Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Clean Energy Fuels Corp. | ' |
Entity Central Index Key | '0001368265 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 89,858,816 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $154,328 | $240,033 |
Restricted cash | 11,923 | 8,403 |
Short-term investments | 164,482 | 138,240 |
Accounts receivable, net of allowance for doubtful accounts of $832 and $987 as of December 31, 2013 and March 31, 2014, respectively | 60,144 | 53,473 |
Other receivables | 19,266 | 26,285 |
Inventory, net | 38,292 | 33,822 |
Prepaid expenses and other current assets | 20,481 | 20,840 |
Total current assets | 468,916 | 521,096 |
Land, property and equipment, net | 520,984 | 487,854 |
Notes receivable and other long-term assets | 72,582 | 73,697 |
Goodwill | 86,869 | 88,548 |
Intangible assets, net | 75,643 | 79,770 |
Total assets | 1,224,994 | 1,250,965 |
Current liabilities: | ' | ' |
Current portion of long-term debt and capital lease obligations | 14,543 | 23,401 |
Accounts payable | 35,394 | 33,541 |
Accrued liabilities | 42,575 | 46,745 |
Deferred revenue | 18,563 | 16,419 |
Total current liabilities | 111,075 | 120,106 |
Long-term debt and capital lease obligations, less current portion | 543,320 | 532,017 |
Long-term debt, related party | 65,000 | 65,000 |
Other long-term liabilities | 11,350 | 15,304 |
Total liabilities | 730,745 | 732,427 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares | ' | ' |
Common stock, $0.0001 par value. Authorized 149,000,000 shares; issued and outstanding 89,364,397 shares and 89,858,816 shares at December 31, 2013 and March 31, 2014, respectively | 9 | 9 |
Additional paid-in capital | 890,880 | 883,045 |
Accumulated deficit | -396,375 | -367,782 |
Accumulated other comprehensive loss | -4,160 | -700 |
Total Clean Energy Fuels Corp. stockholders' equity | 490,354 | 514,572 |
Noncontrolling interest in subsidiary | 3,895 | 3,966 |
Total stockholders' equity | 494,249 | 518,538 |
Total liabilities and stockholders' equity | $1,224,994 | $1,250,965 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $987 | $832 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, Authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, Authorized shares | 149,000,000 | 149,000,000 |
Common stock, issued shares | 89,858,816 | 89,364,397 |
Common stock, outstanding shares | 89,858,816 | 89,364,397 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue: | ' | ' |
Product revenues | $85,789 | $83,483 |
Service revenues | 9,486 | 9,560 |
Total revenues | 95,275 | 93,043 |
Cost of sales (exclusive of depreciation and amortization shown separately below): | ' | ' |
Product cost of sales | 67,867 | 46,814 |
Service cost of sales | 3,764 | 3,927 |
Derivative (gains) losses: | ' | ' |
Series I warrant valuation | -4,455 | 466 |
Selling, general and administrative | 33,490 | 32,876 |
Depreciation and amortization | 11,515 | 10,158 |
Total operating expenses | 112,181 | 94,241 |
Operating loss | -16,906 | -1,198 |
Interest expense, net | -9,510 | -5,071 |
Other expense, net | -1,286 | -390 |
Loss from equity method investment | ' | -76 |
Gain from sale of equity method investment | ' | 4,705 |
Loss before income taxes | -27,702 | -2,030 |
Income tax expense | -962 | -1,805 |
Net loss | -28,664 | -3,835 |
(Income) loss of noncontrolling interest | 71 | -36 |
Net loss attributable to Clean Energy Fuels Corp. | ($28,593) | ($3,871) |
Loss per share attributable to Clean Energy Fuels Corp.: | ' | ' |
Basic (in dollars per share) | ($0.30) | ($0.04) |
Diluted (in dollars per share) | ($0.30) | ($0.04) |
Weighted-average common shares outstanding: | ' | ' |
Basic (in shares) | 94,676,325 | 93,132,454 |
Diluted (in shares) | 94,676,325 | 93,132,454 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | ($28,664) | ($3,835) |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments | 196 | -655 |
Foreign currency adjustments on intra-entity long-term investments | -3,340 | -1,818 |
Unrealized losses on available-for-sale securities | -316 | -37 |
Unrecognized gains on derivatives | ' | 106 |
Total other comprehensive loss, net of tax | -3,460 | -2,404 |
Comprehensive income (loss) | -32,124 | -6,239 |
Clean Energy Fuels Corp. | ' | ' |
Net income (loss) | -28,593 | -3,871 |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments | 196 | -655 |
Foreign currency adjustments on intra-entity long-term investments | -3,340 | -1,818 |
Unrealized losses on available-for-sale securities | -316 | -37 |
Unrecognized gains on derivatives | ' | 106 |
Total other comprehensive loss, net of tax | -3,460 | -2,404 |
Comprehensive income (loss) | -32,053 | -6,275 |
Noncontrolling Interest | ' | ' |
Net income (loss) | -71 | 36 |
Other comprehensive income, net of tax: | ' | ' |
Comprehensive income (loss) | ($71) | $36 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($28,664) | ($3,835) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 11,515 | 10,158 |
Provision for doubtful accounts, notes and inventory | 541 | 17 |
Loss on disposal of assets | ' | 137 |
Derivative (gain) loss | -4,455 | 466 |
Stock-based compensation expense | 3,420 | 6,212 |
Amortization of debt issuance cost | 746 | 262 |
Accretion of notes payable | 108 | 340 |
Gain on sale of equity method investment | ' | -4,705 |
Dividend received on equity method investment | ' | 1,091 |
Changes in operating assets and liabilities, net of assets and liabilities acquired: | ' | ' |
Accounts and other receivables | 1,573 | -17,961 |
Inventory | -4,470 | -6,066 |
Prepaid expenses and other assets | 864 | -2,276 |
Accounts payable | 5,714 | -11,742 |
Accrued expenses and other | -1,420 | 10,970 |
Net cash used in operating activities | -14,528 | -16,932 |
Cash flows from investing activities: | ' | ' |
Purchases of short-term investments | -56,993 | -21,227 |
Maturities of short-term investments | 29,818 | 21,233 |
Purchases of property and equipment | -46,851 | -21,703 |
Proceeds from sale of property and equipment | ' | 95 |
Loans made to customers | -2,002 | -361 |
Payments on and proceeds from sales of loans receivable | 1,515 | 2,271 |
Restricted cash | -3,520 | 10,711 |
Proceeds from sale of equity method investment | ' | 6,119 |
Net cash used in investing activities | -78,033 | -2,862 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock and exercise of stock options | 665 | 178 |
Proceeds from debt instruments | 12,400 | ' |
Proceeds from revolving line of credit | 12,329 | 6,894 |
Repayment of borrowing under revolving line of credit | -9,517 | -7,380 |
Repayment of capital lease obligations and debt instruments | -8,727 | -5,601 |
Payments for debt issuance costs | -914 | ' |
Net cash provided by (used in) financing activities | 6,236 | -5,909 |
Effect of exchange rates on cash and cash equivalents | 620 | -247 |
Net decrease in cash | -85,705 | -25,950 |
Cash, beginning of period | 240,033 | 108,522 |
Cash, end of period | 154,328 | 82,572 |
Supplemental disclosure of cash flow information: | ' | ' |
Income taxes paid | 237 | 1,653 |
Interest paid, net of approximately $829 and $964 capitalized, respectively | $12,259 | $4,014 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Consolidated Statements of Cash Flows | ' | ' |
Interest paid, capitalized | $964 | $829 |
General
General | 3 Months Ended |
Mar. 31, 2014 | |
General | ' |
General | ' |
Note 1—General | |
Nature of Business: Clean Energy Fuels Corp., together with its majority and wholly owned subsidiaries (hereinafter collectively referred to as the “Company”) is engaged in the business of selling natural gas fueling solutions to its customers, primarily in the United States and Canada. | |
The Company has a broad customer base in a variety of markets, including trucking, airports, taxis, refuse, and public transit. The Company owns, operates, maintains and/or supplies approximately 500 natural gas fueling stations within the United States and Canada. The Company generates revenue through selling compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), providing operation and maintenance services (“O&M”) to customers, building and selling natural gas fueling stations to customers, manufacturing and servicing natural gas fueling compressors and other equipment for CNG and LNG fueling stations, offering solutions designed to provide operators with code-compliant maintenance facilities to service their natural gas vehicle fleets, processing and selling renewable natural gas (“RNG”), financing customers’ vehicle purchases and selling tradable credits the Company generates by selling natural gas and RNG as a vehicle fuel, including credits under the California low carbon fuel standard (“LCFS Credits”) and Renewable Identification Numbers (“RIN Credits”) under the federal Renewable Fuel Standard Phase 2. In addition, through June 28, 2013, the Company provided natural gas vehicle conversions and design and engineering services for natural gas engine systems. | |
Basis of Presentation: The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and cash flows as of and for the three months ended March 31, 2013 and 2014. All intercompany accounts and transactions have been eliminated in consolidation. The three month periods ended March 31, 2013 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other interim period or for any future year. | |
Certain information and disclosures normally included in the notes to the financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2013 that are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2014. | |
Use of Estimates: The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses recorded during the reporting period. Actual results could differ from those estimates. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2014 | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | ' |
Note 2—Cash and Cash Equivalents | |
The Company considers all highly liquid investments with maturities of three months or less on the date of acquisition to be cash equivalents. |
Restricted_Cash
Restricted Cash | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash | ' | |||||||
Restricted Cash | ' | |||||||
Note 3—Restricted Cash | ||||||||
The Company classifies restricted cash as a current asset if the cash is expected to be used in operations within a year or to acquire a current asset. Otherwise, the restricted cash is classified as long-term. Restricted cash consisted of the following as of December 31, 2013 and March 31, 2014: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Short-term restricted cash | ||||||||
Standby letters of credit | $ | 1,822 | $ | 1,822 | ||||
DCEMB bonds — current operating costs | 6,581 | 7,773 | ||||||
Canton bonds — current operating costs | — | 2,328 | ||||||
Total short-term restricted cash | $ | 8,403 | $ | 11,923 |
Investments
Investments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Investments | ' | ||||||||||
Investments | ' | ||||||||||
Note 4—Investments | |||||||||||
Available-for-sale investments are carried at fair value, inclusive of unrealized gains and losses. Net unrealized gains and losses are included in other comprehensive income (loss) net of applicable income taxes. Gains or losses on sales of available-for-sale investments are recognized on the specific identification basis. All of the Company’s short-term investments are classified as available-for-sale securities. | |||||||||||
The Company reviews available-for-sale investments for other-than-temporary declines in fair value below their cost basis each quarter, and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below its cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security. As of March 31, 2014, the Company believes its carrying values for its available-for-sale investments are properly recorded. | |||||||||||
Short-term investments as of December 31, 2013 are summarized as follows: | |||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair | |||||||||
Losses | Value | ||||||||||
Municipal bonds & notes | $ | 60,047 | $ | (252 | ) | $ | 59,795 | ||||
Corporate bonds | 43,166 | (342 | ) | 42,824 | |||||||
Certificate of deposits | 35,630 | (9 | ) | 35,621 | |||||||
$ | 138,843 | $ | (603 | ) | $ | 138,240 | |||||
Short-term investments as of March 31, 2014 are summarized as follows: | |||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair | |||||||||
Losses | Value | ||||||||||
Municipal bonds & notes | $ | 67,309 | $ | (376 | ) | $ | 66,933 | ||||
Corporate bonds | 62,364 | (537 | ) | 61,827 | |||||||
Certificate of deposits | 35,728 | (6 | ) | 35,722 | |||||||
$ | 165,401 | $ | (919 | ) | $ | 164,482 |
Derivative_Transactions
Derivative Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Transactions | ' |
Derivative Transactions | ' |
Note 5—Derivative Transactions | |
The Company, in an effort to manage its natural gas commodity price risk exposures related to certain contracts, utilizes derivative financial instruments. From time to time, the Company enters into natural gas future contracts that are over-the-counter swap transactions that convert its index-based gas supply arrangements to fixed price arrangements. As of March 31, 2014, all of the Company’s previous future contracts had expired. The Company marked to market its open futures positions at the end of each period and recorded the net unrealized gain or loss during the period in derivative (gains) losses in the condensed consolidated statements of operations or in accumulated other comprehensive income in the condensed consolidated balance sheets in accordance with the FASB’s authoritative guidance. For the three month period ended March 31, 2013, the Company recorded unrealized gains of $106 in other comprehensive loss related to its futures contracts. |
Other_Receivables
Other Receivables | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Receivables | ' | |||||||
Other Receivables | ' | |||||||
Note 6—Other Receivables | ||||||||
Other receivables at December 31, 2013 and March 31, 2014 consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Loans to customers to finance vehicle purchases | $ | 5,919 | $ | 5,222 | ||||
Accrued customer billings | 6,327 | 7,849 | ||||||
Fuel tax and carbon credits | 6,740 | 157 | ||||||
Other | 7,299 | 6,038 | ||||||
$ | 26,285 | $ | 19,266 |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 7—Inventories | ||||||||
Inventories are stated at the lower of cost or market value on a first-in, first-out basis. Management’s estimate of market value includes a provision for slow-moving or obsolete inventory based upon inventory on hand and forecasted demand. | ||||||||
Inventories consisted of the following as of December 31, 2013 and March 31, 2014: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Raw materials and spare parts | $ | 30,521 | $ | 34,074 | ||||
Work in process | 3,011 | 3,250 | ||||||
Finished goods | 290 | 968 | ||||||
$ | 33,822 | $ | 38,292 |
Land_Property_and_Equipment
Land, Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Land, Property and Equipment | ' | |||||||
Land, Property and Equipment | ' | |||||||
Note 8—Land, Property and Equipment | ||||||||
Land, property and equipment at December 31, 2013 and March 31, 2014 are summarized as follows: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Land | $ | 1,707 | $ | 2,065 | ||||
LNG liquefaction plants | 93,685 | 93,746 | ||||||
RNG plants | 47,932 | 73,225 | ||||||
Station equipment | 194,240 | 203,203 | ||||||
LNG trailers | 22,667 | 22,667 | ||||||
Other equipment | 62,127 | 63,745 | ||||||
Construction in progress | 204,548 | 210,307 | ||||||
626,906 | 668,958 | |||||||
Less: accumulated depreciation | (139,052 | ) | (147,974 | ) | ||||
$ | 487,854 | $ | 520,984 | |||||
Included in land, property and equipment are capitalized software costs of $18,214 and $18,385 as of December 31, 2013 and March 31, 2014, respectively. The accumulated amortization on the capitalized software costs is $7,747 and $8,645 as of December 31, 2013 and March 31, 2014, respectively. The Company recorded $732 and $768 of amortization expense related to the capitalized software costs during the three months ended March 31, 2013 and March 31, 2014, respectively. | ||||||||
As of December 31, 2013 and March 31, 2014, $13,930 and $10,069 are included in accounts payable balances, respectively, which are related to purchases of property and equipment. These amounts are excluded from the condensed consolidated statements of cash flows as they are non-cash investing activities. |
Investments_in_Other_Entities
Investments in Other Entities | 3 Months Ended |
Mar. 31, 2014 | |
Investments in Other Entities | ' |
Investments in Other Entities | ' |
Note 9—Investments in Other Entities | |
The Company had invested in Clean Energy del Peru (the “Peru JV”), a former joint venture of the Company in Lima, Peru that operates CNG stations. The Company accounted for its investment in the Peru JV under the equity method of accounting as the Company had the ability to exercise significant influence over Peru JV’s operations while the Company maintained its ownership interest in the joint venture. In March 2013, the Company completed the sale of its entire ownership interest in Peru JV for $6,119 after receiving a dividend distribution of $1,091, and recognized a gain of $4,705. |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ' | |||||||
Note 10—Accrued Liabilities | ||||||||
Accrued liabilities at December 31, 2013 and March 31, 2014 consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Salaries and wages | $ | 6,768 | $ | 6,938 | ||||
Accrued gas and equipment purchases | 8,035 | 10,857 | ||||||
Accrued property and other taxes | 5,448 | 4,095 | ||||||
Accrued professional fees | 1,335 | 899 | ||||||
Accrued employee benefits | 2,898 | 3,557 | ||||||
Accrued warranty liability | 2,545 | 2,802 | ||||||
Accrued interest | 4,216 | 981 | ||||||
Other | 15,500 | 12,446 | ||||||
$ | 46,745 | $ | 42,575 |
Warranty_Liability
Warranty Liability | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warranty Liability | ' | |||||||
Warranty Liability | ' | |||||||
Note 11—Warranty Liability | ||||||||
The Company records warranty liabilities at the time of sale for the estimated costs that may be incurred under its standard warranty. Changes in the warranty liability are presented in the following tables: | ||||||||
March 31, | March 31, | |||||||
2013 | 2014 | |||||||
Warranty liability at beginning of year | $ | 2,665 | $ | 2,545 | ||||
Costs accrued for new warranty contracts and changes in estimates for pre-existing warranties | 879 | 675 | ||||||
Service obligations honored | (659 | ) | (418 | ) | ||||
Warranty liability at end of period | $ | 2,885 | $ | 2,802 |
Longterm_Debt
Long-term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term Debt | ' | |||||||
Long-term Debt | ' | |||||||
Note 12—Long-term Debt | ||||||||
DCEMB Bonds | ||||||||
On March 25, 2011, the Company’s 70% owned subsidiary, Dallas Clean Energy McCommas Bluff, LLC, a Delaware limited liability company (“DCEMB”), completed a $40,200 tax-exempt bond issuance (the “Revenue Bonds”). The Revenue Bonds will be repaid from the revenue generated by DCEMB from the sale of RNG. The Revenue Bonds are secured by the revenue and assets of DCEMB and are non-recourse to DCEMB’s direct and indirect parent companies, including the Company. The bond repayments are amortized through December 2024 and the average coupon interest rate on the bonds is 6.6%. The bond proceeds were primarily used to finance further improvements and expansion of the landfill gas processing facility owned by DCEMB at the McCommas Bluff landfill outside of Dallas, Texas. | ||||||||
The Revenue Bonds were issued by the Mission Economic Development Corporation (the “Issuer”) and the proceeds of such issuance were loaned by the Issuer to DCEMB pursuant to a loan agreement dated January 1, 2011 (the “DCEMB Loan Agreement”). The DCEMB Loan Agreement contains customary events of default, with customary cure periods, including without limitation failure to make required payments when due under the DCEMB Loan Agreement, failure to comply with certain covenants under the DCEMB Loan Agreement, certain events of bankruptcy and insolvency of DCEMB, and the existence of an event of default under the indenture governing the Revenue Bonds that was entered between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee. The occurrence of an event of default under the DCEMB Loan Agreement will allow the Issuer or the trustee to accelerate all amounts due under the DCEMB Loan Agreement. As of March 31, 2014, DCEMB was in compliance with all its debt covenants under the DCEMB Loan Agreement. | ||||||||
Purchase Notes | ||||||||
In connection with the closing of the Company’s acquisition of the business of IMW Industries, Ltd. (“IMW”) in 2010 from a seller (the “IMW Seller”), the Company agreed to make future payments consisting of four annual payments in the amount of $12,500, all of which have been paid as of February 2014 (each an “IMW Note” and collectively, the “IMW Notes”). Each payment under the IMW Notes consisted of Canadian dollars (“CAD”) $5,000 in cash and $7,500 in cash and/or shares of the Company’s common stock (the exact combination of cash and/or stock was determined by the Company in its discretion). In addition, pursuant to a security agreement executed at closing, the IMW Notes were secured by a subordinate security interest in IMW. In January 2011, the Company paid CAD$5,000 in cash and $7,500 in shares of its common stock. The Company paid CAD$5,000 in cash in January 2012 and $3,750 in shares of its common stock in each of August 2012 and October 2012. The Company paid CAD$5,000 in cash and $7,500 in shares of its common stock in February 2013. In February 2014, the Company paid the final payment of CAD$5,000 in cash, $3,750 in cash and $3,750 in shares of its common stock. The IMW Notes that were settled with shares of the Company’s common stock are not included in the condensed consolidated statements of cash flows as they are non-cash financing activities. | ||||||||
In connection with the closing of the Company’s acquisition of Northstar in December 2010, the Company agreed to make future payments consisting of five annual payments in the amount of $700 each with the first payment due December 15, 2011. Each of the first three payments of $700 was paid in December 2011, 2012 and 2013, respectively. | ||||||||
In connection with the closing of the Company’s acquisition of the natural gas fuel infrastructure construction business of Weaver Electric, Inc. in October 2011, the Company paid $1,000 in cash and agreed to make four additional annual payments in the amount of $250 each with the first payment due October 3, 2012 (the “Weaver Notes”), subject to retention and/or offset by the Company for Weaver Electric’s indemnity obligations. In May 2012, the Company prepaid $125 of the October 2012 payment, and the remaining amount of such payment was paid in October 2012. At March 31, 2014, the Company had exercised its right to retain the $250 payment that was payable in 2013, pending resolution of certain indemnity claims. | ||||||||
The difference between the carrying amount and the face amount of these obligations is being accreted to interest expense over the remaining term of the obligations. | ||||||||
HSBC Lines of Credit | ||||||||
In connection with the closing of the Company’s acquisition of IMW, the Company entered into an Assumption Agreement (the “Assumption Agreement”) with HSBC Bank Canada (“HSBC”) pursuant to which the Company assumed the obligations and liabilities of IMW under the following arrangements with HSBC (collectively, the “IMW Lines of Credit”): | ||||||||
(i) An operating line of credit with a limit of CAD$13,000 to assist in financing the day-to-day working capital needs of IMW. The interest on amounts outstanding is payable at IMW’s option at (a) HSBC’s Prime Rate plus 1.00% per annum, (b) HSBC’s U.S. Base Rate plus 1.00% per annum, or (c) LIBOR plus 2.25% per annum, subject to availability. | ||||||||
(ii) A demand revolving line of credit with a limit of CAD$2,000 bearing interest at the same rate as that of the operating line of credit discussed above, to assist in financing IMW’s import requirements. | ||||||||
(iii) A demand revolving bank guarantee and standby letter of credit line with a limit of CAD$1,115. | ||||||||
(iv) A bank guarantee line with a limit of CAD$3,000, which allows IMW to provide guarantees and/or standby letters of credit to overseas suppliers or bid/performance deposits on contracts. | ||||||||
(v) A forward exchange contract line with a limit of CAD$13,750 that allows IMW to enter into foreign exchange forward contracts up to the notional limit of CAD$13,750. | ||||||||
(vi) An operating line of credit with a limit of 5,000 Renminbi (“RMB”) (CAD$889) bearing interest at the 6 month People’s Bank of China rate plus 2.5% and a sub-limit bank guarantee line of 5,000 RMB. The aggregate of the balances in the lines cannot exceed 5,000 RMB. | ||||||||
(vii) A 16,750 Bangladeshi Taka (CAD$235) operating line of credit bearing interest at 14%. | ||||||||
(viii) A 170,000 Colombian Peso (CAD$95) operating line of credit bearing interest at the Colombia benchmark rate plus 7 to 12%. | ||||||||
The IMW Lines of Credit are secured by a general security agreement providing a first priority security interest in all present and after acquired personal property of IMW (the “Security”). The IMW Lines of Credit contain no fixed repayment terms or mandatory principal payments and are due on demand. Based on the relevant accounting guidance, the Company has classified this debt pursuant to the IMW Lines of Credit as short-term given that it is due on demand. | ||||||||
The Assumption Agreement with HSBC sets forth certain financial covenants with which IMW must comply, including: 1) its ratio of debt to tangible net worth must be no greater than 3.0 to 1.0, 2) it must maintain a tangible net worth of at least CAD$7,000 and 3) its ratio of current assets to current liabilities may not be less than 1.25 to 1.0. IMW was in compliance with the financial covenants as of March 31, 2014. | ||||||||
Chesapeake Notes (7.5% Notes) | ||||||||
On July 11, 2011, the Company entered into a Loan Agreement (the “CHK Agreement”) with Chesapeake NG Ventures Corporation (“Chesapeake”), an indirect wholly owned subsidiary of Chesapeake Energy Corporation, whereby Chesapeake agreed to purchase from the Company up to $150,000 of debt securities (the “CHK Financing”) pursuant to the issuance of three convertible promissory notes, each having a principal amount of $50,000 (each a “CHK Note” and collectively the “CHK Notes”). The first CHK Note was issued on July 11, 2011 and the second CHK Note was issued on July 10, 2012. The Company and Chesapeake also entered a registration rights agreement (the “CHK Registration Rights Agreement” and collectively with the CHK Notes and the CHK Agreement, the “CHK Loan Documents”) pursuant to which the Company agreed, subject to the terms and conditions of the CHK Registration Rights Agreement, to (i) file with the Securities and Exchange Commission one or more registration statements relating to the resale of shares of the Company’s common stock (“Shares”) issuable upon conversion of the CHK Notes and (ii) at the request of Chesapeake, participate in one or more underwritten offerings of Shares issuable upon conversion of the CHK Notes. Pursuant to the terms of the CHK Registration Rights Agreement, if the Company does not meet certain of its obligations thereunder with respect to the registration of the Shares issuable upon conversion of the CHK Notes, it will be required to pay monthly liquidated damages of 0.75% of the principal amount of the CHK Note represented by the Shares included (or to be included, as the case may be) in the applicable registration statement until the related obligation is met, not to exceed 4% of the aggregate principal amount of the CHK Notes per annum. | ||||||||
On June 14, 2013 (the “Transfer Date”), Chesapeake, Boone Pickens and Green Energy Investment Holdings, LLC, an affiliate of Leonard Green & Partners, L.P. (collectively, the “Buyers”), entered into a note purchase agreement (“Note Purchase Agreement”) pursuant to which Chesapeake sold the outstanding CHK Notes (the “Sale”) to the Buyers. Chesapeake assigned to the Buyers all of its right, title and interest under the CHK Loan Documents (the “Assignment”), and each Buyer severally assumed all of the obligations of Chesapeake under the CHK Loan Documents arising after the Sale and the Assignment including, without limitation, the obligation to advance an additional $50,000 to the Company in June 2013 (the “Assumption”). The Company also entered into the Note Purchase Agreement for the purpose of consenting to the Sale, the Assignment and the Assumption. | ||||||||
Contemporaneously with the execution of the Note Purchase Agreement, the Company entered into a loan agreement with each Buyer (collectively, the “Amended Agreements”). The Amended Agreements have the same terms as the CHK Agreement, other than changes to reflect the change in ownership of the CHK Notes. In addition, the Company and the Buyers entered a registration rights agreement (the “Amended Registration Rights Agreement”) with the same terms as the CHK Registration Rights Agreement, including the liquidated damages provisions therein, other than changes to reflect the change in ownership of the CHK Notes. Immediately following execution of the Amended Agreements, the Buyers delivered $50,000 to the Company in satisfaction of the funding requirement they had assumed from Chesapeake (the “June Advance”). In addition, the Company cancelled the existing CHK Notes and re-issued replacement notes, and the Company also issued notes to the Buyers in exchange for the June Advance (the re-issued replacement notes and the notes issued in exchange for the June Advance are referred to herein as the “7.5% Notes”). | ||||||||
The 7.5% Notes have the same terms as the original CHK Notes, other than the changes to reflect their different holders. They bear interest at the rate of 7.5% per annum and are convertible at the option of the holder into Shares at a conversion price of $15.80 per Share (the “7.5% Notes Conversion Price”). Upon written notice to the Company, the holders of the 7.5% Notes have the right to exchange all, or a portion of, the principal and accrued and unpaid interest under each such note for Shares at the 7.5% Notes Conversion Price. Additionally, subject to certain restrictions, the Company can force conversion of each 7.5% Note into Shares if, following the second anniversary of the issuance of a 7.5% Note, the Shares trade at a 40% premium to the 7.5% Notes Conversion Price for at least 20 trading days in any consecutive 30 trading day period. The entire principal balance of each 7.5% Note is due and payable seven years following its issuance, and the Company may repay each 7.5% Note in Shares or cash. The Amended Agreements restrict the use of the proceeds of the 7.5% Notes to financing the development, construction and operation of liquefied natural gas stations and payment of certain related expenses. The Amended Agreements also provide for customary events of default which, if any of them occurs, would permit or require the principal of, and accrued interest on, the 7.5% Notes to become, or to be declared, due and payable. | ||||||||
On August 27, 2013, Green Energy Investment Holdings, LLC transferred $5,000 in principal amount of the 7.5% Notes to certain third parties. | ||||||||
As a result of the foregoing transactions, (i) Mr. Pickens holds 7.5% Notes in the aggregate principal amount of $65,000, which 7.5% Notes are convertible into approximately 4,113,924 Shares, and (ii) Green Energy Investment Holdings, LLC holds 7.5% Notes in the aggregate principal amount of $80,000, which 7.5% Notes are convertible into approximately 5,063,291 Shares. | ||||||||
At March 31, 2014, none of the proceeds from the 7.5% Notes were included in restricted cash as the Company had used the funds primarily to build LNG fueling stations. As of March 31, 2014, the Company has met its obligations under the Amended Registration Rights Agreement. | ||||||||
SLG Notes | ||||||||
On August 24, 2011, the Company entered into Convertible Note Purchase Agreements (each, an “SLG Agreement” and collectively the “SLG Agreements”) with each of Springleaf Investments Pte. Ltd., a wholly-owned subsidiary of Temasek Holdings Pte. Ltd., Lionfish Investments Pte. Ltd., an investment vehicle managed by Seatown Holdings International Pte. Ltd., and Greenwich Asset Holding Ltd., a wholly-owned subsidiary of RRJ Capital Master Fund I, L.P. (each, a “Purchaser” and collectively, the “Purchasers”), whereby the Purchasers agreed to purchase from the Company $150,000 of 7.5% convertible notes due in August 2016 (each a “SLG Note” and collectively the “SLG Notes”). The transaction closed and the SLG Notes were issued on August 30, 2011. On March 1, 2012, Springleaf Investments Pte. LTD transferred $24,000 principal amount of the SLG Notes to Baytree Investments (Mauritius) Pte Ltd. | ||||||||
The SLG Notes bear interest at the rate of 7.5% per annum (payable quarterly, in arrears, on March 31, June 30, September 30 and December 31 of each year) and are convertible at each Purchaser’s option into Shares at a conversion price of $15.00 per share (the “SLG Conversion Price”). Upon written notice to the Company, the holders of the SLG Notes have the right to exchange all or any portion of the principal and accrued and unpaid interest under each such note for Shares at the SLG Conversion Price. Additionally, subject to certain restrictions, the Company can force conversion of each SLG Note into Shares if, following the second anniversary of the issuance of the SLG Notes, the Company’s Shares trade at a 40% premium to the SLG Conversion Price for at least 20 trading days in any consecutive 30 trading day period. The entire principal balance of each SLG Note is due and payable five years following its issuance, and the Company may repay the principal balance of each SLG Note in Shares or cash. The SLG Agreements also provide for customary events of default which, if any of them occurs, would permit or require the principal of, and accrued interest on, the SLG Notes to become, or to be declared, due and payable. In April 2012, $1,003 of principal and accrued interest under an SLG Note was converted by the holder thereof into 66,888 Shares. In January and February 2013, $4,030 of principal and accrued interest under an SLG Note was converted by the holder thereof into 268,664 Shares. Such conversions were not included in the condensed consolidated statements of cash flows as they are a non-cash financing activity. | ||||||||
In connection with the SLG Agreements, the Company also entered into a Registration Rights Agreement, dated August 30, 2011, with each of the Purchasers (the “SLG Registration Rights Agreements”) pursuant to which the Company agreed, subject to the terms and conditions of the SLG Registration Rights Agreements, to (i) file with the Securities and Exchange Commission one or more registration statements relating to the resale of the Shares issuable upon conversion of the SLG Notes, and (ii) at the request of the Purchasers, participate in one or more underwritten offerings of the Shares issuable upon conversion of the SLG Notes. If the Company does not meet certain of its obligations under the SLG Registration Rights Agreements with respect to the registration of the Shares issuable upon conversion of the SLG Notes, it will be required to pay monthly liquidated damages of 0.75% of the principal amount of the SLG Note represented by the Shares included (or to be included, as the case may be) in the applicable registration statement until the related obligation is met, not to exceed 4% of the aggregate principal amount of the SLG Notes per annum. As of March 31, 2014, the Company has met its obligations under the SLG Registration Rights Agreement. | ||||||||
GE Loans | ||||||||
On November 7, 2012, the Company, through two wholly owned subsidiaries (the “Borrowers”), entered into a financing arrangement with General Electric Capital Corporation (“GE,” and the agreement governing such arrangement, the “GE Credit Agreement”). Pursuant to the GE Credit Agreement, GE agreed to loan to the Borrowers up to an aggregate of $200,000 to finance the development, construction and operation of two LNG production facilities (individually a “Project” and together the “Projects”), each with an expected production capacity of approximately 250,000 LNG gallons per day. The Company expects to sell the LNG produced by the Projects through America’s Natural Gas Highway (“ANGH”), a nationwide network of natural gas truck fueling stations. | ||||||||
The Borrowers’ ability to obtain loans under the GE Credit Agreement for the Projects (collectively, “Loans” and, with respect to each Project “Tranche A Loans” and “Tranche B Loans”) is subject to the satisfaction of certain conditions, including each of the (i) acquisition of title to, or leasehold interests in, the sites upon which the Projects will be constructed, (ii) receipt of all governmental approvals necessary in connection with the design, development, ownership, construction, installation, operation and maintenance of the Projects, (iii) commitment of all utility services necessary for the construction and operation of the Projects, and (iv) execution of an engineering, procurement and construction contract for each Project by the Company and GE Oil & Gas, Inc. | ||||||||
The GE Credit Agreement further provides that (i) if initial Loans are not made prior to December 31, 2014, the GE Credit Agreement will automatically terminate, (ii) each Project must be completed by the earlier of (a) the date thirty months after the funding of the initial Loans with respect to such Project and (b) December 31, 2016 (with respect to each Project, the “Date Certain”), (iii) the then existing Loans with respect to each Project must be converted into term loans with eight year amortization schedules (“Term Loans”) on or before the Date Certain with respect to such Project (the date of such conversion with respect to each Project, the “Conversion Date”), provided that if such Loans are not converted into Term Loans by the applicable Date Certain, such Loans must be repaid by the applicable Date Certain, (iv) each Term Loan will be due and payable on the eighth anniversary of the Conversion Date with respect to such Term Loan, and (v) at any time prior to the applicable Conversion Date, the Loans may be prepaid in whole, and at any time after the applicable Conversion Date, the Loans may be prepaid in whole or in part. The Company expects the Loans to bear interest at an annual rate equal to the then-current LIBOR rate plus 7.00%, provided that for purposes of the GE Credit Agreement, the then-current LIBOR rate will always be at least 1.00%. The GE Credit Agreement includes various customary covenants, including debt service coverage ratios, a commitment fee on the unutilized loan amounts of 0.5% per annum, and also provides for customary events of default which, if such events occur, would permit or require the Loans to become or to be declared due and payable. As of March 31, 2014, the Company has not drawn any money under the GE Credit Agreement and was in compliance with the financial covenants. The commitment fee, which is charged to interest expense in the condensed consolidated statements of operation, was $244 and $250 for the three months ended March 31, 2013 and 2014, respectively. | ||||||||
The Loans are secured by (i) a first priority security interest in all of the Borrowers’ assets, including the Projects, and (ii) a pledge of the Borrowers’ outstanding ownership interests. In addition, the Company has executed a guaranty in favor of GE (“Guaranty”), pursuant to which the Company has guaranteed all of the Borrowers’ obligations under the GE Credit Agreement, including repayment of all Loans. | ||||||||
The Company and GE also entered an equity contribution agreement (the “EC Agreement”) pursuant to which the Company agreed to pay at least 25% of the budgeted cost of the Projects and all additional costs that exceed such expected budgeted costs, in each case, in the form of equity contributions to the Borrowers (“Equity Contributions”). The EC Agreement also requires Clean Energy to provide, concurrent with GE’s extension of the initial Loans under the GE Credit Agreement, letter(s) of credit in an amount equal to the Company’s then-current unfunded Equity Contributions. | ||||||||
Concurrently with the execution of the GE Credit Agreement, the Company issued to GE a warrant (“GE Warrant”) to purchase up to 5,000,000 shares of the Company’s common stock (see note 13), and entered into the GE Registration Rights Agreement. | ||||||||
Mavrix Note | ||||||||
On April 25, 2013, Mavrix, LLC (“Mavrix”), a newly-formed special purpose vehicle subsidiary of Clean Energy Renewable Fuels, LLC (“CERF”), a wholly owned subsidiary of the Company, entered into a note purchase agreement (“NPA”) with Massachusetts Mutual Life Insurance Company (the “Mavrix Note Purchaser”). Mavrix owns all of the equity interests in Canton Renewables, LLC (“Canton”) and 70% of the equity interests in Dallas Clean Energy, LLC, which owns all of the equity interests in DCEMB (together with Canton, the “Project Companies”). Canton owns a RNG extraction and processing project at the Sauk Trail Hills Landfill in Canton, Michigan and DCEMB owns the RNG extraction and processing project at the McCommas Bluff Landfill in Dallas, Texas. | ||||||||
Pursuant to the NPA, on April 25, 2013 (the “Mavrix Issuance Date”), the Mavrix Note Purchaser (i) purchased a secured multi-draw promissory note (the “Mavrix Note”) from Mavrix in the maximum aggregate principal amount of $30,000 (the “Maximum Principal Amount”), and (ii) funded an initial advance of $5,000. In addition, in September and December 2013, the Mavrix Note Purchaser funded an additional advance of $5,000 each, and therefore an aggregate of $15,000 was outstanding under the Mavrix Note at March 31, 2014. Subject to Mavrix and the Project Companies satisfying certain conditions described in the NPA, the Mavrix Note Purchaser will make additional advances under the Mavrix Note, up to the Maximum Principal Amount. Mavrix will use the proceeds from the sale of the Mavrix Note and any advances thereunder to (x) pay any transaction costs and fees related to the NPA and the issuance of the Mavrix Note and (y) make distributions to its direct and indirect parent companies. Mavrix’s direct and indirect parent companies plan to use such distributions to finance construction of additional RNG extraction and processing projects and for working capital purposes. | ||||||||
The Mavrix Note matures 12 years from the Mavrix Issuance Date and bears cash interest at the rate of 12% per annum and paid in kind interest at the rate of 2.0% per annum. The principal amount of the Mavrix Note will be repaid in 28 quarterly installments commencing on June 30, 2018, provided that the NPA requires mandatory prepayment of such principal amount upon certain casualty or condemnation events, asset sales or extraordinary transactions. In addition, Mavrix may not voluntarily repay the Mavrix Note until January 25, 2017 and, subject to the foregoing restriction, Mavrix must pay a prepayment premium if it prepays the Mavrix Note prior to July 30, 2021. | ||||||||
The Mavrix Note is secured by (i) a first priority security interest in all of Mavrix’s assets and (ii) a pledge of Mavrix’s outstanding equity interests. In addition, the NPA includes various customary affirmative and negative covenants and also provides for customary events of default which, if such events occur, would permit or require the Mavrix Note to become, or to be declared, due and payable. The Mavrix Note is non-recourse to the Company. | ||||||||
5.25% Notes | ||||||||
In September 2013, the Company completed a private offering of 5.25% Convertible Senior Notes due 2018 (the “5.25% Notes”) and entered into an indenture governing the 5.25% Notes (the “Indenture”). | ||||||||
The net proceeds from the sale of the 5.25% Notes after the payment of certain debt issuance costs of $7,805 were approximately $242,195. The Company intends to use the net proceeds from the sale of the 5.25% Notes to fund capital expenditures and for general corporate purposes. | ||||||||
The 5.25% Notes bear interest at a rate of 5.25% per annum, payable semi- annually in arrears on October 1 and April 1 of each year, beginning on April 1, 2014. The 5.25% Notes will mature on October 1, 2018, unless earlier purchased, redeemed or converted prior to such date in accordance with their terms and the terms of the Indenture. | ||||||||
Holders may convert their 5.25% Notes, at their option, at any time prior to the close of business on the business day immediately preceding the maturity date of the 5.25% Notes. Upon conversion, the Company will deliver a number of shares of its common stock, per $1 principal amount of 5.25% Notes, equal to the conversion rate then in effect (together with a cash payment in lieu of any fractional shares). The initial conversion rate for the 5.25% Notes is 64.1026 shares of the Company’s common stock per $1 principal amount of Notes (which is equivalent to an initial conversion price of approximately $15.60 per share of the Company’s common stock). The conversion rate is subject to adjustment upon the occurrence of certain specified events as described in the Indenture. | ||||||||
Upon the occurrence of certain corporate events prior to the maturity date of the 5.25% Notes, the Company will, in certain circumstances, in addition to delivering the number of shares of the Company’s common stock deliverable upon conversion of the 5.25% Notes based on the conversion rate then in effect (together with a cash payment in lieu of any fractional shares), pay holders that convert their 5.25% Notes a cash make-whole payment in an amount as described in the Indenture. The Company may, at its option, irrevocably elect to settle its obligation to pay any such make-whole payment in shares of its common stock instead of in cash. The amount of any make-whole payment, whether it is settled in cash or in shares of the Company’s common stock upon the Company’s election, will be determined based on the date on which the corporate event occurs or becomes effective and the stock price paid (or deemed to be paid) per share of the Company’s common stock in the corporate event, as described in the Indenture. | ||||||||
The Company may not redeem the 5.25% Notes prior to October 5, 2016. On or after October 5, 2016, the Company may, at its option, redeem for cash all or any portion of the 5.25% Notes if the closing sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which notice of redemption is provided, exceeds 160% of the conversion price on each applicable trading day. In the event of the Company’s redemption of the 5.25% Notes, the redemption price will equal 100% of the principal amount of the 5.25% Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for in the 5.25% Notes. | ||||||||
If the Company undergoes a fundamental change (as defined in the Indenture) prior to the maturity date of the 5.25% Notes, subject to certain conditions as described in the Indenture, holders may require the Company to purchase, for cash, all or any portion of their 5.25% Notes at a repurchase price equal to 100% of the principal amount of the 5.25% Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change purchase date. | ||||||||
The Indenture contains customary events of default with customary cure periods, including, without limitation, failure to make required payments or deliveries of shares of its common stock when due under the Indenture, failure to comply with certain covenants under the Indenture, failure to pay when due or acceleration of certain other indebtedness of the Company or certain of its subsidiaries, and certain events of bankruptcy and insolvency of the Company or certain of its subsidiaries. The occurrence of an event of default under the Indenture will allow either the trustee or the holders of at least 25% in principal amount of the then-outstanding 5.25% Notes to accelerate, or upon an event of default arising from certain events of bankruptcy or insolvency of the Company, will automatically cause the acceleration of, all amounts due under the 5.25% Notes. No events of default have occurred as of March 31, 2014. | ||||||||
The 5.25% Notes are senior unsecured obligations of the Company and rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the 5.25% Notes; equal in right of payment to the Company’s unsecured indebtedness that is not so subordinated; effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness (including trade payables) of the Company’s subsidiaries. | ||||||||
Canton Bonds | ||||||||
On March 19, 2014, Canton completed the issuance of Solid Waste Facility Limited Obligation Revenue Bonds (Canton Renewables, LLC — Sauk Trail Hills Project) Series 2014 in the aggregate principal amount of $12,400 (the “Bonds”). | ||||||||
The Bonds were issued by the Michigan Strategic Fund (the “Issuer”) and the proceeds of such issuance were loaned by the Issuer to Canton pursuant to a loan agreement that became effective on March 19, 2014 (the “Loan Agreement”). The Bonds are expected to be repaid from revenue generated by Canton from the sale of RNG and are secured by the revenue and assets of Canton. The Bond repayments will be amortized through July 1, 2022, the average coupon interest rate on the Bonds is 6.6%, and all but $1,000 of the principal amount of the Bonds is non-recourse to Canton’s parent companies, including the Company. | ||||||||
Canton used the Bond proceeds primarily to (i) refinance the cost of constructing and equipping its RNG extraction and production project in Canton, Michigan and (ii) pay a portion of the costs associated with the issuance of the Bonds. The refinancing described in the prior sentence was accomplished through distributions to the Borrower’s direct and indirect parent companies who provided the financing for the RNG production facility, and such companies plan to use such distributions to finance construction of additional RNG extraction and processing projects and for working capital purposes. | ||||||||
The Loan Agreement contains customary events of default, with customary cure periods, including without limitation, failure to make required payments when due under the Loan Agreement, failure to comply with certain covenants under the Loan Agreement, certain events of bankruptcy and insolvency of Canton, and the existence of an event of default under the indenture governing the Bonds that was entered between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee. The occurrence of an event of default under the Loan Agreement will allow the Issuer or the trustee to accelerate all amounts due under the Loan Agreement. | ||||||||
Long-term debt and capital lease obligations at December 31, 2013 and March 31, 2014 consisted of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
IMW Notes | $ | 12,121 | $ | — | ||||
Northstar future payments | 1,274 | 1,297 | ||||||
DCEMB notes | 585 | 585 | ||||||
DCEMB Revenue Bonds (non-recourse to the Company) | 36,500 | 36,500 | ||||||
7.5% Notes | 150,000 | 150,000 | ||||||
SLG Notes | 145,000 | 145,000 | ||||||
5.25% Notes | 250,000 | 250,000 | ||||||
Weaver future payments | 714 | 721 | ||||||
IMW assumed debt | 6,036 | 8,542 | ||||||
Mavrix Note (non-recourse to the Company) | 15,097 | 15,172 | ||||||
Canton Bonds ($11,400 non-recourse to the Company) | — | 12,400 | ||||||
Capital lease obligations | 3,091 | 2,646 | ||||||
Total debt and capital lease obligations | 620,418 | 622,863 | ||||||
Less amounts due within one year and short-term borrowings | (23,401 | ) | (14,543 | ) | ||||
Total long-term debt and capital lease obligations | $ | 597,017 | $ | 608,320 |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share | ' | |||||
Earnings Per Share | ' | |||||
Note 13—Earnings Per Share | ||||||
Basic earnings per share is based upon the weighted-average number of shares outstanding during each period. Diluted earnings per share reflects the impact of assumed exercise of dilutive stock options and warrants. In the three months ended March 31, 2014, 5,000,000 shares of common stock related to the GE Warrant were included in the basic and dilutive net loss per share calculation. The information required to compute basic and diluted earnings per share is as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2013 | 2014 | |||||
Basic and diluted: | ||||||
Weighted-average number of common shares outstanding | 93,132,454 | 94,676,325 | ||||
Certain securities were excluded from the diluted earnings per share calculations for the three months ended March 31, 2013 and 2014, respectively, as the inclusion of the securities would be anti-dilutive to the calculations. The amounts outstanding as of March 31, 2013 and 2014 for these instruments are as follows: | ||||||
March 31, | ||||||
2013 | 2014 | |||||
Options | 11,994,610 | 11,978,192 | ||||
Warrants | 2,130,682 | 2,130,682 | ||||
Convertible Notes | 15,995,781 | 35,185,979 | ||||
Restricted Stock Units | 1,545,000 | 2,080,336 |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
Note 14—Stock-Based Compensation | ||||||||||||
The following table summarizes the compensation expense and related income tax benefit related to the stock-based compensation expense recognized during the periods: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Stock-based compensation expense | $ | 6,212 | $ | 3,420 | ||||||||
Stock-based compensation expense, net of tax | $ | 6,212 | $ | 3,420 | ||||||||
Stock Options | ||||||||||||
The following table summarizes the Company’s stock option activity during the three months ended March 31, 2014: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Shares | Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | ||||||||||
Price | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 11,526,998 | $ | 11.79 | |||||||||
Options granted | 674,500 | 11.93 | ||||||||||
Options exercised | (160,146 | ) | 3.13 | |||||||||
Options forfeited | (63,160 | ) | 13.71 | |||||||||
Outstanding, March 31, 2014 | 11,978,192 | $ | 11.91 | 4.82 | $ | 0 | ||||||
Exercisable, March 31, 2014 | 8,561,659 | $ | 11.66 | 4.1 | $ | 0 | ||||||
As of March 31, 2014, there was $13,005 of total unrecognized compensation cost related to non-vested shares. That cost is expected to be recognized over a weighted average period of 1.2 years. The total fair value of shares vested during the three months ended March 31, 2014 was $4,020. | ||||||||||||
The Company is obligated to issue shares of its common stock upon the exercise of stock options. The intrinsic value of all options exercised during the three months ended March 31, 2013 and 2014 was $252 and $1,387, respectively. | ||||||||||||
The fair value of each stock option is estimated as of the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions for grants in 2014: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, 2014 | ||||||||||||
Dividend yield | 0 | % | ||||||||||
Expected volatility | 52.3 | % | ||||||||||
Risk-free interest rate | 1.8 | % | ||||||||||
Expected life in years | 6 | |||||||||||
The weighted-average grant date fair values of options granted during the three months ended March 31, 2014 was $6.04. The Company did not grant any stock options during the three month period ended March 31, 2013. The volatility amounts used during these periods were estimated based on the Company’s historical volatility and the Company’s implied volatility of its traded options for such periods. The expected lives used during the period was based on historical exercise periods and the Company’s anticipated exercise periods for its outstanding options. The risk free rates used during the period were based on the U.S. Treasury yield curve for the expected life of the options at the time of grant. The Company recorded $4,007 and $1,782 of stock option expense during the three months ended March 31, 2013 and 2014, respectively. The Company has not recorded any tax benefit related to its stock option expense. | ||||||||||||
Market-Based Restricted Stock Units | ||||||||||||
The Company issued 1,545,000 and 489,500 market-based restricted stock units (“Market-Based RSUs”) to certain key employees during 2012 and the three months ended March 31, 2014, respectively. A holder of Market-Based RSUs will receive one share of the Company’s common stock for each Market-Based RSU he holds if (i) between two years and four years from the date of grant of the Market-Based RSU, the closing price of the Company’s common stock equals or exceeds, for twenty consecutive trading days, 135% of the closing price of the Company’s common stock on the Market-Based RSU grant date (the “Stock Price Condition”) and (ii) the holder is employed by the Company at the time the Stock Price Condition is satisfied. If the Stock Price Condition is not satisfied prior to four years from the date of grant, the Market-Based RSUs will be automatically forfeited. The Market-Based RSUs are subject to the terms and conditions of the Company’s Amended and Restated 2006 Equity Incentive Plan and a Notice of Grant of Restricted Stock Unit and Restricted Stock Unit Agreement. | ||||||||||||
The following table summarizes the Company’s Market-Based RSU activity during the three months ended March 31, 2014: | ||||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average | Average | ||||||||||
Fair Value at Grant | Remaining | |||||||||||
Date | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 1,545,000 | $ | 11.32 | |||||||||
RSUs granted | 489,500 | 8.26 | ||||||||||
Outstanding and non-vested, March 31, 2014 | 2,034,500 | $ | 10.66 | 2.2 | ||||||||
As of March 31, 2014, there was $3,774 of total unrecognized compensation cost related to non-vested units. That cost is expected to be recognized over a weighted average period of 1.9 years. | ||||||||||||
The Company recorded $2,205 and $1,204 of expense during the three months ended March 31, 2013 and 2014, respectively, related to the Market-Based RSUs. The Company has not recorded any tax benefit related to its market-based RSU expense. | ||||||||||||
The fair value of the RSUs granted during the three month period ended March 31, 2014 was estimated on the date of grant using the Monte Carlo Method with the following assumptions: | ||||||||||||
February 2, 2014 | ||||||||||||
Dividend yield | 0 | % | ||||||||||
Expected volatility | 47 | % | ||||||||||
Risk-free interest rate | 1.1 | % | ||||||||||
Expected life in years | 2 | |||||||||||
Service-Based Restricted Stock Units | ||||||||||||
During September 2013, the Company issued service-based restricted stock units (“Service-Based RSUs”) to a key employee which vest annually over three years from the date of issuance at a rate of 34%, 33% and 33%, respectively, if the holder is then in service to the Company. The fair value of each Service-Based RSU is estimated using the closing stock price of the Company’s common stock on the date of grant. | ||||||||||||
The following table summarizes the Company’s Serviced-Based RSU activity during the three months ended March 31, 2014: | ||||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average | Average | ||||||||||
Fair Value at Grant | Remaining | |||||||||||
Date | Contractual | |||||||||||
Term (in years) | ||||||||||||
Nonvested at December 31, 2013 | 45,836 | $ | 13.09 | |||||||||
RSUs granted | — | — | ||||||||||
Nonvested at March 31, 2014 | 45,836 | $ | 13.09 | 2.5 | ||||||||
As of March 31, 2014, there was $498 of total unrecognized compensation cost related to non-vested Service-Based RSUs. That cost is expected to be recognized evenly over a period of 2.5 years. | ||||||||||||
The Company recorded $102 of expense during the three months ended March 31, 2014 related to the Service-Based RSUs. The Company has not recorded any tax benefit related to its Service-Based RSU expense. | ||||||||||||
Employee Stock Purchase Plan | ||||||||||||
On May 7, 2013, the Company adopted an employee stock purchase plan (the “ESPP”), pursuant to which eligible employees may purchase shares of the Company’s common stock at 85% of the fair market value of the common stock on the last trading day of two consecutive, non-concurrent offering periods each year. The Company has reserved 2,500,000 shares of its common stock for issuance under the ESPP. | ||||||||||||
The Company recorded $27 of expense during the three months ended March 31, 2014 related to the ESPP. The Company has not recorded any tax benefits related to its ESPP expense. At March 31, 2014, the Company had sold an aggregate of 14,934 shares pursuant to the ESPP. | ||||||||||||
Non-qualified Non-public Subsidiary Unit Options | ||||||||||||
In September 2013, the Company’s wholly owned subsidiary, CERF, adopted the Clean Energy Renewable Fuels, LLC 2013 Unit Option Plan (the “CERF Plan”). 150,000 Class B units representing membership interests in CERF were initially reserved for issuance under the CERF Plan. | ||||||||||||
The following table summarizes CERF’s unit option activity during the three months ended March 31, 2014: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Units | Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | ||||||||||
Price | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 115,000 | $ | 40.8 | |||||||||
Options granted | — | — | ||||||||||
Outstanding and non-vested, March 31, 2014 | 115,000 | $ | 40.8 | 9.47 | $ | 0 | ||||||
As of March 31, 2014, there was $3,005 of total unrecognized compensation cost related to non-vested unit options issued pursuant to the CERF Plan. That cost is expected to be recognized over a weighted average period of 2.5 years. | ||||||||||||
CERF recorded $305 of unit option expense during the three months ended March 31, 2014. CERF has not recorded any tax benefit related to its unit option expense. |
Environmental_Matters_Litigati
Environmental Matters, Litigation, Claims, Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Environmental Matters, Litigation, Claims, Commitments and Contingencies | ' |
Environmental Matters, Litigation, Claims, Commitments and Contingencies | ' |
Note 15—Environmental Matters, Litigation, Claims, Commitments and Contingencies | |
The Company is subject to federal, state, local, and foreign environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations which would have a material impact on the Company’s condensed consolidated financial position, results of operations, or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state, local and foreign environmental laws and regulations. | |
The Company may become party to various legal actions that arise in the ordinary course of its business. During the course of its operations, the Company is also subject to audit by tax authorities for varying periods in various federal, state, local and foreign tax jurisdictions. Disputes may arise during the course of such audits as to facts and matters of law. It is impossible at this time to determine the ultimate liabilities that the Company may incur resulting from any lawsuits, claims and proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to be ultimately resolved unfavorably, an outcome not currently anticipated, it is possible that such outcome could have a material adverse effect upon the Company’s condensed consolidated financial position or results of operations. However, the Company believes that the ultimate resolution of such actions will not have a material adverse affect on the Company’s condensed consolidated financial position, results of operations, or liquidity. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 16—Income Taxes | |
The Company’s income tax provision for the three months ended March 31, 2013 and March 31, 2014 was $1,805 and $962, respectively, which comprised of taxes due on the Company’s U.S. and foreign operations. The effective tax rate for the three months ended March 31, 2013 and 2014 are different from the federal statutory tax rate primarily as a result of losses for which no tax benefit has been recognized. | |
The Company did not record a change in its liability for unrecognized tax benefits or penalties in the three months ended March 31, 2013 or March 31, 2014, and the net interest incurred was immaterial for such periods. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 17—Fair Value Measurements | ||||||||||||||
The Company follows the authoritative guidance for fair value measurements with respect to assets and liabilities that are measured at fair value on a recurring basis and nonrecurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy consists of the following three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include 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, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | ||||||||||||||
During the three months ended March 31, 2014, the Company’s financial instruments consisted of available-for-sale securities, debt instruments, a contingent consideration obligation, and its Series I warrants. For securities available-for-sale, the fair value is determined by the most recent trading prices available for each security or for comparable securities, and thus represent Level 2 fair value measurements. The Company uses projected financial results for the respective entity, discounted to reflect the time value of money, to value its contingent consideration obligation, which is considered to be a Level 3 fair value measurement. The fair values of the Company’s debt instruments approximated their carrying values at December 31, 2013 and March 31, 2014. The Company uses the Black-Scholes model to value the Series I warrants. The Company believes the best method to approximate the market participant’s view of the volatility of its Series I warrants has been to use the implied volatilities of its short-term (i.e. 3 to 9 month) traded options and extrapolate the data over the remaining term of the Series I warrants, which was approximately 2.1 years as of March 31, 2014. This method has been utilized consistently in the periods presented. Given that the extrapolation beyond the term of the short term exchange traded options is not based on observable market inputs for a significant portion of the remaining term of the warrants, the Series I warrants have been classified as a Level 3 fair value measurement in the table below. | ||||||||||||||
The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013 and March 31, 2014, respectively: | ||||||||||||||
Description | Balance at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Available-for-sale securities(1): | ||||||||||||||
Certificate of deposits | $ | 35,621 | $ | — | $ | 35,621 | $ | — | ||||||
Municipal bonds and notes | 59,795 | — | 59,795 | — | ||||||||||
Corporate bonds | 42,824 | — | 42,824 | — | ||||||||||
Liabilities: | ||||||||||||||
Contingent consideration obligation(2) | 384 | — | — | 384 | ||||||||||
Series I warrants(3) | 7,164 | — | — | 7,164 | ||||||||||
Description | Balance at | Level 1 | Level 2 | Level 3 | ||||||||||
March 31, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Available-for-sale securities(1): | ||||||||||||||
Certificate of deposits | $ | 35,722 | $ | — | $ | 35,722 | $ | — | ||||||
Municipal bonds and notes | 66,933 | — | 66,933 | — | ||||||||||
Corporate bonds | 61,827 | — | 61,827 | — | ||||||||||
Liabilities: | ||||||||||||||
Contingent consideration obligation(2) | 384 | — | — | 384 | ||||||||||
Series I warrants(3) | 2,709 | — | — | 2,709 | ||||||||||
(1) Included in short-term investments in the condensed consolidated balance sheets. See note 4 for further information. | ||||||||||||||
(2) Included in accrued liabilities in the condensed consolidated balance sheets. | ||||||||||||||
(3) Included in other long-term liabilities in the condensed consolidated balance sheets. | ||||||||||||||
The following tables provide a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3). | ||||||||||||||
Liabilities: Contingent Consideration | March 31, | March 31, | ||||||||||||
2013 | 2014 | |||||||||||||
Beginning Balance | $ | 1,516 | $ | 384 | ||||||||||
Total gain included in SG&A expense | — | — | ||||||||||||
Ending Balance | $ | 1,516 | $ | 384 | ||||||||||
Liabilities: Series I Warrants | March 31, | March 31, | ||||||||||||
2013 | 2014 | |||||||||||||
Beginning Balance | $ | 8,102 | $ | 7,164 | ||||||||||
Total (gain) loss included in earnings | 466 | (4,455 | ) | |||||||||||
Ending Balance | $ | 8,568 | $ | 2,709 | ||||||||||
Valuation processes for Level 3 fair value measurements and sensitivity to changes in significant unobservable inputs | ||||||||||||||
Fair value measurements of liabilities, which fall within Level 3 of the fair value hierarchy, are determined by the Company’s accounting department, who report to the Company’s Chief Financial Officer. The fair value measurements are compared to those of the prior reporting periods to ensure that changes are consistent with expectations of management based upon the sensitivity and nature of the inputs. | ||||||||||||||
Contingent Consideration | ||||||||||||||
Pursuant to the terms of our asset purchase agreement with the IMW Seller, the Company may be obligated to pay the IMW Seller additional consideration if IMW achieves certain minimum gross profit targets in fiscal years 2011 through 2014. Therefore, the Company estimated the fair value of the contingent consideration using a discounted cash flow model that considers the payout structure based on the following inputs as of March 31, 2014: | ||||||||||||||
Unobservable Input | Range or Weighted Average | |||||||||||||
Gross profit projection | $16,321–$19,041 | |||||||||||||
Probability of reaching target gross profit | 10.0%–90.0% | |||||||||||||
Generally, a positive change in the assumptions used for the probability of achieving a higher gross profit target threshold would result in a directionally similar change in the estimated fair value of the contingent consideration, and thus an increase in the associated liability. | ||||||||||||||
Series I Warrant Liability | ||||||||||||||
The Company estimated the fair value of its Series I warrant liability using the Black-Scholes Model based on the following inputs as of March 31, 2014: | ||||||||||||||
Unobservable Input | Range or Weighted Average | |||||||||||||
Current market price of the Company’s common stock | $ | 8.94 | ||||||||||||
Exercise price of the warrant | $ | 12.68 | ||||||||||||
Dividend yield | 0 | % | ||||||||||||
Remaining term of the warrant | 2.08 | |||||||||||||
Implied volatility of the Company’s common stock | 46.1 | % | ||||||||||||
Assumed discount rate | Simple average 0.4 | % | ||||||||||||
Significant changes in any of those inputs in isolation can result in a significant change in the fair value measurement. Generally, a positive change in the market price of the Company’s common stock, an increase in the volatility of the Company’s common stock, or an increase in the remaining term of the warrant would result in a directionally similar change in the estimated fair value of the Company’s Series I warrants and thus an increase in the associated liability. An increase in the assumed discount rate or a decrease in the positive differential between the warrant’s exercise price and the market price of the Company’s common stock would result in a decrease in the estimated fair value measurement of the Series I warrants and thus a decrease in the associated liability. The Company has not, nor plans to, declare dividends on its common stock, and thus, there is no directionally similar change in the estimated fair value of the warrants due to the dividend assumption. | ||||||||||||||
Non-financial assets | ||||||||||||||
No impairments of long-lived assets measured at fair value on a non-recurring basis have been incurred during the three months ended March 31, 2013 and 2014. The Company’s use of these nonfinancial assets does not differ from their highest and best use as determined from the perspective of a market participant. |
Recently_Adopted_Accounting_Ch
Recently Adopted Accounting Changes and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Recently Adopted Accounting Changes and Recently Issued Accounting Standards | ' |
Recently Adopted Accounting Changes and Recently Issued Accounting Standards | ' |
Note 18—Recently Adopted Accounting Changes and Recently Issued Accounting Standards | |
Accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statement presentation or disclosures upon adoption. |
Volumetric_Excise_Tax_Credit_V
Volumetric Excise Tax Credit (VETC) | 3 Months Ended |
Mar. 31, 2014 | |
Volumetric Excise Tax Credit (VETC) | ' |
Volumetric Excise Tax Credit (VETC) | ' |
Note 19—Volumetric Excise Tax Credit (VETC) | |
From October 1, 2006 through December 31, 2011, the Company was eligible to receive a federal fuel tax credit (“VETC”) of $0.50 per gasoline gallon equivalent of CNG and $0.50 per liquid gallon of LNG that it sold as vehicle fuel. Based on the service relationship with its customers, either the Company or its customers claimed the credit. The Company records its VETC credits as revenue in its condensed consolidated statements of operations as the credits are fully refundable and do not need to offset income tax liabilities to be received. The American Taxpayer Relief Act, signed into law on January 2, 2013, reinstated VETC for calendar year 2013 and also made it retroactive to January 1, 2012. VETC revenues recognized during the three months ended March 31, 2013 was $26,217, which included $20,800 for CNG and LNG the Company sold in 2012 that was recognized in January 2013 when the legislation was signed into law. The program under which the Company received VETC expired on December 31, 2013. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
General | ' |
Basis of Presentation | ' |
Basis of Presentation: The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and cash flows as of and for the three months ended March 31, 2013 and 2014. All intercompany accounts and transactions have been eliminated in consolidation. The three month periods ended March 31, 2013 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other interim period or for any future year. | |
Certain information and disclosures normally included in the notes to the financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2013 that are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2014. | |
Use of Estimates | ' |
Use of Estimates: The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses recorded during the reporting period. Actual results could differ from those estimates. |
Restricted_Cash_Tables
Restricted Cash (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash | ' | |||||||
Schedule of components of restricted cash | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Short-term restricted cash | ||||||||
Standby letters of credit | $ | 1,822 | $ | 1,822 | ||||
DCEMB bonds — current operating costs | 6,581 | 7,773 | ||||||
Canton bonds — current operating costs | — | 2,328 | ||||||
Total short-term restricted cash | $ | 8,403 | $ | 11,923 |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Investments | ' | ||||||||||
Summary of Short-term investments | ' | ||||||||||
Short-term investments as of December 31, 2013 are summarized as follows: | |||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair | |||||||||
Losses | Value | ||||||||||
Municipal bonds & notes | $ | 60,047 | $ | (252 | ) | $ | 59,795 | ||||
Corporate bonds | 43,166 | (342 | ) | 42,824 | |||||||
Certificate of deposits | 35,630 | (9 | ) | 35,621 | |||||||
$ | 138,843 | $ | (603 | ) | $ | 138,240 | |||||
Short-term investments as of March 31, 2014 are summarized as follows: | |||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair | |||||||||
Losses | Value | ||||||||||
Municipal bonds & notes | $ | 67,309 | $ | (376 | ) | $ | 66,933 | ||||
Corporate bonds | 62,364 | (537 | ) | 61,827 | |||||||
Certificate of deposits | 35,728 | (6 | ) | 35,722 | |||||||
$ | 165,401 | $ | (919 | ) | $ | 164,482 |
Other_Receivables_Tables
Other Receivables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Receivables | ' | |||||||
Schedule of other receivables | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Loans to customers to finance vehicle purchases | $ | 5,919 | $ | 5,222 | ||||
Accrued customer billings | 6,327 | 7,849 | ||||||
Fuel tax and carbon credits | 6,740 | 157 | ||||||
Other | 7,299 | 6,038 | ||||||
$ | 26,285 | $ | 19,266 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Raw materials and spare parts | $ | 30,521 | $ | 34,074 | ||||
Work in process | 3,011 | 3,250 | ||||||
Finished goods | 290 | 968 | ||||||
$ | 33,822 | $ | 38,292 |
Land_Property_and_Equipment_Ta
Land, Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Land, Property and Equipment | ' | |||||||
Summary of land, property and equipment | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Land | $ | 1,707 | $ | 2,065 | ||||
LNG liquefaction plants | 93,685 | 93,746 | ||||||
RNG plants | 47,932 | 73,225 | ||||||
Station equipment | 194,240 | 203,203 | ||||||
LNG trailers | 22,667 | 22,667 | ||||||
Other equipment | 62,127 | 63,745 | ||||||
Construction in progress | 204,548 | 210,307 | ||||||
626,906 | 668,958 | |||||||
Less: accumulated depreciation | (139,052 | ) | (147,974 | ) | ||||
$ | 487,854 | $ | 520,984 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Liabilities | ' | |||||||
Schedule of accrued liabilities | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Salaries and wages | $ | 6,768 | $ | 6,938 | ||||
Accrued gas and equipment purchases | 8,035 | 10,857 | ||||||
Accrued property and other taxes | 5,448 | 4,095 | ||||||
Accrued professional fees | 1,335 | 899 | ||||||
Accrued employee benefits | 2,898 | 3,557 | ||||||
Accrued warranty liability | 2,545 | 2,802 | ||||||
Accrued interest | 4,216 | 981 | ||||||
Other | 15,500 | 12,446 | ||||||
$ | 46,745 | $ | 42,575 |
Warranty_Liability_Tables
Warranty Liability (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warranty Liability | ' | |||||||
Schedule of changes in the warranty liability | ' | |||||||
March 31, | March 31, | |||||||
2013 | 2014 | |||||||
Warranty liability at beginning of year | $ | 2,665 | $ | 2,545 | ||||
Costs accrued for new warranty contracts and changes in estimates for pre-existing warranties | 879 | 675 | ||||||
Service obligations honored | (659 | ) | (418 | ) | ||||
Warranty liability at end of period | $ | 2,885 | $ | 2,802 |
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term Debt | ' | |||||||
Schedule of long-term debt and capital lease obligations | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
IMW Notes | $ | 12,121 | $ | — | ||||
Northstar future payments | 1,274 | 1,297 | ||||||
DCEMB notes | 585 | 585 | ||||||
DCEMB Revenue Bonds (non-recourse to the Company) | 36,500 | 36,500 | ||||||
7.5% Notes | 150,000 | 150,000 | ||||||
SLG Notes | 145,000 | 145,000 | ||||||
5.25% Notes | 250,000 | 250,000 | ||||||
Weaver future payments | 714 | 721 | ||||||
IMW assumed debt | 6,036 | 8,542 | ||||||
Mavrix Note (non-recourse to the Company) | 15,097 | 15,172 | ||||||
Canton Bonds ($11,400 non-recourse to the Company) | — | 12,400 | ||||||
Capital lease obligations | 3,091 | 2,646 | ||||||
Total debt and capital lease obligations | 620,418 | 622,863 | ||||||
Less amounts due within one year and short-term borrowings | (23,401 | ) | (14,543 | ) | ||||
Total long-term debt and capital lease obligations | $ | 597,017 | $ | 608,320 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share | ' | |||||
Schedule of information required to compute basic and diluted earnings per share | ' | |||||
Three Months Ended | ||||||
March 31, | ||||||
2013 | 2014 | |||||
Basic and diluted: | ||||||
Weighted-average number of common shares outstanding | 93,132,454 | 94,676,325 | ||||
Schedule of potentially dilutive securities that have been excluded from the diluted net loss per share calculations because their effect would have been antidilutive | ' | |||||
March 31, | ||||||
2013 | 2014 | |||||
Options | 11,994,610 | 11,978,192 | ||||
Warrants | 2,130,682 | 2,130,682 | ||||
Convertible Notes | 15,995,781 | 35,185,979 | ||||
Restricted Stock Units | 1,545,000 | 2,080,336 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock-based compensation | ' | |||||||||||
Summary of compensation expense and related income tax benefit related to the stock-based compensation expense recognized | ' | |||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Stock-based compensation expense | $ | 6,212 | $ | 3,420 | ||||||||
Stock-based compensation expense, net of tax | $ | 6,212 | $ | 3,420 | ||||||||
Stock options | ' | |||||||||||
Stock-based compensation | ' | |||||||||||
Summary of option activity | ' | |||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Shares | Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | ||||||||||
Price | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 11,526,998 | $ | 11.79 | |||||||||
Options granted | 674,500 | 11.93 | ||||||||||
Options exercised | (160,146 | ) | 3.13 | |||||||||
Options forfeited | (63,160 | ) | 13.71 | |||||||||
Outstanding, March 31, 2014 | 11,978,192 | $ | 11.91 | 4.82 | $ | 0 | ||||||
Exercisable, March 31, 2014 | 8,561,659 | $ | 11.66 | 4.1 | $ | 0 | ||||||
Schedule of weighted-average assumptions used to estimate the fair value of each option grant on the date of grant using the Black-Scholes option pricing model | ' | |||||||||||
Three Months Ended | ||||||||||||
March 31, 2014 | ||||||||||||
Dividend yield | 0 | % | ||||||||||
Expected volatility | 52.3 | % | ||||||||||
Risk-free interest rate | 1.8 | % | ||||||||||
Expected life in years | 6 | |||||||||||
Stock options | CERF Plan | ' | |||||||||||
Stock-based compensation | ' | |||||||||||
Summary of option activity | ' | |||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||
Units | Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | ||||||||||
Price | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 115,000 | $ | 40.8 | |||||||||
Options granted | — | — | ||||||||||
Outstanding and non-vested, March 31, 2014 | 115,000 | $ | 40.8 | 9.47 | $ | 0 | ||||||
Market-based Restricted Stock Units | ' | |||||||||||
Stock-based compensation | ' | |||||||||||
Summary of the Company's RSU activity | ' | |||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average | Average | ||||||||||
Fair Value at Grant | Remaining | |||||||||||
Date | Contractual | |||||||||||
Term (in years) | ||||||||||||
Outstanding, December 31, 2013 | 1,545,000 | $ | 11.32 | |||||||||
RSUs granted | 489,500 | 8.26 | ||||||||||
Outstanding and non-vested, March 31, 2014 | 2,034,500 | $ | 10.66 | 2.2 | ||||||||
Schedule of assumptions used in estimating fair value of each RSU on the date of grant | ' | |||||||||||
February 2, 2014 | ||||||||||||
Dividend yield | 0 | % | ||||||||||
Expected volatility | 47 | % | ||||||||||
Risk-free interest rate | 1.1 | % | ||||||||||
Expected life in years | 2 | |||||||||||
Service-based Restricted Stock Units | ' | |||||||||||
Stock-based compensation | ' | |||||||||||
Summary of the Company's RSU activity | ' | |||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average | Average | ||||||||||
Fair Value at Grant | Remaining | |||||||||||
Date | Contractual | |||||||||||
Term (in years) | ||||||||||||
Nonvested at December 31, 2013 | 45,836 | $ | 13.09 | |||||||||
RSUs granted | — | — | ||||||||||
Nonvested at March 31, 2014 | 45,836 | $ | 13.09 | 2.5 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of information by level for assets and liabilities that are measured at fair value on a recurring basis | ' | |||||||||||||
Description | Balance at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Available-for-sale securities(1): | ||||||||||||||
Certificate of deposits | $ | 35,621 | $ | — | $ | 35,621 | $ | — | ||||||
Municipal bonds and notes | 59,795 | — | 59,795 | — | ||||||||||
Corporate bonds | 42,824 | — | 42,824 | — | ||||||||||
Liabilities: | ||||||||||||||
Contingent consideration obligation(2) | 384 | — | — | 384 | ||||||||||
Series I warrants(3) | 7,164 | — | — | 7,164 | ||||||||||
Description | Balance at | Level 1 | Level 2 | Level 3 | ||||||||||
March 31, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Available-for-sale securities(1): | ||||||||||||||
Certificate of deposits | $ | 35,722 | $ | — | $ | 35,722 | $ | — | ||||||
Municipal bonds and notes | 66,933 | — | 66,933 | — | ||||||||||
Corporate bonds | 61,827 | — | 61,827 | — | ||||||||||
Liabilities: | ||||||||||||||
Contingent consideration obligation(2) | 384 | — | — | 384 | ||||||||||
Series I warrants(3) | 2,709 | — | — | 2,709 | ||||||||||
(1) Included in short-term investments in the condensed consolidated balance sheets. See note 4 for further information. | ||||||||||||||
(2) Included in accrued liabilities in the condensed consolidated balance sheets. | ||||||||||||||
(3) Included in other long-term liabilities in the condensed consolidated balance sheets. | ||||||||||||||
Reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) | ' | |||||||||||||
Liabilities: Contingent Consideration | March 31, | March 31, | ||||||||||||
2013 | 2014 | |||||||||||||
Beginning Balance | $ | 1,516 | $ | 384 | ||||||||||
Total gain included in SG&A expense | — | — | ||||||||||||
Ending Balance | $ | 1,516 | $ | 384 | ||||||||||
Liabilities: Series I Warrants | March 31, | March 31, | ||||||||||||
2013 | 2014 | |||||||||||||
Beginning Balance | $ | 8,102 | $ | 7,164 | ||||||||||
Total (gain) loss included in earnings | 466 | (4,455 | ) | |||||||||||
Ending Balance | $ | 8,568 | $ | 2,709 | ||||||||||
Level 3 | Contingent consideration obligation | ' | |||||||||||||
Valuation processes for Level 3 Fair Value Measurements | ' | |||||||||||||
Schedule of fair value measurements of liabilities which fall within level 3 of the fair value hierarchy | ' | |||||||||||||
Unobservable Input | Range or Weighted Average | |||||||||||||
Gross profit projection | $16,321–$19,041 | |||||||||||||
Probability of reaching target gross profit | 10.0%–90.0% | |||||||||||||
Level 3 | Series I Warrant | ' | |||||||||||||
Valuation processes for Level 3 Fair Value Measurements | ' | |||||||||||||
Schedule of fair value measurements of liabilities which fall within level 3 of the fair value hierarchy | ' | |||||||||||||
Unobservable Input | Range or Weighted Average | |||||||||||||
Current market price of the Company’s common stock | $ | 8.94 | ||||||||||||
Exercise price of the warrant | $ | 12.68 | ||||||||||||
Dividend yield | 0 | % | ||||||||||||
Remaining term of the warrant | 2.08 | |||||||||||||
Implied volatility of the Company’s common stock | 46.1 | % | ||||||||||||
Assumed discount rate | Simple average 0.4 | % |
General_Details
General (Details) | Mar. 31, 2014 |
item | |
Property and Equipment | ' |
Number of natural gas fueling locations | 500 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash | ' | ' |
Short-term restricted cash | $11,923 | $8,403 |
DCEMB bonds | ' | ' |
Restricted Cash | ' | ' |
Short-term restricted cash | 7,773 | 6,581 |
Canton bonds | ' | ' |
Restricted Cash | ' | ' |
Short-term restricted cash | 2,328 | ' |
Standby letters of credit | ' | ' |
Restricted Cash | ' | ' |
Short-term restricted cash | $1,822 | $1,822 |
Investments_Details
Investments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term investments | ' | ' |
Total short-term investments at amortized cost | $165,401 | $138,843 |
Gross Unrealized Losses | -919 | -603 |
Total short-term investments | 164,482 | 138,240 |
Municipal bonds & notes | ' | ' |
Short-term investments | ' | ' |
Amortized Cost | 67,309 | 60,047 |
Gross Unrealized Losses | -376 | -252 |
Estimated Fair Value | 66,933 | 59,795 |
Corporate bonds | ' | ' |
Short-term investments | ' | ' |
Amortized Cost | 62,364 | 43,166 |
Gross Unrealized Losses | -537 | -342 |
Estimated Fair Value | 61,827 | 42,824 |
Certificate of deposits | ' | ' |
Short-term investments | ' | ' |
Total short-term investments at amortized cost | 35,728 | 35,630 |
Gross Unrealized Losses | -6 | -9 |
Total short-term investments | $35,722 | $35,621 |
Derivative_Transactions_Detail
Derivative Transactions (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Derivative Transactions | ' |
Unrealized gains on derivative instruments recognized in other comprehensive loss | $106 |
Natural gas futures contracts | ' |
Derivative Transactions | ' |
Unrealized gains on derivative instruments recognized in other comprehensive loss | $106 |
Other_Receivables_Details
Other Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Receivables | ' | ' |
Other receivables | $19,266 | $26,285 |
Loans to customers to finance vehicle purchases | ' | ' |
Other Receivables | ' | ' |
Other receivables | 5,222 | 5,919 |
Accrued customer billings | ' | ' |
Other Receivables | ' | ' |
Other receivables | 7,849 | 6,327 |
Fuel tax and carbon credits | ' | ' |
Other Receivables | ' | ' |
Other receivables | 157 | 6,740 |
Other | ' | ' |
Other Receivables | ' | ' |
Other receivables | $6,038 | $7,299 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and spare parts | $34,074 | $30,521 |
Work in process | 3,250 | 3,011 |
Finished goods | 968 | 290 |
Total | $38,292 | $33,822 |
Land_Property_and_Equipment_De
Land, Property and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | $668,958 | ' | $626,906 |
Less: accumulated depreciation | -147,974 | ' | -139,052 |
Land, property and equipment, net | 520,984 | ' | 487,854 |
Capitalized software costs, net | 18,385 | ' | 18,214 |
Accumulated amortization on the capitalized software costs | 8,645 | ' | 7,747 |
Amortization expense related to the capitalized software costs | 768 | 732 | ' |
Amount included in accounts payable balances | 10,069 | ' | 13,930 |
Land | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 2,065 | ' | 1,707 |
LNG liquefaction plants | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 93,746 | ' | 93,685 |
RNG plants | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 73,225 | ' | 47,932 |
Station equipment | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 203,203 | ' | 194,240 |
LNG trailers | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 22,667 | ' | 22,667 |
Other equipment | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | 63,745 | ' | 62,127 |
Construction in progress | ' | ' | ' |
Land, Property and Equipment | ' | ' | ' |
Land, property and equipment, gross | $210,307 | ' | $204,548 |
Investments_in_Other_Entities_
Investments in Other Entities (Details) (USD $) | 3 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 |
Peru JV | ||
Equity method investments | ' | ' |
Ownership interest sold | ' | $6,119 |
Dividend distribution | 1,091 | 1,091 |
Gain on sale recognized | $4,705 | $4,705 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities | ' | ' | ' | ' |
Salaries and wages | $6,938 | $6,768 | ' | ' |
Accrued gas and equipment purchases | 10,857 | 8,035 | ' | ' |
Accrued property and other taxes | 4,095 | 5,448 | ' | ' |
Accrued professional fees | 899 | 1,335 | ' | ' |
Accrued employee benefits | 3,557 | 2,898 | ' | ' |
Accrued warranty liability | 2,802 | 2,545 | 2,885 | 2,665 |
Accrued interest | 981 | 4,216 | ' | ' |
Other | 12,446 | 15,500 | ' | ' |
Total | $42,575 | $46,745 | ' | ' |
Warranty_Liability_Details
Warranty Liability (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in the warrant liability | ' | ' |
Warranty liability at beginning of year | $2,545 | $2,665 |
Costs accrued for new warranty contracts and changes in estimates for pre-existing warranties | 675 | 879 |
Service obligations honored | -418 | -659 |
Warranty liability at end of period | $2,802 | $2,885 |
Longterm_Debt_Details
Long-term Debt (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 25, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 25, 2011 | Sep. 07, 2010 | Sep. 07, 2010 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Oct. 31, 2012 | Aug. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 31, 2012 | 31-May-12 | Oct. 31, 2011 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Dallas Clean Energy McCommas Bluff, LLC | DCEMB Revenue Bonds | DCEMB Revenue Bonds | DCEMB Revenue Bonds | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note | Purchase Note |
USD ($) | USD ($) | Dallas Clean Energy McCommas Bluff, LLC | IMW | IMW | IMW | IMW | IMW | IMW | IMW | IMW | IMW | IMW | IMW | Northstar | Northstar | Northstar | Northstar | Weaver | Weaver | Weaver | Weaver | ||||
USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
item | item | item | item | ||||||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance amount | ' | ' | ' | ' | ' | $40,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon interest rate (as a percent) | ' | ' | ' | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term restricted cash | 11,923 | 8,403 | ' | 7,773 | 6,581 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of annual payments | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 4 | ' |
Annual payment required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | ' | ' | 250 | ' |
Annual payment required | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual cash required to be paid on debt instrument | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and/or common stock required to be paid or issued on debt instrument | ' | ' | ' | ' | ' | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of annual payments made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Amount paid | ' | ' | ' | ' | ' | ' | ' | ' | 3,750 | 5,000 | ' | 5,000 | ' | ' | 5,000 | ' | 5,000 | 700 | 700 | 700 | ' | 125 | 125 | ' | ' |
Common stock issued on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | 3,750 | ' | 7,500 | ' | 3,750 | 3,750 | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' |
Amount of annual payment retained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 |
Longterm_Debt_Details_2
Long-term Debt (Details 2) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Apr. 25, 2013 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Sep. 07, 2010 | Jul. 11, 2011 | Mar. 31, 2014 | Jul. 11, 2011 | Jul. 11, 2011 | Aug. 27, 2013 | Aug. 27, 2013 | Jun. 14, 2013 | Aug. 27, 2013 | Aug. 27, 2013 | Aug. 30, 2011 | Aug. 24, 2011 | Aug. 30, 2011 | Aug. 30, 2011 | Apr. 30, 2012 | Feb. 28, 2013 | Mar. 01, 2012 | Nov. 07, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 07, 2012 | Nov. 07, 2012 | Nov. 07, 2012 | Nov. 07, 2012 | Apr. 25, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Apr. 25, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 19, 2014 |
USD ($) | Mavrix | IMW Lines of Credit | IMW Lines of Credit | IMW assumed operating line of credit | IMW assumed operating line of credit | IMW assumed operating line of credit | IMW assumed operating line of credit | Demand revolving line of credit | Demand revolving bank guarantee and standby letter of credit line | IMW bank guarantee line | IMW forward exchange contract line | IMW Renminbi operating line of credit | IMW Renminbi operating line of credit | IMW Renminbi sub-limit line of credit | IMW Renminbi line of credit | IMW Bangladeshi Taka operating line of credit | IMW Bangladeshi Taka operating line of credit | IMW Colombian Peso operating line of credit | IMW Colombian Peso operating line of credit | IMW Colombian Peso operating line of credit | IMW Colombian Peso operating line of credit | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | CHK Notes / 7.5% Notes | SLG Notes | SLG Notes | SLG Notes | SLG Notes | SLG Notes | SLG Notes | SLG Notes | GE Credit Agreement | GE Credit Agreement | GE Credit Agreement | GE Credit Agreement | GE Credit Agreement | GE Credit Agreement | GE Credit Agreement | Mavrix Note | Mavrix Note | Mavrix Note | Mavrix Note | Mavrix Note | 5.25% Notes | 5.25% Notes | Canton Bonds | Canton Bonds | |
Dallas Clean Energy, LLC | Minimum | Maximum | CAD | HSBC's prime rate | HSBC's U.S. base rate | LIBOR | CAD | CAD | CAD | CAD | CAD | CNY | CNY | CNY | BDT | CAD | CAD | COP | Minimum | Maximum | USD ($) | USD ($) | Minimum | Maximum | Boone Pickens | Boone Pickens | Buyers | Green Energy Investment Holdings, LLC | Green Energy Investment Holdings, LLC | USD ($) | Minimum | Maximum | Common stock | Common stock | Baytree Investments (Mauritius) Pte Ltd | USD ($) | USD ($) | USD ($) | Minimum | Maximum | Common stock | LIBOR | Mavrix | Mavrix | Mavrix | Mavrix | Mavrix | USD ($) | Minimum | USD ($) | Canton Renewables, LLC | |||
CAD | item | item | USD ($) | USD ($) | Common stock | USD ($) | USD ($) | Common stock | D | item | USD ($) | USD ($) | USD ($) | item | GE Warrant | USD ($) | USD ($) | USD ($) | USD ($) | Maximum | D | USD ($) | ||||||||||||||||||||||||||||||||
D | Maximum | item | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit limit | ' | ' | ' | ' | 13,000 | ' | ' | ' | 2,000 | 1,115 | 3,000 | 13,750 | 889 | 5,000 | 5,000 | 5,000 | 16,750 | 235 | 95 | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, variable interest rate basis | ' | ' | ' | ' | ' | 'HSBC's Prime Rate | 'HSBC's U.S. Base Rate | 'LIBOR | ' | ' | ' | ' | '6 month People's Bank of China | '6 month People's Bank of China | ' | ' | ' | ' | ' | ' | 'Colombia benchmark rate | 'Colombia benchmark rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of margin added to reference rate to determine interest rate on debt | ' | ' | ' | ' | ' | 1.00% | 1.00% | 2.25% | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | 7.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate minimum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing commitment received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 14.00% | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | 5.25% | ' | ' | ' |
Debt covenant, debt to tangible net worth ratio | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, tangible net worth | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, current assets to current liabilities ratio | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of convertible promissory notes to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of each debt instrument to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price of shares (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.80 | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.60 | ' | ' | ' |
Percentage of the trade price of common stock that the conversion price must be at premium for the Company to force conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160.00% | ' | ' | ' |
Number of consecutive trading days used to determine the conversion obligation on the notes for the Company to force conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' |
Number of days within 30 consecutive trading days in which the trade price of the entity's common stock must be at premium of the conversion price for the Company to force conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Amount of principal and accrued interest under debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,003 | 4,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued upon conversion of debt (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,888 | 268,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.1026 | ' | ' | ' |
Period during which the debt instrument principal balance is required to be paid following its issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash related to debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of registration statements required to be filed under Registration Rights Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of underwritten offerings in which the entity would be required to participate under Registration Rights Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly liquidated damages expressed as a percentage of principal amount of debt instrument under Registration Rights Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount of advances under the obligation assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of advance funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 5,000 | 5,000 | ' | ' | 242,195 | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 | ' | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' |
Number of shares of common stock into which Notes are convertible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,113,924 | ' | ' | 5,063,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual liquidated damages as a percentage of aggregate principal amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of wholly owned subsidiaries through which the entity entered into a financing arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of LNG production facilities being financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LNG production facilities expected production capacity (in gallons per day) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project completion period after the funding of the initial loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period following conversion into term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on the unutilized loan amounts (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the budgeted costs of the Projects which the Company agreed to pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that can be purchased upon exercise of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paid in kind interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of quarterly installments for repayment of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as percentage of principal amount of notes to be redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Percentage of principal amount at which notes may be required to be repurchased in event of fundamental change by the entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Percentage of principal amount of notes outstanding allowing holders to accelerate all amounts due under notes in event of default under the Indenture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Payment of certain debt issuance costs | 914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,805 | ' | ' | ' |
Debt issuance amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400 |
Coupon interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% |
Principal amount with recourse to the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' |
Longterm_Debt_Details_3
Long-term Debt (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt | ' | ' |
Total debt and capital lease obligations | $622,863 | $620,418 |
Less amounts due within one year and short-term borrowings | -14,543 | -23,401 |
Total long-term debt and capital lease obligations | 608,320 | 597,017 |
DCEMB notes | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 585 | 585 |
DCEMB Revenue Bonds (non-recourse to the Company) | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 36,500 | 36,500 |
7.5% Notes | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 150,000 | 150,000 |
SLG Notes | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 145,000 | 145,000 |
5.25% Notes | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 250,000 | 250,000 |
IMW assumed debt | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 8,542 | 6,036 |
Mavrix Note (non-recourse to the Company) | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 15,172 | 15,097 |
Canton Bonds ($11,400 non-recourse to the Company) | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 12,400 | ' |
Principal amount of non-recourse debt | 11,400 | ' |
Capital lease obligations | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 2,646 | 3,091 |
Purchase Note | IMW | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | ' | 12,121 |
Purchase Note | Northstar | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | 1,297 | 1,274 |
Purchase Note | Weaver | ' | ' |
Long-term debt | ' | ' |
Total debt and capital lease obligations | $721 | $714 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share | ' | ' |
Shares of common stock related to the GE Warrant included in the basic and dilutive net loss per share calculation | 5,000,000 | ' |
Basic and diluted: | ' | ' |
Weighted-average number of common shares outstanding | 94,676,325 | 93,132,454 |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Options | ' | ' |
Earnings Per Share | ' | ' |
Anti-dilutive securities (in shares) | 11,978,192 | 11,994,610 |
Warrants | ' | ' |
Earnings Per Share | ' | ' |
Anti-dilutive securities (in shares) | 2,130,682 | 2,130,682 |
Convertible Notes | ' | ' |
Earnings Per Share | ' | ' |
Anti-dilutive securities (in shares) | 35,185,979 | 15,995,781 |
Restricted Stock Units | ' | ' |
Earnings Per Share | ' | ' |
Anti-dilutive securities (in shares) | 2,080,336 | 1,545,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 7-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
Stock options | Stock options | Market-based Restricted Stock Units | Market-based Restricted Stock Units | Market-based Restricted Stock Units | Market-based Restricted Stock Units | Service-based Restricted Stock Units | Service-based Restricted Stock Units | Service-based Restricted Stock Units | Service-based Restricted Stock Units | Service-based Restricted Stock Units | Employee Stock Purchase Plan | Employee Stock Purchase Plan | CERF Plan | CERF Plan | |||
Minimum | Maximum | Key employee | Key employee | Key employee | Key employee | Key employee | item | Stock options | Stock options | ||||||||
Vesting over the first year | Vesting over the second year | Vesting over the third year | |||||||||||||||
Summary of stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $3,420 | $6,212 | $1,782 | $4,007 | $1,204 | $2,205 | ' | ' | ' | $102 | ' | ' | ' | ' | $27 | $305 | ' |
Stock-based compensation expense, net of tax | 3,420 | 6,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of options expressed as percentage of fair market value of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 33.00% | 33.00% | ' | ' | ' | ' |
Number of shares reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' |
Shares sold pursuant to the ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,934 | ' | ' |
Number of Shares / Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | 11,526,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' |
Options granted | ' | ' | 674,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised | ' | ' | -160,146 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options forfeited | ' | ' | -63,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | 11,978,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' |
Exercisable at the end of the period | ' | ' | 8,561,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | $11.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40.80 | ' |
Options granted | ' | ' | $11.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised | ' | ' | $3.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options forfeited | ' | ' | $13.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | $11.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40.80 | ' |
Exercisable at the end of the period | ' | ' | $11.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional option disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period, weighted average remaining contractual term | ' | ' | '4 years 9 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 5 months 19 days | ' |
Options exercisable at the end of the period, weighted average remaining contractual term | ' | ' | '4 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period, aggregate intrinsic value | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Options exercisable at the end of the period, aggregate intrinsic value | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average assumption used for grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | ' | ' | 52.30% | ' | 47.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 1.80% | ' | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | '6 years | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | ' | ' | 1,545,000 | ' | ' | ' | ' | 45,836 | ' | ' | ' | ' | ' | ' | ' |
RSUs granted | ' | ' | ' | ' | 489,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | 2,034,500 | ' | ' | ' | ' | 45,836 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Fair Value at Grant Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | ' | ' | $11.32 | ' | ' | ' | ' | $13.09 | ' | ' | ' | ' | ' | ' | ' |
RSUs granted | ' | ' | ' | ' | $8.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | $10.66 | ' | ' | ' | ' | $13.09 | ' | ' | ' | ' | ' | ' | ' |
Other disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to non-vested shares | ' | ' | 13,005 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to non-vested shares | ' | ' | ' | ' | 3,774 | ' | ' | ' | ' | 498 | ' | ' | ' | ' | ' | 3,005 | ' |
Weighted average period over which the total unrecognized compensation cost related to non-vested units is expected to be recognized | ' | ' | '1 year 2 months 12 days | ' | '1 year 10 months 24 days | ' | ' | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | '2 years 6 months | ' |
Total fair value of shares vested | ' | ' | 4,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of all options exercised | ' | ' | $1,387 | $252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock to be received for each performance unit | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period from the date of grant in which the closing price of the entity's common stock must exceed the closing price in order for a holder to receive one share of common stock for each award | ' | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days during which the closing price of the entity's common stock must exceed the closing price on the grant date in order for a holder to receive one share of common stock for each award | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the closing price of the entity's common stock that the closing price must equal or exceed in order for an award holder to receive one share of common stock for each award | ' | ' | ' | ' | 135.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period from the date of grant after which awards will be automatically forfeited if the Stock Price Condition is not satisfied | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair values of options granted | ' | ' | $6.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-concurrent offering periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes | ' | ' |
Income tax provision | $962 | $1,805 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value measured on recurring basis, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements | ' | ' |
Estimated remaining life of Series I warrants | '2 years 1 month 6 days | ' |
Liabilities: | ' | ' |
Contingent consideration obligation | $384 | $384 |
Series I warrants | 2,709 | 7,164 |
Minimum | ' | ' |
Fair Value Measurements | ' | ' |
Term of traded options | '3 months | ' |
Maximum | ' | ' |
Fair Value Measurements | ' | ' |
Term of traded options | '9 months | ' |
Certificate of deposits | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 35,722 | 35,621 |
Municipal bonds and notes | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 66,933 | 59,795 |
Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 61,827 | 42,824 |
Level 2 | Certificate of deposits | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 35,722 | 35,621 |
Level 2 | Municipal bonds and notes | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 66,933 | 59,795 |
Level 2 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 61,827 | 42,824 |
Level 3 | ' | ' |
Liabilities: | ' | ' |
Contingent consideration obligation | 384 | 384 |
Series I warrants | $2,709 | $7,164 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Liabilities: Contingent consideration | Liabilities: Contingent consideration | Liabilities: Contingent consideration | Liabilities: Contingent consideration | Liabilities: Series I warrants | Liabilities: Series I warrants |
Reconciliation of the beginning and ending balances of items measured at fair value using significant unobservable inputs (Level 3) | ' | ' | ' | ' | ' | ' |
Beginning Balance | $384 | $384 | $1,516 | $1,516 | $7,164 | $8,102 |
Total (gain) loss included in earnings | ' | ' | ' | ' | -4,455 | 466 |
Ending Balance | $384 | $384 | $1,516 | $1,516 | $2,709 | $8,568 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Non-recurring basis | ' | ' |
Unobservable Input | ' | ' |
Impairments of long-lived assets | $0 | $0 |
Level 3 | Contingent consideration obligation | Discounted Cash Flow Model | Minimum | ' | ' |
Unobservable Input | ' | ' |
Gross profit projection | 16,321 | ' |
Probability of reaching target gross profit (as a percent) | 10.00% | ' |
Level 3 | Contingent consideration obligation | Discounted Cash Flow Model | Maximum | ' | ' |
Unobservable Input | ' | ' |
Gross profit projection | $19,041 | ' |
Probability of reaching target gross profit (as a percent) | 90.00% | ' |
Level 3 | Series I Warrant | Black-Scholes Model | ' | ' |
Unobservable Input | ' | ' |
Current market price of the Company's common stock (in dollars per share) | $8.94 | ' |
Exercise price of the warrant (in dollars per share) | $12.68 | ' |
Dividend yield (as a percent) | 0.00% | ' |
Remaining term of the warrant | '2 years 29 days | ' |
Implied volatility of the Company's common stock (as a percent) | 46.10% | ' |
Level 3 | Series I Warrant | Black-Scholes Model | Simple average | ' | ' |
Unobservable Input | ' | ' |
Discount rate (as a percent) | 0.40% | ' |
Volumetric_Excise_Tax_Credit_V1
Volumetric Excise Tax Credit (VETC) (Details) (USD $) | 3 Months Ended | 63 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2011 |
Volumetric Excise Tax Credit (VETC) | ' | ' |
Federal fuel tax credit - CNG (in dollars per gasoline gallon equivalent) | ' | 0.5 |
Federal fuel tax credit - LNG (in dollars per liquid gallon) | ' | 0.5 |
VETC credits recognized as revenue | $26,217 | ' |
VETC credits related to prior periods | $20,800 | ' |