Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'C&J Energy Services, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 55,398,749 | ' |
Entity Public Float | ' | ' | $702,000,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001509273 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $14,414 | $14,442 |
Accounts receivable, net | 152,696 | 166,517 |
Inventories, net | 70,946 | 60,659 |
Prepaid and other current assets | 17,066 | 4,948 |
Deferred tax assets | 1,722 | 3,613 |
Total current assets | 256,844 | 250,179 |
Property, plant and equipment, net | 535,574 | 433,727 |
Other assets: | ' | ' |
Goodwill | 205,798 | 196,512 |
Intangible assets, net | 123,038 | 123,487 |
Deposits on equipment under construction | 4,331 | 1,033 |
Deferred financing costs, net | 2,688 | 3,848 |
Other noncurrent assets | 4,027 | 3,971 |
Total assets | 1,132,300 | 1,012,757 |
Current liabilities: | ' | ' |
Accounts payable | 88,576 | 69,617 |
Payroll and related costs | 13,711 | 10,896 |
Accrued expenses | 18,619 | 17,286 |
Income taxes payable | 266 | 4,029 |
Customer advances and deposits | 1,035 | 1,092 |
Other current liabilities | 2,926 | 2,122 |
Total current liabilities | 125,133 | 105,042 |
Deferred tax liabilities | 145,215 | 132,551 |
Long-term debt and capital lease obligations | 164,205 | 173,705 |
Other long-term liabilities | 1,596 | 1,568 |
Total liabilities | 436,149 | 412,866 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Common stock, par value of $0.01, 100,000,000 shares authorized, 54,604,124 issued and outstanding at December 31, 2013 and 53,131,823 issued and outstanding at December 31, 2012 | 546 | 531 |
Additional paid-in capital | 254,188 | 224,348 |
Retained earnings | 441,417 | 375,012 |
Total stockholders' equity | 696,151 | 599,891 |
Total liabilities and stockholders' equity | $1,132,300 | $1,012,757 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,604,124 | 53,131,823 |
Common stock, shares outstanding | 54,604,124 | 53,131,823 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $1,070,322 | $1,111,501 | $758,454 |
Costs and expenses: | ' | ' | ' |
Direct costs | 738,947 | 686,811 | 432,298 |
Selling, general and administrative expenses | 136,910 | 94,556 | 41,076 |
Research and development | 5,020 | ' | ' |
Depreciation and amortization | 74,703 | 46,912 | 22,919 |
(Gain) loss on disposal of assets | 527 | 692 | -25 |
Operating income | 114,215 | 282,530 | 262,186 |
Other income (expense:) | ' | ' | ' |
Interest expense, net | -6,550 | -4,996 | -4,221 |
Loss on early extinguishment of debt | ' | ' | -7,605 |
Other expense, net | 53 | -105 | -40 |
Total other income (expense) | -6,497 | -5,101 | -11,866 |
Income before income taxes | 107,718 | 277,429 | 250,320 |
Income tax expense | 41,313 | 95,079 | 88,341 |
Net income | $66,405 | $182,350 | $161,979 |
Net income per common share: | ' | ' | ' |
Basic (in Dollars per share) | $1.25 | $3.51 | $3.28 |
Diluted (in Dollars per share) | $1.20 | $3.37 | $3.19 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in Shares) | 53,038 | 52,008 | 49,315 |
Diluted (in Shares) | 55,367 | 54,039 | 50,780 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholdersb Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||
Balance at Dec. 31, 2010 | $475 | $78,288 | $30,683 | $109,446 |
Balance (in Shares) at Dec. 31, 2010 | 47,499,000 | ' | ' | ' |
Issuance of common stock | 43 | 112,104 | ' | 112,147 |
Issuance of common stock (in Shares) | 4,300,000 | ' | ' | ' |
Exercise of stock options | 1 | 124 | ' | 125 |
Exercise of stock options (in Shares) | 88,000 | ' | ' | ' |
Tax effect of stock-based compensation | ' | 512 | ' | 512 |
Stock-based compensation | ' | 10,846 | ' | 10,846 |
Net income | ' | ' | 161,979 | 161,979 |
Balance at Dec. 31, 2011 | 519 | 201,874 | 192,662 | 395,055 |
Balance (in Shares) at Dec. 31, 2011 | 51,887,000 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in Shares) | 780,000 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 7 | -7 | ' | ' |
Exercise of stock options | 5 | 2,568 | ' | 2,573 |
Exercise of stock options (in Shares) | 465,000 | ' | ' | ' |
Tax effect of stock-based compensation | ' | 1,901 | ' | 1,901 |
Stock-based compensation | ' | 18,012 | ' | 18,012 |
Net income | ' | ' | 182,350 | 182,350 |
Balance at Dec. 31, 2012 | 531 | 224,348 | 375,012 | 599,891 |
Balance (in Shares) at Dec. 31, 2012 | 53,132,000 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in Shares) | 669,000 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 7 | -7 | ' | ' |
Employee tax withholding on restricted stock vesting | -1 | -1,374 | ' | -1,375 |
Employee tax withholding on restricted stock vesting (in Shares) | -74,000 | ' | ' | ' |
Exercise of stock options | 9 | 5,210 | ' | 5,219 |
Exercise of stock options (in Shares) | 877,000 | ' | ' | ' |
Tax effect of stock-based compensation | ' | 3,430 | ' | 3,430 |
Stock-based compensation | ' | 22,581 | ' | 22,581 |
Net income | ' | ' | 66,405 | 66,405 |
Balance at Dec. 31, 2013 | $546 | $254,188 | $441,417 | $696,151 |
Balance (in Shares) at Dec. 31, 2013 | 54,604,000 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $66,405,000 | $182,350,000 | $161,979,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 74,703,000 | 46,912,000 | 22,919,000 |
Deferred income taxes | 16,513,000 | 15,926,000 | 45,903,000 |
Provision for doubtful accounts, net of write-offs | 689,000 | 600,000 | 415,000 |
Equity in loss of unconsolidated affiliate | 160,000 | ' | ' |
(Gain) Loss on disposal of assets | 527,000 | 692,000 | -25,000 |
Stock-based compensation expense | 22,581,000 | 18,012,000 | 10,846,000 |
Excess tax benefit from stock-based award activity | -3,450,000 | -1,916,000 | -512,000 |
Amortization of deferred financing costs | 1,160,000 | 923,000 | 703,000 |
Inventory write-down | 870,000 | ' | ' |
Write-off of deferred financing costs related to early extinguishment of debt | ' | ' | 2,899,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 14,704,000 | -10,621,000 | -72,323,000 |
Inventories | -10,495,000 | -11,263,000 | -29,201,000 |
Prepaid expenses and other current assets | -12,405,000 | 7,107,000 | -5,416,000 |
Accounts payable | 18,168,000 | -442,000 | 41,426,000 |
Accrued liabilities | 2,710,000 | 5,373,000 | 5,366,000 |
Accrued taxes | -438,000 | 3,681,000 | -5,607,000 |
Deferred income | 200,000 | 600,000 | -4,000,000 |
Other | -5,324,000 | -3,251,000 | -3,670,000 |
Net cash provided by operating activities | 187,278,000 | 254,683,000 | 171,702,000 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of and deposits on property, plant and equipment | -157,987,000 | -182,179,000 | -140,723,000 |
Proceeds from disposal of property, plant and equipment | 1,151,000 | 434,000 | 2,400,000 |
Payments made for business acquisitions, net of cash acquired | -14,636,000 | -273,401,000 | -27,222,000 |
Investment in unconsolidated subsidiary | ' | -3,000,000 | ' |
Net cash used in investing activities | -171,472,000 | -458,146,000 | -165,545,000 |
Cash flows from financing activities: | ' | ' | ' |
(Payments) proceeds on revolving debt, net | -20,306,000 | 170,000,000 | -3,000,000 |
Proceeds from long-term debt | ' | ' | 12,750,000 |
Repayments of long-term debt | -638,000 | ' | -81,789,000 |
Repayments of capital lease obligations | -2,184,000 | -1,121,000 | ' |
Financing costs | ' | -2,243,000 | -2,939,000 |
Proceeds from initial public offering, net of transaction fees | ' | ' | 112,147,000 |
Proceeds from stock options exercised | 5,219,000 | 2,573,000 | 125,000 |
Employee tax withholding on restricted stock vesting | -1,375,000 | ' | ' |
Excess tax benefit from stock-based award activity | 3,450,000 | 1,916,000 | 512,000 |
Net cash provided by (used in) financing activities | -15,834,000 | 171,125,000 | 37,806,000 |
Net (decrease) increase in cash and cash equivalents | -28,000 | -32,338,000 | 43,963,000 |
Cash and cash equivalents, beginning of year | 14,442,000 | 46,780,000 | 2,817,000 |
Cash and cash equivalents, end of year | 14,414,000 | 14,442,000 | 46,780,000 |
Supplemental cash flow disclosures: | ' | ' | ' |
Cash paid for interest | 5,473,000 | 3,975,000 | 8,417,000 |
Cash paid for income taxes | 38,819,000 | 75,619,000 | 46,692,000 |
Non-cash consideration for business acquisition | $2,556,000 | ' | ' |
Note_1_Organization_Nature_of_
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |||||||||||||
Note 1 – Organization, Nature of Business and Summary of Significant Accounting Policies | ||||||||||||||
C&J Energy Services, Inc., a Delaware corporation, was founded in Texas in 1997. Through its subsidiaries, the Company operates in three reportable segments: Stimulation and Well Intervention Services, Wireline Services and Equipment Manufacturing. The Company provides hydraulic fracturing, coiled tubing and other well stimulation services through its Stimulation and Well Intervention Services segment and cased-hole wireline and other complementary services through its Wireline Services segment to oil and natural gas exploration and production companies throughout the United States. In addition, the Company manufactures, refurbishes and repairs equipment and provides oilfield parts and supplies for third-party customers in the energy services industry through its Equipment Manufacturing segment, and also fulfills the Company’s internal equipment demands through this segment. See “Note 11 – Segment Information” for further discussion regarding the Company’s reportable segments. With the exception of C&J International B.V. and C&J International Middle East FZCO, all of the Company’s consolidated subsidiaries are currently located and operated within North America. As used herein, references to the “Company” or “C&J” are to C&J Energy Services, Inc. together with its consolidated subsidiaries. | ||||||||||||||
Basis of Presentation and Principles of Consolidation. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of C&J and its subsidiaries. All significant inter-company transactions and account balances have been eliminated upon consolidation. | ||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are used in, but are not limited to, determining the following: allowance for doubtful accounts, recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, income taxes and stock-based compensation. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. | ||||||||||||||
Cash and Cash Equivalents. For purposes of the consolidated statement of cash flows, cash is defined as cash on-hand and balances in operating bank accounts, amounts due from depository institutions, interest-bearing and deposits in other banks, and money market accounts. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are stated at the amount billed to customers and are ordinarily due upon receipt. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information and existing economic conditions. Provisions for doubtful accounts are recorded when it is deemed probable that the customer will not make the required payments at either the contractual due dates or in the future. At December 31, 2013 and 2012, the allowance for doubtful accounts totaled $1.7 million and $1.1 million, respectively. Bad debt expense of $0.7 million, $0.6 million and $0.4 million was included in selling, general, and administrative expenses on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Inventories. Inventories for the Stimulation and Well Intervention Services segment and the Wireline Services segment consist of finished goods and raw materials, including equipment components, chemicals, proppants, and supplies and materials for the segments’ operations. Inventories for the Equipment Manufacturing segment consist of raw materials and work-in-process, including equipment components and supplies and materials. See “Note 11 – Segment Information” for further discussion regarding the Company’s reportable segments. | ||||||||||||||
Inventories are stated at the lower of cost or market (net realizable value) on a first-in, first-out basis and appropriate consideration is given to deterioration, obsolescence and other factors in evaluating net realizable value. Inventories consisted of the following (in thousands): | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Raw materials | $ | 31,445 | $ | 21,551 | ||||||||||
Work-in-process | 3,652 | 1,523 | ||||||||||||
Finished goods | 36,690 | 38,164 | ||||||||||||
Total inventory | 71,787 | 61,238 | ||||||||||||
Inventory reserve | (841 | ) | (579 | ) | ||||||||||
Inventory, net of reserve | $ | 70,946 | $ | 60,659 | ||||||||||
Property, Plant and Equipment. Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance and repairs, which do not improve or extend the life of the related assets, are charged to expense when incurred. Refurbishments and renewals are capitalized when the value of the equipment is enhanced for an extended period. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operating income. | ||||||||||||||
The cost of property and equipment currently in service is depreciated, on a straight-line basis, over the estimated useful lives of the related assets, which range from three to 25 years. Depreciation expense was $64.6 million, $39.4 million and $19.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Major classifications of property, plant and equipment and their respective useful lives are as follows (in thousands): | ||||||||||||||
Estimated Useful | As of December 31, | |||||||||||||
Lives (years) | 2013 | 2012 | ||||||||||||
Land | Indefinite | $ | 2,225 | $ | 1,454 | |||||||||
Building and leasehold improvements | 5 | - | 25 | 50,163 | 26,856 | |||||||||
Office furniture, fixtures and equipment | 3 | - | 5 | 10,878 | 6,639 | |||||||||
Machinery and equipment | 3 | - | 10 | 529,854 | 397,747 | |||||||||
Transportation equipment | 5 | 46,425 | 26,048 | |||||||||||
639,545 | 458,744 | |||||||||||||
Less: accumulated depreciation | (148,954 | ) | (84,848 | ) | ||||||||||
490,591 | 373,896 | |||||||||||||
Assets not yet placed in service | 44,983 | 59,831 | ||||||||||||
Property, plant and equipment, net | $ | 535,574 | $ | 433,727 | ||||||||||
Goodwill, Intangible Assets and Amortization. The carrying amount of goodwill is tested at least annually for impairment and more frequently if events or circumstances indicate their carrying value may not be recoverable. Impairment testing is conducted at the reporting unit level, consistent with the presentation of the Company’s operating segments. | ||||||||||||||
Before employing detailed impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors relevant to each reporting unit, such as macroeconomic, industry, market or any other factors that have a significant bearing on fair value. If the Company first utilizes a qualitative approach and determines that it is more likely than not that goodwill is impaired, detailed testing methodologies are then applied. Otherwise, the Company concludes that no impairment has occurred. The Company may also choose to bypass a qualitative approach and opt instead to employ detailed testing methodologies, regardless of a possible more likely than not outcome. Detailed impairment testing involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess, not to exceed the carrying value. | ||||||||||||||
The Company’s detailed impairment analysis involves the use of discounted cash flow models. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes on each reporting unit. Critical assumptions include projected revenue growth, fleet count, gross profit rates, SG&A rates, working capital fluctuations, capital expenditures, discount rates and terminal growth rates. Discount rates are determined separately for each reporting unit using the capital asset pricing model. Comparable market earnings multiple data is also used as well as the Company’s market capitalization to corroborate reporting unit valuations. | ||||||||||||||
Judgment is used in assessing whether goodwill should be tested more frequently for impairment than annually. Factors such as unexpected adverse economic conditions, competition, market changes and other external events may require more frequent assessments. The annual goodwill impairment testing has been completed for each of the Company’s reporting units during the fourth quarter, and as the fair value of each reporting unit was in excess of the respective reporting unit's carrying value, it has been determined that the $205.8 million of goodwill is not impaired. | ||||||||||||||
The Company has approximately $13.8 million of intangible assets with indefinite useful lives, which are subject to annual impairment tests or more frequently if events or circumstances indicate the carrying amount may not be recoverable. Before employing detailed impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors. A detailed impairment test for indefinite lived intangible assets encompasses calculating a fair value of an indefinite lived intangible asset and comparing the fair value to its carrying value. No impairment with respect to indefinite lived intangible assets was recorded during 2013. | ||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||
Amortization | As of December 31, | |||||||||||||
Period (years) | 2013 | 2012 | ||||||||||||
Trade name | 10 | - | 15 | $ | 27,665 | $ | 27,275 | |||||||
Customer relationships | 8 | - | 15 | 100,593 | 100,193 | |||||||||
Non-compete, backlog and patent (months) | 11 | - | 48 | 4,601 | 4,601 | |||||||||
Developed technology | 10 | 2,110 | - | |||||||||||
IPR&D | Indefinite | 7,598 | 854 | |||||||||||
Trade name - Total Equipment | Indefinite | 6,247 | 6,247 | |||||||||||
148,814 | 139,170 | |||||||||||||
Less: accumulated amortization | (25,776 | ) | (15,683 | ) | ||||||||||
Intangible assets, net | $ | 123,038 | $ | 123,487 | ||||||||||
Amortization expense for the years ended December 31, 2013, 2012 and 2011 totaled $10.1 million, $7.5 million and $3.7 million, respectively. | ||||||||||||||
Estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): | ||||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 10,187 | |||||||||||||
2015 | 9,535 | |||||||||||||
2016 | 9,269 | |||||||||||||
2017 | 9,135 | |||||||||||||
2018 | 9,135 | |||||||||||||
Thereafter | 61,932 | |||||||||||||
$ | 109,193 | |||||||||||||
Impairment of Long-Lived Assets. Long-lived assets, which include property, plant and equipment, and intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded in the period in which it is determined that the carrying amount is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The impairment loss is determined by comparing the fair value with the carrying value of the related assets. For the years ended December 31, 2013, 2012 and 2011, no indicators of impairment were present. | ||||||||||||||
Deferred Financing Costs. Costs incurred to obtain financing are capitalized and amortized on a straight-line basis over the term of the loan, which approximates the effective interest method. These costs are classified within interest expense on the consolidated statements of operations and were $1.2 million, $0.9 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Accumulated amortization of deferred financing costs was $2.5 million and $1.3 million at December 31, 2013 and 2012, respectively. Estimated future amortization expense relating to deferred financing costs is as follows (in thousands): | ||||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 1,160 | |||||||||||||
2015 | 1,160 | |||||||||||||
2016 | 368 | |||||||||||||
$ | 2,688 | |||||||||||||
Revenue Recognition. All revenue is recognized when persuasive evidence of an arrangement exists, the service is complete or the equipment has been delivered to the customer, the amount is fixed or determinable and collectability is reasonably assured, as follows: | ||||||||||||||
Hydraulic Fracturing Revenue. The Company provides hydraulic fracturing services pursuant to contractual arrangements, such as term contracts and pricing agreements, or on a spot market basis. Revenue is recognized and customers are invoiced upon the completion of each job, which can consist of one or more fracturing stages. Once a job has been completed to the customer’s satisfaction, a field ticket is written that includes charges for the service performed and the chemicals and proppants consumed during the course of the service. The field ticket may also include charges for the mobilization of the equipment to the location, additional equipment used on the job, if any, and other miscellaneous consumables. | ||||||||||||||
Historically, most of the Company’s hydraulic fracturing services were performed under six legacy term contracts. Over the course of 2013, all but one of these term contracts expired, with two transitioning into short-term pricing agreements. Under the Company’s term contracts, customers were typically obligated to pay on a monthly basis for a specified number of hours of service, whether or not those services were actually used. To the extent customers used more than the specified contracted minimums, the Company would be paid a pre-agreed amount for the provision of such additional services. | ||||||||||||||
Pursuant to pricing agreements, customers typically commit to targeted utilization levels at agreed-upon pricing, but without termination penalties or obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted to then-current market rates upon the agreement of both parties. | ||||||||||||||
Rates for services performed on a spot market basis are based on an agreed-upon hourly spot market rate. The Company may also charge fees for setup and mobilization of equipment depending on the job, additional equipment used on the job, if any, and materials that are consumed during the fracturing process. Generally, these fees and other charges vary depending on the equipment and personnel required for the job and market conditions in the region in which the services are performed. | ||||||||||||||
Coiled Tubing and Other Well Stimulation Revenue. The Company enters into arrangements to provide coiled tubing and other well stimulation services, primarily including nitrogen, pressure pumping and thru-tubing services. Jobs for these services are typically short-term in nature, lasting anywhere from a few hours to multiple days. Revenue is recognized upon completion of each day’s work based upon a completed field ticket. The field ticket includes charges for the mobilization of the equipment to the location, the service performed, the personnel on the job, additional equipment used on the job, if any, and miscellaneous consumables used throughout the course of the service. The Company typically charges the customer for these services on an hourly basis at agreed-upon spot market rates. | ||||||||||||||
Revenue from Materials Consumed While Performing Services. The Company generates revenue from chemicals and proppants that are consumed while performing hydraulic fracturing services. For services performed on a spot market basis, the necessary chemicals and proppants are typically provided by the Company and the customer is billed for those materials at cost plus an agreed-upon markup. For services performed on a contractual basis, when the chemicals and proppants are provided by the Company, the customer is billed for those materials at a negotiated contractual rate. When chemicals and proppants are supplied by the customer, the Company typically charges handling fees based on the amount of chemicals and proppants used. | ||||||||||||||
In addition, ancillary to coiled tubing and other well stimulation services revenue, the Company generates revenue from various fluids and supplies that are necessarily consumed during those processes. | ||||||||||||||
Wireline Revenue. Wireline revenue is generated from the performance of cased-hole wireline and other complementary services, including logging, perforating, pipe recovery, pressure testing and pumpdown services. These jobs are typically short-term in nature, lasting anywhere from a few hours to multiple days. Revenue is recognized when the services and equipment are provided and the job is completed. The Company typically charges the customer on a per job basis for these services at agreed-upon spot market rates. | ||||||||||||||
Equipment Manufacturing Revenue. The Company enters into arrangements to construct new equipment, refurbish and repair equipment and provide oilfield parts and supplies to third-party customers in the energy services industry. Revenue is recognized and the customer is invoiced upon the completion and delivery of each order to the customer. | ||||||||||||||
Stock-Based Compensation. The Company’s stock-based compensation plans provide the ability to grant equity awards to officers, employees, consultants and non-employee directors. As of December 31, 2013, only nonqualified stock options and restricted stock had been granted under such plans. The Company values option grants based on the grant date fair value by using the Black-Scholes option-pricing model and values restricted stock grants based on the closing price of C&J’s common stock on the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. Further information regarding the Company’s stock-based compensation arrangements and the related accounting treatment can be found in “Note 6 – Stock-Based Compensation.” | ||||||||||||||
Fair Value of Financial Instruments. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, long-term debt and capital lease obligations. The recorded values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values based on their short-term nature. The carrying value of long-term debt and capital lease obligations approximate their fair value, as the interest rates approximate market rates. | ||||||||||||||
Equity Method Investments. During 2013, the Company made an investment in a joint venture which is accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over operating and financial policies of the joint venture. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings and losses of these investments. The Company eliminates all significant intercompany transactions, including the intercompany portion of transactions with equity method investees, from the consolidated financial results. | ||||||||||||||
The carrying value of this equity method investment at December 31, 2013 was $2.8 million and is included in other noncurrent assets on the consolidated balance sheets. The Company’s share of the net loss from the unconsolidated affiliate was approximately $160,000 for the year ended December 31, 2013 and is included in other expense, net, on the consolidated statements of operations. | ||||||||||||||
Income Taxes. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | ||||||||||||||
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In assessing the likelihood and extent that deferred tax assets will be realized, consideration is given to projected future taxable income and tax planning strategies. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||||||||||||
The Company recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are reversed in the first period in which it is no longer more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. However, there were no amounts recognized relating to interest and penalties in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. The Company had no uncertain tax positions as of December 31, 2013. | ||||||||||||||
Earnings Per Share. Basic earnings per share is based on the weighted average number of shares of common stock (“common shares”) outstanding during the applicable period and excludes shares subject to outstanding stock options and shares of restricted stock. Diluted earnings per share is computed based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to outstanding stock options and restricted stock. | ||||||||||||||
The following is a reconciliation of the components of the basic and diluted earnings per share calculations for the applicable periods: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net income attributed to common shareholders | $ | 66,405 | $ | 182,350 | $ | 161,979 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding - basic | 53,038 | 52,008 | 49,315 | |||||||||||
Effect of potentially dilutive securities: | ||||||||||||||
Stock options | 2,096 | 1,979 | 1,465 | |||||||||||
Restricted stock | 233 | 52 | - | |||||||||||
Weighted average common shares outstanding - diluted | 55,367 | 54,039 | 50,780 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 1.25 | $ | 3.51 | $ | 3.28 | ||||||||
Diluted | $ | 1.2 | $ | 3.37 | $ | 3.19 | ||||||||
A summary of securities excluded from the computation of basic and diluted earnings per share is presented below for the applicable periods: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Basic earnings per share: | ||||||||||||||
Unvested restricted stock | 1,194 | 748 | - | |||||||||||
Diluted earnings per share: | ||||||||||||||
Anti-dilutive stock options | 1,054 | 1,193 | 2,344 | |||||||||||
Anti-dilutive restricted stock | 164 | 30 | - | |||||||||||
Potentially dilutive securities excluded as anti-dilutive | 1,218 | 1,223 | 2,344 | |||||||||||
Recent Accounting Pronouncements. None. | ||||||||||||||
Reclassifications. Certain reclassifications have been made to prior period consolidated financial statements to conform to current period presentations. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. |
Note_2_LongTerm_Debt_and_Capit
Note 2 - Long-Term Debt and Capital Lease Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
Note 2 - Long-Term Debt and Capital Lease Obligations | |||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Senior secured revolving credit facility maturing on April 19, 2016 | $ | 150,000 | $ | 170,000 | |||||
Capital leases | 17,065 | 5,763 | |||||||
Total debt and capital lease obligations | 167,065 | 175,763 | |||||||
Less: amount maturing within one year | (2,860 | ) | (2,058 | ) | |||||
Long-term debt and capital lease obligations | $ | 164,205 | $ | 173,705 | |||||
Credit Facility | |||||||||
On April 19, 2011, the Company entered into a five-year senior secured revolving credit agreement which, as amended on June 5, 2012, has a borrowing base of $400.0 million (the “Credit Facility”). The amendment increased, among other things, the Company’s borrowing capacity under the Credit Facility from $200.0 million to $400.0 million. The aggregate amount by which the Company may periodically increase commitments through incremental facilities is $100.0 million, the sublimit for letters of credit is $200.0 million and the sublimit for swing line loans is $25.0 million. Loans under the Credit Facility are denominated in U.S. dollars and will mature on April 19, 2016. Outstanding loans bear interest at either LIBOR or a base rate, at the Company’s election, plus an applicable margin that ranges from 1.25% to 2.00% for base rate loans and from 2.25% to 3.00% for LIBOR loans, based upon the Company’s ratio of funded indebtedness to EBITDA for the Company on a consolidated basis. The Company is also required to pay a quarterly commitment fee of 0.5% on the unused portion of the Credit Facility. | |||||||||
As of December 31, 2013, $150.0 million was outstanding under the Credit Facility, along with $0.7 million in letters of credit, leaving $249.3 million available for borrowing. All obligations under the Credit Facility are guaranteed by the Company’s wholly-owned domestic subsidiaries, other than immaterial subsidiaries. The weighted average interest rate as of December 31, 2013 was 2.4%. | |||||||||
The Credit Facility contains customary affirmative and restrictive covenants including financial reporting, governance and notification requirements. Among other restrictions, the Company is unable to issue dividends under the terms of the Credit Facility. The Company was in compliance with all debt covenants under the Credit Facility as of December 31, 2013. | |||||||||
Capitalized terms used in this Note 2 – Long-Term Debt and Capital Lease Obligations but not defined herein are defined in the Credit Facility. | |||||||||
Capital Lease Obligations | |||||||||
In 2013, the Company entered into a “build-to-suit” lease agreement for the construction of its research and technology facility as well as its new corporate headquarters. The research and technology facility was completed during 2013, and is being accounted for as a capital lease, which is a non-cash investing and financing activity. The cost of the leased building was approximately $13.5 million and accumulated amortization was $0.1 million at December 31, 2013. The lease is payable monthly in amounts ranging from $93 thousand to $128 thousand over the term of the lease, including interest at approximately 2.7% per year, and has an initial term of 12 years. Cumulative future lease payments through the initial term are $15.7 million, of which approximately $2.4 million represents interest expense. Commencement of the corporate headquarters lease will begin when construction of the facility is substantially complete, which is expected to be in April 2014. | |||||||||
In addition, the Company leases certain service equipment, with the intent to purchase, under non-cancelable capital leases. The terms of these contracts range from three to four years with varying payment dates throughout each month. |
Note_3_Acquisitions
Note 3 - Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||
Note 3 – Acquisitions | |||||||||
On June 7, 2012, the Company acquired all of the outstanding equity interests of Casedhole Holdings, Inc. and its operating subsidiary, Casedhole Solutions, Inc. (collectively, “Casedhole Solutions”), which was accounted for using the purchase method of accounting. The results of Casedhole Solutions’ operations since the date of the acquisition have been included in the Company’s consolidated financial statements and are presented in Note 11 – Segment Information. The acquisition of Casedhole Solutions added cased-hole wireline and other complementary services to the Company’s existing service lines and expanded its geographic presence and customer base. Total consideration paid by the Company consisted of approximately $273.4 million in cash, net of cash acquired of approximately $7.4 million. This included a final working capital adjustment of $1.5 million that was paid in September 2012. The Company funded the acquisition through $220.0 million drawn from the Credit Facility, with the remainder paid from cash on hand. | |||||||||
The purchase price was allocated to the net assets acquired based upon their estimated fair values, as follows (in thousands): | |||||||||
Current assets | $ | 49,619 | |||||||
Property and equipment | 73,204 | ||||||||
Goodwill | 131,455 | ||||||||
Other intangible assets | 105,600 | ||||||||
Other assets | 1,459 | ||||||||
Total assets acquired | $ | 361,337 | |||||||
Current liabilities | $ | 23,081 | |||||||
Capital lease obligations | 4,895 | ||||||||
Deferred income taxes | 52,602 | ||||||||
Total liabilites assumed | $ | 80,578 | |||||||
Net assets acquired | $ | 280,759 | |||||||
Other intangible assets consist of customer relationships of $80.4 million, amortizable over 15 years, trade name of $23.6 million, amortizable over 10 years, and non-compete agreements of $1.6 million, amortizable over four years. The amount allocated to goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The goodwill and other intangible assets are not tax deductible. | |||||||||
The following unaudited pro forma results of operations have been prepared as though the Casedhole Solutions acquisition was completed on January 1, 2011. Pro forma amounts are based on the purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future or of results that might have been achieved had the acquisition been completed on January 1, 2011 (in thousands, except per share data): | |||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Revenues | $ | 1,205,864 | $ | 886,721 | |||||
Net income | 194,716 | 167,842 | |||||||
Net income per common share: | |||||||||
Basic | $ | 3.74 | $ | 3.4 | |||||
Diluted | 3.6 | 3.31 | |||||||
In preparing the pro forma financial information, the Company added $0.3 million and $0.6 million of depreciation expense for the years ended December 31, 2012 and 2011, respectively. Amortization expense for the amortization of intangible assets of $3.5 million and $8.1 million was added for the years ended December 31, 2012 and 2011, respectively. Selling, general and administrative expenses were reduced by $3.3 million related to costs incurred in connection with the acquisition for the year ended December 31, 2012. Interest expense was increased by $1.5 million and $1.9 million for the years ended December 31, 2012 and 2011, respectively. Income tax expense was reduced by $2.5 million and $3.5 million for the years ended December 31, 2012 and 2011, respectively. The amount of revenue and earnings of Casedhole Solutions since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2012 are presented in “Note 11 – Segment Information.” | |||||||||
On April 28, 2011, the Company acquired all of the outstanding common stock of Total E&S, Inc. (“Total Equipment”), one of its largest suppliers of hydraulic fracturing, coiled tubing and pressure pumping equipment. The aggregate purchase price of approximately $33.0 million included $23.0 million in cash to the sellers and $10.0 million in repayment of the outstanding debt and accrued interest of Total Equipment. In exchange for the consideration transferred, the Company acquired net working capital assets with an estimated value of approximately $6.9 million, including $5.4 million in cash and cash equivalents. | |||||||||
In April 2013, the Company acquired all of the outstanding common stock of a provider of directional drilling technology and related downhole tools. The aggregate purchase price of the acquisition was approximately $9.0 million. | |||||||||
In December 2013, the Company acquired all of the outstanding stock of a manufacturer of data control instruments. The aggregate purchase price of the acquisition was approximately $6.7 million. |
Note_4_Income_Taxes
Note 4 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
Note 4 – Income Taxes | |||||||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current provision: | |||||||||||||
Federal | $ | 22,870 | $ | 75,205 | $ | 37,687 | |||||||
State | 1,930 | 3,948 | 4,751 | ||||||||||
Total current provision | 24,800 | 79,153 | 42,438 | ||||||||||
Deferred (benefit) provision: | |||||||||||||
Federal | 14,864 | 16,199 | 45,039 | ||||||||||
State | 1,705 | (273 | ) | 864 | |||||||||
Foreign | (56 | ) | - | - | |||||||||
Total deferred (benefit) provision | 16,513 | 15,926 | 45,903 | ||||||||||
Provision (benefit) for income taxes | $ | 41,313 | $ | 95,079 | $ | 88,341 | |||||||
The following table reconciles the statutory tax rates to the Company’s effective tax rate: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 2.8 | % | 1.4 | % | 1.6 | % | |||||||
Domestic production activities deduction | -1.8 | % | -2.6 | % | -1.5 | % | |||||||
Effect of foreign losses | 0.7 | % | - | - | |||||||||
Other | 1.7 | % | 0.5 | % | 0.2 | % | |||||||
Effective income tax rate | 38.4 | % | 34.3 | % | 35.3 | % | |||||||
The Company’s deferred tax assets and liabilities consist of the following (in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 635 | $ | 2,877 | |||||||||
Allowance for doubtful accounts | 609 | 394 | |||||||||||
Stock-based compensation | 335 | - | |||||||||||
Other | 429 | 342 | |||||||||||
Current deferred tax assets | 2,008 | 3,613 | |||||||||||
Stock-based compensation | 14,577 | 10,370 | |||||||||||
Net operating losses | 750 | 410 | |||||||||||
Accrued liabilities | 93 | - | |||||||||||
Other | 123 | 187 | |||||||||||
Non-current deferred tax assets | 15,543 | 10,967 | |||||||||||
Total deferred tax assets | 17,551 | 14,580 | |||||||||||
Valuation allowance | - | - | |||||||||||
Total deferred tax assets, net | 17,551 | 14,580 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Current deferred tax liability | (286 | ) | - | ||||||||||
Depreciation on property, plant and equipment equipment | (113,584 | ) | (96,691 | ) | |||||||||
Amortization of goodwill and intangible assets | (47,174 | ) | (45,595 | ) | |||||||||
Other | - | (1,232 | ) | ||||||||||
Non-current deferred tax liabilities | (160,758 | ) | (143,518 | ) | |||||||||
Net deferred tax liability | $ | (143,493 | ) | $ | (128,938 | ) | |||||||
The Company has approximately $2.3 million of state net operating loss carryforwards (“NOL’s”) which expire in various years between 2024 and 2031. The Company believes that it is more likely than not that these NOL’s will be utilized and no valuation allowance has been provided. | |||||||||||||
The Company has identified its major taxing jurisdictions as the United States of America and Texas. The Company’s U.S. federal income tax returns for the years 2010 through 2012 remain open to examination under the applicable federal statute of limitations provisions. The Company’s Texas franchise tax returns for the years 2009 through 2012 remain open to examination under the applicable Texas statute of limitations provisions. None of the Company’s federal returns are currently under examination. The Company filed an amended Texas return for 2009 which is currently under examination. |
Note_5_Stockholders_Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 5 – Stockholders’ Equity | |
On October 30, 2013, the Company announced that the Board of Directors authorized a common stock repurchase program, pursuant to which the Company may repurchase up to an aggregate $100 million of C&J’s common stock through December 31, 2015 (the “Repurchase Program”). Any repurchases will be implemented through open market transactions or in privately negotiated transactions, in accordance with applicable securities laws. The timing, price, and size of any repurchases will be made at the Company’s discretion and will depend upon prevailing market prices, general economic and market conditions, the capital needs of the business and other considerations. The Repurchase Program does not obligate the Company to acquire any particular amount of stock and any repurchases may be commenced or suspended at any time without notice. |
Note_6_StockBased_Compensation
Note 6 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 6 - Stock-Based Compensation | |||||||||||||||||
The C&J Energy Services, Inc. 2012 Long-Term Incentive Plan (the “2012 LTIP”) provides for the grant of stock-based awards to the Company’s officers, employees, consultants and non-employee directors. The following types of awards are available for issuance under the 2012 LTIP: incentive stock options and nonqualified stock options; stock appreciation rights; restricted stock; restricted stock units; dividend equivalent rights; phantom stock units; stock appreciation rights; performance awards; and share awards. To date, only nonqualified stock options and restricted stock have been awarded under the 2012 LTIP. Under the 2012 LTIP, all stock option awards have generally been granted with an exercise price equal to the market price of the Company’s stock at the grant date. Those awards generally vest over three years of continuous service with one-third vesting on the first, second, and third anniversaries of the option’s grant date. The option awards expire on the tenth anniversary of the date of grant. | |||||||||||||||||
To the extent permitted by law, the participant of an award of restricted stock will have all of the rights of a stockholder with respect to the underlying shares of common stock, including the right to vote the common shares and to receive all dividends or other distributions made with respect to the common shares. Dividends on restricted stock will be deferred until the lapsing of the restrictions imposed on the shares and will be held by the Company for the account of the participant (either in cash or to be reinvested in shares of restricted stock) until such time. Payment of the deferred dividends and accrued interest, if any, shall be made upon the lapsing of restrictions on the shares of restricted stock, and any dividends deferred in respect of any shares of restricted stock shall be forfeited upon the forfeiture of such shares of restricted stock. | |||||||||||||||||
A total of 4.3 million shares of common stock were authorized and approved for issuance under the 2012 LTIP, subject to certain adjustments. This number of shares is subject to appropriate adjustment in the event of a reclassification, recapitalization, merger, consolidation, reorganization, spin-off, split-up, issuance of warrants, rights or debentures, stock dividend, stock split or reverse stock split, cash dividend, property dividend, combination or exchange of shares, repurchase of shares, change in corporate structure or any similar corporate event or transaction. This number of shares may also increase due to the termination of an award granted under the 2012 LTIP, or under the Company’s Prior Plans (as defined below), by expiration, forfeiture, cancellation or otherwise without the issuance of the shares of common stock. Approximately 3.1 million shares were available for issuance under the 2012 LTIP as of December 31, 2013. | |||||||||||||||||
Prior to the approval of the 2012 LTIP, the Company adopted and maintained the C&J Energy Services, Inc. 2010 Stock Option Plan (the “2010 Plan”). The Company’s 2010 Plan allowed for the grant of non-statutory stock options and incentive stock options to its employees, consultants and outside directors for up to 5.7 million shares of common stock. Under the 2010 Plan, option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the grant date. Those option awards generally vest over three years of continuous service with one-third vesting on the first, second, and third anniversaries of the option’s grant date. Certain option awards provide for accelerated vesting if there is a change in control, as defined in the 2010 Plan. The options expire on the tenth anniversary of the date of grant. | |||||||||||||||||
In connection with the approval of the 2012 LTIP, on May 29, 2012, the 2010 Plan was amended to provide, among other things, that (i) no additional awards would be granted under the 2010 Plan on or after May 29, 2012, (ii) all awards outstanding under the 2010 Plan as of May 29, 2012 would continue to be subject to the terms of the 2010 Plan and the applicable award agreement, and (iii) if and to the extent an award originally granted pursuant to the 2010 Plan is terminated by expiration, forfeiture, cancellation or otherwise without the issuance of shares of common stock, any and all shares of common stock associated with such award shall become available to be granted pursuant to a new award under the terms of the 2012 LTIP. | |||||||||||||||||
Prior to December 23, 2010, all options granted to employees were granted under the C&J Energy Services, Inc. 2006 Stock Option Plan (the “2006 Plan” and, together with the 2010 Plan, the “Prior Plans”). On December 23, 2010, the 2006 Plan was amended to provide, among other things, that (i) no additional awards would be granted under the 2006 Plan, (ii) all awards outstanding under the 2006 Plan would continue to be subject to the terms of the 2006 Plan and the applicable award agreement, and (iii) all unvested options under the 2006 Plan would immediately vest and become exercisable in connection with the completion of a private placement of common stock that occurred in December 2010. On May 29, 2012, the 2006 Plan was further amended to provide, among other things, that if and to the extent an award originally granted pursuant to the 2006 Plan is terminated by expiration, forfeiture, cancellation or otherwise without the issuance of shares of common stock, any and all shares of common stock associated with such award shall become available to be granted pursuant to a new award under the terms of the 2012 LTIP. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of each option award granted under the 2012 LTIP and the Prior Plans is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s lack of historical volume of option activity, the expected term of options granted is derived using the “plain vanilla” method. In addition, expected volatilities have been based on comparable public company data, with consideration given to the Company’s limited historical data. The Company makes estimates with respect to employee termination and forfeiture rates of the options within the valuation model. The risk-free rate is based on the approximate U.S. Treasury yield rate in effect at the time of grant. For options granted prior to the Company’s initial public offering (“IPO”), which closed on August 3, 2011, the calculation of the Company’s stock price involved the use of different valuation techniques, including a combination of an income and/or market approach. Determination of the fair value was a matter of judgment and often involved the use of significant estimates and assumptions. The following table presents the assumptions used in determining the fair value of option awards for the years ended December 31, 2012 and 2011. No stock options were granted by the Company for the year ended December 31, 2013. | |||||||||||||||||
Years Ended Decemer 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Expected volatility | 65% | - | 75% | 75.00% | |||||||||||||
Expected dividends | None | None | |||||||||||||||
Exercise price | $16.88 | - | $18.89 | $10.00 | - | $29.00 | |||||||||||
Expected term (in years) | 6 | 5 | - | 6 | |||||||||||||
Risk-free rate | 0.90% | - | 1.40% | 1.10% | - | 2.60% | |||||||||||
The weighted average grant date fair value of options granted during the years ended December 31, 2012 and 2011 was $11.45 and $15.30, respectively. | |||||||||||||||||
A summary of the Company’s stock option activity for the year ended December 31, 2013 is presented below. | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | (in thousands) | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 6,266 | $ | 11.06 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (877 | ) | 5.96 | ||||||||||||||
Forfeited | (106 | ) | 21.98 | ||||||||||||||
Outstanding at December 31, 2013 | 5,283 | $ | 11.69 | 6.36 | $ | 65,351 | |||||||||||
Exercisable at December 31, 2013 | 4,809 | $ | 10.59 | 6.23 | $ | 63,680 | |||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013 and 2012 was $13.0 million and $7.0 million, respectively. As of December 31, 2013, there was $4.3 million of total unrecognized compensation cost related to outstanding stock options. That cost is expected to be recognized over a weighted-average period of 0.7 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
Restricted stock is valued based on the closing price of the Company’s common stock on the date of grant. During the year ended December 31, 2013, approximately 0.7 million shares of restricted stock were granted to employees, consultants and non-employee directors under the 2012 LTIP at fair market values ranging from $19.25 to $23.69 per share. During the year ended December 31, 2012, approximately 0.8 million shares of restricted stock were granted to employees, consultants and non-employee directors under the 2012 LTIP at fair market values ranging from $18.01 to $20.89 per share. | |||||||||||||||||
A summary of the status and changes during the year ended December 31, 2013 of the Company’s shares of non-vested restricted stock is presented below: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
Non-vested at January 1, 2013 | 748 | $ | 18.94 | ||||||||||||||
Granted | 746 | 23.37 | |||||||||||||||
Forfeited | (77 | ) | 20.46 | ||||||||||||||
Vested | (284 | ) | 19.4 | ||||||||||||||
Non-vested at December 31, 2013 | 1,133 | $ | 21.63 | ||||||||||||||
As of December 31, 2013 and 2012, respectively, there was $15.8 million and $10.5 million of total unrecognized compensation cost related to shares of restricted stock. That cost is expected to be recognized over a weighted-average period of 1.9 years. The weighted-average grant-date fair value per share of restricted stock granted during the years ended December 31, 2013 and 2012, respectively, was $23.37 and $18.93. | |||||||||||||||||
As of December 31, 2013, the Company had 6.4 million stock options and shares of restricted stock outstanding to employees and non-employee directors, 1.1 million of which were issued under the 2006 Plan, 4.1 million were issued under the 2010 Plan and the remaining 1.2 million were issued under the 2012 Plan. As of December 31, 2012, the Company had 7.0 million of stock options and shares of restricted stock outstanding to employees and non-employee directors, 1.6 million of which were issued under the 2006 Plan, 4.6 million were issued under the 2010 Plan and the remaining 0.8 million were issued under the 2012 Plan. | |||||||||||||||||
Stock-based compensation expense was $22.6 million, $18.0 million and $10.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the consolidated statements of operations in connection with stock-based compensation expense was approximately $7.9 million, $6.2 million and $3.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 7 – Related Party Transactions | |
The Company has historically purchased a significant portion of machinery and equipment from Total Equipment who, prior to April 28, 2011, was 12% owned by the Company’s chief executive officer. As discussed in Note 3 – Acquisitions, on April 28, 2011 the Company acquired 100% of the outstanding common stock of Total Equipment. For the period from January 1, 2011 to April 27, 2011, purchases from Total Equipment were $26.4 million. | |
The Company obtains trucking and crane services on an arm’s length basis from certain vendors affiliated with two of its executive officers. For the years ended December 31, 2013, 2012 and 2011, purchases from these vendors totaled $3.7 million, $2.6 million and $5.7 million, respectively. Amounts payable to these vendors at December 31, 2013 and 2012 were $0.1 million and $0.6 million, respectively. | |
The Company purchases certain of its equipment on an arm’s length basis from vendors affiliated with a member of its Board of Directors. For the years ended December 31, 2013, 2012 and 2011, purchases from these vendors were $3.8 million, $14.7 million and $8.1 million, respectively. Amounts payable to these vendors at December 31, 2013, 2012 and 2011 were $0.9 million, $47,000 and $0.7 million, respectively. | |
The Company obtains office space, equipment rentals, tool repair services and other supplies from vendors affiliated with several employees. For the years ended December 31, 2013 and 2012, purchases from these vendors were $1.7 million and $1.3 million, respectively, and amounts payable to these vendors at December 31, 2013 and 2012 were $50,700 and $0.3 million, respectively. There were no related party transactions affiliated with any of the Company’s employees for the year ended December 31, 2011. | |
The Company has an unconsolidated equity method investment with a vendor that provides the Company with raw material for its specialty chemical business. For the year ended December 31, 2013, purchases from this vendor were $7.6 million. | |
The Company obtains machined parts from a vendor which is affiliated with several of its employees. For the year ended December 31, 2013, purchases from this vendor totaled $0.4 million. |
Note_8_Business_Concentrations
Note 8 - Business Concentrations | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Note 8 – Business Concentrations | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to accounts receivable are limited because the Company performs credit evaluations, sets credit limits, and monitors the payment patterns of its customers. Cash balances on deposits with financial institutions, at times, may exceed federally insured limits. The Company regularly monitors the institutions’ financial condition. | |
The Company’s top ten customers accounted for approximately 64.6%, 81.0% and 92.7% of the Company’s consolidated revenue for the years ended December 31, 2013, 2012 and 2011, respectively. For the year ended December 31, 2013, revenue from two customers individually represented 19.5% and 13.1%, respectively, of the Company’s consolidated revenue. For the year ended December 31, 2012, revenue from three customers individually represented 19.1%, 15.6% and 12.9%, respectively, of the Company’s consolidated revenue. For the year ended December 31, 2011, revenue from five customers individually represented 23.1%, 18.2%, 15.9%, 13.2% and 10.4%, respectively, of the Company’s consolidated revenue. Other than those listed above, no other customer accounted for more than 10% of the Company’s consolidated revenue in 2013, 2012 or 2011, respectively. Revenue is earned from each of these customers within the Company’s Stimulation and Well Intervention Services and Wireline Services segments. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 9 - Commitments and Contingencies | |||||
Environmental | |||||
The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. The Company cannot predict the future impact of such standards and requirements which are subject to change and can have retroactive effectiveness. The Company continues to monitor the status of these laws and regulations. | |||||
Currently, the Company has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. | |||||
Litigation | |||||
The Company is, and from time to time may be, involved in claims and litigation arising in the ordinary course of business. Because there are inherent uncertainties in the ultimate outcome of such matters, it is presently not possible to determine the ultimate outcome of any pending or potential claims or litigation against the Company; however, management believes that the outcome of those matters that are presently known to the Company will not have a material adverse effect upon the Company’s consolidated financial position, results of operation or liquidity. | |||||
On February 9, 2013, the Company signed an agreement to settle a dispute arising from a lawsuit filed in 2011 in which the Company and certain current and former equity holders, including certain executive officers, were named as defendants. The settlement agreement stipulated that the Company pay $5.9 million for a full release of any further liability. The settlement amount was recorded in 2012 and reflected in accrued expenses on the consolidated balance sheet as of December 31, 2012 and in selling, general and administrative expenses on the consolidated statement of operations for the year then ended. | |||||
Service Equipment and Other Capital Expenditures | |||||
The Company has agreed to purchase service equipment and other capital assets for $12.2 million as of December 31, 2013. The Company expects to fulfill these commitments during 2014. | |||||
Operating Leases | |||||
The Company leases certain property and equipment under non-cancelable operating leases. The term of the operating leases generally range from 12 months to 15 years. | |||||
Lease expense under all operating leases totaled $14.6 million, $12.3 million and $5.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, the future minimum lease payments under non-cancelable operating leases were as follows (in thousands): | |||||
Years Ending December 31, | |||||
2014 | $ | 9,130 | |||
2015 | 5,228 | ||||
2016 | 3,828 | ||||
2017 | 2,494 | ||||
2018 | 1,903 | ||||
Thereafter | 6,822 | ||||
$ | 29,405 | ||||
Note_10_Employee_Benefit_Plan
Note 10 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 10 – Employee Benefit Plans | |
The Company maintains two contributory profit sharing plans under a 401(k) arrangement which covers all employees meeting certain eligibility requirements. Eligible employees can make annual contributions to the plans up to the maximum amount allowed by current federal regulations. The Company matches dollar for dollar all contributions made by eligible employees up to 4% of their gross salary. The Company’s 401(k) contributions for the years ended December 31, 2013, 2012 and 2011 totaled $1.9 million, $1.0 million and $0.3 million, respectively. |
Note_11_Segment_Information
Note 11 - Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 11 - Segment Information | |||||||||||||||||||||
In accordance with FASB ASC 280 Segment Reporting, the Company routinely evaluates whether it has separate operating and reportable segments. The Company has determined that it operates in three reportable segments: Stimulation and Well Intervention Services, Wireline Services and Equipment Manufacturing. This determination is made based on the following factors: (1) the Company’s chief operating decision maker is currently managing each segment as a separate business and evaluating the performance of each segment and making resource allocation decisions distinctly and expects to do so for the foreseeable future, and (2) discrete financial information for each segment is available. Prior to the acquisition of Casedhole Solutions on June 7, 2012, the Company operated under two segments: Stimulation and Well Intervention Services and Equipment Manufacturing. The Company analyzed the impact of the Casedhole Solutions acquisition on its operations and determined that, as a result thereof, a third reportable segment now exists – the Wireline Services segment. The following is a brief description of the Company’s three segments: | |||||||||||||||||||||
Stimulation and Well Intervention Services. This segment has three related service lines providing hydraulic fracturing coiled tubing and other well stimulation services. Additionally, with the development of the specialty chemicals business and strategic acquisitions during 2013, the Company now provides specialty chemicals for completion and production services, as well as downhole tools and related directional drilling technology and data control systems. After an evaluation of these businesses, it was determined that at this time each is appropriately accounted for under the Stimulation and Well Intervention Services segment. | |||||||||||||||||||||
Wireline Services. This segment provides cased-hole wireline services and other complementary services, including logging, perforating, pipe recovery, pressure testing and pumpdown services. | |||||||||||||||||||||
Equipment Manufacturing. This segment constructs equipment, conducts equipment repair services and provides oilfield parts and supplies for third-party customers in the energy services industry, as well as to fulfill the internal equipment demands of the Company’s Stimulation and Well Intervention Services and Wireline Services segments. | |||||||||||||||||||||
The following tables set forth certain financial information with respect to the Company’s reportable segments. Included in “Corporate and Other” are intersegment eliminations and costs associated with activities of a general corporate nature. | |||||||||||||||||||||
Stimulation & Well Intervention Services | Wireline | Equipment Manufacturing | Corporate and | Total | |||||||||||||||||
Services | Other | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Revenue from external customers | $ | 783,408 | $ | 278,820 | $ | 8,094 | $ | - | $ | 1,070,322 | |||||||||||
Inter-segment revenues | 437 | 4 | 55,969 | (56,410 | ) | - | |||||||||||||||
Adjusted EBITDA | 166,277 | 81,640 | 7,017 | (64,260 | ) | 190,674 | |||||||||||||||
Depreciation and amortization | 47,446 | 26,359 | 1,670 | (772 | ) | 74,703 | |||||||||||||||
Operating income (loss) | 118,777 | 54,585 | 5,342 | (64,489 | ) | 114,215 | |||||||||||||||
Capital expenditures | 118,539 | 41,166 | 1,044 | (2,762 | ) | 157,987 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total assets | $ | 644,222 | $ | 399,999 | $ | 80,426 | $ | 7,653 | $ | 1,132,300 | |||||||||||
Goodwill | 69,625 | 131,455 | 4,718 | - | 205,798 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Revenue from external customers | $ | 940,258 | $ | 130,125 | $ | 41,118 | $ | - | $ | 1,111,501 | |||||||||||
Inter-segment revenues | 6,227 | - | 68,869 | (75,096 | ) | - | |||||||||||||||
Adjusted EBITDA | 338,286 | 37,283 | 15,748 | (54,605 | ) | 336,712 | |||||||||||||||
Depreciation and amortization | 32,738 | 11,813 | 2,303 | 58 | 46,912 | ||||||||||||||||
Operating income (loss) | 304,985 | 25,200 | 13,444 | (61,099 | ) | 282,530 | |||||||||||||||
Capital expenditures | 154,977 | 28,512 | 7,529 | (8,839 | ) | 182,179 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total assets | $ | 588,413 | $ | 370,955 | $ | 76,604 | $ | (23,215 | ) | $ | 1,012,757 | ||||||||||
Goodwill | 60,339 | 131,455 | 4,718 | - | 196,512 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Revenue from external customers | $ | 736,391 | $ | - | $ | 22,063 | $ | - | $ | 758,454 | |||||||||||
Inter-segment revenues | - | - | 51,964 | (51,964 | ) | - | |||||||||||||||
Adjusted EBITDA | 310,078 | - | 13,203 | (37,893 | ) | 285,388 | |||||||||||||||
Depreciation and amortization | 20,248 | - | 2,700 | (29 | ) | 22,919 | |||||||||||||||
Operating income (loss) | 289,887 | - | 10,510 | (38,211 | ) | 262,186 | |||||||||||||||
Capital expenditures | 142,997 | - | 2,442 | (4,716 | ) | 140,723 | |||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||
Total assets | $ | 486,278 | $ | - | $ | 60,942 | $ | (9,371 | ) | $ | 537,849 | ||||||||||
Goodwill | 60,339 | - | 4,718 | - | 65,057 | ||||||||||||||||
Revenue by service line for the Stimulation and Well Intervention Services segment for the years ended December 31, 2013, 2012 and 2011 was as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Service Line | 2013 | 2012 | 2011 | ||||||||||||||||||
Hydraulic fracturing | $ | 626,297 | $ | 784,923 | $ | 619,772 | |||||||||||||||
Coiled tubing and other well stimulation | 157,111 | 155,335 | 116,619 | ||||||||||||||||||
Total revenue | $ | 783,408 | $ | 940,258 | $ | 736,391 | |||||||||||||||
Management evaluates segment performance and allocates resources based on total earnings before net interest expense, income taxes, depreciation and amortization, net gain or loss on disposal of assets, transaction costs, and non-routine items, including loss on early extinguishment of debt and loss on legal settlement charges and inventory write-down (“Adjusted EBITDA”), because Adjusted EBITDA is considered an important measure of each segment’s performance. In addition, management believes that the disclosure of Adjusted EBITDA as a measure of each segment’s operating performance allows investors to make a direct comparison to competitors, without regard to differences in capital and financing structure. Investors should be aware, however, that there are limitations inherent in using Adjusted EBITDA as a measure of overall profitability because it excludes significant expense items. An improving trend in Adjusted EBITDA may not be indicative of an improvement in the Company’s profitability. To compensate for the limitations in utilizing Adjusted EBITDA as an operating measure, management also uses U.S. GAAP measures of performance, including operating income and net income, to evaluate performance, but only with respect to the Company as a whole and not on a segment basis. | |||||||||||||||||||||
As required under Item 10(e) of Regulation S-K of the Securities Exchange Act of 1934, as amended, included below is a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income, which is the nearest comparable U.S. GAAP financial measure (in thousands). | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Adjusted EBITDA | $ | 190,674 | $ | 336,712 | $ | 285,388 | |||||||||||||||
Interest expense, net | (6,550 | ) | (4,996 | ) | (4,221 | ) | |||||||||||||||
Provision for income taxes | (41,313 | ) | (95,079 | ) | (88,341 | ) | |||||||||||||||
Depreciation and amortization | (74,703 | ) | (46,912 | ) | (22,919 | ) | |||||||||||||||
Gain (loss) on disposal of assets | (527 | ) | (692 | ) | 25 | ||||||||||||||||
Transaction costs | (306 | ) | (833 | ) | (348 | ) | |||||||||||||||
Legal settlement | - | (5,850 | ) | - | |||||||||||||||||
Inventory write-down | (870 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | - | - | (7,605 | ) | |||||||||||||||||
Net income | $ | 66,405 | $ | 182,350 | $ | 161,979 | |||||||||||||||
Note_12_IPO
Note 12 - IPO | 12 Months Ended |
Dec. 31, 2013 | |
Initial Public Offering [Abstract] | ' |
Initial Public Offering [Text Block] | ' |
Note 12 – IPO | |
On July 28, 2011, the Company’s registration statement on Form S-1 (Registration Statement No. 333-173177) relating to its IPO of 13,225,000 shares of its common stock was declared effective by the Securities and Exchange Commission (“SEC”). The IPO closed on August 3, 2011, at which time the Company issued and sold 4,300,000 shares and the selling stockholders named in the final prospectus sold 8,925,000 shares, including 1,725,000 shares sold by certain of the selling stockholders pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received cash proceeds of approximately $112.1 million from this transaction, net of underwriting discounts, commissions and transaction fees. The Company did not receive any proceeds from the sale of shares by the selling stockholders. |
Note_13_Quarterly_Financial_Da
Note 13 - Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Note 13 – Quarterly Financial Data (unaudited) | |||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are presented below (in thousands, except per share amounts). | |||||||||||||||||
Quarters Ended | |||||||||||||||||
Mar-13 | Jun-13 | Sep-13 | Dec-13 | ||||||||||||||
Revenue | $ | 276,051 | $ | 266,956 | $ | 261,931 | $ | 265,384 | |||||||||
Operating income | 40,418 | 34,855 | 23,459 | 15,483 | |||||||||||||
Income before income taxes | 38,824 | 33,236 | 21,921 | 13,737 | |||||||||||||
Net income | 25,144 | 20,847 | 13,125 | 7,290 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.48 | $ | 0.39 | $ | 0.25 | $ | 0.14 | |||||||||
Diluted | $ | 0.46 | $ | 0.38 | $ | 0.24 | $ | 0.13 | |||||||||
Quarters Ended | |||||||||||||||||
Mar-12 | Jun-12 | Sep-12 | Dec-12 | ||||||||||||||
Revenue | $ | 239,052 | $ | 278,388 | $ | 307,797 | $ | 286,264 | |||||||||
Operating income | 75,962 | 82,066 | 74,923 | 49,579 | |||||||||||||
Income before income taxes | 75,510 | 81,175 | 72,955 | 47,789 | |||||||||||||
Net income | 49,379 | 53,275 | 49,266 | 30,430 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.95 | $ | 1.03 | $ | 0.95 | $ | 0.58 | |||||||||
Diluted | $ | 0.92 | $ | 0.99 | $ | 0.91 | $ | 0.56 | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | |||||||||||||
Basis of Presentation and Principles of Consolidation. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of C&J and its subsidiaries. All significant inter-company transactions and account balances have been eliminated upon consolidation. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are used in, but are not limited to, determining the following: allowance for doubtful accounts, recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, income taxes and stock-based compensation. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
Cash and Cash Equivalents. For purposes of the consolidated statement of cash flows, cash is defined as cash on-hand and balances in operating bank accounts, amounts due from depository institutions, interest-bearing and deposits in other banks, and money market accounts. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||||
Receivables, Policy [Policy Text Block] | ' | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are stated at the amount billed to customers and are ordinarily due upon receipt. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information and existing economic conditions. Provisions for doubtful accounts are recorded when it is deemed probable that the customer will not make the required payments at either the contractual due dates or in the future. At December 31, 2013 and 2012, the allowance for doubtful accounts totaled $1.7 million and $1.1 million, respectively. Bad debt expense of $0.7 million, $0.6 million and $0.4 million was included in selling, general, and administrative expenses on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||||
Inventories. Inventories for the Stimulation and Well Intervention Services segment and the Wireline Services segment consist of finished goods and raw materials, including equipment components, chemicals, proppants, and supplies and materials for the segments’ operations. Inventories for the Equipment Manufacturing segment consist of raw materials and work-in-process, including equipment components and supplies and materials. See “Note 11 – Segment Information” for further discussion regarding the Company’s reportable segments. | ||||||||||||||
Inventories are stated at the lower of cost or market (net realizable value) on a first-in, first-out basis and appropriate consideration is given to deterioration, obsolescence and other factors in evaluating net realizable value. Inventories consisted of the following (in thousands): | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Raw materials | $ | 31,445 | $ | 21,551 | ||||||||||
Work-in-process | 3,652 | 1,523 | ||||||||||||
Finished goods | 36,690 | 38,164 | ||||||||||||
Total inventory | 71,787 | 61,238 | ||||||||||||
Inventory reserve | (841 | ) | (579 | ) | ||||||||||
Inventory, net of reserve | $ | 70,946 | $ | 60,659 | ||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||
Property, Plant and Equipment. Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance and repairs, which do not improve or extend the life of the related assets, are charged to expense when incurred. Refurbishments and renewals are capitalized when the value of the equipment is enhanced for an extended period. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operating income. | ||||||||||||||
The cost of property and equipment currently in service is depreciated, on a straight-line basis, over the estimated useful lives of the related assets, which range from three to 25 years. Depreciation expense was $64.6 million, $39.4 million and $19.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Major classifications of property, plant and equipment and their respective useful lives are as follows (in thousands): | ||||||||||||||
Estimated Useful | As of December 31, | |||||||||||||
Lives (years) | 2013 | 2012 | ||||||||||||
Land | Indefinite | $ | 2,225 | $ | 1,454 | |||||||||
Building and leasehold improvements | 5 | - | 25 | 50,163 | 26,856 | |||||||||
Office furniture, fixtures and equipment | 3 | - | 5 | 10,878 | 6,639 | |||||||||
Machinery and equipment | 3 | - | 10 | 529,854 | 397,747 | |||||||||
Transportation equipment | 5 | 46,425 | 26,048 | |||||||||||
639,545 | 458,744 | |||||||||||||
Less: accumulated depreciation | (148,954 | ) | (84,848 | ) | ||||||||||
490,591 | 373,896 | |||||||||||||
Assets not yet placed in service | 44,983 | 59,831 | ||||||||||||
Property, plant and equipment, net | $ | 535,574 | $ | 433,727 | ||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||||
Goodwill, Intangible Assets and Amortization. The carrying amount of goodwill is tested at least annually for impairment and more frequently if events or circumstances indicate their carrying value may not be recoverable. Impairment testing is conducted at the reporting unit level, consistent with the presentation of the Company’s operating segments. | ||||||||||||||
Before employing detailed impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors relevant to each reporting unit, such as macroeconomic, industry, market or any other factors that have a significant bearing on fair value. If the Company first utilizes a qualitative approach and determines that it is more likely than not that goodwill is impaired, detailed testing methodologies are then applied. Otherwise, the Company concludes that no impairment has occurred. The Company may also choose to bypass a qualitative approach and opt instead to employ detailed testing methodologies, regardless of a possible more likely than not outcome. Detailed impairment testing involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess, not to exceed the carrying value. | ||||||||||||||
The Company’s detailed impairment analysis involves the use of discounted cash flow models. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes on each reporting unit. Critical assumptions include projected revenue growth, fleet count, gross profit rates, SG&A rates, working capital fluctuations, capital expenditures, discount rates and terminal growth rates. Discount rates are determined separately for each reporting unit using the capital asset pricing model. Comparable market earnings multiple data is also used as well as the Company’s market capitalization to corroborate reporting unit valuations. | ||||||||||||||
Judgment is used in assessing whether goodwill should be tested more frequently for impairment than annually. Factors such as unexpected adverse economic conditions, competition, market changes and other external events may require more frequent assessments. The annual goodwill impairment testing has been completed for each of the Company’s reporting units during the fourth quarter, and as the fair value of each reporting unit was in excess of the respective reporting unit's carrying value, it has been determined that the $205.8 million of goodwill is not impaired. | ||||||||||||||
The Company has approximately $13.8 million of intangible assets with indefinite useful lives, which are subject to annual impairment tests or more frequently if events or circumstances indicate the carrying amount may not be recoverable. Before employing detailed impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors. A detailed impairment test for indefinite lived intangible assets encompasses calculating a fair value of an indefinite lived intangible asset and comparing the fair value to its carrying value. No impairment with respect to indefinite lived intangible assets was recorded during 2013. | ||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||
Amortization | As of December 31, | |||||||||||||
Period (years) | 2013 | 2012 | ||||||||||||
Trade name | 10 | - | 15 | $ | 27,665 | $ | 27,275 | |||||||
Customer relationships | 8 | - | 15 | 100,593 | 100,193 | |||||||||
Non-compete, backlog and patent (months) | 11 | - | 48 | 4,601 | 4,601 | |||||||||
Developed technology | 10 | 2,110 | - | |||||||||||
IPR&D | Indefinite | 7,598 | 854 | |||||||||||
Trade name - Total Equipment | Indefinite | 6,247 | 6,247 | |||||||||||
148,814 | 139,170 | |||||||||||||
Less: accumulated amortization | (25,776 | ) | (15,683 | ) | ||||||||||
Intangible assets, net | $ | 123,038 | $ | 123,487 | ||||||||||
Amortization expense for the years ended December 31, 2013, 2012 and 2011 totaled $10.1 million, $7.5 million and $3.7 million, respectively. | ||||||||||||||
Estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): | ||||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 10,187 | |||||||||||||
2015 | 9,535 | |||||||||||||
2016 | 9,269 | |||||||||||||
2017 | 9,135 | |||||||||||||
2018 | 9,135 | |||||||||||||
Thereafter | 61,932 | |||||||||||||
$ | 109,193 | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||||
Impairment of Long-Lived Assets. Long-lived assets, which include property, plant and equipment, and intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded in the period in which it is determined that the carrying amount is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The impairment loss is determined by comparing the fair value with the carrying value of the related assets. For the years ended December 31, 2013, 2012 and 2011, no indicators of impairment were present. | ||||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | |||||||||||||
Deferred Financing Costs. Costs incurred to obtain financing are capitalized and amortized on a straight-line basis over the term of the loan, which approximates the effective interest method. These costs are classified within interest expense on the consolidated statements of operations and were $1.2 million, $0.9 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Accumulated amortization of deferred financing costs was $2.5 million and $1.3 million at December 31, 2013 and 2012, respectively. Estimated future amortization expense relating to deferred financing costs is as follows (in thousands): | ||||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 1,160 | |||||||||||||
2015 | 1,160 | |||||||||||||
2016 | 368 | |||||||||||||
$ | 2,688 | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
Revenue Recognition. All revenue is recognized when persuasive evidence of an arrangement exists, the service is complete or the equipment has been delivered to the customer, the amount is fixed or determinable and collectability is reasonably assured, as follows: | ||||||||||||||
Hydraulic Fracturing Revenue. The Company provides hydraulic fracturing services pursuant to contractual arrangements, such as term contracts and pricing agreements, or on a spot market basis. Revenue is recognized and customers are invoiced upon the completion of each job, which can consist of one or more fracturing stages. Once a job has been completed to the customer’s satisfaction, a field ticket is written that includes charges for the service performed and the chemicals and proppants consumed during the course of the service. The field ticket may also include charges for the mobilization of the equipment to the location, additional equipment used on the job, if any, and other miscellaneous consumables. | ||||||||||||||
Historically, most of the Company’s hydraulic fracturing services were performed under six legacy term contracts. Over the course of 2013, all but one of these term contracts expired, with two transitioning into short-term pricing agreements. Under the Company’s term contracts, customers were typically obligated to pay on a monthly basis for a specified number of hours of service, whether or not those services were actually used. To the extent customers used more than the specified contracted minimums, the Company would be paid a pre-agreed amount for the provision of such additional services. | ||||||||||||||
Pursuant to pricing agreements, customers typically commit to targeted utilization levels at agreed-upon pricing, but without termination penalties or obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted to then-current market rates upon the agreement of both parties. | ||||||||||||||
Rates for services performed on a spot market basis are based on an agreed-upon hourly spot market rate. The Company may also charge fees for setup and mobilization of equipment depending on the job, additional equipment used on the job, if any, and materials that are consumed during the fracturing process. Generally, these fees and other charges vary depending on the equipment and personnel required for the job and market conditions in the region in which the services are performed. | ||||||||||||||
Coiled Tubing and Other Well Stimulation Revenue. The Company enters into arrangements to provide coiled tubing and other well stimulation services, primarily including nitrogen, pressure pumping and thru-tubing services. Jobs for these services are typically short-term in nature, lasting anywhere from a few hours to multiple days. Revenue is recognized upon completion of each day’s work based upon a completed field ticket. The field ticket includes charges for the mobilization of the equipment to the location, the service performed, the personnel on the job, additional equipment used on the job, if any, and miscellaneous consumables used throughout the course of the service. The Company typically charges the customer for these services on an hourly basis at agreed-upon spot market rates. | ||||||||||||||
Revenue from Materials Consumed While Performing Services. The Company generates revenue from chemicals and proppants that are consumed while performing hydraulic fracturing services. For services performed on a spot market basis, the necessary chemicals and proppants are typically provided by the Company and the customer is billed for those materials at cost plus an agreed-upon markup. For services performed on a contractual basis, when the chemicals and proppants are provided by the Company, the customer is billed for those materials at a negotiated contractual rate. When chemicals and proppants are supplied by the customer, the Company typically charges handling fees based on the amount of chemicals and proppants used. | ||||||||||||||
In addition, ancillary to coiled tubing and other well stimulation services revenue, the Company generates revenue from various fluids and supplies that are necessarily consumed during those processes. | ||||||||||||||
Wireline Revenue. Wireline revenue is generated from the performance of cased-hole wireline and other complementary services, including logging, perforating, pipe recovery, pressure testing and pumpdown services. These jobs are typically short-term in nature, lasting anywhere from a few hours to multiple days. Revenue is recognized when the services and equipment are provided and the job is completed. The Company typically charges the customer on a per job basis for these services at agreed-upon spot market rates. | ||||||||||||||
Equipment Manufacturing Revenue. The Company enters into arrangements to construct new equipment, refurbish and repair equipment and provide oilfield parts and supplies to third-party customers in the energy services industry. Revenue is recognized and the customer is invoiced upon the completion and delivery of each order to the customer. | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
Stock-Based Compensation. The Company’s stock-based compensation plans provide the ability to grant equity awards to officers, employees, consultants and non-employee directors. As of December 31, 2013, only nonqualified stock options and restricted stock had been granted under such plans. The Company values option grants based on the grant date fair value by using the Black-Scholes option-pricing model and values restricted stock grants based on the closing price of C&J’s common stock on the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. Further information regarding the Company’s stock-based compensation arrangements and the related accounting treatment can be found in “Note 6 – Stock-Based Compensation.” | ||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
Fair Value of Financial Instruments. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, long-term debt and capital lease obligations. The recorded values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values based on their short-term nature. The carrying value of long-term debt and capital lease obligations approximate their fair value, as the interest rates approximate market rates. | ||||||||||||||
Equity Method Investments, Policy [Policy Text Block] | ' | |||||||||||||
Equity Method Investments. During 2013, the Company made an investment in a joint venture which is accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over operating and financial policies of the joint venture. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings and losses of these investments. The Company eliminates all significant intercompany transactions, including the intercompany portion of transactions with equity method investees, from the consolidated financial results. | ||||||||||||||
The carrying value of this equity method investment at December 31, 2013 was $2.8 million and is included in other noncurrent assets on the consolidated balance sheets. The Company’s share of the net loss from the unconsolidated affiliate was approximately $160,000 for the year ended December 31, 2013 and is included in other expense, net, on the consolidated statements of operations. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
Income Taxes. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | ||||||||||||||
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In assessing the likelihood and extent that deferred tax assets will be realized, consideration is given to projected future taxable income and tax planning strategies. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||||||||||||
The Company recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are reversed in the first period in which it is no longer more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. However, there were no amounts recognized relating to interest and penalties in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. The Company had no uncertain tax positions as of December 31, 2013. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Earnings Per Share. Basic earnings per share is based on the weighted average number of shares of common stock (“common shares”) outstanding during the applicable period and excludes shares subject to outstanding stock options and shares of restricted stock. Diluted earnings per share is computed based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to outstanding stock options and restricted stock. | ||||||||||||||
The following is a reconciliation of the components of the basic and diluted earnings per share calculations for the applicable periods: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net income attributed to common shareholders | $ | 66,405 | $ | 182,350 | $ | 161,979 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding - basic | 53,038 | 52,008 | 49,315 | |||||||||||
Effect of potentially dilutive securities: | ||||||||||||||
Stock options | 2,096 | 1,979 | 1,465 | |||||||||||
Restricted stock | 233 | 52 | - | |||||||||||
Weighted average common shares outstanding - diluted | 55,367 | 54,039 | 50,780 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 1.25 | $ | 3.51 | $ | 3.28 | ||||||||
Diluted | $ | 1.2 | $ | 3.37 | $ | 3.19 | ||||||||
A summary of securities excluded from the computation of basic and diluted earnings per share is presented below for the applicable periods: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Basic earnings per share: | ||||||||||||||
Unvested restricted stock | 1,194 | 748 | - | |||||||||||
Diluted earnings per share: | ||||||||||||||
Anti-dilutive stock options | 1,054 | 1,193 | 2,344 | |||||||||||
Anti-dilutive restricted stock | 164 | 30 | - | |||||||||||
Potentially dilutive securities excluded as anti-dilutive | 1,218 | 1,223 | 2,344 | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recent Accounting Pronouncements. None. | ||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||||||||
Reclassifications. Certain reclassifications have been made to prior period consolidated financial statements to conform to current period presentations. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. |
Note_1_Organization_Nature_of_1
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Raw materials | $ | 31,445 | $ | 21,551 | ||||||||||
Work-in-process | 3,652 | 1,523 | ||||||||||||
Finished goods | 36,690 | 38,164 | ||||||||||||
Total inventory | 71,787 | 61,238 | ||||||||||||
Inventory reserve | (841 | ) | (579 | ) | ||||||||||
Inventory, net of reserve | $ | 70,946 | $ | 60,659 | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
Estimated Useful | As of December 31, | |||||||||||||
Lives (years) | 2013 | 2012 | ||||||||||||
Land | Indefinite | $ | 2,225 | $ | 1,454 | |||||||||
Building and leasehold improvements | 5 | - | 25 | 50,163 | 26,856 | |||||||||
Office furniture, fixtures and equipment | 3 | - | 5 | 10,878 | 6,639 | |||||||||
Machinery and equipment | 3 | - | 10 | 529,854 | 397,747 | |||||||||
Transportation equipment | 5 | 46,425 | 26,048 | |||||||||||
639,545 | 458,744 | |||||||||||||
Less: accumulated depreciation | (148,954 | ) | (84,848 | ) | ||||||||||
490,591 | 373,896 | |||||||||||||
Assets not yet placed in service | 44,983 | 59,831 | ||||||||||||
Property, plant and equipment, net | $ | 535,574 | $ | 433,727 | ||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
Amortization | As of December 31, | |||||||||||||
Period (years) | 2013 | 2012 | ||||||||||||
Trade name | 10 | - | 15 | $ | 27,665 | $ | 27,275 | |||||||
Customer relationships | 8 | - | 15 | 100,593 | 100,193 | |||||||||
Non-compete, backlog and patent (months) | 11 | - | 48 | 4,601 | 4,601 | |||||||||
Developed technology | 10 | 2,110 | - | |||||||||||
IPR&D | Indefinite | 7,598 | 854 | |||||||||||
Trade name - Total Equipment | Indefinite | 6,247 | 6,247 | |||||||||||
148,814 | 139,170 | |||||||||||||
Less: accumulated amortization | (25,776 | ) | (15,683 | ) | ||||||||||
Intangible assets, net | $ | 123,038 | $ | 123,487 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 10,187 | |||||||||||||
2015 | 9,535 | |||||||||||||
2016 | 9,269 | |||||||||||||
2017 | 9,135 | |||||||||||||
2018 | 9,135 | |||||||||||||
Thereafter | 61,932 | |||||||||||||
$ | 109,193 | |||||||||||||
Schedule Of Deferred Financing Cost [Table Text Block] | ' | |||||||||||||
Years Ending December 31, | ||||||||||||||
2014 | 1,160 | |||||||||||||
2015 | 1,160 | |||||||||||||
2016 | 368 | |||||||||||||
$ | 2,688 | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net income attributed to common shareholders | $ | 66,405 | $ | 182,350 | $ | 161,979 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding - basic | 53,038 | 52,008 | 49,315 | |||||||||||
Effect of potentially dilutive securities: | ||||||||||||||
Stock options | 2,096 | 1,979 | 1,465 | |||||||||||
Restricted stock | 233 | 52 | - | |||||||||||
Weighted average common shares outstanding - diluted | 55,367 | 54,039 | 50,780 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 1.25 | $ | 3.51 | $ | 3.28 | ||||||||
Diluted | $ | 1.2 | $ | 3.37 | $ | 3.19 | ||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Basic earnings per share: | ||||||||||||||
Unvested restricted stock | 1,194 | 748 | - | |||||||||||
Diluted earnings per share: | ||||||||||||||
Anti-dilutive stock options | 1,054 | 1,193 | 2,344 | |||||||||||
Anti-dilutive restricted stock | 164 | 30 | - | |||||||||||
Potentially dilutive securities excluded as anti-dilutive | 1,218 | 1,223 | 2,344 |
Note_2_LongTerm_Debt_and_Capit1
Note 2 - Long-Term Debt and Capital Lease Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Senior secured revolving credit facility maturing on April 19, 2016 | $ | 150,000 | $ | 170,000 | |||||
Capital leases | 17,065 | 5,763 | |||||||
Total debt and capital lease obligations | 167,065 | 175,763 | |||||||
Less: amount maturing within one year | (2,860 | ) | (2,058 | ) | |||||
Long-term debt and capital lease obligations | $ | 164,205 | $ | 173,705 |
Note_3_Acquisitions_Tables
Note 3 - Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||
Current assets | $ | 49,619 | |||||||
Property and equipment | 73,204 | ||||||||
Goodwill | 131,455 | ||||||||
Other intangible assets | 105,600 | ||||||||
Other assets | 1,459 | ||||||||
Total assets acquired | $ | 361,337 | |||||||
Current liabilities | $ | 23,081 | |||||||
Capital lease obligations | 4,895 | ||||||||
Deferred income taxes | 52,602 | ||||||||
Total liabilites assumed | $ | 80,578 | |||||||
Net assets acquired | $ | 280,759 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Revenues | $ | 1,205,864 | $ | 886,721 | |||||
Net income | 194,716 | 167,842 | |||||||
Net income per common share: | |||||||||
Basic | $ | 3.74 | $ | 3.4 | |||||
Diluted | 3.6 | 3.31 |
Note_4_Income_Taxes_Tables
Note 4 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current provision: | |||||||||||||
Federal | $ | 22,870 | $ | 75,205 | $ | 37,687 | |||||||
State | 1,930 | 3,948 | 4,751 | ||||||||||
Total current provision | 24,800 | 79,153 | 42,438 | ||||||||||
Deferred (benefit) provision: | |||||||||||||
Federal | 14,864 | 16,199 | 45,039 | ||||||||||
State | 1,705 | (273 | ) | 864 | |||||||||
Foreign | (56 | ) | - | - | |||||||||
Total deferred (benefit) provision | 16,513 | 15,926 | 45,903 | ||||||||||
Provision (benefit) for income taxes | $ | 41,313 | $ | 95,079 | $ | 88,341 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 2.8 | % | 1.4 | % | 1.6 | % | |||||||
Domestic production activities deduction | -1.8 | % | -2.6 | % | -1.5 | % | |||||||
Effect of foreign losses | 0.7 | % | - | - | |||||||||
Other | 1.7 | % | 0.5 | % | 0.2 | % | |||||||
Effective income tax rate | 38.4 | % | 34.3 | % | 35.3 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 635 | $ | 2,877 | |||||||||
Allowance for doubtful accounts | 609 | 394 | |||||||||||
Stock-based compensation | 335 | - | |||||||||||
Other | 429 | 342 | |||||||||||
Current deferred tax assets | 2,008 | 3,613 | |||||||||||
Stock-based compensation | 14,577 | 10,370 | |||||||||||
Net operating losses | 750 | 410 | |||||||||||
Accrued liabilities | 93 | - | |||||||||||
Other | 123 | 187 | |||||||||||
Non-current deferred tax assets | 15,543 | 10,967 | |||||||||||
Total deferred tax assets | 17,551 | 14,580 | |||||||||||
Valuation allowance | - | - | |||||||||||
Total deferred tax assets, net | 17,551 | 14,580 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Current deferred tax liability | (286 | ) | - | ||||||||||
Depreciation on property, plant and equipment equipment | (113,584 | ) | (96,691 | ) | |||||||||
Amortization of goodwill and intangible assets | (47,174 | ) | (45,595 | ) | |||||||||
Other | - | (1,232 | ) | ||||||||||
Non-current deferred tax liabilities | (160,758 | ) | (143,518 | ) | |||||||||
Net deferred tax liability | $ | (143,493 | ) | $ | (128,938 | ) |
Note_6_StockBased_Compensation1
Note 6 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Years Ended Decemer 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Expected volatility | 65% | - | 75% | 75.00% | |||||||||||||
Expected dividends | None | None | |||||||||||||||
Exercise price | $16.88 | - | $18.89 | $10.00 | - | $29.00 | |||||||||||
Expected term (in years) | 6 | 5 | - | 6 | |||||||||||||
Risk-free rate | 0.90% | - | 1.40% | 1.10% | - | 2.60% | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | (in thousands) | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at January 1, 2013 | 6,266 | $ | 11.06 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (877 | ) | 5.96 | ||||||||||||||
Forfeited | (106 | ) | 21.98 | ||||||||||||||
Outstanding at December 31, 2013 | 5,283 | $ | 11.69 | 6.36 | $ | 65,351 | |||||||||||
Exercisable at December 31, 2013 | 4,809 | $ | 10.59 | 6.23 | $ | 63,680 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
Non-vested at January 1, 2013 | 748 | $ | 18.94 | ||||||||||||||
Granted | 746 | 23.37 | |||||||||||||||
Forfeited | (77 | ) | 20.46 | ||||||||||||||
Vested | (284 | ) | 19.4 | ||||||||||||||
Non-vested at December 31, 2013 | 1,133 | $ | 21.63 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Years Ending December 31, | |||||
2014 | $ | 9,130 | |||
2015 | 5,228 | ||||
2016 | 3,828 | ||||
2017 | 2,494 | ||||
2018 | 1,903 | ||||
Thereafter | 6,822 | ||||
$ | 29,405 |
Note_11_Segment_Information_Ta
Note 11 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Stimulation & Well Intervention Services | Wireline | Equipment Manufacturing | Corporate and | Total | |||||||||||||||||
Services | Other | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Revenue from external customers | $ | 783,408 | $ | 278,820 | $ | 8,094 | $ | - | $ | 1,070,322 | |||||||||||
Inter-segment revenues | 437 | 4 | 55,969 | (56,410 | ) | - | |||||||||||||||
Adjusted EBITDA | 166,277 | 81,640 | 7,017 | (64,260 | ) | 190,674 | |||||||||||||||
Depreciation and amortization | 47,446 | 26,359 | 1,670 | (772 | ) | 74,703 | |||||||||||||||
Operating income (loss) | 118,777 | 54,585 | 5,342 | (64,489 | ) | 114,215 | |||||||||||||||
Capital expenditures | 118,539 | 41,166 | 1,044 | (2,762 | ) | 157,987 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total assets | $ | 644,222 | $ | 399,999 | $ | 80,426 | $ | 7,653 | $ | 1,132,300 | |||||||||||
Goodwill | 69,625 | 131,455 | 4,718 | - | 205,798 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Revenue from external customers | $ | 940,258 | $ | 130,125 | $ | 41,118 | $ | - | $ | 1,111,501 | |||||||||||
Inter-segment revenues | 6,227 | - | 68,869 | (75,096 | ) | - | |||||||||||||||
Adjusted EBITDA | 338,286 | 37,283 | 15,748 | (54,605 | ) | 336,712 | |||||||||||||||
Depreciation and amortization | 32,738 | 11,813 | 2,303 | 58 | 46,912 | ||||||||||||||||
Operating income (loss) | 304,985 | 25,200 | 13,444 | (61,099 | ) | 282,530 | |||||||||||||||
Capital expenditures | 154,977 | 28,512 | 7,529 | (8,839 | ) | 182,179 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total assets | $ | 588,413 | $ | 370,955 | $ | 76,604 | $ | (23,215 | ) | $ | 1,012,757 | ||||||||||
Goodwill | 60,339 | 131,455 | 4,718 | - | 196,512 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Revenue from external customers | $ | 736,391 | $ | - | $ | 22,063 | $ | - | $ | 758,454 | |||||||||||
Inter-segment revenues | - | - | 51,964 | (51,964 | ) | - | |||||||||||||||
Adjusted EBITDA | 310,078 | - | 13,203 | (37,893 | ) | 285,388 | |||||||||||||||
Depreciation and amortization | 20,248 | - | 2,700 | (29 | ) | 22,919 | |||||||||||||||
Operating income (loss) | 289,887 | - | 10,510 | (38,211 | ) | 262,186 | |||||||||||||||
Capital expenditures | 142,997 | - | 2,442 | (4,716 | ) | 140,723 | |||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||
Total assets | $ | 486,278 | $ | - | $ | 60,942 | $ | (9,371 | ) | $ | 537,849 | ||||||||||
Goodwill | 60,339 | - | 4,718 | - | 65,057 | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Service Line | 2013 | 2012 | 2011 | ||||||||||||||||||
Hydraulic fracturing | $ | 626,297 | $ | 784,923 | $ | 619,772 | |||||||||||||||
Coiled tubing and other well stimulation | 157,111 | 155,335 | 116,619 | ||||||||||||||||||
Total revenue | $ | 783,408 | $ | 940,258 | $ | 736,391 | |||||||||||||||
Reconciliation of Earnings Before Interest Taxes Depreciation and Amortization [Table Text Block] | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Adjusted EBITDA | $ | 190,674 | $ | 336,712 | $ | 285,388 | |||||||||||||||
Interest expense, net | (6,550 | ) | (4,996 | ) | (4,221 | ) | |||||||||||||||
Provision for income taxes | (41,313 | ) | (95,079 | ) | (88,341 | ) | |||||||||||||||
Depreciation and amortization | (74,703 | ) | (46,912 | ) | (22,919 | ) | |||||||||||||||
Gain (loss) on disposal of assets | (527 | ) | (692 | ) | 25 | ||||||||||||||||
Transaction costs | (306 | ) | (833 | ) | (348 | ) | |||||||||||||||
Legal settlement | - | (5,850 | ) | - | |||||||||||||||||
Inventory write-down | (870 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | - | - | (7,605 | ) | |||||||||||||||||
Net income | $ | 66,405 | $ | 182,350 | $ | 161,979 |
Note_13_Quarterly_Financial_Da1
Note 13 - Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarters Ended | |||||||||||||||||
Mar-13 | Jun-13 | Sep-13 | Dec-13 | ||||||||||||||
Revenue | $ | 276,051 | $ | 266,956 | $ | 261,931 | $ | 265,384 | |||||||||
Operating income | 40,418 | 34,855 | 23,459 | 15,483 | |||||||||||||
Income before income taxes | 38,824 | 33,236 | 21,921 | 13,737 | |||||||||||||
Net income | 25,144 | 20,847 | 13,125 | 7,290 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.48 | $ | 0.39 | $ | 0.25 | $ | 0.14 | |||||||||
Diluted | $ | 0.46 | $ | 0.38 | $ | 0.24 | $ | 0.13 | |||||||||
Quarters Ended | |||||||||||||||||
Mar-12 | Jun-12 | Sep-12 | Dec-12 | ||||||||||||||
Revenue | $ | 239,052 | $ | 278,388 | $ | 307,797 | $ | 286,264 | |||||||||
Operating income | 75,962 | 82,066 | 74,923 | 49,579 | |||||||||||||
Income before income taxes | 75,510 | 81,175 | 72,955 | 47,789 | |||||||||||||
Net income | 49,379 | 53,275 | 49,266 | 30,430 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.95 | $ | 1.03 | $ | 0.95 | $ | 0.58 | |||||||||
Diluted | $ | 0.92 | $ | 0.99 | $ | 0.91 | $ | 0.56 |
Note_1_Organization_Nature_of_2
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 3 | 3 | ' |
Allowance for Doubtful Accounts Receivable | $1,700,000 | $1,100,000 | ' |
Provision for Doubtful Accounts | 689,000 | 600,000 | 415,000 |
Depreciation | 64,600,000 | 39,400,000 | 19,300,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ' | ' |
Amortization of Intangible Assets | 10,100,000 | 7,500,000 | 3,700,000 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 |
Amortization of Financing Costs | 1,160,000 | 923,000 | 703,000 |
Accumulated Amortization, Deferred Finance Costs | 2,500,000 | 1,300,000 | ' |
Equity Method Investments | 2,800,000 | ' | ' |
Income (Loss) from Equity Method Investments | -160,000 | ' | ' |
Income Tax Examination, Penalties and Interest Expense | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' |
Note_1_Organization_Nature_of_3
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $31,445 | $21,551 |
Work-in-process | 3,652 | 1,523 |
Finished goods | 36,690 | 38,164 |
Total inventory | 71,787 | 61,238 |
Inventory reserve | -841 | -579 |
Inventory, net of reserve | $70,946 | $60,659 |
Note_1_Organization_Nature_of_4
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | $639,545 | $458,744 |
Less: accumulated depreciation | -148,954 | -84,848 |
490,591 | 373,896 | |
Assets not yet placed in service | 44,983 | 59,831 |
Property, plant and equipment, net | 535,574 | 433,727 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 2,225 | 1,454 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 50,163 | 26,856 |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '25 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 10,878 | 6,639 |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 529,854 | 397,747 |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '10 years | ' |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Property, Plant and Equipment | $46,425 | $26,048 |
Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | ' |
Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '25 years | ' |
Note_1_Organization_Nature_of_5
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Intangible Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | IPR&D Total [Member] | IPR&D Total [Member] | Trade Name Total [Member] | Trade Name Total [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Backlog And Patent Total [Member] | Noncompete Backlog And Patent Total [Member] | Developed Technology Rights [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Trade Names [Member] | Customer Relationships [Member] | Noncompete Backlog And Patent Total [Member] | Trade Names [Member] | Customer Relationships [Member] | Noncompete Backlog And Patent Total [Member] | ||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | '15 years | ' | ' | ' | ' | '10 years | '10 years | '8 years | '11 years | '15 years | '15 years | '48 years |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | $27,665 | $27,275 | ' | $100,593 | $100,193 | $4,601 | $4,601 | $2,110 | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | 'Indefinite | ' | 'Indefinite | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | 7,598 | 854 | 6,247 | 6,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
148,814 | 139,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Less: accumulated amortization | -25,776 | -15,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | $123,038 | $123,487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_1_Organization_Nature_of_6
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Estimated Future Amortization Expense (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Estimated Future Amortization Expense [Abstract] | ' |
2014 | $10,187 |
2015 | 9,535 |
2016 | 9,269 |
2017 | 9,135 |
2018 | 9,135 |
Thereafter | 61,932 |
$109,193 |
Note_1_Organization_Nature_of_7
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Deferred Financing Costs (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deferred Financing Costs [Abstract] | ' |
2014 | $1,160 |
2015 | 1,160 |
2016 | 368 |
$2,688 |
Note_1_Organization_Nature_of_8
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributed to common shareholders (in Dollars) | $7,290 | $13,125 | $20,847 | $25,144 | $30,430 | $49,266 | $53,275 | $49,379 | $66,405 | $182,350 | $161,979 |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 53,038 | 52,008 | 49,315 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 55,367 | 54,039 | 50,780 |
Basic (in Dollars per share) | $0.14 | $0.25 | $0.39 | $0.48 | $0.58 | $0.95 | $1.03 | $0.95 | $1.25 | $3.51 | $3.28 |
Diluted (in Dollars per share) | $0.13 | $0.24 | $0.38 | $0.46 | $0.56 | $0.91 | $0.99 | $0.92 | $1.20 | $3.37 | $3.19 |
Unvested restricted stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $1,194 | $748 | ' |
Potentially dilutive securities excluded as anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 1,218 | 1,223 | 2,344 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,096 | 1,979 | 1,465 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 233 | 52 | ' |
Equity Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive securities excluded as anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 1,054 | 1,193 | 2,344 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details) - Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive securities excluded as anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 30 | ' |
Note_2_LongTerm_Debt_and_Capit2
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Jun. 05, 2012 | Apr. 19, 2011 | Dec. 31, 2013 | Apr. 29, 2011 | |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Line Of Credit Facility, Term | ' | '5 years | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $400,000,000 | ' | ' | $200,000,000 |
Aggregate Amount of Periodic Increase in Committments Through Incremental Facilities | 100,000,000 | ' | ' | ' |
Sublimit for Letters of Credit | 200,000,000 | ' | ' | ' |
Sublimit for Swing Line Loans | 25,000,000 | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 0.50% | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 150,000,000 | ' |
Letters of Credit Outstanding, Amount | ' | ' | 700,000 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | 249,300,000 | ' |
Debt, Weighted Average Interest Rate | ' | ' | 2.40% | ' |
Capital Leased Assets, Gross | ' | ' | 13,500,000 | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | ' | ' | 100,000 | ' |
Interest Rate on Capital Lease | ' | ' | 2.70% | ' |
Capital Lease, Term of Contract | ' | ' | '12 years | ' |
Capital Leases, Future Minimum Payments Due | ' | ' | 15,700,000 | ' |
Capital Leases, Income Statement, Interest Expense | ' | ' | 2,400,000 | ' |
Minimum [Member] | Base Rate Loans [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.25% | ' |
Minimum [Member] | LIBOR Loans [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 2.25% | ' |
Minimum [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Monthly Capital Lease Payments | ' | ' | 93,000 | ' |
Capital Leases Contracts Term | ' | ' | '3 years | ' |
Maximum [Member] | Base Rate Loans [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 2.00% | ' |
Maximum [Member] | LIBOR Loans [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 3.00% | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) [Line Items] | ' | ' | ' | ' |
Monthly Capital Lease Payments | ' | ' | $128,000 | ' |
Capital Leases Contracts Term | ' | ' | '4 years | ' |
Note_2_LongTerm_Debt_and_Capit3
Note 2 - Long-Term Debt and Capital Lease Obligations (Details) - Long-term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt [Abstract] | ' | ' |
Senior secured revolving credit facility maturing on April 19, 2016 | $150,000 | $170,000 |
Capital leases | 17,065 | 5,763 |
Total debt and capital lease obligations | 167,065 | 175,763 |
Less: amount maturing within one year | -2,860 | -2,058 |
Long-term debt and capital lease obligations | $164,205 | $173,705 |
Note_3_Acquisitions_Details
Note 3 - Acquisitions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2012 | Apr. 28, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition Consideration | $273.40 | ' | ' | ' | ' |
Business Acquisition Cash Acquired | 7.4 | 5.4 | ' | ' | ' |
Business Acquisition Cost Of Acquired Entity Credit Facility Used | 220 | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 9 | ' | ' | ' | ' |
Business Acquisition Pro Forma Depreciation | ' | ' | 0.3 | 0.6 | ' |
Business Acquistion Pro Forma Amortization Expense | ' | ' | 3.5 | 8.1 | ' |
Business Acquisition Pro Forma Selling General And Administrative Expense | ' | ' | 3.3 | ' | ' |
Business Acquistion Pro Forma Interest Expense | ' | ' | 1.5 | 1.9 | ' |
Business Acquistion Pro Forma Addtional Tax Expense | ' | ' | 2.5 | 3.5 | ' |
Business Acquisition Aggregate Purchase Price | ' | 33 | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | 23 | ' | ' | ' |
Business Acquisition Debt Assumed | ' | 10 | ' | ' | ' |
Business Acquisition Net Working Capital Assets Acquired | ' | 6.9 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | 6.7 |
Working Capital Adjustment [Member] | ' | ' | ' | ' | ' |
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition Consideration | 1.5 | ' | ' | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 80.4 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years | ' | ' | ' | ' |
Trade Names [Member] | ' | ' | ' | ' | ' |
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | 23.6 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' | ' | ' |
Noncompete Agreements [Member] | ' | ' | ' | ' | ' |
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | $1.60 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '4 years | ' | ' | ' | ' |
Note_3_Acquisitions_Details_Pu
Note 3 - Acquisitions (Details) - Purchase Price Allocation (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Purchase Price Allocation [Abstract] | ' |
Current assets | $49,619 |
Property and equipment | 73,204 |
Goodwill | 131,455 |
Other intangible assets | 105,600 |
Other assets | 1,459 |
Total assets acquired | 361,337 |
Current liabilities | 23,081 |
Capital lease obligations | 4,895 |
Deferred income taxes | 52,602 |
Total liabilites assumed | 80,578 |
Net assets acquired | $280,759 |
Note_3_Acquisitions_Details_Pr
Note 3 - Acquisitions (Details) - Pro Forma Results (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Pro Forma Results [Abstract] | ' | ' |
Revenues (in Dollars) | $1,205,864 | $886,721 |
Net income (in Dollars) | $194,716 | $167,842 |
Basic | $3.74 | $3.40 |
Diluted | $3.60 | $3.31 |
Note_4_Income_Taxes_Details
Note 4 - Income Taxes (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Operating Loss Carryforwards | $2.30 |
Note_4_Income_Taxes_Details_Co
Note 4 - Income Taxes (Details) - Components of Income Tax Provision (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current provision: | ' | ' | ' |
Federal | $22,870 | $75,205 | $37,687 |
State | 1,930 | 3,948 | 4,751 |
Total current provision | 24,800 | 79,153 | 42,438 |
Deferred (benefit) provision: | ' | ' | ' |
Federal | 14,864 | 16,199 | 45,039 |
State | 1,705 | -273 | 864 |
Foreign | -56 | ' | ' |
Total deferred (benefit) provision | 16,513 | 15,926 | 45,903 |
Provision (benefit) for income taxes | $41,313 | $95,079 | $88,341 |
Note_4_Income_Taxes_Details_In
Note 4 - Income Taxes (Details) - Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.80% | 1.40% | 1.60% |
Domestic production activities deduction | -1.80% | -2.60% | -1.50% |
Effect of foreign losses | 0.70% | ' | ' |
Other | 1.70% | 0.50% | 0.20% |
Effective income tax rate | 38.40% | 34.30% | 35.30% |
Note_4_Income_Taxes_Details_De
Note 4 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Total deferred tax assets | $17,551 | $14,580 |
Total deferred tax assets, net | 17,551 | 14,580 |
Depreciation on property, plant and equipment equipment | -113,584 | -96,691 |
Amortization of goodwill and intangible assets | -47,174 | -45,595 |
Other | ' | -1,232 |
Net deferred tax liability | -143,493 | -128,938 |
Current [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Accrued liabilities | 635 | 2,877 |
Allowance for doubtful accounts | 609 | 394 |
Stock-based compensation | 335 | ' |
Other | 429 | 342 |
Current deferred tax assets | 2,008 | 3,613 |
Current deferred tax liability | -286 | ' |
Noncurrent [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Accrued liabilities | 93 | ' |
Other | 123 | 187 |
Non-current deferred tax assets | 15,543 | 10,967 |
Stock-based compensation | 14,577 | 10,370 |
Net operating losses | 750 | 410 |
Non-current deferred tax liabilities | ($160,758) | ($143,518) |
Note_5_Stockholders_Equity_Det
Note 5 - Stockholders' Equity (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Stock Repurchase Program, Authorized Amount | $100 |
Note_6_StockBased_Compensation2
Note 6 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $11.45 | $15.30 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $13 | $7 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 4.3 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '255 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,283,000 | 6,266,000 | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | 22.6 | 18 | 10.8 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (in Dollars) | 7.9 | 6.2 | 3.8 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $15.80 | $10.50 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 328 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 746,000 | 800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $23.37 | $18.93 | ' | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $19.25 | $18.01 | ' | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $23.69 | $20.89 | ' | ' |
Stock Options and Restricted Stock [Member] | LTIP 2012 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,200,000 | ' | ' | ' |
Stock Options and Restricted Stock [Member] | Plan 2010 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,100,000 | ' | ' | ' |
Stock Options and Restricted Stock [Member] | Plan 2006 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,100,000 | ' | ' | ' |
Stock Options and Restricted Stock [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,400,000 | 7,000,000 | ' | ' |
LTIP 2012 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 'one | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,300,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,100,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | 800,000 | ' | ' |
Plan 2010 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | 'one |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,700,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | 4,600,000 | ' | ' |
Plan 2006 [Member] | ' | ' | ' | ' |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | 1,600,000 | ' | ' |
Note_6_StockBased_Compensation3
Note 6 - Stock-Based Compensation (Details) - Fair Value Assumptions (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Note 6 - Stock-Based Compensation (Details) - Fair Value Assumptions [Line Items] | ' | ' |
Expected volatility | ' | 75.00% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | '6 years | ' |
Minimum [Member] | ' | ' |
Note 6 - Stock-Based Compensation (Details) - Fair Value Assumptions [Line Items] | ' | ' |
Expected volatility | 65.00% | ' |
Expected dividends | ' | ' |
Exercise price (in Dollars per share) | 16.88 | 10 |
Expected term (in years) | ' | '5 years |
Risk-free rate | 0.90% | 1.10% |
Maximum [Member] | ' | ' |
Note 6 - Stock-Based Compensation (Details) - Fair Value Assumptions [Line Items] | ' | ' |
Expected volatility | 75.00% | ' |
Exercise price (in Dollars per share) | 18.89 | 29 |
Expected term (in years) | ' | '6 years |
Risk-free rate | 1.40% | 2.60% |
Note_6_StockBased_Compensation4
Note 6 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Option Activity [Abstract] | ' |
Shares | 6,266 |
Weighted Average Exercise Price (in Dollars per share) | $11.06 |
Weighted Average Remaining Contractual Life | '6 years 131 days |
Exercisable at December 31, 2013 | 4,809 |
Exercisable at December 31, 2013 (in Dollars per share) | $10.59 |
Exercisable at December 31, 2013 | '6 years 83 days |
Exercisable at December 31, 2013 (in Dollars) | $63,680 |
Exercised | -877 |
Exercised (in Dollars per share) | $5.96 |
Forfeited | -106 |
Forfeited (in Dollars per share) | $21.98 |
Shares | 5,283 |
Weighted Average Exercise Price (in Dollars per share) | $11.69 |
Weighted Average Remaining Contractual Life | '6 years 131 days |
Aggregate Intrinsic Value (in Dollars) | $65,351 |
Note_6_StockBased_Compensation5
Note 6 - Stock-Based Compensation (Details) - Restricted Stock Unit Activity (Restricted Stock [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | ' | ' |
Note 6 - Stock-Based Compensation (Details) - Restricted Stock Unit Activity [Line Items] | ' | ' |
Non-vested at January 1, 2013 | 748 | ' |
Non-vested at January 1, 2013 (in Dollars per share) | $18.94 | ' |
Granted | 746 | 800 |
Granted (in Dollars per share) | $23.37 | $18.93 |
Forfeited | -77 | ' |
Forfeited (in Dollars per share) | $20.46 | ' |
Vested | -284 | ' |
Vested (in Dollars per share) | $19.40 | ' |
Non-vested at December 31, 2013 | 1,133 | 748 |
Non-vested at December 31, 2013 (in Dollars per share) | $21.63 | $18.94 |
Note_7_Related_Party_Transacti1
Note 7 - Related Party Transactions (Details) (USD $) | 4 Months Ended | 12 Months Ended | ||||||||||
Apr. 27, 2011 | Apr. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Total Equipment [Member] | Total Equipment [Member] | Executive Officer [Member] | Executive Officer [Member] | Executive Officer [Member] | Board Of Directors [Member] | Board Of Directors [Member] | Board Of Directors [Member] | Employee [Member] | Employee [Member] | Unconsolidated Equity Method [Member] | Vendor Affiliated With Research and Technology Division [Member] | |
Note 7 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Purchases from Related Party | $26,400,000 | ' | $3,700,000 | $2,600,000 | $5,700,000 | $3,800,000 | $14,700,000 | $8,100,000 | $1,700,000 | $1,300,000 | $7,600,000 | $400,000 |
Related Party Transaction, Due from (to) Related Party, Current | ' | ' | 100,000 | 600,000 | ' | 900,000 | 47,000 | 700,000 | ' | ' | ' | ' |
Related Party Transaction, Due from (to) Related Party | ' | ' | ' | ' | ' | ' | ' | ' | $50,700 | $300,000 | ' | ' |
Note_8_Business_Concentrations1
Note 8 - Business Concentrations (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Percent of Revenues from Top Ten Customers | 64.60% | 81.00% | 92.70% |
Customer 1 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 19.50% | 19.10% | 23.10% |
Customer 2 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 13.10% | 15.60% | 18.20% |
Customer 3 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 12.90% | 15.90% |
Customer 4 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 13.20% |
Customer 5 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Business Concentrations (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 10.40% |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Loss Contingency, Loss in Period | $5.90 | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | 12.2 | ' | ' |
Lease Expense Under All Operating Leases | ' | $14.60 | $12.30 | $5.50 |
Minimum [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases Term | ' | '12 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases Term | ' | '15 years | ' | ' |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Minimum Future Operating Lease Obligations (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Future Operating Lease Obligations [Abstract] | ' |
2014 | $9,130 |
2015 | 5,228 |
2016 | 3,828 |
2017 | 2,494 |
2018 | 1,903 |
Thereafter | 6,822 |
$29,405 |
Note_10_Employee_Benefit_Plan_
Note 10 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | $1.90 | $1 | $0.30 |
Note_11_Segment_Information_De
Note 11 - Segment Information (Details) | 5 Months Ended | 12 Months Ended | |
Jun. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting [Abstract] | ' | ' | ' |
Number of Reportable Segments | ' | 3 | 3 |
Number of Operating Segments | 2 | ' | ' |
Business Segment, Number Of Related Service Lines | ' | ' | 3 |
Note_11_Segment_Information_De1
Note 11 - Segment Information (Details) - Segment Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $265,384 | $261,931 | $266,956 | $276,051 | $286,264 | $307,797 | $278,388 | $239,052 | $783,408 | $940,258 | $736,391 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 190,674 | 336,712 | 285,388 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 74,703 | 46,912 | 22,919 |
Operating income (loss) | 15,483 | 23,459 | 34,855 | 40,418 | 49,579 | 74,923 | 82,066 | 75,962 | 114,215 | 282,530 | 262,186 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 157,987 | 182,179 | 140,723 |
As of December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,132,300 | ' | ' | ' | 1,012,757 | ' | ' | ' | 1,132,300 | 1,012,757 | 537,849 |
Goodwill | 205,798 | ' | ' | ' | 196,512 | ' | ' | ' | 205,798 | 196,512 | 65,057 |
Stimulation and Well Intervention Services [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 783,408 | 940,258 | 736,391 |
Stimulation and Well Intervention Services [Member] | Inter-segment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 437 | 6,227 | ' |
Stimulation and Well Intervention Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 166,277 | 338,286 | 310,078 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 47,446 | 32,738 | 20,248 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 118,777 | 304,985 | 289,887 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 118,539 | 154,977 | 142,997 |
As of December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 644,222 | ' | ' | ' | 588,413 | ' | ' | ' | 644,222 | 588,413 | 486,278 |
Goodwill | 69,625 | ' | ' | ' | 60,339 | ' | ' | ' | 69,625 | 60,339 | 60,339 |
Wireline Services [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 278,820 | 130,125 | ' |
Wireline Services [Member] | Inter-segment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Wireline Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 81,640 | 37,283 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,359 | 11,813 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 54,585 | 25,200 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 41,166 | 28,512 | ' |
As of December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 399,999 | ' | ' | ' | 370,955 | ' | ' | ' | 399,999 | 370,955 | ' |
Goodwill | 131,455 | ' | ' | ' | 131,455 | ' | ' | ' | 131,455 | 131,455 | ' |
Equipment Manufacturing [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,094 | 41,118 | 22,063 |
Equipment Manufacturing [Member] | Inter-segment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 55,969 | 68,869 | 51,964 |
Equipment Manufacturing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 7,017 | 15,748 | 13,203 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,670 | 2,303 | 2,700 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,342 | 13,444 | 10,510 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,044 | 7,529 | 2,442 |
As of December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 80,426 | ' | ' | ' | 76,604 | ' | ' | ' | 80,426 | 76,604 | 60,942 |
Goodwill | 4,718 | ' | ' | ' | 4,718 | ' | ' | ' | 4,718 | 4,718 | 4,718 |
Corporate and Other [Member] | Inter-segment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -56,410 | -75,096 | -51,964 |
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -64,260 | -54,605 | -37,893 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -772 | 58 | -29 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -64,489 | -61,099 | -38,211 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -2,762 | -8,839 | -4,716 |
As of December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 7,653 | ' | ' | ' | -23,215 | ' | ' | ' | 7,653 | -23,215 | -9,371 |
Revenue From External Customers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,070,322 | $1,111,501 | $758,454 |
Note_11_Segment_Information_De2
Note 11 - Segment Information (Details) - Segment Reporting Information By Revenue (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $265,384 | $261,931 | $266,956 | $276,051 | $286,264 | $307,797 | $278,388 | $239,052 | $783,408 | $940,258 | $736,391 |
Hydraulic Fracturing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 626,297 | 784,923 | 619,772 |
Coiled Tubing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $157,111 | $155,335 | $116,619 |
Note_11_Segment_Information_De3
Note 11 - Segment Information (Details) - EBITDA Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
EBITDA Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $190,674 | $336,712 | $285,388 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -6,550 | -4,996 | -4,221 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -41,313 | -95,079 | -88,341 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -74,703 | -46,912 | -22,919 |
Gain (loss) on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -527 | -692 | 25 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | -306 | -833 | -348 |
Legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,850 | ' |
Inventory write-down | ' | ' | ' | ' | ' | ' | ' | ' | -870 | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,605 |
Net income | $7,290 | $13,125 | $20,847 | $25,144 | $30,430 | $49,266 | $53,275 | $49,379 | $66,405 | $182,350 | $161,979 |
Note_12_IPO_Details
Note 12 - IPO (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 03, 2011 | Jul. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 12 - IPO (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 13,225,000 | ' | ' |
Common Stock, Shares, Issued | ' | ' | 54,604,124 | 53,131,823 |
Proceeds from Issuance of Common Stock (in Dollars) | $112.10 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Note 12 - IPO (Details) [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 4,300,000 | ' | ' | ' |
Named Selling Stockholders [Member] | ' | ' | ' | ' |
Note 12 - IPO (Details) [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 8,925,000 | ' | ' | ' |
Certain Selling Stockholders [Member] | ' | ' | ' | ' |
Note 12 - IPO (Details) [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 1,725,000 | ' | ' | ' |
Note_13_Quarterly_Financial_Da2
Note 13 - Quarterly Financial Data (unaudited) (Details) - Summary of Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $265,384 | $261,931 | $266,956 | $276,051 | $286,264 | $307,797 | $278,388 | $239,052 | $783,408 | $940,258 | $736,391 |
Operating income | 15,483 | 23,459 | 34,855 | 40,418 | 49,579 | 74,923 | 82,066 | 75,962 | 114,215 | 282,530 | 262,186 |
Income before income taxes | 13,737 | 21,921 | 33,236 | 38,824 | 47,789 | 72,955 | 81,175 | 75,510 | ' | ' | ' |
Net income | $7,290 | $13,125 | $20,847 | $25,144 | $30,430 | $49,266 | $53,275 | $49,379 | $66,405 | $182,350 | $161,979 |
Basic (in Dollars per share) | $0.14 | $0.25 | $0.39 | $0.48 | $0.58 | $0.95 | $1.03 | $0.95 | $1.25 | $3.51 | $3.28 |
Diluted (in Dollars per share) | $0.13 | $0.24 | $0.38 | $0.46 | $0.56 | $0.91 | $0.99 | $0.92 | $1.20 | $3.37 | $3.19 |