Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ESSX | ||
Entity Registrant Name | ESSEX RENTAL CORP. | ||
Entity Central Index Key | 1373988 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 24,935,600 | ||
Entity Public Float | $50,733,411 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $1,087 | $1,349 |
Accounts receivable, net of allowances | 16,981 | 14,059 |
Other receivables | 1,700 | 2,412 |
Deferred tax assets | 3,504 | 2,878 |
Prepaid expenses and other assets | 1,516 | 1,791 |
TOTAL CURRENT ASSETS | 39,333 | 27,503 |
Property, Plant and Equipment, Net | 4,613 | 5,205 |
Spare parts inventory, net | 3,816 | 3,248 |
Identifiable finite lived intangibles, net | 735 | 1,069 |
Goodwill | 1,800 | 1,796 |
Loan acquisition costs, net | 5,132 | 6,095 |
TOTAL ASSETS | 325,890 | 332,776 |
Accounts payable | 4,966 | 5,703 |
Accrued employee compensation and benefits | 2,008 | 2,012 |
Accrued taxes | 3,694 | 3,909 |
Accrued interest | 870 | 655 |
Accrued other expenses | 1,031 | 1,007 |
Unearned rental revenue | 1,849 | 1,668 |
Customer deposits | 350 | 293 |
Term loan - short-term | 2,000 | 2,000 |
Purchase money security interest debt - short-term | 1,655 | 959 |
Capital lease obligation - short-term | 35 | 0 |
TOTAL CURRENT LIABILITIES | 161,167 | 181,320 |
Revolving credit facility | 1,781 | 2,368 |
Term loans | 64,500 | 36,500 |
Promissory notes | 1,655 | 3,655 |
Purchase money security interest debt | 6,652 | 1,975 |
Deferred tax liabilities | 34,487 | 40,869 |
Capital lease obligation | 162 | 0 |
TOTAL LONG-TERM LIABILITIES | 109,237 | 85,367 |
TOTAL LIABILITIES | 270,404 | 266,687 |
Commitments and contingencies | ||
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none issued | 0 | 0 |
Common stock, $.0001 par value, Authorized 40,000,000 shares; issued and outstanding 24,824,614 shares at December 31, 2014 and 24,743,513 shares at December 31, 2013 | 2 | 2 |
Paid in capital | 126,510 | 125,952 |
Accumulated deficit | -71,077 | -59,876 |
Accumulated other comprehensive income | 51 | 11 |
TOTAL STOCKHOLDERS' EQUITY | 55,486 | 66,089 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 325,890 | 332,776 |
Retail Equipment Inventory [Member] | ||
Inventory | 12,030 | 3,416 |
Retail Spare Parts Inventory, Net [Member] | ||
Inventory | 1,725 | 1,598 |
Property Subject to Operating Lease [Member] | ||
Rental equipment, held for sale | 790 | 0 |
Property, Plant and Equipment, Net | $270,465 | $287,860 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $0.00 | $0.00 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common stock, par value (dollars per share) | $0.00 | $0.00 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 24,824,614 | 24,743,513 |
Common Stock, shares outstanding | 24,824,614 | 24,743,513 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equipment rentals | $49,729 | $46,596 | $46,498 |
Transportation | 7,709 | 5,912 | 7,475 |
Equipment repairs and maintenance | 11,482 | 11,747 | 13,369 |
TOTAL REVENUES | 103,449 | 95,537 | 98,260 |
Salaries, payroll taxes and benefits | 11,455 | 10,772 | 10,995 |
Depreciation | 18,339 | 18,663 | 20,459 |
Transportation | 7,340 | 5,884 | 6,823 |
Equipment repairs and maintenance | 12,139 | 10,242 | 10,663 |
Yard operating expenses | 3,476 | 3,146 | 3,069 |
TOTAL COST OF REVENUES | 81,758 | 73,349 | 76,928 |
GROSS PROFIT | 21,691 | 22,188 | 21,332 |
Selling, general and administrative expenses | 23,841 | 24,377 | 26,987 |
Impairment - rental equipment, held for sale | 771 | 0 | 0 |
Other depreciation and amortization | 873 | 1,039 | 1,274 |
LOSS FROM OPERATIONS | -3,794 | -3,228 | -6,929 |
Other income | 10 | 562 | 41 |
Interest expense | -13,958 | -11,662 | -11,335 |
Foreign currency exchange gains (losses) | -378 | -381 | 6 |
TOTAL OTHER INCOME (EXPENSES) | -14,326 | -11,481 | -11,288 |
LOSS BEFORE INCOME TAXES | -18,120 | -14,709 | -18,217 |
BENEFIT FOR INCOME TAXES | -6,919 | -5,064 | -5,564 |
NET LOSS | -11,201 | -9,645 | -12,653 |
Weighted Average Number of Shares Outstanding, Basic | 24,805,938 | 24,660,170 | 24,545,041 |
Weighted Average Number of Shares Outstanding, Diluted | 24,805,938 | 24,660,170 | 25,545,041 |
Basic earnings (loss) per share | ($0.45) | ($0.39) | ($0.52) |
Diluted earnings (loss) per share | ($0.45) | ($0.39) | ($0.52) |
Retail Equipment Inventory [Member] | |||
Sales Revenue, Goods, Net | 9,930 | 11,212 | 4,087 |
Cost of Goods Sold | 8,794 | 9,550 | 3,474 |
Property Subject to Operating Lease [Member] | |||
Sales Revenue, Goods, Net | 15,772 | 12,437 | 17,258 |
Depreciation | 18,100 | 18,400 | 19,500 |
Cost of Goods Sold | 13,306 | 9,183 | 14,354 |
Retail Spare Parts Inventory, Net [Member] | |||
Sales Revenue, Goods, Net | 8,827 | 7,633 | 9,573 |
Cost of Goods Sold | $6,909 | $5,909 | $7,091 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Attributable to Parent | ($11,201) | ($9,645) | ($12,653) |
Foreign currency translation adjustments | 40 | 1 | 21 |
Change in fair value of interest rate swap, net of tax of zero, zero and $813, respectively | 0 | 0 | 1,260 |
Other comprehensive income | 40 | 1 | 1,281 |
Comprehensive loss | ($11,161) | ($9,644) | ($11,372) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Change in fair value of interest rate swap, net | $0 | $0 | $813 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2011 | $83,969 | $2 | $122,815 | ($37,578) | ($1,270) |
Beginning balance, shares at Dec. 31, 2011 | 24,428,092 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation for executive management stock options and employee restricted shares granted, shares | 70,858 | ||||
Stock based compensation for executive management stock options and employee restricted shares granted | 1,483 | 1,483 | |||
Common stock issued to directors, shares | 56,868 | ||||
Common stock issued to directors | 162 | 162 | |||
Change in fair value of interest rate swap, net of tax of $813 | 1,260 | 1,260 | |||
Foreign currency translation adjustments | 20 | 20 | |||
Net Income (Loss) Attributable to Parent | -12,653 | -12,653 | |||
Ending balance at Dec. 31, 2012 | 74,241 | 2 | 124,460 | -50,231 | 10 |
Ending balance, shares at Dec. 31, 2012 | 24,555,818 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation for executive management stock options and employee restricted shares granted, shares | 53,980 | ||||
Stock based compensation for executive management stock options and employee restricted shares granted | 1,341 | 1,341 | |||
Common stock issued to directors, shares | 43,715 | ||||
Common stock issued to directors | 150 | 150 | |||
Foreign currency translation adjustments | 1 | 1 | |||
Net Income (Loss) Attributable to Parent | -9,645 | -9,645 | |||
Exercise of warrants for common stock, shares | 90,000 | 90,000 | |||
Exercise of warrants for common stock | 1 | 1 | |||
Ending balance at Dec. 31, 2013 | 66,089 | 2 | 125,952 | -59,876 | 11 |
Ending balance, shares at Dec. 31, 2013 | 24,743,513 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation for executive management stock options and employee restricted shares granted, shares | 23,874 | ||||
Stock based compensation for executive management stock options and employee restricted shares granted | 382 | 382 | |||
Common stock issued to directors, shares | 57,227 | ||||
Common stock issued to directors | 176 | 176 | |||
Foreign currency translation adjustments | 40 | 40 | |||
Net Income (Loss) Attributable to Parent | -11,201 | -11,201 | |||
Ending balance at Dec. 31, 2014 | $55,486 | $2 | $126,510 | ($71,077) | $51 |
Ending balance, shares at Dec. 31, 2014 | 24,824,614 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Change in fair value of interest rate swap, net | $0 | $0 | $813 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Attributable to Parent | ($11,201) | ($9,645) | ($12,653) |
Depreciation, Depletion and Amortization | 18,878 | 19,367 | 21,378 |
Amortization | 2,698 | 2,186 | 1,228 |
Amortization of Debt Discount (Premium) | 0 | 96 | 96 |
Gain (Loss) on Disposition of Property Plant Equipment | 0 | -552 | 0 |
Impairment of Long-Lived Assets to be Disposed of | 771 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | -7,007 | -5,224 | -5,622 |
Share-based Compensation | 414 | 1,444 | 1,523 |
Increase (Decrease) in Accounts Receivable | -3,451 | 1,419 | -1,324 |
Increase (Decrease) in Other Receivables | 712 | -131 | -430 |
Increase (Decrease) in Prepaid Expense and Other Assets | 275 | -296 | 449 |
Increase (Decrease) in Inventories | -732 | -365 | -357 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | -24 | 164 | 1,491 |
Increase (Decrease) in Deferred Revenue | 181 | 147 | 414 |
Increase (Decrease) in Customer Deposits | 57 | 219 | -69 |
Increase (Decrease) in Operating Capital | -12,080 | -443 | 718 |
Net Cash Provided by (Used in) Operating Activities | -9,993 | 3,975 | 3,366 |
Payments to Acquire Property, Plant, and Equipment | -530 | -431 | -1,205 |
Increase (Decrease) in Accounts Receivable From Equipment Sales | 529 | -820 | 978 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 1,752 | 0 |
Net Cash Provided by (Used in) Investing Activities | 7,636 | 4,827 | 8,483 |
Proceeds from Lines of Credit | 114,331 | 97,007 | 92,312 |
Repayments of Lines of Credit | -135,323 | -142,118 | -103,808 |
Proceeds from Bank Debt | 30,000 | 40,000 | 0 |
Repayments of Bank Debt | -2,000 | -1,500 | 0 |
Repayments of Long-term Debt | -1,833 | -1,023 | -689 |
Repayments of Notes Payable | -2,000 | -1,572 | 0 |
Repayments of Long-term Capital Lease Obligations | -18 | -3 | -8 |
Payments Related to Tax Withholding for Share-based Compensation | -32 | -103 | 0 |
Payments of Financing Costs | -1,406 | -6,783 | -239 |
Net Cash Provided by (Used in) Financing Activities | 1,719 | -16,095 | -12,432 |
Effect of Exchange Rate on Cash and Cash Equivalents | 376 | 253 | -58 |
Cash and Cash Equivalents, Period Increase (Decrease) | -262 | -7,040 | -641 |
Cash and Cash Equivalents, at Carrying Value | 1,087 | 1,349 | 8,389 |
Board of Directors Fees Paid in Common Stock | 150 | 150 | 162 |
Assets Acquired Through Capital Lease | 215 | 0 | 0 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 1,260 |
Interest Paid | 11,372 | 10,515 | 9,965 |
Income Taxes Paid, Net | 44 | -35 | 99 |
Property Subject to Operating Lease [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment | -2,466 | -3,254 | -2,904 |
Payments to Acquire Property, Plant, and Equipment | -8,135 | -8,111 | -8,548 |
Proceeds from Sale of Property, Plant, and Equipment | 15,772 | 12,437 | 17,258 |
Retail Equipment Inventory [Member] | |||
Increase (Decrease) in Retail Related Inventories | ($9,098) | ($1,600) | ($1,030) |
Business_and_Principles_of_Con
Business and Principles of Consolidation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of Essex Rental Corp. (“Essex Rental”) and its wholly owned subsidiaries Essex Holdings, LLC ("Holdings"), Essex Crane Rental Corp. ("Essex Crane"), Essex Finance Corp. (“Essex Finance”), CC Acquisition Holding Corp. (“CC Acquisition”), Coast Crane Company, formerly known as CC Bidding Corp. (“Coast Crane”) and Coast Crane Ltd. (“Coast Crane Ltd.) (collectively the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. | |
The Company is engaged primarily in renting lattice boom crawler cranes and attachments, tower cranes and attachments, rough terrain cranes, boom trucks and other related heavy lifting machinery and equipment to the construction industry throughout the United States of America, including Hawaii and Alaska, and Canada. The assets are rented for use in building and maintaining power plants, refineries, bridge and road construction, alternative energy, water treatment facilities and other industrial, commercial, residential and infrastructure related projects. The Company is also engaged in servicing and distributing heavy lifting machinery and other construction related equipment and parts. | |
The accompanying consolidated financial statements of the Company include all adjustments (consisting of normal recurring adjustments) which management considers necessary for the fair presentation of the Company's operating results, financial position and cash flows as of and for all periods presented. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies | Significant Accounting Policies | |||||||
Reclassifications | ||||||||
Certain prior year amounts in the segment information note have been reclassified to conform to the current year presentation. The reclassification had no impact on net loss, net cash flows or shareholders' equity. | ||||||||
Use of Estimates | ||||||||
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of interest rate swaps and other financial instruments. | ||||||||
Fair Value of Financial Instruments, Including Derivative Instruments | ||||||||
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | ||||||||
Segment Reporting (As Restated) | ||||||||
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have four reportable segments. We derive our revenues from four principal business activities: (1) Essex Crane equipment rentals; (2) Coast Crane equipment rentals; (3) equipment distribution; and (4) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 15 to the consolidated financial statements regarding our segment information. | ||||||||
Revenue Recognition | ||||||||
The Company recognizes revenue, including multiple element arrangements, in accordance with the provisions of applicable accounting guidance. We generate revenue from the rental of cranes and related equipment and other services such as crane and equipment transportation and repairs and maintenance of equipment on rent. In many instances, the Company provides some of the above services under the terms of a single customer Equipment Rental Agreement. The Company also generates revenue from the retail sale of equipment and spare parts and repair and maintenance services provided with respect to non-rental equipment. | ||||||||
Revenue arrangements with multiple elements are divided into separate units of accounting based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence nor third-party evidence is available. During the years ended December 31, 2014 and 2013, the Company used estimated selling price for allocation of consideration related to rental revenues, which are accounted for under the lease accounting rules. The remaining elements are accounted for under the multiple element arrangement accounting rules. After an analysis of rental agreements absent any additional services offered by the Company, it was determined that the Company did not have vendor-specific evidence related to rental revenues. Prior to the year ended December 31, 2013, the Company was able to establish vendor-specific objective evidence based on an analysis of rental agreements absent any additional services offered by the Company. The Company uses the estimated selling price for allocation of consideration to transportation services based on the costs associated with providing such services in addition to other supply and demand factors within specific sub-markets. The estimated selling prices of the individual deliverables are not materially different than the terms of the Equipment Rental Agreements. | ||||||||
Revenue from equipment rentals are billed monthly in advance and recognized as earned, on a straight-line basis over the rental period specified in the associated equipment rental agreement. Rental contract terms may span several months or longer. Because the term of the contracts can extend across financial reporting periods, when rentals are billed in advance, we defer recognition of revenue and record unearned rental revenue at the end of reporting periods so that rental revenue is included in the appropriate period. Repair service revenue is recognized when the service is provided. Transportation revenue from rental equipment delivery service is recognized for the drop off of rental equipment on the delivery date and is recognized for pick-up when the equipment is returned to the Essex service center, storage yard or next customer location. New and used rental equipment and part sales are recognized upon acceptance by the customer and when delivery has occurred. Revenue from repair and maintenance services provided with respect to non-rental equipment is recognized when the service is provided. | ||||||||
There are estimates required in recording certain repair and maintenance revenues and also in recording any allowances for doubtful accounts and credit memos. The estimates have historically been accurate in all material respects and we do not anticipate any material changes to our current estimates in these areas. | ||||||||
Cash and Cash Equivalents | ||||||||
The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintained cash deposits in foreign accounts totaling approximately $0.1 million at December 31, 2014 and 2013. | ||||||||
Shipping and Handling Costs and Taxes Collectible from Customers | ||||||||
The Company classifies shipping and handling amounts billed to customers as revenues and the corresponding expenses are included in cost of revenues in the consolidated statements of operations. The Company accounts for taxes due from customers on a net basis and as such, these amounts are excluded from revenues in the consolidated statements of operations. | ||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||||
Accounts receivable are recorded at the invoice price net of an estimate of allowance for doubtful accounts and reserves for credit memos, and generally do not bear interest. | ||||||||
The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in accounts receivable and is included in selling, general and administrative expenses in the consolidated statements of operations. The Company periodically reviews the allowance for doubtful accounts and balances are written off against the allowance when management believes it is probable that the receivable will not be recovered. The Company’s allowance for doubtful accounts and credit memos was approximately $3.0 million and $2.5 million as of December 31, 2014 and 2013, respectively. Bad debt expense was approximately $0.4 million, $0.5 million and $1.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
The following table provides a rollforward of the allowance for doubtful accounts for the years ended December 31, 2014 and 2013 (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 2,485 | $ | 2,775 | ||||
Provision for allowance for doubtful accounts | 438 | 520 | ||||||
Provision for credit memo reserve | 1,011 | 1,459 | ||||||
Write-offs and recoveries | (915 | ) | (2,269 | ) | ||||
Ending balance | $ | 3,019 | $ | 2,485 | ||||
Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. | ||||||||
Another financial instrument account that potentially subjects the Company to a significant concentration of credit risk primarily relates to accounts receivable. Concentrations of credit risk with respect to accounts receivable is limited because a large number of geographically diverse customers make up the Company’s customer base. | ||||||||
No single customer represented more than 10% of total revenue or outstanding receivables for any of the periods presented. | ||||||||
The Company controls credit risk related to accounts receivable through credit approvals, credit limits and other monitoring procedures. The Company also manages credit risk through bonding requirements on its customers and/or liens on projects that the rental equipment is used to complete. | ||||||||
Inventory | ||||||||
Inventory is stated at the lower of cost or market. Spare parts inventory is used to service rental equipment and is sold on a retail basis. Spare parts inventory used to support the crawler crane rental fleet is classified as a non-current asset as it is primarily used to support rental equipment repair operations. Spare parts inventory used to service rental equipment is recorded as repairs and maintenance expense in the period the parts were issued to a repair project, or, usage is reclassified as additional cost of the rental equipment if the repair project meets certain capitalization criteria as discussed below. Equipment inventory is accounted for using the specific-identification method and retail parts and spare parts inventory are accounted for using the average cost method, which approximates the first-in, first-out method. | ||||||||
The carrying value of the spare parts inventory is reduced by a reserve representing management’s estimate for obsolete and slow moving items. This obsolescence reserve is an estimate based upon the Company’s analysis by type of inventory, usage and market conditions at the balance sheet dates. The obsolescence reserve was approximately $1.4 million as of December 31, 2014 and 2013. | ||||||||
Rental Equipment | ||||||||
Rental equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the equipment, which range from 5 to 30 years. In excess of 95% of the assets have a useful life greater than 15 years. Equipment improvement projects with costs in excess of $10,000 for boom trucks, $15,000 for tower and rough terrain cranes and $20,000 for crawler cranes that extend the useful lives or enhance a crane’s capabilities are capitalized in the period they are incurred and depreciated using the straight-line method over an estimated useful life of 7 years. Individual rental equipment items purchased with costs in excess of $5,000 are also capitalized and are depreciated over the useful lives of the respective item purchased. During the years ended December 31, 2014 and 2013, the Company capitalized rental equipment maintenance expenditures of approximately $1.2 million and $0.7 million, respectively. | ||||||||
Gains and losses on retirements and disposals of rental equipment are included in income from operations. Ordinary repair and maintenance costs are included in cost of revenues in the consolidated statements of operations. | ||||||||
Property and Equipment | ||||||||
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets’ estimated useful lives, which are as follows: | ||||||||
Buildings | 30 years | |||||||
Building improvements | 10 years | |||||||
Office equipment | 3 to 7 years | |||||||
Automobiles, trucks, trailers and yard equipment | 4 to 5 years | |||||||
Information systems equipment and software | 3 years | |||||||
Machinery, furniture and fixtures | 4 to 7 years | |||||||
Expenditures for betterments and renewals in excess of $5,000 that extend the useful lives or enhance the assets’ capabilities are capitalized and are depreciated on the straight-line basis over the remaining lives of the assets. Gains and losses on retirements and disposals of property and equipment are included in the consolidated statements of operations. The Company capitalized property, plant and equipment expenditures, excluding capitalized software costs, of approximately $0.4 million and $1.2 million during the years ended December 31, 2014 and 2013, respectively. | ||||||||
External costs incurred by the Company to develop computer software for internal use are capitalized in accordance with applicable accounting guidance. The Company capitalized approximately $0.1 million and $29,000 for the years ended December 31, 2014 and 2013, respectively. Capitalized software development costs include software license fees, consulting fees and certain internal payroll costs and are amortized on a straight-line basis over their useful lives. | ||||||||
Loan Acquisition Costs | ||||||||
Loan acquisition costs include underwriting, legal and other direct costs incurred in connection with the issuance of the Company’s debt. These costs are capitalized and amortized using the effective interest method, or using the straight-line method when not materially different that the effective interest method, and are included in interest expense in the consolidated statements of operations. | ||||||||
Goodwill and Other Intangible Assets | ||||||||
The Company used the purchase method of accounting for its acquisition of Coast Crane’s assets. The acquisition resulted in an allocation of purchase price to goodwill and other intangible assets. The cost of the Coast Acquisition was first allocated to identifiable assets based on estimated fair values. The excess of the purchase price over the fair value of identifiable assets acquired in the amount of $1.8 million was recorded as goodwill. | ||||||||
We evaluate goodwill for impairment at the reporting unit level at least annually, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Company has recorded goodwill of $1.8 million, which is assigned to its Coast Crane equipment rentals, equipment distribution and parts and service reporting units. | ||||||||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units and determination of the fair value of the reporting units. The fair value of the reporting unit is estimated using the income approach, specifically the present value technique using future cash flows, and is compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, then the implied fair value of goodwill must be estimated and compared to its carrying value to measure the amount of impairment , if any. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. | ||||||||
The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for our reporting unit with goodwill. | ||||||||
The results of our quantitative goodwill impairment tests for the most recent year ended December 31, 2014 indicated that the fair value of our reporting unit with goodwill exceeded its carrying value and no impairment of goodwill was recorded. Similarly, there was no impairment of goodwill recorded for the years ended December 31, 2013 and 2012. | ||||||||
Identifiable finite lived intangible assets consist of customer relationships and trademarks obtained in the acquisition of Essex Crane's and Coast Crane’s assets. The customer relationship intangible and trademark assets are both being amortized on a straight-line basis over their estimated useful lives of 7 years and 5 years, respectively. | ||||||||
Long-lived Assets - Held for Use | ||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The criteria for determining impairment for such long-lived assets to be held and used is determined by comparing the carrying value of these long-lived assets to be held and used to management's best estimate of future undiscounted cash flows expected to result from the use of these assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The estimated fair value of the assets is measured by estimating the present value of the future discounted cash flows to be generated. | ||||||||
During the year ended December 31, 2014 and as a result of continuing losses and depressed utilization rates, the Company determined that a triggering event had occurred at Essex Crane during each of its fiscal quarters, which caused the Company to determine if an impairment of these long-lived assets to be held and used was necessary. | ||||||||
Application of the long-lived asset to be held and used impairment test requires judgment, including the identification of the primary asset, identification of the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities and the future cash flows of the long-lived assets to be held and used. The Company identified its crawler crane rental equipment fleet as the primary asset as it is the basis of all revenue generating activities for Essex Crane, its replacement would require a significant level of investment and its remaining useful life significantly exceeds the remaining useful life of all other assets. The lowest level of identifiable cash flows within the rental equipment fleet is at the equipment model level. Each equipment model group is capable of producing cash flows without other complementary assets and each asset within the specific equipment model groups is interchangeable with any other asset within that equipment model group. The Company tested the recoverability of the rental equipment assets to be held and used by model using an undiscounted cash flow approach dependent primarily upon estimates of future rental income, orderly liquidation value and discount rates. Cash flows for each equipment model group considered the possibility of continuing to rent the assets and selling the assets in orderly transactions in the future or at the end of their remaining useful lives. The Company estimated that the future cash flows generated by each of the equipment model groups exceeded the carrying value of the assets and no impairment was recorded for assets to be held and used as of December 31, 2014. | ||||||||
The Company also assessed whether a triggering event for potential impairment of its Coast Crane equipment assets existed, and it was determined that no such event occurred for these assets during the year ended December 31, 2014. | ||||||||
Long-lived Assets - Held for Sale | ||||||||
During the year ended December 31, 2014, the Company agreed to terms to sell certain traditional crawler crane rental equipment assets. Under the agreed upon terms, the rental equipment assets, in their current condition, will be sold in three groups with the first two group sales completed during the year ended December 31, 2014 and the remaining group sale to be completed during the three months ended March 31, 2015. As a result of the agreed upon sales terms, the Company has determined that these long-lived rental equipment assets shall be classified as held for sale. The held for sale assets are classified within the Company's Essex Crane equipment rentals segment. | ||||||||
As a result of the held for sale classification, the Company performed an impairment analysis of the long-lived rental equipment assets held for sale during the three months ended September 30, 2014. Application of the long-lived asset held for sale impairment test requires comparing the carrying value of the the asset to its fair value less cost to sell. The Company determined that the fair value of the assets was equal to the agreed upon sales price. The carrying value of the assets exceeded the fair value of the assets less cost to sell resulting in the Company recording an impairment charge of approximately $0.8 million during the year ended December 31, 2014. | ||||||||
Derivative Financial Instruments and Hedging Activities | ||||||||
The Company uses derivative financial instruments for the purpose of hedging the risks associated with interest rate fluctuations on its revolving credit facilities with the objective of either capping the interest rate on a targeted amount of its floating rate debt or converting a targeted amount of its floating rate date to a fixed rate. The Company has not entered into derivative transactions for speculative purposes, and therefore holds no derivative instruments for trading purposes. | ||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. All derivative instruments are carried at fair value on the consolidated balance sheets in accordance with applicable accounting guidance. | ||||||||
The Company entered into an interest rate cap with a notional amount of $40.0 million during the year ended December 31, 2014. The Company elected to forgo hedge accounting treatment and, as a result, the derivative financial instrument has been recorded at fair value in the accompanying consolidated balance sheets in assets with changes in the underlying fair value reported as a component of interest expense in the Company’s consolidated statements of operations. | ||||||||
Income Taxes | ||||||||
The Company uses an asset and liability approach, as required by the applicable accounting guidance, for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are computed using tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be realized. The effect on net deferred tax assets and liabilities resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. | ||||||||
Management makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of the deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period. | ||||||||
Management assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company will increase its provision for income taxes by recording a valuation allowance against the deferred tax assets that are not more likely than not to be realized. The Company follows the applicable guidance related to the accounting for uncertainty in income taxes. | ||||||||
Stock Based Compensation | ||||||||
Stock based compensation is accounted for in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which results in compensation expense being recorded over the requisite service or vesting period based on the fair value of the share based compensation at the date of grant. | ||||||||
Foreign Currency Translation | ||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian dollar. Assets and liabilities of the foreign subsidiary are translated into U.S. dollars at year-end exchange rates, and revenue and expenses are translated at average rates prevailing during the year. Gains or losses from these translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. | ||||||||
Recently Issued and Adopted Accounting Pronouncements | ||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for reporting discontinued operations and disposals of components of an entity. The guidance raises the threshold for a disposal to qualify as a discontinued operation by requiring that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale be reported as such. The amendments also expand the disclosure requirements regarding the assets, liabilities, revenues and expenses of discontinued operations and add new disclosure requirements for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years beginning after December 15, 2014, and interim reporting periods within those years (early adoption is permitted only for disposals that have not been previously reported). Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial results. | ||||||||
In May 2014, FASB issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. | ||||||||
Liquidity | ||||||||
The Company has typically had substantial liquidity from its operating cash flows despite the significant downturn in the construction industry and recurring losses in recent years. The Company anticipates its current cash resources, availability under its revolving credit facilities, and cash to be generated from operations in 2015 will be adequate to meet the Company's liquidity needs for at least the next twelve months. As discussed further in Note 7 of these Consolidated Financial Statements, the Company is obligated to make principal payments on outstanding debt totaling approximately $3.7 million during 2015. As of December 31, 2014, availability under the Essex Crane borrowing base calculation was approximately $2.7 million and availability under the Coast Crane borrowing base calculation was approximately $3.3 million. If cash generated from operations is not materially consistent with management’s plans, the Company may not generate sufficient cash flow from operations or from other sources to enable it to repay its indebtedness and to fund its other liquidity needs. The Company may not be able to refinance its indebtedness on commercially reasonable terms, or at all. If we cannot service or refinance our indebtedness, we may have to take actions such as asset divestitures, seeking additional equity or reducing or delaying capital expenditures, any of which could have an adverse effect on our operations. Additionally, we may not be able to effect such actions, if necessary, on commercially reasonable terms, or at all. | ||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Essex Crane was in technical default under the Essex Crane Revolving Credit Facility. Such default was waived as of March 19, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||||||||
The Essex Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box. As a result, the Essex Crane Revolving Credit Facility is classified as a short-term obligation within the Company's Consolidated Balance Sheets. | ||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Coast Crane was in technical default under the Coast Crane Revolving Credit Facility. Such default was waived as of March 20, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||||||||
The Coast Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box for Coast Crane and a springing lock-box for Coast Crane Ltd. As a result, the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, is classified as a short-term obligation within the Company's Consolidated Balance Sheets. The Coast Crane Ltd. borrowings under the Coast Crane Revolving Credit facility are classified as long-term obligations within the Company's Consolidated Balance Sheets. | ||||||||
Although the balances outstanding on the Essex Crane Revolving Credit Facility and Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, are classified as short-term obligations within the Company's Consolidated Balance Sheets, we expect that we will be able to continue to use the facilities on a long-term basis to fund operations absent any material adverse changes at the Company. A material adverse change would permit the lenders under the Essex Crane and Coast Crane revolving credit facilities to exercise their rights under the respective subjective acceleration clauses and declare all outstanding debt under the revolving credit facilities due and payable. If we cannot refinance our indebtedness upon the exercise of the subjective acceleration clauses, we may have to take actions such as asset divestitures, seeking additional equity financing or reducing or delaying capital expenditures, which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect any such action, if necessary, on commercially reasonable terms, or at all. |
Restatement_Notes
Restatement (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Changes and Error Corrections [Text Block] | Restatement | ||||||||||||||||
On March 17, 2015, the Company concluded that certain of the Company's previously issued Consolidated Financial Statements should not be relied upon due to errors relating to the Company's classification of its revolving credit facilities and errors related to segment reporting. Management concluded that (i) reclassification of certain of the obligations under the revolving credit facilities as short term obligations is appropriate under relevant accounting guidance that provides for such classification when a credit facility includes a subjective acceleration clause and a traditional lock-box arrangement and (ii) the equipment rental operating segment of the Company's two operating subsidiaries, Essex Crane and Coast Crane, should not be aggregated, but reported as separate segments, under applicable accounting guidance that provides for segment reporting when two operating segments do not share similar economic characteristics based on certain quantitative measures. The restatement of the certain prior period information included in the Consolidated Financial Statements included in this report does not have any impact on the net cash flows, cash balances, revenues, net income or earnings per share of the Company, as previously reported. | |||||||||||||||||
The Company has restated its Consolidated Balance Sheets as of December 31, 2013. In addition, Note 8 and Note 16 to the Consolidated Financial Statements have been restated to reflect the correction of these errors. | |||||||||||||||||
The effects of the restatement of certain revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of December 31, 2013 are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 163,114 | $ | 163,114 | |||||||||||
Total Current Liabilities | 18,206 | 163,114 | 181,319 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 165,482 | (163,114 | ) | 2,368 | |||||||||||||
Total Long-term Liabilities | $ | 248,481 | $ | (163,114 | ) | $ | 85,367 | ||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 16 for the year ended December 31, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 64,945 | $ | (64,945 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 33,941 | 33,941 | ||||||||||||||
Coast Crane equipment rentals | — | 31,004 | 31,004 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 15,816 | (15,816 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 4,787 | 4,787 | ||||||||||||||
Coast Crane equipment rentals | — | 11,029 | 11,029 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 16 for the year ended December 31, 2012 are as follows (amounts in thousands): | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 71,231 | $ | (71,231 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 35,415 | 35,415 | ||||||||||||||
Coast Crane equipment rentals | — | 35,816 | 35,816 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 14,922 | (14,922 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 4,902 | 4,902 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 10,020 | $ | 10,020 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 16 as of December 31, 2013 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 307,371 | $ | (307,371 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 225,501 | — | 225,501 | |||||||||||||
Coast Crane equipment rentals | — | 81,870 | 1,237 | 83,107 | |||||||||||||
Equipment distribution | 5,150 | — | (740 | ) | 4,410 | ||||||||||||
Parts and service | $ | 5,262 | $ | — | $ | (497 | ) | $ | 4,765 | ||||||||
Rental_Equipment
Rental Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Rental Equipment | Property and Equipment | |||||||
Property and equipment consists of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,850 | $ | 1,850 | ||||
Buildings and improvements | 2,154 | 2,116 | ||||||
Automobiles, trucks, trailers and yard equipment | 3,624 | 3,459 | ||||||
Information Systems equipment and software | 2,642 | 2,530 | ||||||
Office equipment | 173 | 160 | ||||||
Construction in progress | 306 | 636 | ||||||
Total property and equipment | 10,749 | 10,751 | ||||||
Less: accumulated depreciation | (6,136 | ) | (5,546 | ) | ||||
Property and equipment, net | $ | 4,613 | $ | 5,205 | ||||
The amount of costs incurred and capitalized for projects not yet completed was $0.3 million and $0.6 million at December 31, 2014 and 2013, respectively. The Company’s depreciation expense related to property and equipment was $0.8 million, $0.9 million and $1.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Depreciation expense for property and equipment related to automobiles, trucks, trailers, yard equipment and machinery has been included in cost of revenues in the accompanying consolidated statements of operations as it is directly related to revenue generation while the remaining categories are included in other operating expenses. | ||||||||
Property Subject to Operating Lease [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Rental Equipment | Rental Equipment | |||||||
Rental equipment consists of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Rental equipment | $ | 357,720 | $ | 362,416 | ||||
Less: accumulated depreciation | (87,255 | ) | (74,556 | ) | ||||
Rental equipment, net | $ | 270,465 | $ | 287,860 | ||||
Depreciation expense related to rental equipment was $18.1 million, $18.4 million and $19.5 million for the years ended December 31, 2014, 2013 and 2012, respectively and is included in cost of revenues in the accompanying consolidated statements of operations. | ||||||||
Rental periods on rental equipment commonly extend beyond the minimum rental period required by each respective rental agreement due to construction delays, project scope increases or other project related issues. Future contractual minimum rental revenues as required by executed rental agreements as of December 31, 2014 are as follows (amounts in thousands): | ||||||||
2015 | $ | 12,318 | ||||||
2016 | 870 | |||||||
2017 | 78 | |||||||
Total minimum rental revenue | $ | 13,266 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment consists of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,850 | $ | 1,850 | ||||
Buildings and improvements | 2,154 | 2,116 | ||||||
Automobiles, trucks, trailers and yard equipment | 3,624 | 3,459 | ||||||
Information Systems equipment and software | 2,642 | 2,530 | ||||||
Office equipment | 173 | 160 | ||||||
Construction in progress | 306 | 636 | ||||||
Total property and equipment | 10,749 | 10,751 | ||||||
Less: accumulated depreciation | (6,136 | ) | (5,546 | ) | ||||
Property and equipment, net | $ | 4,613 | $ | 5,205 | ||||
The amount of costs incurred and capitalized for projects not yet completed was $0.3 million and $0.6 million at December 31, 2014 and 2013, respectively. The Company’s depreciation expense related to property and equipment was $0.8 million, $0.9 million and $1.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Depreciation expense for property and equipment related to automobiles, trucks, trailers, yard equipment and machinery has been included in cost of revenues in the accompanying consolidated statements of operations as it is directly related to revenue generation while the remaining categories are included in other operating expenses. |
Loan_Acquisition_Costs
Loan Acquisition Costs | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Loan Acquisition Costs | Loan Acquisition Costs | |||||||
The Company capitalized $1.4 million of loan acquisition costs related to the amendments of the Essex Crane and Coast Crane Revolving Credit Facilities during the year ended December 31, 2014. The 2014 loan acquisition costs are being amortized over the remaining terms of the respective credit facilities. Approximately $0.3 million of unamortized loan acquisition costs related to the Essex Crane Revolving Credit Facility were charged to interest expense during the year ended December 31, 2014 due to a reduction in the borrowing capacity of the amended revolving credit facility. | ||||||||
The Company capitalized $6.8 million of loan acquisition costs related to the amendment of the Essex Crane and Coast Crane Revolving Credit Facilities during the year ended December 31, 2013. The 2013 loan acquisition costs are being amortized over the remaining term of the Essex Crane and Coast Crane Revolving Credit Facilities. Approximately $0.1 million of unamortized loan acquisition costs related to the Essex Crane Revolving Credit Facility were charged to interest expense during the year ended December 31, 2013 as the lenders related to these acquisition costs did not participate in the amended revolving credit facility. | ||||||||
Loan acquisition costs consist of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Gross carrying amount | $ | 11,768 | $ | 10,626 | ||||
Less: accumulated amortization | (6,636 | ) | (4,531 | ) | ||||
Loan acquisition costs, net | $ | 5,132 | $ | 6,095 | ||||
The Company’s loan acquisition costs amortized to interest expense for the years ended December 31, 2014, 2013 and 2012 were $2.4 million, $1.9 million and $0.9 million, respectively. | ||||||||
Estimated future amortization expense related to loan acquisitions costs at December 31, 2014 are as follows for the years ending December 31 (amounts in thousands): | ||||||||
2015 | $ | 2,384 | ||||||
2016 | 2,184 | |||||||
2017 | 260 | |||||||
2018 | 218 | |||||||
2019 | 86 | |||||||
Total | $ | 5,132 | ||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Intangible Assets | Intangible Assets | |||||
Goodwill of $1.8 million was recorded associated with the acquisition of Coast Crane’s assets on November 24, 2010 for the excess of the total consideration transferred over the fair value of identifiable assets acquired, net of liabilities assumed. | ||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets (amounts in thousands): | ||||||
31-Dec-14 | 31-Dec-13 | |||||
Essex Crane customer relationship | 784 | 784 | ||||
Essex Crane trademark | 804 | 804 | ||||
Coast Crane customer relationship | 1,500 | 1,500 | ||||
Coast Crane trademark | 600 | 600 | ||||
Total intangible assets | 3,688 | 3,688 | ||||
Less: accumulated amortization | (2,953 | ) | (2,619 | ) | ||
Intangible assets, net | 735 | 1,069 | ||||
The Company’s amortization expense associated with other intangible assets was $0.3 million, $0.3 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
The following table presents the estimated future amortization expense related to intangible assets as of December 31, 2014 (amounts in thousands): | ||||||
2015 | $ | 324 | ||||
2016 | 214 | |||||
2017 | 197 | |||||
Total | $ | 735 | ||||
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Other Debt Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Revolving Credit Facilities and Other Debt Obligations | Revolving Credit Facilities and Other Debt Obligations | |||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | ||||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | Date Ranges | |||||||||
(Restated) | ||||||||||||
Essex Crane revolving credit facility - short-term | $ | 118,611 | $ | 148,149 | 3.91% | Oct-16 | ||||||
Coast Crane revolving credit facility - short-term | 24,098 | 14,965 | 5.30% | Mar-17 | ||||||||
Coast Crane revolving credit facility - long-term | 1,781 | 2,368 | 5.37% | Mar-17 | ||||||||
Essex Crane term loan | 30,000 | — | 11.50% | May-19 | ||||||||
Coast Crane term loan | 34,500 | 36,500 | 5.25% | March 2016 - | ||||||||
Mar-17 | ||||||||||||
Coast Crane term loan - short-term | 2,000 | 2,000 | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) | 1,655 | 3,655 | 18.00% | Oct-16 | ||||||||
Purchase money security interest debt | 6,652 | 1,975 | 5.33% | January 2016 - November 2019 | ||||||||
Purchase money security interest debt - short-term | 1,655 | 959 | 5.33% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 220,952 | $ | 210,571 | ||||||||
Aggregate payments of principal on debt obligations outstanding at December 31, 2014 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows (amounts in thousands): | ||||||||||||
2015 | $ | 146,364 | ||||||||||
2016 | 4,882 | |||||||||||
2017 | 35,785 | |||||||||||
2018 | 1,417 | |||||||||||
2019 | 32,504 | |||||||||||
Total | $ | 220,952 | ||||||||||
Essex Crane Revolving Credit Facility | ||||||||||||
On May 13, 2014, Essex Crane entered into the Fourth Amended and Restated Credit Agreement (the “Essex Crane Revolving Credit Facility”). The credit facility provides for a revolving loan in the amount of $145.0 million, with a $20.0 million aggregate sublimit for letters of credit, and a $30.0 million term loan. Essex Crane may borrow on the revolving loan an amount equal to the sum of 85% of eligible net receivables and 75% of the net orderly liquidation value of eligible rental equipment. The aggregate commitment will be reduced by: (i) on an individual transaction basis, 100% of the net cash proceeds from the sales of certain assets and (ii) on an annual basis, 60% of free cash flow, other than net cash proceeds from certain asset sales, as defined within the credit agreement. The maximum commitment under the Essex Crane Revolving Credit Facility may not exceed $130.0 million beginning on February 28, 2016. The revolving loan and term loan mature on October 31, 2016 and May 13, 2019, respectively. The Essex Crane Revolving Credit Facility is collateralized by a first priority security interest in substantially all of Essex Crane’s assets. | ||||||||||||
Under the terms of the Essex Crane Revolving Credit Facility, borrowings on the revolving loan accrue interest at the borrower’s option of either (a) the bank’s prime rate plus the applicable prime rate margin of 1.75% or (b) a Euro-dollar rate based on the rate the bank offers deposits of U.S. Dollars in the London interbank market (“LIBOR”) plus the applicable LIBOR margin of 3.75%. Borrowings on the term loan accrue interest at LIBOR plus the applicable LIBOR term loan margin of 10.50% with a LIBOR floor of 1.00%. Essex Crane is also required to pay a monthly commitment fee with respect to the undrawn commitments under the Essex Crane Revolving Credit Facility of 0.375%. | ||||||||||||
The Essex Crane Revolving Credit Facility requires Essex Crane to maintain a trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00. Additionally, Essex Crane must generate net cash proceeds, through the sale of certain assets, of not less than $8.0 million by March 31, 2016 with not less than $3.0 million of net cash proceeds generated by March 31, 2015. The Essex Crane Revolving Credit Facility also provides for an annual limit on certain capital expenditures of $2.0 million and limits the ability of Essex Crane to make distributions to affiliates. Essex Crane is permitted to incur certain additional indebtedness, including secured purchase money indebtedness, of up to $1.5 million outstanding at any time, subject to certain provisions set forth in the Essex Crane Revolving Credit Facility. | ||||||||||||
On October 30, 2014, Essex Crane entered into a First Amendment to the Fourth Amended and Restated Credit Agreement to modify the calculation of the fixed charge coverage ratio to allow for the exclusion of severance expenses. Additionally, the amendment reduced the required fixed charge coverage ratio for September 2014 to not less than 1.08 to 1.00 and to waive an event of default that occurred as a result of the fixed charge coverage ratio falling below the required ratio of 1.10 to 1.00 in August 2014. All other terms of the May 13, 2014 Essex Crane Revolving Credit facility remained in effect following such amendment. | ||||||||||||
The maximum amount that could be borrowed under the revolving loan portion of the Essex Crane Revolving Credit Facility, net of letters of credit, interest rate swaps and other reserves was approximately $135.3 million and $170.1 million as of December 31, 2014 and 2013, respectively. Essex Crane’s available borrowing under its revolving credit facility was approximately $16.6 million and $21.9 million as of December 31, 2014 and 2013, respectively. After consideration of the 10% availability threshold covenant, the Company had available borrowings under its revolving credit facility of approximately $2.7 million and $4.4 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, there was $1.5 million and $9.3 million, respectively, of available formulated collateral in excess of the maximum borrowing amounts of approximately $135.3 million and $170.1 million, respectively. As of December 31, 2014 and 2013, the outstanding balance on the term loan portion of the Essex Crane Revolving Credit Facility was $30.0 million and zero, respectively. | ||||||||||||
As of December 31, 2014, the applicable prime rate, LIBOR rate and undrawn commitment fee on the revolving loan were 3.25%, 0.16% and 0.375%, respectively. As of December 31, 2013, the applicable prime rate, LIBOR rate and undrawn commitment fee on the revolving loan were 3.25%, 0.15% and 0.375%, respectively. As of December 31, 2014, the LIBOR rate on the term loan was 0.15% with a LIBOR floor of 1.00%. | ||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Essex Crane was in technical default under the Essex Crane Revolving Credit Facility. Such default was waived as of March 19, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||||||||||||
The Essex Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box. As a result, the Essex Crane Revolving Credit Facility is classified as a short-term obligation within the Company's Consolidated Balance Sheets. | ||||||||||||
Coast Crane Revolving Credit Facility | ||||||||||||
On March 12, 2013, Coast Crane entered into the Second Amended and Restated Credit Agreement (the "Coast Crane Revolving Credit Facility) to extend the maturity date to March 12, 2017. The amendment also provides for a $40.0 million term loan and reduces the aggregate maximum principal amount of the revolving loan and letter of credit facility by a corresponding amount to $35.0 million. In addition, the amendment provides for scheduled quarterly term loan payments to reduce the term loan principal outstanding by $0.5 million beginning on June 30, 2013. The amounts borrowed under the term loan which are repaid or prepaid may not be reborrowed. | ||||||||||||
The Coast Crane Revolving Credit Facility provides certain limitations on net capital expenditures and a $3.7 million "first amendment reserve" (as defined in the Coast Crane Revolving Credit Facility) as well as a fixed charge coverage ratio requirement of not less than 1.20 to 1.00. The agreement also limits the amount of certain additional indebtedness, including secured purchase money indebtedness, that Coast Crane can incur to $7.0 million for the year ended December 31, 2013 and $10.0 million thereafter. | ||||||||||||
Coast Crane’s ability to borrow under the Coast Crane Revolving Credit Facility is subject to, among other things, a borrowing base calculated based on the sum of (a) 85% of eligible accounts, (b) the lesser of 50% of eligible spare parts inventory and $5.0 million, (c) the lesser of 95% of the lesser of (x) the net orderly liquidation value and (y) the invoice cost, of eligible new equipment inventory and $15.0 million and (d) 85% of the net orderly liquidation value of eligible other equipment, less reserves established by the lenders and the liquidity reserve. | ||||||||||||
On February 21, 2014, Coast Crane and Coast Crane Ltd. entered into a First Amendment to the Second Amended and Restated Credit Agreement to amend the mandatory prepayment provision to exclude proceeds received from permitted equipment asset sales and to waive an event of default that occurred as a result of permitted equipment asset sales and the failure to apply proceeds to the term loan under the Coast Crane Credit Agreement. In addition, the First Amendment amends the borrowing base calculation as it relates to new equipment inventory, and creates a progressive new equipment inventory cap based on a leverage ratio. | ||||||||||||
Under the terms of the February 21, 2014 amendment, Coast Crane and Coast Crane Ltd. may borrow, repay and reborrow under the Coast Crane Facility. Coast Crane’s ability to borrow under the Coast Crane Facility is subject to, among other things, a borrowing base which is calculated as the sum of (a) 85% of eligible Coast Crane accounts, (b) the lesser of 50% of eligible Coast Crane inventory and $5.0 million, (c) the lesser of (i) 95% of the lesser of (x) the Net Orderly Liquidation Value and (y) the invoice cost, of U.S. Eligible New Sale Equipment Inventory and (ii) the U.S. Eligible New Sale Equipment Inventory Cap (as hereinafter defined) and (d) 85% of the net orderly liquidation value of eligible other equipment, less reserves established by the lenders and the liquidity reserve. Coast Crane Ltd.’s ability to borrow under the Coast Crane Facility is subject to among other things, a borrowing base which is calculated as the sum of (a) 85% of eligible Coast Crane Ltd. accounts, (b) the lesser of 50% of eligible Coast Crane Ltd. inventory and $0.8 million, (c) the lesser of (i) 95% of the lesser of (x) the net orderly liquidation value and (y) the invoice cost, of eligible new Coast Crane Ltd. equipment and (ii) $2.0 million and (d) 85% of the net orderly liquidation value of eligible other Coast Crane Ltd. equipment, less reserves established by the lenders and the liquidity reserve. | ||||||||||||
The U.S. Eligible New Sale Equipment Inventory Cap shall mean the U.S. Eligible New Sale Equipment Inventory Cap in effect from time to time determined based upon the applicable leverage ratio then in effect. The U.S. Eligible New Sale Equipment Inventory Cap is adjusted from $4.0 million to $15.0 million based on the applicable leverage ratio then in effect and also based on the amount of U.S. Eligible New Sale Equipment Inventory that is under a written agreement to be sold to a customer. | ||||||||||||
On April 29, 2014, Coast Crane entered into a Second Amendment (the “Second Amendment”) to the Second Amended and Restated Credit Agreement. The purpose of the Second Amendment is to adjust the minimum fixed charge coverage ratio requirement to 0.88 to 1.00, 1.00 to 1.00 and 1.10 to 1.00 from 1.20 to 1.00, for the trailing twelve month periods ended April 30, 2014, May 31, 2014 and June 30, 2014, respectively. The minimum required fixed charge coverage ratio for the trailing twelve month periods ending July 31, 2014 and thereafter will remain 1.20 to 1.00. In addition, the Second Amendment waives any event of default arising from Coast Crane’s breach of the minimum 1.20 to 1.00 fixed charge coverage ratio requirement for the trailing twelve month period ended March 31, 2014, so long as the fixed charge coverage ratio for such period is at least equal to 1.00 to 1.00. Further, under the amendment, Coast Crane is required to achieve a minimum trailing twelve month EBITDA threshold as of the last day of the month of $7.7 million for March 2014 through August 2014; $7.9 million for September 2014 through November 2014; $8.0 million for December 2014 through February 2015; $8.2 million for March 2015 through May 2015; and $8.3 million for June, 2015 and thereafter. All other terms of the February 21, 2014 amendment and restatement remained in effect following such amendment. | ||||||||||||
Interest accrues on Coast Crane's outstanding revolving loans and term loan under the revolving credit facility at either a per annum rate equal to (a) LIBOR plus 3.75%, with a 1.50% LIBOR floor or (b) the Base rate plus 2.75%, at Coast Crane’s election. Coast Crane will be obligated to pay a letter of credit fee on the outstanding letter of credit accommodations based on a per annum rate of 3.75%. Interest on the revolving loans and fees on the letter of credit accommodations is payable monthly in arrears. Coast Crane is also obligated to pay an unused line fee on the amount by which the maximum credit under the Coast Crane Revolving Credit Facility exceeds the aggregate amount of revolving loans and letter of credit accommodations based on a per annum rate of 0.50%. At December 31, 2014, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.25%, 3.25% and 0.50%, respectively. At December 31, 2013, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.24%, 3.25% and 0.50%, respectively. | ||||||||||||
The maximum amount that could be borrowed under the revolving loans under the Coast Crane Revolving Credit Facility was approximately $35.0 million and $34.4 million as of December 31, 2014 and December 31, 2013, respectively. Coast Crane’s available borrowing under the Coast Crane Revolving Credit Facility was approximately $3.3 million and $8.2 million, respectively, after certain lender reserves of $5.8 million and $8.9 million as of December 31, 2014 and December 31, 2013, respectively. Although the Coast Crane Revolving Credit Facility limits Coast Crane’s and Coast Crane Ltd.’s ability to incur additional indebtedness, Coast Crane and Coast Crane Ltd. are permitted to incur certain additional indebtedness, including secured purchase money indebtedness, subject to certain conditions set forth in the Coast Crane Revolving Credit Facility. | ||||||||||||
As of December 31, 2014 and December 31, 2013, the outstanding balance on the term loan portion of the Coast Crane Revolving Credit Facility was $36.5 million and $38.5 million, respectively. At December 31, 2014 and December 31, 2013, $2.0 million of the outstanding balance is classified as a current liability as a result of the scheduled quarterly term loan payments of $0.5 million that began on June 30, 2013. | ||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Coast Crane was in technical default under the Coast Crane Revolving Credit Facility. Such default was waived as of March 20, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||||||||||||
The Coast Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box for Coast Crane and a springing lock-box for Coast Crane Ltd. As a result, the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, is classified as a short-term obligation within the Company's Consolidated Balance Sheets. The Coast Crane Ltd. borrowings under the Coast Crane Revolving Credit facility are classified as long-term obligations within the Company's Consolidated Balance Sheets. | ||||||||||||
Unsecured Promissory Notes | ||||||||||||
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness for one or more promissory notes issued by the Company in the aggregate principal amount of $5.2 million. As additional consideration under the agreement, the Company agreed to issue 90,000 warrants to the holders of such indebtedness entitling the holder thereof to purchase up to 90,000 shares of Essex Rental common stock at an exercise price of $0.01 per share, and to reimburse such holders for certain legal fees incurred in connection with the transaction. The warrants were exercised in full on October 24, 2013. | ||||||||||||
In accordance with accounting guidance related to debt issued with conversion or other options, the fair value of the detachable warrants of $0.3 million was recorded as a discount to the principal balance outstanding with an offset to additional paid-in capital on the consolidated statements of stockholders’ equity and was amortized on a straight-line basis over the three year life of the notes as additional interest expense on the consolidated statement of operations, which is not materially different than the effective interest method. As of December 31, 2014 and 2013, the discount related to the fair value of the detachable warrants was fully amortized. | ||||||||||||
On December 31, 2013, the unsecured promissory notes were amended and restated to extend the maturity date to the earlier of October 31, 2016 or the consummation of any Essex Crane Revolving Credit Facility refinancing to the extent that the terms and conditions of the refinancing permit the Company to use the proceeds from refinancing for the repayment of the outstanding principal balance on the unsecured promissory notes. In addition, beginning on January 1, 2014, interest accrues on the outstanding promissory notes at a per annum rate of 18.00% and is payable in arrears. | ||||||||||||
During the years ended December 31, 2014 and 2013, the Company made principal payments totaling $2.0 million and $1.6 million, respectively, to reduce the outstanding balance of the unsecured promissory notes. As of December 31, 2014 and 2013, the outstanding principal balance on the unsecured promissory notes was approximately $1.7 million and $3.7 million, respectively. | ||||||||||||
Interest accrued on the outstanding promissory notes at a per annum rate of 18.00% and 10.00% at December 31, 2014 and 2013, respectively, and is payable annually in arrears. | ||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, the Company was in technical default under the unsecured promissory notes. Such default was waived as of March 24, 2015 by the lenders under. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||||||||||||
Purchase Money Security Interest Debt | ||||||||||||
As of December 31, 2014, the Company's purchase money security interest debt consisted of the financing of nineteen pieces of equipment. Ten of these debt obligations accrue interest at rates that range from LIBOR plus 3.25% to LIBOR plus 5.38% per annum with interest payable in arrears. Nine of the debt obligations accrue interest at rates that range from 3.59% to 8.29%. The obligations are secured by the equipment purchased and have maturity dates that range from September 2015 to November 2019. As these loans are amortizing, approximately $1.7 million of the total $8.3 million in principal payments is due prior to December 31, 2015 and as such, this amount is classified as a current liability in the accompanying consolidated balance sheets as of December 31, 2014. | ||||||||||||
As of December 31, 2013, the purchase money security interest debt consisted of the financing of eleven pieces of equipment with an outstanding balance of approximately $2.9 million. The interest rates at December 31, 2013 ranged from LIBOR plus 3.25% to LIBOR plus 5.38% for ten of the debt obligations. One of the debt obligations accrued interest at a rate of 8.29% as of December 31, 2013. | ||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, the Company was in technical default under the purchase money security interest debt agreements. Such default was waived as of March 18, 2015 by the lenders. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative and Hedging Activities - Interest Rate Swap Agreement | Derivatives and Hedging Activities – Interest Rate Swap Agreement | |||||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | ||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. During the year ended December 31, 2014, the Company had one interest rate cap outstanding. During the year ended December 31, 2012, the Company had four interest rate swaps outstanding, which involve receipt of variable-rate amounts from counterparties in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amounts. | ||||||||||||||||
Essex Crane Interest Rate Swap | ||||||||||||||||
In November 2008, the Company entered into an interest rate swap agreement with the lead lender of its Essex Crane Revolving Credit Facility to hedge its exposure to interest rate fluctuations. The swap agreement had a notional principal amount of $100.0 million and matured in November 2012. Under the agreement, the Company paid a 2.71% fixed interest rate plus the applicable margin under the revolving credit facility (or a total interest rate of 4.96%). This interest rate swap was designated as a cash flow hedge. | ||||||||||||||||
The swap agreement established a fixed rate of interest for the Company and required the Company or the bank to pay a settlement amount depending upon the difference between the 30 day floating LIBOR rate and the swap fixed rate of 2.71%. The differential to be paid or received under the swap agreement had been accrued and paid as interest rates changed and such amounts were included in interest expense for the respective period. Interest payment dates for the revolving loan were dependent upon the interest rate options selected by the Company. Interest rates on the revolving credit facility were determined based on Wells Fargo’s prime rate or LIBOR rate, plus a margin depending on certain criteria in the agreement. | ||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives was recognized directly in earnings. There was no hedge ineffectiveness recognized during the year ended December 31, 2012. | ||||||||||||||||
For the year ended December 31, 2012, the change in net unrealized loss on the derivative designated as a cash flow hedge reported as a component of other accumulated comprehensive income was an increase of $2.1 million ($1.3 million net of tax). Amounts reported in accumulated other comprehensive income related to derivatives were reclassified to interest expense as interest payments were made on the Company’s variable-rate debt. | ||||||||||||||||
Coast Crane Interest Rate Swaps | ||||||||||||||||
The Company assumed three interest rate swaps in conjunction with the Coast Acquisition. The assumed interest rate swaps each had a notional amount of $7.0 million each and expired on May 18, 2012. Under the agreements, the Company paid fixed interest of 5.62% and received three-month LIBOR. The Company did not contemporaneously document the hedge designation on the date of assumption in order to quality for hedge accounting treatment due to economic reasons and the projected inherent hedge ineffectiveness. The changes in fair values of the assumed swaps for the year ended December 31, 2012 were an unrealized gain of approximately $0.4 million and are reported within interest expense of other income (expenses) in the consolidated statement of operations. | ||||||||||||||||
Coast Crane Interest Rate Cap | ||||||||||||||||
On October 8, 2014, the Company entered into an interest rate cap agreement with one of the lenders of its Coast Crane Revolving Credit Facility to limit its exposure to interest rate fluctuations. The cap agreement has a notional principal amount of $40.0 million and matures June 17, 2016. Under the agreement, the Company's exposure to increases in three-month LIBOR is limited to a maximum three-month LIBOR of 2.50%. The interest rate swap was not designated as a cash flow hedge. The change in fair value for the interest rate cap for the year ended December 31, 2014 was an unrealized loss of approximately $6,000, which is reported within interest expense of other income (expense) in the consolidated statement of operations. | ||||||||||||||||
Essex Rental Corp. Summary | ||||||||||||||||
The weighted average interest rate of the Company’s total debt outstanding, including the impact of the interest rate cap was 5.49% and 4.41% at December 31, 2014 and 2013, respectively. The impact of the interest rate swaps resulted in an increase in interest expense of approximately $2.3 million for the year ended December 31, 2012. | ||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the year ended December 31, 2012 (amounts in thousands). These amounts are presented as accumulated other comprehensive income (loss) (“OCI”). | ||||||||||||||||
Derivatives in Cash Flow | Amount of Gain | Location of Gain | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||
Hedging Relationships | or (Loss) | or (Loss) | or (Loss) | (Loss) Recognized in | (Loss) Recognized | |||||||||||
Recognized in | Reclassified from | Reclassified from | Income on Derivative | in Income on | ||||||||||||
OCI on | Accumulated OCI | Accumulated | (Ineffective Portion | Derivative | ||||||||||||
Derivative | into Income | OCI into Income | and Amount Excluded | (Ineffective Portion | ||||||||||||
(Effective | (Effective Portion) | (Effective | from Effectiveness | and Amount | ||||||||||||
Portion) | Portion) | Testing) | Excluded from | |||||||||||||
Effectiveness | ||||||||||||||||
Testing) | ||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Interest Rate Swap | $ | (219 | ) | Interest expense | $ | (1,876 | ) | Other income / (expense) | $ | — | ||||||
Fair_Value
Fair Value | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value | Fair Value | |
The FASB issued a statement on Fair Value Measurements which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||
• | Level 1 - Observable inputs such as quoted prices in active markets: | |
• | Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |
• | Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |
The fair value of the Company’s total debt obligations was approximately $221.9 million and $212.0 million as of December 31, 2014 and 2013, respectively, calculated using a discounted cash flows approach at a market rate of interest. The inputs used in the calculation are classified within Level 2 of the fair value hierarchy. | ||
The fair values of the Company’s financial instruments, other than debt obligations, including cash and cash equivalents approximate their carrying values. The Company bases its fair values on listed market prices or third party quotes when available. If not available, then the Company bases its estimates on instruments with similar terms and maturities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Reclassifications | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||
Accumulated Other Comprehensive Income Reclassifications | Accumulated Other Comprehensive Income Reclassifications | |||||||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2014 (amounts in thousands): | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | — | $ | 11 | $ | 11 | ||||||
Other comprehensive income before reclassifications | — | 40 | 40 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | — | 40 | 40 | |||||||||
Ending balance | $ | — | $ | 51 | $ | 51 | ||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2013 (amounts in thousands): | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | — | $ | 10 | $ | 10 | ||||||
Other comprehensive income before reclassifications | — | 1 | 1 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | — | 1 | 1 | |||||||||
Ending balance | $ | — | $ | 11 | $ | 11 | ||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2012 (amounts in thousands): | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | (1,260 | ) | $ | (11 | ) | $ | (1,271 | ) | |||
Other comprehensive income (loss) before reclassifications | (135 | ) | 21 | (114 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,395 | — | 1,395 | |||||||||
Net current period other comprehensive income | 1,260 | 21 | 1,281 | |||||||||
Ending balance | $ | — | $ | 10 | $ | 10 | ||||||
The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the year ended December 31, 2012 (amounts in thousands): | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | |||||||||||
Losses on designated cash flow hedge | ||||||||||||
Interest rate swap | $ | (2,293 | ) | Interest Expense | ||||||||
Tax benefit | 898 | Benefit for Income Taxes | ||||||||||
Effect on net loss | $ | (1,395 | ) | Net Loss |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The following tables set forth the computation of basic and diluted earnings per share: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net loss | $ | (11,201 | ) | $ | (9,645 | ) | $ | (12,653 | ) | |||
Weighted average shares outstanding: | ||||||||||||
Basic | 24,806 | 24,660 | 24,545 | |||||||||
Effect of dilutive securities: | ||||||||||||
Warrants | — | — | — | |||||||||
Options | — | — | — | |||||||||
Diluted | 24,806 | 24,660 | 25,545 | |||||||||
Basic earnings (loss) per share | $ | (0.45 | ) | $ | (0.39 | ) | $ | (0.52 | ) | |||
Diluted earnings (loss) per share | $ | (0.45 | ) | $ | (0.39 | ) | $ | (0.52 | ) | |||
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period. Included in the weighted average number of shares outstanding for the years ended December 31, 2014, 2013 and 2012 are 493,671, respectively, weighted average shares of common stock for the effective conversion of the retained interest in Holdings into common stock of the Company. The Retained Interests were converted into common stock on April 17, 2014. Diluted EPS adjusts basic EPS for the effects of Warrants, Units and Options; only in the periods in which such effect is dilutive. | ||||||||||||
As part of the initial public offering in March 2007, the Company issued an Underwriter Purchase Option (“UPO”) to purchase 600,000 Units at an exercise price of $8.80 per unit. Each unit consisted of one share of the Company’s common stock and one warrant. Each warrant entitled the holder to purchase from the Company one share of common stock at an exercise price of $5.00 per share. The UPO expired unexercised on March 4, 2012. | ||||||||||||
The weighted average restricted stock outstanding that could be converted into 33,523, 5,411 and 83,469 common shares for the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average options outstanding that could be converted into zero, 55,235 and zero common shares for the the years ended December 31, 2014, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average warrants outstanding that could be converted into 72,797 and 89,745 common shares for the years ended December 31, 2013 and 2012 were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. | ||||||||||||
As of December 31, 2014 and 2013, there were 1,336,365 and 1,213,879 stock options, respectively, outstanding which are exercisable at weighted average exercise prices of $4.43 and $4.87, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The Company uses an asset and liability approach, as required by the applicable accounting guidance for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are computed using tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be realized. The effect on net deferred tax assets and liabilities resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. | ||||||||||||
The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of the deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to the Company's tax provision in a subsequent period. | ||||||||||||
The Company assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company will increase its provision for income taxes by recording a valuation allowance against the deferred tax assets that are not more likely than not to be realized. | ||||||||||||
The Company follows the applicable accounting guidance related to the accounting for uncertainty in income taxes. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||||
The Company files income tax returns in the United States federal jurisdiction and in most state jurisdictions. The Company is subject to U. S. federal and state income tax examinations for years 2011 through 2014, however net operating loss carry-forwards from years prior to 2011 also remain open to examination as part of any year utilized in the future. Coast Crane Ltd. is subject to Canadian income tax examinations for the years 2008 through 2013. | ||||||||||||
At December 31, 2014, the Company had unused federal net operating loss carry-forwards totaling approximately $148.3 million that begin expiring in 2021. At December 31, 2014, the Company also had unused state net operating loss carry-forwards totaling approximately $77.4 million that expire between 2015 and 2034. The Company had unused federal net operating loss carry-forwards of approximately $143.8 million and unused state net operating loss carry-forwards of approximately $77.3 million at December 31, 2013. | ||||||||||||
Income tax (benefit) expense consists of the following (amounts in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current income taxes: | ||||||||||||
Federal | $ | 22 | $ | 29 | $ | 9 | ||||||
State and local | 63 | 80 | 161 | |||||||||
Foreign | 2 | 54 | (113 | ) | ||||||||
Deferred income taxes: | ||||||||||||
Federal | (5,797 | ) | (3,706 | ) | (6,452 | ) | ||||||
State and local | (1,093 | ) | (1,336 | ) | 595 | |||||||
Foreign | (116 | ) | (185 | ) | 101 | |||||||
Benefit applied to reduce other identifiable intangibles | — | — | 135 | |||||||||
Total income tax (benefit) expense | $ | (6,919 | ) | $ | (5,064 | ) | $ | (5,564 | ) | |||
The Company's current income tax expense for the year ended December 31, 2014 relates primarily to Canadian withholding taxes and Texas audit assessments. The Company's deferred income tax benefit for the year ended December 31, 2014 relates primarily to an increase in net operating loss carry-forwards, reduced by an increase in deferred tax liability for rental equipment and other property and equipment. | ||||||||||||
The Company's current income tax expense for the year ended December 31, 2013 relates primarily to Canadian withholding taxes, New York state audit assessments and Canadian Revenue Agency audit assessments. The Company's deferred income tax benefit for the year ended December 31, 2013 relates primarily to an increase in net operating loss carry-forwards, reduced by an increase in deferred tax liability for rental equipment and other property and equipment. | ||||||||||||
The Company's current income tax expense for the year ended December 31, 2012 relates primarily to current year state income taxes and prior year income tax true-ups. The Company's deferred income tax benefit for the year ended December 31, 2012 relates primarily to an increase in net operating loss carry-forwards, reduced by an increase in deferred tax liability for rental equipment and property and equipment and a change in the estimated state deferred income tax rate resulting from various state law changes and estimated future apportionment by state. | ||||||||||||
The following table provides a reconciliation between the federal statutory tax rate and the Company’s actual effective tax rate (amounts in thousands): | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes | 3.7 | % | 5.5 | % | (2.8 | )% | ||||||
Stock option shortfalls | (0.1 | )% | (4.5 | )% | — | % | ||||||
Foreign tax differential | (0.2 | )% | (0.8 | )% | — | % | ||||||
Canadian withholding taxes | (0.1 | )% | (0.9 | )% | — | % | ||||||
Adjustments to previously recognized deferred tax assets | — | % | — | % | (2.1 | )% | ||||||
Meals, entertainment and other | (0.1 | )% | 0.1 | % | 0.4 | % | ||||||
Effective income tax rate | 38.2 | % | 34.4 | % | 30.5 | % | ||||||
The Company's effective tax rate for the year ended December 31, 2014 was lower than the statutory rate primarily due to the impact of foreign tax differential, stock option shortfalls and Canadian withholding taxes. | ||||||||||||
The Company's effective tax rate for the year ended December 31, 2013 was lower than the statutory rate primarily due to the impact of the stock option shortfall, Canadian withholding taxes and foreign tax differential. | ||||||||||||
The Company's effective tax rate for the year ended December 31, 2012 was lower than the statutory rate primarily due to a change in the estimated state and local tax rates which are expected to apply in future years when the Company's temporary differences are expected to reverse, and adjustments to previously recognized deferred tax assets. The change in the estimated state and local taxes rates is the result of newly enacted state law changes and estimated future apportionment percentages in various states, which are expected to apply in future years when the Company's temporary differences are expected to reverse. | ||||||||||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows (amounts in thousands): | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Federal and state net operating loss carry-forwards | $ | 57,105 | $ | 55,826 | ||||||||
Accrued expenses | 3,299 | 3,416 | ||||||||||
Goodwill and other intangibles | 1,185 | 2,649 | ||||||||||
Stock based compensation | 1,686 | 1,598 | ||||||||||
Accounts receivable | 1,322 | 1,096 | ||||||||||
Tax credits and other | 692 | 597 | ||||||||||
Total deferred tax assets, gross | 65,289 | 65,182 | ||||||||||
Valuation allowance | (838 | ) | (798 | ) | ||||||||
Total deferred tax assets, net | 64,451 | 64,384 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Rental equipment, property and equipment and other | (95,435 | ) | (102,374 | ) | ||||||||
Other deferred tax liabilities | 1 | (1 | ) | |||||||||
Total deferred tax liabilities | (95,434 | ) | (102,375 | ) | ||||||||
Net deferred tax liabilities | $ | (30,983 | ) | $ | (37,991 | ) | ||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Amounts included in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 3,504 | $ | 2,878 | ||||||||
Long-term deferred tax liabilities | (34,487 | ) | (40,869 | ) | ||||||||
Net deferred tax liabilities | $ | (30,983 | ) | $ | (37,991 | ) | ||||||
At December 31, 2014, the Company has federal net operating loss carry-forward totaling approximately $148.3 million that begin expiring on December 31, 2021. The Company recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The Company determined it is more likely than not that it will realize the federal deferred tax assets due to the reversal of federal deferred tax liabilities. The federal deferred tax liabilities significantly exceed the federal deferred tax assets and based on the reversing pattern the Company has concluded that substantially all of the federal deferred tax liabilities are expected to reverse and be a sufficient source of future federal taxable income within the period of time available for existing net operating loss carry-forwards and other federal deferred tax assets. The federal deferred tax liability is of the same character as the differences giving rise to the federal deferred tax assets. Also, if the Company experiences substantial changes in ownership, the net operating loss carry-forwards would be subject to an annual limitation pursuant to Section 382 which may impact the realization of the net operating loss carry-forwards. The Company does not believe that the realization of the prior year net operating loss carry-forwards are impacted by a Section 382 limitation. | ||||||||||||
The Company also has state net operating loss carry-forwards totaling approximately $77.4 million at December 31, 2014. The Company increased its valuation allowance related to state net operating loss carry-forwards by $0.1 million during the year ended December 31, 2014. The state deferred tax liabilities significantly exceed the state deferred tax assets and based on the reversing pattern the Company has concluded that substantially all of the state deferred tax liabilities are expected to reverse within the period of time available to fully utilize all State deferred tax assets except for certain State net operating losses, with shorter expirations. Based on the reversing schedule performed on a state by state basis the Company has concluded that a valuation allowance of $0.8 million is required. These states required a valuation allowance because the net operating loss carry-forward periods range from five to fifteen years and are expected to expire before being utilized, based upon the scheduled reversal of the deferred tax liabilities. The Company has had net operating losses in these states in the past and limited apportionment currently in these states. Finally, the Company is not relying upon tax planning strategies as the Company has not identified any tax planning strategies that are prudent, feasible and available. | ||||||||||||
The following table presents the estimated future net operating loss expiration schedule by date and jurisdiction for each of the subsequent ten years and thereafter as of December 31 (amounts in thousands): | ||||||||||||
Jurisdiction | ||||||||||||
Federal | State | |||||||||||
31-Dec-15 | — | 1,267 | ||||||||||
31-Dec-16 | — | 3,424 | ||||||||||
31-Dec-17 | — | 6,049 | ||||||||||
31-Dec-18 | — | 3,649 | ||||||||||
31-Dec-19 | — | 4,300 | ||||||||||
31-Dec-20 | — | 2,111 | ||||||||||
31-Dec-21 | 2 | 7,909 | ||||||||||
31-Dec-22 | 11,424 | 8,452 | ||||||||||
31-Dec-23 | 14,238 | 5,385 | ||||||||||
31-Dec-24 | 15,496 | 6,555 | ||||||||||
Thereafter | 107,149 | 28,277 | ||||||||||
Total | 148,309 | 77,378 | ||||||||||
The Company also has remaining excess tax goodwill of approximately $3.1 million as of December 31, 2014 associated with the acquisition of Holdings. The excess tax goodwill will be amortized and deducted on the tax return over the remaining three year term. However, the excess tax goodwill is unrecorded for book purposes and cannot be used as a benefit to the income tax provision until the amortization deductions are realized through the reduction of taxable income in future years. The Company had remaining excess tax goodwill of approximately $3.1 million at December 31, 2013. | ||||||||||||
The Company had approximately $0.1 million and $0.1 million of unrecognized tax benefits, net of federal income tax benefit, at December 31, 2014 and 2013, respectively, all of which will impact the Company's effective tax rate if recognized. | ||||||||||||
A reconciliation of the approximate beginning and ending amounts of gross unrecognized tax benefits is as follows (amounts in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 100 | $ | 100 | ||||||||
Increase for changes to tax positions in prior years, net | — | — | ||||||||||
Balance at end of year | $ | 100 | $ | 100 | ||||||||
The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. To the extent interest is not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. The Company had no accrual for interest and penalties for the years ended December 31, 2014, 2013, and 2012 as the Company has significant net operating loss carry-forwards which would be reduced if any payment were due under audit. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Stock Based Compensation | Stock Based Compensation | |||||||||||||||||
The Company may issue up to 1,500,000 shares of common stock pursuant to its 2011 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. The Company may issue up to 1,575,000 shares of common stock pursuant to its 2008 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. Options to purchase shares of common stock are granted at its market price on the grant date and expire at either seven or ten years from issuance. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
The Company calculates stock option compensation expense based on the grant date fair value of the award and recognizes expense on a straight-line basis over the service period of the award. The Company has granted to certain key members of management options to purchase the following shares by grant date during the year ended December 31, 2014: | ||||||||||||||||||
Grant Date | ||||||||||||||||||
June 27, | June 27, | March 13, | ||||||||||||||||
2014 | 2014 | 2014 | ||||||||||||||||
Options granted | 49,814 | 98,024 | 100,000 | |||||||||||||||
Exercise price per share | $ | 2.51 | $ | 2.51 | $ | 3.26 | ||||||||||||
Service period | 3 years | 3 years | 3 years | |||||||||||||||
Option life | 7 years | 10 years | 10 years | |||||||||||||||
The fair values of the stock options granted are estimated at the date of grant using the Black-Scholes option pricing model. The model is sensitive to changes in assumptions which can materially affect the fair value estimate. The Company’s method of estimating the expected volatility for the 2014 option grants was based on the volatility of its own common shares outstanding. The expected dividend yield was estimated based on the Company’s expected dividend rate over the term of the options. The expected term of the options was based on management’s estimate, and the risk-free rate is based on U.S. Treasuries with a term approximating the expected life of the options. | ||||||||||||||||||
The following table presents the assumptions used in the Black-Scholes option pricing model and the resulting option fair values by grant date during the year ended December 31, 2014 (amounts in thousands, except per share data): | ||||||||||||||||||
Grant Date | ||||||||||||||||||
June 27, | June 27, | March 13, | ||||||||||||||||
2014 | 2014 | 2014 | ||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||||||
Risk-free interest rate | 1.45 | % | 1.89 | % | 1.84 | % | ||||||||||||
Expected volatility | 69.94 | % | 69.94 | % | 71.12 | % | ||||||||||||
Expected life of option | 4.5 years | 6 years | 6 years | |||||||||||||||
Grant date fair value per share | $ | 1.4 | $ | 1.58 | $ | 1.88 | ||||||||||||
Grant date fair value | $ | 70 | $ | 155 | $ | 188 | ||||||||||||
On November 11, 2013 and May 31, 2013, the Company entered into separation agreements with its former Chief Executive Officer and former Chief Financial Officer, respectively. In accordance with the terms of the separation agreements, and as permitted under the terms of the applicable option awards, the Company agreed that options awarded to the former executives of the Company on December 18, 2008 and January 14, 2011, to the extent vested, will remain exercisable until the ten year anniversary of the applicable grant date, instead of expiring 90 days following the date employment was terminated, as provided in the option award agreements. The separation agreements resulted in the forfeiture of 403,353 vested options issued under the March 18, 2010 option grant and 32,487 unvested options issued under the January 14, 2011 option grant. | ||||||||||||||||||
The table below summarizes the stock option activity for the years ending December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Common | Weighted | |||||||||||||||||
Shares Subject | Average | |||||||||||||||||
to Options | Exercise Price | |||||||||||||||||
Balance at December 31, 2011 | 1,474,719 | $ | 5.45 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2012 | 1,474,719 | 5.45 | ||||||||||||||||
Granted | 175,000 | 3.73 | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | (435,840 | ) | 6.39 | |||||||||||||||
Balance at December 31, 2013 | 1,213,879 | 4.87 | ||||||||||||||||
Granted | 247,838 | 2.81 | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | (125,352 | ) | 5.45 | |||||||||||||||
Balance at December 31, 2014 | 1,336,365 | $ | 4.43 | |||||||||||||||
The following table summarizes information regarding options outstanding and exercisable at December 31, 2014: | ||||||||||||||||||
Options Outstanding (1) | Options Exercisable (2) | |||||||||||||||||
Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||
Average | Average | Average | Average | |||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||
Term (Years) | Term (Years) | |||||||||||||||||
2008 Options Grant | 516,975 | 3.97 | $ | 4.5 | 516,975 | |||||||||||||
2010 Options Grant | 41,308 | 5.22 | 6.45 | 41,308 | ||||||||||||||
2011 Options Grant | 355,244 | 6.04 | 5.58 | 355,244 | ||||||||||||||
2013 Options Grant | 175,000 | 8.65 | 3.73 | 58,333 | ||||||||||||||
2014 Options Grant | 247,838 | 8.78 | 2.81 | — | ||||||||||||||
1,336,365 | 6.06 | $ | 4.43 | 971,860 | 5.06 | $ | 4.93 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 1,336,365 | 6.06 | $ | 4.43 | ||||||||||||||
-1 | The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2014 is zero calculated using the Company's closing share price of $1.32. | |||||||||||||||||
-2 | The aggregate intrinsic value of options exercisable as of December 31, 2014 is zero calculated using the Company's closing share price of $1.32. | |||||||||||||||||
There were 1,213,879 and 1,474,719 options outstanding at December 31, 2013 and 2012, respectively with weighted average exercise prices of $4.87 and $5.45, respectively. There were 897,629 and 1,030,230 options exercisable at December 31, 2013 and 2012, respectively, with weighted average exercise prices of $4.98 and $5.26, respectively. | ||||||||||||||||||
Restricted Shares of Common Stock | ||||||||||||||||||
On June 27, 2014, the Company granted to key members of management 51,640 shares of restricted common stock with an aggregate grant date fair value of approximately $0.1 million. One-third of the restricted shares are scheduled to vest on June 27, 2015, June 27, 2016 and June 27, 2017, respectively, and as such, no shares were vested as of December 31, 2014. | ||||||||||||||||||
On November 15, 2013, the Company granted to a key member of management 50,000 shares of restricted common stock with an aggregate grant date fair value of $0.2 million. One-third of the restricted shares vested on November 15, 2014 and an additional one-third are scheduled to vest on November 15, 2015 and November 15, 2016, respectively, and as such, 16,667 shares were vested as of December 31, 2014. | ||||||||||||||||||
On June 18, 2013, the Company granted to a key member of management 67,500 shares of restricted common stock with an aggregate grant date fair value of $0.3 million. One-third of the restricted shares vested on June 18, 2014 and an additional one-third of the restricted shares are scheduled to vest on June 18, 2015 and June 18, 2016, respectively, and as such, 22,500 shares were vested as of December 31, 2014. | ||||||||||||||||||
On January 3, 2011, the Company granted to certain employees 166,943 shares of restricted common stock with an aggregate grant date fair value of $0.9 million. One half of these restricted shares vested on January 3, 2012 and the remainder vested on January 3, 2013, and as such, 166,943 were vested as of December 31, 2014. | ||||||||||||||||||
The table below summarizes the restricted shares activity for the years ending December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Restricted Shares | ||||||||||||||||||
Common | Weighted | |||||||||||||||||
Shares Subject | Average | |||||||||||||||||
to Grants | Fair Value | |||||||||||||||||
Balance at December 31, 2011 | 166,943 | $ | 5.55 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | (83,474 | ) | 5.55 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2012 | 83,469 | 5.55 | ||||||||||||||||
Granted | 117,500 | 3.73 | ||||||||||||||||
Vested | (83,469 | ) | 5.55 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2013 | 117,500 | 3.73 | ||||||||||||||||
Granted | 51,640 | 2.51 | ||||||||||||||||
Vested | (39,167 | ) | 3.73 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2014 | 129,973 | $ | 3.25 | |||||||||||||||
The Company recorded approximately $0.4 million, $1.4 million and $1.5 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for the years ended December 31, 2014, 2013 and 2012, respectively. There was approximately $0.9 million and $0.7 million of total unrecognized compensation cost as of December 31, 2014 and 2013, respectively, related to non-vested stock option and restricted share awards. The remaining cost is expected to be recognized ratably over the remaining respective vesting periods. |
Common_Stock_and_Warrants
Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Common Stock and Warrants | Common Stock and Warrants |
In October 2008 our Board of Directors authorized a stock and warrant repurchase program, under which the Company may purchase, from time to time, in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit, up to $12.0 million of the Company’s outstanding common stock and warrants. The Company’s stock repurchase program was suspended in May 2010 in conjunction with the launching of the cashless exercise warrant offer. Repurchases of our common stock and warrants were funded with cash flows of the business. | |
In November 2010, in conjunction with the issuance of the unsecured promissory notes, the Company issued 90,000 warrants entitling the holders to purchase from the Company one share of common stock at an exercise price of $0.01. The warrants were fully exercised on October 24, 2013. The fair value of the warrants on the issuance date was $0.3 million. See Note 7 for further discussion. | |
The Company issued 45,719, 43,715 and 56,868 shares of common stock for services provided by the members of the Strategic Planning and Finance Committee of the Board of Directors during the years ended December 31, 2014, 2013 and 2012, respectively. The Company issued 3,155 shares of common stock for services provided by one member of the Board of Directors during the year ended December 31, 2014. The Company issued 8,352 shares of common stock to certain members of management in lieu of cash compensation during the year ended December 31, 2014. The Company issued 39,167, 83,469 and 83,474 shares of restricted common stock to the certain employees during the years ended December 31, 2014, 2013 and 2012, respectively. The Company withheld 15,293, 29,489 and 12,616 common shares to cover the employee tax obligation related to the restricted shares issuance for the years ended December 31, 2014, 2013 and 2012, respectively. The Company issued 90,000 shares of common stock upon the exercise of warrants in exchange for cash proceeds of $900 during the year ended December 31, 2013. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
The Company has identified four reportable segments: Essex Crane equipment rentals, Coast Crane equipment rentals, equipment distribution, and parts and service. These segments are based upon how management of the Company allocates resources and assesses performance. The Essex Crane and Coast Crane equipment rentals segments include rental, transportation and used rental equipment sales. There were no sales between segments for any of the periods presented. Selling, general, and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to our reportable segments. | ||||||||||||
We do not compile discrete financial information by our segments other than the information presented below. The following table presents information about our reportable segments related to revenues and gross profit (amounts in thousands): | ||||||||||||
For The Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Restated) | (Restated) | |||||||||||
Segment revenues | ||||||||||||
Essex Crane equipment rentals | $ | 40,429 | $ | 33,941 | $ | 35,415 | ||||||
Coast Crane equipment rentals | 32,781 | 31,004 | 35,816 | |||||||||
Equipment distribution | 9,930 | 11,212 | 4,087 | |||||||||
Parts and service | 20,309 | 19,380 | 22,942 | |||||||||
Total revenues | $ | 103,449 | $ | 95,537 | $ | 98,260 | ||||||
Segment gross profit | ||||||||||||
Essex Crane equipment rentals | $ | 4,336 | $ | 4,787 | $ | 4,902 | ||||||
Coast Crane equipment rentals | 11,438 | 11,029 | 10,020 | |||||||||
Equipment distribution | 486 | 1,046 | 16 | |||||||||
Parts and service | 5,431 | 5,326 | 6,394 | |||||||||
Total gross profit | $ | 21,691 | $ | 22,188 | $ | 21,332 | ||||||
The following table presents information about our reportable segments related to total assets (amounts in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Restated) | ||||||||||||
Segment identified assets | ||||||||||||
Essex Crane equipment rentals | $ | 208,777 | $ | 225,501 | ||||||||
Coast Crane equipment rentals | 83,561 | 83,107 | ||||||||||
Equipment distribution | 12,494 | 4,410 | ||||||||||
Parts and service | 7,277 | 4,765 | ||||||||||
Total segment identified assets | 312,109 | 317,783 | ||||||||||
Non-segment identified assets | 13,781 | 14,993 | ||||||||||
Total assets | $ | 325,890 | $ | 332,776 | ||||||||
The Company operates primarily in the United States. Our sales to international customers for the year ended December 31, 2014 were 6.3% of total revenues. Sales to customers in Canada represented 4.9% of total revenues for the year ended December 31, 2014. No one customer accounted for more than 10% of our revenues on an overall or segmented basis except as described below. Within the Essex Crane equipment rentals segment and for the year ended December 31, 2014, one customer individually accounted for approximately 19.9% of revenues on a segmented basis. The concentration of revenues from this customer within the equipment rentals segment is directly attributable to the number of pieces of equipment on rent and the high average monthly rental rates for those pieces of equipment. Within the equipment distribution segment and for the year ended December 31, 2014, one customer individually accounted for approximately 11.7% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||
Our sales to international customers for the year ended December 31, 2013 were 9.6% of total revenues. Sales to customers in Canada represented 8.4% of total revenues for the years ended December 31, 2013. No one customer accounted for more than 10% of our revenues on an overall or segmented basis except as described below. Within the equipment distribution segment and for the year ended December 31, 2013, one customer individually accounted for approximately 25.3% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||
Our sales to international customers for the year ended December 31, 2012 were 12.2% of total revenues. Sales to customers in Canada represented 10.1% of total revenues for the years ended December 31, 2012. No one customer accounted for more than 10% of our revenues on an overall or segmented basis except as described below. Within the equipment distribution segment and for the year ended December 31, 2012, four customers individually accounted for approximately 14.2%, 13.8%, 12.6% and 11.6% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||||||
The Company maintains assets in Canada associated with our Coast Crane Ltd. subsidiary. Total assets located in Canada at December 31, 2014 totaled approximately $3.9 million, including long-lived assets totaling approximately $2.8 million. At December 31, 2013, total assets located in Canada totaled approximately $4.5 million, including long-lived assets totaling approximately $3.5 million. |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Party Transactions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments, Contingencies and Related Party Transactions | Commitments, Contingencies and Related Party Transactions | |||
The Company leases real estate and office equipment under operating leases which continue through 2018. The Company’s rent expense under non-cancelable operating leases totaled $2.9 million, $2.6 million and $1.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Future minimum lease payments for the Company’s non-cancellable operating leases at December 31, 2014 are as follows (amounts in thousands): | ||||
2015 | $ | 2,203 | ||
2016 | 1,301 | |||
2017 | 545 | |||
2018 | 411 | |||
2019 | 95 | |||
Total | $ | 4,555 | ||
Since December 2010, the Company occupies office space at 500 Fifth Avenue, 50th Floor, New York, NY 10110, provided by Hyde Park Real Estate LLC, an affiliate of Laurence S. Levy, our Chairman of the Board of Directors. Such affiliate has agreed that it will make such office space, as well as certain office and administrative services, available to the Company, as may be required by the Company from time to time. Effective January 1, 2012, the Company agreed to pay such entity approximately $8,000 per month for such services based on reimbursement of actual costs with the terms of such arrangement being reconsidered from time to time. Effective November 7, 2014, the Company has agreed to pay such entity approximately$11,000 per month for such services based on reimbursement of actual costs with the terms of such arrangement being reconsidered from time to time. The Company’s statements of operations for the years ended December 31, 2014, 2013 and 2012 include $0.1 million, $0.1 million and $0.1 million, respectively, of rent expense related to these agreements. | ||||
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness of $5.2 million for unsecured promissory notes issued by the Company in the aggregate principal amount of $5.2 million plus the receipt of up to 90,000 warrants to purchase Essex common stock at $0.01 per share. The warrants were exercised in full on October 24, 2013. The holders of the unsecured promissory notes were related parties to the Company as they owned a significant amount of the Company’s outstanding shares of common stock at the time of the transaction. | ||||
The Company maintains reserves for personal property taxes. These reserves are based on a variety of factors including: duration of rental in each county jurisdiction, tax rates, rental contract terms, customer filings, tax-exempt nature of projects or jurisdictions, statutes of limitations and potential related penalties and interest. Additionally, most customer rental contracts contain a provision that provides that personal property taxes are an obligation to be borne by the lessee. Where provided in the rental contract, management will invoice the customer for any personal property taxes paid by the Company. An estimated receivable has been provided in connection with this liability, net of an estimated allowance. This customer receivable has been presented as other receivables in current assets while the property tax reserve has been included in accrued taxes. | ||||
Management estimated the gross personal property taxes liability and related contractual customer receivable of the Company to be approximately $3.2 million and $1.7 million, respectively, at December 31, 2014. Management estimated the gross personal property taxes liability and related contractual customer receivable of the Company to be approximately $3.3 million and $2.0 million, respectively, at December 31, 2013. | ||||
The Company is subject to a number of claims and proceedings that generally arise in the normal conduct of business. The Company believes that any liabilities ultimately resulting from these claims will not, individually or in the aggregate, have a material adverse effect on our financial position, results of operations or cash flows. |
401k_Profit_Sharing_Plan_and_M
401(k) Profit Sharing Plan and Medical Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) Profit Sharing Plan and Medical Benefits | 401(k) Profit Sharing Plan and Medical Benefits |
The Company has a defined contribution plan under Section 401(k) of the Internal Revenue Code available to all eligible employees. The plan requires the Company to match 100% of the first 3% of a participant’s contributions and match 50% of the next 2% of a participant’s contributions thereby totaling a maximum matching of 4% if an employee contributes 5% of their compensation. These contributions vest immediately upon contribution. The Company's 401(k) contributions were $0.6 million for each of the years ended December 31, 2014, 2013 and 2012, respectively. | |
The Company provides medical benefits to its employees and their dependents and is self-insured for Essex Crane employees for annual individual claims of up to $90,000, at which time a stop loss insurance policy covers any excess. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations |
A substantial portion of purchases of rental equipment, new equipment and majority of spare parts come from five vendors. The loss of one or more of these vendors is not expected to have a material negative impact on operations as there are other manufacturers and sources from which the Company may acquire rental equipment and spare parts, if necessary. |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | Summarized Quarterly Financial Data (Unaudited) | |||||||||||||||
The following is a summary of our unaudited quarterly financial results of operations for the years ended December 31, 2014 and 2013: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | (Restated) | (Restated) | (Restated) | |||||||||||||
Total revenues | $ | 21,086 | $ | 24,509 | $ | 29,581 | $ | 28,273 | ||||||||
Gross profit | 4,182 | 5,273 | 6,517 | 5,719 | ||||||||||||
Loss from operations | (1,995 | ) | (810 | ) | (388 | ) | (601 | ) | ||||||||
Loss before benefit for income taxes | (5,108 | ) | (4,322 | ) | (4,232 | ) | (4,458 | ) | ||||||||
Net loss | (3,169 | ) | (2,741 | ) | (2,398 | ) | (2,893 | ) | ||||||||
Basic net loss per share (1) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.12 | ) | ||||
Diluted net loss per share (1) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.12 | ) | ||||
-1 | Due to the method used in calculating per share data, the summation of the quarterly per share data may not necessarily total to the per share data computed for the entire year. | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | (Restated) | (Restated) | (Restated) | (Restated) | ||||||||||||
Total revenues | $ | 25,065 | $ | 25,213 | $ | 22,808 | $ | 22,451 | ||||||||
Gross profit | 5,723 | 6,363 | 5,456 | 4,646 | ||||||||||||
Loss from operations | (642 | ) | (208 | ) | (518 | ) | (1,860 | ) | ||||||||
Loss before benefit for income taxes | (3,268 | ) | (3,405 | ) | (2,933 | ) | (5,103 | ) | ||||||||
Net loss | (2,162 | ) | (1,932 | ) | (1,903 | ) | (3,648 | ) | ||||||||
Basic net loss per share (1) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.15 | ) | ||||
Diluted net loss per share (1) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.15 | ) | ||||
-1 | Due to the method used in calculating per share data, the summation of the quarterly per share data may not necessarily total to the per share data computed for the entire year. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Use of Estimates | Use of Estimates | |
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of interest rate swaps and other financial instruments. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments, Including Derivative Instruments | |
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | ||
Segment Reporting | Segment Reporting (As Restated) | |
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have four reportable segments. We derive our revenues from four principal business activities: (1) Essex Crane equipment rentals; (2) Coast Crane equipment rentals; (3) equipment distribution; and (4) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 15 to the consolidated financial statements regarding our segment information. | ||
Revenue Recognition | Revenue Recognition | |
The Company recognizes revenue, including multiple element arrangements, in accordance with the provisions of applicable accounting guidance. We generate revenue from the rental of cranes and related equipment and other services such as crane and equipment transportation and repairs and maintenance of equipment on rent. In many instances, the Company provides some of the above services under the terms of a single customer Equipment Rental Agreement. The Company also generates revenue from the retail sale of equipment and spare parts and repair and maintenance services provided with respect to non-rental equipment. | ||
Revenue arrangements with multiple elements are divided into separate units of accounting based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence nor third-party evidence is available. During the years ended December 31, 2014 and 2013, the Company used estimated selling price for allocation of consideration related to rental revenues, which are accounted for under the lease accounting rules. The remaining elements are accounted for under the multiple element arrangement accounting rules. After an analysis of rental agreements absent any additional services offered by the Company, it was determined that the Company did not have vendor-specific evidence related to rental revenues. Prior to the year ended December 31, 2013, the Company was able to establish vendor-specific objective evidence based on an analysis of rental agreements absent any additional services offered by the Company. The Company uses the estimated selling price for allocation of consideration to transportation services based on the costs associated with providing such services in addition to other supply and demand factors within specific sub-markets. The estimated selling prices of the individual deliverables are not materially different than the terms of the Equipment Rental Agreements. | ||
Revenue from equipment rentals are billed monthly in advance and recognized as earned, on a straight-line basis over the rental period specified in the associated equipment rental agreement. Rental contract terms may span several months or longer. Because the term of the contracts can extend across financial reporting periods, when rentals are billed in advance, we defer recognition of revenue and record unearned rental revenue at the end of reporting periods so that rental revenue is included in the appropriate period. Repair service revenue is recognized when the service is provided. Transportation revenue from rental equipment delivery service is recognized for the drop off of rental equipment on the delivery date and is recognized for pick-up when the equipment is returned to the Essex service center, storage yard or next customer location. New and used rental equipment and part sales are recognized upon acceptance by the customer and when delivery has occurred. Revenue from repair and maintenance services provided with respect to non-rental equipment is recognized when the service is provided. | ||
There are estimates required in recording certain repair and maintenance revenues and also in recording any allowances for doubtful accounts and credit memos. The estimates have historically been accurate in all material respects and we do not anticipate any material changes to our current estimates in these areas. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintained cash deposits in foreign accounts totaling approximately $0.1 million at December 31, 2014 and 2013 | ||
Shipping and Handling Cost | Shipping and Handling Costs and Taxes Collectible from Customers | |
The Company classifies shipping and handling amounts billed to customers as revenues and the corresponding expenses are included in cost of revenues in the consolidated statements of operations. The Company accounts for taxes due from customers on a net basis and as such, these amounts are excluded from revenues in the consolidated statements of operations. | ||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are recorded at the invoice price net of an estimate of allowance for doubtful accounts and reserves for credit memos, and generally do not bear interest. | ||
The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in accounts receivable and is included in selling, general and administrative expenses in the consolidated statements of operations. The Company periodically reviews the allowance for doubtful accounts and balances are written off against the allowance when management believes it is probable that the receivable will not be recovered. | ||
Concentration Risk, Credit Risk | Concentrations of Credit Risk | |
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. | ||
Another financial instrument account that potentially subjects the Company to a significant concentration of credit risk primarily relates to accounts receivable. Concentrations of credit risk with respect to accounts receivable is limited because a large number of geographically diverse customers make up the Company’s customer base. | ||
No single customer represented more than 10% of total revenue or outstanding receivables for any of the periods presented. | ||
The Company controls credit risk related to accounts receivable through credit approvals, credit limits and other monitoring procedures. The Company also manages credit risk through bonding requirements on its customers and/or liens on projects that the rental equipment is used to complete. | ||
Inventory | Inventory | |
Inventory is stated at the lower of cost or market. Spare parts inventory is used to service rental equipment and is sold on a retail basis. Spare parts inventory used to support the crawler crane rental fleet is classified as a non-current asset as it is primarily used to support rental equipment repair operations. Spare parts inventory used to service rental equipment is recorded as repairs and maintenance expense in the period the parts were issued to a repair project, or, usage is reclassified as additional cost of the rental equipment if the repair project meets certain capitalization criteria as discussed below. Equipment inventory is accounted for using the specific-identification method and retail parts and spare parts inventory are accounted for using the average cost method, which approximates the first-in, first-out method. | ||
The carrying value of the spare parts inventory is reduced by a reserve representing management’s estimate for obsolete and slow moving items. This obsolescence reserve is an estimate based upon the Company’s analysis by type of inventory, usage and market conditions at the balance sheet dates. The obsolescence reserve was approximately $1.4 million as of December 31, 2014 and 2013. | ||
Property, Plant and Equipment | Rental Equipment | |
Rental equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the equipment, which range from 5 to 30 years. In excess of 95% of the assets have a useful life greater than 15 years. Equipment improvement projects with costs in excess of $10,000 for boom trucks, $15,000 for tower and rough terrain cranes and $20,000 for crawler cranes that extend the useful lives or enhance a crane’s capabilities are capitalized in the period they are incurred and depreciated using the straight-line method over an estimated useful life of 7 years. Individual rental equipment items purchased with costs in excess of $5,000 are also capitalized and are depreciated over the useful lives of the respective item purchased. During the years ended December 31, 2014 and 2013, the Company capitalized rental equipment maintenance expenditures of approximately $1.2 million and $0.7 million, respectively. | ||
Gains and losses on retirements and disposals of rental equipment are included in income from operations. Ordinary repair and maintenance costs are included in cost of revenues in the consolidated statements of operations. | ||
Property and Equipment | ||
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets’ estimated useful lives, which are as follows: | ||
Buildings | 30 years | |
Building improvements | 10 years | |
Office equipment | 3 to 7 years | |
Automobiles, trucks, trailers and yard equipment | 4 to 5 years | |
Information systems equipment and software | 3 years | |
Machinery, furniture and fixtures | 4 to 7 years | |
Expenditures for betterments and renewals in excess of $5,000 that extend the useful lives or enhance the assets’ capabilities are capitalized and are depreciated on the straight-line basis over the remaining lives of the assets. Gains and losses on retirements and disposals of property and equipment are included in the consolidated statements of operations. The Company capitalized property, plant and equipment expenditures, excluding capitalized software costs, of approximately $0.4 million and $1.2 million during the years ended December 31, 2014 and 2013, respectively. | ||
External costs incurred by the Company to develop computer software for internal use are capitalized in accordance with applicable accounting guidance. The Company capitalized approximately $0.1 million and $29,000 for the years ended December 31, 2014 and 2013, respectively. Capitalized software development costs include software license fees, consulting fees and certain internal payroll costs and are amortized on a straight-line basis over their useful lives. | ||
Debt | Loan Acquisition Costs | |
Loan acquisition costs include underwriting, legal and other direct costs incurred in connection with the issuance of the Company’s debt. These costs are capitalized and amortized using the effective interest method, or using the straight-line method when not materially different that the effective interest method, and are included in interest expense in the consolidated statements of operations. | ||
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets | |
The Company used the purchase method of accounting for its acquisition of Coast Crane’s assets. The acquisition resulted in an allocation of purchase price to goodwill and other intangible assets. The cost of the Coast Acquisition was first allocated to identifiable assets based on estimated fair values. The excess of the purchase price over the fair value of identifiable assets acquired in the amount of $1.8 million was recorded as goodwill. | ||
We evaluate goodwill for impairment at the reporting unit level at least annually, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Company has recorded goodwill of $1.8 million, which is assigned to its Coast Crane equipment rentals, equipment distribution and parts and service reporting units. | ||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units and determination of the fair value of the reporting units. The fair value of the reporting unit is estimated using the income approach, specifically the present value technique using future cash flows, and is compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, then the implied fair value of goodwill must be estimated and compared to its carrying value to measure the amount of impairment , if any. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. | ||
The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for our reporting unit with goodwill. | ||
The results of our quantitative goodwill impairment tests for the most recent year ended December 31, 2014 indicated that the fair value of our reporting unit with goodwill exceeded its carrying value and no impairment of goodwill was recorded. Similarly, there was no impairment of goodwill recorded for the years ended December 31, 2013 and 2012. | ||
Identifiable finite lived intangible assets consist of customer relationships and trademarks obtained in the acquisition of Essex Crane's and Coast Crane’s assets. The customer relationship intangible and trademark assets are both being amortized on a straight-line basis over their estimated useful lives of 7 years and 5 years, respectively. | ||
Impairment or Disposal of Long-Lived Assets | Long-lived Assets - Held for Use | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The criteria for determining impairment for such long-lived assets to be held and used is determined by comparing the carrying value of these long-lived assets to be held and used to management's best estimate of future undiscounted cash flows expected to result from the use of these assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The estimated fair value of the assets is measured by estimating the present value of the future discounted cash flows to be generated. | ||
During the year ended December 31, 2014 and as a result of continuing losses and depressed utilization rates, the Company determined that a triggering event had occurred at Essex Crane during each of its fiscal quarters, which caused the Company to determine if an impairment of these long-lived assets to be held and used was necessary. | ||
Application of the long-lived asset to be held and used impairment test requires judgment, including the identification of the primary asset, identification of the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities and the future cash flows of the long-lived assets to be held and used. The Company identified its crawler crane rental equipment fleet as the primary asset as it is the basis of all revenue generating activities for Essex Crane, its replacement would require a significant level of investment and its remaining useful life significantly exceeds the remaining useful life of all other assets. The lowest level of identifiable cash flows within the rental equipment fleet is at the equipment model level. Each equipment model group is capable of producing cash flows without other complementary assets and each asset within the specific equipment model groups is interchangeable with any other asset within that equipment model group. The Company tested the recoverability of the rental equipment assets to be held and used by model using an undiscounted cash flow approach dependent primarily upon estimates of future rental income, orderly liquidation value and discount rates. Cash flows for each equipment model group considered the possibility of continuing to rent the assets and selling the assets in orderly transactions in the future or at the end of their remaining useful lives. The Company estimated that the future cash flows generated by each of the equipment model groups exceeded the carrying value of the assets and no impairment was recorded for assets to be held and used as of December 31, 2014. | ||
The Company also assessed whether a triggering event for potential impairment of its Coast Crane equipment assets existed, and it was determined that no such event occurred for these assets during the year ended December 31, 2014. | ||
Long-lived Assets - Held for Sale | ||
During the year ended December 31, 2014, the Company agreed to terms to sell certain traditional crawler crane rental equipment assets. Under the agreed upon terms, the rental equipment assets, in their current condition, will be sold in three groups with the first two group sales completed during the year ended December 31, 2014 and the remaining group sale to be completed during the three months ended March 31, 2015. As a result of the agreed upon sales terms, the Company has determined that these long-lived rental equipment assets shall be classified as held for sale. The held for sale assets are classified within the Company's Essex Crane equipment rentals segment. | ||
As a result of the held for sale classification, the Company performed an impairment analysis of the long-lived rental equipment assets held for sale during the three months ended September 30, 2014. Application of the long-lived asset held for sale impairment test requires comparing the carrying value of the the asset to its fair value less cost to sell. The Company determined that the fair value of the assets was equal to the agreed upon sales price. The carrying value of the assets exceeded the fair value of the assets less cost to sell resulting in the Company recording an impairment charge of approximately $0.8 million during the year ended December 31, 2014. | ||
Derivatives, Methods of Accounting, Hedging Derivatives | Derivative Financial Instruments and Hedging Activities | |
The Company uses derivative financial instruments for the purpose of hedging the risks associated with interest rate fluctuations on its revolving credit facilities with the objective of either capping the interest rate on a targeted amount of its floating rate debt or converting a targeted amount of its floating rate date to a fixed rate. The Company has not entered into derivative transactions for speculative purposes, and therefore holds no derivative instruments for trading purposes. | ||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. All derivative instruments are carried at fair value on the consolidated balance sheets in accordance with applicable accounting guidance. | ||
The Company entered into an interest rate cap with a notional amount of $40.0 million during the year ended December 31, 2014. The Company elected to forgo hedge accounting treatment and, as a result, the derivative financial instrument has been recorded at fair value in the accompanying consolidated balance sheets in assets with changes in the underlying fair value reported as a component of interest expense in the Company’s consolidated statements of operations. | ||
Income Tax | Income Taxes | |
The Company uses an asset and liability approach, as required by the applicable accounting guidance, for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are computed using tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be realized. The effect on net deferred tax assets and liabilities resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. | ||
Management makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of the deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period. | ||
Management assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company will increase its provision for income taxes by recording a valuation allowance against the deferred tax assets that are not more likely than not to be realized. The Company follows the applicable guidance related to the accounting for uncertainty in income taxes. | ||
Share-based Compensation, Option and Incentive Plans | Stock Based Compensation | |
Stock based compensation is accounted for in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which results in compensation expense being recorded over the requisite service or vesting period based on the fair value of the share based compensation at the date of grant. | ||
Foreign Currency Transactions and Translations | Foreign Currency Translation | |
The functional currency of the Company’s Canadian subsidiary is the Canadian dollar. Assets and liabilities of the foreign subsidiary are translated into U.S. dollars at year-end exchange rates, and revenue and expenses are translated at average rates prevailing during the year. Gains or losses from these translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. | ||
New Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for reporting discontinued operations and disposals of components of an entity. The guidance raises the threshold for a disposal to qualify as a discontinued operation by requiring that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale be reported as such. The amendments also expand the disclosure requirements regarding the assets, liabilities, revenues and expenses of discontinued operations and add new disclosure requirements for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years beginning after December 15, 2014, and interim reporting periods within those years (early adoption is permitted only for disposals that have not been previously reported). Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial results. | ||
In May 2014, FASB issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. | ||
Liquidity | ||
The Company has typically had substantial liquidity from its operating cash flows despite the significant downturn in the construction industry and recurring losses in recent years. The Company anticipates its current cash resources, availability under its revolving credit facilities, and cash to be generated from operations in 2015 will be adequate to meet the Company's liquidity needs for at least the next twelve months. As discussed further in Note 7 of these Consolidated Financial Statements, the Company is obligated to make principal payments on outstanding debt totaling approximately $3.7 million during 2015. As of December 31, 2014, availability under the Essex Crane borrowing base calculation was approximately $2.7 million and availability under the Coast Crane borrowing base calculation was approximately $3.3 million. If cash generated from operations is not materially consistent with management’s plans, the Company may not generate sufficient cash flow from operations or from other sources to enable it to repay its indebtedness and to fund its other liquidity needs. The Company may not be able to refinance its indebtedness on commercially reasonable terms, or at all. If we cannot service or refinance our indebtedness, we may have to take actions such as asset divestitures, seeking additional equity or reducing or delaying capital expenditures, any of which could have an adverse effect on our operations. Additionally, we may not be able to effect such actions, if necessary, on commercially reasonable terms, or at all. | ||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Essex Crane was in technical default under the Essex Crane Revolving Credit Facility. Such default was waived as of March 19, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||
The Essex Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box. As a result, the Essex Crane Revolving Credit Facility is classified as a short-term obligation within the Company's Consolidated Balance Sheets. | ||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3, Coast Crane was in technical default under the Coast Crane Revolving Credit Facility. Such default was waived as of March 20, 2015 by the lenders under such facility. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company's liquidity and operations. | ||
The Coast Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box for Coast Crane and a springing lock-box for Coast Crane Ltd. As a result, the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, is classified as a short-term obligation within the Company's Consolidated Balance Sheets. The Coast Crane Ltd. borrowings under the Coast Crane Revolving Credit facility are classified as long-term obligations within the Company's Consolidated Balance Sheets. | ||
Although the balances outstanding on the Essex Crane Revolving Credit Facility and Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, are classified as short-term obligations within the Company's Consolidated Balance Sheets, we expect that we will be able to continue to use the facilities on a long-term basis to fund operations absent any material adverse changes at the Company. A material adverse change would permit the lenders under the Essex Crane and Coast Crane revolving credit facilities to exercise their rights under the respective subjective acceleration clauses and declare all outstanding debt under the revolving credit facilities due and payable. If we cannot refinance our indebtedness upon the exercise of the subjective acceleration clauses, we may have to take actions such as asset divestitures, seeking additional equity financing or reducing or delaying capital expenditures, which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect any such action, if necessary, on commercially reasonable terms, or at all. | ||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Allowance for Doubtful Accounts Receivable | The following table provides a rollforward of the allowance for doubtful accounts for the years ended December 31, 2014 and 2013 (amounts in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 2,485 | $ | 2,775 | ||||
Provision for allowance for doubtful accounts | 438 | 520 | ||||||
Provision for credit memo reserve | 1,011 | 1,459 | ||||||
Write-offs and recoveries | (915 | ) | (2,269 | ) | ||||
Ending balance | $ | 3,019 | $ | 2,485 | ||||
Property, Plant and Equipment | Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets’ estimated useful lives, which are as follows: | |||||||
Buildings | 30 years | |||||||
Building improvements | 10 years | |||||||
Office equipment | 3 to 7 years | |||||||
Automobiles, trucks, trailers and yard equipment | 4 to 5 years | |||||||
Information systems equipment and software | 3 years | |||||||
Machinery, furniture and fixtures | 4 to 7 years | |||||||
Property and equipment consists of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,850 | $ | 1,850 | ||||
Buildings and improvements | 2,154 | 2,116 | ||||||
Automobiles, trucks, trailers and yard equipment | 3,624 | 3,459 | ||||||
Information Systems equipment and software | 2,642 | 2,530 | ||||||
Office equipment | 173 | 160 | ||||||
Construction in progress | 306 | 636 | ||||||
Total property and equipment | 10,749 | 10,751 | ||||||
Less: accumulated depreciation | (6,136 | ) | (5,546 | ) | ||||
Property and equipment, net | $ | 4,613 | $ | 5,205 | ||||
Restatement_Tables
Restatement (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The effects of the restatement of certain revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of December 31, 2013 are as follows (amounts in thousands): | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 163,114 | $ | 163,114 | |||||||||||
Total Current Liabilities | 18,206 | 163,114 | 181,319 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 165,482 | (163,114 | ) | 2,368 | |||||||||||||
Total Long-term Liabilities | $ | 248,481 | $ | (163,114 | ) | $ | 85,367 | ||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 16 for the year ended December 31, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 64,945 | $ | (64,945 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 33,941 | 33,941 | ||||||||||||||
Coast Crane equipment rentals | — | 31,004 | 31,004 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 15,816 | (15,816 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 4,787 | 4,787 | ||||||||||||||
Coast Crane equipment rentals | — | 11,029 | 11,029 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 16 for the year ended December 31, 2012 are as follows (amounts in thousands): | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 71,231 | $ | (71,231 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 35,415 | 35,415 | ||||||||||||||
Coast Crane equipment rentals | — | 35,816 | 35,816 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 14,922 | (14,922 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 4,902 | 4,902 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 10,020 | $ | 10,020 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 16 as of December 31, 2013 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 307,371 | $ | (307,371 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 225,501 | — | 225,501 | |||||||||||||
Coast Crane equipment rentals | — | 81,870 | 1,237 | 83,107 | |||||||||||||
Equipment distribution | 5,150 | — | (740 | ) | 4,410 | ||||||||||||
Parts and service | $ | 5,262 | $ | — | $ | (497 | ) | $ | 4,765 | ||||||||
Rental_Equipment_Tables
Rental Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property Subject to or Available for Operating Lease | Rental equipment consists of the following (amounts in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Rental equipment | $ | 357,720 | $ | 362,416 | ||||
Less: accumulated depreciation | (87,255 | ) | (74,556 | ) | ||||
Rental equipment, net | $ | 270,465 | $ | 287,860 | ||||
Schedule of Future Minimum Rental Revenue | Future contractual minimum rental revenues as required by executed rental agreements as of December 31, 2014 are as follows (amounts in thousands): | |||||||
2015 | $ | 12,318 | ||||||
2016 | 870 | |||||||
2017 | 78 | |||||||
Total minimum rental revenue | $ | 13,266 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets’ estimated useful lives, which are as follows: | |||||||
Buildings | 30 years | |||||||
Building improvements | 10 years | |||||||
Office equipment | 3 to 7 years | |||||||
Automobiles, trucks, trailers and yard equipment | 4 to 5 years | |||||||
Information systems equipment and software | 3 years | |||||||
Machinery, furniture and fixtures | 4 to 7 years | |||||||
Property and equipment consists of the following (amounts in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,850 | $ | 1,850 | ||||
Buildings and improvements | 2,154 | 2,116 | ||||||
Automobiles, trucks, trailers and yard equipment | 3,624 | 3,459 | ||||||
Information Systems equipment and software | 2,642 | 2,530 | ||||||
Office equipment | 173 | 160 | ||||||
Construction in progress | 306 | 636 | ||||||
Total property and equipment | 10,749 | 10,751 | ||||||
Less: accumulated depreciation | (6,136 | ) | (5,546 | ) | ||||
Property and equipment, net | $ | 4,613 | $ | 5,205 | ||||
Loan_Acquisition_Costs_Tables
Loan Acquisition Costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Loan acquisition costs consist of the following (amounts in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Gross carrying amount | $ | 11,768 | $ | 10,626 | ||||
Less: accumulated amortization | (6,636 | ) | (4,531 | ) | ||||
Loan acquisition costs, net | $ | 5,132 | $ | 6,095 | ||||
Loan Acquisition Costs Future Amortization | Estimated future amortization expense related to loan acquisitions costs at December 31, 2014 are as follows for the years ending December 31 (amounts in thousands): | |||||||
2015 | $ | 2,384 | ||||||
2016 | 2,184 | |||||||
2017 | 260 | |||||||
2018 | 218 | |||||||
2019 | 86 | |||||||
Total | $ | 5,132 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets (amounts in thousands): | |||||
31-Dec-14 | 31-Dec-13 | |||||
Essex Crane customer relationship | 784 | 784 | ||||
Essex Crane trademark | 804 | 804 | ||||
Coast Crane customer relationship | 1,500 | 1,500 | ||||
Coast Crane trademark | 600 | 600 | ||||
Total intangible assets | 3,688 | 3,688 | ||||
Less: accumulated amortization | (2,953 | ) | (2,619 | ) | ||
Intangible assets, net | 735 | 1,069 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated future amortization expense related to intangible assets as of December 31, 2014 (amounts in thousands): | |||||
2015 | $ | 324 | ||||
2016 | 214 | |||||
2017 | 197 | |||||
Total | $ | 735 | ||||
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Other Debt Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Debt | The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | |||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | Date Ranges | |||||||||
(Restated) | ||||||||||||
Essex Crane revolving credit facility - short-term | $ | 118,611 | $ | 148,149 | 3.91% | Oct-16 | ||||||
Coast Crane revolving credit facility - short-term | 24,098 | 14,965 | 5.30% | Mar-17 | ||||||||
Coast Crane revolving credit facility - long-term | 1,781 | 2,368 | 5.37% | Mar-17 | ||||||||
Essex Crane term loan | 30,000 | — | 11.50% | May-19 | ||||||||
Coast Crane term loan | 34,500 | 36,500 | 5.25% | March 2016 - | ||||||||
Mar-17 | ||||||||||||
Coast Crane term loan - short-term | 2,000 | 2,000 | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) | 1,655 | 3,655 | 18.00% | Oct-16 | ||||||||
Purchase money security interest debt | 6,652 | 1,975 | 5.33% | January 2016 - November 2019 | ||||||||
Purchase money security interest debt - short-term | 1,655 | 959 | 5.33% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 220,952 | $ | 210,571 | ||||||||
Schedule of Maturities of Long-term Debt | Aggregate payments of principal on debt obligations outstanding at December 31, 2014 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows (amounts in thousands): | |||||||||||
2015 | $ | 146,364 | ||||||||||
2016 | 4,882 | |||||||||||
2017 | 35,785 | |||||||||||
2018 | 1,417 | |||||||||||
2019 | 32,504 | |||||||||||
Total | $ | 220,952 | ||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the year ended December 31, 2012 (amounts in thousands). These amounts are presented as accumulated other comprehensive income (loss) (“OCI”). | |||||||||||||||
Derivatives in Cash Flow | Amount of Gain | Location of Gain | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||
Hedging Relationships | or (Loss) | or (Loss) | or (Loss) | (Loss) Recognized in | (Loss) Recognized | |||||||||||
Recognized in | Reclassified from | Reclassified from | Income on Derivative | in Income on | ||||||||||||
OCI on | Accumulated OCI | Accumulated | (Ineffective Portion | Derivative | ||||||||||||
Derivative | into Income | OCI into Income | and Amount Excluded | (Ineffective Portion | ||||||||||||
(Effective | (Effective Portion) | (Effective | from Effectiveness | and Amount | ||||||||||||
Portion) | Portion) | Testing) | Excluded from | |||||||||||||
Effectiveness | ||||||||||||||||
Testing) | ||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
Interest Rate Swap | $ | (219 | ) | Interest expense | $ | (1,876 | ) | Other income / (expense) | $ | — | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Reclassifications (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2014 (amounts in thousands): | |||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | — | $ | 11 | $ | 11 | ||||||
Other comprehensive income before reclassifications | — | 40 | 40 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | — | 40 | 40 | |||||||||
Ending balance | $ | — | $ | 51 | $ | 51 | ||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2013 (amounts in thousands): | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | — | $ | 10 | $ | 10 | ||||||
Other comprehensive income before reclassifications | — | 1 | 1 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | — | 1 | 1 | |||||||||
Ending balance | $ | — | $ | 11 | $ | 11 | ||||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the year ended December 31, 2012 (amounts in thousands): | ||||||||||||
Gains and Losses on Designated Cash Flow Hedge | Foreign Currency Translation Adjustments | Total | ||||||||||
Beginning balance | $ | (1,260 | ) | $ | (11 | ) | $ | (1,271 | ) | |||
Other comprehensive income (loss) before reclassifications | (135 | ) | 21 | (114 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,395 | — | 1,395 | |||||||||
Net current period other comprehensive income | 1,260 | 21 | 1,281 | |||||||||
Ending balance | $ | — | $ | 10 | $ | 10 | ||||||
Reclassification From Accumulated Other Comprehensive Income to Statement of Operations [Table Text Block] [Table Text Block] | The following table presents the impact of the reclassifications from accumulated other comprehensive income on the consolidated statement of operations for the year ended December 31, 2012 (amounts in thousands): | |||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | |||||||||||
Losses on designated cash flow hedge | ||||||||||||
Interest rate swap | $ | (2,293 | ) | Interest Expense | ||||||||
Tax benefit | 898 | Benefit for Income Taxes | ||||||||||
Effect on net loss | $ | (1,395 | ) | Net Loss |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following tables set forth the computation of basic and diluted earnings per share: | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net loss | $ | (11,201 | ) | $ | (9,645 | ) | $ | (12,653 | ) | |||
Weighted average shares outstanding: | ||||||||||||
Basic | 24,806 | 24,660 | 24,545 | |||||||||
Effect of dilutive securities: | ||||||||||||
Warrants | — | — | — | |||||||||
Options | — | — | — | |||||||||
Diluted | 24,806 | 24,660 | 25,545 | |||||||||
Basic earnings (loss) per share | $ | (0.45 | ) | $ | (0.39 | ) | $ | (0.52 | ) | |||
Diluted earnings (loss) per share | $ | (0.45 | ) | $ | (0.39 | ) | $ | (0.52 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax (benefit) expense consists of the following (amounts in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current income taxes: | ||||||||||||
Federal | $ | 22 | $ | 29 | $ | 9 | ||||||
State and local | 63 | 80 | 161 | |||||||||
Foreign | 2 | 54 | (113 | ) | ||||||||
Deferred income taxes: | ||||||||||||
Federal | (5,797 | ) | (3,706 | ) | (6,452 | ) | ||||||
State and local | (1,093 | ) | (1,336 | ) | 595 | |||||||
Foreign | (116 | ) | (185 | ) | 101 | |||||||
Benefit applied to reduce other identifiable intangibles | — | — | 135 | |||||||||
Total income tax (benefit) expense | $ | (6,919 | ) | $ | (5,064 | ) | $ | (5,564 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation between the federal statutory tax rate and the Company’s actual effective tax rate (amounts in thousands): | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes | 3.7 | % | 5.5 | % | (2.8 | )% | ||||||
Stock option shortfalls | (0.1 | )% | (4.5 | )% | — | % | ||||||
Foreign tax differential | (0.2 | )% | (0.8 | )% | — | % | ||||||
Canadian withholding taxes | (0.1 | )% | (0.9 | )% | — | % | ||||||
Adjustments to previously recognized deferred tax assets | — | % | — | % | (2.1 | )% | ||||||
Meals, entertainment and other | (0.1 | )% | 0.1 | % | 0.4 | % | ||||||
Effective income tax rate | 38.2 | % | 34.4 | % | 30.5 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows (amounts in thousands): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Federal and state net operating loss carry-forwards | $ | 57,105 | $ | 55,826 | ||||||||
Accrued expenses | 3,299 | 3,416 | ||||||||||
Goodwill and other intangibles | 1,185 | 2,649 | ||||||||||
Stock based compensation | 1,686 | 1,598 | ||||||||||
Accounts receivable | 1,322 | 1,096 | ||||||||||
Tax credits and other | 692 | 597 | ||||||||||
Total deferred tax assets, gross | 65,289 | 65,182 | ||||||||||
Valuation allowance | (838 | ) | (798 | ) | ||||||||
Total deferred tax assets, net | 64,451 | 64,384 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Rental equipment, property and equipment and other | (95,435 | ) | (102,374 | ) | ||||||||
Other deferred tax liabilities | 1 | (1 | ) | |||||||||
Total deferred tax liabilities | (95,434 | ) | (102,375 | ) | ||||||||
Net deferred tax liabilities | $ | (30,983 | ) | $ | (37,991 | ) | ||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Amounts included in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 3,504 | $ | 2,878 | ||||||||
Long-term deferred tax liabilities | (34,487 | ) | (40,869 | ) | ||||||||
Net deferred tax liabilities | $ | (30,983 | ) | $ | (37,991 | ) | ||||||
Summary of Operating Loss Carryforwards | The following table presents the estimated future net operating loss expiration schedule by date and jurisdiction for each of the subsequent ten years and thereafter as of December 31 (amounts in thousands): | |||||||||||
Jurisdiction | ||||||||||||
Federal | State | |||||||||||
31-Dec-15 | — | 1,267 | ||||||||||
31-Dec-16 | — | 3,424 | ||||||||||
31-Dec-17 | — | 6,049 | ||||||||||
31-Dec-18 | — | 3,649 | ||||||||||
31-Dec-19 | — | 4,300 | ||||||||||
31-Dec-20 | — | 2,111 | ||||||||||
31-Dec-21 | 2 | 7,909 | ||||||||||
31-Dec-22 | 11,424 | 8,452 | ||||||||||
31-Dec-23 | 14,238 | 5,385 | ||||||||||
31-Dec-24 | 15,496 | 6,555 | ||||||||||
Thereafter | 107,149 | 28,277 | ||||||||||
Total | 148,309 | 77,378 | ||||||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the approximate beginning and ending amounts of gross unrecognized tax benefits is as follows (amounts in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 100 | $ | 100 | ||||||||
Increase for changes to tax positions in prior years, net | — | — | ||||||||||
Balance at end of year | $ | 100 | $ | 100 | ||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company has granted to certain key members of management options to purchase the following shares by grant date during the year ended December 31, 2014: | |||||||||||||||||
Grant Date | ||||||||||||||||||
June 27, | June 27, | March 13, | ||||||||||||||||
2014 | 2014 | 2014 | ||||||||||||||||
Options granted | 49,814 | 98,024 | 100,000 | |||||||||||||||
Exercise price per share | $ | 2.51 | $ | 2.51 | $ | 3.26 | ||||||||||||
Service period | 3 years | 3 years | 3 years | |||||||||||||||
Option life | 7 years | 10 years | 10 years | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the assumptions used in the Black-Scholes option pricing model and the resulting option fair values by grant date during the year ended December 31, 2014 (amounts in thousands, except per share data): | |||||||||||||||||
Grant Date | ||||||||||||||||||
June 27, | June 27, | March 13, | ||||||||||||||||
2014 | 2014 | 2014 | ||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||||||
Risk-free interest rate | 1.45 | % | 1.89 | % | 1.84 | % | ||||||||||||
Expected volatility | 69.94 | % | 69.94 | % | 71.12 | % | ||||||||||||
Expected life of option | 4.5 years | 6 years | 6 years | |||||||||||||||
Grant date fair value per share | $ | 1.4 | $ | 1.58 | $ | 1.88 | ||||||||||||
Grant date fair value | $ | 70 | $ | 155 | $ | 188 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The table below summarizes the stock option activity for the years ending December 31, 2014, 2013 and 2012: | |||||||||||||||||
Stock Options | ||||||||||||||||||
Common | Weighted | |||||||||||||||||
Shares Subject | Average | |||||||||||||||||
to Options | Exercise Price | |||||||||||||||||
Balance at December 31, 2011 | 1,474,719 | $ | 5.45 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2012 | 1,474,719 | 5.45 | ||||||||||||||||
Granted | 175,000 | 3.73 | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | (435,840 | ) | 6.39 | |||||||||||||||
Balance at December 31, 2013 | 1,213,879 | 4.87 | ||||||||||||||||
Granted | 247,838 | 2.81 | ||||||||||||||||
Exercised | — | — | ||||||||||||||||
Expired/forfeited | (125,352 | ) | 5.45 | |||||||||||||||
Balance at December 31, 2014 | 1,336,365 | $ | 4.43 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | The following table summarizes information regarding options outstanding and exercisable at December 31, 2014: | |||||||||||||||||
Options Outstanding (1) | Options Exercisable (2) | |||||||||||||||||
Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||
Average | Average | Average | Average | |||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||
Term (Years) | Term (Years) | |||||||||||||||||
2008 Options Grant | 516,975 | 3.97 | $ | 4.5 | 516,975 | |||||||||||||
2010 Options Grant | 41,308 | 5.22 | 6.45 | 41,308 | ||||||||||||||
2011 Options Grant | 355,244 | 6.04 | 5.58 | 355,244 | ||||||||||||||
2013 Options Grant | 175,000 | 8.65 | 3.73 | 58,333 | ||||||||||||||
2014 Options Grant | 247,838 | 8.78 | 2.81 | — | ||||||||||||||
1,336,365 | 6.06 | $ | 4.43 | 971,860 | 5.06 | $ | 4.93 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 1,336,365 | 6.06 | $ | 4.43 | ||||||||||||||
-1 | The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2014 is zero calculated using the Company's closing share price of $1.32. | |||||||||||||||||
-2 | The aggregate intrinsic value of options exercisable as of December 31, 2014 is zero calculated using the Company's closing share price of $1.32. | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below summarizes the restricted shares activity for the years ending December 31, 2014, 2013 and 2012: | |||||||||||||||||
Restricted Shares | ||||||||||||||||||
Common | Weighted | |||||||||||||||||
Shares Subject | Average | |||||||||||||||||
to Grants | Fair Value | |||||||||||||||||
Balance at December 31, 2011 | 166,943 | $ | 5.55 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | (83,474 | ) | 5.55 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2012 | 83,469 | 5.55 | ||||||||||||||||
Granted | 117,500 | 3.73 | ||||||||||||||||
Vested | (83,469 | ) | 5.55 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2013 | 117,500 | 3.73 | ||||||||||||||||
Granted | 51,640 | 2.51 | ||||||||||||||||
Vested | (39,167 | ) | 3.73 | |||||||||||||||
Expired/forfeited | — | — | ||||||||||||||||
Balance at December 31, 2014 | 129,973 | $ | 3.25 | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule Of Segment Revenues And Segment Gross Profit Table | The following table presents information about our reportable segments related to revenues and gross profit (amounts in thousands): | |||||||||||
For The Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Restated) | (Restated) | |||||||||||
Segment revenues | ||||||||||||
Essex Crane equipment rentals | $ | 40,429 | $ | 33,941 | $ | 35,415 | ||||||
Coast Crane equipment rentals | 32,781 | 31,004 | 35,816 | |||||||||
Equipment distribution | 9,930 | 11,212 | 4,087 | |||||||||
Parts and service | 20,309 | 19,380 | 22,942 | |||||||||
Total revenues | $ | 103,449 | $ | 95,537 | $ | 98,260 | ||||||
Segment gross profit | ||||||||||||
Essex Crane equipment rentals | $ | 4,336 | $ | 4,787 | $ | 4,902 | ||||||
Coast Crane equipment rentals | 11,438 | 11,029 | 10,020 | |||||||||
Equipment distribution | 486 | 1,046 | 16 | |||||||||
Parts and service | 5,431 | 5,326 | 6,394 | |||||||||
Total gross profit | $ | 21,691 | $ | 22,188 | $ | 21,332 | ||||||
Reconciliation of Assets from Segment to Consolidated | The following table presents information about our reportable segments related to total assets (amounts in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Restated) | ||||||||||||
Segment identified assets | ||||||||||||
Essex Crane equipment rentals | $ | 208,777 | $ | 225,501 | ||||||||
Coast Crane equipment rentals | 83,561 | 83,107 | ||||||||||
Equipment distribution | 12,494 | 4,410 | ||||||||||
Parts and service | 7,277 | 4,765 | ||||||||||
Total segment identified assets | 312,109 | 317,783 | ||||||||||
Non-segment identified assets | 13,781 | 14,993 | ||||||||||
Total assets | $ | 325,890 | $ | 332,776 | ||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Party Transactions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments for the Company’s non-cancellable operating leases at December 31, 2014 are as follows (amounts in thousands): | |||
2015 | $ | 2,203 | ||
2016 | 1,301 | |||
2017 | 545 | |||
2018 | 411 | |||
2019 | 95 | |||
Total | $ | 4,555 | ||
Summarized_Quarterly_Financial1
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following is a summary of our unaudited quarterly financial results of operations for the years ended December 31, 2014 and 2013: | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | (Restated) | (Restated) | (Restated) | |||||||||||||
Total revenues | $ | 21,086 | $ | 24,509 | $ | 29,581 | $ | 28,273 | ||||||||
Gross profit | 4,182 | 5,273 | 6,517 | 5,719 | ||||||||||||
Loss from operations | (1,995 | ) | (810 | ) | (388 | ) | (601 | ) | ||||||||
Loss before benefit for income taxes | (5,108 | ) | (4,322 | ) | (4,232 | ) | (4,458 | ) | ||||||||
Net loss | (3,169 | ) | (2,741 | ) | (2,398 | ) | (2,893 | ) | ||||||||
Basic net loss per share (1) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.12 | ) | ||||
Diluted net loss per share (1) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.12 | ) | ||||
-1 | Due to the method used in calculating per share data, the summation of the quarterly per share data may not necessarily total to the per share data computed for the entire year. | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | (Restated) | (Restated) | (Restated) | (Restated) | ||||||||||||
Total revenues | $ | 25,065 | $ | 25,213 | $ | 22,808 | $ | 22,451 | ||||||||
Gross profit | 5,723 | 6,363 | 5,456 | 4,646 | ||||||||||||
Loss from operations | (642 | ) | (208 | ) | (518 | ) | (1,860 | ) | ||||||||
Loss before benefit for income taxes | (3,268 | ) | (3,405 | ) | (2,933 | ) | (5,103 | ) | ||||||||
Net loss | (2,162 | ) | (1,932 | ) | (1,903 | ) | (3,648 | ) | ||||||||
Basic net loss per share (1) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.15 | ) | ||||
Diluted net loss per share (1) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.15 | ) | ||||
-1 | Due to the method used in calculating per share data, the summation of the quarterly per share data may not necessarily total to the per share data computed for the entire year. |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Nov. 24, 2010 | Nov. 30, 2008 | |
Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 4 | |||||
Cash Deposit with Foreign Financial Institution | $100,000 | $100,000 | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Beginning balance | 2,485,000 | 2,775,000 | ||||
Provision for allowance for doubtful accounts | 438,000 | 520,000 | 1,000,000 | |||
Provision for credit memo reserve | 1,011,000 | 1,459,000 | ||||
Write-offs and recoveries | -915,000 | -2,269,000 | ||||
Ending balance | 3,019,000 | 2,485,000 | 2,775,000 | |||
Inventory Valuation Reserves | 1,400,000 | 1,400,000 | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Percentage of Assets With Useful Lives In Excess Of Fifteen Years | 95.00% | |||||
Goodwill, Acquired During Period | 1,800,000 | |||||
Goodwill | 1,800,000 | 1,796,000 | 1,796,000 | |||
Impairment - rental equipment, held for sale | 771,000 | 0 | 0 | |||
Derivative, Notional Amount | 40,000,000 | 7,000,000 | 100,000,000 | |||
Building [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||
Building Improvements [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Property and Equipment Improvements [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property and Equipment, Minimum Expenditure for Capitalization | 5,000 | |||||
Software and Software Development Costs [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Office Equipment [Member] | Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Office Equipment [Member] | Maximum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Automobiles, Trucks, Trailers and Yard Equipment [Member] | Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||
Automobiles, Trucks, Trailers and Yard Equipment [Member] | Maximum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Machinery, Furniture and Fixtures [Member] | Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||
Machinery, Furniture and Fixtures [Member] | Maximum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Rental Equipment Improvement Capital Expenditures [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Property Subject to Operating Lease [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
PP&E Improvement Expenditures Recognized, Capitalized In Period | 1,200,000 | |||||
Property Subject to Operating Lease [Member] | Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Property Subject to Operating Lease [Member] | Maximum [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||
Property Subject to Operating Lease [Member] | Boom Truck [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property and Equipment, Minimum Expenditure for Capitalization | 10,000 | |||||
Property Subject to Operating Lease [Member] | Tower Crane [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property and Equipment, Minimum Expenditure for Capitalization | 15,000 | |||||
Property Subject to Operating Lease [Member] | Crawler Crane [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property and Equipment, Minimum Expenditure for Capitalization | 20,000 | |||||
Property Subject to Operating Lease [Member] | Individual Piece of Rental Equipment [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Property and Equipment, Minimum Expenditure for Capitalization | 5,000 | |||||
Trademarks [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||
Customer Relationships [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||
Coast Crane 2014 Interest Rate Cap [Member] | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Derivative, Notional Amount | $40,000,000 |
Restatement_Details
Restatement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | $325,890 | $332,776 | $325,890 | $332,776 | |||||||
Revenues | 28,273 | 29,581 | 24,509 | 21,086 | 22,451 | 22,808 | 25,213 | 25,065 | 103,449 | 95,537 | 98,260 |
Liabilities, Current | 161,167 | 181,320 | 161,167 | 181,320 | |||||||
Long-term Line of Credit, Noncurrent | 1,781 | 2,368 | 1,781 | 2,368 | |||||||
Liabilities, Noncurrent | 109,237 | 85,367 | 109,237 | 85,367 | |||||||
Gross Profit | 5,719 | 6,517 | 5,273 | 4,182 | 4,646 | 5,456 | 6,363 | 5,723 | 21,691 | 22,188 | 21,332 |
Scenario, Previously Reported [Member] | |||||||||||
Line of Credit, Current | 0 | 0 | |||||||||
Liabilities, Current | 18,206 | 18,206 | |||||||||
Long-term Line of Credit, Noncurrent | 165,482 | 165,482 | |||||||||
Liabilities, Noncurrent | 248,481 | 248,481 | |||||||||
Scenario, Adjustment [Member] | |||||||||||
Line of Credit, Current | 163,114 | 163,114 | |||||||||
Liabilities, Current | 163,114 | 163,114 | |||||||||
Long-term Line of Credit, Noncurrent | -163,114 | -163,114 | |||||||||
Liabilities, Noncurrent | -163,114 | -163,114 | |||||||||
Scenario, Actual [Member] | |||||||||||
Line of Credit, Current | 163,114 | 163,114 | |||||||||
Liabilities, Current | 181,319 | 181,319 | |||||||||
Long-term Line of Credit, Noncurrent | 2,368 | 2,368 | |||||||||
Liabilities, Noncurrent | 85,367 | 85,367 | |||||||||
Essex Crane Equipment Rentals [Member] | |||||||||||
Assets | 208,777 | 225,501 | 208,777 | 225,501 | |||||||
Revenues | 40,429 | 33,941 | 35,415 | ||||||||
Gross Profit | 4,336 | 4,787 | 4,902 | ||||||||
Essex Crane Equipment Rentals [Member] | Scenario, Previously Reported [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Revenues | 0 | 0 | |||||||||
Gross Profit | 0 | 0 | |||||||||
Essex Crane Equipment Rentals [Member] | Scenario, Adjustment [Member] | |||||||||||
Assets | 225,501 | 225,501 | |||||||||
Revenues | 33,941 | 35,415 | |||||||||
Gross Profit | 4,787 | 4,902 | |||||||||
Essex Crane Equipment Rentals [Member] | Reclassification [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Essex Crane Equipment Rentals [Member] | Scenario, Actual [Member] | |||||||||||
Assets | 225,501 | 225,501 | |||||||||
Coast Crane Equipment Rentals [Member] | |||||||||||
Assets | 83,561 | 83,107 | 83,561 | 83,107 | |||||||
Revenues | 32,781 | 31,004 | 35,816 | ||||||||
Gross Profit | 11,438 | 11,029 | 10,020 | ||||||||
Coast Crane Equipment Rentals [Member] | Scenario, Previously Reported [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Revenues | 0 | 0 | |||||||||
Gross Profit | 0 | 0 | |||||||||
Coast Crane Equipment Rentals [Member] | Scenario, Adjustment [Member] | |||||||||||
Assets | 81,870 | 81,870 | |||||||||
Revenues | 31,004 | 35,816 | |||||||||
Gross Profit | 11,029 | 10,020 | |||||||||
Coast Crane Equipment Rentals [Member] | Reclassification [Member] | |||||||||||
Assets | 1,237 | 1,237 | |||||||||
Coast Crane Equipment Rentals [Member] | Scenario, Actual [Member] | |||||||||||
Assets | 83,107 | 83,107 | |||||||||
Equipment Distribution [Member] | |||||||||||
Assets | 12,494 | 4,410 | 12,494 | 4,410 | |||||||
Revenues | 9,930 | 11,212 | 4,087 | ||||||||
Gross Profit | 486 | 1,046 | 16 | ||||||||
Equipment Distribution [Member] | Scenario, Previously Reported [Member] | |||||||||||
Assets | 5,150 | 5,150 | |||||||||
Equipment Distribution [Member] | Scenario, Adjustment [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Equipment Distribution [Member] | Reclassification [Member] | |||||||||||
Assets | -740 | -740 | |||||||||
Equipment Distribution [Member] | Scenario, Actual [Member] | |||||||||||
Assets | 4,410 | 4,410 | |||||||||
Parts and Service [Member] | |||||||||||
Assets | 7,277 | 4,765 | 7,277 | 4,765 | |||||||
Revenues | 20,309 | 19,380 | 22,942 | ||||||||
Gross Profit | 5,431 | 5,326 | 6,394 | ||||||||
Parts and Service [Member] | Scenario, Previously Reported [Member] | |||||||||||
Assets | 5,262 | 5,262 | |||||||||
Parts and Service [Member] | Scenario, Adjustment [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Parts and Service [Member] | Reclassification [Member] | |||||||||||
Assets | -497 | -497 | |||||||||
Parts and Service [Member] | Scenario, Actual [Member] | |||||||||||
Assets | 4,765 | 4,765 | |||||||||
Equipment Rental [Member] | |||||||||||
Revenues | 0 | 0 | |||||||||
Gross Profit | 0 | 0 | |||||||||
Equipment Rental [Member] | Scenario, Previously Reported [Member] | |||||||||||
Assets | 307,371 | 307,371 | |||||||||
Revenues | 64,945 | 71,231 | |||||||||
Gross Profit | 15,816 | 14,922 | |||||||||
Equipment Rental [Member] | Scenario, Adjustment [Member] | |||||||||||
Assets | -307,371 | -307,371 | |||||||||
Revenues | -64,945 | -71,231 | |||||||||
Gross Profit | -15,816 | -14,922 | |||||||||
Equipment Rental [Member] | Reclassification [Member] | |||||||||||
Assets | 0 | 0 | |||||||||
Equipment Rental [Member] | Scenario, Actual [Member] | |||||||||||
Assets | $0 | $0 |
Rental_Equipment_Details
Rental Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $18,339 | $18,663 | $20,459 |
Rental equipment | 10,749 | 10,751 | |
Less: accumulated depreciation | -6,136 | -5,546 | |
Rental equipment, net | 4,613 | 5,205 | |
Property Subject to Operating Lease [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 18,100 | 18,400 | 19,500 |
Rental equipment | 357,720 | 362,416 | |
Less: accumulated depreciation | -87,255 | -74,556 | |
Rental equipment, net | 270,465 | 287,860 | |
2015 | 12,318 | ||
2016 | 870 | ||
2017 | 78 | ||
Total minimum rental revenue | $13,266 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $10,749 | $10,751 | |
Less: accumulated depreciation | -6,136 | -5,546 | |
Rental equipment, net | 4,613 | 5,205 | |
Depreciation | 18,339 | 18,663 | 20,459 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 1,850 | 1,850 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 2,154 | 2,116 | |
Automobiles, Trucks, Trailers and Yard Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,624 | 3,459 | |
Software and Software Development Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 2,642 | 2,530 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 173 | 160 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 306 | 636 | |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $766 | $900 | $1,900 |
Loan_Acquisition_Costs_Details
Loan Acquisition Costs (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | |||
Debt Issuance Cost | $1,400,000 | $6,800,000 | |
Unamortized Debt Issuance Costs Expensed | 300,000 | 100,000 | |
Amortization of Financing Costs | 2,400,000 | 1,900,000 | 900,000 |
Gross carrying amount | 11,768,000 | 10,626,000 | |
Less: accumulated amortization | -6,636,000 | -4,531,000 | |
2015 | 2,384,000 | ||
2016 | 2,184,000 | ||
2017 | 260,000 | ||
2018 | 218,000 | ||
2019 | 86,000 | ||
Deferred Finance Costs, Net | $5,132,000 | $6,095,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 24, 2010 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $1,800,000 | $1,796,000 | $1,796,000 | |
Amortization of Intangible Assets | 300,000 | 300,000 | 400,000 | |
Total intangible assets | 3,688,000 | 3,688,000 | ||
Less: accumulated amortization | -2,953,000 | -2,619,000 | ||
2015 | 324,000 | |||
2016 | 214,000 | |||
2017 | 197,000 | |||
Intangible assets, net | 735,000 | 1,069,000 | ||
Essex Crane Customer Relationship Intangible [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible assets | 784,000 | 784,000 | ||
Essex Crane Trademark Intangible [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible assets | 804,000 | 804,000 | ||
Coast Crane Customer Relationship Intangible [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible assets | 1,500,000 | 1,500,000 | ||
Coast Crane Trademark Intangible [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible assets | $600,000 | $600,000 |
Revolving_Credit_Facilities_an2
Revolving Credit Facilities and Other Debt Obligations (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
13-May-14 | Aug. 31, 2014 | Dec. 31, 2014 | Mar. 12, 2013 | 7-May-12 | Dec. 31, 2013 | Nov. 30, 2010 | Oct. 30, 2014 | Apr. 29, 2014 | Feb. 21, 2014 | Jun. 30, 2013 | Jan. 01, 2014 | Nov. 24, 2010 | |
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility | $1,781,000 | $2,368,000 | |||||||||||
Term loans | 64,500,000 | 36,500,000 | |||||||||||
Term loan - short-term | 2,000,000 | 2,000,000 | |||||||||||
Promissory notes | 1,655,000 | 3,655,000 | |||||||||||
Purchase money security interest debt | 6,652,000 | 1,975,000 | |||||||||||
Purchase money security interest debt - short-term | 1,655,000 | 959,000 | |||||||||||
Total debt obligations outstanding | 220,952,000 | 210,571,000 | |||||||||||
2015 | 146,364,000 | ||||||||||||
2016 | 4,882,000 | ||||||||||||
2017 | 35,785,000 | ||||||||||||
2018 | 1,417,000 | ||||||||||||
2019 | 32,504,000 | ||||||||||||
Total | 220,952,000 | 210,571,000 | |||||||||||
Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Oct-16 | ||||||||||||
Revolving credit facility | 118,611,000 | 148,149,000 | |||||||||||
Debt, Weighted Average Interest Rate | 3.91% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 145,000,000 | ||||||||||||
Maximum Amount Of Letters Of Credit Sublimit Under Credit Facility | 20,000,000 | ||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | ||||||||||||
Percentage Of Net Orderly Liquidation Value Eligible Asset | 75.00% | ||||||||||||
Line of Credit Facility, Future Reduction in Aggregate Commitment, Percentage of Proceeds on Sale of Assets | 100.00% | ||||||||||||
Line of Credit Facility, Future Reduction in Aggregate Commitment, Percentage of Free Cash Flow | 60.00% | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | ||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.1 | 1.1 | |||||||||||
Line of Credit Facility, Limit on Certain Capital Expenditures | 2,000,000 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 135,300,000 | 170,100,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 16,600,000 | 21,900,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity After 10 Percent Availability Covenant Threshold | 2,700,000 | 4,400,000 | |||||||||||
Line Of Credit Facility Excess Availability | 1,500,000 | 9,300,000 | |||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.16% | 0.15% | |||||||||||
Debt Instrument Covenant Maximum Indebtedness | 1,500,000 | ||||||||||||
Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Mar-17 | ||||||||||||
Revolving credit facility | 24,098,000 | 14,965,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.30% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | ||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | ||||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.50% | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | 0.50% | 0.50% | ||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 35,000,000 | 34,400,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,300,000 | 8,200,000 | |||||||||||
Reserves on Revolving Credit Facility | 3,700,000 | ||||||||||||
Line of Credit Facility, Letter of Credit Fee | 3.75% | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity Reserve | 5,800,000 | 8,900,000 | |||||||||||
Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | ||||||||||||
Essex Crane Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | May-19 | ||||||||||||
Term loans | 30,000,000 | 30,000,000 | 0 | ||||||||||
Debt, Weighted Average Interest Rate | 11.50% | ||||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.00% | 1.00% | |||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.15% | ||||||||||||
Coast Crane Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | ||||||||||||
Term loans | 34,500,000 | 40,000,000 | 36,500,000 | ||||||||||
Term loan - short-term | 2,000,000 | 2,000,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.25% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | ||||||||||||
Loans Payable to Bank | 36,500,000 | 38,500,000 | |||||||||||
Unsecured Promissory Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Oct-16 | ||||||||||||
Promissory notes | 1,700,000 | 3,700,000 | 5,200,000 | 5,200,000 | |||||||||
Debt, Weighted Average Interest Rate | 18.00% | ||||||||||||
Class of Warrant or Right Issued | 90,000 | ||||||||||||
Common Stock Issuable Upon Exercise of Warrants | 90,000 | ||||||||||||
Warrant Exercise Price per Share | $0.01 | ||||||||||||
Class of Warrant or Right Fair Value | 300,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | 10.00% | 18.00% | ||||||||||
Debt Instrument, Periodic Payment, Principal | 2,000,000 | 1,600,000 | |||||||||||
Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | ||||||||||||
Debt, Weighted Average Interest Rate | 5.33% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | ||||||||||||
Pieces of Equipment Financed | 19 | 11 | |||||||||||
Long-term Debt | 8,300,000 | 2,900,000 | |||||||||||
Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Jan-16 | ||||||||||||
Minimum [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
US Eligible New Sale Inventory Cap | 4,000,000 | ||||||||||||
Minimum [Member] | Coast Crane Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Mar-16 | ||||||||||||
Minimum [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.59% | ||||||||||||
Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Nov-19 | ||||||||||||
Maximum [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
US Eligible New Sale Inventory Cap | 15,000,000 | ||||||||||||
Maximum [Member] | Coast Crane Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | Mar-17 | ||||||||||||
2013 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Covenant Maximum Indebtedness | 7,000,000 | ||||||||||||
2014 and Thereafter [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Covenant Maximum Indebtedness | 10,000,000 | ||||||||||||
Option Two [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | ||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Inventory | 50.00% | 50.00% | |||||||||||
Line of Credit Facility Borrowing Base | 5,000,000 | 5,000,000 | |||||||||||
Option Two [Member] | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Inventory | 50.00% | ||||||||||||
Line of Credit Facility Borrowing Base | 800,000 | ||||||||||||
Option Three [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base | 15,000,000 | ||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 95.00% | 95.00% | |||||||||||
Option Three [Member] | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base | 2,000,000 | ||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 95.00% | ||||||||||||
Option Four [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 85.00% | ||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value Less Reserves | 85.00% | ||||||||||||
Option Four [Member] | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 85.00% | ||||||||||||
September 2014 [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.08 | ||||||||||||
April 30 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 0.88 | ||||||||||||
May 31 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1 | ||||||||||||
June 30 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.1 | ||||||||||||
July 31 2014 and Thereafter [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | ||||||||||||
March 31 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1 | ||||||||||||
March 2014 to August 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | 7,700,000 | ||||||||||||
September 2014 to November 2014 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | 7,900,000 | ||||||||||||
December 2014 to February 2015 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | 8,000,000 | ||||||||||||
March 2015 to May 2015 [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | 8,200,000 | ||||||||||||
June 2015 and Thereafter [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | 8,300,000 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | 0.38% | 0.38% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.25% | 0.24% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Essex Crane Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 10.50% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pieces of Equipment Financed | 10 | 10 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | 3.25% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.38% | 5.38% | |||||||||||
Stated Interest Rate [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pieces of Equipment Financed | 9 | ||||||||||||
Stated Interest Rate [Member] | Maximum [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | ||||||||||||
Prime Rate [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||
Line of Credit Facility Prime Rate | 3.25% | 3.25% | |||||||||||
Prime Rate [Member] | Coast Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||
Line of Credit Facility Prime Rate | 3.25% | 3.25% | |||||||||||
Stated Interest Rate 8.29% [Member] | Purchase Money Security Interest Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pieces of Equipment Financed | 1 | ||||||||||||
March 31 2016 [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Rental Equipment Sales Proceeds | 8,000,000 | ||||||||||||
March 31 2015 [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Rental Equipment Sales Proceeds | 3,000,000 | ||||||||||||
February 28 2016 [Member] | Essex Crane Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $130,000,000 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Oct. 08, 2014 | Nov. 24, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2008 | |
contract | contract | contract | ||||
Derivative [Line Items] | ||||||
Number of Interest Rate Derivatives Held | 3 | 1 | 4 | |||
Derivative, Notional Amount | $40,000,000 | $7,000,000 | $100,000,000 | |||
Derivative, Maturity Date | 17-Jun-16 | 18-May-12 | ||||
Derivative, Fixed Interest Rate | 5.62% | 2.71% | ||||
Derivative, Swaption Interest Rate | 4.96% | |||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2,100,000 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,260,000 | |||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 400,000 | ||||
Derivative, Cap Interest Rate | 2.50% | |||||
Long-term Debt, Weighted Average Interest Rate | 5.49% | 4.41% | ||||
Interest Expense | 13,958,000 | 11,662,000 | 11,335,000 | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -219,000 | |||||
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Interest expense | |||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,876,000 | |||||
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Other income / (expense) | |||||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | |||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Expense | $2,300,000 |
Fair_Value_Details
Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Debt Instrument, Fair Value Disclosure | $221.90 | $212 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Reclassifications (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $11 | $10 | ($1,271) |
Other comprehensive income before reclassifications | 40 | 1 | -114 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 1,395 |
Other comprehensive income | 40 | 1 | 1,281 |
Ending balance | 51 | 11 | 10 |
Interest expense | -13,958 | -11,662 | -11,335 |
Tax benefit | 6,919 | 5,064 | 5,564 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 1,395 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | -1,260 |
Other comprehensive income before reclassifications | 0 | 0 | -135 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 1,395 |
Other comprehensive income | 0 | 0 | 1,260 |
Ending balance | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 1,395 |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 11 | 10 | -11 |
Other comprehensive income before reclassifications | 40 | 1 | 21 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Other comprehensive income | 40 | 1 | 21 |
Ending balance | 51 | 11 | 10 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | -1,395 | ||
Interest expense | -2,293 | ||
Tax benefit | 898 | ||
Amounts reclassified from accumulated other comprehensive income | ($1,395) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 30, 2007 |
stock_warrant | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Net Income (Loss) Attributable to Parent | ($2,893) | ($2,398) | ($2,741) | ($3,169) | ($3,648) | ($1,903) | ($1,932) | ($2,162) | ($11,201) | ($9,645) | ($12,653) | ||
Weighted Average Number of Shares Outstanding, Basic | 24,805,938 | 24,660,170 | 24,545,041 | ||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 24,805,938 | 24,660,170 | 25,545,041 | ||||||||||
Basic earnings (loss) per share | ($0.12) | ($0.10) | ($0.11) | ($0.13) | ($0.15) | ($0.08) | ($0.08) | ($0.09) | ($0.45) | ($0.39) | ($0.52) | ||
Diluted earnings (loss) per share | ($0.12) | ($0.10) | ($0.11) | ($0.13) | ($0.15) | ($0.08) | ($0.08) | ($0.09) | ($0.45) | ($0.39) | ($0.52) | ||
Weighted Average Number of Shares, Retained Interests | 493,671 | 493,671 | 493,671 | ||||||||||
Underwriter Purchase Option, Shares | 600,000 | ||||||||||||
Stock Exercise Price Per Share | $8.80 | ||||||||||||
Number of Shares of Common Stock Called by Each Underwriter Purchase Option | 1 | ||||||||||||
Number of Warrants Called by Each Underwriter Purchase Option | 1 | ||||||||||||
Number of Securities called by Each Warrant | 1 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,336,365 | 1,213,879 | 1,336,365 | 1,213,879 | 1,474,719 | 1,474,719 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $4.43 | $4.87 | $4.43 | $4.87 | $5.45 | $5.45 | |||||||
Underwriters Purchase Option [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Exercise Price Of Warrants | $5 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33,523 | 5,411 | 83,469 | ||||||||||
Warrant [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 72,797 | 89,745 | |||||||||||
Employee Stock Option [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 55,235 | 0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $22,000 | $29,000 | $9,000 |
Current State and Local Tax Expense (Benefit) | 63,000 | 80,000 | 161,000 |
Current Foreign Tax Expense (Benefit) | 2,000 | 54,000 | -113,000 |
Deferred Federal Income Tax Expense (Benefit) | -5,797,000 | -3,706,000 | -6,452,000 |
Deferred State and Local Income Tax Expense (Benefit) | -1,093,000 | -1,336,000 | 595,000 |
Deferred Foreign Income Tax Expense (Benefit) | -116,000 | -185,000 | 101,000 |
Benefit applied to reduce other identifiable intangibles | 0 | 0 | 135,000 |
Total income tax (benefit) expense | -6,919,000 | -5,064,000 | -5,564,000 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes | 3.70% | 5.50% | -2.80% |
Stock option shortfalls | -0.10% | -4.50% | 0.00% |
Foreign tax differential | -0.20% | -0.80% | 0.00% |
Canadian withholding taxes | -0.10% | -0.90% | 0.00% |
Adjustments to previously recognized deferred tax assets | 0.00% | 0.00% | -2.10% |
Meals, entertainment and other | -0.10% | 0.10% | 0.40% |
Effective income tax rate | 38.20% | 34.40% | 30.50% |
Deferred Tax Assets, Operating Loss Carryforwards | 57,105,000 | 55,826,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 3,299,000 | 3,416,000 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,185,000 | 2,649,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 1,686,000 | 1,598,000 | |
Deferred Tax Assets, Account Receivable | 1,322,000 | 1,096,000 | |
Deferred Tax Assets, Tax Credits and Other | 692,000 | 597,000 | |
Total deferred tax assets, gross | 65,289,000 | 65,182,000 | |
Valuation allowance | -838,000 | -798,000 | |
Total deferred tax assets, net | 64,451,000 | 64,384,000 | |
Deferred Tax Liabilities, Property, Plant and Equipment | -95,435,000 | -102,374,000 | |
Deferred Tax Liabilities, Other | 1,000 | -1,000 | |
Total deferred tax liabilities | -95,434,000 | -102,375,000 | |
Net deferred tax liabilities | -30,983,000 | -37,991,000 | |
Current deferred tax assets | 3,504,000 | 2,878,000 | |
Long-term deferred tax liabilities | -34,487,000 | -40,869,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | 100,000 | 100,000 | |
Increase for changes to tax positions in prior years, net | 0 | 0 | |
Balance at end of year | 100,000 | 100,000 | 100,000 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 3,100,000 | 3,100,000 | |
Unrecognized tax benefits | 100,000 | 100,000 | 100,000 |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 148,309,000 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating Loss Carryforwards | 148,300,000 | 143,800,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 800,000 | ||
State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 77,378,000 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating Loss Carryforwards | 77,400,000 | 77,300,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 100,000 | ||
2015 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2015 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,267,000 | ||
2016 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2016 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,424,000 | ||
2017 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2017 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 6,049,000 | ||
2018 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2018 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,649,000 | ||
2019 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2019 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 4,300,000 | ||
2020 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 | ||
2020 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 2,111,000 | ||
2021 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 2,000 | ||
2021 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 7,909,000 | ||
2022 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 11,424,000 | ||
2022 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 8,452,000 | ||
2023 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 14,238,000 | ||
2023 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,385,000 | ||
2024 [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 15,496,000 | ||
2024 [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 6,555,000 | ||
Thereafter [Member] | Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 107,149,000 | ||
Thereafter [Member] | State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $28,277,000 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Jun. 27, 2014 | Mar. 13, 2014 | Nov. 11, 2013 | Nov. 15, 2013 | Jun. 18, 2013 | Jan. 03, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercise price per share | $2.81 | $3.73 | $0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Beginning Balance | 1,213,879 | 1,474,719 | 1,474,719 | |||||||
Granted | 247,838 | 175,000 | 0 | |||||||
Exercised | 0 | 0 | 0 | |||||||
Expired/forfeited | -125,352 | -435,840 | 0 | |||||||
Ending Balance | 1,336,365 | 1,213,879 | 1,474,719 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Beginning Balance (dollars per share) | $4.87 | $5.45 | $5.45 | |||||||
Granted (dollars per share) | $2.81 | $3.73 | $0 | |||||||
Exercised (dollars per share) | $0 | $0 | $0 | |||||||
Expired/forfeited (dollars per share) | $5.45 | $6.39 | $0 | |||||||
Ending Balance (dollars per share) | $4.43 | $4.87 | $5.45 | |||||||
Options - outstanding | 1,336,365 | 1,213,879 | 1,474,719 | |||||||
Vested and expected to vest - options outstanding | 1,336,365 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 6 years 0 months 22 days | |||||||||
Weighted Average Remaining Contractual Term (Years) - vested and expected to vest | 6 years 0 months 22 days | |||||||||
Weighted Average Exercise Price - options outstanding | $4.43 | $4.87 | $5.45 | |||||||
Weighted Average Exercise Price - vested and expected to vest | $4.43 | |||||||||
Options exercisable | 971,860 | 897,629 | 1,030,230 | |||||||
Weighted Average Remaining Contractual Term (Years) - options exercisable | 5 years 0 months 22 days | |||||||||
Weighted Average Exercise Price - options exercisable | $4.93 | $4.98 | $5.26 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $0 | |||||||||
Share Price | $1.32 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 400,000 | 1,400,000 | 1,500,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 900,000 | 700,000 | ||||||||
2008 Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Ending Balance | 516,975 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Ending Balance (dollars per share) | $4.50 | |||||||||
Options - outstanding | 516,975 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 3 years 11 months 19 days | |||||||||
Weighted Average Exercise Price - options outstanding | $4.50 | |||||||||
Options exercisable | 516,975 | |||||||||
2010 Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Ending Balance | 41,308 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Ending Balance (dollars per share) | $6.45 | |||||||||
Options - outstanding | 41,308 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 5 years 2 months 19 days | |||||||||
Weighted Average Exercise Price - options outstanding | $6.45 | |||||||||
Options exercisable | 41,308 | |||||||||
2011 Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Ending Balance | 355,244 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Ending Balance (dollars per share) | $5.58 | |||||||||
Options - outstanding | 355,244 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 6 years 0 months 14 days | |||||||||
Weighted Average Exercise Price - options outstanding | $5.58 | |||||||||
Options exercisable | 355,244 | |||||||||
2013 Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Ending Balance | 175,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Ending Balance (dollars per share) | $3.73 | |||||||||
Options - outstanding | 175,000 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 8 years 7 months 24 days | |||||||||
Weighted Average Exercise Price - options outstanding | $3.73 | |||||||||
Options exercisable | 58,333 | |||||||||
2014 Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Ending Balance | 247,838 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Ending Balance (dollars per share) | $2.81 | |||||||||
Options - outstanding | 247,838 | |||||||||
Weighted Average Remaining Contractual Term (Years) - options outstanding | 8 years 9 months 11 days | |||||||||
Weighted Average Exercise Price - options outstanding | $2.81 | |||||||||
Options exercisable | 0 | |||||||||
March 18 2010 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Expired/forfeited | -403,353 | |||||||||
June 27 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options granted | 49,814 | |||||||||
Exercise price per share | $2.51 | |||||||||
Service period | 3 years | |||||||||
Option life | 7 years | |||||||||
Expected dividend yield | 0.00% | |||||||||
Risk-free interest rate | 1.45% | |||||||||
Expected volatility | 69.94% | |||||||||
Expected life of option | 4 years 6 months | |||||||||
Grant date fair value per share | $1.40 | |||||||||
Grant date fair value | 70,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Granted (dollars per share) | $2.51 | |||||||||
June 27 2014 Executives [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options granted | 98,024 | |||||||||
Exercise price per share | $2.51 | |||||||||
Service period | 3 years | |||||||||
Option life | 10 years | |||||||||
Expected dividend yield | 0.00% | |||||||||
Risk-free interest rate | 1.89% | |||||||||
Expected volatility | 69.94% | |||||||||
Expected life of option | 6 years | |||||||||
Grant date fair value per share | $1.58 | |||||||||
Grant date fair value | 155,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Granted (dollars per share) | $2.51 | |||||||||
March 13 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected dividend yield | 0.00% | |||||||||
Risk-free interest rate | 1.84% | |||||||||
Expected volatility | 71.12% | |||||||||
Expected life of option | 6 years | |||||||||
Grant date fair value per share | $1.88 | |||||||||
Grant date fair value | 188,000 | |||||||||
January 14 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Expired/forfeited | -32,487 | |||||||||
2011 Long Term Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | |||||||||
2008 Long Term Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,575,000 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||
Beginning Balance | 117,500 | 83,469 | 166,943 | |||||||
Granted | 51,640 | 117,500 | 0 | |||||||
Vested | -39,167 | -83,469 | -83,474 | |||||||
Expired/forfeited | 0 | 0 | 0 | |||||||
Ending Balance | 129,973 | 117,500 | 83,469 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Beginning Balance (dollars per share) | $3.73 | $5.55 | $5.55 | |||||||
Granted (dollars per share) | $2.51 | $3.73 | $0 | |||||||
Vested (dollars per share) | $3.73 | $5.55 | $5.55 | |||||||
Expired/forfeited (dollars per share) | $0 | $0 | $0 | |||||||
Ending Balance (dollars per share) | $3.25 | $3.73 | $5.55 | |||||||
Restricted Stock [Member] | June 27 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||
Granted | 51,640 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 100,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 0 | |||||||||
Restricted Stock [Member] | November 15 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||
Granted | 50,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 200,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 16,667 | |||||||||
Restricted Stock [Member] | June 18 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||
Granted | 67,500 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 22,500 | |||||||||
Restricted Stock [Member] | January 3 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||
Granted | 166,943 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | $900,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 166,943 | |||||||||
Restricted Stock [Member] | January 3 2012 [Member] | January 3 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 50.00% | |||||||||
Restricted Stock [Member] | January 3 2013 [Member] | January 3 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 50.00% | |||||||||
Restricted Stock [Member] | June 18 2014 [Member] | June 18 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | June 18 2015 [Member] | June 18 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | June 18 2016 [Member] | June 18 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | November 15 2014 [Member] | November 15 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | November 15 2015 [Member] | November 15 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | November 15 2016 [Member] | November 15 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | June 27 2015 [Member] | June 27 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | June 27 2016 [Member] | June 27 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | |||||||||
Restricted Stock [Member] | June 27 2017 [Member] | June 27 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% |
Common_Stock_and_Warrants_Deta
Common Stock and Warrants (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Oct. 31, 2008 | |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $12,000,000 | ||||
Common Stock Warrants Issued | 90,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.01 | ||||
Warrants Fair Value | 300,000 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 90,000 | ||||
Proceeds from Warrant Exercises | $900 | ||||
Strategic Planning and Finance Committee [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 43,715 | 45,719 | 56,868 | ||
Director [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 3,155 | ||||
Executive Officer [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 8,352 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 39,167 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 15,293 | ||||
Coast Crane Employees [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 83,469 | 83,474 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 29,489 | 12,616 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 4 | ||||||||||
TOTAL ASSETS | $325,890,000 | $332,776,000 | $325,890,000 | $332,776,000 | |||||||
TOTAL REVENUES | 28,273,000 | 29,581,000 | 24,509,000 | 21,086,000 | 22,451,000 | 22,808,000 | 25,213,000 | 25,065,000 | 103,449,000 | 95,537,000 | 98,260,000 |
Gross profit | 5,719,000 | 6,517,000 | 5,273,000 | 4,182,000 | 4,646,000 | 5,456,000 | 6,363,000 | 5,723,000 | 21,691,000 | 22,188,000 | 21,332,000 |
Essex Crane Equipment Rentals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 208,777,000 | 225,501,000 | 208,777,000 | 225,501,000 | |||||||
TOTAL REVENUES | 40,429,000 | 33,941,000 | 35,415,000 | ||||||||
Gross profit | 4,336,000 | 4,787,000 | 4,902,000 | ||||||||
Coast Crane Equipment Rentals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 83,561,000 | 83,107,000 | 83,561,000 | 83,107,000 | |||||||
TOTAL REVENUES | 32,781,000 | 31,004,000 | 35,816,000 | ||||||||
Gross profit | 11,438,000 | 11,029,000 | 10,020,000 | ||||||||
Equipment Rental [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL REVENUES | 0 | 0 | |||||||||
Gross profit | 0 | 0 | |||||||||
Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 12,494,000 | 4,410,000 | 12,494,000 | 4,410,000 | |||||||
TOTAL REVENUES | 9,930,000 | 11,212,000 | 4,087,000 | ||||||||
Gross profit | 486,000 | 1,046,000 | 16,000 | ||||||||
Parts and Service [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 7,277,000 | 4,765,000 | 7,277,000 | 4,765,000 | |||||||
TOTAL REVENUES | 20,309,000 | 19,380,000 | 22,942,000 | ||||||||
Gross profit | 5,431,000 | 5,326,000 | 6,394,000 | ||||||||
Segmented Assets Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 312,109,000 | 317,783,000 | 312,109,000 | 317,783,000 | |||||||
Total Non-Segmented Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 13,781,000 | 14,993,000 | 13,781,000 | 14,993,000 | |||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 3,900,000 | 4,500,000 | 3,900,000 | 4,500,000 | |||||||
Assets, Noncurrent | $2,800,000 | $3,500,000 | $2,800,000 | $3,500,000 | |||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | International Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 6.30% | 9.60% | 12.20% | ||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 4.90% | 8.40% | 10.10% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Essex Crane Equipment Rentals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting, Number of Major Customers | 1 | ||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting, Number of Major Customers | 1 | 1 | 4 | ||||||||
Customer One [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Essex Crane Equipment Rentals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 19.90% | ||||||||||
Customer One [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 11.70% | 25.30% | 14.20% | ||||||||
Customer Two [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 13.80% | ||||||||||
Customer Three [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 12.60% | ||||||||||
Customer Four [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 11.60% |
Commitments_Contingencies_and_2
Commitments, Contingencies and Related Party Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 24, 2010 | |
Related Party Transaction [Line Items] | |||||
Operating Leases, Rent Expense | $2,900,000 | $2,600,000 | $1,800,000 | ||
Promissory notes | 1,655,000 | 3,655,000 | |||
Common Stock Warrants Issued | 90,000 | ||||
Share Price | $1.32 | ||||
Personal Property Tax Liability | 3,200,000 | 3,300,000 | |||
Personal Property Tax Receivable | 1,700,000 | 2,000,000 | |||
2015 | 2,000,000 | ||||
2016 | 1,000,000 | ||||
2017 | 1,000,000 | ||||
2018 | 0 | ||||
2019 and thereafter | 0 | ||||
Total | 5,000,000 | ||||
Hyde Park Real Estate LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Leases, Rent Expense | 100,000 | 100,000 | 100,000 | ||
Operating Leases, Monthly Rent Expense | 8,000 | ||||
Unsecured Promissory Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Promissory notes | 5,200,000 | $1,700,000 | $3,700,000 | $5,200,000 | |
Common Stock Warrants Issued | 90,000 | ||||
Share Price | 0.01 |
401k_Profit_Sharing_Plan_and_M1
401(k) Profit Sharing Plan and Medical Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $600,000 | $600,000 | $600,000 |
Employer Provided Medical Benefits, Annual Individual Claim Limit | $90,000 | ||
First Three Percent of Employee 401(k) Contribution [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Fourth and Fifth Percent of Employee 401(k) Contribution [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | ||
Total Employee 401(k) Contribution [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% |
Concentrations_Details
Concentrations (Details) | 12 Months Ended |
Dec. 31, 2014 | |
vendor | |
Risks and Uncertainties [Abstract] | |
Concentration Risk, Number of Vendors | 5 |
Summarized_Quarterly_Financial2
Summarized Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
TOTAL REVENUES | $28,273 | $29,581 | $24,509 | $21,086 | $22,451 | $22,808 | $25,213 | $25,065 | $103,449 | $95,537 | $98,260 |
Gross profit | 5,719 | 6,517 | 5,273 | 4,182 | 4,646 | 5,456 | 6,363 | 5,723 | 21,691 | 22,188 | 21,332 |
Loss from operations | -601 | -388 | -810 | -1,995 | -1,860 | -518 | -208 | -642 | -3,794 | -3,228 | -6,929 |
Loss before benefit for income taxes | -4,458 | -4,232 | -4,322 | -5,108 | -5,103 | -2,933 | -3,405 | -3,268 | -18,120 | -14,709 | -18,217 |
Net Income (Loss) Attributable to Parent | ($2,893) | ($2,398) | ($2,741) | ($3,169) | ($3,648) | ($1,903) | ($1,932) | ($2,162) | ($11,201) | ($9,645) | ($12,653) |
Basic earnings (loss) per share | ($0.12) | ($0.10) | ($0.11) | ($0.13) | ($0.15) | ($0.08) | ($0.08) | ($0.09) | ($0.45) | ($0.39) | ($0.52) |
Diluted earnings (loss) per share | ($0.12) | ($0.10) | ($0.11) | ($0.13) | ($0.15) | ($0.08) | ($0.08) | ($0.09) | ($0.45) | ($0.39) | ($0.52) |