Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | ORION MARINE GROUP INC. | ||
Entity Central Index Key | 1402829 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 27,521,395 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $297 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $38,893 | $40,859 |
Accounts receivable: | ||
Trade, net of allowance of $0 | 36,905 | 39,110 |
Retainage | 15,883 | 10,427 |
Other | 1,998 | 2,040 |
Income taxes receivable | 333 | 333 |
Inventory | 6,487 | 3,520 |
Deferred tax asset | 1,755 | 726 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 44,581 | 24,856 |
Asset held for sale | 375 | 417 |
Prepaid expenses and other | 3,924 | 2,990 |
Total current assets | 151,134 | 125,278 |
Property and equipment, net | 161,773 | 141,923 |
Inventory, non-current | 5,508 | 4,772 |
Goodwill | 33,798 | 33,798 |
Intangible Assets, Net (Excluding Goodwill) | 87 | 197 |
Other assets | 0 | 240 |
Total assets | 352,300 | 306,208 |
Current liabilities: | ||
Current debt | 33,527 | 8,564 |
Accounts payable: | ||
Trade | 21,889 | 23,105 |
Retainage | 1,706 | 1,667 |
Accrued liabilities | 15,803 | 11,415 |
Accrued Income Taxes, Current | 997 | 459 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 16,704 | 14,595 |
Total current liabilities | 90,626 | 59,805 |
Long-term debt | 3,480 | 0 |
Other long-term liabilities | 566 | 526 |
Deferred income taxes | 20,877 | 17,978 |
Deferred revenue | 34 | 87 |
Total liabilities | 115,583 | 78,396 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued | 0 | 0 |
Common stock -- $0.01 par value, 50,000,000 authorized, 27,969,783 and 27,710,776 issued; 27,525,365 and 27,393,045 outstanding at December 31, 2014 and December 31, 2013, respectively | 279 | 278 |
Treasury stock, 361,231 and 317,731 shares, at cost December 31, 2014 and December 31, 2013, respectively | -3,439 | -3,003 |
Additional paid-in capital | 166,433 | 163,970 |
Retained earnings | 73,444 | 66,567 |
Equity attributable to common stockholders | 236,717 | 227,812 |
Noncontrolling interest | 0 | 0 |
Total stockholders’ equity | 236,717 | 227,812 |
Total liabilities and stockholders’ equity | $352,300 | $306,208 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Allowance for doubtful accounts | $0 | $0 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 27,886,596 | 27,710,776 |
Common stock, shares outstanding | 27,525,365 | 27,393,045 |
Treasury stock, shares | -361,231 | -317,731 |
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 |
Contract revenues | $385,818 | $354,544 | $292,042 |
Costs of contract revenues | 341,224 | 322,540 | 277,672 |
Gross profit | 44,594 | 32,004 | 14,370 |
Selling, general and administrative expenses | 34,691 | 32,110 | 28,573 |
Operating income (loss) | 9,903 | -106 | -14,203 |
Other income (expense): | |||
Gain (loss) from sale of assets, net | 359 | -153 | -1,822 |
Other income | 467 | 165 | 227 |
Interest income | 17 | 13 | 35 |
Interest expense | -694 | -525 | -743 |
Other income (expense), net | 149 | -500 | -2,303 |
Income (loss) before income taxes | 10,052 | -606 | -16,506 |
Income tax expense (benefit) | 3,175 | -937 | -4,640 |
Net income (loss) | 6,877 | 331 | -11,866 |
Net income (loss) attributable to noncontrolling interest | $0 | $0 | $0 |
Basic loss per share (in dollars per share) | $0.25 | $0.01 | ($0.44) |
Diluted loss per share (in dollars per share) | $0.25 | $0.01 | ($0.44) |
Shares used to compute income (loss) per share | |||
Basic (shares) | 27,421,441 | 27,296,732 | 27,138,927 |
Diluted (shares) | 27,787,613 | 27,613,054 | 27,138,927 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In | Retained | Non-controlling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $232,933 | $274 | ($3,003) | $157,560 | $78,102 | $0 |
Beginning treasury stock, shares at Dec. 31, 2011 | -317,731 | |||||
Beginning balance, shares at Dec. 31, 2011 | 27,436,922 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 3,115 | 3,115 | ||||
Exercise of stock options, shares | 56,658 | 56,658 | ||||
Exercise of stock options | 299 | 1 | 298 | |||
Issue restricted stock, shares | 36,640 | |||||
Issue restricted stock | 0 | 0 | 0 | |||
Noncontrolling interest, acquired | 16 | 16 | ||||
Distributions to noncontrolling interest | -34 | -34 | ||||
Net (loss) income attributable to common stockholders | -11,866 | -11,866 | ||||
Ending balance at Dec. 31, 2012 | 224,531 | 275 | -3,003 | 160,973 | 66,236 | 50 |
Ending treasury stock, shares at Dec. 31, 2012 | -317,731 | |||||
Ending balance, shares at Dec. 31, 2012 | 27,530,220 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 2,141 | 2,141 | ||||
Exercise of stock options, shares | 155,731 | 155,731 | ||||
Exercise of stock options | 859 | 3 | 856 | |||
Issue restricted stock, shares | 24,824 | |||||
Issue restricted stock | 0 | 0 | ||||
Distributions to noncontrolling interest | -50 | -50 | ||||
Net (loss) income attributable to common stockholders | 331 | 331 | ||||
Ending balance at Dec. 31, 2013 | 227,812 | 278 | -3,003 | 163,970 | 66,567 | 0 |
Ending treasury stock, shares at Dec. 31, 2013 | -317,731 | -317,731 | ||||
Ending balance, shares at Dec. 31, 2013 | 27,710,776 | 27,710,775 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 1,594 | 1,594 | ||||
Exercise of stock options, shares | 143,282 | 143,282 | ||||
Exercise of stock options | 870 | 1 | 869 | |||
Issue restricted stock, shares | 115,726 | |||||
Issue restricted stock | 0 | 0 | ||||
Purchase of stock into treasury, shares | -43,500 | -43,500 | ||||
Purchase of stock into treasury | -436 | -436 | ||||
Net (loss) income attributable to common stockholders | 6,877 | 6,877 | ||||
Ending balance at Dec. 31, 2014 | $236,717 | $279 | ($3,439) | $166,433 | $73,444 | $0 |
Ending treasury stock, shares at Dec. 31, 2014 | -361,231 | -361,231 | ||||
Ending balance, shares at Dec. 31, 2014 | 27,886,596 | 27,969,783 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income (loss) | $6,877 | $331 | ($11,866) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation and amortization | 23,451 | 21,538 | 21,570 |
Deferred financing cost amortization | 0 | 52 | 103 |
Bad debt expense | 993 | 259 | 12 |
Deferred income taxes | 1,869 | -239 | -1,646 |
Stock-based compensation | 1,594 | 2,141 | 3,115 |
(Gain)/Loss on sale of property and equipment | -359 | 153 | 1,822 |
Change in contingent liability related to earnout | 0 | -271 | 0 |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | -4,202 | 4,571 | -26,966 |
Income tax receivable | 0 | 2,125 | 10,888 |
Inventory | -3,702 | -3,024 | -497 |
Note receivable | 0 | 46 | 5 |
Prepaid expenses and other | -695 | -200 | -497 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -19,725 | -5,611 | -4,133 |
Accounts payable | -1,178 | -6,405 | 18,826 |
Accrued liabilities | 4,428 | -808 | 2,803 |
Income tax payable | 538 | 207 | 252 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,109 | -1,774 | 10,704 |
Deferred revenue | -53 | -58 | -57 |
Net cash provided by operating activities | 11,945 | 13,033 | 24,438 |
Cash flows from investing activities: | |||
Proceeds from sale of property and equipment | 1,005 | 750 | 374 |
Purchase of property and equipment | -18,711 | -12,760 | -24,647 |
Net cash used in investing activities | -42,787 | -12,010 | -33,273 |
Cash flows from financing activities: | |||
Borrowings from Credit Facility | 30,000 | 0 | 18,000 |
Payments made on borrowings from Credit Facility | -1,557 | -4,057 | -5,379 |
Contributions from noncontrolling interest | 0 | -50 | 34 |
Exercise of stock options | 869 | 859 | 298 |
Excess tax benefit from stock option exercise | 0 | 0 | 0 |
Increase in loan costs | 0 | 0 | -13 |
Purchase of shares into treasury | -436 | 0 | 0 |
Net cash (used in) provided by financing activities | 28,876 | -3,248 | 12,940 |
Net change in cash and cash equivalents | -1,966 | -2,225 | 4,105 |
Cash and cash equivalents at beginning of period | 40,859 | 43,084 | 38,979 |
Cash and cash equivalents at end of period | 38,893 | 40,859 | 43,084 |
Supplemental disclosures of cash flow information, cash paid during the period for: | |||
Interest | 742 | 483 | 697 |
Taxes (net of refunds) | 770 | -3,045 | -14,039 |
Supplemental disclosure of non cash transaction: | |||
Fair value of earnout from acquisition of business in Alaska | 0 | 0 | 271 |
Acquisition of business in Alaska | |||
Cash flows from investing activities: | |||
Payments for acquisition of businesses | 0 | 0 | -9,000 |
Acquisition of business in Pacific Northwest | |||
Cash flows from investing activities: | |||
Payments for acquisition of businesses | ($25,081) | $0 | $0 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation |
Description of Business | |
Orion Marine Group, Inc. and its subsidiaries and affiliates (hereafter collectively referred to as “Orion” or the “Company”) provide a broad range of heavy civil marine construction services on, over and under the water in the continental United States, Alaska, Canada and in the Caribbean Basin. Our heavy civil marine projects include marine transportation facilities; bridges and causeways; marine pipelines; mechanical and hydraulic dredging and specialty projects. We are headquartered in Houston, Texas. | |
Although we describe our business in this report in terms of the services we provide, our base of customers and the geographic areas in which we operate, we have concluded that our operations may be aggregated into a single reportable segment pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting. In making this determination, we considered the various economic characteristics of our operations, including: the nature of the services we provide; the nature of our internal processes for the production of our services; the methods used to provide out services to our customers; the types of customers we have; the nature of the regulatory environment in which we operate; and our assessment of our future prospects. | |
We provide heavy civil marine construction services through projects that are obtained primarily by a competitive bid or negotiated contract process. Our projects have similar cost structures, including labor, equipment, materials and subcontractors. Our workforce is standard across the services we provide, including pile drivers, equipment operators, carpenters, welders, barge crews, dredge crews, supervisors and project managers. This allows our core resources of assets and individuals to be deployed interchangeably to the various types of the services we provide. For example, crews and equipment deployed to a dock construction job may be redeployed to a bridge construction job and to a marsh creation job after that. This allows us to use our resources based on availability across our business. Similarly, basic materials such as concrete and steel are used in our projects, which provides us with similar costs across our operations, especially through the use of national accounts with vendors. Additionally, we self-perform most of our projects internally, which limits our use of subcontractors to those providing similar services with similar cost structures. | |
We execute our projects in a similar fashion with a centralized estimating, project controls and management group, and the risks and rewards of project performance are not affected by the location of the specific project. Because our core resources may be deployed to various types of marine construction projects, we have developed a centralized philosophy for operating our business. We utilize the same technology across our business, including estimating and cost control applications. | |
Our methods used to provide our services is similar. Our assets and labor force may be interchangeable within the various types of marine construction projects. This provides us with the flexibility to manage our business as one operating unit deploying resources based on availability across our business. | |
We have the same customers with similar funding drivers and market demands across our entire business. Our business wide customers include the U.S. Army Corps of Engineers, U.S. Navy, U.S. Coast Guard, state transportation departments, local port authorities and private customers such as petrochemical terminal operators, private terminal operators and cruise line facilities. We consider funding availability to be similar across our business, particularly in the form of governmental budgeting (federal, state and local) and capital expenditure and maintenance and repair spending by private customers. | |
Across our business, we comply with macro environmental regulatory environments driven through Federal agencies such as the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, U.S. Environmental Protection Agency and the U.S. Occupational Safety and Health Administration, as well as others. | |
Our business is primarily driven by macro-economic considerations including increases in import/export traffic, development of energy related infrastructure, cruise line expansion and operations, marine bridge infrastructure development, waterway pipeline crossings and the maintenance of our nation’s waterways. These macro drivers are the key catalyst for future prospects for work and are similar across our entire business. | |
Furthermore, the types of information and internal reports used by our chief operating decision maker (the “CODM”) to monitor performance, evaluate results of operations, allocate resources, and manage the business support a single reportable segment. Accordingly, based on these similarities, we have concluded that our operations represent one reportable segment for purposes of the disclosures included in this Annual Report on Form 10-K. | |
Basis of Presentation | |
These consolidated financial statements include the accounts of the parent company, Orion Marine Group, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates, judgments and assumptions are continually evaluated based on available information and experience; however, actual amounts could differ from those estimates. | ||
On an ongoing basis, the Company evaluates the significant accounting policies used to prepare its condensed consolidated financial statements, including, but not limited to, those related to: | ||
• | Revenue recognition from construction contracts; | |
• | Allowance for doubtful accounts; | |
• | Testing of goodwill and other long-lived assets for possible impairment; | |
• | Income taxes; | |
• | Self-insurance; and | |
• | Stock based compensation. | |
Revenue Recognition | ||
The Company records revenue on construction contracts for financial statement purposes on the percentage-of-completion method, measured by the percentage of contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract revenue reflects the original contract price adjusted for agreed upon change orders. Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Unapproved claims are recognized as an increase in contract revenue only when the collection is deemed probable and if the amount can be reasonably estimated for purposes of calculating total profit or loss on long-term contracts. Incentive fees, if available, are billed to the customer based on the terms and conditions of the contract. The Company records revenue and the unbilled receivable for claims to the extent of costs incurred and to the extent we believe related collection is probable and includes no profit on claims recorded. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and revenues and are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined, without regard to the percentage of completion. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. | ||
The current asset “costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract. The liability “billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized. | ||
The Company’s projects are typically short in duration, and usually span a period of less than one year. Historically, we have not combined or segmented contracts. | ||
Classification of Current Assets and Liabilities | ||
The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on our cash balances in excess of federally insured limits. Cash equivalents at December 31, 2014 and December 31, 2013 consisted primarily of money market mutual funds and overnight bank deposits. | ||
Foreign Currencies | ||
Historically, the Company’s exposure to foreign currency fluctuations has not been material and has been limited to temporary field accounts located in countries where the Company performs work in which amounts were insignificant in either 2014 or 2013. | ||
Risk Concentrations | ||
Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash and cash equivalents and accounts receivable. | ||
The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a substantial portion of the Company’s operations may be dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. | ||
Accounts Receivable | ||
Accounts receivable are stated at the historical carrying value, less write-offs and allowances for doubtful accounts. The Company has significant investments in billed and unbilled receivables as of December 31, 2014 and 2013. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestones. Unbilled receivables on fixed-price contracts, which are included in costs in excess of billings, arise as revenues are recognized under the percentage-of-completion method. Unbilled amounts on cost-reimbursement contracts represent recoverable costs and accrued profits not yet billed. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk amounts are reviewed individually for collectability. In establishing an allowance for doubtful accounts, the Company evaluates its contract receivables and costs in excess of billings and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off uncollectible accounts receivable against the allowance for doubtful accounts if it is determined that the amounts will not be collected or if a settlement is reached for an amount that is less than the carrying value. As of December 31, 2014 and December 31, 2013, the Company had not recorded an allowance for doubtful accounts. | ||
Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retention at December 31, 2014 totaled $15.9 million, of which $0.6 million is expected to be collected beyond 2015. Retention at December 31, 2013 totaled $10.4 million. | ||
The Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than its carrying value, which could result in the recording of a loss. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. | ||
Advertising Costs | ||
The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. Advertising expenses totaled $13,000, $38,000, and $57,000 in 2014, 2013 and 2012, respectively. | ||
Environmental Costs | ||
Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Liabilities, if any, are recognized when the expenditure is considered probable and the amount can be reasonably estimated. | ||
Fair Value Measurements | ||
We evaluate and present certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with GAAP, which requires us to base our estimates on assumptions market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. In measuring fair value, we use the following inputs in the order of priority indicated: | ||
Level I – Quoted prices in active markets for identical, unrestricted assets or liabilities. | ||
Level II – Observable inputs other than Level I prices, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions; and (iii) inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level III – Unobservable inputs to the valuation methodology that are significant to the fair value measurement. | ||
We generally apply fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. | ||
Inventory | ||
Inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost or market using historical average cost. Where shipping and handling costs are incurred by us, these charges are included in inventory and charged to cost of contract revenue upon use. Our non-current inventory consists of spare parts (such as engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime on a project. | ||
Property and Equipment | ||
Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three to seven years until the next scheduled maintenance. | ||
When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: | ||
Automobiles and trucks | 3 to 5 years | |
Buildings and improvements | 5 to 30 years | |
Construction equipment | 3 to 15 years | |
Vessels and dredges | 1 to 15 years | |
Office equipment | 1 to 5 years | |
The Company generally uses accelerated depreciation methods for tax purposes where appropriate. | ||
Dry-docking activities and costs are capitalized and amortized on the straight-line method over a period ranging from three to 15 years until the next scheduled dry-docking. Dry-docking activities include, but are not limited to, the inspection, refurbishment and replacement of steel, engine components, tailshafts, mooring equipment and other parts of the vessel. Amortization related to dry-docking activities is included as a component of depreciation. These activities and the related amortization periods are periodically reviewed to determine if the estimates are accurate. If warranted, a significant upgrade of equipment may result in a revision to the useful life of the asset, in which case, the change is accounted for prospectively. | ||
In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain dredging equipment were shorter than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, the Company changed its estimates of this dredging equipment to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the dredging equipment that previously averaged approximately five years was reduced to three years. The effect of this change in estimate was to increase 2014 depreciation expense by $0.7 million, decrease 2014 net income by $0.5 million and decrease 2014 basic and diluted earnings per share by $0.02. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. During 2014, most of these assets were sold, generating proceeds of approximately $0.5 million. The assets remaining at December 31, 2014 are expected to be disposed of within one year. | ||
Goodwill and Other Intangible Assets | ||
Goodwill | ||
Goodwill recorded on our Consolidated Balance Sheets is subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset more likely than not may be impaired. We have determined we have a single operating segment and reporting unit, for goodwill impairment testing, as the nature of our business includes similar services; similar internal processes for the production of our services; similar methods used to provide our services to our customers; similar types of customers; a similar regulatory environment, and our assessment of our future prospects is similar throughout our operations. Furthermore, the types of information and the internal reports used by our CODM to monitor performance, evaluate results of operations, allocate resources, and manage the business are similar across our business. Therefore, based on the management of our business, we have a single reporting unit for impairment testing, which matches our single operating segment for financial reporting. | ||
At December 31, 2014, goodwill totaled $33.8 million. The Company assesses the fair value of its reporting unit based on a weighted average of valuations based on market multiples, discounted cash flows, and consideration of our market capitalization. The key assumptions used in the discounted cash flow valuations are discount rates and perpetual growth rates applied to cash flow projections. Also inherent in the discounted cash flow valuation models are past performance, projections and assumptions in current operating plans, and revenue growth rates over the next five years. These assumptions contemplate business, market and overall economic conditions. We also consider assumptions that market participants may use. | ||
As required by the Company's policy, annual impairment tests of goodwill are performed as of October 31 of each year or when circumstances arise that indicate a possible impairment might exist. The first step of the October 31, 2014 goodwill impairment test resulted in no indication of impairment, and no events have occurred since that date that would require an interim impairment test. The discount rate used in testing goodwill for the impairment test was 16.5%, and future cash flow projections were based on management's estimates, which the Company believes are conservative estimates due to the Company's operating losses in 2013 and 2012, pricing pressures and market conditions. The impairment test concluded that the fair value of the Company's reporting unit exceeded carrying value by 37%. In the future, our estimated fair value could be negatively impacted by extended declines in our stock price, changes in macroeconomic indicators, sustained operating losses, and other factors which may affect our assessment of fair value. | ||
Intangible assets | ||
Intangible assets that have finite lives continue to be subject to amortization. In addition, the Company must evaluate the remaining useful life in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. | ||
Stock-Based Compensation | ||
The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant, and is measured as the mean price of the stock on the day of grant. | ||
Compensation expense is recognized only for share-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. See Note 15 to the consolidated financial statements for further discussion of the Company’s stock-based compensation plan. | ||
Income Taxes | ||
The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on our consolidated tax return. We evaluate and record any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which we operate. | ||
Insurance Coverage | ||
The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers' compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company's workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. | ||
The Company maintains three levels of excess loss insurance coverage, totaling $150 million in excess of primary coverage. The Company’s excess loss coverage responds to most of its liability policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. | ||
Separately, the Company’s employee health care is provided through a trust, administered by a third party. The Company funds the trust based on current claims. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from our estimate. We include any adjustments to such reserves in our consolidated results of operations in the period in which they become known. | ||
The accrued liability for self-insured claims includes incurred but not reported losses of $7.5 million and $5.8 million at December 31, 2014 and 2013, respectively. | ||
Warranty Costs | ||
Provision for estimated warranty costs, (if any) is made in the period in which such costs become probable and is periodically adjusted to reflect actual experience. The Company historically has not been subject to significant warranty provisions. | ||
New Accounting Pronouncements | ||
The Financial Accounting Standards Board ("FASB") issues accounting standards (each, an "ASU") from time to time to its Accounting Standards Codification ("ASC"), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB. The following are those recently issued ASUs most likely to affect the presentation of the Company's consolidated financial statements: | ||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. Management of public and private companies is required to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued (or available to be issued as applicable) and, if so, disclose that fact. Management will be required to make this evaluation for both annual and interim reporting periods, if applicable. Management is also required to evaluate and disclose whether its plans alleviate that doubt. The assessment will be similar to the one auditors historically have performed under auditing standards. The guidance is effective for the Company beginning January 1, 2017. The Company believes adoption of this guidance will not have a material impact on the Company's financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification 718, Compensation - Stock Compensation. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. This guidance was issued to resolve diversity in practice. The guidance is effective for the Company beginning January 1, 2016. The Company believes that adoption of the new guidance will not have a material impact on the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This comprehensive new revenue recognition standard will supersede existing revenue guidance under U. S. GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance is effective for the Company beginning January 1, 2017. The Company is currently evaluating the impact to the Company’s financial statements. | ||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update provides guidance for the presentation of an unrecognized tax benefit when, among other things, a net operating loss carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The new guidance was adopted by the Company on January 1, 2014. The new guidance did not have a material impact on the Company’s financial statements upon adoption. | ||
During the periods presented in these financial statements, the Company implemented other new accounting pronouncements other than those noted above that are discussed in the notes where applicable. |
Business_Acquisition
Business Acquisition | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Acquisition | Business Acquisition | ||||
On October 31, 2012, a wholly-owned subsidiary of the Company expanded its business in the Pacific area through the acquisition of substantially all of the assets of West Construction, Inc., (the "Seller") located in Anchorage, Alaska, for $9.0 million in cash. The assets acquired included construction equipment, inventory, and work in progress. Additionally, the Company hired substantially all of the Seller's personnel, entered into a two year consulting and sales agreement, and entered into a non-compete agreement with the Seller. The purchase agreement contained customary representations, warranties, covenants and indemnities. | |||||
The Seller did not meet the target earnout threshold based on Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") during the twelve months immediately following the closing, and no amounts were paid to the Seller. The liability of $271,000 recorded at December 31, 2012 was reversed in June 2013. | |||||
In addition, the Company acquired full ownership interest in one foreign entity, a two-thirds interest in another foreign entity, and the rights to the trade name. The two-thirds interest was sold back to the Seller in December 2013. | |||||
The Company entered into a lease agreement with the Seller, effective upon the date of closing, for office space in Anchorage, Alaska for an initial three year term. | |||||
The purchase price was allocated as follows: | |||||
Fixed assets, including inventory | $ | 5,936 | |||
Seller receivables | 1,425 | ||||
Intangible assets | 702 | ||||
Goodwill | 2,649 | ||||
Payable to Seller | (1,425 | ) | |||
Noncontrolling interest | (16 | ) | |||
$ | 9,271 | ||||
The purchase price was allocated to the assets acquired and liabilities assumed using estimated fair values as of the acquisition date. Finite intangible assets include the trade name and backlog, which were estimated at $332,000 and $370,000, respectively, and amortize over a period of one and three years. | |||||
The fixed assets acquired, consisting primarily of construction equipment, are to be depreciated in accordance with Company policy, generally three to 15 years. | |||||
The goodwill of $2.6 million arising from the acquisition consists primarily of synergies, economies of scale, and business opportunities expected from the combination with the Company. Goodwill for tax purposes is approximately $2.6 million, which is amortizable over a 15 year period. Costs associated with the transaction were conducted by the Company's personnel, and external costs were minimal, primarily related to documentation fees, and were included in selling, general and administrative expenses. | |||||
The results and operations of West Construction have been included in the Consolidated Statements of Operations since the acquisition date. The acquisition did not have a material impact on the Company's results of operations, and accordingly, pro forma disclosures have not been presented. |
Concentration_of_Risk_and_Ente
Concentration of Risk and Enterprise Wide Disclosures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||
Concentration of Risk and Enterprise Wide Disclosures | Concentration of Risk and Enterprise Wide Disclosures | ||||||||||||||||||||
Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner. The table below presents the concentrations of receivables (trade and retainage) at December 31, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Federal Government | $ | 4,607 | 9 | % | $ | 4,849 | 10 | % | |||||||||||||
State Governments | 476 | 1 | % | 4,002 | 8 | % | |||||||||||||||
Local Governments | 13,927 | 26 | % | 8,857 | 18 | % | |||||||||||||||
Private Companies | 33,778 | 64 | % | 31,829 | 64 | % | |||||||||||||||
Total receivables | $ | 52,788 | 100 | % | $ | 49,537 | 100 | % | |||||||||||||
At December 31, 2014, a private sector customer accounted for 14.0% of total trade receivables. At December 31, 2013, a private sector customer accounted for 9.9% of total trade receivables. | |||||||||||||||||||||
Additionally, the table below represents concentrations of revenue by type of customer for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2014 | % | 2013 | % | 2012 | % | ||||||||||||||||
Federal | $ | 47,390 | 13 | % | $ | 65,926 | 19 | % | $ | 64,049 | 22 | % | |||||||||
State | 43,147 | 11 | % | 30,451 | 9 | % | 35,799 | 12 | % | ||||||||||||
Local | 97,145 | 25 | % | 54,702 | 15 | % | 44,626 | 15 | % | ||||||||||||
Private | 198,136 | 51 | % | 203,465 | 57 | % | 147,568 | 51 | % | ||||||||||||
$ | 385,818 | 100 | % | $ | 354,544 | 100 | % | $ | 292,042 | 100 | % | ||||||||||
In the twelve months ended December 31, 2014, no single customer exceeded 10% of total contract revenues. In the year ended December 31, 2013, the U.S. Army Corps of Engineers represented 11.7% of contract revenues. In the year ended December 31, 2012 the U.S. Army Corps of Engineers represented 16.7% of contract revenues and a private sector customer represented 10.7% of contract revenues. | |||||||||||||||||||||
The Company does not believe that the loss of any one of these customers would have a material adverse effect on the Company and its subsidiaries and affiliates as no specific customer sustains a large portion of our revenue at one time. | |||||||||||||||||||||
Revenues generated outside the United States totaled 12.9%, 8.5% and 4.0% of total revenues for the years ended 2014, 2013 and 2012, respectively and were primarily located in the Caribbean. | |||||||||||||||||||||
The Company’s long-lived assets are substantially located in the United States. |
Contracts_in_Progress
Contracts in Progress | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Contractors [Abstract] | ||||||||
Contracts in Progress | Contracts in Progress | |||||||
Contracts in progress are as follows at December 31, 2014 and December 31, 2013: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Costs incurred on uncompleted contracts | $ | 554,109 | $ | 360,678 | ||||
Estimated earnings | 97,687 | 47,208 | ||||||
651,796 | 407,886 | |||||||
Less: Billings to date | (623,919 | ) | (397,625 | ) | ||||
$ | 27,877 | $ | 10,261 | |||||
Included in the accompanying consolidated balance sheets under the following captions: | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 44,581 | $ | 24,856 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (16,704 | ) | (14,595 | ) | ||||
$ | 27,877 | $ | 10,261 | |||||
Contract costs include all direct costs, such as materials and labor, and those indirect costs related to contract performance such as payroll taxes and insurance. Provisions for estimated losses on uncompleted contracts are made in the period in which such estimated losses are determined. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined. An amount equal to contract costs attributable to claims is included in revenues when realization is probable and the amount can be reliably estimated. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | ||||||||
Property and Equipment | ||||||||
The following is a summary of property and equipment at December 31, 2014 and December 31, 2013: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Automobiles and trucks | $ | 2,006 | $ | 2,148 | ||||
Building and improvements | 28,641 | 22,828 | ||||||
Construction equipment | 146,088 | 145,309 | ||||||
Dredges and dredging equipment | 96,275 | 93,963 | ||||||
Office equipment | 4,891 | 4,545 | ||||||
277,901 | 268,793 | |||||||
Less: accumulated depreciation | (161,276 | ) | (144,121 | ) | ||||
Net book value of depreciable assets | 116,625 | 124,672 | ||||||
Construction in progress | 5,274 | 2,458 | ||||||
Land | 39,874 | 14,793 | ||||||
$ | 161,773 | $ | 141,923 | |||||
For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $23.5 million, $21.1 million and $21.5 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Income. The assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 11). | ||||||||
As discussed in Note 3 (above), the Company purchased the assets of West Construction for approximately $9.3 million, which increased fixed assets by approximately $4.5 million. The Company drew from its Credit Facility (as defined in Note 11) to finance the acquisition of West Construction. | ||||||||
In 2013, the Company adopted a plan to dispose of under-utilized equipment. These assets were separately presented in the Consolidated Balance Sheets as "Assets Held for Sale" and were no longer depreciated. The carrying value of certain of these assets exceeded fair value, and consequently, the Company recorded an impairment loss of $2.0 million on those assets. The loss is recorded in the "Other" section of the Consolidated Statements of Operations. During 2014, the Company received proceeds of $0.5 million from the sale of certain of these assets. Approximately $0.4 million remain as held for sale on the Company's Consolidated Balance Sheets at December 31, 2014. The Company expects to dispose of the remaining assets within one year of the balance sheet date. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory |
Inventory at December 31, 2014 and December 31, 2013, of $6.5 million and $3.5 million respectively, consists of spare parts and small equipment held for use in the ordinary course of business. | |
Non current inventory at December 31, 2014 and December 31, 2013 totaled $5.5 million and $4.8 million, respectively, and consisted primarily of spare engine components kept on hand for the Company's assets. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value | Fair Value | |||||||||||||
The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short term nature, we believe that the carrying value of our accounts receivables, other current assets, accounts payables and other current liabilities approximate their fair values. | ||||||||||||||
The fair value of the Company’s reporting unit (as needed for purposes of determining indications of impairment to the carrying value of goodwill) is determined using a weighted average of valuations based on market multiples, discounted cash flows, and consideration of our market capitalization as discussed in Note 2. In 2012, we acquired the assets of West Construction, which resulted in the valuation of fixed assets and goodwill on a non-recurring basis, as presented in the table below: | ||||||||||||||
December 31, 2012 | Level 1 | Level II | Level III | |||||||||||
Assets acquired in business combinations | $ | 5,936 | — | — | $ | 5,936 | ||||||||
Goodwill and other intangibles | $ | 3,352 | — | — | $ | 3,352 | ||||||||
Fair value of earnout liability | $ | (271 | ) | — | — | $ | (271 | ) | ||||||
The fair value of the Company's debt at December 31, 2014 and 2013 approximated its carrying value of $37.0 million and $8.6 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity. If the Company's debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||
Goodwill | ||||||||
The table below summarizes changes in goodwill recorded by the Company during the periods ended December 31, 2014 and December 31, 2013: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Beginning balance, January 1 | $ | 33,798 | $ | 33,798 | ||||
Additions | — | — | ||||||
Ending balance | $ | 33,798 | $ | 33,798 | ||||
No indicators of goodwill impairment were identified during the year ended December 31, 2014. | ||||||||
Intangible assets | ||||||||
The tables below present the activity and amortizations of finite-lived intangible assets: | ||||||||
2014 | 2013 | |||||||
Intangible assets, January 1 | $ | 7,602 | $ | 7,602 | ||||
Additions | — | — | ||||||
Total intangible assets, end of year | 7,602 | 7,602 | ||||||
Accumulated amortization | $ | (7,405 | ) | $ | (6,975 | ) | ||
Current year amortization | (110 | ) | (430 | ) | ||||
Total accumulated amortization | (7,515 | ) | (7,405 | ) | ||||
Net intangible assets, end of year | $ | 87 | $ | 197 | ||||
The intangible assets were acquired in 2012 as part of the purchase of West Construction (see Note 3 above), and amortize over a period of one to three years, with remaining amortization of $87,000 to be recognized in 2015. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Liabilities | Accrued Liabilities | |||||||
Accrued liabilities at December 31, 2014 and 2013 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Accrued salaries, wages and benefits | $ | 4,925 | $ | 3,604 | ||||
Accrual for self-insurance liabilities | 7,490 | 5,787 | ||||||
Property taxes | 2,146 | 584 | ||||||
Sales tax | 676 | 481 | ||||||
Other accrued expenses | 566 | 959 | ||||||
$ | 15,803 | $ | 11,415 | |||||
Longterm_Debt_and_Line_of_Cred
Long-term Debt and Line of Credit | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Long-term Debt and Line of Credit | Long-term Debt and Line of Credit | |
The Company has a credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities, LLC. | ||
The Credit Agreement, as amended from time to time, provides for borrowings under a revolving line of credit and swingline loans, an accordian, and a term loan (together, the “Credit Facility”). The Credit Facility is guaranteed by the subsidiaries of the Company, secured by the assets of the Company, including stock held in its subsidiaries, and may be used to finance working capital, repay indebtedness, fund acquisitions, and for other general corporate purposes. Interest is computed based on the designation of the loans, and bear interest at either a prime-based interest rate or a LIBOR-based interest rate. Principal balances drawn under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. Amounts repaid under the revolving line of credit may be re-borrowed. The credit facility matures on June 30, 2015. | ||
Provisions of the revolving line of credit and accordian | ||
The Company has a maximum borrowing availability under the revolving line of credit and swingline loans (as defined in the Credit Agreement) of $35 million, with a $20 million sublimit for the issuance of letters of credit. An additional $25 million is available subject to the Lender's discretion. | ||
Revolving loans may be designated as prime rate based loans (“ABR Loans”) or Eurodollar Loans, at the Company’s request, and may be made in an integral multiple of $500,000, in the case of an ABR Loan, or $1 million in the case of a Eurodollar Loan. Swingline loans may only be designated as ABR Loans, and may be made in amounts equal to integral multiples of $100,000. The Company may convert, change or modify such designations from time to time. | ||
Borrowings are subject to a borrowing base, which is calculated as the sum of 80% of eligible accounts receivable, plus 90% of adjusted cash balances, as defined in the Credit Agreement. At December 31, 2014, our borrowing base reflected no limitation in borrowing availability. | ||
At December 31, 2014, $26.0 million was outstanding on the revolver, reflecting the draws to fund the purchases of the dredge material placement area in Houston, Texas in February 2014 for $22.5 million and the dry-dock in September 2014 for $3.5 million. The $3.5 million draw represented interim funding for the dry-dock and was repaid in full on January 5, 2015 with proceeds from the term loan. Outstanding letters of credit, which totaled $1.1 million at December 31, 2014, reduced our maximum borrowing availability to approximately $7.9 million. | ||
Provisions of the term loan | ||
At December 31, 2014, the term loan components of the Credit Facility totaled $11 million and is secured by specific assets of the Company. In December 2014, the Company obtained a second term loan for $4.0 million for the purchase of a dry-dock, also secured by specific assets of the Company. This loan replaces the draw on the revolver. Principal payments on the first term loan, in the amount of $389,000 are due quarterly. Payments on the second term loan are $53,000, which represents both principal and interest at a rate of 3.1%. We anticipate that the second term loan will be paid in full in December 2017, at its maturity. | ||
Financial covenants | ||
Restrictive financial covenants under the Credit Facility and term loan include: | ||
• | A Fixed Charge Coverage Ratio of not less than 1.50 to 1.00 at all times; | |
• | A Leverage Ratio of not greater than 2.50 to 1.00 at all times; and | |
• | A Profitability Covenant such that the Company and its subsidiaries shall not sustain a consolidated net loss in respect of any four consecutive fiscal quarter periods, commencing with the third quarter of 2014. | |
In addition, the Credit Facility contains events of default that are usual and customary for similar transactions, including non-payment of principal, interest or fees; inaccuracy of representations and warranties; violation of covenants; bankruptcy and insolvency events; and events constituting a change of control. | ||
The Company is subject to a commitment fee, at a current rate of 0.25% of the unused portion of the maximum available to borrow under the Credit Facility. The commitment fee is payable quarterly in arrears. | ||
Interest at December 31, 2014, for the first term loan and revolver, was based on a LIBOR-option interest rate of 2.19%. For the year ended December 31, 2014, the weighted average interest rate was 2.19%. | ||
At December 31, 2014, the Company was in compliance with its financial covenants and expects to be in compliance for at least the next 12 months. | ||
The Company expects to meet its future internal liquidity and working capital needs, and maintain its equipment fleet through capital expenditure purchases and major repairs, from funds generated by its operating activities for at least the next 12 months. We believe our cash position is adequate for our general business requirements and to service our debt. |
Purchase_of_Common_Shares
Purchase of Common Shares | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Purchase of Common Shares | Purchase of Common Shares |
In October 2014, the Board of Directors of the Company approved a common share repurchase program that authorized the repurchase of up to $40 million in open market value. The shares may be repurchased over time, depending on market conditions, the market price of the Company's common shares, the Company's capital levels, the Company's capital needs, securities laws and limitations, and other considerations. The share repurchase program is expected to expire five years from the date the program was approved. During 2014, the Company repurchased 43,500 shares at an average price of $9.98 per share. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
The following table presents the components of our consolidated income tax expense for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Current | Deferred | Total | ||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||
U.S. Federal | $ | 247 | $ | 2,571 | $ | 2,818 | ||||||||||
State and local | $ | 599 | $ | (702 | ) | $ | (103 | ) | ||||||||
Foreign | 460 | — | 460 | |||||||||||||
$ | 1,306 | $ | 1,869 | $ | 3,175 | |||||||||||
Year ended December 31, 2013 | ||||||||||||||||
U.S. Federal | $ | (936 | ) | $ | 19 | $ | (917 | ) | ||||||||
State and local | 238 | (258 | ) | (20 | ) | |||||||||||
$ | (698 | ) | $ | (239 | ) | $ | (937 | ) | ||||||||
Year ended December 31, 2012 | ||||||||||||||||
U.S. Federal | $ | (3,214 | ) | $ | (2,174 | ) | $ | (5,388 | ) | |||||||
State and local | 220 | 528 | 748 | |||||||||||||
$ | (2,994 | ) | $ | (1,646 | ) | $ | (4,640 | ) | ||||||||
The Company’s income tax provision reconciles to the provision at the statutory U.S. federal income tax rate for each year ended December 31, as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Statutory amount (computed at 35%) | $ | 3,519 | $ | (212 | ) | $ | (5,776 | ) | ||||||||
State income tax, net of federal benefit | (312 | ) | (20 | ) | 564 | |||||||||||
Permanent differences | 122 | (13 | ) | (743 | ) | |||||||||||
Permanent differences, incentive stock options | 157 | 237 | 1,189 | |||||||||||||
True up of deferred balances for non-qualified stock options | — | (571 | ) | — | ||||||||||||
True up of deferred balances for state tax benefits | — | (401 | ) | — | ||||||||||||
True up to prior year taxes | (311 | ) | — | — | ||||||||||||
Other (net) | — | 43 | 126 | |||||||||||||
Consolidated income tax provision | $ | 3,175 | $ | (937 | ) | $ | (4,640 | ) | ||||||||
Consolidated effective tax rate | 31.6 | % | 154.6 | % | 27.9 | % | ||||||||||
The Company’s effective tax rate is based on expected income, statutory tax rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income (or loss) for the full year and records a quarterly tax provision in accordance with the anticipated annual rate. | ||||||||||||||||
In the current year, the rate differed from the Company’s statutory rate of 35% primarily due to the losses incurred in the current year, offset by state income taxes, and the non-deductibility of certain permanent tax items, such as incentive stock compensation expense. In addition, the Company revised certain estimates related to deferred tax attributes associated with stock options and state tax benefits. | ||||||||||||||||
The Company’s deferred tax assets and liabilities are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Current | Long- | Current | Long- | |||||||||||||
term | term | |||||||||||||||
Assets related to: | ||||||||||||||||
Accrued liabilities | $ | 2,714 | $ | — | $ | 1,913 | $ | — | ||||||||
Intangible assets | 111 | 1,935 | 121 | 2,219 | ||||||||||||
Net operating loss carryforward | — | 3,797 | — | 10,604 | ||||||||||||
Non-qualified stock options | 45 | 1,248 | — | 1,268 | ||||||||||||
Foreign tax credits | — | 1,078 | — | — | ||||||||||||
AMT credits | — | 993 | — | — | ||||||||||||
Other | 44 | (16 | ) | 23 | 1,170 | |||||||||||
Total assets | 2,914 | 9,035 | 2,057 | 15,261 | ||||||||||||
Liabilities related to: | ||||||||||||||||
Depreciation and amortization | — | (26,173 | ) | — | (30,082 | ) | ||||||||||
Goodwill | — | (3,753 | ) | — | (3,157 | ) | ||||||||||
Deferred revenue on maintenance contracts | (1,121 | ) | 14 | (1,327 | ) | — | ||||||||||
Other | (38 | ) | — | (4 | ) | — | ||||||||||
Total liabilities | (1,159 | ) | (29,912 | ) | (1,331 | ) | (33,239 | ) | ||||||||
Net deferred assets (liabilities) | $ | 1,755 | $ | (20,877 | ) | $ | 726 | $ | (17,978 | ) | ||||||
As reported in the balance sheets: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Net current deferred tax assets | 1,755 | 726 | ||||||||||||||
Net non-current deferred tax liabilities | (20,877 | ) | (17,978 | ) | ||||||||||||
Total net deferred tax liabilities: | $ | (19,122 | ) | $ | (17,252 | ) | ||||||||||
In assessing the realizability of deferred tax assets at December 31, 2014, the Company considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets depends upon the generation of future taxable income, which includes the reversal of deferred tax liabilities related to depreciation, during the periods in which these temporary differences become deductible. Although the Company has had a taxable loss over the past three years, as of December 31, 2014, the Company believes that all of its available deferred tax assets will be utilized prior to expiration and therefore has not recorded a valuation allowance. | ||||||||||||||||
The Company has a net operating loss carryforward ("NOL") in 2014 of $2.8 million for state income tax reporting purposes due to the losses sustained in various states in 2011, 2012 and 2013. The Company believes it will be able to utilize these NOL's against future income, due to expiration dates well into the future, and therefore no valuation allowance has been established. For federal tax reporting purposes, the Company carried all of its 2011 NOL back to 2009 and 2010 and received approximately $13.1 million in cash against these tax years. Part of the loss generated in 2012 was carried back to 2010, and the Company received $2.7 million in 2013. Approximately $1.0 million remains as a federal tax carryforward, which the Company believes it will be able to utilize before expiration. | ||||||||||||||||
As of December 31, 2014 the Company had approximately $1 million of alternative minimum tax credits available that do not expire. In addition, excess tax benefits of approximately $1.8 million associated with the vesting of restricted stock awards and other stock options are not included in the federal net operating loss carryovers, but will not be recognized as a tax benefit recorded to additional paid-in capital until realized. | ||||||||||||||||
The Company and its subsidiaries file consolidated federal income tax returns in the United States and also file in various states. With few exceptions, the Company remains subject to federal and state income tax examinations for the years of 2008, 2009, 2010 and 2011. The Company’s policy is to recognize interest and penalties related to any unrecognized tax liabilities as additional tax expense. In 2012, the Company recorded $99,000 as additional tax expense related to penalties and interest incurred as a result of filings in the U.S. Virgin Islands. No interest or penalties have been accrued at December 31, 2014 and 2013, as the Company has not recorded any uncertain tax positions. The Company believes it has appropriate and adequate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. | ||||||||||||||||
Although the Company believes its recorded assets and liabilities are reasonable, tax regulations are subject to interpretation and tax litigation is inherently uncertain; therefore the Company’s assessments can involve both a series of complex judgments about future events and rely heavily on estimates and assumptions. Although the Company believes that the estimates and assumptions supporting its assessments are reasonable, the final determination of tax audit settlements and any related litigation could be materially different from that which is reflected in historical income tax provisions and recorded assets and liabilities. If the Company were to settle an audit or a matter under litigation, it could have a material effect on the income tax provision, net income, or cash flows in the period or periods for which that determination is made. Any accruals for tax contingencies are provided for in accordance with U.S. GAAP. | ||||||||||||||||
The Company does not believe that its tax positions will significantly change due to any settlement and/or expiration of statutes of limitations prior to December 31, 2015. | ||||||||||||||||
In September 2013, the IRS issued its final regulations governing expenditures made on tangible property, and provides guidance on amounts paid to improve tangible property and acquire or produce tangible property, as well as guidance regarding the disposition of property and the expensing of supplies and materials (the “Repair Regulations"). Adoption and implementation was required for tax years beginning on or after January 1, 2014. The Company adopted the Repair Regulations as of January 1, 2014, and adoption did not have a material impact on the Company’s consolidated results of operations, cash flows or financial position. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | ||||||||
Basic earnings (loss) per share are based on the weighted average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents during each period. The exercise price for certain stock options awarded by the Company exceeds the average market price of the Company's common stock. Such stock options are antidilutive and are not included in the computation of (loss) earnings per share. For the year ended December 31, 2014, 801,441 potential common stock equivalents were excluded from the computation as the effect of such would be anti-dilutive. Antidilutive stock options outstanding totaled 795,133 and 2,283,840 in the years ended December 31, 2013 and 2012, respectively. | |||||||||
The following table reconciles the denominators used in the computations of both basic and diluted (loss) earnings per share: | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic: | |||||||||
Weighted average shares outstanding | 27,421,441 | 27,296,732 | 27,138,927 | ||||||
Diluted: | |||||||||
Total basic weighted average shares outstanding | 27,421,441 | 27,296,732 | 27,138,927 | ||||||
Effect of dilutive securities: | |||||||||
Common stock options | 366,172 | 316,322 | — | ||||||
Total weighted average shares outstanding assuming dilution | 27,787,613 | 27,613,054 | 27,138,927 | ||||||
Anti-dilutive stock options | 801,441 | 795,133 | 2,283,840 | ||||||
Shares of common stock issued from the exercise of stock options | 143,282 | 155,731 | 56,658 | ||||||
StockBased_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 Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans, which include the balance of shares remaining under the 2007 Long Term Incentive Plan (the "2007 LTIP) and the 2011 Long Term Incentive Plan (the "2011 LTIP") which was approved by the shareholders in May 2011 and authorized the maximum aggregate number of shares to be issued of 3,000,000. In general, the Company's plans provide for grants of restricted stock and stock options to be issued with a per-share price equal to the fair market value of a share of common stock on the date of grant. Option terms are specified at each grant date, but are generally are 10 years from the date of issuance. Options generally vest over a three to five year period. | |||||||||||||
Restricted Stock | |||||||||||||
The following table summarizes the restricted stock activity under the Company's equity incentive plans : | |||||||||||||
Number | Weighted | ||||||||||||
of | Average | ||||||||||||
Shares | Fair Value | ||||||||||||
Per Share | |||||||||||||
Nonvested at January 1, 2012 | 452,567 | $ | 7.09 | ||||||||||
Granted | 36,640 | $ | 6.55 | ||||||||||
Vested | (171,988 | ) | $ | 8.14 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2012 | 317,219 | $ | 6.46 | ||||||||||
Granted | 24,824 | $ | 11.28 | ||||||||||
Vested | (124,998 | ) | $ | 7.17 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2013 | 217,045 | $ | 6.6 | ||||||||||
Granted | 115,726 | $ | 11.35 | ||||||||||
Vested | (96,908 | ) | $ | 7.35 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2014 | 235,863 | $ | 8.63 | ||||||||||
Independent directors receive equity compensation each year in the form of grants. In 2014, the fair value of the grant was $70,000, with vesting six months from the date of grant. In November 2013, the Company's independent directors received their annual equity compensation grants of 6,206 shares, with a fair value of $11.29, and in November 2014, the independent directors received annual equity compensation grants of 6,167 shares, with a fair value of $11.35 per share. Additionally, in November 2014, certain officers and executives of the Company were awarded 84,891 shares with a vesting period of three years and a fair value of $11.35. | |||||||||||||
Stock Options | |||||||||||||
The following table summarizes the stock option activity under the Company's equity incentive plans: | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
of | Average | Average | Intrinsic | ||||||||||
Shares | Exercise | Contractual | Value | ||||||||||
Price | Life | ||||||||||||
Per Share | (Years) | ||||||||||||
Outstanding at January 1, 2012 | 2,128,904 | $ | 9.42 | ||||||||||
Granted | 262,051 | $ | 6.56 | ||||||||||
Exercised | (56,658 | ) | $ | 5.27 | |||||||||
Forfeited | (50,512 | ) | $ | 7.99 | |||||||||
Outstanding at December 31, 2012 | 2,283,785 | $ | 9.23 | ||||||||||
Granted | 35,081 | $ | 9.48 | ||||||||||
Exercised | (155,731 | ) | $ | 5.51 | |||||||||
Forfeited | (91,378 | ) | $ | 9.82 | |||||||||
Outstanding at December 31, 2013 | 2,071,757 | $ | 9.49 | ||||||||||
Granted | 233,828 | $ | 11.35 | ||||||||||
Exercised | (143,282 | ) | $ | 6.08 | |||||||||
Forfeited | (105,405 | ) | $ | 11.06 | |||||||||
Outstanding at December 31, 2014 | 2,056,898 | $ | 9.86 | ||||||||||
Vested at December 31, 2014 and expected to vest | 2,031,492 | $ | 9.87 | 5.81 | $ | 5,360 | |||||||
Exercisable at December 31, 2014 | 1,461,837 | $ | 10.5 | 4.96 | $ | 3,681 | |||||||
The Company calculates the fair value of each option on the date of grant using the Black-Scholes pricing model and the following weighted-average assumptions in each year: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average grant-date fair value of options granted | $ | 6.4 | $ | 4.11 | $ | 4.08 | |||||||
Risk-free interest rate | 1 | % | 1 | % | 1.42 | % | |||||||
Expected volatility | 88.5 | % | 62.4 | % | 68.5 | % | |||||||
Expected term of options (in years) | 3 | 3.2 | 6.2 | ||||||||||
Dividend yield | — | % | — | % | — | % | |||||||
The risk-free interest rate is based on interest rates on U.S. Treasury zero-coupon issues that match the contractual terms of the stock option grants. The expected term represents the period in which the Company’s equity awards are expected to be outstanding, which for the years presented is based on the exercise history. | |||||||||||||
For years ended December 31, 2014, 2013 and 2012, compensation expense related to stock based awards outstanding for the periods was $1.6 million, $2.1 million and $3.1 million, respectively. | |||||||||||||
The Company applies a 5.5% forfeiture rate to its option grants. In November 2014, certain officers and executives of the Company were awarded 233,828 shares with a vesting period of three years and a fair value of $11.35. No options were granted for the year ended December 31, 2013. | |||||||||||||
In the year ended December 31, 2014, the Company received proceeds of approximately $869,000 upon the exercise of 143,282 options. In the year ended December 31, 2013, proceeds of $858,000 upon the exercise of 155,731 options and in the year ended December 31, 2012, 56,658 options were exercised, generating proceeds of $298,000. | |||||||||||||
As of December 31, 2014, there was $2.6 million of unrecognized compensation cost, net of estimated forfeitures, related to the Company’s non-vested equity awards, which is expected to be recognized over a weighted average period of 2.4 years. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total intrinsic value of options exercised | $ | 494 | $ | 804 | $ | 130 | |||||||
Total fair value of shares vested | $ | 923 | $ | 1,457 | $ | 1,997 | |||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefits | Employee Benefits | ||||||||||||||||
All employees except the Associate Divers, the Associate Tugmasters, and union employees in the Pacific Northwest, are eligible to participate in the Company’s 401(k) Retirement Plan after completing six months of service. Each participant may contribute between 1% and 80% of eligible compensation on a pretax basis, up to the annual IRS limit. The Company matches 100% on the first 2% of eligible compensation contributed to the Plan and 50% on the next 2% of eligible compensation contributed to the Plan. Participants’ contributions are fully vested at all times. Employer matching contributions vest over a four-year period. At its discretion, the Company may make additional matching and profit-sharing contributions. During the years ended December 31, 2014, the Company contributed $1.2 million to the plan, and in 2013 and 2012, the Company contributed $1.0 million to the plan in each respective year. | |||||||||||||||||
The Company contributes to several multiemployer defined pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. Risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | |||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||
• | If the Company chooses to stop participating in its multiemployer plans, it may be required to pay a withdrawal liability based on the underfunded status of the plan. | ||||||||||||||||
The following table presents the Company's participation in these plans: | |||||||||||||||||
Pension Plan | Pension Protection Act ("PPA") | FIP/RP | Expiration | ||||||||||||||
Pension Trust | Employer | Certified Zone Status (1) | Status | Contributions | Surcharge | of Collective | |||||||||||
Fund | Identification Number | 2014 | 2013 | P/I (2) | 2014 | 2013 | 2012 | Imposed | Bargaining Agreement | ||||||||
International Union of Operating Engineers-Employers Construction Industry Retirement Plan | 91-6028571 | Green | Green | N/A | $ | 1,295 | $ | 534 | $ | 486 | — | 2015 | |||||
Associated General Contractors of Washington Carpenter, Piledrivers, and Millwrights | 91-6029051 | Green | Green | N/A | $ | 737 | $ | 438 | $ | 400 | — | 2015 | |||||
Alaska Carpenters Trust Fund | 92-0120866 | Green | Green | N/A | $ | 1,044 | $ | 856 | $ | 142 | — | 2017 | |||||
Alaska Laborers Trust Fund | 91-6028298 | Orange | Orange | P | $ | 246 | $ | 52 | $ | — | — | 2015 | |||||
1. The most recent PPA zone status available in 2014 and 2013 is for the plan's year end during 2013 and 2012, respectively. Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | |||||||||||||||||
2. The FIP/RP Status P/I column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending ("P"), or implemented ("I"). | |||||||||||||||||
There are currently no plans to withdraw from any of the multiemployer plans in which the Company participates. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Operating Leases | ||||
In July 2005, the Company executed a sale-leaseback transaction in which it sold an office building for $2.1 million and entered into a ten year lease agreement. The sale of the office building resulted in a gain of $562,000 which has been deferred and amortized over the life of the lease. The Company recognized approximately $56,000 in each of the years ending December 31, 2014, 2013 and 2012, respectively. Scheduled increases in monthly rent are included in the lease agreement. Rent expense under this agreement was approximately $173,000 for each of the years ending December 31, 2014, 2013 and 2012, respectively. The Company, at its option, can extend the lease for two additional five year terms. However, the Company has opted not to renew the lease and it will expire July 1, 2015. | ||||
In 2005, the Company entered into a lease agreement for vehicles under a continuing operating lease agreement. Rental expense under this lease for the years ended December 31, 2014, 2013 and 2012 was $2.9 million, $2.7 million, and $2.8 million, respectively. | ||||
The Company leases its corporate office in Houston, Texas under a lease with an initial term of nine years. In addition, the Company leases other facilities, including office space and yard facilities, under terms that range from one to five years. The Company also leases short-term field office space at its various construction sites for the duration of the projects. | ||||
As part of the purchase of property in Florida in 2012, the Company entered into a long-term lease of land for a 20 year term, and paid $250,000 for the entire period. The long-term portion of the balance of the lease term is included in long-term prepaids in the Consolidated Balance Sheets. | ||||
Future minimum lease payments under non-cancelable operating leases as of December 31, 2014 are as follows: | ||||
Amount | ||||
Year ended December 31, | ||||
2015 | $ | 3,439 | ||
2016 | 2,276 | |||
2017 | 1,483 | |||
2018 | 948 | |||
2019 | 908 | |||
Thereafter | 2,965 | |||
$ | 12,019 | |||
Litigation | ||||
From time to time the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, the Company accrues reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on results of operations, cash flows or financial condition. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Selected Quarterly Financial Data | Selected Quarterly Financial Data | |||||||||||||||||||
The following table sets forth selected unaudited financial information for the eight quarters in the two-year period ended December 31, 2014. This information has been prepared on the same basis as the audited financial statements and, in the opinion of management, contains all adjustments necessary for a fair presentation. | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 81,258 | $ | 90,251 | $ | 106,976 | $ | 107,333 | $ | 385,818 | ||||||||||
Gross profit | 7,647 | 5,873 | 12,906 | 18,168 | 44,594 | |||||||||||||||
Operating (loss) income | (317 | ) | (2,256 | ) | 5,047 | 7,429 | 9,903 | |||||||||||||
(Loss) income before income taxes | (344 | ) | (1,899 | ) | 4,838 | 7,457 | 10,052 | |||||||||||||
Net (loss) income | (210 | ) | (1,163 | ) | 2,962 | 5,288 | 6,877 | |||||||||||||
Net (loss) income attributable to common stockholders | (210 | ) | (1,163 | ) | 2,962 | 5,288 | 6,877 | |||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.11 | $ | 0.19 | $ | 0.25 | ||||||||
Diluted | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.11 | $ | 0.19 | $ | 0.25 | ||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 75,059 | $ | 84,081 | $ | 88,992 | $ | 106,412 | $ | 354,544 | ||||||||||
Gross profit | 5,827 | 7,786 | 5,585 | 12,806 | 32,004 | |||||||||||||||
Operating (loss) income | (1,864 | ) | 231 | (2,389 | ) | 3,916 | (106 | ) | ||||||||||||
Loss (income) before income taxes | (1,737 | ) | 190 | (2,475 | ) | 3,416 | (606 | ) | ||||||||||||
Net (loss) income | (1,097 | ) | 212 | (974 | ) | 2,190 | 331 | |||||||||||||
Net (loss) income attributable to noncontrolling interest | (7 | ) | (18 | ) | (31 | ) | 56 | — | ||||||||||||
Net (loss) income attributable to common stockholders | (1,090 | ) | 230 | (943 | ) | 2,134 | 331 | |||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | 0.08 | $ | 0.01 | ||||||||
Diluted | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | 0.08 | $ | 0.01 | ||||||||
Schedule_II
Schedule II | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||
(Dollars in thousands) | |||||||||||||
Description | Balance at the | Charged to | Deduction | Balance at the | |||||||||
Beginning of | Revenue, Cost | End of | |||||||||||
the Period | or Expense | the Period | |||||||||||
Year ended December 31, 2012 | |||||||||||||
Provision for Doubtful Accounts | $ | — | $ | 12 | $ | (12 | ) | $ | — | ||||
Year ended December 31, 2013 | |||||||||||||
Provision for Doubtful Accounts | $ | — | $ | 213 | $ | (213 | ) | $ | — | ||||
Year ended December 31, 2014 | |||||||||||||
Provision for Doubtful Accounts | $ | — | $ | 993 | $ | (993 | ) | $ | — | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
These consolidated financial statements include the accounts of the parent company, Orion Marine Group, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Revenue Recognition | Revenue Recognition | |
The Company records revenue on construction contracts for financial statement purposes on the percentage-of-completion method, measured by the percentage of contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract revenue reflects the original contract price adjusted for agreed upon change orders. Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Unapproved claims are recognized as an increase in contract revenue only when the collection is deemed probable and if the amount can be reasonably estimated for purposes of calculating total profit or loss on long-term contracts. Incentive fees, if available, are billed to the customer based on the terms and conditions of the contract. The Company records revenue and the unbilled receivable for claims to the extent of costs incurred and to the extent we believe related collection is probable and includes no profit on claims recorded. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and revenues and are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined, without regard to the percentage of completion. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. | ||
The current asset “costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract. The liability “billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized. | ||
The Company’s projects are typically short in duration, and usually span a period of less than one year. Historically, we have not combined or segmented contracts. | ||
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities | |
The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on our cash balances in excess of federally insured limits. Cash equivalents at December 31, 2014 and December 31, 2013 consisted primarily of money market mutual funds and overnight bank deposits. | ||
Foreign Currencies | Foreign Currencies | |
Historically, the Company’s exposure to foreign currency fluctuations has not been material and has been limited to temporary field accounts located in countries where the Company performs work in which amounts were insignificant in either 2014 or 2013. | ||
Risk Concentrations | Risk Concentrations | |
Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash and cash equivalents and accounts receivable. | ||
The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a substantial portion of the Company’s operations may be dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. | ||
Accounts Receivable | Accounts Receivable | |
Accounts receivable are stated at the historical carrying value, less write-offs and allowances for doubtful accounts. The Company has significant investments in billed and unbilled receivables as of December 31, 2014 and 2013. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestones. Unbilled receivables on fixed-price contracts, which are included in costs in excess of billings, arise as revenues are recognized under the percentage-of-completion method. Unbilled amounts on cost-reimbursement contracts represent recoverable costs and accrued profits not yet billed. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk amounts are reviewed individually for collectability. In establishing an allowance for doubtful accounts, the Company evaluates its contract receivables and costs in excess of billings and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off uncollectible accounts receivable against the allowance for doubtful accounts if it is determined that the amounts will not be collected or if a settlement is reached for an amount that is less than the carrying value. As of December 31, 2014 and December 31, 2013, the Company had not recorded an allowance for doubtful accounts. | ||
Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retention at December 31, 2014 totaled $15.9 million, of which $0.6 million is expected to be collected beyond 2015. Retention at December 31, 2013 totaled $10.4 million. | ||
The Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than its carrying value, which could result in the recording of a loss. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. | ||
Advertising Costs | The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. | |
Environmental Costs | Environmental Costs | |
Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Liabilities, if any, are recognized when the expenditure is considered probable and the amount can be reasonably estimated. | ||
Fair Value Measurements | Fair Value Measurements | |
We evaluate and present certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with GAAP, which requires us to base our estimates on assumptions market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. In measuring fair value, we use the following inputs in the order of priority indicated: | ||
Level I – Quoted prices in active markets for identical, unrestricted assets or liabilities. | ||
Level II – Observable inputs other than Level I prices, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions; and (iii) inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level III – Unobservable inputs to the valuation methodology that are significant to the fair value measurement. | ||
We generally apply fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. | ||
Inventory | Inventory | |
Inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost or market using historical average cost. Where shipping and handling costs are incurred by us, these charges are included in inventory and charged to cost of contract revenue upon use. Our non-current inventory consists of spare parts (such as engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime on a project. | ||
Property and Equipment | Property and Equipment | |
Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three to seven years until the next scheduled maintenance. | ||
When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: | ||
Automobiles and trucks | 3 to 5 years | |
Buildings and improvements | 5 to 30 years | |
Construction equipment | 3 to 15 years | |
Vessels and dredges | 1 to 15 years | |
Office equipment | 1 to 5 years | |
The Company generally uses accelerated depreciation methods for tax purposes where appropriate. | ||
Dry-docking activities and costs are capitalized and amortized on the straight-line method over a period ranging from three to 15 years until the next scheduled dry-docking. Dry-docking activities include, but are not limited to, the inspection, refurbishment and replacement of steel, engine components, tailshafts, mooring equipment and other parts of the vessel. Amortization related to dry-docking activities is included as a component of depreciation. These activities and the related amortization periods are periodically reviewed to determine if the estimates are accurate. If warranted, a significant upgrade of equipment may result in a revision to the useful life of the asset, in which case, the change is accounted for prospectively. | ||
In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain dredging equipment were shorter than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, the Company changed its estimates of this dredging equipment to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the dredging equipment that previously averaged approximately five years was reduced to three years. The effect of this change in estimate was to increase 2014 depreciation expense by $0.7 million, decrease 2014 net income by $0.5 million and decrease 2014 basic and diluted earnings per share by $0.02. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. During 2014, most of these assets were sold, generating proceeds of approximately $0.5 million. The assets remaining at December 31, 2014 are expected to be disposed of within one year. | ||
Goodwill | Goodwill | |
Goodwill recorded on our Consolidated Balance Sheets is subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset more likely than not may be impaired. We have determined we have a single operating segment and reporting unit, for goodwill impairment testing, as the nature of our business includes similar services; similar internal processes for the production of our services; similar methods used to provide our services to our customers; similar types of customers; a similar regulatory environment, and our assessment of our future prospects is similar throughout our operations. Furthermore, the types of information and the internal reports used by our CODM to monitor performance, evaluate results of operations, allocate resources, and manage the business are similar across our business. Therefore, based on the management of our business, we have a single reporting unit for impairment testing, which matches our single operating segment for financial reporting. | ||
At December 31, 2014, goodwill totaled $33.8 million. The Company assesses the fair value of its reporting unit based on a weighted average of valuations based on market multiples, discounted cash flows, and consideration of our market capitalization. The key assumptions used in the discounted cash flow valuations are discount rates and perpetual growth rates applied to cash flow projections. Also inherent in the discounted cash flow valuation models are past performance, projections and assumptions in current operating plans, and revenue growth rates over the next five years. These assumptions contemplate business, market and overall economic conditions. We also consider assumptions that market participants may use. | ||
As required by the Company's policy, annual impairment tests of goodwill are performed as of October 31 of each year or when circumstances arise that indicate a possible impairment might exist. The first step of the October 31, 2014 goodwill impairment test resulted in no indication of impairment, and no events have occurred since that date that would require an interim impairment test. The discount rate used in testing goodwill for the impairment test was 16.5%, and future cash flow projections were based on management's estimates, which the Company believes are conservative estimates due to the Company's operating losses in 2013 and 2012, pricing pressures and market conditions. The impairment test concluded that the fair value of the Company's reporting unit exceeded carrying value by 37%. In the future, our estimated fair value could be negatively impacted by extended declines in our stock price, changes in macroeconomic indicators, sustained operating losses, and other factors which may affect our assessment of fair value. | ||
Intangible Assets | Intangible assets | |
Intangible assets that have finite lives continue to be subject to amortization. In addition, the Company must evaluate the remaining useful life in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. | ||
Stock-Based Compensation | Stock-Based Compensation | |
The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant, and is measured as the mean price of the stock on the day of grant. | ||
Compensation expense is recognized only for share-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. See Note 15 to the consolidated financial statements for further discussion of the Company’s stock-based compensation plan. | ||
Income Taxes | Income Taxes | |
The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on our consolidated tax return. We evaluate and record any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which we operate. | ||
Insurance Coverage | Insurance Coverage | |
The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers' compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company's workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. | ||
The Company maintains three levels of excess loss insurance coverage, totaling $150 million in excess of primary coverage. The Company’s excess loss coverage responds to most of its liability policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. | ||
Separately, the Company’s employee health care is provided through a trust, administered by a third party. The Company funds the trust based on current claims. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from our estimate. We include any adjustments to such reserves in our consolidated results of operations in the period in which they become known. | ||
Warranty Costs | Warranty Costs | |
Provision for estimated warranty costs, (if any) is made in the period in which such costs become probable and is periodically adjusted to reflect actual experience. The Company historically has not been subject to significant warranty provisions. | ||
New Accounting Pronouncements | New Accounting Pronouncements | |
The Financial Accounting Standards Board ("FASB") issues accounting standards (each, an "ASU") from time to time to its Accounting Standards Codification ("ASC"), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB. The following are those recently issued ASUs most likely to affect the presentation of the Company's consolidated financial statements: | ||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. Management of public and private companies is required to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued (or available to be issued as applicable) and, if so, disclose that fact. Management will be required to make this evaluation for both annual and interim reporting periods, if applicable. Management is also required to evaluate and disclose whether its plans alleviate that doubt. The assessment will be similar to the one auditors historically have performed under auditing standards. The guidance is effective for the Company beginning January 1, 2017. The Company believes adoption of this guidance will not have a material impact on the Company's financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification 718, Compensation - Stock Compensation. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. This guidance was issued to resolve diversity in practice. The guidance is effective for the Company beginning January 1, 2016. The Company believes that adoption of the new guidance will not have a material impact on the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This comprehensive new revenue recognition standard will supersede existing revenue guidance under U. S. GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance is effective for the Company beginning January 1, 2017. The Company is currently evaluating the impact to the Company’s financial statements. | ||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update provides guidance for the presentation of an unrecognized tax benefit when, among other things, a net operating loss carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The new guidance was adopted by the Company on January 1, 2014. The new guidance did not have a material impact on the Company’s financial statements upon adoption. | ||
During the periods presented in these financial statements, the Company implemented other new accounting pronouncements other than those noted above that are discussed in the notes where applicable. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Depreciable lives of property and equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: | |||||||
Automobiles and trucks | 3 to 5 years | |||||||
Buildings and improvements | 5 to 30 years | |||||||
Construction equipment | 3 to 15 years | |||||||
Vessels and dredges | 1 to 15 years | |||||||
Office equipment | 1 to 5 years | |||||||
The following is a summary of property and equipment at December 31, 2014 and December 31, 2013: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Automobiles and trucks | $ | 2,006 | $ | 2,148 | ||||
Building and improvements | 28,641 | 22,828 | ||||||
Construction equipment | 146,088 | 145,309 | ||||||
Dredges and dredging equipment | 96,275 | 93,963 | ||||||
Office equipment | 4,891 | 4,545 | ||||||
277,901 | 268,793 | |||||||
Less: accumulated depreciation | (161,276 | ) | (144,121 | ) | ||||
Net book value of depreciable assets | 116,625 | 124,672 | ||||||
Construction in progress | 5,274 | 2,458 | ||||||
Land | 39,874 | 14,793 | ||||||
$ | 161,773 | $ | 141,923 | |||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of recognized identified assets acquired and liabilities assumed | The purchase price was allocated as follows: | ||||
Fixed assets, including inventory | $ | 5,936 | |||
Seller receivables | 1,425 | ||||
Intangible assets | 702 | ||||
Goodwill | 2,649 | ||||
Payable to Seller | (1,425 | ) | |||
Noncontrolling interest | (16 | ) | |||
$ | 9,271 | ||||
Concentration_of_Risk_and_Ente1
Concentration of Risk and Enterprise Wide Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||||||||
Schedules of concentration of risk, by risk factor | The table below presents the concentrations of receivables (trade and retainage) at December 31, 2014 and December 31, 2013, respectively: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Federal Government | $ | 4,607 | 9 | % | $ | 4,849 | 10 | % | |||||||||||||
State Governments | 476 | 1 | % | 4,002 | 8 | % | |||||||||||||||
Local Governments | 13,927 | 26 | % | 8,857 | 18 | % | |||||||||||||||
Private Companies | 33,778 | 64 | % | 31,829 | 64 | % | |||||||||||||||
Total receivables | $ | 52,788 | 100 | % | $ | 49,537 | 100 | % | |||||||||||||
Contract revenues | |||||||||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||||||||
Schedules of concentration of risk, by risk factor | Additionally, the table below represents concentrations of revenue by type of customer for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2014 | % | 2013 | % | 2012 | % | ||||||||||||||||
Federal | $ | 47,390 | 13 | % | $ | 65,926 | 19 | % | $ | 64,049 | 22 | % | |||||||||
State | 43,147 | 11 | % | 30,451 | 9 | % | 35,799 | 12 | % | ||||||||||||
Local | 97,145 | 25 | % | 54,702 | 15 | % | 44,626 | 15 | % | ||||||||||||
Private | 198,136 | 51 | % | 203,465 | 57 | % | 147,568 | 51 | % | ||||||||||||
$ | 385,818 | 100 | % | $ | 354,544 | 100 | % | $ | 292,042 | 100 | % | ||||||||||
Contracts_in_Progress_Tables
Contracts in Progress (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Contractors [Abstract] | ||||||||
Contracts in progress | Contracts in progress are as follows at December 31, 2014 and December 31, 2013: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Costs incurred on uncompleted contracts | $ | 554,109 | $ | 360,678 | ||||
Estimated earnings | 97,687 | 47,208 | ||||||
651,796 | 407,886 | |||||||
Less: Billings to date | (623,919 | ) | (397,625 | ) | ||||
$ | 27,877 | $ | 10,261 | |||||
Included in the accompanying consolidated balance sheets under the following captions: | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 44,581 | $ | 24,856 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (16,704 | ) | (14,595 | ) | ||||
$ | 27,877 | $ | 10,261 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of property and equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: | |||||||
Automobiles and trucks | 3 to 5 years | |||||||
Buildings and improvements | 5 to 30 years | |||||||
Construction equipment | 3 to 15 years | |||||||
Vessels and dredges | 1 to 15 years | |||||||
Office equipment | 1 to 5 years | |||||||
The following is a summary of property and equipment at December 31, 2014 and December 31, 2013: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Automobiles and trucks | $ | 2,006 | $ | 2,148 | ||||
Building and improvements | 28,641 | 22,828 | ||||||
Construction equipment | 146,088 | 145,309 | ||||||
Dredges and dredging equipment | 96,275 | 93,963 | ||||||
Office equipment | 4,891 | 4,545 | ||||||
277,901 | 268,793 | |||||||
Less: accumulated depreciation | (161,276 | ) | (144,121 | ) | ||||
Net book value of depreciable assets | 116,625 | 124,672 | ||||||
Construction in progress | 5,274 | 2,458 | ||||||
Land | 39,874 | 14,793 | ||||||
$ | 161,773 | $ | 141,923 | |||||
Fair_Value_Fair_Value_Tables
Fair Value Fair Value (Tables) (West Construction, Inc.) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
West Construction, Inc. | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||
Fair value measurement of fixed assets and goodwill on a non-recurring basis | In 2012, we acquired the assets of West Construction, which resulted in the valuation of fixed assets and goodwill on a non-recurring basis, as presented in the table below: | |||||||||||||
December 31, 2012 | Level 1 | Level II | Level III | |||||||||||
Assets acquired in business combinations | $ | 5,936 | — | — | $ | 5,936 | ||||||||
Goodwill and other intangibles | $ | 3,352 | — | — | $ | 3,352 | ||||||||
Fair value of earnout liability | $ | (271 | ) | — | — | $ | (271 | ) | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of changes in goodwill | The table below summarizes changes in goodwill recorded by the Company during the periods ended December 31, 2014 and December 31, 2013: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Beginning balance, January 1 | $ | 33,798 | $ | 33,798 | ||||
Additions | — | — | ||||||
Ending balance | $ | 33,798 | $ | 33,798 | ||||
Schedule of changes and amortization of finite-lived intangible assets | The tables below present the activity and amortizations of finite-lived intangible assets: | |||||||
2014 | 2013 | |||||||
Intangible assets, January 1 | $ | 7,602 | $ | 7,602 | ||||
Additions | — | — | ||||||
Total intangible assets, end of year | 7,602 | 7,602 | ||||||
Accumulated amortization | $ | (7,405 | ) | $ | (6,975 | ) | ||
Current year amortization | (110 | ) | (430 | ) | ||||
Total accumulated amortization | (7,515 | ) | (7,405 | ) | ||||
Net intangible assets, end of year | $ | 87 | $ | 197 | ||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of accrued liabilities | Accrued liabilities at December 31, 2014 and 2013 consisted of the following: | |||||||
2014 | 2013 | |||||||
Accrued salaries, wages and benefits | $ | 4,925 | $ | 3,604 | ||||
Accrual for self-insurance liabilities | 7,490 | 5,787 | ||||||
Property taxes | 2,146 | 584 | ||||||
Sales tax | 676 | 481 | ||||||
Other accrued expenses | 566 | 959 | ||||||
$ | 15,803 | $ | 11,415 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of components of income tax expense (benefit) | The following table presents the components of our consolidated income tax expense for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Current | Deferred | Total | ||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||
U.S. Federal | $ | 247 | $ | 2,571 | $ | 2,818 | ||||||||||
State and local | $ | 599 | $ | (702 | ) | $ | (103 | ) | ||||||||
Foreign | 460 | — | 460 | |||||||||||||
$ | 1,306 | $ | 1,869 | $ | 3,175 | |||||||||||
Year ended December 31, 2013 | ||||||||||||||||
U.S. Federal | $ | (936 | ) | $ | 19 | $ | (917 | ) | ||||||||
State and local | 238 | (258 | ) | (20 | ) | |||||||||||
$ | (698 | ) | $ | (239 | ) | $ | (937 | ) | ||||||||
Year ended December 31, 2012 | ||||||||||||||||
U.S. Federal | $ | (3,214 | ) | $ | (2,174 | ) | $ | (5,388 | ) | |||||||
State and local | 220 | 528 | 748 | |||||||||||||
$ | (2,994 | ) | $ | (1,646 | ) | $ | (4,640 | ) | ||||||||
Schedule of effective income tax reconciliation | The Company’s income tax provision reconciles to the provision at the statutory U.S. federal income tax rate for each year ended December 31, as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Statutory amount (computed at 35%) | $ | 3,519 | $ | (212 | ) | $ | (5,776 | ) | ||||||||
State income tax, net of federal benefit | (312 | ) | (20 | ) | 564 | |||||||||||
Permanent differences | 122 | (13 | ) | (743 | ) | |||||||||||
Permanent differences, incentive stock options | 157 | 237 | 1,189 | |||||||||||||
True up of deferred balances for non-qualified stock options | — | (571 | ) | — | ||||||||||||
True up of deferred balances for state tax benefits | — | (401 | ) | — | ||||||||||||
True up to prior year taxes | (311 | ) | — | — | ||||||||||||
Other (net) | — | 43 | 126 | |||||||||||||
Consolidated income tax provision | $ | 3,175 | $ | (937 | ) | $ | (4,640 | ) | ||||||||
Consolidated effective tax rate | 31.6 | % | 154.6 | % | 27.9 | % | ||||||||||
Schedule of deferred tax assets and liabilities | The Company’s deferred tax assets and liabilities are as follows: | |||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Current | Long- | Current | Long- | |||||||||||||
term | term | |||||||||||||||
Assets related to: | ||||||||||||||||
Accrued liabilities | $ | 2,714 | $ | — | $ | 1,913 | $ | — | ||||||||
Intangible assets | 111 | 1,935 | 121 | 2,219 | ||||||||||||
Net operating loss carryforward | — | 3,797 | — | 10,604 | ||||||||||||
Non-qualified stock options | 45 | 1,248 | — | 1,268 | ||||||||||||
Foreign tax credits | — | 1,078 | — | — | ||||||||||||
AMT credits | — | 993 | — | — | ||||||||||||
Other | 44 | (16 | ) | 23 | 1,170 | |||||||||||
Total assets | 2,914 | 9,035 | 2,057 | 15,261 | ||||||||||||
Liabilities related to: | ||||||||||||||||
Depreciation and amortization | — | (26,173 | ) | — | (30,082 | ) | ||||||||||
Goodwill | — | (3,753 | ) | — | (3,157 | ) | ||||||||||
Deferred revenue on maintenance contracts | (1,121 | ) | 14 | (1,327 | ) | — | ||||||||||
Other | (38 | ) | — | (4 | ) | — | ||||||||||
Total liabilities | (1,159 | ) | (29,912 | ) | (1,331 | ) | (33,239 | ) | ||||||||
Net deferred assets (liabilities) | $ | 1,755 | $ | (20,877 | ) | $ | 726 | $ | (17,978 | ) | ||||||
Schedule of net deferred tax assets and liabilities as reported in the balance sheet | As reported in the balance sheets: | |||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Net current deferred tax assets | 1,755 | 726 | ||||||||||||||
Net non-current deferred tax liabilities | (20,877 | ) | (17,978 | ) | ||||||||||||
Total net deferred tax liabilities: | $ | (19,122 | ) | $ | (17,252 | ) |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of earnings per share, basic and diluted | The following table reconciles the denominators used in the computations of both basic and diluted (loss) earnings per share: | ||||||||
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic: | |||||||||
Weighted average shares outstanding | 27,421,441 | 27,296,732 | 27,138,927 | ||||||
Diluted: | |||||||||
Total basic weighted average shares outstanding | 27,421,441 | 27,296,732 | 27,138,927 | ||||||
Effect of dilutive securities: | |||||||||
Common stock options | 366,172 | 316,322 | — | ||||||
Total weighted average shares outstanding assuming dilution | 27,787,613 | 27,613,054 | 27,138,927 | ||||||
Anti-dilutive stock options | 801,441 | 795,133 | 2,283,840 | ||||||
Shares of common stock issued from the exercise of stock options | 143,282 | 155,731 | 56,658 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of restricted stock activity | The following table summarizes the restricted stock activity under the Company's equity incentive plans : | ||||||||||||
Number | Weighted | ||||||||||||
of | Average | ||||||||||||
Shares | Fair Value | ||||||||||||
Per Share | |||||||||||||
Nonvested at January 1, 2012 | 452,567 | $ | 7.09 | ||||||||||
Granted | 36,640 | $ | 6.55 | ||||||||||
Vested | (171,988 | ) | $ | 8.14 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2012 | 317,219 | $ | 6.46 | ||||||||||
Granted | 24,824 | $ | 11.28 | ||||||||||
Vested | (124,998 | ) | $ | 7.17 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2013 | 217,045 | $ | 6.6 | ||||||||||
Granted | 115,726 | $ | 11.35 | ||||||||||
Vested | (96,908 | ) | $ | 7.35 | |||||||||
Forfeited/repurchased shares | — | $ | — | ||||||||||
Nonvested at December 31, 2014 | 235,863 | $ | 8.63 | ||||||||||
Schedule of stock options activity | The following table summarizes the stock option activity under the Company's equity incentive plans: | ||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
of | Average | Average | Intrinsic | ||||||||||
Shares | Exercise | Contractual | Value | ||||||||||
Price | Life | ||||||||||||
Per Share | (Years) | ||||||||||||
Outstanding at January 1, 2012 | 2,128,904 | $ | 9.42 | ||||||||||
Granted | 262,051 | $ | 6.56 | ||||||||||
Exercised | (56,658 | ) | $ | 5.27 | |||||||||
Forfeited | (50,512 | ) | $ | 7.99 | |||||||||
Outstanding at December 31, 2012 | 2,283,785 | $ | 9.23 | ||||||||||
Granted | 35,081 | $ | 9.48 | ||||||||||
Exercised | (155,731 | ) | $ | 5.51 | |||||||||
Forfeited | (91,378 | ) | $ | 9.82 | |||||||||
Outstanding at December 31, 2013 | 2,071,757 | $ | 9.49 | ||||||||||
Granted | 233,828 | $ | 11.35 | ||||||||||
Exercised | (143,282 | ) | $ | 6.08 | |||||||||
Forfeited | (105,405 | ) | $ | 11.06 | |||||||||
Outstanding at December 31, 2014 | 2,056,898 | $ | 9.86 | ||||||||||
Vested at December 31, 2014 and expected to vest | 2,031,492 | $ | 9.87 | 5.81 | $ | 5,360 | |||||||
Exercisable at December 31, 2014 | 1,461,837 | $ | 10.5 | 4.96 | $ | 3,681 | |||||||
Schedule of stock option valuation assumptions | The Company calculates the fair value of each option on the date of grant using the Black-Scholes pricing model and the following weighted-average assumptions in each year: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average grant-date fair value of options granted | $ | 6.4 | $ | 4.11 | $ | 4.08 | |||||||
Risk-free interest rate | 1 | % | 1 | % | 1.42 | % | |||||||
Expected volatility | 88.5 | % | 62.4 | % | 68.5 | % | |||||||
Expected term of options (in years) | 3 | 3.2 | 6.2 | ||||||||||
Dividend yield | — | % | — | % | — | % | |||||||
Schedule of intrinsic value of options exercised and fair value of shares vested | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total intrinsic value of options exercised | $ | 494 | $ | 804 | $ | 130 | |||||||
Total fair value of shares vested | $ | 923 | $ | 1,457 | $ | 1,997 | |||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of multiemployer plans | The following table presents the Company's participation in these plans: | ||||||||||||||||
Pension Plan | Pension Protection Act ("PPA") | FIP/RP | Expiration | ||||||||||||||
Pension Trust | Employer | Certified Zone Status (1) | Status | Contributions | Surcharge | of Collective | |||||||||||
Fund | Identification Number | 2014 | 2013 | P/I (2) | 2014 | 2013 | 2012 | Imposed | Bargaining Agreement | ||||||||
International Union of Operating Engineers-Employers Construction Industry Retirement Plan | 91-6028571 | Green | Green | N/A | $ | 1,295 | $ | 534 | $ | 486 | — | 2015 | |||||
Associated General Contractors of Washington Carpenter, Piledrivers, and Millwrights | 91-6029051 | Green | Green | N/A | $ | 737 | $ | 438 | $ | 400 | — | 2015 | |||||
Alaska Carpenters Trust Fund | 92-0120866 | Green | Green | N/A | $ | 1,044 | $ | 856 | $ | 142 | — | 2017 | |||||
Alaska Laborers Trust Fund | 91-6028298 | Orange | Orange | P | $ | 246 | $ | 52 | $ | — | — | 2015 | |||||
1. The most recent PPA zone status available in 2014 and 2013 is for the plan's year end during 2013 and 2012, respectively. Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | |||||||||||||||||
2. The FIP/RP Status P/I column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending ("P"), or implemented ("I"). |
Commitments_and_Contingencies_
Commitments and Contingencies (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 under non-cancelable operating leases as of December 31, 2014 are as follows: | |||
Amount | ||||
Year ended December 31, | ||||
2015 | $ | 3,439 | ||
2016 | 2,276 | |||
2017 | 1,483 | |||
2018 | 948 | |||
2019 | 908 | |||
Thereafter | 2,965 | |||
$ | 12,019 | |||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of quarterly financial information | The following table sets forth selected unaudited financial information for the eight quarters in the two-year period ended December 31, 2014. This information has been prepared on the same basis as the audited financial statements and, in the opinion of management, contains all adjustments necessary for a fair presentation. | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 81,258 | $ | 90,251 | $ | 106,976 | $ | 107,333 | $ | 385,818 | ||||||||||
Gross profit | 7,647 | 5,873 | 12,906 | 18,168 | 44,594 | |||||||||||||||
Operating (loss) income | (317 | ) | (2,256 | ) | 5,047 | 7,429 | 9,903 | |||||||||||||
(Loss) income before income taxes | (344 | ) | (1,899 | ) | 4,838 | 7,457 | 10,052 | |||||||||||||
Net (loss) income | (210 | ) | (1,163 | ) | 2,962 | 5,288 | 6,877 | |||||||||||||
Net (loss) income attributable to common stockholders | (210 | ) | (1,163 | ) | 2,962 | 5,288 | 6,877 | |||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.11 | $ | 0.19 | $ | 0.25 | ||||||||
Diluted | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.11 | $ | 0.19 | $ | 0.25 | ||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 75,059 | $ | 84,081 | $ | 88,992 | $ | 106,412 | $ | 354,544 | ||||||||||
Gross profit | 5,827 | 7,786 | 5,585 | 12,806 | 32,004 | |||||||||||||||
Operating (loss) income | (1,864 | ) | 231 | (2,389 | ) | 3,916 | (106 | ) | ||||||||||||
Loss (income) before income taxes | (1,737 | ) | 190 | (2,475 | ) | 3,416 | (606 | ) | ||||||||||||
Net (loss) income | (1,097 | ) | 212 | (974 | ) | 2,190 | 331 | |||||||||||||
Net (loss) income attributable to noncontrolling interest | (7 | ) | (18 | ) | (31 | ) | 56 | — | ||||||||||||
Net (loss) income attributable to common stockholders | (1,090 | ) | 230 | (943 | ) | 2,134 | 331 | |||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | 0.08 | $ | 0.01 | ||||||||
Diluted | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | 0.08 | $ | 0.01 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Receivable [Abstract] | ||
Contract receivable retention | $15.90 | $10.40 |
Retainage, long-term | $0.60 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Advertising (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Advertising Expense [Abstract] | |||
Advertising expense | $13 | $38 | $57 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Depreciable Lives of Property and Equipment (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 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Depreciation expense | $23,500,000 | $21,100,000 | $21,500,000 | ||||||||
Net income (loss) | 5,288,000 | 2,962,000 | -1,163,000 | -210,000 | 2,134,000 | -943,000 | 230,000 | -1,090,000 | 6,877,000 | 331,000 | -11,866,000 |
Diluted (in dollars per share) | $0.19 | $0.11 | ($0.04) | ($0.01) | $0.08 | ($0.03) | $0.01 | ($0.04) | $0.25 | $0.01 | ($0.44) |
Proceeds from sale of productive assets | 500,000 | ||||||||||
Equipment improvement | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 3 years | ||||||||||
Equipment improvement | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 7 years | ||||||||||
Automobiles and trucks | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 3 years | ||||||||||
Automobiles and trucks | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 5 years | ||||||||||
Building and improvements | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 5 years | ||||||||||
Building and improvements | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 30 years | ||||||||||
Construction equipment | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 3 years | ||||||||||
Construction equipment | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 15 years | ||||||||||
Dredges and dredging equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 3 years | 5 years | |||||||||
Dredges and dredging equipment | Service Life | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Depreciation expense | 700,000 | ||||||||||
Net income (loss) | ($500,000) | ||||||||||
Diluted (in dollars per share) | ($0.02) | ||||||||||
Dredges and dredging equipment | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 1 year | ||||||||||
Dredges and dredging equipment | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 15 years | ||||||||||
Office equipment | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 1 year | ||||||||||
Office equipment | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 5 years | ||||||||||
Dry-docking capitalized costs | Minimum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 3 years | ||||||||||
Dry-docking capitalized costs | Maximum | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment useful life | 15 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Rate | ||||
Accounting Policies [Abstract] | ||||
Goodwill | $33,798 | $33,798 | $33,798 | |
Revenue growth rate implied in reporting units valuations, number of years projected | 5 years | |||
Fair Value Inputs, Discount Rate | 16.50% | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 37.00% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Insurance Coverage (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
levels | ||
Insurance Coverage [Line Items] | ||
Levels of insurance coverage maintained by the Company | 3 | |
Amount in excess of primary insurance coverage | $150,000,000 | |
Accrual for self-insurance liabilities | 7,490,000 | 5,787,000 |
Other liability policies | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | 1,000,000 | |
Maritime employer's liability | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | 10,000,000 | |
Watercraft pollution policy | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | $5,000,000 |
Business_Acquisition_Narrative
Business Acquisition - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
entity | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Number of foreign entities the Company acquired ownership interest during period | 1 | ||||
Consulting and sales agreement entered into with the acquiree company personnel, contract term | 2 years | ||||
Goodwill | 33,798,000 | $33,798,000 | $33,798,000 | ||
West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Cash paid to acquire business | 9,000,000 | ||||
Additional potential cash payment consideration, period following acquisition close taken into consideration | 12 months | ||||
Contingent consideration, at fair value | 271,000 | ||||
Lease agreement with the Seller company, lease term | 3 years | ||||
Acquired intangible assets | 702,000 | ||||
Goodwill | 2,649,000 | ||||
Goodwill acquired during period, amortization period for tax purposes | 15 years | ||||
Minimum | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Acquired intangible assets useful life | 1 year | ||||
Maximum | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Acquired intangible assets useful life | 3 years | ||||
Construction equipment | Minimum | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Property and equipment useful life | 3 years | ||||
Construction equipment | Minimum | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Property and equipment useful life | 3 years | ||||
Construction equipment | Maximum | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Property and equipment useful life | 15 years | ||||
Construction equipment | Maximum | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Property and equipment useful life | 15 years | ||||
Trade name | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Acquired intangible assets | 332,000 | ||||
Acquired intangible assets useful life | 1 year | ||||
Backlog | West Construction, Inc. | |||||
Business Combination, Assets and Liabilities Arising from Contingencies [Abstract] | |||||
Acquired intangible assets | 370,000 | ||||
Acquired intangible assets useful life | 3 years |
Business_Acquisition_Recognize
Business Acquisition - Recognized Identified Assets Acquired and Liabilities Assumed (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $33,798 | $33,798 | $33,798 | |
West Construction, Inc. | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Fixed assets, including inventory | 5,936 | |||
Seller receivables | 1,425 | |||
Intangible assets | 702 | |||
Goodwill | 2,649 | |||
Payable to Seller | -1,425 | |||
Noncontrolling interest | -16 | |||
Total recognized identifiable assets acquired, goodwill, and liabilities assumed, net | $9,271 |
Concentration_of_Risk_and_Ente2
Concentration of Risk and Enterprise Wide Disclosures (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 |
Concentration Risk [Line Items] | |||||||||||
Contract revenues | $107,333 | $106,976 | $90,251 | $81,258 | $106,412 | $88,992 | $84,081 | $75,059 | $385,818 | $354,544 | $292,042 |
Foreign | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Contract revenues, percent | 12.90% | 8.50% | 4.00% | ||||||||
Customer concentration risk | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Trade and retainage receivables | 52,788 | 49,537 | 52,788 | 49,537 | |||||||
Concentration risk, percentage | 100.00% | 100.00% | |||||||||
Customer concentration risk | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Contract revenues | 385,818 | 354,544 | 292,042 | ||||||||
Customer concentration risk | Private sector customer | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 14.00% | 9.90% | |||||||||
Customer concentration risk | Private sector customer | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 10.70% | ||||||||||
Customer concentration risk | US Army Corps of Engineers | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 11.70% | 16.70% | |||||||||
Customer concentration risk | Federal Government | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Trade and retainage receivables | 4,607 | 4,849 | 4,607 | 4,849 | |||||||
Concentration risk, percentage | 9.00% | 10.00% | |||||||||
Customer concentration risk | Federal Government | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 13.00% | 19.00% | 22.00% | ||||||||
Contract revenues | 47,390 | 65,926 | 64,049 | ||||||||
Customer concentration risk | State Governments | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Trade and retainage receivables | 476 | 4,002 | 476 | 4,002 | |||||||
Concentration risk, percentage | 1.00% | 8.00% | |||||||||
Customer concentration risk | State Governments | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 11.00% | 9.00% | 12.00% | ||||||||
Contract revenues | 43,147 | 30,451 | 35,799 | ||||||||
Customer concentration risk | Local Governments | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Trade and retainage receivables | 13,927 | 8,857 | 13,927 | 8,857 | |||||||
Concentration risk, percentage | 26.00% | 18.00% | |||||||||
Customer concentration risk | Local Governments | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 25.00% | 15.00% | 15.00% | ||||||||
Contract revenues | 97,145 | 54,702 | 44,626 | ||||||||
Customer concentration risk | Private Companies | Trade and contract retainage receivables | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Trade and retainage receivables | 33,778 | 31,829 | 33,778 | 31,829 | |||||||
Concentration risk, percentage | 64.00% | 64.00% | |||||||||
Customer concentration risk | Private Companies | Contract revenues | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 51.00% | 57.00% | 51.00% | ||||||||
Contract revenues | $198,136 | $203,465 | $147,568 |
Contracts_in_Progress_Details
Contracts in Progress (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $554,109 | $360,678 |
Estimated earnings | 97,687 | 47,208 |
Costs incurred and estimated earnings on uncompleted contracts | 651,796 | 407,886 |
Less: Billings to date | -623,919 | -397,625 |
Costs and estimated earnings in excess of billings on uncompleted contracts, net | 27,877 | 10,261 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 44,581 | 24,856 |
Billings in excess of costs and estimated earnings on uncompleted contracts | ($16,704) | ($14,595) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, net | $161,773,000 | $141,923,000 | ||
Depreciation expense | 23,500,000 | 21,100,000 | 21,500,000 | |
Impairment loss on assets held-for-sale | 2,000,000 | |||
Proceeds from sale of productive assets | 500,000 | |||
Asset held for sale | 375,000 | 417,000 | ||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 39,874,000 | 14,793,000 | ||
Depreciable Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 277,901,000 | 268,793,000 | ||
Less: accumulated depreciation | -161,276,000 | -144,121,000 | ||
Property and equipment, net | 116,625,000 | 124,672,000 | ||
Automobiles and trucks | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 2,006,000 | 2,148,000 | ||
Building and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 28,641,000 | 22,828,000 | ||
Construction equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 146,088,000 | 145,309,000 | ||
Dredges and dredging equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 96,275,000 | 93,963,000 | ||
Office equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 4,891,000 | 4,545,000 | ||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 5,274,000 | 2,458,000 | ||
Purchase of the assets of West Construction | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase price of significant acquisitions during period | 9,300,000 | |||
Fixed assets increase due to acquisition | $4,500,000 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory | $6,487 | $3,520 |
Inventory, non-current | $5,508 | $4,772 |
Fair_Value_Fair_Value_Measurem
Fair Value Fair Value Measurements (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets acquired in business combinations | $5,936 |
Goodwill and other intangibles | 3,352 |
Fair value of earnout liability | -271 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets acquired in business combinations | 0 |
Goodwill and other intangibles | 0 |
Fair value of earnout liability | 0 |
Level II | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets acquired in business combinations | 0 |
Goodwill and other intangibles | 0 |
Fair value of earnout liability | 0 |
Level III | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets acquired in business combinations | 5,936 |
Goodwill and other intangibles | 3,352 |
Fair value of earnout liability | ($271) |
Fair_Value_Narrative_Details
Fair Value - Narrative (Details) (Carrying (reported) amount, fair value disclosure, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying (reported) amount, fair value disclosure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $37 | $8.60 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Goodwill Roll Forward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning balance, January 1 | $33,798 | $33,798 |
Additions | 0 | 0 |
Ending balance | $33,798 | $33,798 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Finite-lived Intangible Assets Roll Forward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-lived Intangible Assets, Gross [Roll Forward] | ||
Intangible assets, January 1 | $7,602 | $7,602 |
Additions | 0 | 0 |
Total intangible assets, end of year | 7,602 | 7,602 |
Accumulated Amortization [Roll Forward] | ||
Accumulated amortization | -7,405 | -6,975 |
Current year amortization | -110 | -430 |
Total accumulated amortization | -7,515 | -7,405 |
Net intangible assets, end of year | $87 | $197 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Future Amortization Expense of Finite-lived Intangible Assets (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2012 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense, expected to be recorded in 2015 | $87 | |
West Construction, Inc. | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets useful life | 1 year | |
West Construction, Inc. | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets useful life | 3 years |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued salaries, wages and benefits | $4,925 | $3,604 |
Accrual for self-insurance liabilities | 7,490 | 5,787 |
Property taxes | 2,146 | 584 |
Sales and Excise Tax Payable | 676 | 481 |
Other accrued expenses | 566 | 959 |
Total accrued liabilities | $15,803 | $11,415 |
Longterm_Debt_and_Line_of_Cred1
Long-term Debt and Line of Credit (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $7,900,000 | $7,900,000 | ||||
balance outstanding under revolver | 26,000,000 | 26,000,000 | ||||
Proceeds from credit facility | 3,500,000 | 22,500,000 | 30,000,000 | 0 | 18,000,000 | |
Fixed Charge Coverage Ratio | 1.5 | |||||
Leverage Ratio | 2.5 | |||||
Debt instrument, description of variable rate basis | LIBOR | |||||
Line of credit facility, interest rate during period | 2.19% | |||||
LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate at period end | 2.19% | 2.19% | ||||
Secured debt | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, additional borrowing capacity | 25,000,000 | 25,000,000 | ||||
Line of credit facility, revolving credit converted to term loan, amount outstanding | 11,000,000 | 11,000,000 | ||||
Line of credit facility, unused capacity commitment fee percentage | 0.25% | |||||
Secured debt | Term Loan One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, periodic payment, principal | 389,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | 3.10% | ||||
Secured debt | Term Loan Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 4,000,000 | 4,000,000 | ||||
Debt Instrument, Periodic Payment | 53,000 | |||||
Letter of credit | Secured debt | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, current borrowing capacity | 20,000,000 | 20,000,000 | ||||
Letters of credit outstanding, amount | 1,100,000 | 1,100,000 | ||||
Prime rate based Loans | Revolving Line of Credit [Member] | Secured debt | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, integral multiple of borrowings | 500,000 | |||||
Prime rate based Loans | Swingline loan | Secured debt | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, integral multiple of borrowings | 100,000 | |||||
Eurodollar Loans | Revolving Line of Credit [Member] | Secured debt | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, integral multiple of borrowings | 1,000,000 | |||||
Eligible accounts receivable | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, current borrowing capacity base components | 80.00% | |||||
Adjusted cash balance | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, current borrowing capacity base components | 90.00% | |||||
Amended credit agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $35,000,000 | $35,000,000 |
Purchase_of_Common_Shares_Deta
Purchase of Common Shares (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Oct. 31, 2014 | Dec. 31, 2014 |
Stock Repurchase Program [Abstract] | ||
Stock repurchase program, authorized amount | $40 | |
Stock repurchase program, expected duration | 5 years | |
Stock repurchased during period, shares | 43,500 | |
Stock repurchased during period, average cost per share | $9.98 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Alternative minimum tax credits, non-expiring | $1,000,000 | ||
Excess tax benefit from stock option exercise | 1,800,000 | ||
Additional tax expense related to penalties and interest incurred | 99,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 2,800,000 | ||
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 1,000,000 | ||
Cash benefits received from operating loss carrybacks | 2,700,000 | $13,100,000 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) by Jurisdiction and by Classification (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Federal | |||
Current | $247 | ($936) | ($3,214) |
Deferred | 2,571 | 19 | -2,174 |
Total | 2,818 | -917 | -5,388 |
State and local | |||
Current | 599 | 238 | 220 |
Deferred | -702 | -258 | 528 |
Total | -103 | -20 | 748 |
Current Foreign Tax Expense (Benefit) | 460 | ||
Deferred Foreign Income Tax Expense (Benefit) | 0 | ||
Foreign Income Tax Expense (Benefit), Continuing Operations | 460 | ||
Total Income Taxes | |||
Current | 1,306 | -698 | -2,994 |
Deferred | 1,869 | -239 | -1,646 |
Total | $3,175 | ($937) | ($4,640) |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Expense (Benefit) Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory amount (computed at 35%) | $3,519 | ($212) | ($5,776) |
State income tax, net of federal benefit | -312 | -20 | 564 |
Permanent differences | 122 | -13 | -743 |
Permanent differences, incentive stock options | 157 | 237 | 1,189 |
True up of deferred balances for non-qualified stock options | 0 | -571 | 0 |
True up to prior year taxes | 0 | -401 | 0 |
True up to prior year taxes | -311 | 0 | 0 |
Other (net) | 0 | 43 | 126 |
Total | $3,175 | ($937) | ($4,640) |
Consolidated effective tax rate | 31.58% | 154.62% | 27.90% |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current | ||
Accrued liabilities | $2,714 | $1,913 |
Intangible assets | 111 | 121 |
Non-qualified stock options | 45 | 0 |
Other | 44 | 23 |
Total assets | 2,914 | 2,057 |
Long- term | ||
Intangible assets | 1,935 | 2,219 |
Net operating loss carryforward | 3,797 | 10,604 |
Non-qualified stock options | 1,248 | 1,268 |
Foreign tax credits | 1,078 | 0 |
AMT credits | 993 | 0 |
Other | -16 | 1,170 |
Total assets | 9,035 | 15,261 |
Current | ||
Deferred revenue on maintenance contracts | -1,121 | -1,327 |
Other | -38 | -4 |
Total liabilities | -1,159 | -1,331 |
Long- term | ||
Depreciation and amortization | -26,173 | -30,082 |
Goodwill | -3,753 | -3,157 |
Deferred revenue on maintenance contracts | 14 | 0 |
Other | 0 | 0 |
Total liabilities | -29,912 | -33,239 |
Net current deferred tax assets | 1,755 | 726 |
Net non-current deferred tax liabilities | $20,877 | $17,978 |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Asset and Liabilities, as Reported in the Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Deferred Tax Assets and Liabilities, as Reported in the Balance Sheet [Abstract] | ||
Net current deferred tax assets | $1,755 | $726 |
Net non-current deferred tax liabilities | -20,877 | -17,978 |
Total net deferred tax liabilities: | ($19,122) | ($17,252) |
Earnings_Loss_Per_Share_Basic_
Earnings (Loss) Per Share - Basic and Diluted (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic: | |||
Weighted average shares outstanding | 27,421,441 | 27,296,732 | 27,138,927 |
Effect of dilutive securities: | |||
Common stock options | 366,172 | 316,322 | 0 |
Total weighted average shares outstanding assuming dilution | 27,787,613 | 27,613,054 | 27,138,927 |
Shares of common stock issued from the exercise of stock options | 143,282 | 155,731 | 56,658 |
Earnings_Loss_Per_Share_Antidi
Earnings (Loss) Per Share - Antidilutive Securities (Details) (Stock options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options | 801,441 | 795,133 | 2,283,840 |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Nov. 30, 2014 | Nov. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Approved and authorized maximum number of shares to be issued | 3,000,000 | |||||
Compensation expense related to stock based awards outstanding | $1,600,000 | $2,100,000 | $3,100,000 | |||
Granted (in shares) | 233,828 | 35,081 | 262,051 | |||
Proceeds received upon exercise of stock options | 869,000 | 858,000 | 298,000 | |||
Exercise of stock options, shares | 143,282 | 155,731 | 56,658 | |||
Total share-based compensation cost not yet recognized | 2,600,000 | |||||
Share-based compensation cost not yet recognized, period for recognition | 2 years 4 months 24 days | |||||
Total intrinsic value of options exercised | 494,000 | 804,000 | 130,000 | |||
Total fair value of shares vested | 923,000 | 1,457,000 | 1,997,000 | |||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, expiration period | 10 years | |||||
Forfeiture rate applied to options | 5.50% | |||||
Stock options | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of equity compensation grants awarded | $70,000 | |||||
Grants awarded during period | 6,167 | 6,206 | ||||
Weighted average grant-date fair value of options granted | $11.29 | |||||
Granted (in shares) | 233,828 | |||||
Stock options | Officers and Executives | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants awarded during period | 84,891 | |||||
Weighted average grant-date fair value of options granted | 11.35 | |||||
Stock options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, vesting period | 3 years | |||||
Stock options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options, vesting period | 5 years | |||||
Restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in dollars per share) | $11.35 | $11.28 | $6.55 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Activity (Details) (Restricted stock, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted stock | |||
Number of Shares | |||
Beginning nonvested shares (in shares) | 217,045 | 317,219 | 452,567 |
Granted (in shares) | 115,726 | 24,824 | 36,640 |
Vested (in shares) | -96,908 | -124,998 | -171,988 |
Forfeited/repurchased shares (in shares) | 0 | 0 | 0 |
Ending nonvested shares (in shares) | 235,863 | 217,045 | 317,219 |
Weighted Average Fair Value Per Share | |||
Beginning nonvested shares (in dollars per share) | $6.60 | $6.46 | $7.09 |
Granted (in dollars per share) | $11.35 | $11.28 | $6.55 |
Vested (in dollars per share) | $7.35 | $7.17 | $8.14 |
Forfeited/repurchased shares (in dollars per share) | $0 | $0 | $0 |
Ending nonvested shares (in dollars per share) | $8.63 | $6.60 | $6.46 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares | |||
Beginning stock options outstanding (in shares) | 2,071,757 | 2,283,785 | 2,128,904 |
Granted (in shares) | 233,828 | 35,081 | 262,051 |
Exercised (in shares) | -143,282 | -155,731 | -56,658 |
Forfeited (in shares) | -105,405 | -91,378 | -50,512 |
Ending stock options outstanding (in shares) | 2,056,898 | 2,071,757 | 2,283,785 |
Weighted Average Exercise Price Per Share | |||
Beginning stock options outstanding (in dollars per share) | $9.49 | $9.23 | $9.42 |
Granted (in dollars per share) | $11.35 | $9.48 | $6.56 |
Exercised (in dollars per share) | $6.08 | $5.51 | $5.27 |
Forfeited (in dollars per share) | $11.06 | $9.82 | $7.99 |
Ending stock options outstanding (in dollars per share) | $9.86 | $9.49 | $9.23 |
31-Dec-14 | |||
Number of Shares | 2,031,492 | ||
Weighted Average Exercise Price Per Share (in dollars per share) | $9.87 | ||
Weighted Average Contractual Life | 5 years 9 months 22 days | ||
Aggregate Intrinsic Value | $5,360 | ||
31-Dec-14 | |||
Number of Shares | 1,461,837 | ||
Weighted Average Exercise Price Per Share (in dollars per share) | $10.50 | ||
Weighted Average Contractual Life | 4 years 11 months 16 days | ||
Aggregate Intrinsic Value | $3,681 |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Option Valuation Assumptions (Details) (Stock Option, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted average grant-date fair value of options granted | $6.40 | $4.11 | $4.08 |
Risk-free interest rate | 1.00% | 1.00% | 1.40% |
Expected volatility | 88.50% | 62.40% | 68.50% |
Expected term of options | 3 years | 3 years 2 months 12 days | 6 years 2 months 12 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee_Benefits_Narrative_De
Employee Benefits - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
401 (k) Retirement Plan [Abstract] | |||
Minimum service period for plan eligibility | 6 months | ||
Minimum allowable contribution to the plan by each employee, percent | 1.00% | ||
Maximum allowable contribution to the plan by each employee, percent | 80.00% | ||
Employers matching contribution, vesting period | 4 years | ||
Company contributions to the plan | $1.20 | $1 | $1 |
Range 1 | |||
401 (k) Retirement Plan [Abstract] | |||
Employer matching contribution, percent | 100.00% | ||
Employer matching contribution, percent of employee's gross pay | 2.00% | ||
Range 2 | |||
401 (k) Retirement Plan [Abstract] | |||
Employer matching contribution, percent | 50.00% | ||
Employer matching contribution, percent of employee's gross pay | 2.00% |
Employee_Benefits_Multiemploye
Employee Benefits - Multiemployer Plans (Details) (Multiemployer Plans, Pension, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
International Union of Operating Engineers-Employers Construction Industry Retirement Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions | $1,295 | $534 | $486 |
Expiration of Collective Bargaining Agreement | 31-Dec-15 | ||
Associated General Contractors of Washington Carpenter, Piledrivers, and Millwrights | |||
Multiemployer Plans [Line Items] | |||
Contributions | 737 | 438 | 400 |
Expiration of Collective Bargaining Agreement | 31-Dec-15 | ||
Alaska Carpenters Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions | 1,044 | 856 | 142 |
Expiration of Collective Bargaining Agreement | 31-Dec-17 | ||
Alaska Laborers Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $246 | $52 | $0 |
Expiration of Collective Bargaining Agreement | 31-Dec-15 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
extension | ||||
Sale Leaseback Transaction [Abstract] | ||||
Rent expense | $173,000 | $173,000 | $173,000 | |
Office building | ||||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Lease term of assets subject to operating leases | 9 years | |||
Vehicles | ||||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Rent expense | 2,900,000 | 2,700,000 | 2,800,000 | |
Other facilities | Minimum | ||||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Lease term of assets subject to operating leases | 1 year | |||
Other facilities | Maximum | ||||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Lease term of assets subject to operating leases | 5 years | |||
Land | ||||
Operating Leases, Rent Expense, Net [Abstract] | ||||
Lease term of assets subject to operating leases | 20 years | |||
Prepayments of future operating lease payments | 250,000 | |||
Office building | ||||
Sale Leaseback Transaction [Abstract] | ||||
Proceeds from the sale-leaseback transaction | 2,100,000 | |||
Sale-leaseback term | 10 years | |||
Deferred gain on sale-leaseback transaction | 562,000 | |||
Gain recognized on sale-lease back transaction | $56,000 | $56,000 | $56,000 | |
Options to extend term of the lease for additional five years | 2 | |||
Maximum extension term of each option to extend | 5 years |
Commitments_and_Contingencies_2
Commitments and Contingencies - Operating Leases Future Minimum Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $3,439 |
2016 | 2,276 |
2017 | 1,483 |
2018 | 948 |
2019 | 908 |
Thereafter | 2,965 |
Total | $12,019 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (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 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $107,333 | $106,976 | $90,251 | $81,258 | $106,412 | $88,992 | $84,081 | $75,059 | $385,818 | $354,544 | $292,042 |
Gross profit | 18,168 | 12,906 | 5,873 | 7,647 | 12,806 | 5,585 | 7,786 | 5,827 | 44,594 | 32,004 | 14,370 |
Operating (loss) income | 7,429 | 5,047 | -2,256 | -317 | 3,916 | -2,389 | 231 | -1,864 | 9,903 | -106 | -14,203 |
(Loss) income before income taxes | 7,457 | 4,838 | -1,899 | -344 | 3,416 | -2,475 | 190 | -1,737 | 10,052 | -606 | -16,506 |
Net (loss) income | 5,288 | 2,962 | -1,163 | -210 | 2,190 | -974 | 212 | -1,097 | 6,877 | 331 | |
Net income (loss) attributable to noncontrolling interest | 56 | -31 | -18 | -7 | 0 | 0 | 0 | ||||
Net (loss) income attributable to common stockholders | $5,288 | $2,962 | ($1,163) | ($210) | $2,134 | ($943) | $230 | ($1,090) | $6,877 | $331 | ($11,866) |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Basic (in dollars per share) | $0.19 | $0.11 | ($0.04) | ($0.01) | $0.08 | ($0.03) | $0.01 | ($0.04) | $0.25 | $0.01 | ($0.44) |
Diluted loss per share (in dollars per share) | $0.19 | $0.11 | ($0.04) | ($0.01) | $0.08 | ($0.03) | $0.01 | ($0.04) | $0.25 | $0.01 | ($0.44) |
Schedule_II_Details
Schedule II (Details) (Allowance for doubtful accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Activity in Provision for Doubtful Accounts | |||
Balance at the Beginning of the Period | $0 | $0 | $0 |
Charged to Revenue, Cost or Expense | 993 | 213 | 12 |
Deduction | -993 | -213 | -12 |
Balance at the End of the Period | $0 | $0 | $0 |