Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ERA GROUP INC. | ' | ' |
Entity Central Index Key | '0001525221 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,183,893 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $489,236,846 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $31,335 | $11,505 |
Receivables: | ' | ' |
Trade, net of allowance for doubtful accounts of $3,101 and $2,668 in 2013 and 2012, respectively | 38,137 | 48,810 |
Other, net of allowance for doubtful accounts of $437 and $nil in 2013 and 2012, respectively | 4,374 | 4,430 |
Inventories, net | 26,853 | 26,650 |
Prepaid expenses and other | 2,167 | 1,803 |
Deferred income taxes | 2,347 | 3,642 |
Total current assets | 105,213 | 96,840 |
Property and Equipment: | ' | ' |
Helicopters | 864,900 | 897,611 |
Construction in progress | 85,289 | 22,644 |
Machinery, equipment and spares | 75,170 | 72,161 |
Buildings and leasehold improvements | 29,138 | 25,451 |
Furniture, fixtures, vehicles and other | 12,461 | 12,409 |
Gross property and equipment | 1,066,958 | 1,030,276 |
Accumulated depreciation | -263,306 | -242,471 |
Net property and equipment | 803,652 | 787,805 |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 34,986 | 34,696 |
Goodwill | 352 | 352 |
Other Assets | 14,380 | 17,871 |
Total Assets | 958,583 | 937,564 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 13,293 | 15,703 |
Accrued wages and benefits | 8,792 | 4,576 |
Accrued interest | 772 | 1,401 |
Accrued income taxes | 613 | 0 |
Derivatives | 621 | 1,025 |
Current portion of long-term debt | 2,787 | 2,787 |
Other current liabilities | 3,267 | 4,207 |
Total current liabilities | 30,145 | 29,699 |
Long-Term Debt | 279,391 | 276,948 |
Deferred Income Taxes, Net | 209,574 | 203,536 |
Deferred Gains and Other Liabilities | 3,412 | 7,864 |
Total liabilities | 522,522 | 518,047 |
Series A Preferred Stock, at redemption value; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding in 2013; 1,400,000 shares issued and outstanding in 2012 | 0 | 144,232 |
Era Group Inc. Stockholders' Equity: | ' | ' |
Additional paid-in capital | 421,310 | 278,838 |
Retained earnings (accumulated deficit) | 14,680 | -4,025 |
Treasury shares, at cost (4,350 and nil in 2013 and 2012, respectively) | -113 | 0 |
Accumulated other comprehensive income, net of tax | 176 | 20 |
Stockholders' equity attributable to parent, total | 436,255 | 275,078 |
Noncontrolling interest in subsidiary | -194 | 207 |
Total equity | 436,061 | 275,285 |
Total Liabilities and Stockholders’ Equity | 958,583 | 937,564 |
Common Stock [Member] | ' | ' |
Era Group Inc. Stockholders' Equity: | ' | ' |
Common stock | 202 | 0 |
Common Class B [Member] | ' | ' |
Era Group Inc. Stockholders' Equity: | ' | ' |
Common stock | $0 | $245 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Common Stock [Member] | Common Stock [Member] | Common Class B [Member] | Common Class B [Member] | ||
Allowance for doubtful accounts | $3,101 | $2,668 | ' | ' | ' | ' |
Other, allowance for doubtful accounts | $437 | $0 | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | ' | ' | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock, shares issued | ' | ' | 20,194,245 | 0 | 0 | 24,500,000 |
Common stock, shares outstanding | ' | ' | 20,189,895 | 0 | 0 | 24,500,000 |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | 1,400,000 | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | 1,400,000 | ' | ' | ' | ' |
Treasury Stock, Shares | 4,350 | 0 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Operating Revenues | $298,959 | $272,921 | $258,148 |
Costs and Expenses: | ' | ' | ' |
Operating | 186,612 | 167,195 | 162,707 |
Administrative and general | 38,924 | 34,785 | 31,893 |
Depreciation | 45,561 | 42,502 | 42,612 |
Total costs and expenses | 271,097 | 244,482 | 237,212 |
Gains on Asset Dispositions and Impairments, Net | 18,301 | 3,612 | 15,172 |
Operating Income | 46,163 | 32,051 | 36,108 |
Other Income (Expense): | ' | ' | ' |
Interest income | 591 | 910 | 738 |
Interest expense | -18,050 | -10,648 | -1,376 |
Interest expense on advances from SEACOR | 0 | 0 | -23,410 |
SEACOR management fees | -168 | -2,000 | -8,799 |
Derivative losses, net | -104 | -490 | -1,326 |
Foreign currency gains, net | 698 | 720 | 516 |
Other, net | 19 | 30 | 9 |
Total Other Nonoperating Income (Expense) | -17,014 | -11,478 | -33,648 |
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | 29,149 | 20,573 | 2,460 |
Income Tax Expense (Benefit): | ' | ' | ' |
Current | 4,591 | -51,213 | -17,905 |
Deferred | 7,136 | 58,511 | 18,339 |
Income Tax Expense (Benefit) | 11,727 | 7,298 | 434 |
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 17,422 | 13,275 | 2,026 |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 882 | -5,528 | 82 |
Net Income | 18,304 | 7,747 | 2,108 |
Net Loss Attributable to Noncontrolling Interest in Subsidiary | 401 | 40 | 0 |
Net Income Attributable to Era Group Inc. | 18,705 | 7,787 | 2,108 |
Accretion of Redemption Value on Series A Preferred Stock | 721 | 8,469 | 210 |
Net Income (Loss) Attributable to Common Shares | $17,984 | ($682) | $1,898 |
Earnings (Loss) Per Common Share: | ' | ' | ' |
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) | $0.88 | ($0.03) | $0.18 |
Weighted Average Common Shares Outstanding (in shares) | 20,489,200 | 24,500,000 | 10,270,444 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $18,304 | $7,747 | $2,108 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Foreign currency translation adjustments | 240 | 944 | -802 |
Income tax (expense) benefit | -84 | -331 | 281 |
Other Comprehensive Income (Loss), Net of Tax | 156 | 613 | -521 |
Comprehensive Income | 18,460 | 8,360 | 1,587 |
Comprehensive Loss Attributable to Noncontrolling Interest in Subsidiary | 401 | 40 | 0 |
Comprehensive Income Attributable to Era Group Inc. | $18,861 | $8,400 | $1,587 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Shares Held In Treasury [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non - controlling Interest in Subsidiary [Member] |
In Thousands, unless otherwise specified | ||||||||||
Beginning Balance at Dec. 31, 2010 | $163,593 | $0 | $0 | $1 | $0 | $177,584 | ($13,920) | $0 | ($72) | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash distribution to SEACOR | -69,823 | ' | ' | ' | ' | -69,823 | ' | ' | ' | ' |
Non-cash contribution from SEACOR | 180,000 | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' |
Share exchange (see note 10) | 0 | ' | ' | 244 | 0 | -244 | ' | ' | ' | ' |
Accretion of redemption value on Series A Preferred Stock | -210 | 210 | ' | ' | ' | -210 | ' | ' | ' | ' |
Issuance of stock | 0 | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 2,108 | ' | ' | ' | ' | ' | 2,108 | ' | ' | ' |
Currency translation adjustments, net of tax | -521 | ' | ' | ' | ' | ' | ' | ' | -521 | ' |
Ending Balance at Dec. 31, 2011 | 275,147 | 140,210 | 0 | 245 | 0 | 287,307 | -11,812 | 0 | -593 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Series B Preferred Stock | 0 | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition of subsidiary with a noncontrolling interest | 247 | ' | ' | ' | ' | ' | ' | ' | ' | 247 |
Accretion of redemption value on Series A Preferred Stock | -8,469 | 8,469 | ' | ' | ' | -8,469 | ' | ' | ' | ' |
Issuance of stock | 0 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend | 0 | -4,447 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 7,747 | ' | ' | ' | ' | ' | 7,787 | ' | ' | -40 |
Currency translation adjustments, net of tax | 613 | ' | ' | ' | ' | ' | ' | ' | 613 | ' |
Ending Balance at Dec. 31, 2012 | 275,285 | 144,232 | 0 | 245 | 0 | 278,838 | -4,025 | 0 | 20 | 207 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recapitalization of Era Group by SEACOR | 140,000 | -140,000 | ' | -245 | 199 | 140,046 | ' | ' | ' | ' |
Issuance of Era Group stock options in settlement of SEACOR stock options | 706 | ' | ' | ' | ' | 706 | ' | ' | ' | ' |
Proceeds and tax benefits from share award plans | 527 | ' | ' | ' | ' | 527 | ' | ' | ' | ' |
Share-based compensation | 1,815 | ' | ' | ' | ' | 1,815 | ' | ' | ' | ' |
Cancellation of restricted stock | -11 | ' | ' | ' | ' | 102 | ' | -113 | ' | ' |
Accretion of redemption value on Series A Preferred Stock | -721 | 721 | ' | ' | ' | -721 | ' | ' | ' | ' |
Issuance of stock | 0 | ' | ' | ' | 3 | -3 | ' | ' | ' | ' |
Preferred stock dividend | 0 | -4,953 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 18,304 | ' | ' | ' | ' | ' | 18,705 | ' | ' | -401 |
Currency translation adjustments, net of tax | 156 | ' | ' | ' | ' | ' | ' | ' | 156 | ' |
Ending Balance at Dec. 31, 2013 | $436,061 | $0 | $0 | $0 | $202 | $421,310 | $14,680 | ($113) | $176 | ($194) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $18,304 | $7,747 | $2,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 45,561 | 42,502 | 42,612 |
Amortization of deferred financing costs | 610 | 1,663 | 25 |
Shared-based compensation | 1,815 | 0 | 0 |
Debt discount amortization | 231 | 15 | 0 |
Bad debt expense, net | 885 | 2,798 | 20 |
Gains on asset dispositions and impairments, net | -18,301 | -3,612 | -15,172 |
Derivative losses, net | 104 | 490 | 1,326 |
Cash settlements on derivative transactions, net | -478 | -419 | 0 |
Foreign currency gains, net | -698 | -720 | -516 |
Deferred income tax expense | 7,136 | 58,511 | 18,339 |
Non-cash settlement of current tax benefit (see Note 10) | 0 | -50,000 | 0 |
Equity in (earnings) losses of 50% or less owned companies, net of tax | -882 | 5,528 | -82 |
Dividends received from 50% or less owned companies | 0 | -16 | 1,236 |
Changes in operating assets and liabilities: | ' | ' | ' |
Decrease (increase) in receivables | 9,668 | 320 | -9,311 |
Increase (decrease) in prepaid expenses and other assets | 1,250 | -2,153 | -5,967 |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | -834 | -48,739 | 6,312 |
Net cash provided by operating activities | 64,371 | 13,915 | 40,930 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchases of property and equipment | -110,105 | -112,986 | -158,929 |
Proceeds from disposition of property and equipment | 65,151 | 5,188 | 26,043 |
Cash settlements on derivative transactions, net | 0 | 0 | 6,109 |
Investments in and advances to 50% or less owned companies | 0 | -10,627 | -21,840 |
Principal payments on notes due from equity investees | 863 | 2,574 | 0 |
Principal payments (advances) on third party notes receivable, net | 632 | 1,086 | -472 |
Net cash used in investing activities | -43,459 | -114,765 | -149,089 |
Cash Flows from Financing Activities: | ' | ' | ' |
Payments to SEACOR, net | 0 | 0 | -63,166 |
Proceeds from issuance of long-term debt | 55,000 | 284,622 | 252,000 |
Long-term debt issuance costs | 0 | -4,754 | -3,050 |
Payments on long-term debt | -52,788 | -292,787 | -2,690 |
Issuance of Series B preferred stock | 0 | 100,000 | 0 |
Settlement of Series B preferred stock | 0 | -50,000 | 0 |
Dividends paid on Series A preferred stock | -4,953 | -4,447 | 0 |
Proceeds and tax benefits from share award plans | 527 | 0 | 0 |
Proceeds from SEACOR on the settlement of stock options | 706 | 0 | 0 |
Net cash (used in) provided by financing activities | -1,508 | 32,634 | 183,094 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 426 | 599 | 489 |
Net Increase (Decrease) in Cash and Cash Equivalents | 19,830 | -67,617 | 75,424 |
Cash and Cash Equivalents, Beginning of Year | 11,505 | 79,122 | 3,698 |
Cash and Cash Equivalents, End of Year | $31,335 | $11,505 | $79,122 |
NATURE_OF_OPERATIONS_AND_ACCOU
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | ' | ||||||||||||
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | |||||||||||||
Nature of Operations. Era Group Inc. (“Era Group”) and its subsidiaries (collectively referred to as the “Company”) is one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the United States, which is its primary area of operation. The Company is primarily engaged in transportation services to the offshore oil and gas exploration, development and production industry. Its major customers are major integrated and independent oil and gas companies and U.S. government agencies. In addition to serving the oil and gas industry, the Company provides air medical services, firefighting support, flightseeing tours in Alaska, and emergency search and rescue services. The Company operates a fixed base operation (“FBO”) at Ted Stevens Anchorage International Airport and a Federal Aviation Administration (“FAA”) approved maintenance repair station in Lake Charles, Louisiana. The Company has an interest in Dart Holding Company Ltd., a sales and manufacturing organization based in Canada that engineers, manufactures and distributes after-market helicopter parts and accessories, and has an interest in a training center based in Lake Charles, Louisiana that provides instruction, flight simulator and other training service. | |||||||||||||
Prior to January 31, 2013, the Company was wholly owned by SEACOR Holdings Inc. (along with its other majority-owned subsidiaries being collectively referred to as “SEACOR”) and represented SEACOR’s aviation services business segment. On January 31, 2013, SEACOR recapitalized the Company through the exchange of all of its Class B common stock and its $140.0 million of Series A preferred stock for 19,883,583 shares of newly-issued Era Group common stock, par value $0.01 per share (the “Recapitalization”). Following the Recapitalization, the Company had only one class of common stock issued and outstanding and no preferred stock outstanding. On January 31, 2013, SEACOR then completed a spin-off by means of a dividend to SEACOR’s stockholders of all of the Company’s issued and outstanding common stock (the “Spin-off”). The Company filed a Registration Statement on Form 10 with the Securities and Exchange Commission (“SEC”) that was declared effective on January 15, 2013. Prior to the Spin-off, SEACOR and the Company entered into a distribution agreement and several other agreements that govern the post-Spin-off relationship. Era Group is now an independent company with its common stock listed on the New York Stock Exchange under the symbol “ERA.” | |||||||||||||
Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly-owned subsidiaries and entities that meet the criteria of Variable Interest Entities ("VIEs") of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. | |||||||||||||
The Company employs the equity method of accounting for investments in business ventures when it has the ability to exercise significant influence over the operating and financial policies of the ventures. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of an investee. The Company reports its investments in and advances to equity investees in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings or losses of equity investees in the accompanying consolidated statements of operations as equity in earnings (losses) of 50% or less owned companies, net of tax. | |||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to allowance for doubtful accounts, useful lives of property and equipment, impairments, inventories, income tax provisions and certain accrued liabilities. Actual results could differ from those estimates and those differences may be material. | |||||||||||||
Reclassifications. Certain amounts reported for prior years in the consolidated financial statements have been reclassified to conform with the current year's presentation. | |||||||||||||
Revenue Recognition. The Company recognizes revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met. Deferred revenues for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 8,953 | $ | 123 | $ | 216 | |||||||
Revenues deferred during period | 37,936 | 25,908 | 266 | ||||||||||
Revenues recognized during period | (22,646 | ) | (17,078 | ) | (359 | ) | |||||||
Balance at end of period | $ | 24,243 | $ | 8,953 | $ | 123 | |||||||
As of December 31, 2013 and 2012, deferred revenues included $21.0 million and $7.0 million, respectively, related to dry-lease revenues for certain helicopters leased by the Company to Aeróleo Taxi Aero S/A (“Aeróleo”), its Brazilian joint venture (see Note 5). The deferral originated from difficulties experienced by Aeróleo following one of its customer’s cancellation of certain contracts for a number of AW139 helicopters under dry-lease from the Company, and the deferral continues as a result of financial difficulties at Aeróleo. The Company will recognize revenues as cash is received or earlier should future collectability become reasonably assured. The accounts receivable balances related to the deferred revenue are netted for presentation. All costs and expenses related to these dry-leases were recognized as incurred. | |||||||||||||
As of December 31, 2013 and 2012, deferred revenues also included $3.2 million and $1.9 million, respectively, related to dry-lease revenues for certain helicopters leased by the Company to one of its customers in India. The deferral resulted from the customer having its operating certificate revoked for a period of time and therefore being unable to operate. The certificate has since been reinstated but uncertainty still remains regarding the collectability of the dry-lease revenues. The Company will recognize revenues as cash is received or earlier should future collectability become reasonably assured. The accounts receivable balances related to the deferred revenue are netted for presentation. All costs and expenses related to these dry-leases were recognized as incurred. | |||||||||||||
The Company charters the majority of its helicopters through master service agreements, subscription agreements, day-to-day charter arrangements and dry-leases. Master service agreements and subscription agreements typically require a fixed monthly fee plus incremental payments based on hours flown. These agreements have fixed terms ranging from one month to five years and generally may be canceled by providing 30 days’ notice. Day-to-day charter arrangements call for either a combination of a daily fixed fee plus a charge based on hours flown or an hourly rate with a minimum number of hours to be charged daily. Dry-leases require a fixed monthly fee for the customer’s right to use the helicopter and, where applicable, a charge based on hours flown as compensation for any maintenance, parts, and/or personnel support that the Company may provide to the customer. Dry-leases generally run from two to five years with no early cancellation provisions. Air medical services are provided under contracts with hospitals that typically include a fixed monthly and hourly rate structure. With respect to flightseeing operations, the Company allocates block space to cruise lines and seats are sold directly to customers. The Company also operates a fixed based operation (“FBO”) at Ted Stevens Anchorage International Airport that sells fuel on an ad-hoc basis and leases storage space. | |||||||||||||
Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of overnight investments. | |||||||||||||
Trade Receivables. Customers are primarily major integrated and independent exploration and production companies, hospitals, international helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Allowance for doubtful accounts for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 2,668 | $ | 59 | $ | 205 | |||||||
Additional allowances | 764 | 2,798 | 20 | ||||||||||
Write-offs and recoveries | (331 | ) | (189 | ) | (166 | ) | |||||||
Balance at end of period | $ | 3,101 | $ | 2,668 | $ | 59 | |||||||
Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of operations as derivative losses, net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as a corresponding increase or decrease in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of operations as derivative losses, net. | |||||||||||||
Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk relating to its receivables due from customers in the industries described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. The Company is also exposed to concentrations of credit risk associated with cash, cash equivalents and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company’s two largest customers comprised 24% and 36% of net trade receivables as of December 31, 2013 and 2012, respectively. | |||||||||||||
Inventories. Inventories are stated at the lower of average cost or market value and consist primarily of spare parts and fuel. The following table is a roll forward of the allowance related to dormant, obsolete and excess inventory for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 9,213 | $ | 7,281 | $ | 7,054 | |||||||
Increases (decreases) to allowance | (4,044 | ) | 1,932 | 227 | |||||||||
Balance at end of period | $ | 5,169 | $ | 9,213 | $ | 7,281 | |||||||
In 2013, the Company sold inventory held by a third party on consignment at a loss for which an allowance was previously provided. This resulted in a $5.2 million reduction of the allowance related to this inventory upon removal of the assets. | |||||||||||||
Property and Equipment. Property and equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to helicopters, the estimated useful life is typically based upon a newly built asset being placed into service and represents the point at which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life. | |||||||||||||
As of December 31, 2013 the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: | |||||||||||||
Helicopters (estimated salvage value at 40% of cost) | 15 | ||||||||||||
Machinery, equipment and spares | 7-May | ||||||||||||
Buildings and leasehold improvements | 30-Oct | ||||||||||||
Furniture, fixtures, vehicles and other | 5-Mar | ||||||||||||
The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis. Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new helicopter models that continue to increase their long-term value and make them viable for operation over a longer period of time. For the six months ended December 31, 2011, the change in estimate increased operating income by $7.6 million, net income by $4.9 million and basic and diluted earnings per share by $0.48. | |||||||||||||
Equipment maintenance and repair costs and the costs of routine overhauls and inspections performed on helicopter engines and major components are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals or improvements to other properties are capitalized. | |||||||||||||
The Company engages a number of third-party vendors to maintain the engines and certain components on some of its helicopter models under programs known as “power-by-hour” maintenance contracts. These programs require the Company to pay for the maintenance service ratably over the contract period, typically based on actual flight hours. Power-by-hour providers generally bill monthly based on hours flown in the prior month, the costs being expensed as incurred. In the event the Company places a helicopter in a program after a maintenance period has begun, it may be necessary to pay an initial buy-in charge based on hours flown since the previous maintenance event. The buy-in charge is normally recorded as a prepaid expense and amortized as an operating expense over the remaining power-by-hour contract period. If a helicopter is sold or otherwise removed from a program before the scheduled maintenance work is carried out, the Company may be able to recover part of its payments to the power-by-hour provider, in which case, the Company records a reduction to operating expense when it receives the refund. | |||||||||||||
The Company also incurs repairs and maintenance expense through vendor arrangements whereby the Company obtains repair quotes and authorizes service through a repair order process. Under these arrangements, the Company records the repairs and maintenance cost as the work is completed. As a result, the timing of repairs and maintenance may result in operating expenses varying substantially when compared with a prior year or prior quarter if a disproportionate number of repairs, refurbishments or overhauls for components not covered under power-by-hour arrangements are performed during a period. | |||||||||||||
Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. Capitalized interest totaled $1.1 million, $1.5 million and $2.7 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Impairment of Long-Lived Assets. The Company performs an impairment analysis on long-lived assets used in operations when indicators of impairment are present. The Company’s helicopters in operation are evaluated for impairment on an aggregate fleet basis. If the carrying value of the assets is not recoverable, as determined by the estimated undiscounted cash flows, the carrying value of the assets is reduced to fair value. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. For the years ended December 31, 2013, 2012 and 2011, the Company recognized no impairment charges. | |||||||||||||
Impairment of 50% or Less Owned Companies. The Company performs regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties in raising capital to continue operations, and when the Company expects the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investees in which the Company has investments. For the year ended December 31, 2013, the Company did not recognize any impairment charges. For the year ended December 31, 2012, the Company recognized an impairment charge of $5.9 million, net of tax, on its investment in and advances to Aeróleo (See Note 5). The Company did not recognize any impairment charges in 2011 related to its 50% or less owned companies. | |||||||||||||
Goodwill. Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value of the acquired entity to its carrying value, including goodwill. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates for revenues, costs, and appropriate discount rates, among others. These estimates are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. The Company did not recognize any goodwill impairments in 2013, 2012 or 2011. | |||||||||||||
Business Combinations. The Company recognizes, with certain exceptions, 100 percent of the fair value of assets acquired, liabilities assumed, and non controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Any in-process research and development assets acquired are capitalized as are certain acquisition-related restructuring costs if the criteria related to exit or disposal cost obligations are met as of the acquisition date. Acquisition-related transaction costs are expensed as incurred and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition. | |||||||||||||
Deferred Financing Costs. Deferred financing costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight line method for revolving credit facilities. Amortization expense for deferred financing costs totaled $0.6 million, $1.7 million and less than $0.1 million in 2013, 2012 and 2011, respectively, and are included in interest expense in the accompanying consolidated statements of operations. | |||||||||||||
Income Taxes. Commencing February 1, 2013, the Company will file a standalone consolidated U.S. federal tax return. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the accompanying consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of operations. The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Prior to the Spin-off, the Company was included in the consolidated U.S. federal income tax return of SEACOR. SEACOR’s policy for allocation of U.S. federal income taxes required its subsidiaries to compute their provision for U.S. federal income taxes on a separate company basis and settle with SEACOR. Net operating loss benefits were settled with SEACOR on a current basis and were used in the consolidated U.S. federal income tax return to offset taxable profits of other affiliates. For all periods prior to the Spin-off the total provision for income taxes included in the consolidated statements of operations would remain as currently reported had the Company not been eligible to be included in the consolidated U.S. federal income tax return of SEACOR. | |||||||||||||
Deferred Gains. A portion of the gains realized from sales of the Company’s helicopters to its 50% or less owned companies is not immediately recognized in income and has been recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. | |||||||||||||
During the year ended December 31, 2011, the Company sold one helicopter to Era do Brazil. In addition, the Company previously sold two helicopters to a finance company that were in turn leased back by Lake Palma and sold four helicopters directly to Lake Palma. The balance in the deferred gain account for 2013, 2012, and 2011 was $0, $1.6 million, and $2.4 million, respectively. The one helicopter related to Era Do Brazil is now in the consolidated balance sheet and there is no longer a deferred gain. | |||||||||||||
Foreign Currency Translation. Certain of the Company’s investments, at equity, and advances to 50% or less owned companies were measured using their functional currency, which is the currency of the primary foreign economic environment in which they operate. These investments are translated to U.S. dollars at currency exchange rates as of the balance sheet dates and its equity earnings (losses) at the weighted average currency exchange rates during the applicable reporting periods. Translation adjustments are reported in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss). | |||||||||||||
Foreign Currency Transactions. From time to time, the Company enters into transactions denominated in currencies other than its functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains (losses), net in the accompanying consolidated statements of operations in the period which the currency exchange rates change. | |||||||||||||
Earnings (Loss) Per Common Share. Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method that assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A and Series B preferred stock. | |||||||||||||
ERA Savings Plan. The Company provides a defined contribution plan (the “Savings Plan”) for its eligible U.S.-based employees. The Company’s contribution to the Savings Plan is limited to 50% of an employee’s first 6% of wages invested in the Savings Plan and is subject to annual review by the Board of Directors of ERA. The Company’s Savings Plan costs were $1.1 million for the year ended December 31, 2013. Prior to 2013, SEACOR provided a defined contribution plan for participating employees. The Company’s Savings Plan costs were $1.0 million and $0.9 million for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
Effective January 1, 2014, our plan was amended to provide for qualified non-elective Company contributions in an amount equal to 3% of each employee’s eligible plan and immediate and full vesting in the Company’s contributions. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||
The Company’s financial assets and liabilities as of December 31 that are measured at fair value on a recurring basis were as follows (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
2013 | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Derivative instruments (included in other current liabilities) | $ | — | $ | 621 | $ | — | |||||||||||
2012 | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Derivative instruments (included in other current liabilities) | $ | — | $ | 1,025 | $ | — | |||||||||||
The estimated fair value of the Company’s other financial assets and liabilities as of December 31 were as follows (in thousands): | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 31,335 | $ | 31,335 | $ | — | $ | — | |||||||||
Notes receivable from other business ventures (included in other | 169 | 169 | — | — | |||||||||||||
receivables and other assets) | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, including current portion | 282,178 | — | 297,399 | — | |||||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 11,505 | $ | 11,505 | $ | — | $ | — | |||||||||
Notes receivable from other business ventures (included in other | 925 | 925 | — | — | |||||||||||||
receivables and other assets) | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, including current portion | 279,735 | — | 283,120 | — | |||||||||||||
The carrying values of cash, cash equivalents and the Company’s recently issued notes receivable from other business ventures approximate fair value. The Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates. Considerable judgment was required in developing certain of the estimates of fair value and accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | |||||||||||||||||
The Company’s non-financial assets and liabilities that were measured at fair value during the years ended December 31 were as follows (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in Era do Brazil (2) | $ | — | $ | 248 | $ | — | |||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in Aeróleo (1) | $ | — | $ | — | $ | — | |||||||||||
Investment in Era do Brazil (2) | — | 248 | — | ||||||||||||||
____________________ | |||||||||||||||||
-1 | On March 1, 2012, the Company wrote-off its equity investment in its Aeróleo joint venture (see Note 5). | ||||||||||||||||
-2 | On September 30, 2012, the Company marked its equity investment in its Era do Brazil joint venture to fair value. As the primary beneficiary, the Company has consolidated Era do Brazil in its financial statements effective September 30, 2012 (see Note 5). |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | ' | ||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | |||||||||||||
SEACOR had entered into forward currency exchange contracts on behalf of the Company. These derivative instruments were classified as either assets or liabilities based on their individual fair values. As of December 31, 2013, none of these derivative instruments were outstanding. The Company had designated its forward currency exchange contracts as fair value hedges in respect of capital commitments denominated in Euros. By entering into these forward currency exchange contracts, the Company had fixed a portion of its euro capital commitments in U.S. dollars to protect against currency fluctuations for equipment that was scheduled to be delivered in 2011 through 2013. | |||||||||||||
The Company recognized gains (losses) on derivative instruments designated as fair value hedges for the years ended December 31 as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign currency exchange contracts, effective and ineffective portions | $ | — | $ | — | $ | 5,770 | |||||||
Decrease in fair value of hedged items included in property and equipment | — | — | (5,810 | ) | |||||||||
corresponding to the effective portion of derivative gains | |||||||||||||
$ | — | $ | — | $ | (40 | ) | |||||||
During the year ended December 31, 2011, the Company entered into two interest rate swap agreements maturing in 2014 and 2015 that call for the Company to pay fixed interest rates of 1.67% and 1.83% on an aggregate notional value of $31.8 million and receive a variable interest rate based on the London Interbank Offered Rate (“LIBOR”) on these notional values. The general purpose of these interest rate swap agreements is to provide protection against increases in interest rates, which might lead to higher interest costs for the Company. The fair value of these derivative instruments at December 31, 2013 were liabilities of $0.6 million. The Company recognized gains of $0.4 million and losses of $0.5 million on these derivative instruments for the year ended December 31, 2013 and 2012, respectively. |
ACQUISITIONS_AND_DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
ACQUISITIONS AND DISPOSITIONS | ' | |||||||||
ACQUISITIONS AND DISPOSITIONS | ||||||||||
The Company’s capital expenditures were $110.1 million, $113.0 million and $158.9 million in 2013, 2012 and 2011, respectively, and consisted primarily of helicopter acquisitions and deposits on future helicopter deliveries. The Company records helicopter acquisitions in Property and Equipment and places helicopters in service once all completion work has been finalized and the helicopters are ready for use. A summary of changes to our owned helicopter fleet during the years ended December 31 were as follows: | ||||||||||
Equipment Additions. | ||||||||||
2013 (1) | 2012 (2) | 2011 | ||||||||
Light helicopters - single engine | — | 3 | 1 | |||||||
Light helicopters - twin engine | 2 | 4 | 3 | |||||||
Medium helicopters | 4 | 8 | 4 | |||||||
Heavy helicopters | — | 3 | 1 | |||||||
6 | 18 | 9 | ||||||||
Equipment Dispositions. The Company sold or otherwise disposed of property and equipment for $65.2 million, $5.2 million and $26.0 million in 2013, 2012 and 2011, respectively. Major equipment dispositions for the years ended December 31 were as follows: | ||||||||||
2013 | 2012 (3) | 2011 (4) | ||||||||
Light helicopters - single engine | — | — | 3 | |||||||
Light helicopters - twin engine | 4 | 6 | 3 | |||||||
Medium helicopters | 10 | 2 | 2 | |||||||
Heavy helicopters | 1 | — | 3 | |||||||
15 | 8 | 11 | ||||||||
____________________ | ||||||||||
-1 | Includes two light-twin helicopters and one medium helicopter that were previously leased-in. | |||||||||
-2 | Includes three light-single helicopters and one medium helicopter that were previously leased-in. | |||||||||
-3 | Excludes two light-twin helicopters that were removed from service and includes one light-single helicopter that had previously been removed from service. | |||||||||
-4 | Includes one light-single helicopter that had previously been removed from service and excludes one light-twin helicopter that was removed from service in 2011. |
INVESTMENTS_AT_EQUITY_ADVANCES
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES | ' | ||||||||||||
INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES | |||||||||||||
Investments, at equity, and advances to 50% or less owned companies as of December 31 were as follows (in thousands): | |||||||||||||
Ownership | 2013 | 2012 | |||||||||||
Dart | 50.00% | $ | 25,264 | $ | 25,212 | ||||||||
Aeróleo (1) | 50.00% | — | — | ||||||||||
Era do Brazil (2) | 50.00% | — | — | ||||||||||
Era Training Center | 50.00% | 6,236 | 6,740 | ||||||||||
Lake Palma(3) | 51.00% | 3,411 | 2,512 | ||||||||||
Heli-Union Era Australia | 45.00% | 75 | 232 | ||||||||||
$ | 34,986 | $ | 34,696 | ||||||||||
____________________ | |||||||||||||
-1 | Investment impaired in March 2012. | ||||||||||||
-2 | Consolidated entity as of September 30, 2012. | ||||||||||||
-3 | The Company owns a 51% financial interest in this joint venture; however, it does not consolidate the venture as it only controls 50% of the venture’s voting rights. | ||||||||||||
Combined Condensed Financials. Summarized financial information for the Company’s investments, at equity, as of and for the years ended December 31 was as follows (in thousands) for Dart Holding Company Ltd.: | |||||||||||||
2013 | 2012 | ||||||||||||
Current Assets | $ | 19,231 | $ | 18,845 | |||||||||
Noncurrent Assets | 37,636 | 42,423 | |||||||||||
Current Liabilities | 8,613 | 8,754 | |||||||||||
Noncurrent Liabilities | 6,963 | 12,590 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues | $ | 39,185 | $ | 42,870 | $ | 43,198 | |||||||
Costs and Expenses: | |||||||||||||
Operating and administrative | 31,538 | 33,706 | 34,431 | ||||||||||
Depreciation and amortization | 5,213 | 5,375 | 2,746 | ||||||||||
36,751 | 39,081 | 37,177 | |||||||||||
Operating Income | $ | 2,434 | $ | 3,789 | $ | 6,021 | |||||||
Net Income | $ | 789 | $ | 1,245 | $ | 3,974 | |||||||
Combined Condensed Financials. Summarized financial information for the Company’s investments, at equity, as of and for the years ended December 31 was as follows (in thousands) for all other investments: | |||||||||||||
2013 | 2012 | ||||||||||||
Current Assets | $ | 4,378 | $ | 2,278 | |||||||||
Noncurrent Assets | 20,018 | 22,611 | |||||||||||
Current Liabilities | 2,789 | 2,523 | |||||||||||
Noncurrent Liabilities | 7,918 | 9,146 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues | $ | 4,682 | $ | 20,009 | $ | 53,827 | |||||||
Costs and Expenses: | |||||||||||||
Operating and administrative | 1,035 | 16,221 | 51,726 | ||||||||||
Depreciation | 3,450 | 3,165 | 3,081 | ||||||||||
4,485 | 19,386 | 54,807 | |||||||||||
Operating Income | $ | 197 | $ | 623 | $ | (980 | ) | ||||||
Net Income (Loss) | $ | (476 | ) | $ | 540 | $ | (1,590 | ) | |||||
As of December 31, 2013 and 2012, cumulative undistributed net earnings (losses) of 50% or less owned companies included in the Company’s consolidated accumulated deficit were a loss of $4.6 million and $5.8 million, respectively. | |||||||||||||
Dart . A wholly owned subsidiary of the Company, Era DHS LLC, acquired 49% of the capital stock of Dart Helicopter Services LLC (“Dart Helicopters”), a sales, marketing and parts manufacturing organization based in North America that engineers and manufactures after-market parts and equipment for sale to helicopter manufacturers and operators. During 2009, the Company provided a $0.3 million loan to Dart Helicopters with a maturity of June 2012 at an annual interest rate of 5%, which is payable quarterly with principal due at maturity. On February 28, 2011, the Company made an additional investment of $5.0 million in Dart Helicopters and, on July 31, 2011, contributed its ownership in Dart Helicopters to Dart Holding Company Ltd. (“Dart”) in exchange for a 50% interest in Dart and a note receivable of $5.1 million. The note receivable bears an interest rate of 4.0% per annum, requires quarterly principal and interest payments and matures on July 31, 2023. During the years ended December 31, 2013, 2012 and 2011, the Company purchased $2.9 million, $1.7 million and $2.3 million, respectively, of products from Dart Helicopters and Dart. The Company received no management fees during the years ended December 31, 2013 and 2012. The management fees earned during the year ended December 31, 2011 were not material. | |||||||||||||
Aeróleo. On July 1, 2011, the Company acquired a 50% economic interest and a 20% voting interest in Aeróleo Taxi Aereo S/A (“Aeróleo”), a Brazilian entity that provides helicopter transport services to the Brazilian offshore oil and gas industry, for $4.8 million in cash. The Company and its partner also each loaned Aeróleo $6.0 million at an interest rate of 6% per annum. On March 1, 2012, the Company recorded an impairment charge of $5.9 million, net of tax, on its investment in and advances to Aeróleo. The impairment charge resulted from difficulties experienced by Aeróleo following one of its customer’s cancellation of certain contracts for a number of AW139 helicopters under dry-lease from the Company. The Company leases 11 helicopters to Aeróleo and for the years ended December 31, 2013 and 2012, and the period July 1, 2011 through December 31, 2011, the Company recognized $16.2 million, $17.6 million and $14.0 million, respectively, of operating revenues from these leases, of which $21.0 million and $5.3 million was outstanding as of December 31, 2013 and 2012, respectively (See Notes 1 and 20). | |||||||||||||
Era Training Center. Era Training Center LLC (“Era Training Center”) operates flight training devices and provides training services to the Company and third-party customers. During the years ended December 31, 2013, 2012 and 2011, the Company provided helicopter, management and other services to the joint venture totaling $0.4 million, $0.5 million and $0.7 million, respectively, and paid the joint venture $0.7 million, $0.8 million and $0.1 million for simulator fees in 2013, 2012 and 2011, respectively. In December 2010, Era Training Center signed a $3.2 million note with the Company to purchase two flight simulators. The note is secured by the two flight simulators and bears interest at 6%. Terms of the note require quarterly interest-only payments for the first year and $0.1 million quarterly payments of principal and interest thereafter until January 2026. In 2012 and 2011, the Company made additional advances of $0.8 and $1.2 million under the note, respectively. | |||||||||||||
Lake Palma. Lake Palma, S.L. (“Lake Palma”) operates seven helicopters in Spain. The Company received advances of $1.2 million in 2012, and did not receive any advances in 2013. | |||||||||||||
Era do Brazil. On July 1, 2011, the Company and its partner each contributed $4.8 million in cash to Era do Brazil LLC (“Era do Brazil”), a 50-50 joint venture. Era do Brazil immediately acquired a helicopter, subject to a lease to Aeróleo, from the Company for $11.5 million ($9.5 million in cash and a $2.0 million note payable). During the year ended December 31, 2012, the Company loaned $10.8 million to Era do Brazil secured by a helicopter purchased from the Company in 2011 and Era do Brazil's ownership interests. Upon receipt of the proceeds from the loan, Era do Brazil repaid the outstanding principal amount of $1.6 million remaining on the original helicopter acquisition note due to the Company and loaned $9.2 million to Aeróleo in the form of two notes, each of an equal amount. Era do Brazil then distributed the two notes due from Aeróleo to its members. As a result of these transactions, Era do Brazil is a highly leveraged entity with all its outstanding debt due to the Company. As the primary beneficiary, the Company has consolidated Era do Brazil in its financial statements effective September 30, 2012. The Company provides maintenance services to Era do Brazil and for the period January 1, 2012 through September 30, 2012 and the period July 1, 2011 through December 31, 2011, the Company recognized $0.4 million and $0.3 million, respectively, of operating revenues from these services. |
ESCROW_DEPOSITS_ON_LIKEKIND_EX
ESCROW DEPOSITS ON LIKE-KIND EXCHANGES | 12 Months Ended |
Dec. 31, 2013 | |
Escrow Deposits [Abstract] | ' |
ESCROW DEPOSITS ON LIKE-KIND EXCHANGES | ' |
ESCROW DEPOSITS ON LIKE-KIND EXCHANGES | |
From time to time, the Company enters into Qualified Exchange Accommodation Agreements with a third party to meet the like-kind exchange requirements of Section 1031 of the Internal Revenue Code and the provisions of Revenue Procedure 2000-37. In accordance with these provisions, the Company is permitted to deposit proceeds from the sale of assets into escrow accounts for the purpose of acquiring other assets and qualifying for the temporary deferral of taxable gains realized. Consequently, the Company established escrow accounts with financial institutions for the deposit of funds received on sale of equipment, which were designated for replacement property within a specified period of time. As of December 31, 2013 and 2012, there were no deposits in like-kind exchange escrow accounts. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,758 | $ | (51,420 | ) | $ | (18,986 | ) | |||||
State | 91 | 267 | 39 | ||||||||||
Foreign | 742 | (60 | ) | 1,042 | |||||||||
4,591 | (51,213 | ) | (17,905 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 5,912 | 58,566 | 19,313 | ||||||||||
State | 1,224 | (55 | ) | (974 | ) | ||||||||
7,136 | 58,511 | 18,339 | |||||||||||
$ | 11,727 | $ | 7,298 | $ | 434 | ||||||||
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31: | |||||||||||||
Provision (Benefit): | 2013 | 2012 | 2011 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Non-deductible SEACOR management fees | — | % | — | % | 16.4 | % | |||||||
SEACOR share award plans | — | % | (0.8 | )% | 2.2 | % | |||||||
State taxes | 1.7 | % | 0.6 | % | (9.6 | )% | |||||||
State effective tax rate changes | — | % | — | % | (29.0 | )% | |||||||
Valuation allowance | 2.7 | % | — | % | — | % | |||||||
Other | 0.8 | % | 0.7 | % | 2.6 | % | |||||||
40.2 | % | 35.5 | % | 17.6 | % | ||||||||
During the year ended December 31, 2011, the Company recognized an income tax benefit of $0.7 million on adjustments to deferred tax liabilities resulting from changes in state tax apportionment factors. Prior to the Spin-off, the Company participated in share award programs sponsored by SEACOR and received an additional income tax benefit or expense based on the difference between the fair market value of share awards at the time of grant and the fair market value at the time of vesting or exercise. | |||||||||||||
The components of net deferred income tax liabilities as of December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 211,062 | $ | 205,766 | |||||||||
Buy-in on maintenance programs | 3,078 | 3,929 | |||||||||||
Other | 560 | 322 | |||||||||||
Total deferred tax liabilities | 214,700 | 210,017 | |||||||||||
Deferred tax assets: | |||||||||||||
Equipment leases | 638 | 971 | |||||||||||
Other | 7,625 | 9,152 | |||||||||||
Valuation allowance | (790 | ) | — | ||||||||||
Total deferred tax assets | 7,473 | 10,123 | |||||||||||
Net deferred tax liabilities | $ | 207,227 | $ | 199,894 | |||||||||
As of December 31, 2013, the Company had state income tax net operating loss ("NOL") carryforwards of $116.2 million in various states, which will expire from 2020 to 2033 and for which a deferred tax asset of $6.9 million has been recorded. | |||||||||||||
The Company believes that it is more likely than not the benefit from some state NOL carryover will not be realized. In recognition of the risk, the Company has provided a valuation allowance of $0.8 million on the deferred tax assets relating to those NOL carry forwards. If the assumptions change and the Company determines it will be able to realize those NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recorded in the income tax provision in which such adjustments are identified. | |||||||||||||
As of December 31, 2013 and 2012, the Company had no unrecognized tax benefits. The Company did not incur any interest and penalties nor accrue any interest for the years ended December 31, 2013 and 2012. When applicable, the Company recognizes interest and penalties related to uncertain tax positions in interest expense and administrative and general, respectively, in the accompanying consolidated statements of operations. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
LONG-TERM DEBT | |||||||||
The Company’s borrowings as of December 31 were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
7.750% Senior Notes (excluding unamortized discount) | $ | 200,000 | $ | 200,000 | |||||
Senior Secured Revolving Credit Facility | 55,000 | 50,000 | |||||||
Promissory Notes | 30,311 | 33,098 | |||||||
285,311 | 283,098 | ||||||||
Portion due with one year | (2,787 | ) | (2,787 | ) | |||||
Unamortized discount | (3,133 | ) | (3,363 | ) | |||||
$ | 279,391 | $ | 276,948 | ||||||
The Company’s long-term debt maturities for the years ended December 31 are as follows (in thousands): | |||||||||
2014 | $ | 2,787 | |||||||
2015 | 27,524 | ||||||||
2016 | 55,000 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Years subsequent to 2018 | 200,000 | ||||||||
$ | 285,311 | ||||||||
7.750% Senior Notes. On December 7, 2012, the Company issued $200.0 million aggregate principal amount of its 7.750% senior unsecured notes due December 15, 2022 (the “7.750% Senior Notes”) and received net proceeds of $191.9 million. Interest on the 7.750% Senior Notes is payable semi-annually in arrears on each June 15 and December 15 of each year, beginning on June 15, 2013. The 7.750% Senior Notes may be redeemed at any time, and from time to time on or after December 15, 2017 at the applicable redemption prices set forth in the indenture governing the 7.750% Senior Notes, plus accrued and unpaid interest, if any, to the redemption date. Prior to December 15, 2017, the Company may also redeem the 7.750% Senior Notes, in whole or in part, at a redemption price based on a “make-whole” premium plus accrued and unpaid interest, if any, the redemption date. In addition, at any time on or prior to December 15, 2015, the Company may redeem up to 35% of the 7.750% Senior Notes at a redemption price equal to 107.750% of their principal amount, plus accrued and unpaid interest if any, to the redemption date, using the proceeds of certain equity offerings. The indenture contains covenants that restrict the Company's ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem its capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries' ability to pay dividends, and consolidate, merge or sell all or substantially all of their assets. In addition, upon a specified change of control trigger event or a specified asset sales, the Company may be required to offer to repurchase the 7.750% Senior Notes. | |||||||||
The Company’s payment obligations under the 7.750% Senior Notes are fully and unconditionally guaranteed by all of our wholly owned existing U.S. subsidiaries that are guarantors under our revolving credit facility. | |||||||||
The net proceeds of the offering were used to repay $190.0 million of borrowings outstanding under the revolving credit facility. In connection with the issuance of the 7.750% Senior Notes, the borrowing capacity under the revolving credit facility was permanently reduced from $350.0 million to $200.0 million. | |||||||||
Senior Secured Revolving Credit Facility. On December 22, 2011, the Company entered into a $350.0 million senior secured revolving credit facility that matures in December 2016, is secured by substantially all of the tangible and intangible assets of the Company and is guaranteed by the Company’s wholly owned U.S. subsidiaries. Advances under the senior secured revolving credit facility are available for general corporate purposes and can be used to issue up to $50.0 million in letters of credit. Interest on advances are at the option of the Company of either a “base rate” or LIBOR as defined plus an applicable margin. The “base rate” is defined as the highest of: (a) the Prime Rate, as defined; (b) the Federal Funds Effective Rate, as defined, plus 50 basis points; or (c) a daily LIBOR, as defined, plus an applicable margin. The applicable margin is based on the Company’s funded debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined, and ranges from 100 to 200 basis points on the “base rate” margin and 210 to 335 basis points on the LIBOR margin. The applicable margin as of December 31, 2013, was 100 basis points on the “base rate” margin and 210 basis points on the LIBOR margin. A quarterly commitment fee is payable based on the average unfunded portion of the committed amount at a rate based on the Company’s funded debt to EBITDA, as defined, and ranges from 25 to 70 basis points, and as of December 31, 2013 the commitment fee was 25 basis points. | |||||||||
The senior secured revolving credit facility contains various restrictive covenants including interest coverage, funded debt to EBITDA, secured funded debt to EBITDA, funded debt to the fair market value of owned helicopters, fair market value of mortgaged helicopters to funded debt, fair market value of mortgaged helicopters registered in the United States to fair market value of all mortgaged helicopters, as well as other customary covenants, representations and warranties, funding conditions and events of default, all as defined in the senior secured revolving credit facility. In addition, under certain conditions, the senior secured revolving credit facility may restrict the ability of the Company to distribute dividends on its preferred and common stock. Generally, dividends may be declared and paid quarterly provided the Company is in compliance with the various covenants of the senior secured revolving credit facility, as defined, and the dividend amount does not exceed 20% of the net income of the Company for the previous four consecutive quarters. | |||||||||
As of December 31, 2013, the Company had $55.0 million outstanding advances under the senior secured revolving credit facility at an annual rate of 2.35% and $136.1 million available, net of issued letters of credit of $8.9 million. The remaining amounts under the senior secured revolving credit facility are available to fund working capital needs. | |||||||||
Promissory Notes. On December 23, 2010, the Company entered into a promissory note for $27.0 million to purchase a heavy helicopter. The note is secured by the helicopter and bears a variable interest rate that resets every three months and is computed as the three-month LIBOR rate at the date of each reset plus 260 basis points. At December 31, 2013, the interest rate on this note was 2.85%. The note requires $0.1 million monthly payments of principal plus accrued interest with a final payment of $19.0 million in December 2015. | |||||||||
On November 24, 2010, the Company entered into a promissory note for $11.7 million to purchase a medium helicopter. The note is secured by the helicopter and bears a variable interest rate that resets every three months and is computed as the three-month LIBOR rate at the date of each reset plus 260 basis points. As of December 31, 2013, the interest rate on this note was 2.84%. The note requires $0.1 million monthly payments of principal plus accrued interest with a final payment of $5.9 million in December 2015. |
SERIES_A_PREFERRED_STOCK
SERIES A PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock Disclosure [Abstract] | ' |
SERIES A PREFERRED STOCK | ' |
SERIES A PREFERRED STOCK | |
In July 2011, the Company’s Board of Directors adopted the Company’s amended and restated certificate of incorporation to authorize the issuance of 10,000,000 shares $0.01 par value preferred stock in one or more series and to fix the preferences, powers and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference and to fix the number of shares to be included in any such series without any further vote or action by our stockholders. Any preferred stock so issued may rank senior to the Company’s common stock with respect to the payment of dividends or amounts upon liquidation, dissolution or winding up, or both. In addition, any such shares of preferred stock may have class or series voting rights. | |
On December 23, 2011, the Company’s Board of Directors designated 1,400,000 shares of preferred stock as 6% Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”), all of which were issued to SEACOR in exchange for $140.0 million of advances from SEACOR. The stated value per share of Series A Preferred Stock was $100 (the “Original Issue Price”). The shares of the Series A Preferred Stock were redeemable at the option of the Company, in whole or in part, at the Original Purchase Price plus any accrued but unpaid dividends on the Series A Preferred Stock. | |
As SEACOR controlled the redemption of the Series A Preferred Stock through its control of the Company, the Company classified the Series A Preferred Stock outside of stockholders' equity. | |
On January 31, 2013, as part of the Recapitalization, SEACOR exchanged its 1,400,000 shares of Series A Preferred Stock, which represented all of the Company's Series A Preferred Stock then outstanding, for shares of newly-issued Era Group common stock. | |
SERIES B PREFERRED STOCK | |
On June 8, 2012, the Company's Board of Directors designated 300,000 shares of Series B Preferred Stock and on September 25, 2012, designated an additional 700,000 shares of Series B Preferred Stock, all of which were issued to SEACOR in exchange for $100.0 million. The proceeds were used to reduce outstanding borrowings under the Company’s senior secured revolving credit facility. The stated value per share of Series B Preferred Stock was $100 (the “Original Issue Price”). The shares of the Series B Preferred Stock were redeemable at the option of the Company, in whole or in part, at the Original Purchase Price. | |
On December 18, 2012, the Company entered into an agreement with SEACOR, pursuant to which SEACOR transferred to the Company 500,000 shares of its Series B preferred stock ($50.0 million in liquidation value) that SEACOR held in partial satisfaction for the benefit that SEACOR will receive by applying U.S. federal net operation losses generated by the Company in 2012. In addition, the agreement called for the settlement in cash for the remaining 500,000 shares of Series B preferred stock held by SEACOR for a purchase price of $50.0 million. On December 20, 2012, the Company borrowed $50.0 million under the Revolving Credit Facility to fund the repurchase of the remaining 500,000 shares of Series B preferred stock. As of December 31, 2012, there were no shares of Series B Preferred Stock issued or outstanding. |
SERIES_B_PREFERRED_STOCK
SERIES B PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock Disclosure [Abstract] | ' |
SERIES B PREFERRED STOCK | ' |
SERIES A PREFERRED STOCK | |
In July 2011, the Company’s Board of Directors adopted the Company’s amended and restated certificate of incorporation to authorize the issuance of 10,000,000 shares $0.01 par value preferred stock in one or more series and to fix the preferences, powers and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference and to fix the number of shares to be included in any such series without any further vote or action by our stockholders. Any preferred stock so issued may rank senior to the Company’s common stock with respect to the payment of dividends or amounts upon liquidation, dissolution or winding up, or both. In addition, any such shares of preferred stock may have class or series voting rights. | |
On December 23, 2011, the Company’s Board of Directors designated 1,400,000 shares of preferred stock as 6% Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”), all of which were issued to SEACOR in exchange for $140.0 million of advances from SEACOR. The stated value per share of Series A Preferred Stock was $100 (the “Original Issue Price”). The shares of the Series A Preferred Stock were redeemable at the option of the Company, in whole or in part, at the Original Purchase Price plus any accrued but unpaid dividends on the Series A Preferred Stock. | |
As SEACOR controlled the redemption of the Series A Preferred Stock through its control of the Company, the Company classified the Series A Preferred Stock outside of stockholders' equity. | |
On January 31, 2013, as part of the Recapitalization, SEACOR exchanged its 1,400,000 shares of Series A Preferred Stock, which represented all of the Company's Series A Preferred Stock then outstanding, for shares of newly-issued Era Group common stock. | |
SERIES B PREFERRED STOCK | |
On June 8, 2012, the Company's Board of Directors designated 300,000 shares of Series B Preferred Stock and on September 25, 2012, designated an additional 700,000 shares of Series B Preferred Stock, all of which were issued to SEACOR in exchange for $100.0 million. The proceeds were used to reduce outstanding borrowings under the Company’s senior secured revolving credit facility. The stated value per share of Series B Preferred Stock was $100 (the “Original Issue Price”). The shares of the Series B Preferred Stock were redeemable at the option of the Company, in whole or in part, at the Original Purchase Price. | |
On December 18, 2012, the Company entered into an agreement with SEACOR, pursuant to which SEACOR transferred to the Company 500,000 shares of its Series B preferred stock ($50.0 million in liquidation value) that SEACOR held in partial satisfaction for the benefit that SEACOR will receive by applying U.S. federal net operation losses generated by the Company in 2012. In addition, the agreement called for the settlement in cash for the remaining 500,000 shares of Series B preferred stock held by SEACOR for a purchase price of $50.0 million. On December 20, 2012, the Company borrowed $50.0 million under the Revolving Credit Facility to fund the repurchase of the remaining 500,000 shares of Series B preferred stock. As of December 31, 2012, there were no shares of Series B Preferred Stock issued or outstanding. |
COMMON_STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
COMMON STOCK | ' |
COMMON STOCK | |
In July 2011, the Company’s Board of Directors adopted the Company’s amended and restated certificate of incorporation to authorize the issuance of 60,000,000 shares $0.01 par value Class A common stock and 60,000,000 shares $0.01 par value Class B common stock. Effective August 1, 2011, each then issued share of the Company’s no par value common stock was exchanged for 24,500 shares of Class B common stock. The rights of the holders of Class A and Class B common shares were substantially identical, except with respect to voting and conversion. Specifically, the holders of Class B common stock were entitled to eight votes per share and the holders of Class A common stock were entitled to one vote per share. The shares of Class B common stock were convertible into Class A common stock (i) at the holder’s option and (ii) automatically upon the transfer of any such shares of Class B common stock to a person other than SEACOR or a subsidiary of SEACOR (except in the case of a tax-free spinoff to stockholders of SEACOR) or if the aggregate number of shares of Class B common stock beneficially owned by SEACOR and its affiliates fell below 20% of the aggregate number of shares of common stock then outstanding (except in the case of a tax-free spinoff to stockholders of SEACOR). In addition, if SEACOR were to effect a tax-free spinoff, following such tax-free spinoff, all of the outstanding shares of Class B common stock may be converted into shares of Class A common stock with the consent of a majority of the holders of Class A common stock and the holders of Class B common stock, voting as separate classes. On January 31, 2013, as part of the Recapitalization, all of the outstanding shares of Class B common stock were exchanged for newly issued common stock (see Note 1). |
EARNING_PER_SHARE
EARNING PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNING PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A preferred stock, restricted stock grants have vested and common shares have been issued pursuant to the exercise of outstanding stock options. | |||||||||||||
Computations of basic and diluted earnings per common share for the years ended December 31 were as follows (in thousands, except share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Income (Loss) Attributable to Common Shares | $ | 17,984 | $ | (682 | ) | $ | 1,898 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding—basic | 20,489,200 | 24,500,000 | 10,270,444 | ||||||||||
Assumed conversion of Series A Preferred Stock (1) | — | — | — | ||||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(2) | — | — | — | ||||||||||
Weighted average number of common shares outstanding—diluted | 20,489,200 | 24,500,000 | 10,270,444 | ||||||||||
Basic and Diluted Earnings (Loss) per Common Share | $ | 0.88 | $ | (0.03 | ) | $ | 0.18 | ||||||
____________________ | |||||||||||||
(1) Excludes 753,535 and 7,679,623 for the years ending December 31 2013 and 2012, respectively, weighted average common shares for the conversion of Series A preferred stock as the effect of their inclusion would have been antidilutive. | |||||||||||||
(2) Excludes 250,110 for the year ending December 31, 2013, weighted average common shares for certain share awards as the effect of their inclusion would have been antidilutive. No share awards existed in 2012. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||||||
Share Incentive Plans. In 2013, the Company adopted the Era Group Inc. 2013 Employee Stock Purchase Plan (“ESPP”) under which the Company may offer up to a maximum of 300,000 shares of the Company’s common stock for purchase by eligible employees at a price equal to 85% of the lesser of (i) the fair market value of Common Stock on the first day of the offering period or (ii) the fair market value of Common Stock on the last day of the offering period. Common Stock is made available for purchase under the ESPP for six-month offering periods. The ESPP is intended to comply with Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), but is not intended to be subject to Section 401(a) of the Code or the Employee Retirement Income Security Act of 1974. The Board of Directors of the Company may amend or terminate the ESPP at any time; however, no increase in the number of shares of Common Stock reserved for issuance under the ESPP may be made without stockholder approval. The ESPP has a term of ten years. | ||||||||||||||||||||||
In 2013, the Company adopted the Era Group Inc. 2012 Incentive Plan (“2012 Plan”) under which a maximum of 4,000,000 shares of the Company’s common stock are reserved for issuance. Awards granted under the 2012 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other share-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of December 31, 2013, 3,364,998 shares remained available for grant under the 2012 Plan. | ||||||||||||||||||||||
Share Award Transactions. Transactions in connection with the Company’s share-based compensation plans during the year ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Director stock awards granted | 45,510 | |||||||||||||||||||||
Restricted stock awards granted | 224,850 | |||||||||||||||||||||
Restricted stock awards canceled | 3,700 | |||||||||||||||||||||
Stock option activities: | ||||||||||||||||||||||
Outstanding as of December 31, 2012 | — | |||||||||||||||||||||
Converted stock options | 169,058 | |||||||||||||||||||||
Granted | 200,000 | |||||||||||||||||||||
Exercised | (40,302 | ) | ||||||||||||||||||||
Forfeited | (716 | ) | ||||||||||||||||||||
Expired | — | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 328,040 | |||||||||||||||||||||
Total share-based compensation expense, which includes stock options, restricted stock and ESPP purchases, totaled $2.0 million for the year ended December 31, 2013. A portion of the restricted stock awards are performance-based. The Company has assessed the probability of meeting the criteria and has recorded the appropriate expense. As of December 31, 2013, the Company had approximately $5.8 million in total unrecognized compensation costs. | ||||||||||||||||||||||
During the year ended December 31, 2013, the Company awarded 264,760, net, shares of restricted stock at an average grant date fair value of $21.28 per share, granted 200,000 stock options and converted 37,900 options to purchase SEACOR common stock held by Company employees and directors prior to the Spin-off into 169,058 options to purchase Era Group common stock. The fair value used for the converted stock options was evaluated before and after the Spin-off and there was no change. The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the year ended December 31, 2013: | ||||||||||||||||||||||
Risk free interest rate | 0.81 | % | ||||||||||||||||||||
Expected life (years) | 5 | |||||||||||||||||||||
Volatility | 50 | % | ||||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||||||
Weighted average exercise price of options granted | $19.05 per option | |||||||||||||||||||||
Weighted average grant-date fair value of options granted | $7.87 per option | |||||||||||||||||||||
During the year ended December 31, 2013, the number of shares and the weighted average grant price of restricted stock and restricted stock unit transactions were as follows: | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||
Nonvested as of December 31, 2012 | — | $ | — | |||||||||||||||||||
Granted | 270,360 | $ | 21.28 | |||||||||||||||||||
Vested | (1,900 | ) | $ | 21.69 | ||||||||||||||||||
Forfeited | (3,700 | ) | $ | 20.48 | ||||||||||||||||||
Nonvested as of December 31, 2013 | 264,760 | $ | 21.29 | |||||||||||||||||||
During the year ended December 31, 2013, the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows: | ||||||||||||||||||||||
Nonvested Options | Vested/Exercisable Options | Total Options | ||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||||||||||
Outstanding as of December 31, 2012 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Granted | 235,452 | $ | 9.59 | 133,606 | $ | 15.28 | 369,058 | $ | 18.52 | |||||||||||||
Vested | (34,896 | ) | $ | 6.07 | 34,896 | $ | 17.32 | — | $ | — | ||||||||||||
Exercised | — | $ | — | (40,302 | ) | $ | 14.31 | (40,302 | ) | $ | 14.31 | |||||||||||
Expired | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Forfeited | — | $ | — | (716 | ) | $ | 14.62 | (716 | ) | $ | 14.62 | |||||||||||
Outstanding as of December 31, 2013 | 200,556 | $ | 10.21 | 127,484 | $ | 16.14 | 328,040 | $ | 19.05 | |||||||||||||
During the year ended December 31, 2013, the aggregate intrinsic value of exercised stock options was $0.4 million. As of December 31, 2013, the weighted average remaining contractual term for total outstanding stock options and vested/exercisable stock options was 7.92 years. As of December 31, 2013, the aggregate intrinsic value of all options outstanding and all vested/exercisable options outstanding was $6.2 million. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||
During 2013 and 2012, the Company provided $0.1 million and less than $0.1 million, respectively, of aviation services to SEACOR under flight charter arrangements. During 2011, the Company provided no aviation services to SEACOR under flight charter arrangements. | |||||||||||||
As part of a consolidated group, certain costs and expenses of the Company were borne by SEACOR and charged to the Company. These costs and expenses are included in both operating expenses and administrative and general expenses in the accompanying consolidated statements of operations and are summarized as follows for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Payroll costs for SEACOR personnel assigned to the Company and participation in | $ | 5 | $ | 8,159 | $ | 11,404 | |||||||
SEACOR employee benefit plans, defined contribution plan and share award plans | |||||||||||||
Shared services allocation for administrative support | 299 | 2,937 | 2,692 | ||||||||||
Shared services under the Amended and Restated Transition Services Agreement | 3,063 | — | — | ||||||||||
$ | 3,367 | $ | 11,096 | $ | 14,096 | ||||||||
• | Actual payroll costs of SEACOR personnel assigned to the Company were charged to the Company. | ||||||||||||
• | Prior to 2013, SEACOR maintained self-insured health benefit plans for participating employees, including those of the Company, and charged the Company for its share of total plan costs incurred based on the percentage of its participating employees. | ||||||||||||
• | Prior to 2013, SEACOR provided a defined contribution plan for participating employees, including those of the Company, and charged the Company for its share of employer matching contributions based on 50% of the participating employees’ first 6% of wages contributed to the plan. | ||||||||||||
• | SEACOR also provides certain administrative support services to the Company under a shared services arrangement, including payroll processing, information systems support, cash disbursement support, cash receipt processing, and treasury management. | ||||||||||||
SEACOR incurred various corporate costs in connection with providing certain corporate services, including, but not limited to, executive oversight, risk management, legal, accounting and tax, and charges quarterly management fees to its operating segments in order to fund its corporate overhead to cover such costs. Total management fees charged by SEACOR to its operating segments include actual corporate costs incurred plus a mark-up and are generally allocated within the consolidated group using income-based performance metrics reported by an operating segment in relation to SEACOR’s other operating segments. On December 30, 2011, the Company and SEACOR entered into an agreement for SEACOR to provide these services at a fixed rate of $2.0 million per annum beginning January 1, 2012. Costs the Company incurred for management fees from SEACOR are reported as SEACOR management fees in the Company’s consolidated statements of operations. | |||||||||||||
Prior to the Company’s entry into a senior secured revolving credit facility on December 22, 2011, the Company participated in a cash management program whereby certain operating and capital expenditures of the Company were funded through advances from SEACOR and certain cash collections of the Company were forwarded to SEACOR. The Company incurred interest on the outstanding advances, which was reported as interest expense on advances from SEACOR in the accompanying consolidated statements of operations. Interest was calculated and settled on a quarterly basis using interest rates set at the discretion of SEACOR. | |||||||||||||
On December 23, 2011, SEACOR recapitalized the Company in connection with the Company’s entry into a senior secured revolving credit facility. As part of the recapitalization, the Company issued 1,400,000 shares of its Series A preferred stock to SEACOR in exchange for $140.0 million of aggregate advances previously provided to it by SEACOR. SEACOR also contributed an additional $180.0 million of capital to the Company in respect of additional prior advances. All remaining outstanding advances from SEACOR through November 30, 2011 were settled by the Company with a cash payment of $199.7 million to SEACOR on December 23, 2011. The Company’s advance activity with SEACOR from December 1, 2011 through December 23, 2011, primarily consisting of capital expenditures on helicopters and partially offset by SEACOR’s purchase of the Company’s 2011 tax operating loss benefit of $18.2 million, were settled by the Company with a cash payment of $42.6 million to SEACOR on February 9, 2012. | |||||||||||||
During 2011, SEACOR received insurance proceeds from one of its insurance carriers for damages related to Hurricanes Katrina and Rita. The Company’s share of these proceeds totaled $1.9 million and were offset against the Company’s other operating expenses. | |||||||||||||
On March 31, 2011, the Company distributed to SEACOR a receivable from SEACOR Asset Management LLC in the amount of $69.8 million representing a return of capital to SEACOR. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
The Company’s unfunded capital commitments as of December 31, 2013 consisted primarily of agreements to purchase helicopters and totaled $341.7 million, of which $98.7 million is payable in 2014 with the balance payable through 2017. The Company also had $2.3 million of deposits paid on options not yet exercised. The Company may terminate $164.4 million of its total commitments (inclusive of deposits paid on options not yet exercised) without further liability other than liquidated damages of $11.1 million in the aggregate. | |||||
In the normal course of its business, the Company becomes involved in various other litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on the Company’s consolidated financial position, or its results of operations or its cash flows. | |||||
As of December 31, 2013, the Company leased five helicopters and certain facilities and equipment. These leasing agreements have been classified as operating leases for financial reporting purposes and related rental fees are charged to expense over the lease terms. The leases generally contain purchase and lease renewal options or rights of first refusal with respect to sale or lease of the equipment. The lease terms range in duration from one to ten years. Total rental expense for the Company’s operating leases in 2013, 2012 and 2011 was $6.0 million, $4.0 million and $4.3 million, respectively. Future minimum payments in the years ended December 31 under operating leases that have a remaining term in excess of one year as of December 31, 2013 were as follows (in thousands): | |||||
Minimum Payments | |||||
2014 | $ | 3,060 | |||
2015 | 2,017 | ||||
2016 | 1,779 | ||||
2017 | 1,543 | ||||
2018 | 1,341 | ||||
Years subsequent to 2018 | 8,619 | ||||
SEGMENT_INFORMATION_MAJOR_CUST
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | ' | ||||||||||||
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | |||||||||||||
The Company has determined that its operations comprise a single segment. Helicopters are highly mobile and may be utilized in any of the Company’s service lines as business needs dictate. | |||||||||||||
In 2013, Anadarko Petroleum Corporation (“Anadarko”) and the U.S. government accounted for 19% and 11%, respectively, of the Company’s operating revenues. In 2012, Anadarko and the U.S. government accounted for 15% and 11%, respectively, of the Company’s operating revenues. In 2011, Anadarko and Aeróleo accounted for 12% and 11%, respectively, of the Company’s operating revenues. For the years ended December 31, 2013, 2012 and 2011, approximately 18%, 22% and 28%, respectively, of the Company’s operating revenues were derived from foreign operations. The Company’s foreign revenues are primarily derived from international dry-leasing activities. | |||||||||||||
The following represents the Company’s operating revenues attributed by geographical region in which services are provided to customers for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues: | |||||||||||||
United States | $ | 245,581 | $ | 213,920 | $ | 185,677 | |||||||
Latin America and the Caribbean | 23,407 | 23,636 | 38,321 | ||||||||||
Europe | 22,008 | 25,749 | 21,352 | ||||||||||
Asia | 7,679 | 9,298 | 12,480 | ||||||||||
Canada | 284 | 318 | 318 | ||||||||||
$ | 298,959 | $ | 272,921 | $ | 258,148 | ||||||||
The Company’s long-lived assets are primarily its property and equipment employed in various geographical regions of the world. The following represents the Company’s property and equipment based upon the assets’ physical location as of December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property and Equipment: | |||||||||||||
United States | $ | 579,509 | $ | 475,315 | |||||||||
Latin America and the Caribbean | 130,844 | 143,592 | |||||||||||
Europe | 73,631 | 134,156 | |||||||||||
Asia | 19,349 | 34,314 | |||||||||||
Canada | 319 | 428 | |||||||||||
$ | 803,652 | $ | 787,805 | ||||||||||
SUPPLEMENTAL_INFORMATION_FOR_S
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS | ' | ||||||||||||
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS | |||||||||||||
Supplemental information for the years ended December 31 was as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Benefit of net tax operating losses cash purchased by SEACOR | $ | — | $ | 1,961 | $ | 18,236 | |||||||
Income taxes paid, net of refunds | 20 | 143 | 557 | ||||||||||
Interest paid to SEACOR, excluding capitalized interest | — | — | 23,410 | ||||||||||
Interest paid to others, excluding capitalized interest | 17,839 | 7,821 | 1,114 | ||||||||||
Schedule of Non-Cash Investing and Financing Activities: | |||||||||||||
Company financed sale of equipment and parts | — | 350 | 3,189 | ||||||||||
Non-cash distribution from Era do Brazil of a note receivable | — | 4,618 | — | ||||||||||
Non-cash distribution to SEACOR | — | — | 69,823 | ||||||||||
Non-cash contribution from SEACOR | — | — | 180,000 | ||||||||||
Exchange of advances from SEACOR for Series A Preferred Stock | — | — | 140,000 | ||||||||||
Settlement of Series B preferred stock in exchange for net tax operating losses | — | 50,000 | — | ||||||||||
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||
Selected financial information for interim quarterly periods is presented below (in thousands, except share data). Earnings (loss) per common share are computed independently for each of the quarters presented and the sum of the quarterly earnings (loss) per share may not necessarily equal the total for the year: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2013 | |||||||||||||||||
Operating Revenues | $ | 67,727 | $ | 74,237 | $ | 80,997 | $ | 75,998 | |||||||||
Operating Income | $ | 14,617 | $ | 10,792 | $ | 11,196 | $ | 9,558 | |||||||||
Net Income | $ | 6,589 | $ | 4,950 | $ | 5,088 | $ | 1,677 | |||||||||
Net Income attributable to Common Shares | $ | 5,973 | $ | 5,055 | $ | 5,204 | $ | 1,752 | |||||||||
Basic Earnings Per Common Share | $ | 0.28 | $ | 0.25 | $ | 0.26 | $ | 0.09 | |||||||||
Diluted Earnings Per Common Share | $ | 0.28 | $ | 0.25 | $ | 0.25 | $ | 0.09 | |||||||||
2012 | |||||||||||||||||
Operating Revenues | $ | 61,052 | $ | 62,985 | $ | 77,989 | $ | 70,895 | |||||||||
Operating Income | $ | 3,834 | $ | 7,401 | $ | 11,092 | $ | 9,724 | |||||||||
Net Income | $ | (4,632 | ) | $ | 3,648 | $ | 5,200 | $ | 3,531 | ||||||||
Net Income (Loss) attributable to Common Shares | $ | (6,732 | ) | $ | 1,513 | $ | 3,101 | $ | 1,436 | ||||||||
Basic and Diluted Earnings (Loss) Per Common Share | $ | (0.27 | ) | $ | 0.06 | $ | 0.13 | $ | 0.06 | ||||||||
GUARANTORS_OF_SECURITIES
GUARANTORS OF SECURITIES | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees [Abstract] | ' |
GUARANTORS OF SECURITIES | ' |
GUARANTORS OF SECURITIES | |
On December 7, 2012, Era Group issued $200.0 million aggregate principal amount of its 7.750% Senior Notes. Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of Era Group's existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and its future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several. Era Group has no independent assets or operations and subsidiaries of Era Group other than the Guarantors are minor. In addition, there are no significant restrictions on the ability of Era Group or any Guarantor to obtain funds from its subsidiaries by dividend or loan. As a result, Era Group is exempt from providing full financial statements for the Guarantors and other subsidiaries. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On February 15, 2014, the Company’s partner in Aeróleo signed purchase agreements to transfer its 50% economic interest and 80% voting interest in Aeróleo to a third party who will become the Company’s new local partner in Aeróleo. In addition, the Company’s current partner in Aeróleo will transfer all outstanding shareholder loans and other equity interests in the Company’s affiliates to the Company and its new partner upon consummation of the transaction. Upon consummation of the transaction, as consideration for the transfer of interests and the other terms and conditions of the transaction, affiliates of the Company’s local partner will receive certain payments from Aeróleo as severance and partial repayment of shareholder loans. Such payments are likely to require a capital infusion from the Company to Aeróleo of approximately $2.0 million. The transaction remains subject to customary closing conditions, including receipt of required local regulatory approval, and is expected to close in the second half of 2014. On February 19, 2014, in connection with execution of the purchase agreements, the Company filed with its partner a joint motion to dismiss the ongoing arbitration. | |
In connection with the consummation of the transactions contemplated by the purchase agreements, the Company intends to enter into a shareholders agreement with the new partner providing for certain protective provisions requiring unanimous shareholder approval of specified significant actions and a put/call arrangement which would give the Company the right to purchase (or permit a purchaser designee to purchase) the Aeróleo interests held by the Company’s new partner in Aeróleo and give the new partner in Aeróleo the right to put his interests to the Company at any time and for any reason. The put/call price is the greater of the book value of the shares and the original purchase price therefor. | |
As a result of the transaction and the contemplated arrangements between the Company and its new partner in Aeróleo, the Company may be required to consolidate the financial results of Aeróleo in its financial statements following the consummation of the transactions. |
NATURE_OF_OPERATIONS_AND_ACCOU1
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Basis of Consolidation | ' | ||||||||||||
Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly-owned subsidiaries and entities that meet the criteria of Variable Interest Entities ("VIEs") of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. | |||||||||||||
The Company employs the equity method of accounting for investments in business ventures when it has the ability to exercise significant influence over the operating and financial policies of the ventures. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of an investee. The Company reports its investments in and advances to equity investees in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings or losses of equity investees in the accompanying consolidated statements of operations as equity in earnings (losses) of 50% or less owned companies, net of tax. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to allowance for doubtful accounts, useful lives of property and equipment, impairments, inventories, income tax provisions and certain accrued liabilities. Actual results could differ from those estimates and those differences may be material. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications. Certain amounts reported for prior years in the consolidated financial statements have been reclassified to conform with the current year's presentation. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition. The Company recognizes revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met. Deferred revenues for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 8,953 | $ | 123 | $ | 216 | |||||||
Revenues deferred during period | 37,936 | 25,908 | 266 | ||||||||||
Revenues recognized during period | (22,646 | ) | (17,078 | ) | (359 | ) | |||||||
Balance at end of period | $ | 24,243 | $ | 8,953 | $ | 123 | |||||||
As of December 31, 2013 and 2012, deferred revenues included $21.0 million and $7.0 million, respectively, related to dry-lease revenues for certain helicopters leased by the Company to Aeróleo Taxi Aero S/A (“Aeróleo”), its Brazilian joint venture (see Note 5). The deferral originated from difficulties experienced by Aeróleo following one of its customer’s cancellation of certain contracts for a number of AW139 helicopters under dry-lease from the Company, and the deferral continues as a result of financial difficulties at Aeróleo. The Company will recognize revenues as cash is received or earlier should future collectability become reasonably assured. The accounts receivable balances related to the deferred revenue are netted for presentation. All costs and expenses related to these dry-leases were recognized as incurred. | |||||||||||||
As of December 31, 2013 and 2012, deferred revenues also included $3.2 million and $1.9 million, respectively, related to dry-lease revenues for certain helicopters leased by the Company to one of its customers in India. The deferral resulted from the customer having its operating certificate revoked for a period of time and therefore being unable to operate. The certificate has since been reinstated but uncertainty still remains regarding the collectability of the dry-lease revenues. The Company will recognize revenues as cash is received or earlier should future collectability become reasonably assured. The accounts receivable balances related to the deferred revenue are netted for presentation. All costs and expenses related to these dry-leases were recognized as incurred. | |||||||||||||
The Company charters the majority of its helicopters through master service agreements, subscription agreements, day-to-day charter arrangements and dry-leases. Master service agreements and subscription agreements typically require a fixed monthly fee plus incremental payments based on hours flown. These agreements have fixed terms ranging from one month to five years and generally may be canceled by providing 30 days’ notice. Day-to-day charter arrangements call for either a combination of a daily fixed fee plus a charge based on hours flown or an hourly rate with a minimum number of hours to be charged daily. Dry-leases require a fixed monthly fee for the customer’s right to use the helicopter and, where applicable, a charge based on hours flown as compensation for any maintenance, parts, and/or personnel support that the Company may provide to the customer. Dry-leases generally run from two to five years with no early cancellation provisions. Air medical services are provided under contracts with hospitals that typically include a fixed monthly and hourly rate structure. With respect to flightseeing operations, the Company allocates block space to cruise lines and seats are sold directly to customers. The Company also operates a fixed based operation (“FBO”) at Ted Stevens Anchorage International Airport that sells fuel on an ad-hoc basis and leases storage space. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of overnight investments. | |||||||||||||
Trade Receivables | ' | ||||||||||||
Trade Receivables. Customers are primarily major integrated and independent exploration and production companies, hospitals, international helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. | |||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of operations as derivative losses, net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as a corresponding increase or decrease in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of operations as derivative losses, net. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk relating to its receivables due from customers in the industries described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. The Company is also exposed to concentrations of credit risk associated with cash, cash equivalents and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories. Inventories are stated at the lower of average cost or market value and consist primarily of spare parts and fuel. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment. Property and equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to helicopters, the estimated useful life is typically based upon a newly built asset being placed into service and represents the point at which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life. | |||||||||||||
As of December 31, 2013 the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: | |||||||||||||
Helicopters (estimated salvage value at 40% of cost) | 15 | ||||||||||||
Machinery, equipment and spares | 7-May | ||||||||||||
Buildings and leasehold improvements | 30-Oct | ||||||||||||
Furniture, fixtures, vehicles and other | 5-Mar | ||||||||||||
The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis. Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new helicopter models that continue to increase their long-term value and make them viable for operation over a longer period of time. For the six months ended December 31, 2011, the change in estimate increased operating income by $7.6 million, net income by $4.9 million and basic and diluted earnings per share by $0.48. | |||||||||||||
Equipment maintenance and repair costs and the costs of routine overhauls and inspections performed on helicopter engines and major components are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals or improvements to other properties are capitalized. | |||||||||||||
The Company engages a number of third-party vendors to maintain the engines and certain components on some of its helicopter models under programs known as “power-by-hour” maintenance contracts. These programs require the Company to pay for the maintenance service ratably over the contract period, typically based on actual flight hours. Power-by-hour providers generally bill monthly based on hours flown in the prior month, the costs being expensed as incurred. In the event the Company places a helicopter in a program after a maintenance period has begun, it may be necessary to pay an initial buy-in charge based on hours flown since the previous maintenance event. The buy-in charge is normally recorded as a prepaid expense and amortized as an operating expense over the remaining power-by-hour contract period. If a helicopter is sold or otherwise removed from a program before the scheduled maintenance work is carried out, the Company may be able to recover part of its payments to the power-by-hour provider, in which case, the Company records a reduction to operating expense when it receives the refund. | |||||||||||||
The Company also incurs repairs and maintenance expense through vendor arrangements whereby the Company obtains repair quotes and authorizes service through a repair order process. Under these arrangements, the Company records the repairs and maintenance cost as the work is completed. As a result, the timing of repairs and maintenance may result in operating expenses varying substantially when compared with a prior year or prior quarter if a disproportionate number of repairs, refurbishments or overhauls for components not covered under power-by-hour arrangements are performed during a period. | |||||||||||||
Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of 50% or Less Owned Companies. The Company performs regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties in raising capital to continue operations, and when the Company expects the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investees in which the Company has investments. | |||||||||||||
Impairment of Long-Lived Assets. The Company performs an impairment analysis on long-lived assets used in operations when indicators of impairment are present. The Company’s helicopters in operation are evaluated for impairment on an aggregate fleet basis. If the carrying value of the assets is not recoverable, as determined by the estimated undiscounted cash flows, the carrying value of the assets is reduced to fair value. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill. Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value of the acquired entity to its carrying value, including goodwill. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates for revenues, costs, and appropriate discount rates, among others. These estimates are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. | |||||||||||||
Business Combinations | ' | ||||||||||||
Business Combinations. The Company recognizes, with certain exceptions, 100 percent of the fair value of assets acquired, liabilities assumed, and non controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Any in-process research and development assets acquired are capitalized as are certain acquisition-related restructuring costs if the criteria related to exit or disposal cost obligations are met as of the acquisition date. Acquisition-related transaction costs are expensed as incurred and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition. | |||||||||||||
Deferred Financing Costs | ' | ||||||||||||
Deferred Financing Costs. Deferred financing costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight line method for revolving credit facilities. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes. Commencing February 1, 2013, the Company will file a standalone consolidated U.S. federal tax return. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the accompanying consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of operations. The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Prior to the Spin-off, the Company was included in the consolidated U.S. federal income tax return of SEACOR. SEACOR’s policy for allocation of U.S. federal income taxes required its subsidiaries to compute their provision for U.S. federal income taxes on a separate company basis and settle with SEACOR. Net operating loss benefits were settled with SEACOR on a current basis and were used in the consolidated U.S. federal income tax return to offset taxable profits of other affiliates. | |||||||||||||
Deferred Gains | ' | ||||||||||||
Deferred Gains. A portion of the gains realized from sales of the Company’s helicopters to its 50% or less owned companies is not immediately recognized in income and has been recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. | |||||||||||||
Foreign Currency Translation and Transactions | ' | ||||||||||||
Foreign Currency Translation. Certain of the Company’s investments, at equity, and advances to 50% or less owned companies were measured using their functional currency, which is the currency of the primary foreign economic environment in which they operate. These investments are translated to U.S. dollars at currency exchange rates as of the balance sheet dates and its equity earnings (losses) at the weighted average currency exchange rates during the applicable reporting periods. Translation adjustments are reported in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss). | |||||||||||||
Foreign Currency Transactions. From time to time, the Company enters into transactions denominated in currencies other than its functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains (losses), net in the accompanying consolidated statements of operations in the period which the currency exchange rates change. | |||||||||||||
Earnings (Loss) Per Common Share | ' | ||||||||||||
Earnings (Loss) Per Common Share. Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method that assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A and Series B preferred stock. | |||||||||||||
ERA Savings Plan | ' | ||||||||||||
ERA Savings Plan. The Company provides a defined contribution plan (the “Savings Plan”) for its eligible U.S.-based employees. The Company’s contribution to the Savings Plan is limited to 50% of an employee’s first 6% of wages invested in the Savings Plan and is subject to annual review by the Board of Directors of ERA. The Company’s Savings Plan costs were $1.1 million for the year ended December 31, 2013. Prior to 2013, SEACOR provided a defined contribution plan for participating employees. The Company’s Savings Plan costs were $1.0 million and $0.9 million for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
Effective January 1, 2014, our plan was amended to provide for qualified non-elective Company contributions in an amount equal to 3% of each employee’s eligible plan and immediate and full vesting in the Company’s contributions. |
NATURE_OF_OPERATIONS_AND_ACCOU2
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of Deferred Revenues | ' | ||||||||||||
Deferred revenues for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 8,953 | $ | 123 | $ | 216 | |||||||
Revenues deferred during period | 37,936 | 25,908 | 266 | ||||||||||
Revenues recognized during period | (22,646 | ) | (17,078 | ) | (359 | ) | |||||||
Balance at end of period | $ | 24,243 | $ | 8,953 | $ | 123 | |||||||
Schedule of Allowance for Doubtful Accounts | ' | ||||||||||||
Allowance for doubtful accounts for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 2,668 | $ | 59 | $ | 205 | |||||||
Additional allowances | 764 | 2,798 | 20 | ||||||||||
Write-offs and recoveries | (331 | ) | (189 | ) | (166 | ) | |||||||
Balance at end of period | $ | 3,101 | $ | 2,668 | $ | 59 | |||||||
Schedule of Inventory Allowance | ' | ||||||||||||
The following table is a roll forward of the allowance related to dormant, obsolete and excess inventory for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 9,213 | $ | 7,281 | $ | 7,054 | |||||||
Increases (decreases) to allowance | (4,044 | ) | 1,932 | 227 | |||||||||
Balance at end of period | $ | 5,169 | $ | 9,213 | $ | 7,281 | |||||||
Schedule of Estimated Useful Life for New Property and Equipment | ' | ||||||||||||
As of December 31, 2013 the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: | |||||||||||||
Helicopters (estimated salvage value at 40% of cost) | 15 | ||||||||||||
Machinery, equipment and spares | 7-May | ||||||||||||
Buildings and leasehold improvements | 30-Oct | ||||||||||||
Furniture, fixtures, vehicles and other | 5-Mar | ||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The Company’s financial assets and liabilities as of December 31 that are measured at fair value on a recurring basis were as follows (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
2013 | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Derivative instruments (included in other current liabilities) | $ | — | $ | 621 | $ | — | |||||||||||
2012 | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Derivative instruments (included in other current liabilities) | $ | — | $ | 1,025 | $ | — | |||||||||||
Estimated Fair Value Of Other Financial Assets And Liabilities | ' | ||||||||||||||||
The estimated fair value of the Company’s other financial assets and liabilities as of December 31 were as follows (in thousands): | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 31,335 | $ | 31,335 | $ | — | $ | — | |||||||||
Notes receivable from other business ventures (included in other | 169 | 169 | — | — | |||||||||||||
receivables and other assets) | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, including current portion | 282,178 | — | 297,399 | — | |||||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 11,505 | $ | 11,505 | $ | — | $ | — | |||||||||
Notes receivable from other business ventures (included in other | 925 | 925 | — | — | |||||||||||||
receivables and other assets) | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, including current portion | 279,735 | — | 283,120 | — | |||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The Company’s non-financial assets and liabilities that were measured at fair value during the years ended December 31 were as follows (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in Era do Brazil (2) | $ | — | $ | 248 | $ | — | |||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Investment in Aeróleo (1) | $ | — | $ | — | $ | — | |||||||||||
Investment in Era do Brazil (2) | — | 248 | — | ||||||||||||||
____________________ | |||||||||||||||||
-1 | On March 1, 2012, the Company wrote-off its equity investment in its Aeróleo joint venture (see Note 5). | ||||||||||||||||
-2 | On September 30, 2012, the Company marked its equity investment in its Era do Brazil joint venture to fair value. As the primary beneficiary, the Company has consolidated Era do Brazil in its financial statements effective September 30, 2012 (see Note 5). |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Gain (Loss) Recognized on Instruments Designated as Fair Value Hedges | ' | ||||||||||||
The Company recognized gains (losses) on derivative instruments designated as fair value hedges for the years ended December 31 as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign currency exchange contracts, effective and ineffective portions | $ | — | $ | — | $ | 5,770 | |||||||
Decrease in fair value of hedged items included in property and equipment | — | — | (5,810 | ) | |||||||||
corresponding to the effective portion of derivative gains | |||||||||||||
$ | — | $ | — | $ | (40 | ) | |||||||
ACQUISITIONS_AND_DISPOSITIONS_
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals | ' | |||||||||
A summary of changes to our owned helicopter fleet during the years ended December 31 were as follows: | ||||||||||
Equipment Additions. | ||||||||||
2013 (1) | 2012 (2) | 2011 | ||||||||
Light helicopters - single engine | — | 3 | 1 | |||||||
Light helicopters - twin engine | 2 | 4 | 3 | |||||||
Medium helicopters | 4 | 8 | 4 | |||||||
Heavy helicopters | — | 3 | 1 | |||||||
6 | 18 | 9 | ||||||||
Equipment Dispositions. The Company sold or otherwise disposed of property and equipment for $65.2 million, $5.2 million and $26.0 million in 2013, 2012 and 2011, respectively. Major equipment dispositions for the years ended December 31 were as follows: | ||||||||||
2013 | 2012 (3) | 2011 (4) | ||||||||
Light helicopters - single engine | — | — | 3 | |||||||
Light helicopters - twin engine | 4 | 6 | 3 | |||||||
Medium helicopters | 10 | 2 | 2 | |||||||
Heavy helicopters | 1 | — | 3 | |||||||
15 | 8 | 11 | ||||||||
____________________ | ||||||||||
-1 | Includes two light-twin helicopters and one medium helicopter that were previously leased-in. | |||||||||
-2 | Includes three light-single helicopters and one medium helicopter that were previously leased-in. | |||||||||
-3 | Excludes two light-twin helicopters that were removed from service and includes one light-single helicopter that had previously been removed from service. | |||||||||
-4 | Includes one light-single helicopter that had previously been removed from service and excludes one light-twin helicopter that was removed from service in 2011. |
INVESTMENTS_AT_EQUITY_ADVANCES1
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Schedule of Equity Method Investments | ' | ||||||||||||
Investments, at equity, and advances to 50% or less owned companies as of December 31 were as follows (in thousands): | |||||||||||||
Ownership | 2013 | 2012 | |||||||||||
Dart | 50.00% | $ | 25,264 | $ | 25,212 | ||||||||
Aeróleo (1) | 50.00% | — | — | ||||||||||
Era do Brazil (2) | 50.00% | — | — | ||||||||||
Era Training Center | 50.00% | 6,236 | 6,740 | ||||||||||
Lake Palma(3) | 51.00% | 3,411 | 2,512 | ||||||||||
Heli-Union Era Australia | 45.00% | 75 | 232 | ||||||||||
$ | 34,986 | $ | 34,696 | ||||||||||
____________________ | |||||||||||||
-1 | Investment impaired in March 2012. | ||||||||||||
-2 | Consolidated entity as of September 30, 2012. | ||||||||||||
-3 | The Company owns a 51% financial interest in this joint venture; however, it does not consolidate the venture as it only controls 50% of the venture’s voting rights. | ||||||||||||
Combined Condensed Financials. Summarized financial information for the Company’s investments, at equity, as of and for the years ended December 31 was as follows (in thousands) for Dart Holding Company Ltd.: | |||||||||||||
2013 | 2012 | ||||||||||||
Current Assets | $ | 19,231 | $ | 18,845 | |||||||||
Noncurrent Assets | 37,636 | 42,423 | |||||||||||
Current Liabilities | 8,613 | 8,754 | |||||||||||
Noncurrent Liabilities | 6,963 | 12,590 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues | $ | 39,185 | $ | 42,870 | $ | 43,198 | |||||||
Costs and Expenses: | |||||||||||||
Operating and administrative | 31,538 | 33,706 | 34,431 | ||||||||||
Depreciation and amortization | 5,213 | 5,375 | 2,746 | ||||||||||
36,751 | 39,081 | 37,177 | |||||||||||
Operating Income | $ | 2,434 | $ | 3,789 | $ | 6,021 | |||||||
Net Income | $ | 789 | $ | 1,245 | $ | 3,974 | |||||||
Combined Condensed Financials. Summarized financial information for the Company’s investments, at equity, as of and for the years ended December 31 was as follows (in thousands) for all other investments: | |||||||||||||
2013 | 2012 | ||||||||||||
Current Assets | $ | 4,378 | $ | 2,278 | |||||||||
Noncurrent Assets | 20,018 | 22,611 | |||||||||||
Current Liabilities | 2,789 | 2,523 | |||||||||||
Noncurrent Liabilities | 7,918 | 9,146 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues | $ | 4,682 | $ | 20,009 | $ | 53,827 | |||||||
Costs and Expenses: | |||||||||||||
Operating and administrative | 1,035 | 16,221 | 51,726 | ||||||||||
Depreciation | 3,450 | 3,165 | 3,081 | ||||||||||
4,485 | 19,386 | 54,807 | |||||||||||
Operating Income | $ | 197 | $ | 623 | $ | (980 | ) | ||||||
Net Income (Loss) | $ | (476 | ) | $ | 540 | $ | (1,590 | ) | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,758 | $ | (51,420 | ) | $ | (18,986 | ) | |||||
State | 91 | 267 | 39 | ||||||||||
Foreign | 742 | (60 | ) | 1,042 | |||||||||
4,591 | (51,213 | ) | (17,905 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 5,912 | 58,566 | 19,313 | ||||||||||
State | 1,224 | (55 | ) | (974 | ) | ||||||||
7,136 | 58,511 | 18,339 | |||||||||||
$ | 11,727 | $ | 7,298 | $ | 434 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31: | |||||||||||||
Provision (Benefit): | 2013 | 2012 | 2011 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Non-deductible SEACOR management fees | — | % | — | % | 16.4 | % | |||||||
SEACOR share award plans | — | % | (0.8 | )% | 2.2 | % | |||||||
State taxes | 1.7 | % | 0.6 | % | (9.6 | )% | |||||||
State effective tax rate changes | — | % | — | % | (29.0 | )% | |||||||
Valuation allowance | 2.7 | % | — | % | — | % | |||||||
Other | 0.8 | % | 0.7 | % | 2.6 | % | |||||||
40.2 | % | 35.5 | % | 17.6 | % | ||||||||
Schedule of Net Deferred Tax Liabilities | ' | ||||||||||||
The components of net deferred income tax liabilities as of December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 211,062 | $ | 205,766 | |||||||||
Buy-in on maintenance programs | 3,078 | 3,929 | |||||||||||
Other | 560 | 322 | |||||||||||
Total deferred tax liabilities | 214,700 | 210,017 | |||||||||||
Deferred tax assets: | |||||||||||||
Equipment leases | 638 | 971 | |||||||||||
Other | 7,625 | 9,152 | |||||||||||
Valuation allowance | (790 | ) | — | ||||||||||
Total deferred tax assets | 7,473 | 10,123 | |||||||||||
Net deferred tax liabilities | $ | 207,227 | $ | 199,894 | |||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT - (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
The Company’s borrowings as of December 31 were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
7.750% Senior Notes (excluding unamortized discount) | $ | 200,000 | $ | 200,000 | |||||
Senior Secured Revolving Credit Facility | 55,000 | 50,000 | |||||||
Promissory Notes | 30,311 | 33,098 | |||||||
285,311 | 283,098 | ||||||||
Portion due with one year | (2,787 | ) | (2,787 | ) | |||||
Unamortized discount | (3,133 | ) | (3,363 | ) | |||||
$ | 279,391 | $ | 276,948 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
The Company’s long-term debt maturities for the years ended December 31 are as follows (in thousands): | |||||||||
2014 | $ | 2,787 | |||||||
2015 | 27,524 | ||||||||
2016 | 55,000 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Years subsequent to 2018 | 200,000 | ||||||||
$ | 285,311 | ||||||||
EARNING_PER_SHARE_Tables
EARNING PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of basic and diluted earnings per common share | ' | ||||||||||||
Computations of basic and diluted earnings per common share for the years ended December 31 were as follows (in thousands, except share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Income (Loss) Attributable to Common Shares | $ | 17,984 | $ | (682 | ) | $ | 1,898 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding—basic | 20,489,200 | 24,500,000 | 10,270,444 | ||||||||||
Assumed conversion of Series A Preferred Stock (1) | — | — | — | ||||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(2) | — | — | — | ||||||||||
Weighted average number of common shares outstanding—diluted | 20,489,200 | 24,500,000 | 10,270,444 | ||||||||||
Basic and Diluted Earnings (Loss) per Common Share | $ | 0.88 | $ | (0.03 | ) | $ | 0.18 | ||||||
____________________ | |||||||||||||
(1) Excludes 753,535 and 7,679,623 for the years ending December 31 2013 and 2012, respectively, weighted average common shares for the conversion of Series A preferred stock as the effect of their inclusion would have been antidilutive. | |||||||||||||
(2) Excludes 250,110 for the year ending December 31, 2013, weighted average common shares for certain share awards as the effect of their inclusion would have been antidilutive. No share awards existed in 2012. |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Share Based Compensation Plans | ' | |||||||||||||||||||||
Transactions in connection with the Company’s share-based compensation plans during the year ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Director stock awards granted | 45,510 | |||||||||||||||||||||
Restricted stock awards granted | 224,850 | |||||||||||||||||||||
Restricted stock awards canceled | 3,700 | |||||||||||||||||||||
Stock option activities: | ||||||||||||||||||||||
Outstanding as of December 31, 2012 | — | |||||||||||||||||||||
Converted stock options | 169,058 | |||||||||||||||||||||
Granted | 200,000 | |||||||||||||||||||||
Exercised | (40,302 | ) | ||||||||||||||||||||
Forfeited | (716 | ) | ||||||||||||||||||||
Expired | — | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 328,040 | |||||||||||||||||||||
Schedule of Stock Options Valuation Assumptions | ' | |||||||||||||||||||||
The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the year ended December 31, 2013: | ||||||||||||||||||||||
Risk free interest rate | 0.81 | % | ||||||||||||||||||||
Expected life (years) | 5 | |||||||||||||||||||||
Volatility | 50 | % | ||||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||||||
Weighted average exercise price of options granted | $19.05 per option | |||||||||||||||||||||
Weighted average grant-date fair value of options granted | $7.87 per option | |||||||||||||||||||||
Nonvested Restricted Stock Shares Activity | ' | |||||||||||||||||||||
During the year ended December 31, 2013, the number of shares and the weighted average grant price of restricted stock and restricted stock unit transactions were as follows: | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||
Nonvested as of December 31, 2012 | — | $ | — | |||||||||||||||||||
Granted | 270,360 | $ | 21.28 | |||||||||||||||||||
Vested | (1,900 | ) | $ | 21.69 | ||||||||||||||||||
Forfeited | (3,700 | ) | $ | 20.48 | ||||||||||||||||||
Nonvested as of December 31, 2013 | 264,760 | $ | 21.29 | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
During the year ended December 31, 2013, the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows: | ||||||||||||||||||||||
Nonvested Options | Vested/Exercisable Options | Total Options | ||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||||||||||
Outstanding as of December 31, 2012 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Granted | 235,452 | $ | 9.59 | 133,606 | $ | 15.28 | 369,058 | $ | 18.52 | |||||||||||||
Vested | (34,896 | ) | $ | 6.07 | 34,896 | $ | 17.32 | — | $ | — | ||||||||||||
Exercised | — | $ | — | (40,302 | ) | $ | 14.31 | (40,302 | ) | $ | 14.31 | |||||||||||
Expired | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Forfeited | — | $ | — | (716 | ) | $ | 14.62 | (716 | ) | $ | 14.62 | |||||||||||
Outstanding as of December 31, 2013 | 200,556 | $ | 10.21 | 127,484 | $ | 16.14 | 328,040 | $ | 19.05 | |||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
As part of a consolidated group, certain costs and expenses of the Company were borne by SEACOR and charged to the Company. These costs and expenses are included in both operating expenses and administrative and general expenses in the accompanying consolidated statements of operations and are summarized as follows for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Payroll costs for SEACOR personnel assigned to the Company and participation in | $ | 5 | $ | 8,159 | $ | 11,404 | |||||||
SEACOR employee benefit plans, defined contribution plan and share award plans | |||||||||||||
Shared services allocation for administrative support | 299 | 2,937 | 2,692 | ||||||||||
Shared services under the Amended and Restated Transition Services Agreement | 3,063 | — | — | ||||||||||
$ | 3,367 | $ | 11,096 | $ | 14,096 | ||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Future minimum payments in the years ended December 31 under operating leases that have a remaining term in excess of one year as of December 31, 2013 were as follows (in thousands): | |||||
Minimum Payments | |||||
2014 | $ | 3,060 | |||
2015 | 2,017 | ||||
2016 | 1,779 | ||||
2017 | 1,543 | ||||
2018 | 1,341 | ||||
Years subsequent to 2018 | 8,619 | ||||
SEGMENT_INFORMATION_MAJOR_CUST1
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||
The following represents the Company’s operating revenues attributed by geographical region in which services are provided to customers for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Revenues: | |||||||||||||
United States | $ | 245,581 | $ | 213,920 | $ | 185,677 | |||||||
Latin America and the Caribbean | 23,407 | 23,636 | 38,321 | ||||||||||
Europe | 22,008 | 25,749 | 21,352 | ||||||||||
Asia | 7,679 | 9,298 | 12,480 | ||||||||||
Canada | 284 | 318 | 318 | ||||||||||
$ | 298,959 | $ | 272,921 | $ | 258,148 | ||||||||
The Company’s long-lived assets are primarily its property and equipment employed in various geographical regions of the world. The following represents the Company’s property and equipment based upon the assets’ physical location as of December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property and Equipment: | |||||||||||||
United States | $ | 579,509 | $ | 475,315 | |||||||||
Latin America and the Caribbean | 130,844 | 143,592 | |||||||||||
Europe | 73,631 | 134,156 | |||||||||||
Asia | 19,349 | 34,314 | |||||||||||
Canada | 319 | 428 | |||||||||||
$ | 803,652 | $ | 787,805 | ||||||||||
SUPPLEMENTAL_INFORMATION_FOR_S1
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Supplemental Cash Flow Disclosures | ' | ||||||||||||
Supplemental information for the years ended December 31 was as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Benefit of net tax operating losses cash purchased by SEACOR | $ | — | $ | 1,961 | $ | 18,236 | |||||||
Income taxes paid, net of refunds | 20 | 143 | 557 | ||||||||||
Interest paid to SEACOR, excluding capitalized interest | — | — | 23,410 | ||||||||||
Interest paid to others, excluding capitalized interest | 17,839 | 7,821 | 1,114 | ||||||||||
Schedule of Non-Cash Investing and Financing Activities: | |||||||||||||
Company financed sale of equipment and parts | — | 350 | 3,189 | ||||||||||
Non-cash distribution from Era do Brazil of a note receivable | — | 4,618 | — | ||||||||||
Non-cash distribution to SEACOR | — | — | 69,823 | ||||||||||
Non-cash contribution from SEACOR | — | — | 180,000 | ||||||||||
Exchange of advances from SEACOR for Series A Preferred Stock | — | — | 140,000 | ||||||||||
Settlement of Series B preferred stock in exchange for net tax operating losses | — | 50,000 | — | ||||||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Earnings (loss) per common share are computed independently for each of the quarters presented and the sum of the quarterly earnings (loss) per share may not necessarily equal the total for the year: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2013 | |||||||||||||||||
Operating Revenues | $ | 67,727 | $ | 74,237 | $ | 80,997 | $ | 75,998 | |||||||||
Operating Income | $ | 14,617 | $ | 10,792 | $ | 11,196 | $ | 9,558 | |||||||||
Net Income | $ | 6,589 | $ | 4,950 | $ | 5,088 | $ | 1,677 | |||||||||
Net Income attributable to Common Shares | $ | 5,973 | $ | 5,055 | $ | 5,204 | $ | 1,752 | |||||||||
Basic Earnings Per Common Share | $ | 0.28 | $ | 0.25 | $ | 0.26 | $ | 0.09 | |||||||||
Diluted Earnings Per Common Share | $ | 0.28 | $ | 0.25 | $ | 0.25 | $ | 0.09 | |||||||||
2012 | |||||||||||||||||
Operating Revenues | $ | 61,052 | $ | 62,985 | $ | 77,989 | $ | 70,895 | |||||||||
Operating Income | $ | 3,834 | $ | 7,401 | $ | 11,092 | $ | 9,724 | |||||||||
Net Income | $ | (4,632 | ) | $ | 3,648 | $ | 5,200 | $ | 3,531 | ||||||||
Net Income (Loss) attributable to Common Shares | $ | (6,732 | ) | $ | 1,513 | $ | 3,101 | $ | 1,436 | ||||||||
Basic and Diluted Earnings (Loss) Per Common Share | $ | (0.27 | ) | $ | 0.06 | $ | 0.13 | $ | 0.06 | ||||||||
NATURE_OF_OPERATIONS_AND_ACCOU3
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Nature of Operations Narrative (Details) (USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2013 |
stock_class | |
Recapitalization [Line Items] | ' |
Newly issued common stock | 19,883,583 |
Common stock, par value | $0.01 |
Number of stock classes | 1 |
Series A Preferred Stock [Member] | ' |
Recapitalization [Line Items] | ' |
Value of preferred stock outstanding | $140 |
NATURE_OF_OPERATIONS_AND_ACCOU4
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Deferred Revenues (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Deferred Revenue [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $8,953 | $123 | $216 |
Revenues deferred during period | 37,936 | 25,908 | 266 |
Revenues recognized during period | -22,646 | -17,078 | -359 |
Balance at end of period | $24,243 | $8,953 | $123 |
NATURE_OF_OPERATIONS_AND_ACCOU5
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Revenue Recognition Narrative (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Nature of Operations and Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred revenue | $24,243 | $8,953 | $123 | $216 |
Service agreement cancellation period | '30 days | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Nature of Operations and Accounting Policies [Line Items] | ' | ' | ' | ' |
Service agreement period | '1 month | ' | ' | ' |
Hospital service agreement termination period | '2 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Nature of Operations and Accounting Policies [Line Items] | ' | ' | ' | ' |
Service agreement period | '5 years | ' | ' | ' |
Hospital service agreement termination period | '5 years | ' | ' | ' |
Aeroleo [Member] | ' | ' | ' | ' |
Nature of Operations and Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred revenue | 21,000 | 7,000 | ' | ' |
Customer [Member] | ' | ' | ' | ' |
Nature of Operations and Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred revenue | $3,200 | $1,900 | ' | ' |
NATURE_OF_OPERATIONS_AND_ACCOU6
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Schedule of Allowance for Doubtful Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $2,668 | $59 | $205 |
Additional allowances | 764 | 2,798 | 20 |
Write-offs and recoveries | -331 | -189 | -166 |
Balance at end of period | $3,101 | $2,668 | $59 |
NATURE_OF_OPERATIONS_AND_ACCOU7
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Concentrations of Credit Risk Narrative (Details) (Accounts Receivable [Member], Customer Concentration Risk [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
customer | customer | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of major customers | 2 | 2 |
Concentration Risk, Percentage | 24.00% | 36.00% |
NATURE_OF_OPERATIONS_AND_ACCOU8
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Schedule of Inventory Allowance (Details) (Inventory Valuation Reserve [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $9,213 | $7,281 | $7,054 |
Increases (decreases) to allowance | -4,044 | 1,932 | 227 |
Balance at end of period | $5,169 | $9,213 | $7,281 |
NATURE_OF_OPERATIONS_AND_ACCOU9
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Inventories Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Inventory write-down | $5.20 |
Recovered_Sheet1
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Property and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
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 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Service Life and Salvage Value [Member] | Helicopter [Member] | Helicopter [Member] | Helicopter [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Buildings and Leasehold Improvements [Member] | Buildings and Leasehold Improvements [Member] | Furniture, Fixtures, Vehicles and Other [Member] | Furniture, Fixtures, Vehicles and Other [Member] | ||||||||||||
Service Life and Salvage Value [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | '15 years | '15 years | '5 years | '7 years | '10 years | '30 years | '3 years | '5 years |
Salvage value percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' |
Operating Income | $9,558,000 | $11,196,000 | $10,792,000 | $14,617,000 | $9,724,000 | $11,092,000 | $7,401,000 | $3,834,000 | $46,163,000 | $32,051,000 | $36,108,000 | $7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | 1,677,000 | 5,088,000 | 4,950,000 | 6,589,000 | 3,531,000 | 5,200,000 | 3,648,000 | -4,632,000 | 18,304,000 | 7,747,000 | 2,108,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) | ' | ' | ' | ' | $0.06 | $0.13 | $0.06 | ($0.27) | $0.88 | ($0.03) | $0.18 | $0.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | $1,500,000 | $2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Impairment of 50% or Less Owned Companies Narrative (Details) (Aeroleo [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 02, 2012 | Dec. 31, 2012 |
Aeroleo [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Recognized impairment charge | $5.90 | $5.90 |
Recovered_Sheet3
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Deferred Financing Costs Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Amortization of deferred financing costs (Less than $0.1 million for 2011) | $610 | $1,663 | $25 |
Recovered_Sheet4
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Deferred Gains (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Era do Brazil [Member] | Finance Company [Member] | Lake Palma [Member] | Era do Brazil and Lake Palma [Member] | Era do Brazil and Lake Palma [Member] | Era do Brazil and Lake Palma [Member] | |
helicopter | helicopter | helicopter | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Helicopters Sold | 1 | 2 | 4 | ' | ' | ' |
Deferred Gain on Sale of Property | ' | ' | ' | $0 | $1.60 | $2.40 |
Recovered_Sheet5
NATURE OF OPERATIONS AND ACCOUNTING POLICIES ERA Savings Plan (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 02, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
Subsequent Event [Member] | SEACOR [Member] | SEACOR [Member] | ||
Defined Contribution Pension and Other Postretirement Plans [Line Items] | ' | ' | ' | ' |
Employer matching contribution, percent | 50.00% | ' | ' | ' |
Employer matching contribution, percent of employees' gross pay | 6.00% | 3.00% | ' | ' |
Employer contribution | $1.10 | ' | $1 | $0.90 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instruments (included in other current liabilities) | $600 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instruments (included in other current liabilities) | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instruments (included in other current liabilities) | 621 | 1,025 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative instruments (included in other current liabilities) | $0 | $0 |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Value Of Other Financial Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $31,335 | $11,505 | $79,122 | $3,698 |
Notes receivable from other business ventures (included in other receivables and other assets) | 169 | 925 | ' | ' |
Long-term debt, including current portion, Carrying Amount | 282,178 | 279,735 | ' | ' |
Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Estimated Fair Value | 31,335 | 11,505 | ' | ' |
Notes receivable from other business ventures (included in other receivables and other assets) | 169 | 925 | ' | ' |
Long-term debt, including current portion, Estimated Fair Value | 0 | 0 | ' | ' |
Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ' | ' |
Notes receivable from other business ventures (included in other receivables and other assets) | 0 | 0 | ' | ' |
Long-term debt, including current portion, Estimated Fair Value | 297,399 | 283,120 | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ' | ' |
Notes receivable from other business ventures (included in other receivables and other assets) | 0 | 0 | ' | ' |
Long-term debt, including current portion, Estimated Fair Value | $0 | $0 | ' | ' |
FAIR_VALUE_MEASUREMENTS_NonFin
FAIR VALUE MEASUREMENTS (Non-Financial Assets and Liabilities Measured at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Era do Brazil [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | $0 | [1] | $0 | [1] |
Era do Brazil [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | 248 | [1] | 248 | [1] |
Era do Brazil [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Aeroleo [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | ' | 0 | [2] | |
Aeroleo [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | ' | 0 | [2] | |
Aeroleo [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Equity Method Investments, Fair Value Disclosure | ' | $0 | [2] | |
[1] | On September 30, 2012, the Company marked its equity investment in its Era do Brazil joint venture to fair value. As the primary beneficiary, the Company has consolidated Era do Brazil in its financial statements effective September 30, 2012 (see Note 5). | |||
[2] | On March 1, 2012, the Company wrote-off its equity investment in its Aeróleo joint venture (see Note 5). |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES Schedule of Derivative Gain (Loss) Recognized on Instruments Designated as Fair Value Hedges (Details) (Designated as Hedging Instrument [Member], Fair Value Hedging [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instrument recognized gain (loss) | $0 | $0 | ($40) |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instrument recognized gain (loss) | 0 | 0 | 5,770 |
Other Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instrument recognized gain (loss) | $0 | $0 | ($5,810) |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES Narrative (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
Interest Rate Swap [Member] | Interest Rate Swap Agreement 1 [Member] | Interest Rate Swap Agreement 2 [Member] | |||
interest_rate_derivative_held | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Number of interest rate swaps held | ' | ' | 2 | ' | ' |
Fixed interest rate | ' | ' | ' | 1.67% | 1.83% |
Notional amount of interest rate derivatives | ' | ' | $31,800,000 | ' | ' |
Fair value of derivative liabilities | 600,000 | ' | ' | ' | ' |
Derivative Instruments, Gain Recognized in Income | 400,000 | ' | ' | ' | ' |
Recognized losses less than amount | ' | $500,000 | ' | ' | ' |
ACQUISITIONS_AND_DISPOSITIONS_1
ACQUISITIONS AND DISPOSITIONS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
helicopter | helicopter | helicopter | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Capital expenditures | $110,105 | $112,986 | $158,929 | |||
Equipment Additions (in helicopters) | 6 | [1] | 18 | [2] | 9 | |
Proceeds from disposition of property and equipment | $65,151 | $5,188 | $26,043 | |||
Equipment Dispositions (in helicopters) | 15 | 8 | [3] | 11 | [4] | |
Light Helicopters - Single Engine [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Equipment Additions (in helicopters) | 0 | [1] | 3 | [2] | 1 | |
Equipment Dispositions (in helicopters) | 0 | 0 | [3] | 3 | [4] | |
Previously Leased-in (in helicopters) | ' | 3 | ' | |||
Previously Disposed (in helicopters) | ' | 1 | 1 | |||
Light Helicopters - Twin Engine [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Equipment Additions (in helicopters) | 2 | [1] | 4 | [2] | 3 | |
Equipment Dispositions (in helicopters) | 4 | 6 | [3] | 3 | [4] | |
Previously Leased-in (in helicopters) | 2 | ' | ' | |||
Removed from Service (in helicopters) | ' | 2 | 1 | |||
Medium Helicopter [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Equipment Additions (in helicopters) | 4 | [1] | 8 | [2] | 4 | |
Equipment Dispositions (in helicopters) | 10 | 2 | [3] | 2 | [4] | |
Previously Leased-in (in helicopters) | 1 | 1 | ' | |||
Heavy Helicopter [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Equipment Additions (in helicopters) | 0 | [1] | 3 | [2] | 1 | |
Equipment Dispositions (in helicopters) | 1 | 0 | [3] | 3 | [4] | |
[1] | Includes two light-twin helicopters and one medium helicopter that were previously leased-in. | |||||
[2] | Includes three light-single helicopters and one medium helicopter that were previously leased-in. | |||||
[3] | Excludes two light-twin helicopters that were removed from service and includes one light-single helicopter that had previously been removed from service. | |||||
[4] | Includes one light-single helicopter that had previously been removed from service and excludes one light-twin helicopter that was removed from service in 2011. |
INVESTMENTS_AT_EQUITY_ADVANCES2
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Schedule of Equity Method Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | ||
In Thousands, unless otherwise specified | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Equity Method Investments | $34,986 | $34,696 | ' | ||
Financial ownership percentage | 51.00% | ' | ' | ||
Voting ownership percentage | 50.00% | ' | ' | ||
Dart Helicopter Services LLC [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 50.00% | ' | ' | ||
Equity Method Investments | 25,264 | 25,212 | ' | ||
Aeroleo [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 50.00% | [1] | ' | 50.00% | |
Equity Method Investments | 0 | [1] | 0 | [1] | ' |
Voting ownership percentage | ' | ' | 20.00% | ||
Era do Brazil [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 50.00% | [2] | ' | 50.00% | |
Equity Method Investments | 0 | [2] | 0 | [2] | ' |
Era Training Center [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 50.00% | ' | ' | ||
Equity Method Investments | 6,236 | 6,740 | ' | ||
Lake Palma [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 51.00% | [3] | ' | ' | |
Equity Method Investments | 3,411 | [3] | 2,512 | [3] | ' |
Heli-Union Era Australia [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Ownership | 45.00% | ' | ' | ||
Equity Method Investments | $75 | $232 | ' | ||
[1] | Investment impaired in March 2012. | ||||
[2] | Consolidated entity as of September 30, 2012. | ||||
[3] | The Company owns a 51% financial interest in this joint venture; however, it does not consolidate the venture as it only controls 50% of the venture’s voting rights. |
INVESTMENTS_AT_EQUITY_ADVANCES3
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Schedule of Equity Method Investment, Financial Information, Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Dart Helicopter Services LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current Assets | $19,231 | $18,845 |
Noncurrent Assets | 37,636 | 42,423 |
Current Liabilities | 8,613 | 8,754 |
Noncurrent Liabilities | 6,963 | 12,590 |
Other Investments [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current Assets | 4,378 | 2,278 |
Noncurrent Assets | 20,018 | 22,611 |
Current Liabilities | 2,789 | 2,523 |
Noncurrent Liabilities | $7,918 | $9,146 |
Schedule_of_Equity_Method_Inve
Schedule of Equity Method Investment, Financial Information, Statement of Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment Summarized Financial Information, Equity | ($4,600,000) | ($5,800,000) | ' |
Other Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Operating Revenues | 4,682,000 | 20,009,000 | 53,827,000 |
Operating and administrative | 1,035,000 | 16,221,000 | 51,726,000 |
Depreciation and amortization | 3,450,000 | 3,165,000 | 3,081,000 |
Total Costs and Expenses | 4,485,000 | 19,386,000 | 54,807,000 |
Operating Income | 197,000 | 623,000 | -980,000 |
Net Income | -476,000 | 540,000 | -1,590,000 |
Dart Holding Company Ltd. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Operating Revenues | 39,185,000 | 42,870,000 | 43,198,000 |
Operating and administrative | 31,538,000 | 33,706,000 | 34,431,000 |
Depreciation and amortization | 5,213,000 | 5,375,000 | 2,746,000 |
Total Costs and Expenses | 36,751,000 | 39,081,000 | 37,177,000 |
Operating Income | 2,434,000 | 3,789,000 | 6,021,000 |
Net Income | $789,000 | $1,245,000 | $3,974,000 |
INVESTMENTS_AT_EQUITY_ADVANCES4
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Dart Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2011 | |
Dart Helicopter Services LLC and Dart Holding Company Ltd. [Member] | Dart Helicopter Services LLC and Dart Holding Company Ltd. [Member] | Dart Helicopter Services LLC and Dart Holding Company Ltd. [Member] | Dart Helicopter Services LLC [Member] | Dart Helicopter Services LLC [Member] | Dart Helicopter Services LLC [Member] | Dart Helicopter Services LLC [Member] | Dart Holding Company Ltd. [Member] | Dart Holding Company Ltd. [Member] | |
Products Purchased [Member] | Products Purchased [Member] | Products Purchased [Member] | Equity Method Investee [Member] | Era DHS LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership | ' | ' | ' | 50.00% | ' | ' | 49.00% | 50.00% | ' |
Notes receivable to related party | ' | ' | ' | ' | ' | $300,000 | ' | ' | $5,100,000 |
Notes receivable interest rate | ' | ' | ' | ' | ' | 5.00% | ' | ' | 4.00% |
Additional investment | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Expenses from transactions with related party | $2,900,000 | $1,700,000 | $2,300,000 | ' | ' | ' | ' | ' | ' |
INVESTMENTS_AT_EQUITY_ADVANCES5
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Aeroleo Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 02, 2011 | Mar. 02, 2012 | Jul. 02, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2011 | Jul. 02, 2011 | |||
Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Aeroleo [Member] | Co-venturer [Member] | Co-venturer [Member] | ||||||
Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | customer | helicopter | helicopter | helicopter | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Era do Brazil [Member] | Aeroleo [Member] | |||||||||
Equity Method Investee [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership | ' | ' | ' | 50.00% | 50.00% | [1] | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | [2] | ' | ' | ' | ' | ' | ' | ' |
Voting ownership percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Equity Method Investments | $0 | $10,627,000 | $21,840,000 | $4,800,000 | ' | ' | ' | ' | ' | ' | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | $4,800,000 | ' | ||
Notes receivable to related party | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | 2,000,000 | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | 6,000,000 | ||
Notes receivable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | 6.00% | ||
Recognized impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ||
Number of customers that cancelled contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of helicopters leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | 11 | ' | ' | ' | ' | ' | ' | ||
Revenue from related parties | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | 17,600,000 | 14,000,000 | ' | ' | ||
Accounts receivable related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,000,000 | $5,300,000 | ' | ' | ' | ||
[1] | Consolidated entity as of September 30, 2012. | |||||||||||||||||||||
[2] | Investment impaired in March 2012. |
INVESTMENTS_AT_EQUITY_ADVANCES6
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Era Training Center Narrative (Details) (Era Training Center [Member], USD $) | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
flight_simulator | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | |
Helicopter, Management and Other Services [Member] | Helicopter, Management and Other Services [Member] | Helicopter, Management and Other Services [Member] | Simulator Fees [Member] | Simulator Fees [Member] | Simulator Fees [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses from transactions with related party | ' | ' | ' | ' | $400,000 | $500,000 | $700,000 | $700,000 | $800,000 | $100,000 |
Notes receivable to related party | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' |
Number of flight simulators purchased | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable interest rate | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' |
Quarterly principal and interest payment on notes receivable with related party | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Additional advances on notes receivable with related party | ' | $800,000 | $1,200,000 | ' | ' | ' | ' | ' | ' | ' |
INVESTMENTS_AT_EQUITY_ADVANCES7
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Lake Palma Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Advances from equity method investment | $0 | ($16) | $1,236 |
Lake Palma [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of Helicopters Operated | 7 | ' | ' |
Advances from equity method investment | $0 | $1,200 | ' |
INVESTMENTS_AT_EQUITY_ADVANCES8
INVESTMENTS, AT EQUITY, ADVANCES TO 50% OR LESS OWNED COMPANIES Era do Brazil Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 02, 2011 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 02, 2011 | ||
Equity Method Investee [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | Era do Brazil [Member] | |||||
Era do Brazil [Member] | Co-venturer [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | ||||||||
note_receivable | note_receivable | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash paid | $0 | $10,627,000 | $21,840,000 | ' | $4,800,000 | ' | ' | $4,800,000 | ' | ' | ' | ' | |
Ownership | ' | ' | ' | ' | 50.00% | ' | 50.00% | [1] | ' | ' | ' | ' | ' |
Consideration received | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | |
Cash from sale of leased equipment | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | |
Notes receivable to related party | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | 10,800,000 | 2,000,000 | |
Proceeds from related party debt | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | |
Number of notes receivable to related parties | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | |
Revenue from related parties | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $400,000 | ' | ' | |
[1] | Consolidated entity as of September 30, 2012. |
INCOME_TAXES_Components_of_Inc
INCOME TAXES Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $3,758 | ($51,420) | ($18,986) |
State | 91 | 267 | 39 |
Foreign | 742 | -60 | 1,042 |
Current Income Tax Expense (Benefit) | 4,591 | -51,213 | -17,905 |
Deferred: | ' | ' | ' |
Federal | 5,912 | 58,566 | 19,313 |
State | 1,224 | -55 | -974 |
Deferred Income Tax Expense (Benefit) | 7,136 | 58,511 | 18,339 |
Income Tax Expense (Benefit) | $11,727 | $7,298 | $434 |
INCOME_TAXES_Reconciliation_Be
INCOME TAXES Reconciliation Between the Statutory Federal Income Tax Rate for the Company and the Effective Income Tax (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Non-deductible SEACOR management fees | 0.00% | 0.00% | 16.40% |
SEACOR share award plans | 0.00% | -0.80% | 2.20% |
State taxes | 1.70% | 0.60% | -9.60% |
State effective tax rate changes | 0.00% | 0.00% | -29.00% |
Valuation allowance | 2.70% | 0.00% | 0.00% |
Other | 0.80% | 0.70% | 2.60% |
Effective Income Tax Rate, Continuing Operations | 40.20% | 35.50% | 17.60% |
INCOME_TAXES_Components_of_Net
INCOME TAXES Components of Net Deferred Tax Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Property and equipment | $211,062 | $205,766 |
Buy-in on maintenance programs | 3,078 | 3,929 |
Other | 560 | 322 |
Total deferred tax liabilities | 214,700 | 210,017 |
Deferred tax assets: | ' | ' |
Equipment leases | 638 | 971 |
Other | 7,625 | 9,152 |
Valuation allowance | -790 | 0 |
Total deferred tax assets | 7,473 | 10,123 |
Net deferred tax liabilities | $207,227 | $199,894 |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Income tax benefit on adjustments to deferred tax liabilities resulting from changes in state tax apportionment factors | $0.70 | ' |
Operating loss carryforwards, valuation allowance | ' | 0.8 |
State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating loss carryforwards | ' | 116.2 |
Deferred tax assets | ' | $6.90 |
LONGTERM_DEBT_Company_Borrowin
LONG-TERM DEBT - Company Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | $285,311 | $283,098 | ' |
Portion due with one year | -2,787 | -2,787 | ' |
Unamortized discount | -3,133 | -3,363 | ' |
Total Long-Term Debt | 279,391 | 276,948 | ' |
Secured Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 30,311 | 33,098 | ' |
7.750% Senior Notes [Member] | Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 200,000 | 200,000 | 200,000 |
Revolving Credit Facility [Member] | Secured Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | $55,000 | $50,000 | ' |
LONGTERM_DEBT_Maturities_Detai
LONG-TERM DEBT - Maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $2,787 | ' |
2015 | 27,524 | ' |
2016 | 55,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Years subsequent to 2018 | 200,000 | ' |
Long-term Debt | $285,311 | $283,098 |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 24, 2010 | Dec. 31, 2013 | Dec. 23, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 07, 2012 | Dec. 22, 2011 | Dec. 31, 2013 | Dec. 23, 2011 | Dec. 22, 2011 | Dec. 22, 2011 | Dec. 31, 2013 | Nov. 24, 2010 | Dec. 23, 2010 | Dec. 31, 2013 | Dec. 23, 2011 | Dec. 22, 2011 | Dec. 22, 2011 | Dec. 23, 2011 | Dec. 22, 2011 | Dec. 22, 2011 | |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Prior to December 15, 2015 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Federal Funds Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
7.750% Senior Notes [Member] | 7.750% Senior Notes [Member] | 7.750% Senior Notes [Member] | Promissory Note to Purchase Medium Helicopter [Member] | Promissory Note to Purchase Medium Helicopter [Member] | Promissory Note to Purchase Heavy Helicopter [Member] | Promissory Note to Purchase Heavy Helicopter [Member] | Senior Notes [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Secured Debt [Member] | Secured Debt [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Letter of Credit [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
7.750% Senior Notes [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Secured Debt [Member] | Secured Debt [Member] | Promissory Note to Purchase Medium Helicopter [Member] | Promissory Note to Purchase Heavy Helicopter [Member] | Secured Debt [Member] | Secured Debt [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Secured Debt [Member] | Letter of Credit [Member] | Letter of Credit [Member] | ||||||||||||||||||
Credit Agreement [Member] | Credit Agreement [Member] | Secured Debt [Member] | Secured Debt [Member] | Credit Agreement [Member] | Secured Debt [Member] | Secured Debt [Member] | |||||||||||||||||||||||||
Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $285,311,000 | $283,098,000 | ' | $200,000,000 | $200,000,000 | $200,000,000 | $30,311,000 | $33,098,000 | ' | ' | ' | ' | ' | $50,000,000 | $55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 7.75% | 7.75% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 55,000,000 | 284,622,000 | 252,000,000 | 191,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | 350,000,000 | 350,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 2.60% | 2.60% | 2.10% | ' | 1.00% | 210.00% | ' | 200.00% | 3.35% |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.70% | ' | ' |
Covenant term, maximum dividend as a percentage of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, Interest rate at year-end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | 11,700,000 | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate at year-end | ' | ' | ' | ' | ' | ' | ' | ' | 2.84% | ' | 2.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note required monthly payments | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note required final payment | ' | ' | ' | ' | ' | ' | ' | ' | $5,900,000 | ' | $19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series_A_Preferred_Stock_Detai
Series A Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 23, 2011 | Jan. 31, 2013 | Jul. 31, 2011 |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 | ' | $100 | ' | $0.01 |
Preferred stock, shares issued | 0 | 1,400,000 | ' | 1,400,000 | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | 6.00% | ' | ' |
Exchange of advances from SEACOR for Series A Preferred Stock | $0 | $0 | $140,000 | $140,000 | ' | ' |
Shares exchanged | ' | ' | ' | ' | 1,400,000 | ' |
SERIES_B_PREFERRED_STOCK_Detai
SERIES B PREFERRED STOCK (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2012 | Dec. 18, 2012 | Dec. 31, 2012 | Sep. 25, 2012 | Jun. 08, 2012 | |
Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | 300,000 |
Preferred Stock, Additional Shares Authorized | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Issuance of Series B preferred stock | $0 | $100,000,000 | $0 | ' | ' | $100,000,000 | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | $100 | ' | ' |
Preferred Stock, Liquidation Preference, Value | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Stock Redeemed or Called During Period, Shares | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' |
Payments for Repurchase of Convertible Preferred Stock | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | ' | $50,000,000 | ' | ' | ' | ' |
COMMON_STOCK_Narrative_Details
COMMON STOCK Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||
Jan. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | ||
vote | vote | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock issued | 19,883,583 | ' | 24,500 | ' | ' |
Number of votes per share | ' | 1 | 8 | ' | ' |
Shares owned by affiliates percent minimum for conversion | ' | ' | 20.00% | ' | ' |
EARNING_PER_SHARE_Details
EARNING PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except 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 | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Income (Loss) Attributable to Common Shares | $1,752 | $5,204 | $5,055 | $5,973 | $1,436 | $3,101 | $1,513 | ($6,732) | $17,984 | ($682) | $1,898 | |||
Weighted average number of common shares outstanding—basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 20,489,200 | 24,500,000 | 10,270,444 | |||
Weighted average number of common shares outstanding—diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 20,489,200 | 24,500,000 | 10,270,444 | |||
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) | ' | ' | ' | ' | $0.06 | $0.13 | $0.06 | ($0.27) | $0.88 | ($0.03) | $0.18 | |||
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assumed conversion of Series A Preferred Stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 753,535 | 7,679,623 | ' | |||
Stock Options and Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 250,110 | 0 | ' | |||
[1] | Excludes 753,535 and 7,679,623 for the years ending December 31 2013 and 2012, respectively, weighted average common shares for the conversion of Series A preferred stock as the effect of their inclusion would have been antidilutive. | |||||||||||||
[2] | Excludes 250,110 for the year ending December 31, 2013, weighted average common shares for certain share awards as the effect of their inclusion would have been antidilutive. No share awards existed in 2012. |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 14, 2013 | Dec. 31, 2013 | Jan. 14, 2013 |
SEACOR Common Stock [Member] | Era Group Common Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Era Group Inc. 2013 Employee Stock Purchase Plan [Member] | Era Group Inc. 2012 Incentive Plan [Member] | Era Group Inc. 2012 Incentive Plan [Member] | ||
SEACOR and Era Group Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares authorized | ' | ' | ' | ' | ' | 300,000 | ' | 4,000,000 |
Percentage of stock price employees can purchase | ' | ' | ' | ' | ' | 85.00% | ' | ' |
Offering period | ' | ' | ' | ' | ' | '6 months | ' | ' |
Expiration period | ' | ' | ' | ' | ' | '10 years | ' | ' |
Shares remaining available for grant | ' | ' | ' | ' | ' | ' | 3,364,998 | ' |
Stock-based compensation expense | $2 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | 5.8 | ' | ' | ' | ' | ' | ' | ' |
Granted | 235,452 | ' | ' | 270,360 | 264,760 | ' | ' | ' |
Granted | ' | ' | ' | $21.28 | ' | ' | ' | ' |
Stock options granted | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Converted stock options | 169,058 | 37,900 | 169,058 | ' | ' | ' | ' | ' |
Aggregate intrinsic value of exercised stock options | 0.4 | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term for total outstanding stock options and vested/exercisable stock options | '7 years 11 months 1 day | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of all options outstanding and all vested/exercisable options outstanding | $6.20 | ' | ' | ' | ' | ' | ' | ' |
SHAREBASED_COMPENSATION_Share_
SHARE-BASED COMPENSATION Share Based Compensation Plans (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Director stock awards granted | 45,510 |
Restricted stock awards granted | 224,850 |
Restricted stock awards canceled | 3,700 |
Stock option activities: | ' |
Outstanding as of December 31, 2012 | 0 |
Converted stock options | 169,058 |
Granted | 200,000 |
Exercised | -40,302 |
Forfeited | -716 |
Expired | 0 |
Outstanding as of December 31, 2013 | 328,040 |
SHAREBASED_COMPENSATION_Schedu
SHARE-BASED COMPENSATION Schedule of Stock Options Valuation Assumptions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Risk free interest rate | 0.81% |
Expected life (years) | '5 years |
Volatility | 50.00% |
Dividend yield | 0.00% |
Weighted average exercise price of options granted | $19.05 |
Weighted average grant-date fair value of options granted | $7.87 |
SHAREBASED_COMPENSATION_Nonves
SHARE-BASED COMPENSATION Nonvested Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Granted | 235,452 |
Vested | -34,896 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested as of December 31, 2012 | 0 |
Granted | 270,360 |
Vested | -1,900 |
Forfeited | -3,700 |
Nonvested as of December 31, 2013 | 264,760 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Nonvested as of December 31, 2012 | 0 |
Granted | 21.28 |
Vested | 21.69 |
Forfeited | 20.48 |
Nonvested as of December 31, 2013 | 21.29 |
SHAREBASED_COMPENSATION_Option
SHARE-BASED COMPENSATION Option Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Nonvested Options | ' |
Outstanding as of December 31, 2012 | 0 |
Granted | 235,452 |
Vested | -34,896 |
Expired | 0 |
Forfeited | 0 |
Outstanding as of December 31, 2013 | 200,556 |
Nonvested Options | ' |
Outstanding as of December 31, 2012 | $0 |
Granted | $9.59 |
Vested | $6.07 |
Expired | $0 |
Forfeited | $0 |
Outstanding as of December 31, 2013 | $10.21 |
Vested/Exercisable Options | ' |
Outstanding as of December 31, 2012 | 0 |
Granted | 133,606 |
Vested | 34,896 |
Exercised | -40,302 |
Expired | 0 |
Forfeited | -716 |
Outstanding as of December 31, 2013 | 127,484 |
Vested/Exercisable Options | ' |
Outstanding as of December 31, 2012 | $0 |
Granted | $15.28 |
Vested | $17.32 |
Exercised | $14.31 |
Expired | $0 |
Forfeited | $14.62 |
Outstanding as of December 31, 2013 | $16.14 |
Total Options | ' |
Outstanding as of December 31, 2012 | 0 |
Granted | 369,058 |
Exercised | -40,302 |
Expired | 0 |
Forfeited | -716 |
Outstanding as of December 31, 2013 | 328,040 |
Total Options | ' |
Outstanding as of December 31, 2012 | $0 |
Granted | $18.52 |
Exercised | $14.31 |
Expired | $0 |
Forfeited | $14.62 |
Outstanding as of December 31, 2013 | $19.05 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 23, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Employer matching contribution, percent | ' | ' | 50.00% | ' | ' |
Employer matching contribution, percent of employees' gross pay | ' | ' | 6.00% | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | $140,000,000 | ' | ' |
Contribution of Property from Affiliate | ' | ' | 0 | 0 | 180,000,000 |
Tax operating loss benefit settled | ' | ' | 0 | 1,961,000 | 18,236,000 |
Other Operating Expense [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Insurance recoveries | ' | ' | ' | ' | 1,900,000 |
SEACOR [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Revenue from related parties | ' | ' | 100,000 | 100,000 | 0 |
Employer matching contribution, percent | ' | ' | 50.00% | ' | ' |
Employer matching contribution, percent of employees' gross pay | ' | ' | 6.00% | ' | ' |
Expenses from transactions with related party | ' | ' | 3,367,000 | 11,096,000 | 14,096,000 |
Repayments of advances from related party | 199,700,000 | ' | ' | ' | ' |
Tax operating loss benefit settled | 18,200,000 | ' | ' | ' | ' |
Payment for tax operating loss benefit | 42,600,000 | ' | ' | ' | ' |
Repayment of notes receivable from related parties | ' | 69,800,000 | ' | ' | ' |
SEACOR [Member] | Series A Convertible Preferred Stock [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 1,400,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | 140,000,000 | ' | ' | ' | ' |
Contribution of Property from Affiliate | 180,000,000 | ' | ' | ' | ' |
SEACOR [Member] | SEACOR Management Fees [Member] | SEACOR Management Fees [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Expenses from transactions with related party | ' | ' | ' | $2,000,000 | ' |
RELATED_PARTY_TRANSACTIONS_Sch
RELATED PARTY TRANSACTIONS Schedule of Related Party Transactions (Details) (SEACOR [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related party | $3,367 | $11,096 | $14,096 |
Payroll Costs [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related party | 5 | 8,159 | 11,404 |
Administrative Support [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related party | 299 | 2,937 | 2,692 |
Amended and Restated Transition Services Agreement [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related party | $3,063 | $0 | $0 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
helicopter | |||
Operating Leased Assets [Line Items] | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation | $341,700,000 | ' | ' |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 98,700,000 | ' | ' |
Deposits Paid on Options Not Yet Exercised | 2,300,000 | ' | ' |
Unrecorded Unconditional Purchase Obligation Balance Sheet Amount Potential Amount To Reduce Liability | 164,400,000 | ' | ' |
Unrecorded Unconditional Purchase Obligation Balance Sheet Amount Related To Liquidated Damage | 11,100,000 | ' | ' |
Lessee Leasing Arrangements, Number of Helicopters Leased | 5 | ' | ' |
Operating Leases, Rent Expense | 6,000,000 | 4,000,000 | 4,300,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | ' | ' | ' |
2014 | 3,060,000 | ' | ' |
2015 | 2,017,000 | ' | ' |
2016 | 1,779,000 | ' | ' |
2017 | 1,543,000 | ' | ' |
2018 | 1,341,000 | ' | ' |
Years subsequent to 2018 | $8,619,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '10 years | ' | ' |
SEGMENT_INFORMATION_MAJOR_CUST2
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA Narrative (Details) (Sales [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Foreign Operations [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 18.00% | 22.00% | 28.00% |
Anadarko Petroleum Corporation [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 19.00% | 15.00% | 12.00% |
U.S. Government [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 11.00% | 11.00% | 11.00% |
SEGMENT_INFORMATION_MAJOR_CUST3
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA Schedule of Revenue from External Customers and Long-Lived Assets (Details) (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 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $75,998 | $80,997 | $74,237 | $67,727 | $70,895 | $77,989 | $62,985 | $61,052 | $298,959 | $272,921 | $258,148 |
Property and Equipment | 803,652 | ' | ' | ' | 787,805 | ' | ' | ' | 803,652 | 787,805 | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 245,581 | 213,920 | 185,677 |
Property and Equipment | 579,509 | ' | ' | ' | 475,315 | ' | ' | ' | 579,509 | 475,315 | ' |
Latin America and the Caribbean [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 23,407 | 23,636 | 38,321 |
Property and Equipment | 130,844 | ' | ' | ' | 143,592 | ' | ' | ' | 130,844 | 143,592 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 22,008 | 25,749 | 21,352 |
Property and Equipment | 73,631 | ' | ' | ' | 134,156 | ' | ' | ' | 73,631 | 134,156 | ' |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,679 | 9,298 | 12,480 |
Property and Equipment | 19,349 | ' | ' | ' | 34,314 | ' | ' | ' | 19,349 | 34,314 | ' |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 284 | 318 | 318 |
Property and Equipment | $319 | ' | ' | ' | $428 | ' | ' | ' | $319 | $428 | ' |
SUPPLEMENTAL_INFORMATION_FOR_S2
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS Schedule of Supplemental Cash Flow Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Benefit of net tax operating losses cash purchased by SEACOR | $0 | $1,961 | $18,236 |
Income taxes paid, net of refunds | 20 | 143 | 557 |
Interest paid to SEACOR, excluding capitalized interest | 0 | 0 | 23,410 |
Interest paid to others, excluding capitalized interest | 17,839 | 7,821 | 1,114 |
Schedule of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Company financed sale of equipment and parts | 0 | 350 | 3,189 |
Non-cash distribution from Era do Brazil of a note receivable | 0 | 4,618 | 0 |
Non-cash distribution to SEACOR | 0 | 0 | 69,823 |
Non-cash contribution from SEACOR | 0 | 0 | 180,000 |
Exchange of advances from SEACOR for Series A Preferred Stock | 0 | 0 | 140,000 |
Settlement of Series B preferred stock in exchange for net tax operating losses | $0 | $50,000 | $0 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (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 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $75,998 | $80,997 | $74,237 | $67,727 | $70,895 | $77,989 | $62,985 | $61,052 | $298,959 | $272,921 | $258,148 |
Operating Income | 9,558 | 11,196 | 10,792 | 14,617 | 9,724 | 11,092 | 7,401 | 3,834 | 46,163 | 32,051 | 36,108 |
Net Income | 1,677 | 5,088 | 4,950 | 6,589 | 3,531 | 5,200 | 3,648 | -4,632 | 18,304 | 7,747 | 2,108 |
Net Income attributable to Common Shares | $1,752 | $5,204 | $5,055 | $5,973 | $1,436 | $3,101 | $1,513 | ($6,732) | $17,984 | ($682) | $1,898 |
Basic Earnings Per Common Share (in dollars per share) | $0.09 | $0.26 | $0.25 | $0.28 | ' | ' | ' | ' | ' | ' | ' |
Diluted Earnings Per Common Share (in dollars per share) | $0.09 | $0.25 | $0.25 | $0.28 | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) | ' | ' | ' | ' | $0.06 | $0.13 | $0.06 | ($0.27) | $0.88 | ($0.03) | $0.18 |
GUARANTORS_OF_SECURITIES_Detai
GUARANTORS OF SECURITIES (Details) (7.750% Senior Notes [Member], Senior Notes [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 |
7.750% Senior Notes [Member] | Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Face amount | ' | ' | $200,000,000 |
Stated interest rate | 7.75% | 7.75% | 7.75% |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Aeroleo [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 15, 2014 |
Aeroleo [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Purchase Agreement, Transfer of Economic Interest | 50.00% |
Purchase Agreement, Transfer of Voting Interest | 80.00% |
Purchase Agreement, Possible Capital Infusion Payment to Related Party | $2 |