Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'NTELOS HOLDINGS CORP | ' |
Entity Central Index Key | '0001328571 | ' |
Trading Symbol | 'ntls | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,690,951 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $108,340 | $88,441 |
Restricted cash | 2,167 | 2,167 |
Accounts receivable, net | 41,947 | 37,740 |
Inventories and supplies | 15,501 | 23,962 |
Deferred income taxes | 8,970 | 10,650 |
Prepaid expenses and other current assets | 18,819 | 20,808 |
Total current assets | 195,744 | 183,768 |
Securities and Investments | 1,499 | 1,499 |
Property, Plant and Equipment, net | 320,795 | 319,376 |
Intangible Assets | ' | ' |
Goodwill | 63,700 | 63,700 |
Radio spectrum licenses | 131,838 | 131,834 |
Customer relationships and trademarks, net | 5,479 | 6,985 |
Deferred Charges and Other Assets | 11,117 | 9,089 |
TOTAL ASSETS | 730,172 | 716,251 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 5,835 | 5,410 |
Accounts payable | 21,812 | 33,677 |
Dividends payable | 9,104 | 9,034 |
Advance billings and customer deposits | 13,363 | 13,333 |
Accrued expenses and other current liabilities | 18,955 | 18,056 |
Total current liabilities | 69,069 | 79,510 |
Long-term Liabilities | ' | ' |
Long-Term Debt | 521,978 | 484,956 |
Retirement Benefits | 13,528 | 11,995 |
Deferred Income Taxes | 60,780 | 62,893 |
Other Long-Term Liabilities | 35,408 | 33,104 |
Liabilities, Noncurrent, Total | 631,694 | 592,948 |
Commitments and Contingencies | ' | ' |
Equity | ' | ' |
Preferred stock, par value $.01 per share, authorized 100 shares, none issued | 0 | 0 |
Common stock, par value $.01 per share, authorized 55,000 shares; 21,704 shares issued and 21,685 shares outstanding (21,519 shares issued and 21,510 shares outstanding at December 31, 2013) | 214 | 214 |
Additional paid in capital | 30,877 | 44,462 |
Treasury stock, at cost, 19 shares (9 shares at December 31, 2013) | -281 | -147 |
Retained earnings | 0 | 0 |
Accumulated other comprehensive loss | -2,169 | -1,246 |
Total NTELOS Holdings Corp. Stockholders’ Equity | 28,641 | 43,283 |
Noncontrolling Interests | 768 | 510 |
Total Stockholders' Equity, including portion attributable to noncontrolling interest | 29,409 | 43,793 |
TOTAL LIABILITIES AND EQUITY | $730,172 | $716,251 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 55,000,000 | 55,000,000 |
Common stock, shares issued (in shares) | 21,704,000 | 21,519,000 |
Common stock, shares outstanding (in shares) | 21,685,000 | 21,510,000 |
Treasury stock, shares (in shares) | 19,000 | 9,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating Revenues | $117,795 | $119,859 | $239,877 | $239,204 |
Operating Expenses | ' | ' | ' | ' |
Cost of sales and services | 47,439 | 42,567 | 94,763 | 87,102 |
Customer operations | 31,329 | 29,977 | 65,420 | 60,931 |
Corporate operations | 9,194 | 7,760 | 18,931 | 15,664 |
Depreciation and amortization | 19,929 | 20,443 | 38,996 | 38,899 |
Gain on sale of intangible assets | 0 | -4,442 | 0 | -4,442 |
Operating expenses, total | 107,891 | 96,305 | 218,110 | 198,154 |
Operating income | 9,904 | 23,554 | 21,767 | 41,050 |
Other Expense | ' | ' | ' | ' |
Interest expense | -8,315 | -7,398 | -16,274 | -14,759 |
Other income (expense), net | -92 | 151 | -1,164 | -218 |
Nonoperating Income (Expense), Total | -8,407 | -7,247 | -17,438 | -14,977 |
Income before Income Taxes | 1,497 | 16,307 | 4,329 | 26,073 |
Income Taxes | 640 | 6,380 | 1,750 | 10,124 |
Net Income | 857 | 9,927 | 2,579 | 15,949 |
Net Income Attributable to Noncontrolling Interests | -373 | -541 | -809 | -1,070 |
Net Income Attributable to NTELOS Holdings Corp. | $484 | $9,386 | $1,770 | $14,879 |
Earnings per Share Attributable to NTELOS Holdings Corp. | ' | ' | ' | ' |
Basic (in dollars per share) | $0.02 | $0.45 | $0.08 | $0.71 |
Weighted average shares outstanding - basic (in shares) | 21,099 | 21,027 | 21,090 | 20,962 |
Diluted (in dollars per share) | $0.02 | $0.43 | $0.08 | $0.69 |
Weighted average shares outstanding - diluted (in shares) | 22,039 | 21,779 | 22,037 | 21,613 |
Cash Dividends Declared per Share - Common Stock (in dollars per share) | $0.42 | $0.42 | $0.84 | $0.84 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income Attributable to NTELOS Holdings Corp. | $484 | $9,386 | $1,770 | $14,879 |
Other Comprehensive Income: | ' | ' | ' | ' |
Amortization of unrealized (gain)/loss from defined benefit plans, net of $172 and $344 of deferred income taxes in 2014, respectively ($42 and $84 in 2013, respectively) | -270 | 66 | -541 | 131 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -382 | 0 | -382 | 0 |
Comprehensive Income Attributable to NTELOS Holdings Corp. | -168 | 9,452 | 847 | 15,010 |
Comprehensive Income Attributable to Noncontrolling Interests | 373 | 541 | 809 | 1,070 |
Comprehensive Income | $205 | $9,993 | $1,656 | $16,080 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amortization of unrealized loss from defined benefit plans taxes | $172 | $42 | $344 | $84 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $243 | ' | $243 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $2,579 | $15,949 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 38,996 | 38,899 |
Gain on sale of intangible assets | 0 | -4,442 |
Deferred income taxes | 136 | 5,316 |
Equity-based compensation | 2,594 | 2,781 |
Amortization of loan origination costs and debt discount | 1,442 | 1,378 |
Write off of unamortized debt issuance costs | 895 | 0 |
Retirement benefits and other | 1,158 | 1,040 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -4,207 | -300 |
Inventories and supplies | 8,461 | 265 |
Other current assets | -955 | -2,584 |
Income taxes | 146 | 2,571 |
Accounts payable | -6,989 | 978 |
Other current liabilities | 2,298 | 13,775 |
Retirement benefit contributions and distributions | 424 | -123 |
Net cash provided by operating activities | 46,978 | 75,503 |
Cash flows from investing activities | ' | ' |
Purchases of property, plant and equipment | -43,844 | -43,975 |
Increase (Decrease) in Restricted Cash | 0 | -2,167 |
Proceeds from Sale of Intangible Assets | 0 | 4,644 |
Other, net | 2,381 | -72 |
Net cash used in investing activities | -41,463 | -41,570 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | 187,655 | 0 |
Debt issuance and refinancing costs | -3,551 | 0 |
Repayments on senior secured term loans | -150,822 | -2,500 |
Cash dividends paid on common stock | -18,130 | -9,006 |
Capital distributions to Noncontrolling Interests | -551 | -683 |
Other, net | -217 | 298 |
Net cash provided by/(used in) financing activities | 14,384 | -11,891 |
Increase in cash | 19,899 | 22,042 |
Cash, beginning of period | 88,441 | 76,197 |
Cash, end of period | $108,340 | $98,239 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total NTELOS Holdings Corp. Stockholders’ Equity [Member] | Noncontrolling Interests [Member] | |
In Thousands, unless otherwise specified | |||||||||
Beginning balance at Dec. 31, 2013 | $43,793 | $214 | ($147) | $44,462 | $0 | ($1,246) | $43,283 | $510 | |
Beginning balance, shares at Dec. 31, 2013 | ' | 21,519 | 9 | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity-based compensation | [1] | 2,871 | ' | -134 | 3,005 | ' | ' | 2,871 | ' |
Equity-based compensation, shares | [1] | ' | 185 | 10 | ' | ' | ' | ' | ' |
Cash dividends declared | -18,360 | ' | ' | -16,590 | -1,770 | ' | -18,360 | ' | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -551 | ' | ' | ' | ' | ' | 0 | -551 | |
Net income attributable to NTELOS Holdings Corp. | 1,770 | ' | ' | ' | 1,770 | ' | 1,770 | ' | |
Amortization of unrealized gain from defined benefit plans, net of $344 of deferred income taxes | -541 | ' | ' | ' | ' | -541 | -541 | ' | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -382 | ' | ' | ' | ' | -382 | -382 | ' | |
Comprehensive income attributable to Noncontrolling Interests | 809 | ' | ' | ' | ' | ' | 0 | 809 | |
Ending balance at Jun. 30, 2014 | $29,409 | $214 | ($281) | $30,877 | $0 | ($2,169) | $28,641 | $768 | |
Ending balance, shares at Jun. 30, 2014 | ' | 21,704 | 19 | ' | ' | ' | ' | ' | |
[1] | *Includes restricted shares issued, employee stock purchase plan issuances, shares issued through 401(k) matching contributions, stock options exercised and other activity. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amortization of unrealized loss from defined benefit plans taxes | $172 | $42 | $344 | $84 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $243 | ' | $243 | ' |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
NTELOS Holdings Corp. (hereafter referred to as “Holdings Corp.” or the “Company”), through NTELOS Inc., its wholly owned subsidiary (“NTELOS Inc.”) and its subsidiaries, is a regional provider of digital wireless communications services to consumers and businesses primarily in Virginia, West Virginia and certain portions of surrounding states. The Company’s primary services are wireless voice and data digital personal communications services (“PCS”) and 4G long term evolution data services ("LTE Services"), (collectively "PCS/LTE") provided through NTELOS branded retail operations and on a wholesale basis to other PCS providers, most notably through an arrangement with Sprint Spectrum L.P. (“Sprint Spectrum”), and Sprint Spectrum on behalf of and as an agent for certain of its affiliates (collectively “Sprint”), which arrangement is referred to herein as the “Strategic Network Alliance” or "SNA." See Note 11 for additional information regarding this arrangement. The Company does not have any independent operations. |
Supplemental_Financial_Informa
Supplemental Financial Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ' | |||||||||||||||
Supplemental Financial Information | ' | |||||||||||||||
Basis of Presentation and Other Information | ||||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Rule 10-01 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 only normal recurring adjustments) considered necessary to present fairly the financial position have been included. | ||||||||||||||||
The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”). These financial statements should be read in conjunction with the Company’s 2013 Form 10-K. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
The Company recognizes revenue when services are rendered or when products are delivered and functional, as applicable. Certain services of the Company require payment in advance of service performance. In such cases, the Company records a service liability at the time of billing and subsequently recognizes revenue ratably over the service period. The Company bills customers certain transactional taxes on service revenues. These transactional taxes are not included in reported revenues as they are recognized as liabilities at the time customers are billed. | ||||||||||||||||
The Company earns retail and wholesale revenues by providing access to and usage of its networks. Retail and certain wholesale revenues are recognized as services are provided. In long term contracts certain fixed elements are required to be recognized on a straight-line basis over the term of the agreement. Revenues for equipment sales are recognized at the point of sale. Wireless handsets and other devices sold with service contracts are generally sold at prices below cost, based on the terms of the service contracts. The Company recognizes the entire cost of the handsets at the time of sale. | ||||||||||||||||
The Company evaluates related transactions to determine whether they should be viewed as multiple deliverable arrangements, which impact revenue recognition. Multiple deliverable arrangements are presumed to be bundled transactions and the total consideration is measured and allocated to the separate units based on their relative selling price with certain limitations. The Company has determined that sales of handsets with service contracts related to these sales generated from Company-operated retail stores are multiple deliverable arrangements. Accordingly, substantially all of the nonrefundable activation fee revenues (as well as the associated direct costs) are allocated to the wireless handset and are recognized at the time of the sale, based on the fact that the handsets are generally sold well below cost and thus appropriately allocated to the point of sale based on the relative selling price evaluation. However, revenue and certain associated direct costs for activations sold at third-party retail locations are deferred and amortized over the estimated life of the customer relationship as the Company is not a principal in the transaction to sell the handset and therefore any activation fees charged are fully attributable to the service revenues. | ||||||||||||||||
The Company recognizes revenue in the period that persuasive evidence of an arrangement exists, delivery of the product has occurred or services have been rendered, it is able to determine the amount and when the collection of such amount is considered probable. | ||||||||||||||||
Cash | ||||||||||||||||
The Company’s cash was held in market rate savings accounts and non-interest bearing deposit accounts. The total held in the market rate savings accounts at June 30, 2014 and December 31, 2013 was $63.6 million and $36.5 million, respectively. The remaining $44.7 million and $51.9 million of cash at June 30, 2014 and December 31, 2013, respectively, was held in non-interest bearing deposit accounts. | ||||||||||||||||
Restricted Cash | ||||||||||||||||
The Company is eligible to receive up to $5.0 million in connection with its winning bid in the Connect America Fund's Mobility Fund Phase I Auction ("Auction 901"). Pursuant to the terms of Auction 901, the Company was required to obtain a Letter of Credit (“LOC”) for the benefit of the Universal Service Administrative Company (“USAC”) to cover each disbursement plus the amount of the performance default penalty (10% of the total eligible award). USAC may draw upon the LOC in the event the Company fails to demonstrate the required coverage by the applicable deadline in 2016. The Company obtained the LOC in the amount of $2.2 million, representing the first disbursement of $1.7 million received in September 2013, plus the performance default penalty of $0.5 million. In accordance with the terms of the LOC, the Company deposited $2.2 million into a separate account at the issuing bank to serve as cash collateral. Such funds will be released when the LOC is terminated without being drawn upon by USAC. | ||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||
The Company includes bad debt expense in customer operations expense in the unaudited condensed consolidated statements of operations. Bad debt expense for the three months ended June 30, 2014 and 2013 was $3.3 million and $4.0 million, respectively. Bad debt expense for the six months ended June 30, 2014 and 2013 was $7.3 million and $7.2 million, respectively. The Company’s allowance for doubtful accounts was $5.8 million and $6.5 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Pension Benefits and Retirement Benefits Other Than Pensions | ||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its defined benefit pension plan were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest cost | 344 | 331 | 687 | 662 | ||||||||||||
Recognized net actuarial loss | — | 76 | — | 152 | ||||||||||||
Expected return on plan assets | (439 | ) | (399 | ) | (910 | ) | (798 | ) | ||||||||
Net periodic benefit cost | $ | (95 | ) | $ | 8 | $ | (223 | ) | $ | 16 | ||||||
Pension plan assets were valued at $25.8 million at June 30, 2014. | ||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its other postretirement benefit plans were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 10 | $ | 14 | $ | 20 | $ | 27 | ||||||||
Interest cost | 25 | 21 | 49 | 42 | ||||||||||||
Recognized net actuarial loss | 8 | 4 | 15 | 8 | ||||||||||||
Fees | — | — | 8 | — | ||||||||||||
Net periodic benefit cost | $ | 43 | $ | 39 | $ | 92 | $ | 77 | ||||||||
The total expense recognized for the Company’s nonqualified pension plans was $0.1 million for both the three months ended June 30, 2014 and 2013 and $0.3 million and $0.2 million for the six months ended June 30, 2014 and 2013, respectively, a portion of which related to the amortization of unrealized loss. | ||||||||||||||||
The total amount reclassified out of accumulated other comprehensive income related to actuarial (gains)/losses from the defined benefit plans was $(0.3) million and $0.1 million for the three months ended June 30, 2014 and 2013, respectively, and $(0.5) million and $0.1 million for the six months ended June 30, 2014 and 2013, respectively, all of which has been reclassified to cost of sales and services, customer operations, and corporate operations on the unaudited condensed consolidated statement of income for the respective periods. | ||||||||||||||||
The Company also sponsors a contributory defined contribution plan under Internal Revenue Code (“IRC”) Section 401(k) for substantially all employees. The Company’s current policy is to make matching contributions in shares of the Company’s common stock. | ||||||||||||||||
Equity-Based Compensation | ||||||||||||||||
The Company accounts for equity-based compensation plans under FASB Accounting Standards Codification (“ASC”) 718, Stock Compensation. Equity-based compensation expense from stock-based awards is recorded with an offsetting increase to additional paid in capital on the unaudited condensed consolidated balance sheet. The Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. | ||||||||||||||||
Total equity-based compensation expense related to all of the Company’s stock-based equity awards for the three and six months ended June 30, 2014 and 2013 and the Company’s 401(k) matching contributions was allocated as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Cost of sales and services | $ | 167 | $ | 170 | $ | 318 | $ | 310 | ||||||||
Customer operations | 259 | 303 | 509 | 551 | ||||||||||||
Corporate operations | 857 | 987 | 1,767 | 1,920 | ||||||||||||
Equity-based compensation expense | $ | 1,283 | $ | 1,460 | $ | 2,594 | $ | 2,781 | ||||||||
Future charges for equity-based compensation related to securities outstanding at June 30, 2014 for the remainder of 2014 and for the years 2015 through 2018 are estimated to be $2.0 million, $2.9 million, $1.4 million, $0.2 million and less than $0.1 million, respectively. | ||||||||||||||||
Sale of Intangible Assets | ||||||||||||||||
During the three months ended June 30, 2013, the Company completed the sale of certain intangible assets for approximately $4.6 million. This amount, less fees and expenses of sale, is recorded as a gain of $4.4 million in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013. | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU provides a framework that replaces the existing revenue recognition guidance and is intended to improve the financial reporting requirements. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption being prohibited. The impact of application of this ASU on the Company's financial statements has not been determined. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
The following information is presented as supplementary disclosures for the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Cash payments for: | ||||||||
Interest (net of amounts capitalized) | $ | 14,276 | $ | 9,066 | ||||
Income taxes | 701 | 2,425 | ||||||
Cash received from income tax refunds | 239 | 288 | ||||||
Supplemental investing and financing activities: | ||||||||
Additions to property, plant and equipment included in accounts payable | 3,266 | 6,058 | ||||||
Borrowings under capital leases | 292 | 215 | ||||||
Dividends declared not paid | 9,262 | 9,065 | ||||||
The amount of interest capitalized was immaterial for each of the six months ended June 30, 2014 and 2013. |
Property_Plan_And_Equipment
Property, Plan And Equipment | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, Plant and Equipment | ||||||||||
The components of property, plant and equipment, and the related accumulated depreciation, were as follows: | ||||||||||
(In thousands) | Estimated Useful | 30-Jun-14 | 31-Dec-13 | |||||||
Life | ||||||||||
Land and buildings * | 39 to 50 years | $ | 32,890 | $ | 34,223 | |||||
Network plant and equipment | 5 to 17 years | 487,718 | 471,032 | |||||||
Furniture, fixtures and other equipment | 2 to 18 years | 93,468 | 103,181 | |||||||
614,076 | 608,436 | |||||||||
Under construction | 21,378 | 6,430 | ||||||||
635,454 | 614,866 | |||||||||
Less: accumulated depreciation | 314,659 | 295,490 | ||||||||
Property, plant and equipment, net | $ | 320,795 | $ | 319,376 | ||||||
* Leasehold improvements, which are categorized in land and buildings, are depreciated over the shorter of the estimated useful lives or the remaining lease terms. | ||||||||||
Depreciation expense for the three months ended June 30, 2014 and 2013 was $19.2 million and $19.7 million, respectively. Depreciation expense for the six months ended June 30, 2014 and 2013 was $37.5 million and $37.4 million respectively. During the quarter ended March 31, 2014, the Company revised the estimated useful lives of certain assets in order to better match our depreciation expense with the periods these assets are expected to generate revenue based on planned and historical service periods. The new estimated useful lives were established based on historical service periods and external benchmark data of these assets. The increase in depreciation expense resulting from this change for the three and six months ended June 30, 2014 was approximately $0.4 million and $0.7 million, respectively. The Company believes that no impairment indicators existed as of June 30, 2014 that would require it to perform impairment testing. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||||
Goodwill and radio spectrum licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, on October 1, or more frequently if an event indicates that the asset might be impaired. The Company believes that no impairment indicators existed as of June 30, 2014 that would require it to perform impairment testing. | ||||||||||||||||||||||||||
Intangible Assets Subject to Amortization | ||||||||||||||||||||||||||
Customer relationships and trademarks are considered amortizable intangible assets. At June 30, 2014 and December 31, 2013, customer relationships and trademarks were comprised of the following: | ||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | Estimated | Gross Amount | Accumulated | Net | Gross Amount | Accumulated | Net | |||||||||||||||||||
Useful Life | Amortization | Amortization | ||||||||||||||||||||||||
Customer relationships | 7 to 8 years | $ | 36,900 | $ | (34,143 | ) | $ | 2,757 | $ | 36,900 | $ | (32,871 | ) | $ | 4,029 | |||||||||||
Trademarks | 15 years | 7,000 | (4,278 | ) | 2,722 | 7,000 | (4,044 | ) | 2,956 | |||||||||||||||||
Total | $ | 43,900 | $ | (38,421 | ) | $ | 5,479 | $ | 43,900 | $ | (36,915 | ) | $ | 6,985 | ||||||||||||
The Company amortizes its amortizable intangible assets using the straight-line method. Amortization expense for both the three months ended June 30, 2014 and 2013 was $0.8 million. Amortization expense for both the six months ended June 30, 2014 and 2013 was $1.5 million. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
At June 30, 2014 and December 31, 2013, the Company’s outstanding long-term debt consisted of the following: | ||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||
Senior secured term loans, net of unamortized debt discount | $ | 526,859 | $ | 489,441 | ||||
Capital lease obligations | 954 | 925 | ||||||
527,813 | 490,366 | |||||||
Less: current portion of long-term debt | 5,835 | 5,410 | ||||||
Long-term debt | $ | 521,978 | $ | 484,956 | ||||
Long-Term Debt, Excluding Capital Lease Obligations | ||||||||
On November 9, 2012, NTELOS Inc. entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”), which amended and restated, in its entirety, that certain Credit Agreement dated August 7, 2009 (the “Original Credit Agreement”). The Amended and Restated Credit Agreement provided for (1) a term loan A in the aggregate amount of $150.0 million (the “Term Loan A”); and (2) a term loan B in the aggregate amount of $350.0 million (the “Term Loan B” and, together with the Term Loan A, the “Term Loans”). | ||||||||
On January 31, 2014, the Company completed the refinancing of Term Loan A, which converted the outstanding principal balance of $148.1 million of Term Loan A into Term Loan B, and borrowed an additional $40.0 million under Term Loan B. The additional Term Loan B borrowings bear the same interest rate, maturity and other terms as the Company’s existing Term Loan B borrowings. In connection with the refinancing, the Company incurred approximately $3.8 million in creditor and third party fees, of which $3.7 million was deferred and is being amortized to interest expense over the life of the debt using the effective interest method. The Company also deferred $0.5 million in debt discounts related to the new Term Loan B borrowings, which are being accreted to the Term Loan B using the effective interest method over the life of the debt and are reflected in interest expense. Additionally, the Company wrote off a proportionate amount of the unamortized deferred fees and debt discount from the Amended and Restated Credit Agreement totaling $0.5 million and $0.2 million, respectively, which are reflected in other expenses in the condensed consolidated statements of income. | ||||||||
The aggregate maturities of long-term debt outstanding at June 30, 2014, excluding capital lease obligations, based on the contractual terms of the instruments were as follows: | ||||||||
(In thousands) | Term Loan | |||||||
Remainder of 2014 | $ | 2,702 | ||||||
2015 | 5,405 | |||||||
2016 | 5,405 | |||||||
2017 | 5,405 | |||||||
2018 | 5,405 | |||||||
Thereafter | 506,725 | |||||||
Total | $ | 531,047 | ||||||
The Company’s blended average effective interest rate on its long-term debt was approximately 6.4% and 6.0% for the three months ended June 30, 2014 and 2013, respectively. The Company’s blended average effective interest rate on its long-term debt was approximately 6.4% and 6.0% for the six months ended June 30, 2014 and 2013, respectively. | ||||||||
The Amended and Restated Credit Agreement has a Restricted Payments basket, which can be used to make Restricted Payments (as defined in the Amended and Restated Credit Agreement), including the ability to pay dividends, repurchase stock or advance funds to the Company. This Restricted Payments basket increases by $6.5 million per quarter and decreases by any actual Restricted Payments and by certain investments and any mandatory prepayments on the Term Loans, to the extent the lenders decline to receive such prepayment. In addition, on a quarterly basis the Restricted Payments basket increases by the positive amount, if any, of the Excess Cash Flow (as defined in the Amended and Restated Credit Agreement). For the three months ended June 30, 2014 there was no excess cash flow. The balance of the Restricted Payments basket as of June 30, 2014 was $56.2 million. | ||||||||
Capital Lease Obligations | ||||||||
In addition to the long-term debt discussed above, the Company has entered into capital leases on vehicles with original lease terms of four to five years. At June 30, 2014, the carrying value and accumulated depreciation of these assets was $2.6 million and $1.4 million, respectively. The total net present value of the Company’s future minimum lease payments is $1.0 million. At June 30, 2014, the principal portion of these capital lease obligations was payable as follows: $0.2 million for the remainder of 2014, $0.4 million in 2015 , $0.2 million in 2016, $0.1 million in 2017 and less than $0.1 million in 2018 and 2019. |
Financial_Instruments
Financial Instruments | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Financial Instruments | ' | |||||||||||||
Financial Instruments | ||||||||||||||
The Company is exposed to market risks with respect to certain of the financial instruments that it holds. Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the unaudited condensed consolidated financial statements at cost, which approximates fair value because of the short-term nature of these instruments. The fair values of other financial instruments are determined using observable market prices or using a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current market conditions. The following is a summary by balance sheet category: | ||||||||||||||
Long-Term Investments | ||||||||||||||
At June 30, 2014 and December 31, 2013, the Company had an investment in CoBank, ACB (“CoBank”) of $1.5 million. This investment is primarily related to a required investment under the Original Credit Agreement and declared and unpaid patronage distributions of restricted equity related to the portion of the term loans previously held by CoBank. This investment is carried under the cost method as it is not practicable to estimate fair value. This investment is subject to redemption in accordance with CoBank’s capital recovery plans. | ||||||||||||||
Interest Rate Derivatives | ||||||||||||||
In February 2013, the Company purchased an interest rate cap for $0.9 million with a notional amount of $350.0 million, which caps the three month Eurodollar rate at 1.0% and expires in August 2015. The Company did not designate the interest rate cap agreement as a cash flow hedge for accounting purposes. Therefore, the change in market value of the agreement is recorded as a gain or loss in other expense. The Company recorded a $0.1 million loss and a $0.2 million gain for the three months ended June 30, 2014 and 2013, respectively, and a $0.2 million and $0.1 million loss for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||
The following table indicates the difference between face amount, carrying amount and fair value of the Company’s financial instruments at June 30, 2014 and December 31, 2013. | ||||||||||||||
Face | Carrying | Fair | ||||||||||||
(In thousands) | Amount | Amount | Value | |||||||||||
30-Jun-14 | ||||||||||||||
Nonderivatives: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash | $ | 108,340 | $ | 108,340 | $ | 108,340 | ||||||||
Restricted cash | 2,167 | 2,167 | 2,167 | |||||||||||
Long-term investments for which it is not practicable to estimate fair value | N/A | 1,499 | N/A | |||||||||||
Financial liabilities: | ||||||||||||||
Senior secured term loan, net of unamortized debt discount | 531,047 | 526,859 | 531,047 | |||||||||||
Capital lease obligations | 954 | 954 | 954 | |||||||||||
Derivative related to debt: | ||||||||||||||
Interest rate cap asset | 350,000 | * | 15 | 15 | ||||||||||
31-Dec-13 | ||||||||||||||
Nonderivatives: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash | $ | 88,441 | $ | 88,441 | $ | 88,441 | ||||||||
Restricted cash | 2,167 | 2,167 | 2,167 | |||||||||||
Long-term investments for which it is not practicable to estimate fair value | N/A | 1,499 | N/A | |||||||||||
Financial liabilities: | ||||||||||||||
Senior secured term loan, net of unamortized debt discount | 493,750 | 489,441 | 495,848 | |||||||||||
Capital lease obligations | 925 | 925 | 925 | |||||||||||
Derivative related to debt: | ||||||||||||||
Interest rate cap asset | 350,000 | * | 229 | 229 | ||||||||||
* Notional amount | ||||||||||||||
The fair value of the Term Loans under the Amended and Restated Credit Agreement were derived based on bid prices at June 30, 2014 and December 31, 2013, respectively. The fair value of the derivative instrument was based on a quoted market price at June 30, 2014 and December 31, 2013, respectively. These instruments are classified within Level 2 of the fair value hierarchy described in FASB ASC 820, Fair Value Measurements and Disclosures. |
Equity_and_Earnings_Per_Share
Equity and Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Equity and Earnings Per Share | ' | |||||||||||||||
Equity and Earnings Per Share | ||||||||||||||||
The computations of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income applicable to common shares for earnings per share computation | $ | 484 | $ | 9,386 | $ | 1,770 | $ | 14,879 | ||||||||
Denominator: | ||||||||||||||||
Total shares outstanding | 21,685 | 21,477 | 21,685 | 21,477 | ||||||||||||
Less: unvested shares | (574 | ) | (437 | ) | (574 | ) | (437 | ) | ||||||||
Less: effect of calculating weighted average shares | (12 | ) | (13 | ) | (21 | ) | (78 | ) | ||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 21,099 | 21,027 | 21,090 | 20,962 | ||||||||||||
Plus: weighted average unvested shares | 578 | 439 | 522 | 401 | ||||||||||||
Plus: common stock equivalents of stock options | 362 | 313 | 425 | 250 | ||||||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 22,039 | 21,779 | 22,037 | 21,613 | ||||||||||||
In accordance with FASB ASC 260, Earnings Per Share, unvested share-based payment awards that contain rights to receive non-forfeitable dividends or dividend equivalents, whether paid or unpaid, are considered a “participating security” for purposes of computing earnings or loss per common share pursuant to the two-class method. The Company's unvested restricted stock awards have rights to receive non-forfeitable dividends. For the three and six months ended June 30, 2014 and 2013, the Company has calculated basic earnings per share using weighted average shares outstanding and the two-class method and determined there was no significant difference in the per share amounts calculated under the two methods. | ||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the denominator for diluted earnings per common share excludes approximately 1.8 million related to stock options that were antidilutive for the respective periods presented. In addition, the performance-based portion of the performance stock units ("PSUs") is excluded from diluted earnings per share until the performance criteria are satisfied. |
Stock_Plans
Stock Plans | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Plans | ' | ||||||||||||
Stock Plans | |||||||||||||
The Company has employee equity incentive plans (referred to as the “Employee Equity Incentive Plans”) administered by the Compensation Committee of the Company’s board of directors (the “Committee”), which permits the grant of long-term incentives to employees, including stock options, stock appreciation rights, restricted stock awards, restricted stock units, incentive awards, other stock-based awards and dividend equivalents. The Company also has a non-employee director equity plan (the “Non-Employee Director Equity Plan”). The Non-Employee Director Equity Plan together with the Employee Equity Incentive Plans are referred to as the “Equity Incentive Plans.” Awards under these plans are issuable to employees or non-employee directors as applicable. | |||||||||||||
During the six months ended June 30, 2014, the Company issued 347,023 stock options under the Employee Equity Incentive Plans and 27,170 stock options under the Non-Employee Director Equity Plan. The options issued under the Employee Equity Incentive Plans vest one-fourth annually beginning one year after the grant date, and the options issued under the Non-Employee Director Equity Plan cliff vest on the first anniversary of the grant date. | |||||||||||||
During the six months ended June 30, 2014, the Company issued 118,146 shares of restricted stock under the Employee Equity Incentive Plans and 10,095 shares of restricted stock under the Non-Employee Director Equity Plan. The restricted shares granted under the Employee Equity Incentive Plans cliff vest on the third anniversary of the grant date. The restricted shares granted under the Non-Employee Director Equity Plan cliff vest on the first anniversary of the grant date. Dividend and voting rights applicable to restricted stock are equivalent to the Company’s common stock. | |||||||||||||
During the six months ended June 30, 2014, the Company granted 83,151 PSUs under the Employee Equity Incentive Plans to certain key employees. These PSUs vest on December 31, 2016 and are subject to certain performance and market conditions. Each PSU represents the contingent right to receive one share (or more based on maximum achievement) of the Company’s common stock if vesting is satisfied. The PSUs have no voting rights. Dividends, if any, that would have been paid on the underlying shares will be paid as dividend equivalent units on PSUs that vest, on or after the vesting date. At June 30, 2014, the Company had accrued approximately $0.3 million in dividend equivalent units. | |||||||||||||
The summary of the activity and status of the Company’s stock option awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Options | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price per | Contractual | ||||||||||||
Share | Term | ||||||||||||
Stock options outstanding at January 1, 2014 | 2,603 | $ | 19.45 | ||||||||||
Granted during the period | 374 | 13.42 | |||||||||||
Exercised during the period | — | — | |||||||||||
Forfeited during the period | (80 | ) | — | ||||||||||
Stock options outstanding at June 30, 2014 | 2,897 | $ | 18.78 | 6.9 years | $ | — | |||||||
Exercisable at June 30, 2014 | 1,562 | $ | 20.96 | 5.5 years | $ | — | |||||||
Total expected to vest after June 30, 2014 | 1,201 | $ | 18.03 | ||||||||||
The fair value of each common stock option award granted during the six months ended June 30, 2014 was estimated on the respective grant date using a generally accepted valuation model with assumptions related to risk-free interest rate, expected volatility, expected dividend yield and expected terms. The weighted average grant date fair value per share of stock options granted during the six months ended June 30, 2014 and 2013 was $1.02 and $0.71, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2014 and 2013 was less than $0.1 million. The total fair value of options that vested during the six months ended June 30, 2014 and 2013 was $1.3 million and $1.4 million, respectively. As of June 30, 2014, there was $1.9 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||||
The summary of the activity and status of the Company’s restricted stock awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Shares | Weighted Average Grant | |||||||||||
Date Fair Value per | |||||||||||||
Share | |||||||||||||
Restricted stock awards outstanding at January 1, 2014 | 325 | $ | 17.41 | ||||||||||
Granted during the period | 128 | 13.5 | |||||||||||
Vested during the period | (75 | ) | 19.75 | ||||||||||
Forfeited during the period | (8 | ) | 14.49 | ||||||||||
Restricted stock awards outstanding at June 30, 2014 | 370 | $ | 15.65 | ||||||||||
At June 30, 2014, there was $3.2 million of total unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a weighted average period of 2.0 years. The fair value of the restricted stock award is equal to the market value of common stock on the date of grant. | |||||||||||||
The summary of the activity and status of the Company’s performance stock unit awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Units | Weighted Average Grant | |||||||||||
Date Fair Value per | |||||||||||||
PSU | |||||||||||||
Performance stock units outstanding at January 1, 2014 | 110 | $ | 12.79 | ||||||||||
Granted during the period | 83 | 9.5 | |||||||||||
Vested during the period | (8 | ) | 12.83 | ||||||||||
Forfeited during the period | (6 | ) | 12.72 | ||||||||||
Performance stock units outstanding at June 30, 2014 | 179 | $ | 11.26 | ||||||||||
At June 30, 2014, there was $1.4 million of total unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.0 years. The fair value of the PSU is estimated at the grant date using a Monte Carlo simulation model. | |||||||||||||
In addition to the Equity Incentive Plans discussed above, the Company has an employee stock purchase plan, which commenced in July 2006 with 100,000 shares available. Shares are priced at 85% of the closing price on the last trading day of the month and generally settle on the second business day of the following month. During the six months ended June 30, 2014 and 2013, 4,101 shares and 2,796 shares, respectively, were issued under the employee stock purchase plan. Compensation expense associated with the employee stock purchase plan for the six months ended June 30, 2014 and 2013 was immaterial. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income tax expense for the three and six months ended June 30, 2014 was $0.6 million and $1.8 million, respectively, representing the statutory tax rate applied to pre-tax income and the effects of certain non-deductible compensation, non-controlling interest, and state minimum taxes. The Company expects its recurring non-deductible expenses to relate primarily to certain non-cash equity-based compensation and other non-deductible compensation. The Company has provided for income taxes using a year to date calculation as it is unable to reliably estimate the annual effective income tax rate. |
Strategic_Network_Alliance
Strategic Network Alliance | 6 Months Ended |
Jun. 30, 2014 | |
Stategic Network Alliance [Abstract] | ' |
Strategic Network Alliance | ' |
Strategic Network Alliance | |
The Company provides PCS services and has contracted to exclusively provide LTE Services on a wholesale basis to other wireless communication providers, most notably through the Strategic Network Alliance ("SNA") with Sprint in which the Company is the exclusive PCS/LTE service provider in the Company’s western Virginia and West Virginia service area (“SNA service area”) for all Sprint Code Division Multiple Access (“CDMA”) and LTE wireless customers. In May 2014 the parties entered into an amended agreement to extend the SNA through at least December 2022. Pursuant to the terms of the SNA, the Company is the exclusive provider of roaming/travel services in the SNA service area and is required to upgrade its network in the SNA service area to provide LTE Services. As part of the amendment, the Company leases spectrum, on a non-cash basis, from Sprint in order to enhance the PCS/LTE services. The non-cash consideration attributable to the leased spectrum is approximately $4.9 million per year. The lease expense is recognized over the term of the lease and recorded within cost of sales and services, with the offsetting consideration recorded within wholesale and other revenue. Additionally, the amended SNA provides the Company access to Sprint’s nationwide 3G and 4G LTE network at rates that are reciprocal to rates paid by Sprint under the amended SNA. The amended SNA provides that a portion of the amount paid by Sprint thereunder is fixed. The fixed fee element of the amended SNA is subject to contractual reductions on August 1, 2015 and annually thereafter starting on January 1, 2016 that will result in a decrease of payments for the fixed fee element. The Company accounts for this fixed fee portion of the revenue earned from the SNA revenue on a straight line basis over the term of the agreement. In addition, these reductions are subject to further upward or downward resets in the fixed fee element. These resets, if any, will be recognized in the period in which it occurs. | |
The Company generated 31.2% and 33.0% of its revenue from the SNA for the three months ended June 30, 2014 and 2013, respectively. The Company generated 31.7% and 33.3% of its revenue from the SNA for the six months ended June 30, 2014 and 2013, respectively. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
On occasion, the Company makes claims or receives disputes related to its billings to other carriers, including billings under the SNA agreement, for access to the Company’s network. These disputes may involve amounts which, if resolved unfavorably to the Company, could have a material effect on the Company’s financial statements. The Company does not recognize revenue related to such matters until the period that it is reasonably assured of the collection of these claims. In the event that a claim is made related to revenues previously recognized, the Company assesses the validity of the claim and adjusts the amount of revenue recognized to the extent that the claim adjustment is considered probable and reasonably estimable. | |
The Company entered into additional multi-year purchase commitments for approximately $95.0 million for certain network equipment, maintenance agreements and software licenses related to its LTE network upgrade. | |
The Company is involved in disputes, claims, either asserted or unasserted, and legal and tax proceedings and filings arising from normal business activities. While the outcome of such matters is currently not determinable, and it is reasonably possible that the cost to resolve such matters could be material, management believes that adequate provision for any probable and reasonably estimable losses has been made in the Company’s unaudited condensed consolidated financial statements. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Policy) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ' | |||||||||||||||
Cash | ' | |||||||||||||||
Cash | ||||||||||||||||
The Company’s cash was held in market rate savings accounts and non-interest bearing deposit accounts. The total held in the market rate savings accounts at June 30, 2014 and December 31, 2013 was $63.6 million and $36.5 million, respectively. The remaining $44.7 million and $51.9 million of cash at June 30, 2014 and December 31, 2013, respectively, was held in non-interest bearing deposit accounts. | ||||||||||||||||
Trade Accounts Receivable | ' | |||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||
The Company includes bad debt expense in customer operations expense in the unaudited condensed consolidated statements of operations. Bad debt expense for the three months ended June 30, 2014 and 2013 was $3.3 million and $4.0 million, respectively. Bad debt expense for the six months ended June 30, 2014 and 2013 was $7.3 million and $7.2 million, respectively. The Company’s allowance for doubtful accounts was $5.8 million and $6.5 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Pension Benefits And Retirement Benefits Other Than Pensions | ' | |||||||||||||||
Pension Benefits and Retirement Benefits Other Than Pensions | ||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its defined benefit pension plan were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest cost | 344 | 331 | 687 | 662 | ||||||||||||
Recognized net actuarial loss | — | 76 | — | 152 | ||||||||||||
Expected return on plan assets | (439 | ) | (399 | ) | (910 | ) | (798 | ) | ||||||||
Net periodic benefit cost | $ | (95 | ) | $ | 8 | $ | (223 | ) | $ | 16 | ||||||
Pension plan assets were valued at $25.8 million at June 30, 2014. | ||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its other postretirement benefit plans were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 10 | $ | 14 | $ | 20 | $ | 27 | ||||||||
Interest cost | 25 | 21 | 49 | 42 | ||||||||||||
Recognized net actuarial loss | 8 | 4 | 15 | 8 | ||||||||||||
Fees | — | — | 8 | — | ||||||||||||
Net periodic benefit cost | $ | 43 | $ | 39 | $ | 92 | $ | 77 | ||||||||
The total expense recognized for the Company’s nonqualified pension plans was $0.1 million for both the three months ended June 30, 2014 and 2013 and $0.3 million and $0.2 million for the six months ended June 30, 2014 and 2013, respectively, a portion of which related to the amortization of unrealized loss. |
Supplemental_Financial_Informa2
Supplemental Financial Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its defined benefit pension plan were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest cost | 344 | 331 | 687 | 662 | ||||||||||||
Recognized net actuarial loss | — | 76 | — | 152 | ||||||||||||
Expected return on plan assets | (439 | ) | (399 | ) | (910 | ) | (798 | ) | ||||||||
Net periodic benefit cost | $ | (95 | ) | $ | 8 | $ | (223 | ) | $ | 16 | ||||||
For the three and six months ended June 30, 2014 and 2013, the components of the Company’s net periodic benefit cost for its other postretirement benefit plans were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 10 | $ | 14 | $ | 20 | $ | 27 | ||||||||
Interest cost | 25 | 21 | 49 | 42 | ||||||||||||
Recognized net actuarial loss | 8 | 4 | 15 | 8 | ||||||||||||
Fees | — | — | 8 | — | ||||||||||||
Net periodic benefit cost | $ | 43 | $ | 39 | $ | 92 | $ | 77 | ||||||||
Schedule Of Equity-Based Compensation Expense | ' | |||||||||||||||
Total equity-based compensation expense related to all of the Company’s stock-based equity awards for the three and six months ended June 30, 2014 and 2013 and the Company’s 401(k) matching contributions was allocated as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Cost of sales and services | $ | 167 | $ | 170 | $ | 318 | $ | 310 | ||||||||
Customer operations | 259 | 303 | 509 | 551 | ||||||||||||
Corporate operations | 857 | 987 | 1,767 | 1,920 | ||||||||||||
Equity-based compensation expense | $ | 1,283 | $ | 1,460 | $ | 2,594 | $ | 2,781 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Schedule Of Supplementary Cash Flow Information [Table Text Block] | ' | |||||||
The following information is presented as supplementary disclosures for the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Cash payments for: | ||||||||
Interest (net of amounts capitalized) | $ | 14,276 | $ | 9,066 | ||||
Income taxes | 701 | 2,425 | ||||||
Cash received from income tax refunds | 239 | 288 | ||||||
Supplemental investing and financing activities: | ||||||||
Additions to property, plant and equipment included in accounts payable | 3,266 | 6,058 | ||||||
Borrowings under capital leases | 292 | 215 | ||||||
Dividends declared not paid | 9,262 | 9,065 | ||||||
Property_Plan_And_Equipment_Ta
Property, Plan And Equipment (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of Property, Plant and Equipment | ' | |||||||||
The components of property, plant and equipment, and the related accumulated depreciation, were as follows: | ||||||||||
(In thousands) | Estimated Useful | 30-Jun-14 | 31-Dec-13 | |||||||
Life | ||||||||||
Land and buildings * | 39 to 50 years | $ | 32,890 | $ | 34,223 | |||||
Network plant and equipment | 5 to 17 years | 487,718 | 471,032 | |||||||
Furniture, fixtures and other equipment | 2 to 18 years | 93,468 | 103,181 | |||||||
614,076 | 608,436 | |||||||||
Under construction | 21,378 | 6,430 | ||||||||
635,454 | 614,866 | |||||||||
Less: accumulated depreciation | 314,659 | 295,490 | ||||||||
Property, plant and equipment, net | $ | 320,795 | $ | 319,376 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | |||||||||||||||||||||||||
Customer relationships and trademarks are considered amortizable intangible assets. At June 30, 2014 and December 31, 2013, customer relationships and trademarks were comprised of the following: | ||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | Estimated | Gross Amount | Accumulated | Net | Gross Amount | Accumulated | Net | |||||||||||||||||||
Useful Life | Amortization | Amortization | ||||||||||||||||||||||||
Customer relationships | 7 to 8 years | $ | 36,900 | $ | (34,143 | ) | $ | 2,757 | $ | 36,900 | $ | (32,871 | ) | $ | 4,029 | |||||||||||
Trademarks | 15 years | 7,000 | (4,278 | ) | 2,722 | 7,000 | (4,044 | ) | 2,956 | |||||||||||||||||
Total | $ | 43,900 | $ | (38,421 | ) | $ | 5,479 | $ | 43,900 | $ | (36,915 | ) | $ | 6,985 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Long-Term Debt | ' | |||||||
At June 30, 2014 and December 31, 2013, the Company’s outstanding long-term debt consisted of the following: | ||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||
Senior secured term loans, net of unamortized debt discount | $ | 526,859 | $ | 489,441 | ||||
Capital lease obligations | 954 | 925 | ||||||
527,813 | 490,366 | |||||||
Less: current portion of long-term debt | 5,835 | 5,410 | ||||||
Long-term debt | $ | 521,978 | $ | 484,956 | ||||
Schedule of Maturities of Long-Term Debt | ' | |||||||
The aggregate maturities of long-term debt outstanding at June 30, 2014, excluding capital lease obligations, based on the contractual terms of the instruments were as follows: | ||||||||
(In thousands) | Term Loan | |||||||
Remainder of 2014 | $ | 2,702 | ||||||
2015 | 5,405 | |||||||
2016 | 5,405 | |||||||
2017 | 5,405 | |||||||
2018 | 5,405 | |||||||
Thereafter | 506,725 | |||||||
Total | $ | 531,047 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Schedule Of Difference Between Face Amount, Carrying Amount And Fair Value Of Financial Instruments | ' |
In February 2013, the Company purchased an interest rate cap for $0.9 million with a notional amount of $350.0 million, which caps the three month Eurodollar rate at 1.0% and expires in August 201 |
Equity_and_Earnings_Per_Share_
Equity and Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule Of Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||||||
The computations of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income applicable to common shares for earnings per share computation | $ | 484 | $ | 9,386 | $ | 1,770 | $ | 14,879 | ||||||||
Denominator: | ||||||||||||||||
Total shares outstanding | 21,685 | 21,477 | 21,685 | 21,477 | ||||||||||||
Less: unvested shares | (574 | ) | (437 | ) | (574 | ) | (437 | ) | ||||||||
Less: effect of calculating weighted average shares | (12 | ) | (13 | ) | (21 | ) | (78 | ) | ||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 21,099 | 21,027 | 21,090 | 20,962 | ||||||||||||
Plus: weighted average unvested shares | 578 | 439 | 522 | 401 | ||||||||||||
Plus: common stock equivalents of stock options | 362 | 313 | 425 | 250 | ||||||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 22,039 | 21,779 | 22,037 | 21,613 | ||||||||||||
Stock_Plans_Tables
Stock Plans (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary Of Stock Options Activity | ' | ||||||||||||
The summary of the activity and status of the Company’s stock option awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Options | Weighted | Weighted | Aggregate | |||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price per | Contractual | ||||||||||||
Share | Term | ||||||||||||
Stock options outstanding at January 1, 2014 | 2,603 | $ | 19.45 | ||||||||||
Granted during the period | 374 | 13.42 | |||||||||||
Exercised during the period | — | — | |||||||||||
Forfeited during the period | (80 | ) | — | ||||||||||
Stock options outstanding at June 30, 2014 | 2,897 | $ | 18.78 | 6.9 years | $ | — | |||||||
Exercisable at June 30, 2014 | 1,562 | $ | 20.96 | 5.5 years | $ | — | |||||||
Total expected to vest after June 30, 2014 | 1,201 | $ | 18.03 | ||||||||||
Summary Of Restricted Stock Awards Activity | ' | ||||||||||||
The summary of the activity and status of the Company’s restricted stock awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Shares | Weighted Average Grant | |||||||||||
Date Fair Value per | |||||||||||||
Share | |||||||||||||
Restricted stock awards outstanding at January 1, 2014 | 325 | $ | 17.41 | ||||||||||
Granted during the period | 128 | 13.5 | |||||||||||
Vested during the period | (75 | ) | 19.75 | ||||||||||
Forfeited during the period | (8 | ) | 14.49 | ||||||||||
Restricted stock awards outstanding at June 30, 2014 | 370 | $ | 15.65 | ||||||||||
Summary of Performance Stock Units Activity | ' | ||||||||||||
The summary of the activity and status of the Company’s performance stock unit awards for the six months ended June 30, 2014 is as follows: | |||||||||||||
(In thousands, except per share amounts) | Units | Weighted Average Grant | |||||||||||
Date Fair Value per | |||||||||||||
PSU | |||||||||||||
Performance stock units outstanding at January 1, 2014 | 110 | $ | 12.79 | ||||||||||
Granted during the period | 83 | 9.5 | |||||||||||
Vested during the period | (8 | ) | 12.83 | ||||||||||
Forfeited during the period | (6 | ) | 12.72 | ||||||||||
Performance stock units outstanding at June 30, 2014 | 179 | $ | 11.26 | ||||||||||
Supplemental_Financial_Informa3
Supplemental Financial Information (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Connect America Fund's Mobility Fund Phase I Auction (Auction 90) [Member] | Connect America Fund's Mobility Fund Phase I Auction (Auction 90) [Member] | Accumulated Defined Benefit Plans [Member] | Accumulated Defined Benefit Plans [Member] | Accumulated Defined Benefit Plans [Member] | Accumulated Defined Benefit Plans [Member] | Maximum [Member] | ||||||
Connect America Fund's Mobility Fund Phase I Auction (Auction 90) [Member] | ||||||||||||
Supplemental Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market rate savings account | $63,600,000 | ' | $63,600,000 | ' | $36,500,000 | ' | ' | ' | ' | ' | ' | ' |
Non-interest bearing deposit accounts insured by FDIC | 44,700,000 | ' | 44,700,000 | ' | 51,900,000 | ' | ' | ' | ' | ' | ' | ' |
Amount Company is eligible to receive under Government funding auction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Performance default penalty under Government funding auction, as a percentage of total funding | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Line of credit obtained pursuant to the terms of the Government funding auction, current borrowing capacity | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' |
First scheduled disbursement under Government funding auction | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' |
Performance default penalty under Government funding auction, amount | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Cash collateral under the terms of the line of credit | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' |
Bad debt expense | 3,300,000 | 4,000,000 | 7,300,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | 5,800,000 | ' | 5,800,000 | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' |
Pension plan assets value | 25,800,000 | ' | 25,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonqualified pension plans expense | 100,000 | 100,000 | 300,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount reclassified out of accumulated other comprehensive income related to actuarial losses | ' | ' | ' | ' | ' | ' | ' | -300,000 | 100,000 | -500,000 | 100,000 | ' |
Future charges for equity-based compensation, remainder of 2014 | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future charges for equity-based compensation, 2015 | 2,900,000 | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future charges for equity-based compensation, 2016 | 1,400,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future charges for equity-based compensation, 2017 | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future charges for equity-based compensation, 2018 | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Intangible Assets | ' | ' | 0 | 4,644,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of intangible assets | $0 | $4,442,000 | $0 | $4,442,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Financial_Informa4
Supplemental Financial Information (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ' | ' |
Total | $18,955 | $18,056 |
Supplemental_Financial_Informa5
Supplemental Financial Information (Schedule of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 344 | 331 | 687 | 662 |
Recognized net actuarial loss | 0 | 76 | 0 | 152 |
Expected return on plan assets | -439 | -399 | -910 | -798 |
Net periodic benefit cost | -95 | 8 | -223 | 16 |
Other Postretirement Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 10 | 14 | 20 | 27 |
Interest cost | 25 | 21 | 49 | 42 |
Recognized net actuarial loss | 8 | 4 | 15 | 8 |
Defined Benefit Plan, Other Costs | 0 | 0 | 8 | 0 |
Net periodic benefit cost | $43 | $39 | $92 | $77 |
Supplemental_Financial_Informa6
Supplemental Financial Information (Schedule Of Equity-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Equity-based compensation expense | $1,283 | $1,460 | $2,594 | $2,781 |
Cost Of Sales and Services [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Equity-based compensation expense | 167 | 170 | 318 | 310 |
Customer Operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Equity-based compensation expense | 259 | 303 | 509 | 551 |
Corporate Operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Equity-based compensation expense | $857 | $987 | $1,767 | $1,920 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Supplementary Disclosures Of Condensed Consolidated statements of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Additional Cash Flow Elements [Abstract] | ' | ' |
Interest (net of amounts capitalized) | $14,276 | $9,066 |
Income taxes | 701 | 2,425 |
Cash received from income tax refunds | 239 | 288 |
Supplemental investing and financing activities: | ' | ' |
Additions to property, plant and equipment included in accounts payable | 3,266 | 6,058 |
Borrowings under capital leases | 292 | 215 |
Dividends declared not paid | $9,262 | $9,065 |
Property_Plan_And_Equipment_Na
Property, Plan And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $19.20 | $19.70 | $37.50 | $37.40 |
Additional Depreciation From Change in Accounting Estimate | $0.40 | ' | $0.70 | ' |
Property_Plan_And_Equipment_De
Property, Plan And Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
In Thousands, unless otherwise specified | Land and Building [Member] | Network Plant and Equipment [Member] | Network Plant and Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | ||||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | |
Land and buildings | $32,890 | $34,223 | ' | ' | ' | ' | ' | |
Network plant and equipment | 487,718 | 471,032 | ' | ' | ' | ' | ' | |
Furniture, fixtures and other equipment | 93,468 | 103,181 | ' | ' | ' | ' | ' | |
Total in service | 614,076 | 608,436 | ' | ' | ' | ' | ' | |
Under construction | 21,378 | 6,430 | ' | ' | ' | ' | ' | |
Property, plant and equipment, gross | 635,454 | 614,866 | ' | ' | ' | ' | ' | |
Less: accumulated depreciation | 314,659 | 295,490 | ' | ' | ' | ' | ' | |
Property, plant and equipment, net | $320,795 | $319,376 | ' | ' | ' | ' | ' | |
Estimated Useful Life | ' | ' | '39 years | [1] | '17 years | '5 years | '18 years | '2 years |
[1] | * Leasehold improvements, which are categorized in land and buildings, are depreciated over the shorter of the estimated useful lives or the remaining lease terms. |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $0.80 | $0.80 | $1.50 | $1.50 |
Intangible_Assets_FiniteLived_
Intangible Assets (Finite-Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | $43,900,000 | ' | $43,900,000 | ' | $43,900,000 |
Accumulated Amortization | -38,421,000 | ' | -38,421,000 | ' | -36,915,000 |
Customer relationships and trademarks, net | 5,479,000 | ' | 5,479,000 | ' | 6,985,000 |
Amortization of Intangible Assets | 800,000 | 800,000 | 1,500,000 | 1,500,000 | ' |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 36,900,000 | ' | 36,900,000 | ' | 36,900,000 |
Accumulated Amortization | -34,143,000 | ' | -34,143,000 | ' | -32,871,000 |
Customer relationships and trademarks, net | -2,757,000 | ' | -2,757,000 | ' | -4,029,000 |
Trademarks [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | '15 years | ' | ' |
Gross Amount | 7,000,000 | ' | 7,000,000 | ' | 7,000,000 |
Accumulated Amortization | -4,278,000 | ' | -4,278,000 | ' | -4,044,000 |
Customer relationships and trademarks, net | ($2,722,000) | ' | ($2,722,000) | ' | ($2,956,000) |
Maximum [Member] | Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | '8 years | ' | ' |
Minimum [Member] | Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | '7 years | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Nov. 09, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jan. 31, 2014 | Nov. 09, 2012 | Jan. 31, 2014 | Nov. 09, 2012 |
Vehicles [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan B [Member] | Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due in Five Years | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' |
Term A Loan, Unamortized Discount Written Off | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' |
Term A Loan, Unamortized Deferred Fees Written Off | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' |
Deferred Finance Costs, Noncurrent, Net | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | ' |
New term loan amount | ' | ' | ' | ' | ' | ' | ' | 150 | ' | 350 |
Term Loan A Balance Outstanding Transferred to Term Loan B | ' | ' | ' | ' | ' | ' | 148.1 | ' | ' | ' |
Additional Term Loan Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' |
Blended average interest rate | ' | 6.40% | 6.00% | 6.40% | 6.00% | ' | ' | ' | ' | ' |
Addition to restricted payment basket | 6.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of restricted payment basket | ' | 56.2 | ' | 56.2 | ' | ' | ' | ' | ' | ' |
Carrying value of capital leases | ' | ' | ' | ' | ' | 2.6 | ' | ' | ' | ' |
Accumulated depreciation | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' |
Capital Leases Future Minimum Payments Due Remainder of Year | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' |
Total future minimum lease payments | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior secured term loans, net of unamortized debt discount | $526,859 | $489,441 |
Capital lease obligations | 954 | 925 |
Debt and capital lease obligations, Total | 527,813 | 490,366 |
Less: current portion of long-term debt | 5,835 | 5,410 |
Long-term debt | $521,978 | $484,956 |
LongTerm_Debt_Schedule_Of_Futu
Long-Term Debt (Schedule Of Future Amortization Expense) (Details) (Term Loan B [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Term Loan B [Member] | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' |
Remainder of 2014 | $2,702 |
2016 | 5,405 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 5,405 |
2017 | 5,405 |
2018 | 5,405 |
Long-Term Debt Maturities, Repayments of Principal after Year Four | 506,725 |
Total | $531,047 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
CoBank [Member] | CoBank [Member] | ||||||
Summary of Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Equity method investments | ' | ' | ' | ' | ' | $1.50 | $1.50 |
Interest rate cap purchased, cost | 0.9 | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate cap | 350 | ' | ' | ' | ' | ' | ' |
Interest rate cap rate | 1.00% | ' | ' | ' | ' | ' | ' |
Gain (loss) on interest rate swap derivatives | ' | $0.10 | $0.20 | $0.20 | $0.10 | ' | ' |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Difference Between Face Amount, Carrying Amount And Fair Value Of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Face Amount [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Cash | $108,340 | $88,441 | ||
Restricted cash | 2,167 | 2,167 | ||
Financial liabilities: | ' | ' | ||
Senior secured term loan, net of unamortized debt discount | 531,047 | 493,750 | ||
Capital lease obligations | 954 | 925 | ||
Interest rate cap asset | 350,000 | [1] | 350,000 | [1] |
Carrying Amount [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Cash | 108,340 | 88,441 | ||
Restricted cash | 2,167 | 2,167 | ||
Long-term investments for which it is not practicable to estimate fair value | 1,499 | 1,499 | ||
Financial liabilities: | ' | ' | ||
Senior secured term loan, net of unamortized debt discount | 526,859 | 489,441 | ||
Capital lease obligations | 954 | 925 | ||
Interest rate cap asset | 15 | 229 | ||
Fair Value [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Cash | 108,340 | 88,441 | ||
Restricted cash | 2,167 | 2,167 | ||
Financial liabilities: | ' | ' | ||
Senior secured term loan, net of unamortized debt discount | 531,047 | 495,848 | ||
Capital lease obligations | 954 | 925 | ||
Interest rate cap asset | $15 | $229 | ||
[1] | *Â Notional amount |
Equity_and_Earnings_Per_Share_1
Equity and Earnings Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Excluded from computation of diluted earnings per common share | 1.8 | 1.8 | 1.8 | 1.8 |
Equity_and_Earnings_Per_Share_2
Equity and Earnings Per Share (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Numerator: | ' | ' | ' | ' | ' |
Net income applicable to common shares for earnings per share computation | $484 | $9,386 | $1,770 | $14,879 | ' |
Denominator: | ' | ' | ' | ' | ' |
Total shares outstanding | 21,685 | 21,477 | 21,685 | 21,477 | 21,510 |
Less: unvested shares | -574 | -437 | -574 | -437 | ' |
Less: effect of calculating weighted average shares | -12 | -13 | -21 | -78 | ' |
Denominator for basic earnings per common share - weighted average shares outstanding | 21,099 | 21,027 | 21,090 | 20,962 | ' |
Plus: weighted average unvested shares | 578 | 439 | 522 | 401 | ' |
Plus: common stock equivalents of stock options | 362 | 313 | 425 | 250 | ' |
Denominator for diluted earnings per common share - weighted average shares outstanding | 22,039 | 21,779 | 22,037 | 21,613 | ' |
Stock_Plans_Narrative_Details
Stock Plans (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Stock Options [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Employee Equity Incentive Plan [Member] | Employee Equity Incentive Plan [Member] | Employee Equity Incentive Plan [Member] | Non-Employee Director Equity Plan [Member] | Non-Employee Director Equity Plan [Member] | |||
Stock Options [Member] | Restricted Stock [Member] | Performance Shares [Member] | Stock Options [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock options issued | ' | ' | ' | ' | ' | ' | 347,023 | ' | ' | 27,170 | ' |
Options issued under Employee Equity Incentive Plan vest fractionally annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Beginning of vesting period after grant date for Employee Equity Incentive Plan, in years | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued during the period | ' | ' | ' | 128,000 | 83,000 | ' | ' | 118,146 | 83,151 | ' | 10,095 |
Weighted-average grant date fair value per share of stock options granted | $1.02 | $0.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised (less than $0.1 million) | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of options vested | 1.3 | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested stock options | ' | ' | 1.9 | 3.2 | ' | 1.4 | ' | ' | ' | ' | ' |
Unrecognized compensation cost recognition period, in years | ' | ' | '2 years 1 month 17 days | '2 years | ' | '2 years | ' | ' | ' | ' | ' |
Shares available for employee stock purchase plan | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares price percentage | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under the employee stock purchase plan | 4,101 | 2,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Share Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' |
Stock_Plans_Summary_Of_Stock_O
Stock Plans (Summary Of Stock Options Activity) (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Options | ' |
Stock options outstanding at January 1, 2013 (in shares) | 2,603 |
Granted during the period (in shares) | 374 |
Exercised during the period (in shares) | 0 |
Forfeited during the period (in shares) | -80 |
Stock options outstanding at June 30, 2013(in shares) | 2,897 |
Exercisable at June 30, 2013 (in shares) | 1,562 |
Total expected to vest after June 30, 2013 (in shares) | 1,201 |
Weighted Average Exercise Price per Share | ' |
Stock options outstanding at January 1, 2013 (in dollars per share) | $19.45 |
Granted during the period (in dollars per share) | $13.42 |
Exercised during the period (in dollars per share) | $0 |
Forfeited during the period (in dollars per share) | $0 |
Stock options outstanding at June 30, 2013 (in dollars per share) | $18.78 |
Exercisable at June 30, 2013 (in dollars per share) | $20.96 |
Total expected to vest after June 30, 2013 (in dollars per share) | $18.03 |
Additional Stock Options Disclosures [Abstract] | ' |
Stock options outstanding at June 30, 2013, Weighted Average Remaining Contractual Term | '6 years 10 months 24 days |
Exercisable at June 30, 2013, Weighted Average Remaining Contractual Term | '5 years 5 months 23 days |
Stock options outstanding at June 30, 2013, Aggregate Intrinsic Value | $0 |
Exercisable at June 30, 2013, Aggregate Intrinsic Value | $0 |
Stock_Plans_Summary_Of_Restric
Stock Plans (Summary Of Restricted Stock Awards Activity) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock [Member] | ' |
Units | ' |
Number of shares outstanding at January 1, 2013 (in shares) | 325,000 |
Granted during the period (in shares) | 128,000 |
Vested during the period (in shares) | -75,000 |
Forfeited during the period (in shares) | -8,000 |
Number of shares outstanding at June 30, 2013 (in shares) | 370,000 |
Weighted Average Grant Date Fair Value per PSU | ' |
Shares outstanding at January 1, 2013 (in dollars per share) | $17.41 |
Granted during the period (in dollars per share) | $13.50 |
Vested during the period (in dollars per share) | $19.75 |
Forfeited during the period (in dollars per share) | $14.49 |
Shares outstanding at June 30, 2013 (in dollars per share) | $15.65 |
Stock_Plans_Summary_of_Perform
Stock Plans (Summary of Performance Stock Awards Activity) (Details) (Performance Shares [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Performance Shares [Member] | ' |
Units | ' |
Number of shares outstanding at January 1, 2013 (in shares) | 110,000 |
Granted during the period (in shares) | 83,000 |
Vested during the period (in shares) | -8,000 |
Forfeited during the period (in shares) | -6,000 |
Number of shares outstanding at June 30, 2013 (in shares) | 179,000 |
Weighted Average Grant Date Fair Value per PSU | ' |
Shares outstanding at January 1, 2013 (in dollars per share) | $12.79 |
Granted during the period (in dollars per share) | $9.50 |
Vested during the period (in dollars per share) | $12.83 |
Forfeited during the period (in dollars per share) | $12.72 |
Shares outstanding at June 30, 2013 (in dollars per share) | $11.26 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax reconciliation of statutory tax rate | $0.60 | $1.80 |
Strategic_Network_Alliance_Det
Strategic Network Alliance (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stategic Network Alliance [Abstract] | ' | ' | ' | ' |
Attributable Annual Non-Cash Spectrum Lease Expense | ' | ' | $4.90 | ' |
Percentage of revenue | 31.20% | 33.00% | 31.70% | 33.30% |
Commitments_And_Contingencies_
Commitments And Contingencies Commitments And Contingencies (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Long-term Purchase Commitment [Line Items] | ' |
Contractual Obligation | $95 |