ICF International (ICFI) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document Information [Line Items]
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)		18,957,609
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 9,647,000	$ 7,747,000
Contract receivables, net	273,298,000	256,965,000
Prepaid expenses and other	13,163,000	10,032,000
Income tax receivable	2,960,000
Total current assets	299,068,000	274,744,000
Total property and equipment, net of accumulated depreciation of $82,855 and $71,203 as of September 30, 2016 and December 31, 2015, respectively	42,996,000	45,425,000
Other assets:
Goodwill	684,793,000	687,404,000
Other intangible assets, net	49,296,000	58,899,000
Restricted cash	1,327,000	1,362,000
Other assets	14,586,000	12,456,000
Total Assets	1,092,066,000	1,080,290,000
Current Liabilities:
Accounts payable	57,429,000	63,738,000
Accrued salaries and benefits	61,973,000	43,118,000
Accrued expenses and other current liabilities	47,536,000	43,001,000
Deferred revenue	30,472,000	30,523,000
Income tax payable		2,604,000
Total current liabilities	197,410,000	182,984,000
Long-term Liabilities:
Long-term debt	281,194,000	311,532,000
Deferred rent	15,716,000	15,785,000
Deferred income taxes	37,287,000	33,326,000
Other	10,010,000	13,387,000
Total Liabilities	541,617,000	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; 21,599,751 and 21,313,472 issued; and 18,963,288 and 19,032,054 outstanding as of September 30, 2016 and December 31, 2015, respectively	22,000	21,000
Additional paid-in capital	289,828,000	280,113,000
Retained earnings	359,217,000	325,306,000
Treasury stock	(88,019,000)	(74,673,000)
Accumulated other comprehensive loss	(10,599,000)	(7,491,000)
Total Stockholders’ Equity	550,449,000	523,276,000
Total Liabilities and Stockholders’ Equity	$ 1,092,066,000	$ 1,080,290,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property and equipment, accumulated depreciation	$ 82,855	$ 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)	21,599,751	21,313,472
Common stock, shares outstanding (in shares)	18,963,288	19,032,054

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue		$ 306,520	$ 288,951	$ 895,538	$ 851,427
Direct Costs		191,310	177,864	562,697	520,684
Operating costs and expenses:
Indirect and selling expenses		84,193	81,011	250,393	249,626
Depreciation and amortization		4,130	4,316	12,233	12,058
Amortization of intangible assets		3,111	4,263	9,387	12,866
Total operating costs and expenses		91,434	89,590	272,013	274,550
Operating income		23,776	21,497	60,828	56,193
Interest expense		(2,407)	(2,674)	(7,312)	(7,727)
Other income (expense)		732	(52)	950	(1,473)
Income before income taxes		22,101	18,771	54,466	46,993
Provision for income taxes		8,664	7,226	20,555	18,374
Net income		$ 13,437	$ 11,545	$ 33,911	$ 28,619
Earnings per Share:
Basic (in dollars per share)		$ 0.71	$ 0.60	$ 1.79	$ 1.47
Diluted (in dollars per share)		$ 0.70	$ 0.59	$ 1.75	$ 1.45
Weighted-average Shares:
Basic (in shares)		18,965	19,316	18,989	19,413
Diluted (in shares)		19,329	19,556	19,345	19,743
Other comprehensive loss:
Foreign currency translation adjustments, net of tax	[1]	$ (165)	$ (3,900)	$ (3,108)	$ (4,489)
Comprehensive income, net of tax		$ 13,272	$ 7,645	$ 30,803	$ 24,130
[1]	Net of tax of $1.6 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively, and $3.0 million and $0.2 million for the nine months ended September 30, 2016 and 2015, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities
Net income	$ 33,911,000	$ 28,619,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash equity compensation	7,674,000	8,466,000
Depreciation and amortization	21,620,000	24,924,000
Other adjustments, net	5,254,000	(1,255,000)
Changes in operating assets and liabilities, net of the effect of acquisitions:
Contract receivables, net	(18,286,000)	(13,713,000)
Prepaid expenses and other assets	(4,875,000)	(2,030,000)
Accounts payable	(4,387,000)	(6,904,000)
Accrued salaries and benefits	18,921,000	(10,258,000)
Accrued expenses and other current liabilities	3,779,000	(1,722,000)
Deferred revenue	160,000	3,440,000
Income tax receivable and payable	(5,567,000)	11,233,000
Other liabilities	(386,000)	2,101,000
Net Cash Provided by Operating Activities	57,818,000	42,901,000
Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software	(10,654,000)	(9,789,000)
Payments for business acquisitions, net of cash received		(1,818,000)
Net Cash Used in Investing Activities	(10,654,000)	(11,607,000)
Cash Flows from Financing Activities
Advances from working capital facilities	360,947,000	300,150,000
Payments on working capital facilities	(391,285,000)	(318,047,000)
Payments on capital expenditure obligations	(3,030,000)	(2,405,000)
Proceeds from exercise of options	2,104,000	572,000
Tax benefits of stock option exercises and award vesting		1,261,000
Net payments for stockholder issuances and buybacks	(13,408,000)	(17,739,000)
Net Cash Used in Financing Activities	(44,672,000)	(36,208,000)
Effect of exchange rate changes on cash	(592,000)	(1,486,000)
Increase (Decrease) in Cash and Cash Equivalents	1,900,000	(6,400,000)
Cash and Cash Equivalents, Beginning of Period	7,747,000	12,122,000
Cash and Cash Equivalents, End of Period	9,647,000	5,722,000
Supplemental Disclosure of Cash Flow Information
Interest	6,085,000	7,729,000
Income taxes	15,137,000	13,015,000
Non-cash investing and financing transactions:
Capital expenditure obligations		$ 11,680,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Nature of Operations	9 Months Ended
	Sep. 30, 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 nine month period ended September 30, 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, as well as 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, including airlines, airports, electric and gas utilities, 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 regional 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies Goodwill The Company performs its annual goodwill impairment review as of September 30 of each year. For the purposes of performing this review, the Company has concluded that it is one reporting unit. For the annual impairment review as of September 30, 2016, the Company opted to perform a qualitative assessment of whether it is more likely than not that our reporting unit's fair value is less than its carrying amount. If, after completing its qualitative assessment, the Company determines that it is not more likely than not that the carrying value exceeds the estimated fair value, it may conclude that no impairment exists. If the Company concludes otherwise, a two-step goodwill impairment test must be performed, which includes a comparison of the fair value of the reporting unit to the carrying value. The Company’s qualitative analysis as of September 30, 2016 included macroeconomic and industry and market specific considerations, financial performance indicators and measurements, and other factors. Based on the Company’s qualitative assessment, it determined that it is not more likely than not that the fair value of its one reporting unit is less than its carrying amount, and thus the two-step impairment test is not required to be performed. Therefore, based upon management’s review, no goodwill impairment charge was required as of September 30, 2016. Historically, the Company has recorded no goodwill impairment charges. 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 in the Company’s consolidated balance sheets. The activity included in other comprehensive income (loss) in the Company’s consolidated statements of comprehensive income related to foreign currency translation adjustments for each period reported is summarized below. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency translation adjustments $ (165 ) $ (3,900 ) $ (3,108 ) $ (5,155 ) Realized losses reclassified into earnings (1) — — — 666 Other comprehensive (loss) income, net of tax (2) $ (165 ) $ (3,900 ) $ (3,108 ) $ (4,489 ) (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. (2) Net of tax of $1.6 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively, and $3.0 million and $0.2 million for the nine months ended September 30, 2016 and 2015, respectively. Recent Accounting Pronouncements Recent 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) In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) During the second quarter of 2016, the Company elected to early adopt ASU 2016-09. As a result of the adoption, effective January 1, 2016, adjustments made to record excess tax benefits from shares vested or settled are recognized in the statement of comprehensive income instead of within additional paid-in-capital. The Company elected to implement the required change related to the classification of cash flows from excess tax benefits as an operating activity on a prospective basis. With regard to the classification of employee tax withholdings, the adoption had no impact on the Company’s statements of cash flows as such activities have historically been presented as a financing activity. Finally, the Company elected to continue its policy to account for forfeitures as an estimate in recognizing stock-based compensation expense. The adoption of ASU 2016-09 resulted in the recognition of excess tax benefits in the Company’s provision for income taxes rather than additional paid-in-capital of $0.2 million and $0.5 million for the three and nine month period ended September 30, 2016, respectively. In addition, the Company’s net cash provided by operating activities increased $0.5 million with a corresponding decrease to net cash provided by financing activities for the nine month period ended September 30, 2016. The impact of the adoption on the Company’s previously reported results for the first quarter of 2016 is summarized as follows: Three Months Ended March 31, 2016 As reported As adjusted Statement of Comprehensive Income Provision for income taxes $ 5,837 $ 5,633 Net income $ 9,687 $ 9,891 Comprehensive income, net of tax $ 8,770 $ 8,974 Basic earnings per share $ 0.51 $ 0.52 Diluted earnings per share $ 0.50 $ 0.51 Diluted weighted average shares outstanding 19,293 19,273 Statement of Cash Flows Net cash used in operating activities $ (13,581 ) $ (13,377 ) Net cash provided by financing activities $ 18,928 $ 18,724 Recent Accounting Pronouncements Not Yet Adopted In May 2014, the 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 August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230 ).

Note 3 - Contract Receivables

Note 3 - Contract Receivables	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 3. Contract Receivables Contract receivables consisted of the following: September 30, 2016 December 31, 2015 Billed $ 158,647 $ 163,355 Unbilled 117,507 95,748 Allowance for doubtful accounts (2,856 ) (2,138 ) Contract receivables, net $ 273,298 $ 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	9 Months Ended
	Sep. 30, 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 On June 10, 2016, the Office of Community Development (the “OCD”) of the State of Louisiana filed a written administrative demand with the Louisiana Commissioner of Administration against ICF Emergency Management Services, L.L.C. (“ICF Emergency”), a subsidiary of the Company, in connection with ICF Emergency’s administration of the Road Home Program (the “Program”). The Program contract was a three-year, $912 million contract awarded to the Company in 2006 and that ended, as scheduled, in 2009. The Program was primarily intended to help homeowners and landlords of small rental properties affected by Hurricanes Rita and Katrina. In its administrative demand, the OCD sought approximately $200.8 million in alleged overpayments to Program grant recipients. The State separately supplemented the amount of recovery it seeks so that the total is now approximately $208.9 million. The State of Louisiana, through the Division of Administration, also filed suit in Louisiana state court on June 10, 2016 broadly alleging and seeking recoupment for the same claim made in the administrative proceeding submission before the Louisiana Commissioner of Administration. On September 21, 2016, the Commissioner of the Division of Administration notified OCD and the Company of his decision to defer jurisdiction of the administrative demand filed by OCD. In so doing, the Commissioner declined to reach a decision on the merits, stated that his deferral would not be deemed to grant or deny any portion of the OCD’s claim, and authorized the parties to proceed on the matter in the previously filed judicial proceeding. The Company continues to believe that this claim has no merit, intends to vigorously defend its position, and has therefore not recorded a liability as of September 30, 2016.

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Sep. 30, 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 September 30, 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. The weighted average interest rate on outstanding borrowings was 2.5% for the first nine months of 2016. As of September 30, 2016, the Company had $281.2 million in long-term debt outstanding, $3.4 million in outstanding letters of credit, and unused borrowing capacity of $215.4 million under the Credit Facility (excluding the accordion). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the accordion) was $168.4 million as of September 30, 2016.

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 6. Derivative Instruments and Hedging Activities On September 30, 2016, the Company entered into a floating-to-fixed interest rate swap agreement for an aggregate notional amount of $100.0 million which hedges a portion of the Company’s floating rate indebtedness (the “ Transaction”). The swap transaction is intended to mitigate the Company’s interest rate risk as it provides for the Company to pay a fixed rate of 1.22% per annum plus the applicable margin pursuant to the Credit Facility. Notwithstanding the terms of the interest rate swap transaction, the Company is ultimately obligated for all amounts due and payable under the Credit Facility. The cash flows from the Transaction begin January 31, 2018 and the hedge matures January 31, 2023. The Company has designated the swap as a cash flow hedge. On a quarterly basis, management evaluates the swap to determine effectiveness or ineffectiveness. For the portion of the swap deemed effective, changes in fair value will be recorded as part of accumulated other comprehensive income or loss. For the ineffective portion of the swap, changes in fair value will be recorded within net income. It is currently management’s intent to have the swap remain effective. Realized gains and losses in connection with each required interest payment will be reclassified from accumulated other comprehensive income or loss to interest expense. The Transaction had no effect on the consolidated balance sheet as of September 30, 2016 and the consolidated statement of comprehensive income for the three and nine months ended September 30, 2016. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.

Note 7 - Accounting for Stock-b

Note 7 - Accounting for Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 7. 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 September 30, 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 $4.7 million and $3.1 million for the three months ended September 30, 2016 and 2015, and $12.8 million and $10.7 million for the nine months ended September 30, 2016 and 2015, respectively. Unrecognized compensation expense of approximately $16.2 million as of September 30, 2016, related to unvested stock options and unsettled RSUs, is expected to be recognized over a weighted-average period of 2.5 years. The unrecognized compensation expense related to CSRSUs totaled approximately $16.9 million at September 30, 2016 and is expected to be recognized over a weighted-average period of 2.6 years. Unrecognized compensation expense related to performance-based share awards (“PSAs”) of approximately $2.9 million as of September 30, 2016 is expected to be recognized over a weighted-average period of 1.8 years. During the nine months ended September 30, 2016, the Company granted approximately 0.2 million shares each in the form of RSUs and CSRSUs and approximately 0.1 million shares in the form of PSAs to its employees. The awards granted are generally subject to service-based vesting conditions, while PSAs are also subject to performance-based vesting conditions. The performance conditions for 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 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8. Income Taxes The Company’s effective tax rate for the three month and nine month periods ended September 30, 2016 was 39.2% and 37.7%, respectively, and 38.5% and 39.1% for the three month and nine month periods ended September 30, 2015, 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 2013 through 2015 tax years remain subject to examination by the Internal Revenue Service for federal tax purposes, in addition to the Company’s 2012 amended tax return. Certain significant state and foreign tax jurisdictions also remain open under the statute of limitations and are subject to examination for the tax years from 2012 to 2015. The Company’s total liability for unrecognized tax benefits as of September 30, 2016 was $1.2 million. Included in the balance as of September 30, 2016 was $1.0 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 $0.4 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 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 9. 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 September 30, 2016 did not meet the related performance conditions and therefore were excluded from the calculation of diluted EPS. For each of the three months and nine months ended September 30, 2016 and 2015, 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 September 30, Nine Months Ended September 30, 2016 201 5 201 6 201 5 Net Income $ 13,437 $ 11,545 $ 33,911 $ 28,619 Weighted-average number of basic shares outstanding during the period 18,965 19,316 18,989 19,413 Dilutive effect of stock options and RSUs 364 240 356 330 Weighted-average number of diluted shares outstanding during the period 19,329 19,556 19,345 19,743 Basic earnings per share $ 0.71 $ 0.60 $ 1.79 $ 1.47 Diluted earnings per share $ 0.70 $ 0.59 $ 1.75 $ 1.45

Note 10 - Fair Value

Note 10 - Fair Value	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 10. Fair Value The Company measures and reports certain financial assets and liabilities at fair value in accordance with the Financial Accounting Standards Board Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures . • Level 1: Quoted prices that are available in active markets for identical assets or liabilities; • Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and inputs derived principally from or corroborated by observable market data by correlation or other means; and • Level 3: Uses inputs that are unobservable and require the Company to make certain assumptions and require significant estimation and judgment from management to use in pricing the fair value of the assets and liabilities. As of September 30, 2016 and December 31, 2015, there were no assets or liabilities measured at Level 3 on a recurring basis. 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 September 30, 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 September 30, 2016 and December 31, 2015 based on the current rates offered to the Company for similar instruments with comparable maturities (Level 2). The Company believes the carrying value of its lines of credit payable at September 30, 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 (Level 2). The Company applies the provisions of ASC 820 to its assets and liabilities that are required to be measured at fair value pursuant to other accounting standards, including assets and liabilities resulting from the Company’s nonqualified deferred compensation plan and foreign currency forward contract agreements not eligible for hedge accounting. The impact of the amounts recorded for the nonqualified deferred compensation plan and the forward contract agreements was immaterial to the consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company performs its annual goodwill impairment review as of September 30 of each year. For the purposes of performing this review, the Company has concluded that it is one reporting unit. For the annual impairment review as of September 30, 2016, the Company opted to perform a qualitative assessment of whether it is more likely than not that our reporting unit's fair value is less than its carrying amount. If, after completing its qualitative assessment, the Company determines that it is not more likely than not that the carrying value exceeds the estimated fair value, it may conclude that no impairment exists. If the Company concludes otherwise, a two-step goodwill impairment test must be performed, which includes a comparison of the fair value of the reporting unit to the carrying value. The Company’s qualitative analysis as of September 30, 2016 included macroeconomic and industry and market specific considerations, financial performance indicators and measurements, and other factors. Based on the Company’s qualitative assessment, it determined that it is not more likely than not that the fair value of its one reporting unit is less than its carrying amount, and thus the two-step impairment test is not required to be performed. Therefore, based upon management’s review, no goodwill impairment charge was required as of September 30, 2016. Historically, the Company has recorded no goodwill impairment charges.
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 in the Company’s consolidated balance sheets. The activity included in other comprehensive income (loss) in the Company’s consolidated statements of comprehensive income related to foreign currency translation adjustments for each period reported is summarized below. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency translation adjustments $ (165 ) $ (3,900 ) $ (3,108 ) $ (5,155 ) Realized losses reclassified into earnings (1) — — — 666 Other comprehensive (loss) income, net of tax (2) $ (165 ) $ (3,900 ) $ (3,108 ) $ (4,489 ) (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. (2) Net of tax of $1.6 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively, and $3.0 million and $0.2 million for the nine months ended September 30, 2016 and 2015, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recent 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) In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) During the second quarter of 2016, the Company elected to early adopt ASU 2016-09. As a result of the adoption, effective January 1, 2016, adjustments made to record excess tax benefits from shares vested or settled are recognized in the statement of comprehensive income instead of within additional paid-in-capital. The Company elected to implement the required change related to the classification of cash flows from excess tax benefits as an operating activity on a prospective basis. With regard to the classification of employee tax withholdings, the adoption had no impact on the Company’s statements of cash flows as such activities have historically been presented as a financing activity. Finally, the Company elected to continue its policy to account for forfeitures as an estimate in recognizing stock-based compensation expense. The adoption of ASU 2016-09 resulted in the recognition of excess tax benefits in the Company’s provision for income taxes rather than additional paid-in-capital of $0.2 million and $0.5 million for the three and nine month period ended September 30, 2016, respectively. In addition, the Company’s net cash provided by operating activities increased $0.5 million with a corresponding decrease to net cash provided by financing activities for the nine month period ended September 30, 2016. The impact of the adoption on the Company’s previously reported results for the first quarter of 2016 is summarized as follows:

Note 2 - Summary of Significa17

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency translation adjustments $ (165 ) $ (3,900 ) $ (3,108 ) $ (5,155 ) Realized losses reclassified into earnings (1) — — — 666 Other comprehensive (loss) income, net of tax (2) $ (165 ) $ (3,900 ) $ (3,108 ) $ (4,489 )
New Accounting Pronouncement, Early Adoption [Table Text Block]	Three Months Ended March 31, 2016 As reported As adjusted Statement of Comprehensive Income Provision for income taxes $ 5,837 $ 5,633 Net income $ 9,687 $ 9,891 Comprehensive income, net of tax $ 8,770 $ 8,974 Basic earnings per share $ 0.51 $ 0.52 Diluted earnings per share $ 0.50 $ 0.51 Diluted weighted average shares outstanding 19,293 19,273 Statement of Cash Flows Net cash used in operating activities $ (13,581 ) $ (13,377 ) Net cash provided by financing activities $ 18,928 $ 18,724

Note 3 - Contract Receivables (

Note 3 - Contract Receivables (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, 2016 December 31, 2015 Billed $ 158,647 $ 163,355 Unbilled 117,507 95,748 Allowance for doubtful accounts (2,856 ) (2,138 ) Contract receivables, net $ 273,298 $ 256,965

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2016 201 5 201 6 201 5 Net Income $ 13,437 $ 11,545 $ 33,911 $ 28,619 Weighted-average number of basic shares outstanding during the period 18,965 19,316 18,989 19,413 Dilutive effect of stock options and RSUs 364 240 356 330 Weighted-average number of diluted shares outstanding during the period 19,329 19,556 19,345 19,743 Basic earnings per share $ 0.71 $ 0.60 $ 1.79 $ 1.47 Diluted earnings per share $ 0.70 $ 0.59 $ 1.75 $ 1.45

Note 1 - Basis of Presentatio20

Note 1 - Basis of Presentation and Nature of Operations (Details Textual)	9 Months Ended
	Sep. 30, 2016
Domestic [Member]
Number of Offices	55
International [Member]
Number of Offices	10
Number of Operating Segments	1
Number of Reportable Segments	1

Note 2 - Summary of Significa21

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended			9 Months Ended
	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Reclassification of Deferred Tax Assets and Liabilities to Noncurrent Classification [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment		$ 8,000,000
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Expense (Benefit)	$ (200,000)			$ (500,000)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				500,000
Net Cash Provided by (Used in) Financing Activities, Continuing Operations				$ (500,000)
New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Expense (Benefit)		5,633,000
Net Cash Provided by (Used in) Operating Activities, Continuing Operations		(13,377,000)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations		$ 18,724,000
Number of Reporting Units				1
Goodwill, Impaired, Accumulated Impairment Loss	0			$ 0
Other Comprehensive Income (Loss), Tax	1,600,000		$ 800,000	3,000,000	$ 200,000
Income Tax Expense (Benefit)	$ 8,664,000		$ 7,226,000	20,555,000	18,374,000
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				57,818,000	42,901,000
Net Cash Provided by (Used in) Financing Activities, Continuing Operations				$ (44,672,000)	$ (36,208,000)

Note 2 - Summary of Significa22

Note 2 - Summary of Significant Accounting Policies - Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Foreign currency translation adjustments		$ (165)	$ (3,900)	$ (3,108)	$ (5,155)
Realized losses reclassified into earnings	[1]				666
Other comprehensive (loss) income, net of tax	[2]	$ (165)	$ (3,900)	$ (3,108)	$ (4,489)
[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.
[2]	Net of tax of $1.6 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively, and $3.0 million and $0.2 million for the nine months ended September 30, 2016 and 2015, respectively.

Note 2 - Summary of Significa23

Note 2 - Summary of Significant Accounting Policies - Impact of the Adoption on the Company's Previously Reported Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Scenario, Previously Reported [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Provision for income taxes		$ 5,837
Net income		9,687
Comprehensive income, net of tax		$ 8,770
Basic (in dollars per share)		$ 0.51
Diluted (in dollars per share)		$ 0.50
Diluted (in shares)		19,293
Net cash used in operating activities		$ (13,581)
Net cash provided by financing activities		18,928
New Accounting Pronouncement, Early Adoption, Effect [Member]
Provision for income taxes		5,633
Net income		9,891
Comprehensive income, net of tax		$ 8,974
Basic (in dollars per share)		$ 0.52
Diluted (in dollars per share)		$ 0.51
Diluted (in shares)		19,273
Net cash used in operating activities		$ (13,377)
Net cash provided by financing activities		$ 18,724
Provision for income taxes	$ 8,664		$ 7,226	$ 20,555	$ 18,374
Net income	13,437		11,545	33,911	28,619
Comprehensive income, net of tax	$ 13,272		$ 7,645	$ 30,803	$ 24,130
Basic (in dollars per share)	$ 0.71		$ 0.60	$ 1.79	$ 1.47
Diluted (in dollars per share)	$ 0.70		$ 0.59	$ 1.75	$ 1.45
Diluted (in shares)	19,329		19,556	19,345	19,743
Net cash used in operating activities				$ 57,818	$ 42,901
Net cash provided by financing activities				$ (44,672)	$ (36,208)

Note 3 - Contract Receivables24

Note 3 - Contract Receivables (Details Textual)	9 Months Ended
	Sep. 30, 2016
Majority of Unbilled Receivables Will Be Substantially Billed and Collected	1 year

Note 3 - Contract Receivables -

Note 3 - Contract Receivables - Summary of Contract Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Billed	$ 158,647	$ 163,355
Unbilled	117,507	95,748
Allowance for doubtful accounts	(2,856)	(2,138)
Contract receivables, net	$ 273,298	$ 256,965

Note 4 - Commitments and Cont26

Note 4 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 10, 2016
Road Home Contract [Member]
Contract Term, Period		3 years
Contract Award, Value		$ 912
OCD vs ICF Emergency [Member]
Loss Contingency, Damages Sought, Value	$ 208.9	$ 200.8

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	Sep. 30, 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
Maximum [Member]
Line of Credit Facility, Leverage Ratio Covenant			3.75
Weighted Average [Member]
Long-term Debt, Weighted Average Interest Rate	2.50%
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	$ 281,194,000	$ 311,532,000
Letters of Credit Outstanding, Amount	3,400,000
Line of Credit Facility, Remaining Borrowing Capacity	215,400,000
Line of Credit Facility, Current Borrowing Capacity	$ 168,400,000

Note 6 - Derivative Instrumen28

Note 6 - Derivative Instruments and Hedging Activities (Details Textual) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] $ in Billions	Sep. 30, 2016USD ($)
Derivative, Notional Amount	$ 0.1
Derivative, Variable Interest Rate	1.22%

Note 7 - Accounting for Stock29

Note 7 - Accounting for Stock-based Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Cash Settled RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 16.9		$ 16.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 219 days
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	16.2		$ 16.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 182 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.9		$ 2.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 292 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0.2
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2.2		2.2
Allocated Share-based Compensation Expense	$ 4.7	$ 3.1	$ 12.8	$ 10.7

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Open Tax Year			2,013
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			2,012
State and Foreign Jurisdictions [Member] | Latest Tax Year [Member]
Open Tax Year			2,015
Effective Income Tax Rate Reconciliation, Percent	39.20%	37.70%	38.50%	39.10%
Unrecognized Tax Benefits	$ 1.2		$ 1.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1		1
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0.4		$ 0.4

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.2	0.2	0.2	0.2

Note 9 - Earnings Per Share - D

Note 9 - Earnings Per Share - Dilutive Effect of Stock Options and Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income	$ 13,437	$ 11,545	$ 33,911	$ 28,619
Basic (in shares)	18,965	19,316	18,989	19,413
Dilutive effect of stock options and RSUs (in shares)	364	240	356	330
Weighted-average number of diluted shares outstanding during the period (in shares)	19,329	19,556	19,345	19,743
Basic (in dollars per share)	$ 0.71	$ 0.60	$ 1.79	$ 1.47
Diluted (in dollars per share)	$ 0.70	$ 0.59	$ 1.75	$ 1.45

Note 10 - Fair Value (Details T

Note 10 - Fair Value (Details Textual) - Fair Value, Inputs, Level 3 [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets, Fair Value Disclosure, Recurring	$ 0	$ 0
Liabilities, Fair Value Disclosure, Recurring	$ 0	$ 0