Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Forbes Energy Services Ltd. | ' |
Entity Central Index Key | '0001434842 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,471,616 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $32,943 | $17,619 |
Accounts receivable - trade, net of allowance of $3,458 and $2,660 for 2013 and 2012, respectively | 76,713 | 92,596 |
Accounts receivable - related parties | 60 | 60 |
Accounts receivable - other | 636 | 428 |
Prepaid expenses and other | 8,682 | 14,951 |
Total current assets | 119,034 | 125,654 |
Property and equipment, net | 348,768 | 348,442 |
Other intangible assets, net | 25,869 | 28,015 |
Deferred financing costs, net of accumulated amortization of $3,286 and $2,166 for 2013 and 2012, respectively | 7,258 | 8,040 |
Restricted cash | 1,379 | 1,439 |
Other assets | 1,703 | 1,111 |
Total assets | 504,011 | 512,701 |
Current liabilities | ' | ' |
Current portions of long-term debt | 4,877 | 13,026 |
Accounts payable - trade | 27,074 | 18,059 |
Accounts payable - related parties | 151 | 68 |
Accrued dividends | 61 | 61 |
Accrued interest payable | 7,593 | 1,354 |
Accrued expenses | 11,275 | 13,539 |
Total current liabilities | 51,031 | 46,107 |
Long-term debt | 291,010 | 293,321 |
Deferred tax liability | 22,367 | 26,587 |
Total liabilities | 364,408 | 366,015 |
Commitments and contingencies (Note 10) | ' | ' |
Temporary equity | ' | ' |
Series B senior convertible preferred shares | 14,549 | 14,518 |
Shareholders' equity | ' | ' |
Common stock, $.04 par value, 112,500 shares authorized, 21,472 and 21,093 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 859 | 844 |
Additional paid-in capital | 193,685 | 191,602 |
Accumulated deficit | -69,490 | -60,278 |
Total shareholders' equity | 125,054 | 132,168 |
Total liabilities and shareholders' equity | $504,011 | $512,701 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for accounts receivable | $3,458 | $2,660 |
Accumulated amortization of deferred financing costs | $3,286 | $2,166 |
Common stock, par value | $0.04 | $0.04 |
Common stock, shares authorized | 112,500 | 112,500 |
Common stock, shares issued | 21,472 | 21,093 |
Common stock, shares outstanding | 21,472 | 21,093 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Well servicing | $62,079 | $50,565 | $166,876 | $154,120 |
Fluid logistics | 42,775 | 63,755 | 143,398 | 211,470 |
Total revenues | 104,854 | 114,320 | 310,274 | 365,590 |
Expenses | ' | ' | ' | ' |
Well servicing | 50,073 | 41,372 | 132,915 | 117,913 |
Fluid logistics | 34,973 | 47,186 | 106,851 | 151,396 |
General and administrative | 7,955 | 7,278 | 22,906 | 26,023 |
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 |
Total expenses | 106,377 | 109,023 | 302,245 | 332,406 |
Operating income (loss) | -1,523 | 5,297 | 8,029 | 33,184 |
Other income | ' | ' | ' | ' |
Interest income | 13 | 20 | 18 | 70 |
Interest expense | -7,103 | -7,158 | -21,120 | -20,921 |
Income (loss) from continuing operations before taxes | -8,613 | -1,841 | -13,073 | 12,333 |
Income tax expense (benefit) | -2,961 | -571 | -4,156 | 5,745 |
Income (loss) from continuing operations | -5,652 | -1,270 | -8,917 | 6,588 |
Loss from discontinued operations, net of tax expense (benefit) of ($32), ($9), ($159) and $370, respectively | -59 | -1,072 | -295 | -1,567 |
Net income (loss) | -5,711 | -2,342 | -9,212 | 5,021 |
Preferred stock dividends | -194 | -194 | -582 | -582 |
Net income (loss) attributable to common shareholders | ($5,905) | ($2,536) | ($9,794) | $4,439 |
Income (loss) per share of common stock from continuing operations (Note 12) | ' | ' | ' | ' |
Basic (in usd per share) | ($0.27) | ($0.07) | ($0.44) | $0.29 |
Diluted (in usd per share) | ($0.27) | ($0.07) | ($0.44) | $0.25 |
Income (loss) per share of common stock from discontinued operations (Note 12) | ' | ' | ' | ' |
Basic (in usd per share) | ($0.01) | ($0.05) | ($0.02) | ($0.08) |
Diluted (in usd per share) | ($0.01) | ($0.05) | ($0.02) | ($0.06) |
Income (loss) per share of common stock (Note 12) | ' | ' | ' | ' |
Basic (in usd per share) | ($0.28) | ($0.12) | ($0.46) | $0.21 |
Diluted (in usd per share) | ($0.28) | ($0.12) | ($0.46) | $0.19 |
Weighted average number of shares outstanding (Note 12) | ' | ' | ' | ' |
Basic (in shares) | 21,438 | 21,068 | 21,410 | 21,039 |
Diluted (in shares) | 21,438 | 21,068 | 21,410 | 26,650 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Tax expense (benefit) from discontinued operations | ($32) | ($9) | ($159) | $370 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($5,711) | ($2,342) | ($9,212) | $5,021 |
Other comprehensive income | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 635 | 0 | 1,078 |
Comprehensive income (loss) | ($5,711) | ($1,707) | ($9,212) | $6,099 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited) (USD $) | Total | Preferred Shares | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2012 | $132,168 | $14,518 | $844 | $191,602 | ($60,278) |
Beginning Balance, shares at Dec. 31, 2012 | ' | 588,059 | 21,092,609 | ' | ' |
Common Stock, Value, Issued | 859 | ' | ' | ' | ' |
Share-based compensation | 2,680 | ' | ' | 2,680 | ' |
Net income | -9,212 | ' | ' | ' | -9,212 |
Issuance of restricted stock | 0 | ' | 15 | -15 | ' |
Issuance of restricted stock, shares | ' | ' | 379,007 | ' | ' |
Preferred shares dividends and accretion | -582 | 31 | ' | -582 | ' |
Ending Balance at Sep. 30, 2013 | $125,054 | $14,549 | $859 | $193,685 | ($69,490) |
Ending Balance, shares at Sep. 30, 2013 | ' | 588,059 | 21,471,616 | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($9,212) | $5,021 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation expense | 37,427 | 34,928 |
Amortization expense | 2,146 | 2,146 |
Share-based compensation | 2,822 | 4,346 |
Deferred tax (benefit) expense | -4,220 | 6,077 |
(Gain) loss on disposal of assets, net | -678 | 594 |
Gain on disposal of discontinued operations, net | 0 | -3,705 |
Bad debt expense | 859 | 904 |
Amortization of deferred financing cost | 1,120 | 1,102 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 14,802 | 30,285 |
Accounts receivable - related party | 0 | 1,109 |
Prepaid expenses and other assets | -2,035 | -5,400 |
Accounts payable - trade | 3,819 | -17,082 |
Accounts payable - related party | 83 | 2,544 |
Accrued expenses | -2,246 | -9,586 |
Accrued interest payable | 6,238 | 6,417 |
Net cash provided by operating activities | 50,925 | 59,700 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property and equipment | 1,337 | 0 |
Purchases of property and equipment | -32,804 | -101,540 |
Proceeds from sale of assets included in discontinued operations | 0 | 14,461 |
Change in restricted cash | 60 | -405 |
Net cash used in investing activities | -31,407 | -87,484 |
Cash flows from financing activities: | ' | ' |
Payments of debt | -3,500 | -3,407 |
Payment of tax withholding obligations related to restricted stock | -143 | 0 |
Proceeds from the exercise of stock options | 0 | 65 |
Proceeds from issuance of restricted stock | 0 | 5 |
Dividends paid on Series B Senior Convertible Preferred Shares | -551 | -551 |
Net cash used in financing activities | -4,194 | -3,888 |
Effect of currency translation on cash and cash equivalents | 0 | 383 |
Net increase (decrease) in cash and cash equivalents | 15,324 | -31,289 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 17,619 | 36,600 |
End of period | $32,943 | $5,311 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Operations | ' |
Organization and Nature of Operations | |
Nature of Business | |
Forbes Energy Services Ltd. (“FES Ltd”) is an independent oilfield services contractor that provides a wide range of well site services to oil and natural gas drilling and producing companies to help develop and enhance the production of oil and natural gas. These services include fluid hauling, fluid disposal, well maintenance, completion services, workovers and re-completions, plugging and abandonment, and tubing testing. Our operations are concentrated in the major onshore oil and natural gas producing regions of Texas; with additional locations in Mississippi, in Pennsylvania and, prior to the disposition of our assets in Mexico in January 2012, in Mexico. We believe that our broad range of services, which extends from initial drilling, through production, to eventual abandonment, is fundamental to establishing and maintaining the flow of oil and natural gas throughout the life cycle of our customers' wells. | |
As used in these consolidated financial statements, the “Company,” the “Forbes Group,” “we,” and “our” mean FES Ltd and its direct and indirect subsidiaries, except as otherwise indicated. |
Risk_and_Uncertainties
Risk and Uncertainties | 9 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Risk and Uncertainties | ' |
Risk and Uncertainties | |
As an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas, our revenue, profitability, cash flows and future rate of growth are substantially dependent on our ability to (1) maintain adequate equipment utilization, (2) maintain adequate pricing for the services we provide, and (3) maintain a trained work force. Failure to do so could adversely affect our financial position, results of operations, and cash flows. | |
Because our revenues are generated primarily from customers who are subject to the same factors generally impacting the oil and natural gas industry, our operations are also susceptible to market volatility resulting from economic, cyclical, weather related, or other factors related to such industry. Changes in the level of operating and capital spending in the industry, decreases in oil and natural gas prices, or industry perception about future oil and natural gas prices could materially decrease the demand for our services, adversely affecting our financial position, results of operations and cash flows. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Interim Financial Information | |
The unaudited condensed consolidated financial statements of the Forbes Group are prepared in conformity with accounting principles generally accepted in the United States of America, or “GAAP” for interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these condensed consolidated financial statements should be read along with the annual audited consolidated financial statements and notes thereto included in Forbes Group’s Annual Report on Form 10-K for the year ended December 31, 2012. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented. Interim results for the three and nine months ended September 30, 2013 may not be indicative of results that will be realized for the full year ending December 31, 2013. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with 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 consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. | |
Reclassification | |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU No. 2011-11, "Balance Sheet" ("ASU 2011-11"). The standard amends and expands disclosure requirements about balance sheet offsetting and related arrangements. ASU 2011-11 became effective for the Forbes Group on January 1, 2013. We did not experience any impact to our results of operations, financial position or liquidity when the guidance became effective. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist” (“ASU2013-11”). ASU 2013-11 reduces diversity in practice by providing guidance on the presentation of unrecognized tax benefits and is intended to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exit. ASU 2013-11 becomes effective for the Company on January 1, 2014 and the Company does not believe it will have a material impact on the consolidated financial statements. |
Other_Intangible_Assets
Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||
Other intangible assets are subject to amortization for the period of time which the assets are expected to contribute directly or indirectly to future cash flows under the guidance of ASC 350. | ||||||||||||||||||||||||||
Our major classes of intangible assets subject to amortization under ASC 350 consist of our customer relationships, trade names, safety training program, dispatch software, and other. The Company expenses costs associated with extensions or renewals of intangible assets. There were no such extensions or renewals in the nine months ended September 30, 2013 or September 30, 2012. Amortization expense is calculated using the straight-line method over the period indicated. Amortization expense for the three months ended September 30, 2013 and September 30, 2012 from continuing operations was $0.7 million and for the nine months ended September 30, 2013 and September 30, 2012 was $2.1 million. Estimated amortization expense for each of the five succeeding fiscal years is $2.9 million per year. The weighted average amortization period remaining for intangible assets is 9.0 years. | ||||||||||||||||||||||||||
The following sets forth the identified intangible assets by major asset class: | ||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||
Useful | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||
Life | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||
(years) | Value | Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Customer relationships | 15 | $ | 31,896 | $ | (12,227 | ) | $ | 19,669 | $ | 31,896 | $ | (10,632 | ) | $ | 21,264 | |||||||||||
Trade names | 15 | 8,050 | (3,085 | ) | 4,965 | 8,050 | (2,683 | ) | 5,367 | |||||||||||||||||
Safety training program | 15 | 1,182 | (453 | ) | 729 | 1,182 | (394 | ) | 788 | |||||||||||||||||
Dispatch software | 10 | 1,135 | (653 | ) | 482 | 1,135 | (568 | ) | 567 | |||||||||||||||||
Other | 10 | 58 | (34 | ) | 24 | 58 | (29 | ) | 29 | |||||||||||||||||
$ | 42,321 | $ | (16,452 | ) | $ | 25,869 | $ | 42,321 | $ | (14,306 | ) | $ | 28,015 | |||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
Incentive Compensation Plans | |||||||||||||
From time to time, the Company grants stock options, restricted stock units, or other awards to its employees, including executive officers, and directors. Prior to July 9, 2012, these awards were granted pursuant to the Company's 2008 Incentive Compensation Plan, or the 2008 Plan. On July 9, 2012, at the Company's 2012 Annual Meeting of Shareholders, the Company's shareholders approved the Company's 2012 Incentive Compensation Plan, or the 2012 Plan. No further awards will be made under the 2008 Plan, however, outstanding awards granted under the 2008 Plan will remain subject to the terms and conditions of the 2008 Plan. Any shares of common stock that are available to be granted under the 2008 Plan, but which are not subject to outstanding awards under the 2008 Plan, including shares that become available due to the future lapse or forfeiture of outstanding awards, will be added to the 1,022,500 shares of common stock authorized for issuance under the 2012 Plan. After taking into account the restricted stock and restricted stock units granted through September 30, 2013 (as discussed in the Restricted Stock and Restricted Stock Units paragraph below), there were 1,290,136 shares available for future grants under the 2012 Incentive Compensation Plan. There have been no stock option awards issued under the 2012 Plan. | |||||||||||||
Stock Options | |||||||||||||
The following table presents a summary of the Company’s stock option activity for the nine months ended September 30, 2013. | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2012 | 1,997,925 | $ | 7.51 | 7.73 years | $ | — | |||||||
Stock options: | |||||||||||||
Granted | — | ||||||||||||
Exercised | — | ||||||||||||
Forfeited | (398,500 | ) | 8.56 | $ | — | ||||||||
Options outstanding at September 30, 2013 | 1,599,425 | $ | 7.25 | 6.85 years | $ | 979,788 | |||||||
Vested and expected to vest at September 30, 2013 | 1,106,975 | $ | 6.4 | 6.39 years | $ | 979,788 | |||||||
Exercisable at September 30, 2013 | 1,106,975 | $ | 6.4 | 6.39 years | $ | 979,788 | |||||||
During the three months ended September 30, 2013 and September 30, 2012, the Company recorded total stock-based compensation expense related to stock options of $0.6 million and $0.9 million, respectively. During the nine months ended September 30, 2013 and September 30, 2012, the Company recorded total stock based compensation expense related to stock options of $1.6 million and $3.0 million, respectively. There were no stock-based compensation cost capitalized for the three or nine months ended September 30, 2013 or September 30, 2012. As of September 30, 2013, total unrecognized stock-based compensation cost for stock options amounted to $2.3 million, (net of estimated forfeitures) and is expected to be recorded over a weighted-average period of 0.92 years. | |||||||||||||
Restricted Stock | |||||||||||||
There was no restricted stock granted for the period ended September 30, 2013. The table below presents restricted stock vesting activity for the nine months ended September 30, 2013. | |||||||||||||
Number of Units | Grant Date Average Fair Value Per Unit | ||||||||||||
Outstanding at December 31, 2012 | 41,666 | $ | 6.15 | ||||||||||
Granted | — | — | |||||||||||
Vested | (41,666 | ) | 6.15 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested at September 30, 2013 | — | $ | — | ||||||||||
Stock compensation expense for the restricted stock for the three and nine months ended September 30, 2012 was $0.1 million and $1.0 million, respectively. There were no expenses recognized in 2013 for the restricted stock. | |||||||||||||
Restricted Stock Units | |||||||||||||
There were 787,694 restricted stock units granted or reserved for the nine months ended September 30, 2013. On January 2, 2013, the stock portion of the executive bonus plan was issued consisting of 128,895 restricted stock units which vested immediately. On January 4, 2013, the executive longevity awards were granted consisting of 338,333 restricted stock units. These units vest in three tranches annually over a three year period. On February 21, 2013, a grant was made to certain nonexecutive employees, consisting of 104,166 restricted stock units. Of these, 62,500 vested immediately and 41,666 vest over a one year period. On March 19, 2013, 36,000 restricted stock units were granted to nonexecutive employees vesting in three equal tranches annually over a three year period. On June 18, 2013, 100,000 restricted stock units were granted to nonexecutive employees vesting in six tranches over a five and a half year period. On July 26, 2013, 80,300 restricted stock units were granted to nonexecutive employees and vested and were expensed immediately. | |||||||||||||
The following table presents a summary of restricted stock unit grant activity for the period ended September 30, 2013: | |||||||||||||
Number of Units | Grant Date Average Fair Value Per Unit | ||||||||||||
Outstanding at December 31, 2012 | 124,753 | $ | 3.45 | ||||||||||
Granted | 787,694 | 3.27 | |||||||||||
Vested | (374,848 | ) | 3.38 | ||||||||||
Forfeited | (5,400 | ) | 2.65 | ||||||||||
Nonvested at September 30, 2013 | 532,199 | $ | 3.17 | ||||||||||
In the nine months ended September 30, 2013, participants utilized a net withholding exercise method, in which restricted stock units were surrendered to cover payroll withholding tax. The cumulative net shares issued to the participants were 54,975 out of 75,100 vested shares of restricted stock units. The total pretax cash outflow, as included in withholding tax payments in our condensed consolidated statements of cash flows, for this net withholding exercise was $0.1 million. | |||||||||||||
Stock compensation expense for the restricted stock units granted for the three months ended September 30, 2013 and September 30, 2012 was $0.6 million and less than $0.1 million, respectively. For the nine months ended September 30, 2013 and September 30, 2012 the stock compensation expense recognized for the restricted stock units was $1.3 million and less than $0.1 million, respectively. The remaining compensation expense of $1.3 million will be recognized over a weighted-average period of 2.76 years. For the three and nine months ended September 30, 2013, $0.1 million and $0.3 million, respectively, was recorded to accrue for the executive stock bonus for the performance based management bonus plan and is reflected as a current liability in our consolidated financial statements. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and Equipment | ' | |||||||||
Property and Equipment | ||||||||||
Property and equipment consisted of the following: | ||||||||||
Estimated | September 30, | December 31, | ||||||||
Life in Years | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Well servicing equipment | 3-15 years | $ | 404,926 | $ | 390,443 | |||||
Autos and trucks | 5-10 years | 99,982 | 102,874 | |||||||
Disposal wells | 5-15 years | 47,290 | 32,437 | |||||||
Building and improvements | 5-30 years | 13,349 | 11,188 | |||||||
Furniture and fixtures | 3-15 years | 4,638 | 3,870 | |||||||
Land | 1,804 | 1,227 | ||||||||
571,989 | 542,039 | |||||||||
Accumulated depreciation | (223,221 | ) | (193,597 | ) | ||||||
$ | 348,768 | $ | 348,442 | |||||||
Depreciation expense from continuing operations was $12.7 million and $37.4 million for the three and nine months ended September 30, 2013 and $12.5 million and $34.9 million for the three and nine months ended September 30, 2012, respectively. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt at September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
9% Senior Notes | $ | 280,000 | $ | 280,000 | ||||
Third party equipment notes and capital leases | 15,676 | 18,425 | ||||||
Insurance notes | 211 | 7,922 | ||||||
295,887 | 306,347 | |||||||
Less: Current portion | (4,877 | ) | (13,026 | ) | ||||
$ | 291,010 | $ | 293,321 | |||||
9% Senior Notes | ||||||||
On June 7, 2011, FES Ltd issued $280.0 million in principal amount of 9% Senior Notes due 2019 (the “9% Senior Notes”). The proceeds of the 9% Senior Notes were used to purchase and/or redeem 100% of the First Priority Floating Rate Notes due 2014 and the outstanding Second Priority Notes (as defined below) issued by Forbes Energy Services LLC and Forbes Energy Capital Inc. The 9% Senior Notes mature on June 15, 2019, and require semi-annual interest payments, in arrears, at an annual rate of 9% on June 15 and December 15 of each year until maturity commencing December 15, 2011. No principal payments are due until maturity. | ||||||||
The 9% Senior Notes are guaranteed by the current domestic subsidiaries (the “Guarantor Subs”) of FES Ltd, which include Forbes Energy Services LLC (“FES LLC”), C.C. Forbes, LLC (“CCF”), TX Energy Services, LLC (“TES”), Superior Tubing Testers, LLC (“STT”) and Forbes Energy International, LLC (“FEI LLC”). All of the Guarantor Subs are 100% owned and each guarantees the securities on a full and unconditional and joint and several basis, subject to customary release provisions. Prior to January 12, 2012, FES Ltd had two 100% owned indirect Mexican subsidiaries, or the Non-Guarantor Subs, that had not guaranteed the 9% Senior Notes. In January 2012, one of those two Mexican subsidiaries was sold along with the business and substantially all of our long-lived assets located in Mexico. The Guarantor Subs represent the majority of the Company's operations. The Forbes Group may, at its option, redeem all or part of the 9% Senior Notes from time to time at specified redemption prices and subject to certain conditions required by the indenture governing the 9% Senior Notes (the “9% Senior Indenture”). The Forbes Group is required to make an offer to purchase the notes and to repurchase any notes for which the offer is accepted at 101% of their principal amount, plus accrued and unpaid interest, if there is a change of control. The Forbes Group is required to make an offer to repurchase the notes and to repurchase any notes for which the offer is accepted at 100% of their principal amount, plus accrued and unpaid interest, following certain asset sales. | ||||||||
The Forbes Group is permitted under the terms of the 9% Senior Indenture to incur additional indebtedness in the future, provided that certain financial conditions set forth in the 9% Senior Indenture are satisfied. The Forbes Group is subject to certain covenants contained in the 9% Senior Indenture, including provisions that limit or restrict the Forbes Group's and certain future subsidiaries' abilities to incur additional debt, to create, incur or permit to exist certain liens on assets, to make certain dispositions of assets, to make payments on certain subordinated indebtedness, to pay dividends or certain other payments to equity holders, to engage in mergers, consolidations or other fundamental changes, to change the nature of its business or to engage in transactions with affiliates. Due to cross-default provisions in the indenture governing our 9% Senior Notes and the loan agreement governing our revolving credit facility, with certain exceptions, a default and acceleration of outstanding debt under one debt agreement would result in the default and possible acceleration of outstanding debt under the other debt agreement. Accordingly, an event of default could result in all or a portion of our outstanding debt under our debt agreements becoming immediately due and payable. If this occurred, we might not be able to obtain waivers or secure alternative financing to satisfy all of our obligations simultaneously, which might even force us to seek bankruptcy protection. | ||||||||
The Company is in compliance with the covenants in the indenture governing the 9% Senior Notes at September 30, 2013. | ||||||||
Revolving Credit Facility | ||||||||
On September 9, 2011, FES Ltd. and its current domestic subsidiaries entered into a loan and security agreement with Regions Bank, SunTrust Bank, CIT Bank and Capital One Leverage Finance Corp., as lenders, and Regions Bank, as agent for the secured parties, or the Agent. This loan and security agreement was amended and entered into in December 2011, July 2012 and July 2013. The loan and security agreement initially provided for an asset based revolving credit facility with a maximum initial borrowing credit of $75.0 million, subject to borrowing base availability. The third amendment increased the maximum borrowing credit to $90.0 million, subject to borrowing base availability, any reserves established by the facility agent in its discretion, compliance with certain financial covenants if availability under the facility falls below certain thresholds and, for borrowings above $75.0 million, compliance with the debt incurrence covenant in the indenture governing the 9% Senior Notes that prohibits the incurrence of debt except for certain limited permissions, including indebtedness incurred under the permitted credit facility debt basket to the greater of $75.0 million or 18% of our consolidated tangible net assets reported for the last fiscal quarter for which financial statements are available. As of September 30, 2013, 18% of our consolidated tangible net assets was approximately $84.8 million. As of September 30, 2013, there were no amounts drawn and outstanding letters of credit in the amount of $2.9 million posted under the facility. As amended, the loan and security agreement has a stated maturity of July 26, 2018. The proceeds of this credit facility can be used for the purchase of well services equipment, permitted acquisitions, general operations, working capital and other general corporate purposes. There was nothing drawn on this facility and $2.9 million in letters of credit outstanding against the facility at September 30, 2013. | ||||||||
Under the loan and security agreement, our borrowing base at any time is equal to (i) 85% of eligible accounts, which are determined by Agent in its reasonable discretion, plus (ii) the lesser of 85% of the appraised value, subject to certain adjustments, of our well services equipment that has been properly pledged and appraised, is in good operating condition and is located in the United States, or 100% of the net book value of such equipment, minus (iii) any reserves established by the Agent in its reasonable discretion. | ||||||||
Prior to the third amendment, at our option, borrowings under this new credit facility will bear interest at a rate equal to either (i) the LIBOR rate plus an applicable margin of between 2.25% to 2.75% based on borrowing availability or (ii) a base rate plus an applicable margin of between 1.25% to 1.75% based on borrowing availability, where the base rate is equal to the greater of the prime rate established by Regions Bank, the overnight federal funds rate plus 0.50% or the LIBOR rate for a one month period plus 1.00%. The third amendment decreased the revolving interest rate whereby borrowings under the Loan Agreement will bear interest at a rate equal to either (a) the LIBOR rate plus an applicable margin of between 2.00% to 2.50% based on borrowing availability or (b) a base rate plus an applicable margin of between 1.00% to 1.50% based on borrowing availability, where the base rate is equal to the greater of the prime rate established by Regions Bank, the overnight federal funds rate plus 0.5% or the LIBOR rate for a one month period plus 1%. | ||||||||
In addition to paying interest on outstanding principal under the facility, a fee of 0.375% per annum will accrue on unutilized availability under the credit facility. We are required to pay a fee of between 2.25% to 2.75%, based on borrowing availability, with respect to the principal amount of any letters of credit outstanding under the facility. We are also responsible for certain other administrative fees and expenses. | ||||||||
FES LLC, FEI LLC, TES, CCF and STT are the borrowers under the loan and security agreement. Their obligations have been guaranteed by one another and by FES Ltd. Subject to certain exceptions and permitted encumbrances, including the exemption of real property interests from the collateral package, the obligations under this facility are secured by a first priority security interest in all of our assets. | ||||||||
We are able to voluntarily repay outstanding loans at any time without premium or penalty (subject to the fees discussed above). If at any time our outstanding loans under the credit facility exceed the availability under our borrowing base, we may be required to repay the excess. Further, we are required to use the net proceeds from certain events, including certain judgments, tax refunds or insurance awards to repay outstanding loans, however, we may reborrow following such repayments if the conditions to borrowing are met. | ||||||||
The loan and security agreement contains customary covenants for an asset-based credit facility, which include (i) restrictions on certain mergers, consolidations and sales of assets; (ii) restrictions on the creation or existence of liens; (iii) restrictions on making certain investments; (iv) restrictions on the incurrence or existence of indebtedness; (v) restrictions on transactions with affiliates; (vi) requirements to deliver financial statements, report and notices to the Agent and (vii) a springing requirement to maintain a consolidated Fixed Charge Coverage Ratio (which is defined in the loan and security agreement) of 1.1:1.0 in the event that our excess availability under the credit facility falls below the greater of $11.3 million or 15.00% of our maximum credit under the facility for sixty consecutive days; provided that, the restrictions described in (i)-(v) above are subject to certain exceptions and permissions limited in scope and dollar value. The loan and security agreement also contains customary representations and warranties and event of default provisions. As of September 30, 2013 we are in compliance with all applicable covenants in the loan and security agreement. | ||||||||
Third Party Equipment Notes and Capital Leases | ||||||||
During the past few years, the Forbes Group financed the purchase of certain vehicles and equipment through commercial loans with Paccar Financial Group, Mack Financial Services, Enterprise Fleet Management, and Regions Equipment Finance and capital leases, with aggregate principal amounts outstanding as of September 30, 2013 and December 31, 2012 of approximately $15.7 million and $18.4 million, respectively. These loans are repayable in a range of 42 to 60 monthly installments with the maturity dates ranging from May 2013 to January 2018. Interest accrues at rates ranging from 4.2% to 8.4% and is payable monthly. The loans are collateralized by equipment purchased with the proceeds of such loans. The Forbes Group paid total principal payments of approximately $1.4 million and $4.3 million and for the three and nine months ended September 30, 2013 and approximately $1.2 million and $3.1 million for the three and nine months ended September 30, 2012, respectively. | ||||||||
Insurance Notes | ||||||||
During 2012, the Forbes Group entered into promissory notes with First Insurance Funding for the payment of insurance premiums in an aggregate principal amount outstanding as of September 30, 2013 and December 31, 2012 of approximately $0.2 million and $7.9 million, respectively. These notes are or were payable in twelve monthly installments during the period of the insurance coverage with a maturity date of October 15, 2013. Interest accrues or accrued at a rate of approximately 3.3% for 2013 and 2012, and is payable monthly. The amount outstanding could be substantially offset by the cancellation of the related insurance coverage. The Company recently signed a new insurance note effective October 15, 2013 for $5.9 million at an interest rate of 2.9%. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of September 30, 2013 and December 31, 2012. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable-trade, accounts receivable-related parties, accounts receivable – other, prepaid expenses, other current assets, accounts payable – trade, accounts payable – related parties, insurance notes, deposits on assets held for sale, and accrued expenses approximate fair value because of the short maturity of these instruments. The fair values of third party notes and equipment notes, which approximate their carrying values, are based on current market rates at which the company could borrow funds with similar maturities. | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
9.0% Senior Notes | $ | 280,000 | $ | 282,100 | $ | 280,000 | $ | 249,200 | ||||||||
The fair value of our 9% Senior notes is a level one input within the fair value hierarchy and is based on the dealer quoted market prices at September 30, 2013 and December 31, 2012, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||
Related Party Transactions | |||||||||||||||||
The Forbes Group enters into transactions with related parties in the normal course of conducting business. Accounts receivable-related parties and Accounts payable-related parties result from transactions with related parties which the Forbes Group believes are on terms consistent with those available to third party customers and from third party vendors. The following tables represent related party transactions. | |||||||||||||||||
As of | |||||||||||||||||
September 30, | December 31, 2012 | ||||||||||||||||
2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Related parties cash and cash equivalents balances: | |||||||||||||||||
Balance at Texas Champion Bank (1) | $ | 807 | $ | 983 | |||||||||||||
Balance at Brush Country Bank (2) | 557 | 209 | |||||||||||||||
Related parties receivable: | |||||||||||||||||
Dorsal Services, Inc. (3) | $ | 60 | $ | 60 | |||||||||||||
Related parties payable: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | — | $ | 10 | |||||||||||||
Dorsal Services, Inc. (3) | 23 | — | |||||||||||||||
Tasco Tool Services, Inc. (5) | 23 | — | |||||||||||||||
Resonant Technology Partners (6) | 34 | 19 | |||||||||||||||
Wolverine Construction, Inc. (7) | 28 | 39 | |||||||||||||||
Texas Quality Gate Guard Services, LLC (8) | 17 | — | |||||||||||||||
Animas Holdings, LLC (9) | 24 | — | |||||||||||||||
Testco Well Services, LLC (10) | 2 | ||||||||||||||||
$ | 151 | $ | 68 | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Related parties capital expenditures: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | — | $ | — | $ | — | $ | 15,567 | |||||||||
Tasco Tool Services, Inc. (5) | 64 | 155 | 64 | 155 | |||||||||||||
Resonant Technology Partners (6) | 6 | 38 | 63 | 196 | |||||||||||||
Forbes Ranch (11) | — | — | 25 | — | |||||||||||||
$ | 70 | $ | 193 | $ | 152 | $ | 15,918 | ||||||||||
Related parties revenue activity: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
CJ Petroleum Service LLC (12) | — | — | — | 18 | |||||||||||||
Dorsal Services, Inc. (3) | — | — | 17 | (1 | ) | ||||||||||||
Tasco Tool Services, Inc. (5) | — | — | 22 | — | |||||||||||||
Wolverine Construction, Inc. (7) | — | 2 | — | 41 | |||||||||||||
Texas Quality Gate Guard Services, LLC (8) | — | — | — | 4 | |||||||||||||
Testco Well Services, LLC (10) | 18 | 9 | 36 | 8 | |||||||||||||
$ | 21 | $ | 11 | $ | 78 | $ | 70 | ||||||||||
Related parties expense activity: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | 535 | $ | 673 | $ | 1,454 | $ | 3,205 | |||||||||
CJ Petroleum Service LLC (12) | — | — | — | 294 | |||||||||||||
Dorsal Services, Inc. (3) | 159 | 45 | 181 | 113 | |||||||||||||
Tasco Tool Services, Inc. (5) | 22 | 85 | 48 | 134 | |||||||||||||
FCJ Management, LLC (13) | 9 | 9 | 27 | 27 | |||||||||||||
C&F Partners, LLC (14) | — | — | — | 199 | |||||||||||||
Resonant Technology Partners (6) | 110 | 49 | 251 | 367 | |||||||||||||
Wolverine Construction, Inc. (7) | — | 6 | — | 35 | |||||||||||||
JITSU Services, LLC (15) | — | 101 | 203 | 304 | |||||||||||||
Texas Quality Gate Guard Services, LLC (8) | 97 | 42 | 334 | 305 | |||||||||||||
Animas Holdings, LLC (9) | 263 | — | 611 | 26 | |||||||||||||
Testco Well Services, LLC (10) | 9 | — | 11 | 5 | |||||||||||||
$ | 1,204 | $ | 1,010 | $ | 3,120 | $ | 5,014 | ||||||||||
(1)The Company has a deposit relationship with Texas Champion Bank. Travis Burris, one of the directors of FES Ltd., is also the President, Chief Executive Officer, and director of Texas Champion Bank. Mr. Crisp, our President and Chief Executive Officer, serves on the board of directors. | |||||||||||||||||
(2)Messrs. Crisp and Forbes are directors and shareholders of Brush Country Bank, an institution with which the Company conducts business and has deposits. | |||||||||||||||||
(3)Dorsal Services, Inc. provides trucking services to the Company. Mr. Crisp, an executive officer and director and Denyce Crisp, the ex-wife of John Crisp, are partial owners of Dorsal Services, Inc. | |||||||||||||||||
(4)Messrs. John E. Crisp and Charles C. Forbes, Jr., executive officers and directors of FES Ltd., are also owners and managers of Alice Environmental Holdings, LLC or AEH, and indirect owners and managers of Alice Environmental Services, LP, or AES. The Company leases or rents land and buildings, disposal wells, aircraft, and other equipment from AES. | |||||||||||||||||
(5)Tasco Tool Services, Inc. is a down-hole tool company that is partially owned and managed by a company that is owned by Mr. Forbes, both an executive officer and director of FES Ltd., along with Robert Jenkins a manager of one of the subsidiaries of FES Ltd. Tasco rents and sells tools to the Company from time to time. | |||||||||||||||||
(6)Resonant Technology Partners is a computer networking group that provides services to the Company. Travis Burris, a director of the Company had a noncontrolling interest in the computer networking company, which was sold in July 2012. | |||||||||||||||||
(7)Wolverine Construction, Inc. is an entity that is owned by two sons and a brother of Mr. Crisp, an executive officer and director of FES Ltd., and a son of Mr. Forbes, an executive officer and director of FES Ltd. Wolverine provided construction and site preparation services to certain customers of the Company. | |||||||||||||||||
(8)Texas Quality Gate Guard Services, LLC, or Texas Quality Gate Guard Services, is an entity owned by Messrs. Crisp and Forbes and a son of Mr. Crisp, an executive officer and director of FES Ltd. Texas Quality Gate Guard Services has provided security services to the Company. | |||||||||||||||||
(9)Animas Holdings, LLC or Animas, is a property and disposal company that is owned by the two sons of Mr. Crisp and three children of Mr. Forbes and Ms. Forbes. The Company pays Animas for waste water disposal and lease facilities. | |||||||||||||||||
(10)Testco Well Services, LLC is a company that provides valve and gathering system testing services to the Company. Messrs. Crisp and Forbes, executive officers and directors of FES Ltd, along with a son of Mr. Crisp are partial owners of Testco. In August, Testco Well Services, LLC was sold to a third party. It is no longer a related party. | |||||||||||||||||
(11)Forbes Ranch is owned by a brother of Mr. Forbes, an executive officer and director of FES Ltd. Forbes Ranch. The Company purchased a truck scale from Forbes Ranch during the second quarter. | |||||||||||||||||
(12)CJ Petroleum Service LLC or CJ Petroleum, is a company that owns salt water disposal wells and is owned by Messrs. Crisp and Forbes, two sons of Mr. Crisp and Janet Forbes, a director of FES Ltd. The Company paid CJ Petroleum to purchase certain disposal wells which are no longer being rented. | |||||||||||||||||
(13)FCJ Management, LLC or FCJ, is an entity that leases land and facilities to the Company and is owned by Messrs. Crisp, and Forbes and Robert Jenkins, a manager of one of the subsidiaries of FES Ltd. | |||||||||||||||||
(14)C&F Partners, LLC is an entity that is owned by Messrs. Crisp and Forbes. The Company had expenses with regard to C&F Partners, LLC related to aircraft rental. | |||||||||||||||||
(15)JITSU Services, LLC or JITSU, is a financial leasing company owned by Janet Forbes, a director of the Company and Mr. Crisp. The Company currently leases ten vacuum trucks from JITSU. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Concentrations of Credit Risk | |
Financial instruments which subject the Company to credit risk consist primarily of cash balances maintained in excess of federal depository insurance limits and trade receivables. All of our non-interest bearing cash balances were fully insured at December 31, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning 2013, insurance coverage reverted to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances exceeded federally insured limits. The Company restricts investment of temporary cash investments to financial institutions with high credit standings. The Company's customer base consists primarily of multi-national and independent oil and natural gas producers. The Company does not require collateral on its trade receivables. For the three months ended September 30, 2013 the Company's largest customer, five largest customers, and ten largest customers constituted 8.8%, 31.5%, and 48.8% of consolidated revenues, respectively. For the nine months ended September 30, 2013, the Company's largest customer, five largest customers, and ten largest customers constituted 9.8%, 33.1%, and 49.0%, respectively. The loss of any one of our top five customers would have a materially adverse effect on the revenues and profits of the company. Further, our trade accounts receivable are from companies within the oil and natural gas industry and as such the Company is exposed to normal industry credit risks. As of September 30, 2013, the Company's largest customer, five largest customers, and ten largest customers constituted 5.3%, 20.0%, and 30.7% of accounts receivable, respectively. The Company continually evaluates its reserves for potential credit losses and establishes reserves for such losses. | |
Self-Insurance | |
The Company is self-insured under its Employee Group Medical Plan for the first $250,000 per individual. Incurred and unprocessed claims as of September 30, 2013 and December 31, 2012 amount to approximately $2.8 million and $4.6 million, respectively. These claims are unprocessed; therefore their values are estimated and included in accrued expenses in the accompanying consolidated balance sheets. In addition, to accruals for the self-insured portion of the Employee Group Medical Benefits Plan, the liability for incurred and unprocessed claims also includes estimated “run off” liabilities payable at future dates related to the worker's compensation, general liability and automobile liability self-insurance program that was eliminated in October 2009. | |
Litigation | |
The Company is subject to various other claims and legal actions that arise in the ordinary course of business. We do not believe that any of these claims and actions, separately or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations, or cash flows, although we cannot guarantee that a material adverse effect will not occur. | |
Off-Balance Sheet Arrangements | |
We are often party to certain transactions that require off-balance sheet arrangements such as performance bonds, guarantees, operating leases for equipment, and bank guarantees that are not reflected in our condensed consolidated balance sheets. These arrangements are made in our normal course of business and they are not reasonably likely to have a current or future material adverse effect on our financial condition, results of operations, liquidity or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Nine months ended September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash paid for | ||||||||
Interest | $ | 13,684 | $ | 13,455 | ||||
Income tax | $ | 65 | $ | 715 | ||||
Supplemental schedule of non-cash investing and financing activities | ||||||||
Changes in accounts payable related to capital expenditures | $ | 5,194 | $ | (8,653 | ) | |||
Capital leases on equipment | $ | 1,569 | $ | 10,181 | ||||
Preferred stock dividends and accretion costs | $ | 31 | $ | 31 | ||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Earnings per Share | ' | |||||||||||||||||
Earnings per Share | ||||||||||||||||||
Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common shareholders by the weighted average common stock outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock, such as options and convertible preferred stock, were exercised and converted into common stock. Potential common stock equivalents that have been issued by the Forbes Group relate to outstanding stock options and unvested restricted stock units which are determined using the treasury stock method, and the Series B Senior Convertible Preferred Stock (the “Series B Preferred Stock”), which are determined using the “if converted” method. In applying the if-converted method, conversion is not assumed for purposes of computing diluted EPS if the effect would be antidilutive. As of September 30, 2013 and September 30, 2012, there were 1,599,425 and 1,997,925 options to purchase common stock outstanding, respectively and 588,059 Series B Senior Convertible Preferred Stock. The preferred stock is convertible at a rate of nine shares of common stock to one share of Series B Preferred Stock. | ||||||||||||||||||
The Company has determined that the Series B Preferred Stock are participating securities under ASC 260. Under ASC 260, a security is considered a participating security if the security may participate in undistributed earnings with common stock, whether that participation is conditioned upon the occurrence of a specified event or not. In accordance with ASC 260, a company is required to use the two-class method when computing EPS when a company has a security that qualifies as a “participating security.” The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. A participating security is included in the computation of basic EPS using the two-class method. Under the two-class method, basic EPS for the Company’s common stock is computed by dividing net income applicable to common shares by the weighted-average common stock outstanding during the period. Under the certificate of designation for our Series B Preferred Stock (the “Series B Certificate of Designation”), if at any time the Company declares a dividend in cash which is greater in value than five percent on a cumulative basis over the previous twelve month period of the then current “Common Share Fair Market Value,” as that term is defined in the Series B Certificate of Designation, the Series B Preferred Stock will be entitled to receive a dividend payable in cash equal to the amount in excess of five percent of the then Common Share Fair Market Value per common share they would have received if all outstanding Series B Preferred Stock had been converted into common shares. There were no earnings allocated to the Series B Preferred Stock for the quarters ended September 30, 2013 and 2012 and the nine months ended September 30, 2013 since there was a net loss for those periods and earnings for the quarter were not in excess of amounts prescribed by the Series B Certificate of Designation for our Series B Preferred Stock for the nine months ended September 30, 2012. Diluted EPS for the Company’s common stock is computed using the more dilutive of the two-class method or the if-converted method. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 21,039 | ||||||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | 319 | ||||||||||||||
Dilutive effect of preferred stock | — | — | — | 5,292 | ||||||||||||||
Diluted weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 26,650 | ||||||||||||||
There were 1,599,425 stock options, 532,199 units of unvested restricted stock, and 5,292,531 shares of common stock equivalents underlying the Series B Preferred Stock outstanding as of September 30, 2013 that were not included in the calculation of diluted EPS for the three and nine months ended September 30, 2013 because their effect would have been antidilutive. | ||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
Basic: | ||||||||||||||||||
Net income (loss) | $ | (5,711 | ) | $ | (2,342 | ) | $ | (9,212 | ) | $ | 5,021 | |||||||
Preferred stock dividends and accretion | (194 | ) | (194 | ) | (582 | ) | (582 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | $ | 4,439 | |||||||
Weighted-average common shares | 21,438 | 21,068 | 21,410 | 21,039 | ||||||||||||||
Basic earnings (loss) per share | $ | (0.28 | ) | $ | (0.12 | ) | $ | (0.46 | ) | $ | 0.21 | |||||||
Diluted: | ||||||||||||||||||
Net income (loss) | $ | (5,711 | ) | $ | (2,342 | ) | $ | (9,212 | ) | $ | 5,021 | |||||||
Preferred stock dividends and accretion | (194 | ) | (194 | ) | (582 | ) | (582 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | — | $ | 4,439 | ||||||
Effect of dilutive securities | — | — | 582,417 | — | 582 | |||||||||||||
Net income attributable to common shareholders plus assumed conversions | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | $ | 5,021 | |||||||
Weighted-average shares of common stock | 21,438 | 21,068 | 21,410 | 26,650 | ||||||||||||||
Diluted earnings (loss) per share | $ | (0.28 | ) | $ | (0.12 | ) | $ | (0.46 | ) | $ | 0.19 | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s tax benefit from application of the effective tax rate for the nine months ended September 30, 2013 was estimated to be 31.8% based on pre-tax loss of $13.1 million. For the nine months ended September 30, 2012, the Company's effective tax rate was an expense of 46.6%. The difference between the effective rate and 35.0% statutory rate is mainly due to tax rate benefit for the Texas Margins Tax and non-deductible expenses. | |
The Forbes Group is subject to the Texas Margins Tax. The Texas Margins Tax is a tax equal to one percent of Texas-sourced revenue reduced by the greater of (a) cost of goods sold (as defined by Texas law), (b) compensation (as defined by Texas law) or (c) thirty percent of the Texas-sourced revenue. The Forbes Group accounts for the revised Texas Franchise tax in accordance with ASC 740, as the tax is derived from a taxable base that consists of income less deductible expenses. As of September 30, 2013, the annual franchise tax expense is estimated to be approximately $0.2 million for 2013. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segment Information | ' | |||||||||||||||||||||||
Business Segment Information | ||||||||||||||||||||||||
The Forbes Group has determined that it has two reportable segments organized based on its products and services—well servicing and fluid logistics. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | ||||||||||||||||||||||||
Well Servicing | ||||||||||||||||||||||||
At September 30, 2013, our well servicing segment utilized our modern fleet of 165 owned well servicing rigs (which included 155 workover rigs and ten swabbing rigs), nine tubing testing units, five coiled tubing spreads, and related assets and equipment. These assets are used to provide (i) well maintenance, including remedial repairs and removal and replacement of down-hole production equipment, (ii) well workovers, including significant down-hole repairs, re-completions and re-perforations, (iii) completion and swabbing activities, (iv) plugging and abandoning services, and (v) pressure testing of oil and natural gas production tubing and scanning tubing for pitting and wall thickness using tubing testing units. | ||||||||||||||||||||||||
Fluid Logistics | ||||||||||||||||||||||||
The fluid logistics segment consists of operations in the U.S., which provide, transport, store and dispose of a variety of drilling and produced fluids used in and generated by oil and natural gas production activities. These services are required in most workover and completion projects and are routinely used in daily producing well operations. | ||||||||||||||||||||||||
The following tables set forth certain financial information from continuing operations with respect to the Company’s reportable segments for the three and nine months ended September 30, 2013 and September 30, 2012: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
Well Servicing | Fluid Logistics | Consolidated | Well Servicing | Fluid Logistics | Consolidated | |||||||||||||||||||
2013 | (in thousands) | (in thousands) | ||||||||||||||||||||||
Operating revenues | $ | 62,079 | $ | 42,775 | $ | 104,854 | $ | 166,876 | $ | 143,398 | $ | 310,274 | ||||||||||||
Direct operating costs | 50,073 | 34,973 | 85,046 | 132,915 | 106,851 | 239,766 | ||||||||||||||||||
Segment profits | $ | 12,006 | $ | 7,802 | $ | 19,808 | $ | 33,961 | $ | 36,547 | $ | 70,508 | ||||||||||||
Depreciation and amortization | $ | 5,785 | $ | 7,591 | $ | 13,376 | $ | 17,242 | $ | 22,330 | $ | 39,573 | ||||||||||||
Capital expenditures | 11,196 | 7,457 | 18,653 | 19,046 | 19,857 | 38,903 | ||||||||||||||||||
Total assets | 567,593 | 478,105 | 1,045,698 | 567,593 | 478,105 | 1,045,698 | ||||||||||||||||||
Long lived assets | 201,341 | 147,427 | 348,768 | 201,341 | 147,427 | 348,768 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Operating revenues | $ | 50,565 | $ | 63,755 | $ | 114,320 | $ | 154,120 | $ | 211,470 | $ | 365,590 | ||||||||||||
Direct operating costs | 41,372 | 47,186 | 88,558 | 117,913 | 151,396 | 269,309 | ||||||||||||||||||
Segment profits | $ | 9,193 | $ | 16,569 | $ | 25,762 | $ | 36,207 | $ | 60,074 | $ | 96,281 | ||||||||||||
Depreciation and amortization | $ | 5,831 | $ | 7,356 | $ | 13,187 | $ | 17,103 | $ | 19,971 | $ | 37,074 | ||||||||||||
Capital expenditures | 6,205 | 5,697 | 11,902 | 24,327 | 78,916 | 103,243 | ||||||||||||||||||
Total assets | 518,193 | 460,307 | 978,500 | 518,193 | 460,307 | 978,500 | ||||||||||||||||||
Long lived assets | 202,375 | 151,016 | 353,391 | 202,375 | 151,016 | 353,391 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Reconciliation of the Forbes Group Operating Income (Loss) As Reported: | (in thousands) | (in thousands) | ||||||||||||||||||||||
Segment profits | $ | 19,808 | $ | 25,762 | $ | 70,508 | $ | 96,281 | ||||||||||||||||
General and administrative expense | 7,955 | 7,278 | 22,906 | 26,023 | ||||||||||||||||||||
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ||||||||||||||||||||
Operating income | (1,523 | ) | 5,297 | 8,029 | 33,184 | |||||||||||||||||||
Other income and expenses, net | (7,090 | ) | (7,138 | ) | (21,102 | ) | (20,851 | ) | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (8,613 | ) | $ | (1,841 | ) | $ | (13,073 | ) | $ | 12,333 | |||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Reconciliation of the Forbes Group Assets As Reported: | (in thousands) | |||||||||||||||||||||||
Total reportable segments | $ | 1,045,698 | $ | 999,388 | ||||||||||||||||||||
Elimination of internal transactions | (1,589,976 | ) | (1,510,855 | ) | ||||||||||||||||||||
Parent | 1,048,289 | 1,024,168 | ||||||||||||||||||||||
Total assets | $ | 504,011 | $ | 512,701 | ||||||||||||||||||||
Equity_Securities
Equity Securities | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity Securities | ' |
Equity Securities | |
Common Stock | |
Holders of common stock have no pre-emptive, redemption, conversion, or sinking fund rights. Holders of common stock are entitled to one vote per share on all matters submitted to a vote of holders of common stock. Unless a different majority is required by law or by the bylaws, resolutions to be approved by holders of common stock require approval by a simple majority of votes cast at a meeting at which a quorum is present. In the event of the liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to share equally and ratably in the Company's assets, if any, remaining after the payment of all of its debts and liabilities, subject to any liquidation preference on any issued and outstanding preferred stock. | |
Series B Senior Convertible Preferred Stock | |
Under our Certificate of Designation, we are authorized to issue 825,000 shares of Series B Senior Convertible Preferred Stock (the “Series B Preferred Stock”), par value $0.01 per share. On May 28, 2010 the Company completed a private placement of 580,800 shares of Series B Preferred Stock at a price per share of CAD $26.37 for an aggregate purchase price in the amount of USD $14,520,000 based on the exchange rate between U.S. dollars and Canadian dollars then in effect of $1.00 to CDN $1.0547. The Company received net proceeds of USD $13.8 million after closing fee paid to investors of USD $0.3 million and legal fees and other offering costs of USD $0.4 million. This is presented as temporary equity on the balance sheet. The common stock into which the Series B Preferred Stock is convertible has certain demand and “piggyback” registration rights. | |
The Company paid a closing fee to the Investors of $0.3 million which is netted with the proceeds from the sale of the Series B Preferred Stock in temporary equity on the consolidated balance sheet. The value of the Series B Preferred Stock, for accounting purposes, is being accreted up to redemption value from the date of issuance to the earliest redemption date of the instrument using the effective interest rate method. If the Series B Preferred Stock had been redeemed as of September 30, 2013 and December 31, 2012, the redemption amount would have been approximately $14.5 million. | |
Dividends | |
The Series B Preferred Stock is entitled to receive preferential dividends equal to five percent (5%) per annum of the original issue price per share, payable quarterly in February, May, August and November of each year. Such dividends may be paid by the Company in cash or in kind (in the form of additional shares of Series B Preferred Stock). In the event that the payment in cash or in kind of any such dividend would cause the Company to violate a covenant under its debt agreements, the obligation to pay, in cash or in kind, will be suspended until the earlier to occur of (i) and only to the extent any restrictions under the debt agreements lapse or are no longer applicable or (ii) February 16, 2015. During any such suspension period, the preferential dividends shall continue to accrue and accumulate. As shares of the Series B Preferred Stock are convertible into shares of our common stock, each dividend paid in kind will have a dilutive effect on our shares of common stock. | |
Preferred stock dividends are recorded at their fair value. If paid in cash, the amount paid represents fair value. If paid in kind, the fair value of the preferred stock dividends is determined using valuation techniques that include a component representing the intrinsic value of the dividends (which represents the fair value of the common stock into which the preferred stock could be converted) and an option component (which is determined using a Black-Scholes Option Pricing Model). Dividends and accretion for the three months ended September 30, 2013 and September 30, 2012 was $0.2 million in both periods and for the nine months ended September 30, 2013 and September 30, 2012 was $0.6 million, in both periods The Company has paid all required quarterly dividends through September 30, 2013. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On January 12, 2012, the Company completed the previously announced sale of substantially all of its assets located in Mexico, as well as its equity interest in Forbes Energy Services México Servicios de Personal, S. de R.L. de C.V., for aggregate cash consideration of approximately $30.0 million (excluding amounts paid to cover certain Mexican taxes). The Company recognized a gain on disposal of approximately $2.9 million on this transaction. | ||||||||||||||||
The following table presents the results of discontinued operations: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 2,787 | ||||||||
Expenses | ||||||||||||||||
Direct costs | — | — | — | 3,683 | ||||||||||||
General and administrative | 91 | 346 | 453 | 3,232 | ||||||||||||
Total expenses | 91 | 346 | 453 | 6,915 | ||||||||||||
Operating loss | (91 | ) | (346 | ) | (453 | ) | (4,128 | ) | ||||||||
Interest expense | — | (1 | ) | (1 | ) | (2 | ) | |||||||||
Gain (loss) on sale of assets | — | (734 | ) | — | 2,933 | |||||||||||
Loss before income taxes | (91 | ) | (1,081 | ) | (454 | ) | (1,197 | ) | ||||||||
Income tax expense (benefit) | (32 | ) | (9 | ) | (159 | ) | 370 | |||||||||
Net loss | $ | (59 | ) | $ | (1,072 | ) | $ | (295 | ) | $ | (1,567 | ) |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Interim Financial Information | ' |
Interim Financial Information | |
The unaudited condensed consolidated financial statements of the Forbes Group are prepared in conformity with accounting principles generally accepted in the United States of America, or “GAAP” for interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these condensed consolidated financial statements should be read along with the annual audited consolidated financial statements and notes thereto included in Forbes Group’s Annual Report on Form 10-K for the year ended December 31, 2012. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented. Interim results for the three and nine months ended September 30, 2013 may not be indicative of results that will be realized for the full year ending December 31, 2013. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with 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 consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. | |
Reclassification | ' |
Reclassification | |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU No. 2011-11, "Balance Sheet" ("ASU 2011-11"). The standard amends and expands disclosure requirements about balance sheet offsetting and related arrangements. ASU 2011-11 became effective for the Forbes Group on January 1, 2013. We did not experience any impact to our results of operations, financial position or liquidity when the guidance became effective. |
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||||
The following sets forth the identified intangible assets by major asset class: | ||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||
Useful | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||
Life | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||
(years) | Value | Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Customer relationships | 15 | $ | 31,896 | $ | (12,227 | ) | $ | 19,669 | $ | 31,896 | $ | (10,632 | ) | $ | 21,264 | |||||||||||
Trade names | 15 | 8,050 | (3,085 | ) | 4,965 | 8,050 | (2,683 | ) | 5,367 | |||||||||||||||||
Safety training program | 15 | 1,182 | (453 | ) | 729 | 1,182 | (394 | ) | 788 | |||||||||||||||||
Dispatch software | 10 | 1,135 | (653 | ) | 482 | 1,135 | (568 | ) | 567 | |||||||||||||||||
Other | 10 | 58 | (34 | ) | 24 | 58 | (29 | ) | 29 | |||||||||||||||||
$ | 42,321 | $ | (16,452 | ) | $ | 25,869 | $ | 42,321 | $ | (14,306 | ) | $ | 28,015 | |||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock option activity | ' | ||||||||||||
The following table presents a summary of the Company’s stock option activity for the nine months ended September 30, 2013. | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2012 | 1,997,925 | $ | 7.51 | 7.73 years | $ | — | |||||||
Stock options: | |||||||||||||
Granted | — | ||||||||||||
Exercised | — | ||||||||||||
Forfeited | (398,500 | ) | 8.56 | $ | — | ||||||||
Options outstanding at September 30, 2013 | 1,599,425 | $ | 7.25 | 6.85 years | $ | 979,788 | |||||||
Vested and expected to vest at September 30, 2013 | 1,106,975 | $ | 6.4 | 6.39 years | $ | 979,788 | |||||||
Exercisable at September 30, 2013 | 1,106,975 | $ | 6.4 | 6.39 years | $ | 979,788 | |||||||
Restricted Stock [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
There was no restricted stock granted for the period ended September 30, 2013. The table below presents restricted stock vesting activity for the nine months ended September 30, 2013. | |||||||||||||
Number of Units | Grant Date Average Fair Value Per Unit | ||||||||||||
Outstanding at December 31, 2012 | 41,666 | $ | 6.15 | ||||||||||
Granted | — | — | |||||||||||
Vested | (41,666 | ) | 6.15 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested at September 30, 2013 | — | $ | — | ||||||||||
Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
The following table presents a summary of restricted stock unit grant activity for the period ended September 30, 2013: | |||||||||||||
Number of Units | Grant Date Average Fair Value Per Unit | ||||||||||||
Outstanding at December 31, 2012 | 124,753 | $ | 3.45 | ||||||||||
Granted | 787,694 | 3.27 | |||||||||||
Vested | (374,848 | ) | 3.38 | ||||||||||
Forfeited | (5,400 | ) | 2.65 | ||||||||||
Nonvested at September 30, 2013 | 532,199 | $ | 3.17 | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Summary of property and equipment | ' | |||||||||
Property and equipment consisted of the following: | ||||||||||
Estimated | September 30, | December 31, | ||||||||
Life in Years | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Well servicing equipment | 3-15 years | $ | 404,926 | $ | 390,443 | |||||
Autos and trucks | 5-10 years | 99,982 | 102,874 | |||||||
Disposal wells | 5-15 years | 47,290 | 32,437 | |||||||
Building and improvements | 5-30 years | 13,349 | 11,188 | |||||||
Furniture and fixtures | 3-15 years | 4,638 | 3,870 | |||||||
Land | 1,804 | 1,227 | ||||||||
571,989 | 542,039 | |||||||||
Accumulated depreciation | (223,221 | ) | (193,597 | ) | ||||||
$ | 348,768 | $ | 348,442 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long Term Debt | ' | |||||||
Long-term debt at September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
9% Senior Notes | $ | 280,000 | $ | 280,000 | ||||
Third party equipment notes and capital leases | 15,676 | 18,425 | ||||||
Insurance notes | 211 | 7,922 | ||||||
295,887 | 306,347 | |||||||
Less: Current portion | (4,877 | ) | (13,026 | ) | ||||
$ | 291,010 | $ | 293,321 | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of the carrying amounts and estimated fair values of financial instruments | ' | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
9.0% Senior Notes | $ | 280,000 | $ | 282,100 | $ | 280,000 | $ | 249,200 | ||||||||
The fair value of our 9% Senior notes is a level one input within the fair value hierarchy and is based on the dealer quoted market prices at September 30, 2013 and December 31, 2012, respectively. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||||||
The following tables represent related party transactions. | |||||||||||||||||
As of | |||||||||||||||||
September 30, | December 31, 2012 | ||||||||||||||||
2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Related parties cash and cash equivalents balances: | |||||||||||||||||
Balance at Texas Champion Bank (1) | $ | 807 | $ | 983 | |||||||||||||
Balance at Brush Country Bank (2) | 557 | 209 | |||||||||||||||
Related parties receivable: | |||||||||||||||||
Dorsal Services, Inc. (3) | $ | 60 | $ | 60 | |||||||||||||
Related parties payable: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | — | $ | 10 | |||||||||||||
Dorsal Services, Inc. (3) | 23 | — | |||||||||||||||
Tasco Tool Services, Inc. (5) | 23 | — | |||||||||||||||
Resonant Technology Partners (6) | 34 | 19 | |||||||||||||||
Wolverine Construction, Inc. (7) | 28 | 39 | |||||||||||||||
Texas Quality Gate Guard Services, LLC (8) | 17 | — | |||||||||||||||
Animas Holdings, LLC (9) | 24 | — | |||||||||||||||
Testco Well Services, LLC (10) | 2 | ||||||||||||||||
$ | 151 | $ | 68 | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Related parties capital expenditures: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | — | $ | — | $ | — | $ | 15,567 | |||||||||
Tasco Tool Services, Inc. (5) | 64 | 155 | 64 | 155 | |||||||||||||
Resonant Technology Partners (6) | 6 | 38 | 63 | 196 | |||||||||||||
Forbes Ranch (11) | — | — | 25 | — | |||||||||||||
$ | 70 | $ | 193 | $ | 152 | $ | 15,918 | ||||||||||
Related parties revenue activity: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
CJ Petroleum Service LLC (12) | — | — | — | 18 | |||||||||||||
Dorsal Services, Inc. (3) | — | — | 17 | (1 | ) | ||||||||||||
Tasco Tool Services, Inc. (5) | — | — | 22 | — | |||||||||||||
Wolverine Construction, Inc. (7) | — | 2 | — | 41 | |||||||||||||
Texas Quality Gate Guard Services, LLC (8) | — | — | — | 4 | |||||||||||||
Testco Well Services, LLC (10) | 18 | 9 | 36 | 8 | |||||||||||||
$ | 21 | $ | 11 | $ | 78 | $ | 70 | ||||||||||
Related parties expense activity: | |||||||||||||||||
Alice Environmental Services, LP/Alice Environmental Holding LLC (4) | $ | 535 | $ | 673 | $ | 1,454 | $ | 3,205 | |||||||||
CJ Petroleum Service LLC (12) | — | — | — | 294 | |||||||||||||
Dorsal Services, Inc. (3) | 159 | 45 | 181 | 113 | |||||||||||||
Tasco Tool Services, Inc. (5) | 22 | 85 | 48 | 134 | |||||||||||||
FCJ Management, LLC (13) | 9 | 9 | 27 | 27 | |||||||||||||
C&F Partners, LLC (14) | — | — | — | 199 | |||||||||||||
Resonant Technology Partners (6) | 110 | 49 | 251 | 367 | |||||||||||||
Wolverine Construction, Inc. (7) | — | 6 | — | 35 | |||||||||||||
JITSU Services, LLC (15) | — | 101 | 203 | 304 | |||||||||||||
Texas Quality Gate Guard Services, LLC (8) | 97 | 42 | 334 | 305 | |||||||||||||
Animas Holdings, LLC (9) | 263 | — | 611 | 26 | |||||||||||||
Testco Well Services, LLC (10) | 9 | — | 11 | 5 | |||||||||||||
$ | 1,204 | $ | 1,010 | $ | 3,120 | $ | 5,014 | ||||||||||
(1)The Company has a deposit relationship with Texas Champion Bank. Travis Burris, one of the directors of FES Ltd., is also the President, Chief Executive Officer, and director of Texas Champion Bank. Mr. Crisp, our President and Chief Executive Officer, serves on the board of directors. | |||||||||||||||||
(2)Messrs. Crisp and Forbes are directors and shareholders of Brush Country Bank, an institution with which the Company conducts business and has deposits. | |||||||||||||||||
(3)Dorsal Services, Inc. provides trucking services to the Company. Mr. Crisp, an executive officer and director and Denyce Crisp, the ex-wife of John Crisp, are partial owners of Dorsal Services, Inc. | |||||||||||||||||
(4)Messrs. John E. Crisp and Charles C. Forbes, Jr., executive officers and directors of FES Ltd., are also owners and managers of Alice Environmental Holdings, LLC or AEH, and indirect owners and managers of Alice Environmental Services, LP, or AES. The Company leases or rents land and buildings, disposal wells, aircraft, and other equipment from AES. | |||||||||||||||||
(5)Tasco Tool Services, Inc. is a down-hole tool company that is partially owned and managed by a company that is owned by Mr. Forbes, both an executive officer and director of FES Ltd., along with Robert Jenkins a manager of one of the subsidiaries of FES Ltd. Tasco rents and sells tools to the Company from time to time. | |||||||||||||||||
(6)Resonant Technology Partners is a computer networking group that provides services to the Company. Travis Burris, a director of the Company had a noncontrolling interest in the computer networking company, which was sold in July 2012. | |||||||||||||||||
(7)Wolverine Construction, Inc. is an entity that is owned by two sons and a brother of Mr. Crisp, an executive officer and director of FES Ltd., and a son of Mr. Forbes, an executive officer and director of FES Ltd. Wolverine provided construction and site preparation services to certain customers of the Company. | |||||||||||||||||
(8)Texas Quality Gate Guard Services, LLC, or Texas Quality Gate Guard Services, is an entity owned by Messrs. Crisp and Forbes and a son of Mr. Crisp, an executive officer and director of FES Ltd. Texas Quality Gate Guard Services has provided security services to the Company. | |||||||||||||||||
(9)Animas Holdings, LLC or Animas, is a property and disposal company that is owned by the two sons of Mr. Crisp and three children of Mr. Forbes and Ms. Forbes. The Company pays Animas for waste water disposal and lease facilities. | |||||||||||||||||
(10)Testco Well Services, LLC is a company that provides valve and gathering system testing services to the Company. Messrs. Crisp and Forbes, executive officers and directors of FES Ltd, along with a son of Mr. Crisp are partial owners of Testco. In August, Testco Well Services, LLC was sold to a third party. It is no longer a related party. | |||||||||||||||||
(11)Forbes Ranch is owned by a brother of Mr. Forbes, an executive officer and director of FES Ltd. Forbes Ranch. The Company purchased a truck scale from Forbes Ranch during the second quarter. | |||||||||||||||||
(12)CJ Petroleum Service LLC or CJ Petroleum, is a company that owns salt water disposal wells and is owned by Messrs. Crisp and Forbes, two sons of Mr. Crisp and Janet Forbes, a director of FES Ltd. The Company paid CJ Petroleum to purchase certain disposal wells which are no longer being rented. | |||||||||||||||||
(13)FCJ Management, LLC or FCJ, is an entity that leases land and facilities to the Company and is owned by Messrs. Crisp, and Forbes and Robert Jenkins, a manager of one of the subsidiaries of FES Ltd. | |||||||||||||||||
(14)C&F Partners, LLC is an entity that is owned by Messrs. Crisp and Forbes. The Company had expenses with regard to C&F Partners, LLC related to aircraft rental. | |||||||||||||||||
(15)JITSU Services, LLC or JITSU, is a financial leasing company owned by Janet Forbes, a director of the Company and Mr. Crisp. The Company currently leases ten vacuum trucks from JITSU. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental cash flow information | ' | |||||||
Nine months ended September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash paid for | ||||||||
Interest | $ | 13,684 | $ | 13,455 | ||||
Income tax | $ | 65 | $ | 715 | ||||
Supplemental schedule of non-cash investing and financing activities | ||||||||
Changes in accounts payable related to capital expenditures | $ | 5,194 | $ | (8,653 | ) | |||
Capital leases on equipment | $ | 1,569 | $ | 10,181 | ||||
Preferred stock dividends and accretion costs | $ | 31 | $ | 31 | ||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Reconciliation of weighted average and diluted weighted average shares outstanding | ' | |||||||||||||||||
The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 21,039 | ||||||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | 319 | ||||||||||||||
Dilutive effect of preferred stock | — | — | — | 5,292 | ||||||||||||||
Diluted weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 26,650 | ||||||||||||||
Computation of basic and diluted earnings (loss) per share | ' | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||
Basic: | ||||||||||||||||||
Net income (loss) | $ | (5,711 | ) | $ | (2,342 | ) | $ | (9,212 | ) | $ | 5,021 | |||||||
Preferred stock dividends and accretion | (194 | ) | (194 | ) | (582 | ) | (582 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | $ | 4,439 | |||||||
Weighted-average common shares | 21,438 | 21,068 | 21,410 | 21,039 | ||||||||||||||
Basic earnings (loss) per share | $ | (0.28 | ) | $ | (0.12 | ) | $ | (0.46 | ) | $ | 0.21 | |||||||
Diluted: | ||||||||||||||||||
Net income (loss) | $ | (5,711 | ) | $ | (2,342 | ) | $ | (9,212 | ) | $ | 5,021 | |||||||
Preferred stock dividends and accretion | (194 | ) | (194 | ) | (582 | ) | (582 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | — | $ | 4,439 | ||||||
Effect of dilutive securities | — | — | 582,417 | — | 582 | |||||||||||||
Net income attributable to common shareholders plus assumed conversions | $ | (5,905 | ) | $ | (2,536 | ) | $ | (9,794 | ) | $ | 5,021 | |||||||
Weighted-average shares of common stock | 21,438 | 21,068 | 21,410 | 26,650 | ||||||||||||||
Diluted earnings (loss) per share | $ | (0.28 | ) | $ | (0.12 | ) | $ | (0.46 | ) | $ | 0.19 | |||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Financial information with respect to reportable segments | ' | |||||||||||||||||||||||
The following tables set forth certain financial information from continuing operations with respect to the Company’s reportable segments for the three and nine months ended September 30, 2013 and September 30, 2012: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
Well Servicing | Fluid Logistics | Consolidated | Well Servicing | Fluid Logistics | Consolidated | |||||||||||||||||||
2013 | (in thousands) | (in thousands) | ||||||||||||||||||||||
Operating revenues | $ | 62,079 | $ | 42,775 | $ | 104,854 | $ | 166,876 | $ | 143,398 | $ | 310,274 | ||||||||||||
Direct operating costs | 50,073 | 34,973 | 85,046 | 132,915 | 106,851 | 239,766 | ||||||||||||||||||
Segment profits | $ | 12,006 | $ | 7,802 | $ | 19,808 | $ | 33,961 | $ | 36,547 | $ | 70,508 | ||||||||||||
Depreciation and amortization | $ | 5,785 | $ | 7,591 | $ | 13,376 | $ | 17,242 | $ | 22,330 | $ | 39,573 | ||||||||||||
Capital expenditures | 11,196 | 7,457 | 18,653 | 19,046 | 19,857 | 38,903 | ||||||||||||||||||
Total assets | 567,593 | 478,105 | 1,045,698 | 567,593 | 478,105 | 1,045,698 | ||||||||||||||||||
Long lived assets | 201,341 | 147,427 | 348,768 | 201,341 | 147,427 | 348,768 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Operating revenues | $ | 50,565 | $ | 63,755 | $ | 114,320 | $ | 154,120 | $ | 211,470 | $ | 365,590 | ||||||||||||
Direct operating costs | 41,372 | 47,186 | 88,558 | 117,913 | 151,396 | 269,309 | ||||||||||||||||||
Segment profits | $ | 9,193 | $ | 16,569 | $ | 25,762 | $ | 36,207 | $ | 60,074 | $ | 96,281 | ||||||||||||
Depreciation and amortization | $ | 5,831 | $ | 7,356 | $ | 13,187 | $ | 17,103 | $ | 19,971 | $ | 37,074 | ||||||||||||
Capital expenditures | 6,205 | 5,697 | 11,902 | 24,327 | 78,916 | 103,243 | ||||||||||||||||||
Total assets | 518,193 | 460,307 | 978,500 | 518,193 | 460,307 | 978,500 | ||||||||||||||||||
Long lived assets | 202,375 | 151,016 | 353,391 | 202,375 | 151,016 | 353,391 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Reconciliation of the Forbes Group Operating Income (Loss) As Reported: | (in thousands) | (in thousands) | ||||||||||||||||||||||
Segment profits | $ | 19,808 | $ | 25,762 | $ | 70,508 | $ | 96,281 | ||||||||||||||||
General and administrative expense | 7,955 | 7,278 | 22,906 | 26,023 | ||||||||||||||||||||
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ||||||||||||||||||||
Operating income | (1,523 | ) | 5,297 | 8,029 | 33,184 | |||||||||||||||||||
Other income and expenses, net | (7,090 | ) | (7,138 | ) | (21,102 | ) | (20,851 | ) | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (8,613 | ) | $ | (1,841 | ) | $ | (13,073 | ) | $ | 12,333 | |||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Reconciliation of the Forbes Group Assets As Reported: | (in thousands) | |||||||||||||||||||||||
Total reportable segments | $ | 1,045,698 | $ | 999,388 | ||||||||||||||||||||
Elimination of internal transactions | (1,589,976 | ) | (1,510,855 | ) | ||||||||||||||||||||
Parent | 1,048,289 | 1,024,168 | ||||||||||||||||||||||
Total assets | $ | 504,011 | $ | 512,701 | ||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Summary of discontinued operations | ' | |||||||||||||||
The following table presents the results of discontinued operations: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 2,787 | ||||||||
Expenses | ||||||||||||||||
Direct costs | — | — | — | 3,683 | ||||||||||||
General and administrative | 91 | 346 | 453 | 3,232 | ||||||||||||
Total expenses | 91 | 346 | 453 | 6,915 | ||||||||||||
Operating loss | (91 | ) | (346 | ) | (453 | ) | (4,128 | ) | ||||||||
Interest expense | — | (1 | ) | (1 | ) | (2 | ) | |||||||||
Gain (loss) on sale of assets | — | (734 | ) | — | 2,933 | |||||||||||
Loss before income taxes | (91 | ) | (1,081 | ) | (454 | ) | (1,197 | ) | ||||||||
Income tax expense (benefit) | (32 | ) | (9 | ) | (159 | ) | 370 | |||||||||
Net loss | $ | (59 | ) | $ | (1,072 | ) | $ | (295 | ) | $ | (1,567 | ) |
Other_Intangible_Assets_Intang
Other Intangible Assets (Intangible Assets by Major Asset Class) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Intangible Assets | ' | ' |
Gross Carrying Value | $42,321 | $42,321 |
Accumulated Amortization | -16,452 | -14,306 |
Net Book Value | 25,869 | 28,015 |
Customer relationships [Member] | ' | ' |
Intangible Assets | ' | ' |
Useful Life (years) | '15 years | ' |
Gross Carrying Value | 31,896 | 31,896 |
Accumulated Amortization | -12,227 | -10,632 |
Net Book Value | 19,669 | 21,264 |
Trade names [Member] | ' | ' |
Intangible Assets | ' | ' |
Useful Life (years) | '15 years | ' |
Gross Carrying Value | 8,050 | 8,050 |
Accumulated Amortization | -3,085 | -2,683 |
Net Book Value | 4,965 | 5,367 |
Safety training program [Member] | ' | ' |
Intangible Assets | ' | ' |
Useful Life (years) | '15 years | ' |
Gross Carrying Value | 1,182 | 1,182 |
Accumulated Amortization | -453 | -394 |
Net Book Value | 729 | 788 |
Dispatch software [Member] | ' | ' |
Intangible Assets | ' | ' |
Useful Life (years) | '10 years | ' |
Gross Carrying Value | 1,135 | 1,135 |
Accumulated Amortization | -653 | -568 |
Net Book Value | 482 | 567 |
Other [Member] | ' | ' |
Intangible Assets | ' | ' |
Useful Life (years) | '10 years | ' |
Gross Carrying Value | 58 | 58 |
Accumulated Amortization | -34 | -29 |
Net Book Value | $24 | $29 |
Other_Intangible_Assets_Narrat
Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expenses | $0.70 | $0.70 | $2.10 | $2.10 |
Estimated amortization expenses for intangible assets year 1 | 2.9 | ' | 2.9 | ' |
Estimated amortization expenses for intangible assets year 2 | 2.9 | ' | 2.9 | ' |
Estimated amortization expenses for intangible assets year 3 | 2.9 | ' | 2.9 | ' |
Estimated amortization expenses for intangible assets year 4 | 2.9 | ' | 2.9 | ' |
Estimated amortization expenses for intangible assets year 5 | $2.90 | ' | $2.90 | ' |
Weighted average amortization period remaining for intangible assets | ' | ' | '9 years 0 months | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Options) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, shares, beginning balance | 1,997,925 | ' | 1,997,925 |
Granted, shares | 0 | ' | ' |
Exercised, shares | 0 | ' | ' |
Forfeited, shares | -398,500 | ' | ' |
Options outstanding, shares, ending balance | 1,599,425 | 1,997,925 | 1,997,925 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, weighted average exercise price, beginning balance | $7.51 | ' | ' |
Forfeited, weighted average exercise price | $8.56 | ' | ' |
Options outstanding, weighted average exercise price, ending balance | $7.25 | $7.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '6 years 10 months 7 days | '7 years 8 months 23 days | ' |
Options outstanding, aggregate intrinsic value | $979,788 | $0 | ' |
Forfeited, aggregate intrinsic value | $0 | ' | ' |
Vested and expected to vest, shares | 1,106,975 | ' | ' |
Vested and expected to vest, weighted average exercise price | $6.40 | ' | ' |
Vested and expected to vest, weighted average remaining contractual term | '6 years 4 months 22 days | ' | ' |
Vested and expected to vest, aggregate intrinsic value | 979,788 | ' | ' |
Exercisable, shares | 1,106,975 | ' | ' |
Exercisable, weighted average exercise price | $6.40 | ' | ' |
Exercisable, weighted average remaining contractual term | '6 years 4 months 22 days | ' | ' |
Exercisable, aggregate intrinsic value | $979,788 | ' | ' |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Stock) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Outstanding, shares, beginning balance | 41,666 |
Granted, shares | 0 |
Vested, shares | -41,666 |
Foreited, shares | 0 |
Nonvested, shares, ending balance | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Outstanding, weighted average exercise price, beginning balance | $6.15 |
Granted, weighed average exercise price | $0 |
Vested, weighed average exercise price | $6.15 |
Forfeited, weighed average exercise price | $0 |
Nonvested, weighted average exercise price, ending balance | $0 |
ShareBased_Compensation_Restri1
Share-Based Compensation (Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Outstanding, shares, beginning balance | 124,753 |
Granted, shares | 787,694 |
Vested, shares | -374,848 |
Foreited, shares | -5,400 |
Nonvested, shares, ending balance | 532,199 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Outstanding, weighted average exercise price, beginning balance | $3.45 |
Granted, weighed average exercise price | $3.27 |
Vested, weighed average exercise price | $3.38 |
Forfeited, weighed average exercise price | $2.65 |
Nonvested, weighted average exercise price, ending balance | $3.17 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2013 | Jan. 04, 2013 | Feb. 21, 2013 | Feb. 21, 2013 | Feb. 21, 2013 | Mar. 19, 2013 | Jun. 18, 2013 | Jul. 26, 2013 | Sep. 30, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Award Date, January 2, 2013 [Member] | Award Date, January 4, 2013 [Member] | Award Date, February 21, 2013 [Member] | Award Date, February 21, 2013 [Member] | Award Date, February 21, 2013 [Member] | Award Date, March 19, 2013 [Member] | Award Date, June 18, 2013 [Member] | Award Date, July 26, 2013 [Member] | 2012 Plan [Member] | |||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
tranches | Immediately Vested [Member] | One-Year Vesting [Member] | tranches | tranches | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,022,500 |
Shares available for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,290,136 |
Share based payment award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 6 months | ' | ' | ' | ' | ' | '3 years | '1 year | ' | ' | '3 years | ' | ' | ' |
Stock-based compensation expense | $2,822,000 | $4,346,000 | $600,000 | $900,000 | $1,600,000 | $3,000,000 | $100,000 | ' | $1,000,000 | ' | $600,000 | $100,000 | $1,300,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation, not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized share-based compensation expense | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation costs | ' | ' | 2,300,000 | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation costs, period for recognition | ' | ' | ' | ' | '0 years 11 months 1 day | ' | ' | ' | ' | ' | ' | ' | '2 years 9 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants in period | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 787,694 | ' | 128,895 | 338,333 | 104,166 | 62,500 | 41,666 | 36,000 | 100,000 | 80,300 | ' |
Number of vesting tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | 3 | 6 | ' | ' |
Cumulative net shares issued to the participants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, shares subject to netting for tax withholdings, vested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | 143,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recorded to accrue for the executive stock bonus for the performance based management bonus plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $12,700,000 | $12,500,000 | $37,400,000 | $34,900,000 | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 571,989,000 | ' | 571,989,000 | ' | 542,039,000 |
Accumulated depreciation | -223,221,000 | ' | -223,221,000 | ' | -193,597,000 |
Property and equipment, net | 348,768,000 | ' | 348,768,000 | ' | 348,442,000 |
Well servicing equipment [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 404,926,000 | ' | 404,926,000 | ' | 390,443,000 |
Well servicing equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '15 years | ' | ' |
Well servicing equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '3 years | ' | ' |
Autos and trucks [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 99,982,000 | ' | 99,982,000 | ' | 102,874,000 |
Autos and trucks [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '10 years | ' | ' |
Autos and trucks [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '5 years | ' | ' |
Disposal wells [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 47,290,000 | ' | 47,290,000 | ' | 32,437,000 |
Disposal wells [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '15 years | ' | ' |
Disposal wells [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '5 years | ' | ' |
Building and improvements [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 13,349,000 | ' | 13,349,000 | ' | 11,188,000 |
Building and improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '30 years | ' | ' |
Building and improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '5 years | ' | ' |
Furniture and fixtures [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | 4,638,000 | ' | 4,638,000 | ' | 3,870,000 |
Furniture and fixtures [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '15 years | ' | ' |
Furniture and fixtures [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, estimated life | ' | ' | '3 years | ' | ' |
Land [Member] | ' | ' | ' | ' | ' |
Summary of Property and equipment | ' | ' | ' | ' | ' |
Property and equipment, total | $1,804,000 | ' | $1,804,000 | ' | $1,227,000 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt (Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instruments [Abstract] | ' | ' |
Debt and Capital Lease Obligations | $295,887 | $306,347 |
Less: Current portion | -4,877 | -13,026 |
Long-term Debt and Capital Lease Obligations | 291,010 | 293,321 |
9.0% Senior Notes [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Debt and Capital Lease Obligations | 280,000 | 280,000 |
Third party equipment notes and capital leases [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Debt and Capital Lease Obligations | 15,676 | 18,425 |
Insurance notes [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Debt and Capital Lease Obligations | $211 | $7,922 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Jun. 07, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 07, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 15, 2013 | |
NonGuarantorSubsidiaries | 9.0% Senior Notes [Member] | 9.0% Senior Notes [Member] | 9.0% Senior Notes [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Third party equipment notes and capital leases [Member] | Insurance notes [Member] | Insurance notes [Member] | Subsequent Event [Member] | |||
Minimum [Member] | Maximum [Member] | installments | New Insurance Note [Member] | |||||||||||||
installments | installments | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | $280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,900,000 |
Percentage of floating rate notes redeemed from senior notes proceeds | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | 15-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | 9.00% | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.90% |
Non-Guarantor subsidiaries ownership pecentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-guarantor subsidiaries | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Guarantor subsidiaries ownership pecentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount for debt repurchase post change in control | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount, plus accrued and unpaid interest, following certain asset sales | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and capital lease obligations | 295,887,000 | 306,347,000 | ' | 280,000,000 | 280,000,000 | ' | 15,676,000 | ' | 15,676,000 | ' | 18,425,000 | ' | ' | 211,000 | 7,922,000 | ' |
Debt instrument, number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42 | 60 | 12 | ' | ' |
Debt instrument, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | 8.40% | 3.30% | 3.30% | ' |
Debt instrument, principal payments made | ' | ' | ' | ' | ' | ' | $1,400,000 | $1,200,000 | $4,300,000 | $3,100,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Revolving_Credit
Long-Term Debt (Revolving Credit Facility) (Narrative) (Details) (Revolving Credit Facility [Member], USD $) | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2013 | Sep. 09, 2011 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | |
LIBOR [Member] | LIBOR [Member] | Prime Rate [Member] | Prime Rate [Member] | Overnight Federal Funds Rate [Member] | Overnight Federal Funds Rate [Member] | One Month LIBOR [Member] | One Month LIBOR [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
LIBOR [Member] | LIBOR [Member] | Prime Rate [Member] | Prime Rate [Member] | LIBOR [Member] | LIBOR [Member] | Prime Rate [Member] | Prime Rate [Member] | |||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capcity | $90,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
18% of our consolidated tangible net assets | 84,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maturity date | 26-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage eligible accounts | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage of the appraised Value | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net book value of such equipment | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | 'LIBOR | 'LIBOR | 'prime rate | 'prime rate | 'overnight federal funds rate | 'overnight federal funds rate | 'LIBOR rate for a one month period | 'LIBOR rate for a one month period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.00% | 1.00% | ' | 2.00% | 2.25% | 1.00% | 1.25% | ' | 2.50% | 2.75% | 1.50% | 1.75% |
Line of credit facility, unused capacity, commitment fee percentage | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, letter of credit, pincipal borrowing fees Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' |
Consolidated fixed charge coverage ratio | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customary covenants for asset based credit facility | $11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of maximum credit under the facility | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 07, 2011 |
In Thousands, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Senior Notes [Member] | Senior Notes [Member] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | 9.00% | 9.00% |
Summary of the carrying amounts and estimated fair values of financial instruments | ' | ' | ' | ' | ' | ' |
9.0% Senior Notes | $280,000 | $280,000 | $282,100 | $249,200 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties receivable | $60,000 | ' | ' | $60,000 | ' | $60,000 |
Related parties payable | 151,000 | ' | ' | 151,000 | ' | 68,000 |
Related parties capital purchases | 70,000 | 193,000 | ' | 152,000 | 15,918,000 | ' |
Related parties revenue activity | 21,000 | 11,000 | ' | 78,000 | 70,000 | ' |
Related parties purchasing activity | 1,204,000 | 1,010,000 | ' | 3,120,000 | 5,014,000 | ' |
Texas Champion Bank [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties cash balances | 807,000 | ' | ' | 807,000 | ' | 983,000 |
Brush Country Bank [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties cash balances | 557,000 | ' | ' | 557,000 | ' | 209,000 |
AES [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 0 | ' | ' | 0 | ' | 10,000 |
Related parties capital purchases | 0 | ' | ' | 0 | 15,567,000 | ' |
Related parties revenue activity | 3,000 | 0 | ' | 3,000 | 0 | ' |
Related parties purchasing activity | 535,000 | 673,000 | ' | 1,454,000 | 3,205,000 | ' |
CJ Petroleum Service [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties revenue activity | 0 | 0 | ' | 0 | 18,000 | ' |
Related parties purchasing activity | 0 | 0 | ' | 0 | 294,000 | ' |
Dorsal Services [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties receivable | 60,000 | ' | ' | 60,000 | ' | 60,000 |
Related parties payable | 23,000 | ' | ' | 23,000 | ' | 0 |
Related parties revenue activity | 0 | 0 | ' | 17,000 | -1,000 | ' |
Related parties purchasing activity | 159,000 | 45,000 | ' | 181,000 | 113,000 | ' |
Tasco Tool Services [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 23,000 | ' | ' | 23,000 | ' | 0 |
Related parties capital purchases | 64,000 | 155,000 | ' | 64,000 | 155,000 | ' |
Related parties revenue activity | 0 | 0 | ' | 22,000 | 0 | ' |
Related parties purchasing activity | 22,000 | 85,000 | ' | 48,000 | 134,000 | ' |
FCJ Management [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties purchasing activity | 9,000 | 9,000 | ' | 27,000 | 27,000 | ' |
C&F Partners [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties purchasing activity | 0 | 0 | ' | 0 | 199,000 | ' |
Resonant Technology Partners [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 34,000 | ' | ' | 34,000 | ' | 19,000 |
Related parties capital purchases | 6,000 | ' | 38,000 | 63,000 | 196,000 | ' |
Related parties purchasing activity | 110,000 | 49,000 | ' | 251,000 | 367,000 | ' |
Wolverine Construction Inc [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 28,000 | ' | ' | 28,000 | ' | 39,000 |
Related parties revenue activity | 0 | 2,000 | ' | 0 | 41,000 | ' |
Related parties purchasing activity | 0 | 6,000 | ' | 0 | 35,000 | ' |
JITSU INC [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties purchasing activity | 0 | 101,000 | ' | 203,000 | 304,000 | ' |
Texas Quality Gate Guard Inc [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 17,000 | ' | ' | 17,000 | ' | 0 |
Related parties revenue activity | 0 | 0 | ' | 0 | 4,000 | ' |
Related parties purchasing activity | 97,000 | 42,000 | ' | 334,000 | 305,000 | ' |
Animas Holding Inc [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 24,000 | ' | ' | 24,000 | ' | 0 |
Related parties purchasing activity | 263,000 | 0 | ' | 611,000 | 26,000 | ' |
Forbes Ranch [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties capital purchases | 0 | ' | ' | 25,000 | 0 | ' |
Testco Well Services, LLC [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related parties payable | 2,000 | ' | ' | 2,000 | ' | ' |
Related parties revenue activity | 18,000 | 9,000 | ' | 36,000 | 8,000 | ' |
Related parties purchasing activity | $9,000 | $0 | ' | $11,000 | $5,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Employee Group Medical Plan [Member] | Employee Group Medical Plan [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | ||
Largest Customer [Member] | Largest Customer [Member] | Five Largest Customers [Member] | Five Largest Customers [Member] | Ten Largest Customers [Member] | Ten Largest Customers [Member] | Largest Customer [Member] | Five Largest Customers [Member] | Ten Largest Customers [Member] | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Coverage | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 8.80% | 9.80% | 31.50% | 33.10% | 48.80% | 49.00% | 5.30% | 20.00% | 30.70% |
Self Insurance Reserve Basic Coverage | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self Insurance Reserve | ' | $2,800,000 | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash paid for | ' | ' |
Interest | $13,684 | $13,455 |
Income tax | 65 | 715 |
Supplemental schedule of non-cash investing and financing activities | ' | ' |
Changes in accounts payable related to capital expenditures | 5,194 | -8,653 |
Capital leases on equipment | 1,569 | 10,181 |
Preferred stock dividends and accretion costs | $31 | $31 |
Earnings_per_Share_Weighted_an
Earnings per Share (Weighted and Diluted Weighted Average Number of Shares Outstanding Reconciliation) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 21,039 |
Dilutive effect of stock options and restricted stock | 0 | 0 | 0 | 319 |
Dilutive effect of preferred shares | 0 | 0 | 0 | 5,292 |
Diluted weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 26,650 |
Earnings_per_Share_Diluted_EPS
Earnings per Share (Diluted EPS) (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1,843,300 | 1,599,425 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 565,872 | 532,199 |
Common Stock Equivalents Underlying the Series B Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 5,292,531 | 5,292,531 |
Earnings_per_Share_Computation
Earnings per Share (Computation of Basic and Diluted Earnings (Loss) per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($5,711) | ($2,342) | ($9,212) | $5,021 |
Preferred stock dividends and accretion | -194 | -194 | -582 | -582 |
Net income (loss) attributable to common shareholders | -5,905 | -2,536 | -9,794 | 4,439 |
Weighted average shares outstanding | 21,438 | 21,068 | 21,410 | 21,039 |
Basic earnings (loss) per share | ($0.28) | ($0.12) | ($0.46) | $0.21 |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ' | ' | ' | ' |
Net income (loss) | -5,711 | -2,342 | -9,212 | 5,021 |
Preferred stock dividends and accretion | -194 | -194 | -582 | -582 |
Net income (loss) attributable to common shareholders | -5,905 | -2,536 | -9,794 | 4,439 |
Effect of dilutive securities | 0 | 0 | 0 | 582 |
Net income attributable to common shareholders plus assumed conversions | ($5,905) | ($2,536) | ($9,794) | $5,021 |
Weighted-average common shares | 21,438 | 21,068 | 21,410 | 26,650 |
Diluted earnings (loss) per share | ($0.28) | ($0.12) | ($0.46) | $0.19 |
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Stock options outstanding | 1,599,425 | 1,997,925 | 1,997,925 |
Series B Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Convertible preferred shares outstanding | 588,059 | ' | 588,059 |
Preferred stock convertible rate to common shares | 9 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate, continuing operations | ' | ' | 31.80% | 46.60% |
Income (loss) from continuing operations before taxes | $8,613,000 | $1,841,000 | $13,073,000 | ($12,333,000) |
Federal statutory income tax rate | ' | ' | 35.00% | ' |
Other tax expense | ' | ' | $200,000 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
segment | |||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 2 | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Well Service Expense | $50,073 | $41,372 | $132,915 | $117,913 | ' |
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ' |
Assets | 504,011 | ' | 504,011 | ' | 512,701 |
Segment Reporting Information, Additional Elements for Bank Presentation [Abstract] | ' | ' | ' | ' | ' |
General and administrative expense | 7,955 | 7,278 | 22,906 | 26,023 | ' |
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ' |
Operating income (loss) | -1,523 | 5,297 | 8,029 | 33,184 | ' |
Income (loss) from continuing operations before taxes | -8,613 | -1,841 | -13,073 | 12,333 | ' |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | 504,011 | ' | 504,011 | ' | 512,701 |
Consolidated [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Operating revenues | 104,854 | 114,320 | 310,274 | 365,590 | ' |
Direct operating costs | 85,046 | 88,558 | 239,766 | 269,309 | ' |
Segment profits | 19,808 | 25,762 | 70,508 | 96,281 | ' |
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ' |
Capital expenditures | 18,653 | 11,902 | 38,903 | 103,243 | ' |
Assets | 1,045,698 | 978,500 | 1,045,698 | 978,500 | ' |
Long lived assets | 348,768 | 353,391 | 348,768 | 353,391 | ' |
Segment Reporting Information, Additional Elements for Bank Presentation [Abstract] | ' | ' | ' | ' | ' |
Segment profits | 19,808 | 25,762 | 70,508 | 96,281 | ' |
General and administrative expense | 7,955 | 7,278 | 22,906 | 26,023 | ' |
Depreciation and amortization | 13,376 | 13,187 | 39,573 | 37,074 | ' |
Operating income (loss) | -1,523 | 5,297 | 8,029 | 33,184 | ' |
Other income and expenses, net | -7,090 | -7,138 | -21,102 | -20,851 | ' |
Income (loss) from continuing operations before taxes | -8,613 | -1,841 | -13,073 | 12,333 | ' |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | 1,045,698 | 978,500 | 1,045,698 | 978,500 | ' |
Total reportable segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Assets | 1,045,698 | ' | 1,045,698 | ' | 999,388 |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | 1,045,698 | ' | 1,045,698 | ' | 999,388 |
Well Servicing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Operating revenues | 62,079 | 50,565 | 166,876 | 154,120 | ' |
Direct operating costs | 50,073 | 41,372 | 132,915 | 117,913 | ' |
Segment profits | 12,006 | 9,193 | 33,961 | 36,207 | ' |
Depreciation and amortization | 5,785 | 5,831 | 17,242 | 17,103 | ' |
Capital expenditures | 11,196 | 6,205 | 19,046 | 24,327 | ' |
Assets | 567,593 | 518,193 | 567,593 | 518,193 | ' |
Long lived assets | 201,341 | 202,375 | 201,341 | 202,375 | ' |
Segment Reporting Information, Additional Elements for Bank Presentation [Abstract] | ' | ' | ' | ' | ' |
Segment profits | 12,006 | 9,193 | 33,961 | 36,207 | ' |
Depreciation and amortization | 5,785 | 5,831 | 17,242 | 17,103 | ' |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | 567,593 | 518,193 | 567,593 | 518,193 | ' |
Fluid Logistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Operating revenues | 42,775 | 63,755 | 143,398 | 211,470 | ' |
Direct operating costs | 34,973 | 47,186 | 106,851 | 151,396 | ' |
Segment profits | 7,802 | 16,569 | 36,547 | 60,074 | ' |
Depreciation and amortization | 7,591 | 7,356 | 22,330 | 19,971 | ' |
Capital expenditures | 7,457 | 5,697 | 19,857 | 78,916 | ' |
Assets | 478,105 | 460,307 | 478,105 | 460,307 | ' |
Long lived assets | 147,427 | 151,016 | 147,427 | 151,016 | ' |
Segment Reporting Information, Additional Elements for Bank Presentation [Abstract] | ' | ' | ' | ' | ' |
Segment profits | 7,802 | 16,569 | 36,547 | 60,074 | ' |
Depreciation and amortization | 7,591 | 7,356 | 22,330 | 19,971 | ' |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | 478,105 | 460,307 | 478,105 | 460,307 | ' |
Elimination of internal transactions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Assets | -1,589,976 | ' | -1,589,976 | ' | -1,510,855 |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | -1,589,976 | ' | -1,589,976 | ' | -1,510,855 |
Parent [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Assets | 1,048,289 | ' | 1,048,289 | ' | 1,024,168 |
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] | ' | ' | ' | ' | ' |
Assets | $1,048,289 | ' | $1,048,289 | ' | $1,024,168 |
Equity_Securities_Narrative_De
Equity Securities (Narrative) (Details) | 9 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | 28-May-10 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 28-May-10 | |
USD ($) | USD ($) | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | Series B Senior Convertible Preferred Shares [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B Preferred shares, Authorized | ' | ' | 825,000 | ' | ' | ' | ' | ' | ' |
Series B Preferred shares, Par Value | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' |
Series B Preferred shares, Private placement | ' | ' | 580,800 | ' | ' | ' | ' | ' | ' |
Series B Preferred shares, Private placement price per share | ' | ' | ' | ' | ' | ' | ' | ' | 26.37 |
Series B Preferred shares, Gross proceeds | ' | ' | $14,520,000 | ' | ' | ' | ' | ' | ' |
Exchange rate between USD and CAD | ' | ' | 1.0547 | ' | ' | ' | ' | ' | ' |
Series B Preferred shares Net proceeds received | ' | ' | 13,800,000 | ' | ' | ' | ' | ' | ' |
Closing Fee | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Legal fees and other costs | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Redemption of Series B Preferred Stock | ' | ' | ' | 14,500,000 | ' | 14,500,000 | ' | 14,500,000 | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Preferred stock dividends and accretion costs | $31,000 | $31,000 | ' | $200,000 | ($200,000) | $600,000 | ($600,000) | ' | ' |
Discontinued_Operations_Result
Discontinued Operations (Results of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Expenses | ' | ' | ' | ' |
General and administrative | $7,955 | $7,278 | $22,906 | $26,023 |
Total expenses | 106,377 | 109,023 | 302,245 | 332,406 |
Net income (loss) | -59 | -1,072 | -295 | -1,567 |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 2,787 |
Expenses | ' | ' | ' | ' |
Direct costs | 0 | 0 | 0 | 3,683 |
General and administrative | 91 | 346 | 453 | 3,232 |
Total expenses | 91 | 346 | 453 | 6,915 |
Operating income (loss) | -91 | -346 | -453 | -4,128 |
Interest expense | 0 | -1 | -1 | -2 |
Gain on sale of assets | 0 | -734 | 0 | 2,933 |
Income before income taxes | -91 | -1,081 | -454 | -1,197 |
Income tax expense (benefit) | -32 | -9 | -159 | 370 |
Net income (loss) | ($59) | ($1,072) | ($295) | ($1,567) |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 12, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Cash consideration | $30 |
Gain on disposal | $2.90 |