ICF International (ICFI) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	1,362,004
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)		19,370,310
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 7,449,000	$ 12,122,000
Contract receivables, net	283,206,000	260,254,000
Prepaid expenses and other	$ 9,011,000	10,338,000
Income tax receivable		5,715,000
Total current assets	$ 299,666,000	288,429,000
Total property and equipment, net of accumulated depreciation of $65,460 and $58,357 as of June 30, 2015 and December 31, 2014, respectively	43,292,000	43,241,000
Other assets:
Goodwill	693,188,000	687,778,000
Other intangible assets, net	68,104,000	76,707,000
Restricted cash	1,389,000	1,478,000
Other assets	13,470,000	12,707,000
Total Assets	1,119,109,000	1,110,340,000
Current Liabilities:
Accounts payable	61,513,000	65,755,000
Accrued salaries and benefits	46,049,000	56,314,000
Accrued expenses and other current liabilities	40,823,000	42,308,000
Deferred revenue	31,517,000	$ 31,554,000
Income tax payable	2,144,000
Deferred income taxes	7,685,000	$ 7,312,000
Total current liabilities	189,731,000	203,243,000
Long-term Liabilities:
Long-term debt	360,000,000	350,052,000
Deferred rent	15,601,000	19,997,000
Deferred income taxes	23,828,000	27,886,000
Other	16,104,000	8,473,000
Total Liabilities	$ 605,264,000	$ 609,651,000
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001 per share; 5,000,000 shares authorized; none issued	$ 0	$ 0
Common stock, par value $.001 per share; 70,000,000 shares authorized; 21,278,102 and 21,035,654 issued; and 19,400,014 and 19,430,154 outstanding as of June 30, 2015 and December 31, 2014, respectively	21,000	21,000
Additional paid-in capital	274,748,000	267,206,000
Retained earnings	303,011,000	285,937,000
Treasury stock	(60,865,000)	(49,994,000)
Accumulated other comprehensive loss	(3,070,000)	(2,481,000)
Total Stockholders’ Equity	513,845,000	500,689,000
Total Liabilities and Stockholders’ Equity	$ 1,119,109,000	$ 1,110,340,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property and equipment, accumulated depreciation	$ 65,460	$ 58,357
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	21,278,102	21,035,654
Common stock, shares outstanding (in shares)	19,400,014	19,430,154

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gross Revenue	$ 288,949	$ 263,860	$ 562,476	$ 508,912
Direct Costs	178,251	166,667	342,820	320,397
Operating costs and expenses:
Indirect and selling expenses	83,782	74,232	168,615	143,869
Depreciation and amortization	3,894	3,190	7,742	6,266
Amortization of intangible assets	4,288	2,197	8,603	4,156
Total operating costs and expenses	91,964	79,619	184,960	154,291
Operating income	18,734	17,574	34,696	34,224
Interest expense	(2,489)	(774)	(5,053)	(1,488)
Other expense	(1,190)	(621)	(1,421)	(656)
Income before income taxes	15,055	16,179	28,222	32,080
Provision for income taxes	5,881	6,181	11,148	12,366
Net income	$ 9,174	$ 9,998	$ 17,074	$ 19,714
Earnings per Share:
Basic (in dollars per share)	$ 0.47	$ 0.51	$ 0.88	$ 1
Diluted (in dollars per share)	$ 0.47	$ 0.50	$ 0.86	$ 0.98
Weighted-average Shares:
Basic (in shares)	19,475	19,795	19,462	19,799
Diluted (in shares)	19,706	20,082	19,805	20,213
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	$ 1,499	$ 807	$ (589)	$ 460
Comprehensive income, net of tax	$ 10,673	$ 10,805	$ 16,485	$ 20,174

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net income	$ 17,074,000	$ 19,714,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Non-cash equity compensation	5,701,000	6,831,000
Depreciation and amortization	16,345,000	10,422,000
Other adjustments, net	(736,000)	(610,000)
Changes in operating assets and liabilities, net of the effect of acquisitions:
Contract receivables, net	(23,956,000)	(29,125,000)
Prepaid expenses and other assets	686,000	(8,765,000)
Accounts payable	(3,267,000)	(605,000)
Accrued salaries and benefits	(10,418,000)	(1,463,000)
Accrued expenses	(5,942,000)	4,339,000
Deferred revenue	270,000	(3,773,000)
Income tax receivable and payable	7,870,000	(3,973,000)
Other liabilities	1,362,000	(832,000)
Net Cash Provided by (Used in) Operating Activities	4,989,000	(7,840,000)
Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software	(7,148,000)	(8,103,000)
Payments for business acquisitions, net of cash received	(1,818,000)	(57,718,000)
Net Cash Used in Investing Activities	(8,966,000)	(65,821,000)
Cash Flows from Financing Activities
Advances from working capital facilities	211,777,000	270,901,000
Payments on working capital facilities	(201,829,000)	(178,093,000)
Debt issue costs	(17,000)	(753,000)
Proceeds from exercise of options	495,000	1,532,000
Tax benefits of stock option exercises and award vesting	1,234,000	3,167,000
Net payments for stockholder issuances and buybacks	(10,760,000)	(23,954,000)
Net Cash Provided by Financing Activities	900,000	72,800,000
Effect of exchange rate changes on cash	(1,596,000)	(66,000)
Decrease in Cash	(4,673,000)	(927,000)
Cash, beginning of period	12,122,000	8,953,000
Cash, end of period	7,449,000	8,026,000
Supplemental Disclosure of Cash Flow Information
Interest	5,940,000	1,293,000
Income taxes	$ 9,263,000	$ 13,666,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Nature of Operations	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Basis of Presentation and Nature of Operations Interim Results The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of ICF International, Inc. and its subsidiaries (collectively, the “Company”) for the interim periods presented. The Company reports operating results and financial data in one operating and reportable segment. Operating results for the six-month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Company believes the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities approximate their estimated fair values at June 30, 2015, due to their short maturities. The Company recognizes activity related to its forward contract agreements at fair value. At June 30, 2015, the impact of the hedges to the consolidated financial statements was immaterial. The Company believes the carrying value of the lines of credit payable approximate the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings at June 30, 2015. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014, and the notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2015. Nature of Operations The Company provides management, technology, and policy consulting and implementation services in the areas of energy, environment, and infrastructure; health, education and social programs; safety and security; and consumer and financial. The Company’s major clients are federal government departments and agencies, most significantly the Department of Health and Human Services (“HHS”), Department of State (“DOS”) and Department of Defense (“DoD”). The Company also serves U.S. state and local government departments and agencies; non-governmental organizations, international governments, and multilateral institutions; and commercial clients worldwide, such as airlines, airports, electric and gas utilities, oil companies, hospitals and health-related companies, banks and other financial services companies, travel and hospitality providers, non-profits/associations, law firms, and manufacturing, retail, and distribution businesses. The Company offers a full range of services to these clients, from strategy, concept analysis and design through implementation/execution, evaluation, and, when applicable, ongoing support and improvement/innovation. The Company, incorporated in Delaware, is headquartered in Fairfax, Virginia. It maintains offices throughout the world, including over 55 offices in the U.S. and over 15 offices outside the United States, including offices in the United Kingdom, Belgium, China, India and Canada.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies Other Comprehensive In come Other comprehensive income represents foreign currency translation adjustments arising from the use of differing exchange rates from period to period. The financial positions and results of operations of the Company’s foreign subsidiaries are based on the local currency as the functional currency and are translated to U.S. dollars for financial reporting purposes. Assets and liabilities of the subsidiaries are translated at the exchange rate in effect at each period-end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments are included in accumulated other comprehensive income (loss) in stockholders’ equity. The activity included in other comprehensive income (loss) related to foreign currency translation adjustments for each period reported is summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency translation adjustments $ 833 $ 281 $ (1,255 ) $ (66 ) Realized losses reclassified into earnings, net of tax (1) 666 526 666 526 Other comprehensive income (loss), net of tax $ 1,499 $ 807 $ (589 ) $ 460 (1) Represents the reclassification of foreign currency translation adjustments from accumulated other comprehensive loss into earnings as a result of closing international offices. Amounts are included in the other expense line item in the Consolidated Statements of Comprehensive Income. Recent Accounting Pronouncements Recent A ccounting P ronouncements not yet A dopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, but early adoption is permitted. The adoption of ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements.

Note 3 - Business Combinations

Note 3 - Business Combinations	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 3 . Business Combinations OCO Holdings, Inc . On November 5, 2014, the Company completed the acquisition of OCO Holdings, Inc. (and including its subsidiary, Olson + Co., Inc., “Olson”) a leading provider of marketing technology and digital services based in Minneapolis, Minnesota. As a result of the acquisition, Olson became a wholly-owned subsidiary of the Company. The aggregate purchase price of approximately $298.2 million in cash was funded by the Company’s Credit Facility (as defined in Note 6 below). The acquisition expands the Company’s existing digital technology and strategic communications work and strengthens its ability to bring more integrated solutions to an expanded client base including multi-channel marketing initiatives across web, mobile, email, social, print, broadcast and off-premise platforms. For further discussion of the Olson acquisition, refer to “Note F, Business Combinations The acquisition was accounted for under the purchase method. The preliminary allocation of the total purchase price to the tangible and intangible assets and liabilities of Olson is based on management’s preliminary estimate of fair value as of the acquisition date and is subject to revision until the purchase price adjustments and valuations of intangible assets and goodwill are finalized, which will be completed within a one-year measurement period ending November 5, 2015. Due to the significance of the Olson acquisition, use of the measurement period is necessary to adequately analyze all the factors used in establishing the asset and liability fair values as of the acquisition date. The Company engaged an independent valuation firm to assist management in the allocation of the purchase price to goodwill and to other acquired intangible assets. During the six months ended June 30, 2015, the Company recorded an increase to goodwill of $5.8 million related to measurement period adjustments to the preliminary purchase price allocation. The measurement period adjustments include reductions of $7.3 million and $5.9 million to the valuation of fixed assets and accrued expenses and other liabilities, respectively, and increases of $0.2 million and $2.4 million to accrued salaries and benefits and deferred taxes and income tax payable, respectively. Additionally, there was a $1.8 million holdback adjustment that increased the purchase price to $298.2 million. As of June 30, 2015, the Company has allocated approximately $230.9 million to goodwill resulting from the preliminary purchase price allocation summarized as follows (in thousands): Cash $ 8,816 Contract receivables 36,879 Other current and non-current assets 1,512 Property and equipment 8,571 Customer-related intangibles 60,338 Marketing-related intangibles 3,947 Developed technology intangibles 578 Goodwill 230,936 Total Assets 351,577 Accounts payable 9,792 Accrued expenses and other liabilities 7,126 Accrued salaries and benefits 5,378 Deferred revenue 9,742 Deferred taxes and income tax payable 21,331 Total Liabilities 53,369 Net Assets $ 298,208 The results of operations of the Olson acquisition are included in the Company’s consolidated statements of comprehensive income for the three and six months ended June 30, 2015. The following unaudited condensed pro forma information presents combined financial information as if the acquisition of Olson had been effective at the beginning of fiscal year 2013. The pro forma information includes adjustments reflecting changes in the amortization of intangibles, stock-based compensation expense, and interest expense, and records income tax effects as if Olson had been included in the Company’s results of operations. The pro forma information for the six months ended June 30, 2014 also includes an adjustment to eliminate $1.9 million of operating income related to the reduction of an Olson contingent liability that was settled as a result of the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of 2013 (in thousands except per share amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 Revenue $ 300,507 $ 579,711 Operating income 20,273 38,223 Net income 10,748 20,097 Earnings per share: Basic earnings per share $ 0.54 $ 1.02 Diluted earnings per share $ 0.53 $ 0.99 Mostra SA In February 2014, the Company completed its acquisition of Mostra SA (“Mostra”), a strategic communications consulting company based in Brussels, Belgium. Mostra offers end-to-end, multichannel communications solutions to assist government and commercial clients, in particular the European Commission. The acquisition extends the Company’s strategic communications capabilities globally to complement its policy work and enhance its strategy of providing a full suite of services that leverages its research and advisory services. During the first quarter of 2015, the Company finalized its valuation of the assets acquired and liabilities assumed as a result of the acquisition. The purchase was immaterial to the Company’s financial statements taken as a whole. CityTech, Inc. In March 2014, the Company acquired CityTech, Inc. (“CityTech”), a Chicago-based digital interactive consultancy specializing in enterprise applications development, web experience management, mobile application development, cloud enablement, managed services, and customer experience management solutions. The acquisition adds expertise to the Company’s content management capabilities and complements its digital and interactive business. During the first quarter of 2015, the Company finalized its valuation of the assets acquired and liabilities assumed as a result of the acquisition. The purchase was immaterial to the Company’s financial statements taken as a whole. Ecommerce Accelerator LLC In July 2013, the Company hired the staff of, and purchased certain assets and liabilities from Ecommerce Accelerator LLC (“ECA”), an e-commerce technology services firm based in New York, New York. In connection with the acquisition, the Company recorded a contingent consideration payable at the estimated fair value of $2.8 million at December 31, 2013. The fair value of the contingent liability was reduced to zero in the first quarter of 2014 and the change in the fair value measurement of $2.8 million was recorded as a reduction to indirect and selling expenses. The Company is no longer required to pay contingent consideration to ECA, as the parties mutually agreed to the release of this potential obligation in the third quarter of 2014. The purchase was immaterial to the Company’s financial statements taken as a whole.

Note 4 - Contract Receivables

Note 4 - Contract Receivables	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 4. Contract Receivables Contract receivables consisted of the following: June 30, 2015 December 31, 2014 Billed $ 178,413 $ 165,934 Unbilled 107,340 96,207 Allowance for doubtful accounts (2,547 ) (1,887 ) Contract receivables, net $ 283,206 $ 260,254 Contract receivables, net of the established allowance for doubtful accounts, are stated at amounts expected to be realized in future periods. Unbilled receivables result from revenue that has been earned in advance of billing. Unbilled receivables can be invoiced at contractually defined intervals or milestones, as well as upon completion of the contract or government audits. The Company anticipates that the majority of unbilled receivables will be substantially billed and collected within one year, and therefore, classifies them as current assets in accordance with industry practice. The Company considers a number of factors in its estimate of allowance for doubtful accounts, including the customer’s financial condition, historical collection experience, and other factors that may bear on collectability of the receivables. The Company writes off contract receivables when such amounts are determined to be uncollectible. Losses have historically been within management’s expectations.

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5 . Commitments and Contingencies Litigation and Claims The Company is involved in various legal matters and proceedings arising in the ordinary course of business. While these matters and proceedings cause it to incur costs, including, but not limited to, attorneys’ fees, the Company currently believes that any ultimate liability arising out of these matters and proceedings will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Road Home Contract Although no legal proceeding has been commenced, the Company has received correspondence from the Office of Community Development of the State of Louisiana, claiming that the Company is responsible for the overpayment of Road Home program grant funds to some grant applicants. The State has also indicated that, as it continues to review homeowner grant calculations, it expects to assert additional demands in the future, increasing the aggregate claim amount. The total claim received by the Company to date is approximately $143.9 million. The Company believes this claim has no merit, intends to vigorously defend its position, and has therefore not recorded a liability as of June 30, 2015.

Note 6 - Long-term Debt

Note 6 - Long-term Debt	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	Note 6. Long-Term Debt The Company entered into a Fourth Amended and Restated Business Loan and Security Agreement with a syndication of 11 commercial banks on May 16, 2014, which was further modified on November 5, 2014 (the “Credit Facility”). The Credit Facility matures on May 16, 2019 (five years from the closing date). The Credit Facility allows for borrowings of up to $500.0 million without a borrowing base requirement, taking into account financial, performance-based limitations and provides for an “accordion,” which permits additional revolving credit commitments of up to $100.0 million, subject to lenders’ approval. The Credit Facility provides for stand-by letters of credit aggregating up to $30.0 million that reduce the funds available under the revolving line of credit when issued. The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants, as defined in the Credit Facility, require, among other things, that the Company maintain, on a consolidated basis for each quarter, a fixed charge coverage ratio of not less than 1.25 to 1.00 and a leverage ratio of not more than 3.75 to 1.00. As of June 30, 2015, the Company was in compliance with its covenants under the Credit Facility. The Company has the ability to borrow funds under its Credit Facility at interest rates based on both LIBOR and prime rates, at its discretion, plus their applicable margins. Interest rates on debt outstanding ranged from 2.17% to 4.25% for the first six months of 2015. As of June 30, 2015, the Company had $360.0 million in long-term debt outstanding, $3.7 million in outstanding letters of credit, and unused borrowing capacity of $136.3 million under the Credit Facility (excluding the accordion). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the accordion) was $87.5 million as of June 30, 2015.

Note 7 - Accounting for Stock-b

Note 7 - Accounting for Stock-based Compensation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 7. Accounting for Stock-Based Compensation On June 5, 2015, the Company’s stockholders approved an amendment (the “Amendment”) to the ICF International, Inc. 2010 Omnibus Incentive Plan (as amended, the “Omnibus Plan”). The Amendment, among other items, increased the new shares available for issuance under the Omnibus Plan by 1,540,000 shares from 3,550,000 to 5,090,000 (for an aggregate 5,966,186 shares, which includes shares that remained available under the 2006 Long-Term Equity Incentive Plan when the Omnibus Plan was initially adopted). The Omnibus Plan provides for the granting of options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares, performance units, cash-based awards, and other stock-based awards to all officers, key employees, and non-employee directors of the Company. Under the terms of the Omnibus Plan, shares awarded that are not stock options or stock appreciation rights, are counted as 1.93 shares deducted for every one share delivered under those awards. The Company recognized stock-based compensation expense of $3.6 million and $2.7 million for the three months ended June 30, 2015, and June 30, 2014, respectively, and $7.6 million and $6.6 million for the six months ended June 30, 2015 and June 30, 2014, respectively. Unrecognized compensation expense of $19.0 million as of June 30, 2015, related to unvested stock options and unsettled RSUs, is expected to be recognized over a weighted-average period of approximately 2.6 years. The unrecognized compensation expense related to cash-settled RSUs (“CSRSUs”) totaled approximately $16.1 million at June 30, 2015 and is expected to be recognized over a weighted-average period of approximately 3.1 years. During the six months ended June 30, 2015, the Company granted approximately 0.2 million shares in the form of stock-settled RSUs, and granted approximately 0.1 million shares in the form of CSRSUs to its employees. In the first quarter of 2015, the Company’s Board of Directors approved a performance-based share program (the “Program”) that provides for the issuance of performance shares to its senior management. Under the Program, the number of performance shares that the participant will receive depends on the Company’s achievement of two performance goals during two performance periods. The performance goals under the Program are based on (i) the Company’s compounded annual growth rate in earnings per share (“EPS”) during a performance period from January 1, 2015 through December 31, 2016, and (ii) the Company’s cumulative total shareholder return (“rTSR”) relative to its peer group during a performance period from January 1, 2015 through December 31, 2017. The performance shares will only be eligible to vest following the expiration of the three-year performance period ending on December 31, 2017. Actual shares vested will be subject to both continued employment by the Company (barring certain exceptions) and actual financial measures achieved. The actual number of shares of common stock that will be issued to each participant at the end of the applicable performance period will be determined by multiplying the award by the product of two percentages, one based on the Company’s EPS performance and a second one based on the Company’s rTSR performance, subject to a minimum and maximum performance level. The Company recognizes expense for these awards on a straight-line basis over the three-year performance period based on the estimated fair value of the awards and the estimated number of shares expected to vest. The initial estimate for shares expected to vest is based on target performance and adjusted as appropriate throughout the performance period. The fair value of the awards is estimated on the grant date using a Monte Carlo simulation model due to the rTSR component. During the six months ended June 30, 2015, the Company granted approximately 0.1 million performance awards with a grant-date fair value of $44.21 per share. Compensation expense recognized related to performance awards for the three and six months ended June 30, 2015 was $0.2 million and $0.3 million, respectively. Unrecognized compensation expense related to performance awards of $2.3 million as of June 30, 2015 is expected to be recognized over a weighted-average period of approximately 2.5 years. As of June 30, 2015, the Company had approximately 2.6 million shares available for grant under the Omnibus Plan. CSRSUs have no impact on the shares available for grant under the Omnibus Plan, and have no impact on the calculated shares used in EPS calculations.

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8. Income Taxes The Company’s effective tax rate for the three-month and six-month periods ended June 30, 2015, was 39.1% and 39.5%, respectively. The Company is subject to federal income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company’s 2008 through 2014 tax years remain subject to examination by the Internal Revenue Service for U.S. federal tax purposes. In addition, certain significant state and foreign tax jurisdictions tax returns are either currently under examination or remain open under the statute of limitations and subject to examination for the tax years from 2008 to 2014. The Company’s total liability for unrecognized tax benefits as of June 30, 2015 and June 30, 2014 was $0.7 million. Included in the balance as of June 30, 2015 was $0.5 million of tax positions that, if recognized, would have a favorable impact on the Company’s effective tax rate. The Company believes it is reasonably possible that, during the next 12 months, the Company’s liability for uncertain tax benefits may decrease by approximately $0.3 million. The Company reports penalties and interest related to unrecognized tax benefits in net income before tax. The Company has made no provision for deferred U.S. income taxes or additional foreign taxes on future unremitted earnings of its controlled foreign subsidiaries because the Company considers these earnings to be permanently invested.

Note 9 - Share Repurchase Progr

Note 9 - Share Repurchase Program	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Treasury Stock [Text Block]	Note 9. Share Repurchase Program The Company’s Board of Directors approved a share repurchase plan effective in November 2013 and expiring in November 2015, authorizing the Company to repurchase its outstanding common stock. In March 2015, the plan was amended to increase the amount authorized for repurchases from $35.0 million to $75.0 million. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. During the six months ended June 30, 2015, the Company repurchased 213,779 shares totaling $8.0 million under this program. Of the $75.0 million approved for share repurchases, approximately $37.2 million remained available as of June 30, 2015.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 10. Earnings Per Share EPS is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents were exercised or converted into stock. The difference between the basic and diluted weighted-average equivalent shares with respect to the Company’s EPS calculation is due entirely to the assumed exercise of stock options and the vesting and settlement of RSUs. Performance awards are included in the computation of diluted shares only to the extent that the underlying performance conditions (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method. The Company’s performance awards outstanding at June 30, 2015 did not meet the related performance conditions and therefore were excluded from the calculation of diluted EPS. For the three-month periods ended June 30, 2015 and 2014, approximately 0.4 million and 0.3 million weighted-average shares, respectively, were excluded from the calculation of EPS because they were anti-dilutive. For each of the six-month periods ended June 30, 2015 and 2014, approximately 0.2 million weighted-average shares were excluded from the calculation of EPS because they were anti-dilutive. The dilutive effect of stock options and RSUs for each period reported is summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 201 4 201 5 201 4 Net Income $ 9,174 $ 9,998 $ 17,074 $ 19,714 Weighted-average number of basic shares outstanding during the period 19,475 19,795 19,462 19,799 Dilutive effect of stock options, restricted stock and RSUs 231 287 343 414 Weighted-average number of diluted shares outstanding during the period 19,706 20,082 19,805 20,213 Basic earnings per share $ 0.47 $ 0.51 $ 0.88 $ 1.00 Diluted earnings per share $ 0.47 $ 0.50 $ 0.86 $ 0.98

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Comprehensive Income, Policy [Policy Text Block]	Other Comprehensive In come Other comprehensive income represents foreign currency translation adjustments arising from the use of differing exchange rates from period to period. The financial positions and results of operations of the Company’s foreign subsidiaries are based on the local currency as the functional currency and are translated to U.S. dollars for financial reporting purposes. Assets and liabilities of the subsidiaries are translated at the exchange rate in effect at each period-end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments are included in accumulated other comprehensive income (loss) in stockholders’ equity. The activity included in other comprehensive income (loss) related to foreign currency translation adjustments for each period reported is summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency translation adjustments $ 833 $ 281 $ (1,255 ) $ (66 ) Realized losses reclassified into earnings, net of tax (1) 666 526 666 526 Other comprehensive income (loss), net of tax $ 1,499 $ 807 $ (589 ) $ 460 (1) Represents the reclassification of foreign currency translation adjustments from accumulated other comprehensive loss into earnings as a result of closing international offices. Amounts are included in the other expense line item in the Consolidated Statements of Comprehensive Income.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recent A ccounting P ronouncements not yet A dopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, but early adoption is permitted. The adoption of ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements.

Note 2 - Summary of Significa17

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency translation adjustments $ 833 $ 281 $ (1,255 ) $ (66 ) Realized losses reclassified into earnings, net of tax (1) 666 526 666 526 Other comprehensive income (loss), net of tax $ 1,499 $ 807 $ (589 ) $ 460

Note 3 - Business Combinations

Note 3 - Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Cash $ 8,816 Contract receivables 36,879 Other current and non-current assets 1,512 Property and equipment 8,571 Customer-related intangibles 60,338 Marketing-related intangibles 3,947 Developed technology intangibles 578 Goodwill 230,936 Total Assets 351,577 Accounts payable 9,792 Accrued expenses and other liabilities 7,126 Accrued salaries and benefits 5,378 Deferred revenue 9,742 Deferred taxes and income tax payable 21,331 Total Liabilities 53,369 Net Assets $ 298,208
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 Revenue $ 300,507 $ 579,711 Operating income 20,273 38,223 Net income 10,748 20,097 Earnings per share: Basic earnings per share $ 0.54 $ 1.02 Diluted earnings per share $ 0.53 $ 0.99

Note 4 - Contract Receivables (

Note 4 - Contract Receivables (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, 2015 December 31, 2014 Billed $ 178,413 $ 165,934 Unbilled 107,340 96,207 Allowance for doubtful accounts (2,547 ) (1,887 ) Contract receivables, net $ 283,206 $ 260,254

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 201 4 201 5 201 4 Net Income $ 9,174 $ 9,998 $ 17,074 $ 19,714 Weighted-average number of basic shares outstanding during the period 19,475 19,795 19,462 19,799 Dilutive effect of stock options, restricted stock and RSUs 231 287 343 414 Weighted-average number of diluted shares outstanding during the period 19,706 20,082 19,805 20,213 Basic earnings per share $ 0.47 $ 0.51 $ 0.88 $ 1.00 Diluted earnings per share $ 0.47 $ 0.50 $ 0.86 $ 0.98

Note 1 - Basis of Presentatio21

Note 1 - Basis of Presentation and Nature of Operations (Details Textual) - Jun. 30, 2015	Total
Domestic [Member]
Number of Offices	55
International [Member]
Number of Offices	15
Number of Reportable Segments	1
Number of Operating Segments	1

Note 2 - Summary of Significa22

Note 2 - Summary of Significant Accounting Policies - Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Foreign currency translation adjustments		$ 833	$ 281	$ (1,255)	$ (66)
Realized losses reclassified into earnings, net of tax (1)	[1]	666	526	666	526
Other comprehensive income (loss), net of tax		$ 1,499	$ 807	$ (589)	$ 460
[1]	Represents the reclassification of foreign currency translation adjustments from accumulated other comprehensive loss into earnings as a result of closing international offices. Amounts are included in the other expense line item in the Consolidated Statements of Comprehensive Income.

Note 3 - Business Combination23

Note 3 - Business Combinations (Details Textual) - USD ($)	Nov. 05, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
ECA [Member]
Liabilities, Fair Value Disclosure, Recurring		$ 0				$ 2,800,000
Liabilities, Fair Value Adjustment		$ (2,800,000)
Olson [Member]
Payments to Acquire Businesses, Gross	$ 298,200,000
Goodwill, Period Increase (Decrease)			$ 5,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Allocation Adjustment			(7,300,000)
Business Combination,Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Expenses and Other Liabilities, Allocation Adjustment			(5,900,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Salaries and Benefits, Allocation Adjustment			200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Allocation Adjustment			2,400,000
Other Payments to Acquire Businesses			1,800,000
Goodwill			230,936,000
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments					$ (1,900,000)
Goodwill			$ 693,188,000	$ 687,778,000

Note 3 - Business Combination24

Note 3 - Business Combinations - Preliminary Purchase Price Allocation (Details) - USD ($)	Jun. 30, 2015
Olson [Member] | Customer-Related Intangible Assets [Member]
Intangibles	$ 60,338,000
Olson [Member] | Marketing-Related Intangible Assets [Member]
Intangibles	3,947,000
Olson [Member] | Developed Technology Rights [Member]
Intangibles	578,000
Olson [Member]
Cash	8,816,000
Contract receivables	36,879,000
Other current and non-current assets	1,512,000
Property and equipment	8,571,000
Goodwill	230,936,000
Total Assets	351,577,000
Accounts payable	9,792,000
Accrued expenses and other liabilities	7,126,000
Accrued salaries and benefits	5,378,000
Deferred revenue	9,742,000
Deferred taxes and income tax payable	21,331,000
Total Liabilities	53,369,000
Net Assets	298,208,000
Goodwill	$ 693,188,000

Note 3 - Business Combination25

Note 3 - Business Combinations - Unaudited Condensed Pro Forma Information (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Revenue	$ 300,507	$ 579,711
Operating income	20,273	38,223
Net income	$ 10,748	$ 20,097
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.54	$ 1.02
Diluted earnings per share (in dollars per share)	$ 0.53	$ 0.99

Note 4 - Contract Receivables26

Note 4 - Contract Receivables (Details Textual)	6 Months Ended
	Jun. 30, 2015
Majority of Unbilled Receivables Will Be Substantially Billed and Collected	1 year

Note 4 - Contract Receivables -

Note 4 - Contract Receivables - Summary of Contract Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Billed	$ 178,413	$ 165,934
Unbilled	107,340	96,207
Allowance for doubtful accounts	(2,547)	(1,887)
Contract receivables, net	$ 283,206	$ 260,254

Note 5 - Commitments and Cont28

Note 5 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 30, 2015USD ($)
Community Development Related to Claim	$ 143.9

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual)	6 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	May. 16, 2014USD ($)
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 30,000,000
Minimum [Member]
Line of Credit Facility, Fixed Charge Coverage Ratio Covenant	1.25
Line of Credit Facility, Interest Rate During Period	2.17%
Maximum [Member]
Line of Credit Facility, Leverage Ratio Covenant	3.75
Line of Credit Facility, Interest Rate During Period	4.25%
Credit Facility Syndication, Number of Commercial Banks			11
Line of Credit Facility, Maximum Borrowing Capacity Without Borrowing Base Requirement			$ 500,000,000
Line of Credit Facility, Accordion Feature, Additional Revolving Credit Commitments Under Existing Loan Facility			$ 100,000,000
Long-term Debt, Excluding Current Maturities	$ 360,000,000	$ 350,052,000
Letters of Credit Outstanding, Amount	3,700,000
Line of Credit Facility, Remaining Borrowing Capacity	136,300,000
Line of Credit Facility, Current Borrowing Capacity	$ 87,500,000

Note 7 - Accounting for Stock30

Note 7 - Accounting for Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions	Jun. 05, 2015shares	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Jun. 04, 2015shares
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,540,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,090,000					3,550,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		2,600,000		2,600,000
Equivalent Share Deducted For Every One Share Delivered	1.93
Options, Restricted Stock and RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5,966,186
Stock Options and Unsettled Restricted Stock Units [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $		$ 19		$ 19
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 219 days
Cash Settled RSUs [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $		16.1		$ 16.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				3 years 36 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				100,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				200,000
Performance Shares [Member]
Allocated Share-based Compensation Expense | $		0.2		$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 182 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares				$ 44.21
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $		2.3		$ 2.3
Allocated Share-based Compensation Expense | $		$ 3.6	$ 2.7	$ 7.6	$ 6.6

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Foreign Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year		2,008
Foreign Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year		2,014
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year		2,008
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year		2,014
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year		2,008
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year		2,014
Unrecognized Tax Benefits	$ 700,000	$ 700,000	$ 700,000
Deferred Tax Liabilities, Other	0	0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ (300,000)	$ (300,000)
Effective Income Tax Rate Reconciliation, Percent	39.10%	39.50%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 500,000	$ 500,000

Note 9 - Share Repurchase Pro32

Note 9 - Share Repurchase Program (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Nov. 30, 2013
Share Repurchase Program [Member]
Treasury Stock, Shares, Acquired	213,779
Treasury Stock, Value, Acquired, Cost Method	$ 8
Stock Repurchase Program, Authorized Amount		$ 75	$ 35
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 37.2

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.4	0.3	0.2	0.2

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Dilutive Effect of Stock Options and Awards (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income	$ 9,174	$ 9,998	$ 17,074	$ 19,714
Weighted-average number of basic shares outstanding during the period (in shares)	19,475	19,795	19,462	19,799
Dilutive effect of stock options, restricted stock and RSUs (in shares)	231	287	343	414
Weighted-average number of diluted shares outstanding during the period (in shares)	19,706	20,082	19,805	20,213
Basic earnings per share (in dollars per share)	$ 0.47	$ 0.51	$ 0.88	$ 1
Diluted earnings per share (in dollars per share)	$ 0.47	$ 0.50	$ 0.86	$ 0.98