ICF International (ICFI) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	1,362,004
Trading Symbol	icfi
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)		19,013,230
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 9,359,000	$ 7,747,000
Contract receivables, net	276,413,000	256,965,000
Prepaid expenses and other	15,204,000	10,032,000
Total current assets	300,976,000	274,744,000
Total property and equipment, net of accumulated depreciation of $75,366 and $71,203 as of March 31, 2016 and December 31, 2015, respectively	44,266,000	45,425,000
Other assets:
Goodwill	687,334,000	687,404,000
Other intangible assets, net	55,649,000	58,899,000
Restricted cash	1,374,000	1,362,000
Other assets	12,566,000	12,456,000
Total Assets	1,102,165,000	1,080,290,000
Current Liabilities:
Accounts payable	49,644,000	63,738,000
Accrued salaries and benefits	48,362,000	43,118,000
Accrued expenses and other current liabilities	39,192,000	43,001,000
Deferred revenue	29,742,000	30,523,000
Income tax payable	6,259,000	2,604,000
Total current liabilities	173,199,000	182,984,000
Long-term Liabilities:
Long-term debt	337,930,000	311,532,000
Deferred rent	15,755,000	15,785,000
Deferred income taxes	35,260,000	33,326,000
Other	11,793,000	13,387,000
Total Liabilities	573,937,000	557,014,000
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; 21,499,611 and 21,313,472 issued; and 19,024,190 and 19,032,054 outstanding as of March 31, 2016 and December 31, 2015, respectively	21,000	21,000
Additional paid-in capital	282,838,000	280,113,000
Retained earnings	334,993,000	325,306,000
Treasury stock	(81,216,000)	(74,673,000)
Accumulated other comprehensive loss	(8,408,000)	(7,491,000)
Total Stockholders’ Equity	528,228,000	523,276,000
Total Liabilities and Stockholders’ Equity	$ 1,102,165,000	$ 1,080,290,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property and equipment, accumulated depreciation	$ 75,366	$ 71,203
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)	21,499,611	21,313,472
Common stock, shares outstanding (in shares)	19,024,190	19,032,054

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue	$ 283,599	$ 273,527
Direct Costs	177,199	164,569
Operating costs and expenses:
Indirect and selling expenses	81,559	84,833
Depreciation and amortization	4,019	3,848
Amortization of intangible assets	3,128	4,315
Total operating costs and expenses	88,706	92,996
Operating income	17,694	15,962
Interest expense	(2,445)	(2,564)
Other income (expense)	275	(231)
Income before income taxes	15,524	13,167
Provision for income taxes	5,837	5,267
Net income	$ 9,687	$ 7,900
Earnings per Share:
Basic (in dollars per share)	$ 0.51	$ 0.41
Diluted (in dollars per share)	$ 0.50	$ 0.40
Weighted-average Shares:
Basic (in shares)	18,994	19,450
Diluted (in shares)	19,293	19,838
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	$ (917)	$ (2,088)
Comprehensive income, net of tax	$ 8,770	$ 5,812

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net income	$ 9,687,000	$ 7,900,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash equity compensation	2,641,000	2,880,000
Depreciation and amortization	7,147,000	8,163,000
Other adjustments, net	1,152,000	(1,196,000)
Changes in operating assets and liabilities, net of the effect of acquisitions:
Contract receivables, net	(19,460,000)	(20,757,000)
Prepaid expenses and other assets	(5,812,000)	(1,821,000)
Accounts payable	(12,441,000)	(10,336,000)
Accrued salaries and benefits	5,154,000	(16,333,000)
Accrued expenses and other current liabilities	(3,848,000)	(5,218,000)
Deferred revenue	(812,000)	7,855,000
Income tax receivable and payable	3,645,000	4,906,000
Restricted cash	(12,000)	33,000
Other liabilities	(622,000)	582,000
Net Cash Used in Operating Activities	(13,581,000)	(23,342,000)
Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software	$ (4,184,000)	(2,724,000)
Payments for business acquisitions, net of cash received		(1,818,000)
Net Cash Used in Investing Activities	$ (4,184,000)	(4,542,000)
Cash Flows from Financing Activities
Advances from working capital facilities	123,279,000	122,965,000
Payments on working capital facilities	(96,881,000)	(95,718,000)
Payments on capital expenditure obligations	$ (1,010,000)	(585,000)
Proceeds from exercise of options		445,000
Tax benefits of stock option exercises and award vesting	$ 204,000	826,000
Net payments for stockholder issuances and buybacks	(6,664,000)	(3,666,000)
Net Cash Provided by Financing Activities	18,928,000	24,267,000
Effect of exchange rate changes on cash	449,000	(1,480,000)
Increase (Decrease) in Cash and Cash Equivalents	1,612,000	(5,097,000)
Cash and Cash Equivalents, Beginning of Period	7,747,000	12,122,000
Cash and Cash Equivalents, End of Period	9,359,000	7,025,000
Supplemental Disclosure of Cash Flow Information
Interest	1,485,000	2,822,000
Income taxes	$ 587,000	$ 1,786,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Nature of Operations	3 Months Ended
	Mar. 31, 2016
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 three-month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, and the notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 8, 2016. Nature of Operations The Company provides professional services and technology-based solutions to government and commercial clients, including 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 offers a full range of services to these clients throughout the entire life cycle of a policy, program, project, or initiative, from research and analysis and assessment and advice to design and implementation of programs and technology-based solutions, and the provision of engagement services and programs. The Company’s major clients are United States (“U.S.”) federal government departments and agencies, most significantly the Department of Health and Human Services (“HHS”), the Department of State (“DOS”), and the Department of Defense (“DoD”). The Company also serves U.S. state and local government departments and agencies; international governments; and commercial clients worldwide, such as airlines, airports, electric and gas utilities, oil companies, banks and other financial services companies, transportation, travel and hospitality firms, non-profits/associations, law firms, manufacturing firms, retail chains, and distribution companies. The term “federal” or “federal government” refers to the U.S. federal government, and “state and local” or “state and local government” refers to U.S. state and local government, unless otherwise indicated. 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 more than 10 offices in key markets outside the U.S., including offices in the United Kingdom, Belgium, China, India and Canada. Reclassifications Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the current year presentation.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies Fair Value of Financial Instruments The Company's financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which the Company believes approximates their fair values at March 31, 2016 and December 31, 2015, due to their short maturities. The Company believes the carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at March 31, 2016 and December 31, 2015 based on the current rates offered to the Company for similar instruments with comparable maturities. The Company believes the carrying value of its lines of credit payable at March 31, 2016 and December 31, 2015 approximate the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings. Recent Accounting Pronouncements Accounting Pronouncements Adopted During the first quarter of 2016, the Company elected to early-adopt ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) . Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (Subtopic 350-40) Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) : Deferral of Effective Date In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)

Note 3 - Contract Receivables

Note 3 - Contract Receivables	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 3. Contract Receivables Contract receivables consisted of the following: March 31, 2016 December 31, 2015 Billed $ 167,889 $ 163,355 Unbilled 110,865 95,748 Allowance for doubtful accounts (2,341 ) (2,138 ) Contract receivables, net $ 276,413 $ 256,965 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 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 4 . 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 $180.2 million. The Company believes this claim has no merit, intends to vigorously defend its position, and has therefore not recorded a liability as of March 31, 2016.

Note 5 - Long-term Debt

Note 5 - Long-term Debt	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	Note 5. 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. The Credit Facility allows for Company 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 March 31, 2016, 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 2.42% to 2.44% for the first three months of 2016. As of March 31, 2016, the Company had $337.9 million in long-term debt outstanding, $3.7 million in outstanding letters of credit, and unused borrowing capacity of $158.4 million under the Credit Facility (excluding the accordion). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the accordion) was $108.7 million as of March 31, 2016.

Note 6 - Accounting for Stock-b

Note 6 - Accounting for Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 6. Accounting for Stock-Based Compensation The ICF International, Inc. 2010 Omnibus Incentive Plan (as amended, 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. As of March 31, 2016, the Company had approximately 2.2 million shares available for grant under the Omnibus Plan. Cash-settled RSUs (“CSRSUs”) have no impact on the shares available for grant under the Omnibus Plan, and have no impact on the calculated shares used in earnings per share (“EPS”) calculations. The Company recognized stock-based compensation expense of $3.2 million and $4.0 million for the three months ended March 31, 2016 and 2015, respectively. Unrecognized compensation expense of approximately $20.0 million as of March 31, 2016, related to unvested stock options and unsettled RSUs, is expected to be recognized over a weighted-average period of 2.9 years. The unrecognized compensation expense related to CSRSUs totaled approximately $17.7 million at March 31, 2016 and is expected to be recognized over a weighted-average period of 3.0 years. Unrecognized compensation expense related to performance-based share awards (“PSAs”) of approximately $3.6 million as of March 31, 2016 is expected to be recognized over a weighted-average period of 2.3 years. During the three months ended March 31, 2016, the Company granted approximately 0.2 million shares in the form of RSUs and approximately 0.2 million shares in the form of CSRSUs with a grant date fair value of $34.24. The Company granted approximately 0.1 million shares in the form of PSAs to its employees with a grant date fair value of $37.21. The awards granted are generally subject to service-based vesting conditions, with the PSAs also having performance-based vesting conditions. The performance conditions for the PSAs granted in 2016 have a performance period from January 1, 2016 through December 31, 2018 and the performance conditions are consistent with the PSAs granted in 2015. The Company’s performance-based share program is further described in Note K, Accounting for Stock-Based Compensation

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7. Income Taxes The Company’s effective tax rate for the three-month period ended March 31, 2016 and 2015 was 37.6% and 40.0%, 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 2012 through 2015 tax years remain subject to examination by the Internal Revenue Service for federal tax purposes, in addition to the Company’s 2009 amended tax return. Certain significant state and foreign tax jurisdictions also remain open under the statute of limitations and subject to examination for the tax years from 2011 to 2015. The Company’s total liability for unrecognized tax benefits as of March 31, 2016 was $0.4 million. Included in the balance as of March 31, 2016 was $0.3 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 $0.1 million. The Company’s policy is not to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. 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 8 - Earnings Per Share

Note 8 - Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 8. 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. PSAs 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 PSAs outstanding at March 31, 2016 did not meet the related performance conditions and therefore were excluded from the calculation of diluted EPS. Approximately 0.2 million weighted-average shares were excluded from the calculation of EPS because they were anti-dilutive for each of the three-month periods ended March 31, 2016 and 2015. The dilutive effect of stock options and RSUs for each period reported is summarized below: Three Months Ended March 31 , 2016 201 5 Net Income $ 9,687 $ 7,900 Weighted-average number of basic shares outstanding during the period 18,994 19,450 Dilutive effect of stock options and RSUs 299 388 Weighted-average number of diluted shares outstanding during the period 19,293 19,838 Basic earnings per share $ 0.51 $ 0.41 Diluted earnings per share $ 0.50 $ 0.40

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Reclassification, Policy [Policy Text Block]	Reclassifications Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the current year presentation.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The Company's financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which the Company believes approximates their fair values at March 31, 2016 and December 31, 2015, due to their short maturities. The Company believes the carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at March 31, 2016 and December 31, 2015 based on the current rates offered to the Company for similar instruments with comparable maturities. The Company believes the carrying value of its lines of credit payable at March 31, 2016 and December 31, 2015 approximate the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Accounting Pronouncements Adopted During the first quarter of 2016, the Company elected to early-adopt ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) . Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (Subtopic 350-40) Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) : Deferral of Effective Date In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)

Note 3 - Contract Receivables (

Note 3 - Contract Receivables (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, 2016 December 31, 2015 Billed $ 167,889 $ 163,355 Unbilled 110,865 95,748 Allowance for doubtful accounts (2,341 ) (2,138 ) Contract receivables, net $ 276,413 $ 256,965

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31 , 2016 201 5 Net Income $ 9,687 $ 7,900 Weighted-average number of basic shares outstanding during the period 18,994 19,450 Dilutive effect of stock options and RSUs 299 388 Weighted-average number of diluted shares outstanding during the period 19,293 19,838 Basic earnings per share $ 0.51 $ 0.41 Diluted earnings per share $ 0.50 $ 0.40

Note 1 - Basis of Presentatio17

Note 1 - Basis of Presentation and Nature of Operations (Details Textual)	3 Months Ended
	Mar. 31, 2016
Domestic [Member]
Number of Offices	55
International [Member]
Number of Offices	10
Number of Operating Segments	1

Note 2 - Summary of Significa18

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Reclassification of Deferred Tax Assets and Liabilities to Noncurrent Classification [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment	$ 8

Note 3 - Contract Receivables19

Note 3 - Contract Receivables (Details Textual)	3 Months Ended
	Mar. 31, 2016
Majority of Unbilled Receivables Will Be Substantially Billed and Collected	1 year

Note 3 - Summary of Contract Re

Note 3 - Summary of Contract Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Billed	$ 167,889	$ 163,355
Unbilled	110,865	95,748
Allowance for doubtful accounts	(2,341)	(2,138)
Contract receivables, net	$ 276,413	$ 256,965

Note 4 - Commitments and Cont21

Note 4 - Commitments and Contingencies (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
Community Development Related to Claim	$ 180.2

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May. 16, 2014USD ($)
Line 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	2.42%
Maximum [Member]
Line of Credit Facility, Leverage Ratio Covenant	3.75
Line of Credit Facility, Interest Rate During Period	2.44%
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	$ 337,930,000	$ 311,532,000
Letters of Credit Outstanding, Amount	3,700,000
Line of Credit Facility, Remaining Borrowing Capacity	158,400,000
Line of Credit Facility, Current Borrowing Capacity	$ 108,700,000

Note 6 - Accounting for Stock23

Note 6 - Accounting for Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2.2
Stock Options and Unsettled Restricted Stock Units [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 20
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 328 days
Cash Settled RSUs [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 17.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0.2
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 3.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 37.21
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0.2
Allocated Share-based Compensation Expense	$ 3.2	$ 4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 34.24

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year	2,012
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Open Tax Year	2,015
State and Foreign Jurisdictions [Member] | Earliest Tax Year [Member]
Open Tax Year	2,011
State and Foreign Jurisdictions [Member] | Latest Tax Year [Member]
Open Tax Year	2,015
Effective Income Tax Rate Reconciliation, Percent	37.60%	40.00%
Unrecognized Tax Benefits	$ 0.4
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.3
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0.1

Note 8 - Earnings Per Share (De

Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.2	0.2

Note 8 - Dilutive Effect of Sto

Note 8 - Dilutive Effect of Stock Options and Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income	$ 9,687	$ 7,900
Weighted-average number of basic shares outstanding during the period (in shares)	18,994	19,450
Dilutive effect of stock options and RSUs (in shares)	299	388
Weighted-average number of diluted shares outstanding during the period (in shares)	19,293	19,838
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.41
Diluted earnings per share (in dollars per share)	$ 0.50	$ 0.40