17 [Member] | Reclassification from Non-Current Tax Assets to Long-term Deferred Tax Assets And Liabilities [Member] | December 31, 2016 [Member] | |||||
Prior Period Reclassification Adjustment | 2,493 | ||||
Accounting Standards Update 2015-17 [Member] | Reclassification from Current and Non-Current Tax Assets to Long-term Deferred Tax Assets And Liabilities [Member] | December 31, 2016 [Member] | |||||
Prior Period Reclassification Adjustment | $ 9,318 | ||||
Accounting Standards Update 2016-09 [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | (16,196) | (8,787) | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 850 | ||||
Income Tax Expense (Benefit) | $ 97 | $ (113) | |||
Accounting Standards Update 2016-09 [Member] | Reclassification from a Decrease in Financing Acticvities Cash Flows to an Increase in Operating Activities Cash Flows [Member] | Period of Six Months Ended June 30, 2016 [Member] | |||||
Prior Period Reclassification Adjustment | $ 258 |
Note 3 - Equity Investment (Det
Note 3 - Equity Investment (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 19, 2016 |
Equity Method Investments | $ 160,601 | $ 161,363 | |
Matrix [Member] | |||
Equity Method Investments | $ 157,124 | 157,202 | |
Equity Method Investment, Ownership Percentage | 46.80% | 46.80% | |
Mission Providence [Member] | |||
Equity Method Investments | $ 3,326 | $ 4,021 | |
Equity Method Investment, Ownership Percentage | 60.00% | ||
Joint Venture, Rights to Cash or Profit Distributions, Percentage | 75.00% |
Note 3 - Equity Investment - Su
Note 3 - Equity Investment - Summary of Financial Information for Matrix (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Current assets | $ 286,223 | $ 286,223 | $ 288,103 | ||
Current liabilities | 238,621 | 238,621 | 227,796 | ||
Revenue | 407,983 | $ 398,119 | 807,477 | $ 780,154 | |
Operating income | 5,999 | 6,713 | 12,786 | 15,017 | |
Net income (loss) | 3,915 | $ 4,623 | (411) | $ 6,858 | |
Matrix [Member] | |||||
Current assets | 43,479 | 43,479 | 28,589 | ||
Long-term assets | 604,598 | 604,598 | 614,841 | ||
Current liabilities | 35,236 | 35,236 | 25,791 | ||
Long-term liabilities | 274,426 | 274,426 | $ 281,348 | ||
Revenue | 60,852 | 116,707 | |||
Operating income | 5,942 | 6,950 | |||
Net income (loss) | $ 1,619 | $ (238) |
Note 3 - Equity Investment - Ca
Note 3 - Equity Investment - Carrying Amounts of Assets and Liabilities and Maximum Loss Exposure (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments | $ 160,601 | $ 161,363 |
Mission Providence [Member] | ||
Maximum exposure to loss | 3,902 | 4,021 |
Equity Method Investments | 3,326 | 4,021 |
Mission Providence [Member] | Other Assets [Member] | ||
Notes Receivable, Related Parties | $ 576 |
Note 3 - Equity Investment - 36
Note 3 - Equity Investment - Summary of Financial Information for Mission Providence (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Current assets | $ 286,223 | $ 286,223 | $ 288,103 | ||
Current liabilities | 238,621 | 238,621 | 227,796 | ||
Revenue | 407,983 | $ 398,119 | 807,477 | $ 780,154 | |
Operating income | 5,999 | 6,713 | 12,786 | 15,017 | |
Net income (loss) | 3,915 | 4,623 | (411) | 6,858 | |
Mission Providence [Member] | |||||
Current assets | 816 | 816 | 4,640 | ||
Long-term assets | 10,530 | 10,530 | 10,473 | ||
Current liabilities | 10,658 | 10,658 | 12,844 | ||
Long-term liabilities | $ 1,655 | ||||
Revenue | 10,493 | 9,708 | 19,880 | 17,126 | |
Operating income | 639 | (2,709) | (1,166) | (7,794) | |
Net income (loss) | $ 577 | $ (1,945) | $ (1,283) | $ (5,568) |
Note 4 - Prepaid Expenses and37
Note 4 - Prepaid Expenses and Other (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Human Services [Member] | Indemnification Agreement [Member] | |
Loss Contingency Accrual, Provision | $ 15 |
Note 4 - Prepaid Expenses and38
Note 4 - Prepaid Expenses and Other - Summary of Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Prepaid income taxes | $ 1,701 | $ 1,467 |
Escrow funds | 10,000 | 10,000 |
Prepaid insurance | 2,402 | 3,153 |
Prepaid taxes and licenses | 2,479 | 3,570 |
Note receivable | 3,177 | 3,130 |
Prepaid rent | 3,447 | 2,013 |
Deposits held for leased premises and bonds | 2,674 | 2,609 |
Other | 21,565 | 11,953 |
Total prepaid expenses and other | $ 47,445 | $ 37,895 |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued compensation | $ 21,704 | $ 23,050 |
NET Services accrued contract payments | 32,146 | 32,836 |
Accrued settlement | 15,000 | 6,000 |
Income taxes payable | 1,545 | 372 |
Other | 35,069 | 40,123 |
Total accrued expenses | $ 105,464 | $ 102,381 |
Note 6 - Restructuring and Re40
Note 6 - Restructuring and Related Reorganization Costs (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Severance Costs | $ 859 | $ 4,608 | ||
Restructuring Reserve | 1,289 | 8,196 | $ 3,916 | $ 8,597 |
Employee Severance [Member] | WD Services [Member] | Ingeus Acquisition [Member] | ||||
Number of Severance Plans | 3 | |||
Employee Severance [Member] | WD Services [Member] | Ingeus Acquisition [Member] | Accrued Expenses [Member] | ||||
Severance Costs | 859 | $ 4,608 | ||
Restructuring Reserve | $ 1,289 |
Note 6 - Restructuring and Re41
Note 6 - Restructuring and Related Reorganization Costs - Summary of Severance and Related Charges (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at beginning of period | $ 3,916 | $ 8,597 |
Costs Incurred | 859 | 4,608 |
Cash Payments | (3,636) | (4,160) |
Foreign Exchange Rate Adjustments | 150 | (849) |
Balance at end of period | 1,289 | 8,196 |
Ingeus Futures' Program [Member] | ||
Balance at beginning of period | 2,486 | |
Costs Incurred | 836 | |
Cash Payments | (2,341) | |
Foreign Exchange Rate Adjustments | 130 | |
Balance at end of period | 1,111 | |
Offender Rehabilitation Program Restructuring [Member] | ||
Balance at beginning of period | 1,380 | 6,538 |
Costs Incurred | 52 | 4,174 |
Cash Payments | (1,295) | (2,204) |
Foreign Exchange Rate Adjustments | 18 | (753) |
Balance at end of period | 155 | 7,755 |
IUK Restructuring [Member] | ||
Balance at beginning of period | 50 | 2,059 |
Costs Incurred | (29) | 434 |
Cash Payments | (1,956) | |
Foreign Exchange Rate Adjustments | 2 | (96) |
Balance at end of period | $ 23 | $ 441 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Changes In Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance | $ 297,675 | |||
Stock-based compensation | 3,061 | |||
Exercise of employee stock options | 730 | |||
Restricted stock issued | (771) | |||
Shares issued for bonus settlement and director stipend | 1,107 | |||
Stock repurchase plan | (17,983) | |||
Foreign currency translation adjustments, net of tax | 4,313 | |||
Convertible preferred stock dividends | (2,191) | |||
Noncontrolling interests | $ (174) | $ (628) | 200 | $ (735) |
Other | 34 | |||
Net income (loss) attributable to Providence | 3,915 | $ 4,623 | (411) | $ 6,858 |
Cumulative effect adjustment from change in accounting principle | ||||
Balance | 285,668 | 285,668 | ||
Performance Shares [Member] | ||||
Performance Restricted Stock Issued | $ (96) | |||
Common Stock [Member] | ||||
Balance (in shares) | 17,315,661 | |||
Balance | $ 17 | |||
Stock-based compensation | ||||
Exercise of employee stock options (in shares) | 60,233 | |||
Exercise of employee stock options | ||||
Restricted stock issued (in shares) | 28,923 | |||
Restricted stock issued | ||||
Shares issued for bonus settlement and director stipend (in shares) | 24,775 | |||
Shares issued for bonus settlement and director stipend | ||||
Stock repurchase plan (in shares) | ||||
Stock repurchase plan | ||||
Foreign currency translation adjustments, net of tax | ||||
Convertible preferred stock dividends | ||||
Noncontrolling interests | ||||
Other | ||||
Net income (loss) attributable to Providence | ||||
Cumulative effect adjustment from change in accounting principle | ||||
Balance (in shares) | 17,433,365 | 17,433,365 | ||
Balance | $ 17 | $ 17 | ||
Common Stock [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued (in shares) | 3,773 | |||
Performance Restricted Stock Issued | ||||
Additional Paid-in Capital [Member] | ||||
Balance | 302,010 | |||
Stock-based compensation | 3,061 | |||
Exercise of employee stock options | 968 | |||
Restricted stock issued | ||||
Shares issued for bonus settlement and director stipend | 1,107 | |||
Stock repurchase plan | ||||
Foreign currency translation adjustments, net of tax | ||||
Convertible preferred stock dividends | ||||
Noncontrolling interests | ||||
Other | 34 | |||
Net income (loss) attributable to Providence | ||||
Cumulative effect adjustment from change in accounting principle | 850 | 850 | ||
Balance | 307,934 | 307,934 | ||
Additional Paid-in Capital [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued | (96) | |||
Retained Earnings [Member] | ||||
Balance | 156,718 | |||
Stock-based compensation | ||||
Exercise of employee stock options | ||||
Restricted stock issued | ||||
Shares issued for bonus settlement and director stipend | ||||
Stock repurchase plan | ||||
Foreign currency translation adjustments, net of tax | ||||
Convertible preferred stock dividends | (2,191) | |||
Noncontrolling interests | ||||
Other | ||||
Net income (loss) attributable to Providence | (411) | |||
Cumulative effect adjustment from change in accounting principle | (850) | (850) | ||
Balance | 153,266 | 153,266 | ||
Retained Earnings [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued | ||||
AOCI Attributable to Parent [Member] | ||||
Balance | (33,449) | |||
Stock-based compensation | ||||
Exercise of employee stock options | ||||
Restricted stock issued | ||||
Shares issued for bonus settlement and director stipend | ||||
Stock repurchase plan | ||||
Foreign currency translation adjustments, net of tax | 4,426 | |||
Convertible preferred stock dividends | ||||
Noncontrolling interests | ||||
Other | ||||
Net income (loss) attributable to Providence | ||||
Cumulative effect adjustment from change in accounting principle | ||||
Balance | (29,023) | (29,023) | ||
AOCI Attributable to Parent [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued | ||||
Treasury Stock [Member] | ||||
Balance (in shares) | 3,478,676 | |||
Balance | $ (125,201) | |||
Stock-based compensation | ||||
Exercise of employee stock options (in shares) | 5,665 | |||
Exercise of employee stock options | $ (238) | |||
Restricted stock issued (in shares) | 17,703 | |||
Restricted stock issued | $ (771) | |||
Shares issued for bonus settlement and director stipend (in shares) | ||||
Shares issued for bonus settlement and director stipend | ||||
Stock repurchase plan (in shares) | 441,965 | |||
Stock repurchase plan | $ (17,983) | |||
Foreign currency translation adjustments, net of tax | ||||
Convertible preferred stock dividends | ||||
Noncontrolling interests | ||||
Other | ||||
Net income (loss) attributable to Providence | ||||
Cumulative effect adjustment from change in accounting principle | ||||
Balance (in shares) | 3,944,009 | 3,944,009 | ||
Balance | $ (144,193) | $ (144,193) | ||
Treasury Stock [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued (in shares) | ||||
Performance Restricted Stock Issued | ||||
Noncontrolling Interest [Member] | ||||
Balance | (2,420) | |||
Stock-based compensation | ||||
Exercise of employee stock options | ||||
Restricted stock issued | ||||
Shares issued for bonus settlement and director stipend | ||||
Stock repurchase plan | ||||
Foreign currency translation adjustments, net of tax | (113) | |||
Convertible preferred stock dividends | ||||
Noncontrolling interests | 200 | |||
Other | ||||
Net income (loss) attributable to Providence | ||||
Cumulative effect adjustment from change in accounting principle | ||||
Balance | $ (2,333) | (2,333) | ||
Noncontrolling Interest [Member] | Performance Shares [Member] | ||||
Performance Restricted Stock Issued |
Note 8 - Stock-based Compensa43
Note 8 - Stock-based Compensation and Similar Arrangements (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 1,568 | $ 1,335 | $ 3,061 | $ 1,947 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 290,781 | 290,781 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 37.56 | $ 37.56 | ||||
Stock Equivalent Units Outstanding | 6,671 | 6,671 | ||||
Stock Option Equivalent Units Outstanding | 200,000 | 200,000 | ||||
General and Administrative Expense [Member] | ||||||
Allocated Share-based Compensation Expense | $ 1,445 | 1,247 | $ 2,787 | 1,724 | ||
Service Expense [Member] | ||||||
Allocated Share-based Compensation Expense | 110 | 66 | 234 | 180 | ||
HoldCo LTI Program [Member] | Scenario, Forecast [Member] | ||||||
Minimum Common Stock Price For Distribution | $ 56.79 | |||||
NET Services Vertical Long-term Incentive Plan [Member] | ||||||
NET Services Long Term Incentive Plan Pool | 2,956 | 2,956 | ||||
NET Services Long Term Incentive Plan Unamortized Expense | 971 | 971 | ||||
NET Services Vertical Long-term Incentive Plan [Member] | Accrued Expenses and Other Long-Term Liabilities [Member] | ||||||
Deferred Compensation Liability, Current and Noncurrent | 1,985 | 1,985 | ||||
NET Services Vertical Long-term Incentive Plan [Member] | Other Long-term Liabilities [Member] | ||||||
Deferred Compensation Liability, Classified, Noncurrent | $ 1,841 | |||||
Performance Shares [Member] | HoldCo LTI Program [Member] | ||||||
Allocated Share-based Compensation Expense | $ 1,042 | 842 | $ 2,084 | 1,462 | ||
Performance Shares [Member] | HoldCo LTI Program [Member] | Scenario, Forecast [Member] | ||||||
Period for Weighted Average Price for Common Share | 90 days | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 73,950 | 73,950 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 44.40 | $ 44.40 | ||||
Performance Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,298 | 18,298 | ||||
Stock Equivalent Unit Awards and Stock Option Equivalent Units [Member] | Accrued Expenses [Member] | ||||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 2,789 | $ 2,789 | $ 1,764 | |||
Stock Equivalent Unit Awards and Stock Option Equivalent Units [Member] | General and Administrative Expense [Member] | ||||||
Allocated Share-based Compensation Expense (Benefit) | 564 | (847) | 1,231 | (117) | ||
NET Services Vertical Long-term Incentive Plan [Member] | Service Expense [Member] | ||||||
Allocated Cash-based Compensation Expense | $ (401) | $ 979 | $ 144 | $ 1,994 |
Note 8 - Stock-based Compensa44
Note 8 - Stock-based Compensation and Similar Arrangements - Stock-based Compensation Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-based compensation | $ 1,568 | $ 1,335 | $ 3,061 | $ 1,947 |
Service Expense [Member] | ||||
Stock-based compensation | 110 | 66 | 234 | 180 |
General and Administrative Expense [Member] | ||||
Stock-based compensation | 1,445 | 1,247 | 2,787 | 1,724 |
Equity in Net Loss of Investee [Member] | ||||
Stock-based compensation | 13 | 40 | ||
Discontinued Operations, Net of Tax [Member] | ||||
Stock-based compensation | $ 22 | $ 43 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net income (loss) attributable to Providence | $ 3,915 | $ 4,623 | $ (411) | $ 6,858 |
Less dividends on convertible preferred stock | (1,102) | (1,099) | (2,191) | (2,198) |
Less income allocated to participating securities | (379) | (420) | (435) | (552) |
Net income (loss) available to common stockholders | 2,434 | 3,104 | (3,037) | 4,108 |
Net income (loss) available to common stockholders | $ 2,434 | $ 3,104 | $ (3,037) | $ 4,108 |
Denominator for basic earnings per share -- weighted-average shares (in shares) | 13,553,704 | 14,893,595 | 13,628,572 | 14,975,582 |
Effect of dilutive securities: | ||||
Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion (in shares) | 13,607,576 | 15,019,312 | 13,687,183 | 15,098,945 |
Basic earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.19 | $ 0.07 | $ 0.22 | $ 0.09 |
Discontinued operations (in dollars per share) | (0.01) | 0.14 | (0.44) | 0.18 |
(in dollars per share) | 0.18 | 0.21 | (0.22) | 0.27 |
Diluted earnings (loss) per share: | ||||
Continuing operations (in dollars per share) | 0.19 | 0.07 | 0.22 | 0.09 |
Discontinued operations (in dollars per share) | (0.01) | 0.14 | (0.44) | 0.18 |
(in dollars per share) | $ 0.18 | $ 0.21 | $ (0.22) | $ 0.27 |
Employee Stock Option [Member] | ||||
Effect of dilutive securities: | ||||
Common stock options (in shares) | 48,836 | 125,717 | 53,575 | 123,363 |
Performance Restricted Stock Units [Member] | ||||
Effect of dilutive securities: | ||||
Performance-based restricted stock units (in shares) | 5,036 | 5,036 | ||
Continuing Operations [Member] | ||||
Numerator: | ||||
Net income (loss) available to common stockholders | $ 2,551 | $ 1,016 | $ 2,947 | $ 1,355 |
Net income (loss) available to common stockholders | 2,551 | 1,016 | 2,947 | 1,355 |
Discontinued Operations [Member] | ||||
Numerator: | ||||
Net income (loss) available to common stockholders | (117) | 2,088 | (5,984) | 2,753 |
Net income (loss) available to common stockholders | $ (117) | $ 2,088 | $ (5,984) | $ 2,753 |
Note 9 - Earnings Per Share - A
Note 9 - Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive securities (in shares) | 46,478 | 33,957 | 144,811 | 33,957 |
Antidilutive Securities, Convertible Preferred Stock [Member] | ||||
Antidilutive securities (in shares) | 803,398 | 803,455 | 803,398 | 803,486 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 42.70% | 71.10% | 48.30% | 72.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ||
Income Tax Expense (Benefit) | $ 2,879 | $ 3,997 | $ 5,402 | $ 7,789 |
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ 97 | $ (113) |
Note 11 - Commitments and Con48
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Feb. 05, 2015 | |
Convertible Preferred Stock, Pro Rata Share | $ 65,500,000 | ||||||
Rights Offering, Right to Purchase Preferred Stock, Price Per Share | $ 100 | ||||||
Other Noncurrent Liabilities [Member] | |||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,755,000 | $ 1,755,000 | $ 1,430,000 | ||||
Indemnification Agreement [Member] | Human Services [Member] | |||||||
Loss Contingency Accrual, Provision | 15,000,000 | ||||||
Insurance Claims [Member] | |||||||
Loss Contingency Accrual, Net | 8,693,000 | 8,693,000 | 11,195,000 | ||||
Loss Contingency Accrual | 14,776,000 | 14,776,000 | 16,460,000 | ||||
Offsetting Receivable | 6,083,000 | 6,083,000 | 5,265,000 | ||||
Discontinued Operations, Net of Tax [Member] | Indemnification Agreement [Member] | Human Services [Member] | |||||||
Loss Contingency Accrual, Provision | 15,000,000 | ||||||
Haverhill Litigation [Member] | |||||||
Indemnified Legal Expenses | 143,000 | $ 38,000 | 275,000 | $ 144,000 | |||
Indemnified Legal Expense, Related Parties | 92,000 | 38,000 | 208,000 | 144,000 | |||
Offsetting Receivable | 1,167,000 | 1,167,000 | $ 1,645,000 | ||||
Haverhill Litigation [Member] | General and Administrative Expense [Member] | |||||||
Legal Expense | $ 0 | $ 0 | $ 11,000 | $ 0 | |||
Coliseum Capital Management, LLC [Member] | Unsecured Subordinated Note Issued to Coliseum [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||||
Debt Instrument, Face Amount | $ 65,500,000 | ||||||
Convertible Preferred Stock [Member] | |||||||
Temporary Equity, Shares Issued | 803,398 | 803,398 | 803,398 | ||||
Non-Standby Purchasers [Member] | Convertible Preferred Stock [Member] | |||||||
Temporary Equity, Shares Issued | 130,884 | ||||||
The Standby Purchasers [Member] | Convertible Preferred Stock [Member] | |||||||
Temporary Equity, Shares Issued | 524,116 | ||||||
Rights Offering, Right to Purchase Preferred Stock, Price Per Share | $ 100 | ||||||
Rodriguez v. Providence Community Corrections [Member] | Indemnification Agreement [Member] | Human Services [Member] | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 14,000,000 | ||||||
Pending Litigation [Member] | Proposed Settlement Agreement [Member] | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 10,000,000 | ||||||
Litigation Settlement, Amount Awarded from Other Party to the Company, Percentage | 75.00% | ||||||
Litigation Settlement, Amount Awarded from Other Party to the Holders of Company’s Common Stock, Percentage | 25.00% |
Note 12 - Transactions With R49
Note 12 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Mission Providence [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Notes Receivable, Related Parties | $ 576 | $ 576 | ||
Preferred Stock Dividends Earned by Related Party [Member] | Coliseum Capital Partners, L.P. [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1,050 | $ 1,047 | $ 2,089 | $ 2,095 |
Note 13 - Discontinued Operat50
Note 13 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 19, 2016 | |
Matrix [Member] | ||||
Equity Method Investment, Ownership Percentage | 46.80% | 46.80% | 46.80% | |
Equity Method Investment, Summarized Financial Information, Pretax Income (Loss) | $ 2,284 | $ (314) | ||
Proceeds from Management Fees Received | 529 | |||
Disposal Group, Including Discontinued Operation, Interest Expense | 3,031 | 6,174 | ||
Matrix [Member] | Other Receivables [Member] | ||||
Management Fees Receivable | 312 | 312 | $ 185 | |
Human Services [Member] | ||||
Disposal Group, Including Discontinued Operations, Settlement Accrual | 9,000 | |||
Disposal Group, Including Discontinued Operation, Legal Expense | $ 190 | $ 596 |
Note 13 - Discontinued Operat51
Note 13 - Discontinued Operations - Summary of Operations Classified as Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Discontinued operations, net of tax | $ (117) | $ 2,370 | $ (5,984) | $ 3,123 |
Discontinued Operations [Member] | ||||
Total operating expenses | 190 | 45,590 | 9,596 | 91,833 |
Operating income | 6,682 | 11,031 | ||
Interest expense, net | 3,029 | 6,170 | ||
Loss from discontinued operations before income taxes | (190) | 3,653 | (9,596) | 4,861 |
Income tax benefit | 73 | 1,283 | 3,612 | 1,738 |
Discontinued operations, net of tax | (117) | 2,370 | (5,984) | 3,123 |
Service revenue, net | 52,272 | 102,864 | ||
Service expense | 36,963 | 74,753 | ||
General and administrative expense | 190 | 662 | 9,596 | 1,318 |
Depreciation and amortization | 7,965 | 15,762 | ||
Human Services [Member] | Discontinued Operations [Member] | ||||
Total operating expenses | 190 | 9,596 | ||
Operating income | ||||
Interest expense, net | ||||
Loss from discontinued operations before income taxes | (190) | (9,596) | ||
Income tax benefit | 73 | 3,612 | ||
Discontinued operations, net of tax | (117) | (5,984) | ||
Service revenue, net | ||||
Service expense | ||||
General and administrative expense | 190 | 9,596 | ||
Depreciation and amortization | ||||
HA Services [Member] | Discontinued Operations [Member] | ||||
Total operating expenses | 45,590 | 91,833 | ||
Operating income | 6,682 | 11,031 | ||
Interest expense, net | 3,029 | 6,170 | ||
Loss from discontinued operations before income taxes | 3,653 | 4,861 | ||
Income tax benefit | 1,283 | 1,738 | ||
Discontinued operations, net of tax | 2,370 | 3,123 | ||
Service revenue, net | 52,272 | 102,864 | ||
Service expense | 36,963 | 74,753 | ||
General and administrative expense | 662 | 1,318 | ||
Depreciation and amortization | $ 7,965 | $ 15,762 |
Note 13 - Discontinued Operat52
Note 13 - Discontinued Operations - Cash Flow From Discontinued Operating Activities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation | $ 9,245 | $ 11,518 |
Amortization | $ 3,924 | 17,632 |
HA Services [Member] | Discontinued Operations [Member] | ||
Depreciation | 2,667 | |
Amortization | 13,095 | |
Purchase of property and equipment | $ 5,415 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
UNITED STATES | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk, Percentage | 83.10% | 78.00% | |
Non-US [Member] | |||
Net Assets | $ 84,702 | $ 76,579 | |
Non-US [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk, Percentage | 16.90% | 22.00% | |
Non-US [Member] | Stockholders' Equity, Total [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk, Percentage | 23.30% | 20.40% |
Note 14 - Segments - Financial
Note 14 - Segments - Financial Information Attributable to the Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation and amortization | $ 6,900 | $ 6,849 | $ 13,169 | $ 13,388 |
Operating income (loss) | 5,999 | 6,713 | 12,786 | 15,017 |
Equity in net gain (loss) of investee | 1,530 | (1,459) | (530) | (4,176) |
Revenues | 407,983 | 398,119 | 807,477 | 780,154 |
Service expense | 377,036 | 367,846 | 746,446 | 716,521 |
General and administrative expense | 18,048 | 16,711 | 35,076 | 35,228 |
Corporate and Eliminations [Member] | ||||
Depreciation and amortization | 85 | 82 | 163 | 166 |
Operating income (loss) | (5,844) | (5,835) | (13,030) | (13,754) |
Equity in net gain (loss) of investee | ||||
Revenues | (85) | (54) | ||
Service expense | (2,281) | 327 | (2,265) | 384 |
General and administrative expense | 8,040 | 5,341 | 15,132 | 13,150 |
NET Services [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 3,326 | 2,931 | 6,477 | 5,807 |
Operating income (loss) | 15,955 | 17,753 | 27,755 | 36,055 |
Equity in net gain (loss) of investee | ||||
Revenues | 338,805 | 308,915 | 662,839 | 599,876 |
Service expense | 316,435 | 285,446 | 622,627 | 552,392 |
General and administrative expense | 3,089 | 2,785 | 5,980 | 5,622 |
WD Services [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 3,489 | 3,836 | 6,529 | 7,415 |
Operating income (loss) | (4,112) | (5,205) | (1,939) | (7,284) |
Equity in net gain (loss) of investee | 440 | (1,459) | (960) | (4,176) |
Revenues | 69,178 | 89,289 | 144,638 | 180,332 |
Service expense | 62,882 | 82,073 | 126,084 | 163,745 |
General and administrative expense | 6,919 | 8,585 | 13,964 | 16,456 |
Matrix Investment [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | ||||
Operating income (loss) | ||||
Equity in net gain (loss) of investee | 1,090 | 430 | ||
Revenues | ||||
Service expense | ||||
General and administrative expense |