Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Performant Financial Corporation | ' |
Entity Central Index Key | '0001550695 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Trading Symbol | 'PFMT | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 48,158,711 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $69,554 | $37,843 |
Trade accounts receivable, net of allowance for doubtful accounts of $53 and $65, respectively and estimated allowance for appeals of $1,997 and $1,199, respectively | 30,593 | 23,044 |
Deferred income taxes | 6,331 | 3,798 |
Prepaid expenses and other current assets | 2,756 | 2,876 |
Debt issuance costs, current portion | 1,073 | 1,125 |
Total current assets | 110,307 | 68,686 |
Property, equipment, and leasehold improvements, net | 24,323 | 20,669 |
Identifiable intangible assets, net | 33,445 | 36,244 |
Goodwill | 81,572 | 81,572 |
Debt issuance costs, net | 3,049 | 3,844 |
Other assets | 613 | 730 |
Total assets | 253,309 | 211,745 |
Current liabilities: | ' | ' |
Current maturities of notes payable | 10,763 | 11,040 |
Accrued salaries and benefits | 10,537 | 9,288 |
Accounts payable | 1,799 | 1,403 |
Other current liabilities | 6,461 | 8,252 |
Income taxes payable | 6,229 | 430 |
Deferred revenue | 0 | 2,187 |
Estimated liability for appeals | 12,697 | 4,378 |
Total current liabilities | 48,486 | 36,978 |
Notes payable, net of current portion | 125,232 | 136,729 |
Deferred income taxes | 12,660 | 11,271 |
Other liabilities | 1,898 | 2,694 |
Total liabilities | 188,276 | 187,672 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.0001 par value. Authorized, 500,000 shares at September 30, 2013 and December 31, 2012; issued and outstanding 48,159 and 45,392 shares at September 30, 2013 and December 31, 2012, respectively | 4 | 4 |
Additional paid-in capital | 48,460 | 35,970 |
Retained earnings (deficit) | 16,569 | -11,901 |
Total stockholders’ equity | 65,033 | 24,073 |
Total liabilities and stockholders’ equity | $253,309 | $211,745 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $53 | $65 |
Estimated allowance for appeals | $1,997 | $1,199 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, Authorized shares | 500,000 | 500,000 |
Common Stock, issued shares | 48,159 | 45,392 |
Common Stock, outstanding shares | 48,159 | 45,392 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $76,808 | $53,400 | $195,326 | $154,099 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 25,060 | 21,003 | 72,942 | 59,426 |
Other operating expenses | 23,563 | 18,240 | 65,314 | 53,053 |
Total operating expenses | 48,623 | 39,243 | 138,256 | 112,479 |
Income from operations | 28,185 | 14,157 | 57,070 | 41,620 |
Debt extinguishment costs | 0 | 0 | 0 | -3,679 |
Interest expense | -2,863 | -3,175 | -8,752 | -9,329 |
Interest income | 0 | 2 | 0 | 64 |
Income before provision for income taxes | 25,322 | 10,984 | 48,318 | 28,676 |
Provision for income taxes | 9,868 | 4,601 | 19,848 | 11,698 |
Net income | 15,454 | 6,383 | 28,470 | 16,978 |
Accrual for preferred stock dividends | 0 | 0 | 0 | 2,038 |
Net income per share attributable to common shareholders | $15,454 | $6,383 | $28,470 | $14,940 |
Net income per share attributable to common shareholders | ' | ' | ' | ' |
Basic | $0.32 | $0.14 | $0.60 | $0.34 |
Diluted | $0.31 | $0.13 | $0.58 | $0.32 |
Weighted average shares | ' | ' | ' | ' |
Basic | 48,050 | 44,337 | 47,247 | 43,519 |
Diluted | 49,556 | 47,811 | 49,315 | 47,164 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) |
In Thousands, except Share data | ||||
Balance, value at Dec. 31, 2012 | $24,073 | $4 | $35,970 | ($11,901) |
Balance, shares at Dec. 31, 2012 | ' | 45,392,000 | ' | ' |
Exercise of stock options (in shares) | ' | 2,767,000 | ' | ' |
Exercise of stock options | 1,653 | ' | 1,653 | ' |
Stock-based compensation expense | 2,196 | ' | 2,196 | ' |
Income tax benefit from employee stock options | 8,641 | ' | 8,641 | ' |
Net income | 28,470 | ' | ' | 28,470 |
Balance, value at Sep. 30, 2013 | $65,033 | $4 | $48,460 | $16,569 |
Balance, shares at Sep. 30, 2013 | ' | 48,159,000 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $28,470 | $16,978 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss on disposal of asset | 1 | 52 |
Depreciation and amortization | 7,840 | 7,002 |
Write-off of unamortized debt issuance costs | 0 | 335 |
Deferred income taxes | -1,144 | 173 |
Stock-based compensation | 2,196 | 883 |
Interest expense from debt issuance costs and amortization of discount note payable | 939 | 946 |
Interest income on notes receivable from stockholders | 0 | -57 |
Changes in operating assets and liabilities: | ' | ' |
Trade accounts receivable | -7,549 | -4,734 |
Prepaid expenses and other current assets | 120 | 841 |
Income tax receivable | 0 | -800 |
Other assets | 117 | -12 |
Accrued salaries and benefits | 1,249 | -794 |
Accounts payable | 396 | 1,518 |
Other current liabilities | -1,791 | -1,262 |
Income taxes payable | 5,799 | -470 |
Deferred revenue | -2,187 | 285 |
Estimated liability for appeals | 8,319 | 3,205 |
Other liabilities | -137 | 306 |
Net cash provided by operating activities | 42,638 | 24,395 |
Cash flows from investing activities: | ' | ' |
Purchase of property, equipment, and leasehold improvements | -8,697 | -7,355 |
Purchase of perpetual software license and computer equipment | 0 | -837 |
Net cash used in investing activities | -8,697 | -8,192 |
Cash flows from financing activities: | ' | ' |
Borrowing under notes payable | 0 | 156,000 |
Borrowing under line of credit | 0 | 4,500 |
Redemption of preferred stock | 0 | -60,286 |
Repayment of notes payable | -11,774 | -100,656 |
Repayment of line of credit | 0 | -12,698 |
Debt issuance costs paid | 0 | -3,061 |
Proceeds from exercise of stock options | 1,653 | 137 |
Proceeds from issuance of stock | 0 | 12,844 |
Receipt from stockholder | 0 | 2,323 |
Payment to stockholders | 0 | -1,761 |
Purchase of treasury stock | 0 | -1,225 |
Income tax benefit from employee stock options | 8,641 | 380 |
Payment of purchase obligation | -750 | -500 |
Net cash used in financing activities | -2,230 | -4,003 |
Net increase in cash and cash equivalents | 31,711 | 12,200 |
Cash and cash equivalents at beginning of period | 37,843 | 20,004 |
Cash and cash equivalents at end of period | 69,554 | 32,204 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for income taxes | 6,552 | 12,415 |
Cash paid for interest | 7,796 | 8,358 |
Cash paid as debt extinguishment | 0 | 3,344 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Obligation payable to sellers of perpetual license | 0 | 3,250 |
Issuance of common stock as part of debt issuance costs | $0 | $2,796 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Description of Business | ' | |
Organization and Description of Business | ||
(a) | Basis of Presentation and Organization | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments necessary (consisting only of normal recurring adjustments) for a fair presentation of our and our subsidiaries’ financial position at September 30, 2013, the results of our operations for the three and nine months ended September 30, 2013 and 2012 and cash flows for the nine months ended September 30, 2013 and 2012. Interim financial statements are prepared on a basis consistent with our annual consolidated financial statements. The interim financial statements included herein should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the years ended December 31, 2012, 2011 and 2010. | ||
We are a leading provider of technology-enabled recovery and analytics services in the United States. Our services help identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a broad range of markets. Our clients typically operate in complex and regulated environments and outsource their recovery needs in order to reduce losses on billions of dollars of defaulted student loans, improper healthcare payments and delinquent state tax and federal treasury and other receivables. We generally provide our services on an outsourced basis, where we handle many or all aspects of the clients’ recovery processes. | ||
Our consolidated financial statements include the operations of Performant Financial Corporation (PFC), its wholly owned subsidiary Performant Business Services, Inc., and its wholly owned subsidiaries Performant Recovery, Inc. (Recovery) and Performant Technologies, Inc. PFC is a Delaware corporation headquartered in California and was formed in 2003. Performant Business Services, Inc. is a Nevada corporation founded in 1997. Recovery is a California corporation founded in 1976. Performant Technologies, Inc. is a California corporation that was formed in 2004. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
We are managed and operated as one business, with a single management team that reports to the Chief Executive Officer. | ||
The preparation of the consolidated financial statements in conformity with U.S. GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, primarily accounts receivable, intangible assets, estimated liability for appeals, accrued expenses, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Our actual results could differ from those estimates. | ||
(b) | Revenues, Accounts Receivable, and Estimated Liability for Appeals | |
Revenue is recognized upon the collection of defaulted loan and debt payments. Loan rehabilitation revenue is recognized when the rehabilitated loans are sold (funded) by clients. Incentive revenue is recognized upon receipt of official notification of incentive award from customers. Under the Company’s RAC contract with CMS, the Company recognizes revenues when the healthcare provider has paid CMS for a given claim or offset. Providers have the right to appeal a claim and may pursue additional appeals if the initial appeal is found in favor of CMS. The Company accrues an estimated liability for appeals based on the amount of commissions received which are subject to appeal and which the Company estimates are probable of being returned to providers following successful appeal. At September 30, 2013, a total of $14.7 million was presented as an allowance against revenue, representing the Company’s estimate of claims that may be overturned. Of this amount, $2.0 million was related to amounts in accounts receivable and $12.7 million was related to commissions which had already been received. The $12.7 million balance at September 30, 2013, and the $4.4 million balance as of December 31, 2012, represents the Company’s best estimate of the probable amount of losses related to appeals of claims for which commissions were previously collected. In addition to the $12.7 million amount accrued at September 30, 2013, the Company estimates that it is reasonably possible that it could be required to pay an additional amount up to approximately $3.8 million as a result of potentially successful appeals. To the extent that required payments by the Company exceed the amount accrued, revenues in the applicable period would be reduced by the amount of the excess. |
Property_Equipment_and_Leaseho
Property, Equipment, and Leasehold Improvements | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Equipment, and Leasehold Improvements | ' | |||||||
Property, Equipment, and Leasehold Improvements | ||||||||
Property, equipment, and leasehold improvements consist of the following at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 1,767 | $ | 1,767 | ||||
Building and leasehold improvements | 5,626 | 5,500 | ||||||
Furniture, equipment, and automobile | 4,940 | 4,408 | ||||||
Computer hardware and software | 48,513 | 40,886 | ||||||
60,846 | 52,561 | |||||||
Less accumulated depreciation and amortization | (36,523 | ) | (31,892 | ) | ||||
Property, equipment and leasehold improvements, net | $ | 24,323 | $ | 20,669 | ||||
Depreciation and amortization expense of property, equipment and leasehold improvements was $1.8 million and $1.5 million for the three months ended September 30, 2013 and 2012, respectively, and $5.1 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Credit_Agreement
Credit Agreement | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Credit Agreement | ' | |||
Credit Agreement | ||||
On March 19, 2012 we recapitalized, entering into a credit agreement (the Agreement) consisting of a Term A Loan of $57.0 million, a Term B Loan of $79.5 million, and a revolving credit facility of $11.0 million. In connection with the recapitalization, our old credit facility, scheduled to mature in 2012, was extinguished, and our indebtedness on the old facility was paid in full. On June 28, 2012, the Agreement was amended to increase the Term B Loan to $99.0 million. Payments under the Agreement for the next five years and thereafter are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
Remainder of 2013 | $ | 2,691 | ||
2014 | 10,763 | |||
2015 | 10,763 | |||
2016 | 10,763 | |||
2017 | 9,996 | |||
Thereafter | 91,019 | |||
Total | $ | 135,995 | ||
The Term A Loan is charged interest either at Prime (subject to a 2.50% floor) +4.25% or LIBOR (subject to a 1.50% floor) +5.25%, which was 6.75% at September 30, 2013. The Term A loan requires quarterly payments of $2.4 million, with the remaining outstanding principal balance due March 19, 2017. As of September 30, 2013, the Term A loan ending balance, including the current portion was $40.9 million. | ||||
The Term B loan is charged interest at Prime +4.75% (subject to a 2.50% floor) or LIBOR (subject to a 1.50% floor) +5.75% which was 7.25% at September 30, 2013. The Term B loan requires quarterly payments of $0.2 million, with the outstanding principal balance due March 19, 2018. As of September 30, 2013, the Term B loan ending balance, including the current portion was $95.1 million. | ||||
We have a line of credit under the Agreement which allows for borrowings of up to $11.0 million. Borrowings accrue interest at Prime +4.25% or LIBOR +5.25%, which was 6.75% at September 30, 2013. Both the Prime and the LIBOR alternatives are subject to minimum rate floors. In addition, a facility fee of 0.5% is assessed on the commitment amount. There were no outstanding borrowings under this line of credit at September 30, 2013, and a letter of credit outstanding in the amount of $1.4 million, leaving remaining borrowing capacity under the line of credit of $9.6 million at September 30, 2013. The line of credit expires in March 19, 2017. | ||||
The Agreement contains a prepayment provision which requires the Company to perform an annual excess cash flow computation based on earnings before interest, taxes, depreciation and amortization compared to changes in working capital. Based on the results of this computation, in May 2013, the Company made a payment of $3.6 million to the lenders. | ||||
The Agreement contains certain restrictive financial covenants, which require, among other things, that we meet a minimum fixed charge coverage ratio of 1.2 and maximum total debt to EBITDA ratio of 3.25. Additionally, these covenants restrict the Company and its subsidiaries’ ability to incur certain types or amounts of indebtedness, incur liens on certain assets, make material changes in corporate structure or the nature of its business, dispose of material assets, engage in a change in control transaction, make certain foreign investments, enter into certain restrictive agreements, or engage in certain transactions with affiliates. We were in compliance with all such covenants at September 30, 2013. | ||||
Debt extinguishment costs of $3.7 million were expensed during the first quarter of 2012, including $3.3 million of fees paid to lenders, and $0.3 million of unamortized debt issuance costs associated with the old credit facility. |
Commitments_under_Operating_Le
Commitments under Operating Leases | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Leases [Abstract] | ' | |||
Commitments under Operating Leases | ' | |||
Commitments under Operating Leases | ||||
We have entered into various non-cancelable operating lease agreements for certain of our office facilities and equipment with original lease periods expiring between 2013 and 2020. Certain of these arrangements have free rent periods and /or escalating rent payment provisions, and we recognize rent expense under such arrangements on a straight-line basis. | ||||
Future minimum rental commitments under non-cancelable leases as of September 30, 2013 are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
Remainder of 2013 | $ | 460 | ||
2014 | 1,875 | |||
2015 | 1,622 | |||
2016 | 1,285 | |||
2017 | 1,037 | |||
Thereafter | 771 | |||
Total | $ | 7,050 | ||
Operating lease expense was $0.7 million million and $0.6 million million for the three months ended September 30, 2013 and 2012, respectively, and was $1.9 million million and $1.9 million million for the nine months ended September 30, 2013 and 2012, respectively. |
Secondary_Offerings_of_Capital
Secondary Offerings of Capital Stock | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Secondary Offerings of Capital Stock | ' |
Secondary Offerings of Capital Stock | |
In January 2013, we completed a secondary offering in which selling stockholders sold 9,200,000 shares of Common Stock at a public offering price of $10.65 per share. The Company did not receive any proceeds from the sale of the shares by the selling stockholders. The Company paid related offering expenses of $0.6 million. In addition, a financial advisor to the Company was paid $1.0 million for financial advisory services. These costs have been expensed, and are included in other operating expenses. | |
In April 2013, we completed a secondary offering in which selling stockholders sold 6,500,000 shares of Common Stock at a public offering price of $12.00 per share. The Company did not receive any proceeds from the sale of the shares by the selling stockholders. The Company paid the related offering expenses of $0.5 million. In addition, a financial advisor to the Company was paid $0.8 million for financial advisory services. These costs have been expensed, and are included in other operating expenses. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-based Compensation | ' | ||||||||||||
6. Stock-based Compensation | |||||||||||||
Total stock-based compensation expense charged as salaries and benefits expense in the consolidated statements of operations was $0.8 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $2.2 million and $0.9 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||
The following table shows stock option activity for the nine months ended September 30, 2013: | |||||||||||||
Outstanding | Weighted | Weighted | Aggregate | ||||||||||
Options | average | average | Intrinsic Value | ||||||||||
exercise price | remaining | (in thousands) | |||||||||||
per share | contractual life | ||||||||||||
(Years) | |||||||||||||
Outstanding at December 31, 2012 | 7,909,724 | $ | 3.85 | 5.89 | $ | 49,410 | |||||||
Granted | 313,600 | 11.85 | |||||||||||
Forfeited | (102,381 | ) | 10.05 | ||||||||||
Exercised | (2,754,731 | ) | 0.6 | ||||||||||
Outstanding at September 30, 2013 | 5,366,212 | $ | 5.87 | 6.8 | $ | 27,310 | |||||||
Vested or expected to vest(1) at September 30, 2013 | 5,246,060 | $ | 5.79 | 6.75 | $ | 27,159 | |||||||
Exercisable at September 30, 2013 | 2,818,379 | $ | 2.57 | 5.2 | $ | 23,485 | |||||||
-1 | Options expected to vest reflect an estimated forfeiture rate. | ||||||||||||
We estimated the total fair value of the 2013 grants to be $1.9 million using a Black-Scholes option pricing model, and the following assumptions: | |||||||||||||
Expected volatility | 50.30% – 56.40% | ||||||||||||
Expected dividends | — | ||||||||||||
Expected term (years) | 6.10 – 6.50 | ||||||||||||
Risk-free interest rate | 1.06% – 1.83% | ||||||||||||
The Company recognizes share-based compensation costs as expense on a straight-line basis over the option vesting period, which generally is 5 years. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective income tax rate changed to 41.1% for the nine months ended September 30, 2013 from 40.8% for the nine months ended September 30, 2012. The increase in the effective rate is primarily due to the lack of deductibility of offering expenses of $1.1 million and financial advisory fees of $1.8 million associated with the secondary offerings described in Note 5. | |
We file income tax returns with the U.S. federal government and various state jurisdictions. We are no longer subject to U.S. federal income tax examinations for years before 2011. We operate in a number of state and local jurisdictions, most of which have never audited our records. Accordingly, we are subject to state and local income tax examinations based upon the various statutes of limitations in each jurisdiction. We are currently being examined by the Franchise Tax Board of California for tax years 2008, 2009 and 2010 and Florida Department of Revenue for tax years 2009, 2010 and 2011. | |
On September 13, 2013 the Internal Revenue Service issued final regulations governing when taxpayers must capitalize and when they must deduct their expenses for acquiring, maintaining, repairing and replacing tangible personal property. The new regulations will apply to the fiscal year starting January 1, 2014. Performant has not completed its analysis of the new regulations but does not expect that the new regulations will have a material impact on the effective tax rate. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
For the three and nine months ended September 30, 2013, and the three months ended September 30, 2012, basic income per share is calculated by dividing net income available to holders of Common Stock by the sum of the weighted average number of shares of Common Stock outstanding during the period. For the nine months ended September 30, 2012, basic income per share is calculated by dividing net income available to holders of Common Stock by the sum of the weighted average number of shares of Common Stock outstanding during the period plus the weighted average number of shares of Series A Convertible Preferred Stock outstanding during the period. The shares of Series A Convertible Preferred Stock are included in the basic denominator because they can be converted into shares of Common Stock for no cash consideration, and are thus considered outstanding shares of Common Stock in computing basic earnings per share. Diluted income per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of Common Stock and dilutive common share equivalents outstanding during the period. Common share equivalents consist of stock options and restricted stock units. The Company excluded 2,623,314 options and 2,574,709 options from the calculation of diluted earnings per share for the three and nine months ended September 30, 2013, respectively, whose combined exercise price, unamortized fair value and excess tax benefits were greater during the period than the average price for the Company’s common stock because their effect would be anti-dilutive. | ||||||||||||
The following table reconciles the basic to diluted weighted average shares outstanding using the treasury stock method (shares in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares outstanding – basic | 48,050 | 44,337 | 47,247 | 43,519 | ||||||||
Dilutive effect of stock options | 1,506 | 3,474 | 2,068 | 3,645 | ||||||||
Weighted average shares outstanding – diluted | 49,556 | 47,811 | 49,315 | 47,164 | ||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Our notes payable are held by a number of lenders, one of whom, the lending syndicate agent, also holds shares of our common stock. As a result, these entities are considered related parties. Interest expense under these arrangements totaled $2.5 million and $3.1 million for the three months ended September 30, 2013 and 2012, respectively, and $7.7 million and $9.2 million for the nine months ended September 30, 2013 and 2012, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
We have evaluated subsequent events through the date these consolidated financial statements were issued and there are no other events that have occurred that would require adjustments or disclosures to our consolidated financial statements. |
Organization_and_Description_o1
Organization and Description of Business (Policies) | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Organization | ' | |
(a) | Basis of Presentation and Organization | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments necessary (consisting only of normal recurring adjustments) for a fair presentation of our and our subsidiaries’ financial position at September 30, 2013, the results of our operations for the three and nine months ended September 30, 2013 and 2012 and cash flows for the nine months ended September 30, 2013 and 2012. Interim financial statements are prepared on a basis consistent with our annual consolidated financial statements. The interim financial statements included herein should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the years ended December 31, 2012, 2011 and 2010. | ||
We are a leading provider of technology-enabled recovery and analytics services in the United States. Our services help identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a broad range of markets. Our clients typically operate in complex and regulated environments and outsource their recovery needs in order to reduce losses on billions of dollars of defaulted student loans, improper healthcare payments and delinquent state tax and federal treasury and other receivables. We generally provide our services on an outsourced basis, where we handle many or all aspects of the clients’ recovery processes. | ||
Our consolidated financial statements include the operations of Performant Financial Corporation (PFC), its wholly owned subsidiary Performant Business Services, Inc., and its wholly owned subsidiaries Performant Recovery, Inc. (Recovery) and Performant Technologies, Inc. PFC is a Delaware corporation headquartered in California and was formed in 2003. Performant Business Services, Inc. is a Nevada corporation founded in 1997. Recovery is a California corporation founded in 1976. Performant Technologies, Inc. is a California corporation that was formed in 2004. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
We are managed and operated as one business, with a single management team that reports to the Chief Executive Officer. | ||
The preparation of the consolidated financial statements in conformity with U.S. GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, primarily accounts receivable, intangible assets, estimated liability for appeals, accrued expenses, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Our actual results could differ from those estimates. | ||
Revenues, Accounts Receivable, and Estimated Liability for Appeals | ' | |
(b) | Revenues, Accounts Receivable, and Estimated Liability for Appeals | |
Revenue is recognized upon the collection of defaulted loan and debt payments. Loan rehabilitation revenue is recognized when the rehabilitated loans are sold (funded) by clients. Incentive revenue is recognized upon receipt of official notification of incentive award from customers. Under the Company’s RAC contract with CMS, the Company recognizes revenues when the healthcare provider has paid CMS for a given claim or offset. Providers have the right to appeal a claim and may pursue additional appeals if the initial appeal is found in favor of CMS. The Company accrues an estimated liability for appeals based on the amount of commissions received which are subject to appeal and which the Company estimates are probable of being returned to providers following successful appeal. At September 30, 2013, a total of $14.7 million was presented as an allowance against revenue, representing the Company’s estimate of claims that may be overturned. Of this amount, $2.0 million was related to amounts in accounts receivable and $12.7 million was related to commissions which had already been received. The $12.7 million balance at September 30, 2013, and the $4.4 million balance as of December 31, 2012, represents the Company’s best estimate of the probable amount of losses related to appeals of claims for which commissions were previously collected. In addition to the $12.7 million amount accrued at September 30, 2013, the Company estimates that it is reasonably possible that it could be required to pay an additional amount up to approximately $3.8 million as a result of potentially successful appeals. To the extent that required payments by the Company exceed the amount accrued, revenues in the applicable period would be reduced by the amount of the excess. |
Property_Equipment_and_Leaseho1
Property, Equipment, and Leasehold Improvements (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Equipment, and Leasehold Improvements | ' | |||||||
Property, equipment, and leasehold improvements consist of the following at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 1,767 | $ | 1,767 | ||||
Building and leasehold improvements | 5,626 | 5,500 | ||||||
Furniture, equipment, and automobile | 4,940 | 4,408 | ||||||
Computer hardware and software | 48,513 | 40,886 | ||||||
60,846 | 52,561 | |||||||
Less accumulated depreciation and amortization | (36,523 | ) | (31,892 | ) | ||||
Property, equipment and leasehold improvements, net | $ | 24,323 | $ | 20,669 | ||||
Credit_Agreement_Tables
Credit Agreement (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Payments Under Credit Agreement | ' | |||
Payments under the Agreement for the next five years and thereafter are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
Remainder of 2013 | $ | 2,691 | ||
2014 | 10,763 | |||
2015 | 10,763 | |||
2016 | 10,763 | |||
2017 | 9,996 | |||
Thereafter | 91,019 | |||
Total | $ | 135,995 | ||
Commitments_under_Operating_Le1
Commitments under Operating Leases (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Leases [Abstract] | ' | |||
Future Minimum Rental Commitments Under Non-Cancelable Leases | ' | |||
Certain of these arrangements have free rent periods and /or escalating rent payment provisions, and we recognize rent expense under such arrangements on a straight-line basis. | ||||
Future minimum rental commitments under non-cancelable leases as of September 30, 2013 are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
Remainder of 2013 | $ | 460 | ||
2014 | 1,875 | |||
2015 | 1,622 | |||
2016 | 1,285 | |||
2017 | 1,037 | |||
Thereafter | 771 | |||
Total | $ | 7,050 | ||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Option Activity | ' | ||||||||||||
The following table shows stock option activity for the nine months ended September 30, 2013: | |||||||||||||
Outstanding | Weighted | Weighted | Aggregate | ||||||||||
Options | average | average | Intrinsic Value | ||||||||||
exercise price | remaining | (in thousands) | |||||||||||
per share | contractual life | ||||||||||||
(Years) | |||||||||||||
Outstanding at December 31, 2012 | 7,909,724 | $ | 3.85 | 5.89 | $ | 49,410 | |||||||
Granted | 313,600 | 11.85 | |||||||||||
Forfeited | (102,381 | ) | 10.05 | ||||||||||
Exercised | (2,754,731 | ) | 0.6 | ||||||||||
Outstanding at September 30, 2013 | 5,366,212 | $ | 5.87 | 6.8 | $ | 27,310 | |||||||
Vested or expected to vest(1) at September 30, 2013 | 5,246,060 | $ | 5.79 | 6.75 | $ | 27,159 | |||||||
Exercisable at September 30, 2013 | 2,818,379 | $ | 2.57 | 5.2 | $ | 23,485 | |||||||
-1 | Options expected to vest reflect an estimated forfeiture rate. | ||||||||||||
Assumptions to Estimate Fair Value Options | ' | ||||||||||||
We estimated the total fair value of the 2013 grants to be $1.9 million using a Black-Scholes option pricing model, and the following assumptions: | |||||||||||||
Expected volatility | 50.30% – 56.40% | ||||||||||||
Expected dividends | — | ||||||||||||
Expected term (years) | 6.10 – 6.50 | ||||||||||||
Risk-free interest rate | 1.06% – 1.83% |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of Basic to Diluted Weighted Average Shares | ' | |||||||||||
The following table reconciles the basic to diluted weighted average shares outstanding using the treasury stock method (shares in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares outstanding – basic | 48,050 | 44,337 | 47,247 | 43,519 | ||||||||
Dilutive effect of stock options | 1,506 | 3,474 | 2,068 | 3,645 | ||||||||
Weighted average shares outstanding – diluted | 49,556 | 47,811 | 49,315 | 47,164 | ||||||||
Organization_and_Description_o2
Organization and Description of Business - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Allowance against revenue | $14,700,000 | ' |
Estimated allowance for appeals | 1,997,000 | 1,199,000 |
Estimated liability for appeals | 12,697,000 | 4,378,000 |
Estimated additional liability for appeals | $3,800,000 | ' |
Property_Equipment_and_Leaseho2
Property, Equipment, and Leasehold Improvements (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold equipment, gross | $60,846 | $52,561 |
Less accumulated depreciation and amortization | -36,523 | -31,892 |
Property, equipment and leasehold improvements, net | 24,323 | 20,669 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold equipment, gross | 1,767 | 1,767 |
Building and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold equipment, gross | 5,626 | 5,500 |
Furniture, equipment, and automobile | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold equipment, gross | 4,940 | 4,408 |
Computer hardware and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold equipment, gross | $48,513 | $40,886 |
Property_Equipment_and_Leaseho3
Property, Equipment, and Leasehold Improvements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation and amortization expense of property, equipment and leasehold improvements | $1.80 | $1.50 | $5.10 | $4.30 |
Credit_Agreement_Additional_In
Credit Agreement - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Mar. 31, 2012 | 31-May-13 | Mar. 19, 2012 | Sep. 30, 2013 | Mar. 19, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 28, 2012 | Sep. 30, 2013 | Mar. 19, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 19, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Term A Loan | Term A Loan | Term A Loan | Term A Loan | Term B Loan | Term B Loan | Term B Loan | Term B Loan | Term B Loan | Revolving credit facility | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | ||||
Prime Rate Plus | LIBOR Plus | Prime Rate Plus | LIBOR Plus | Minimum | Maximum | Prime Rate Plus | LIBOR Plus | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recapitalized amount under credit agreement | ' | ' | ' | $40,900,000 | $57,000,000 | ' | ' | ' | $95,100,000 | $79,500,000 | ' | ' | $11,000,000 | ' | ' | ' | ' | ' |
Credit facility maturity year | ' | ' | '2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment of agreement to increase Term B Loan | ' | ' | ' | ' | ' | ' | ' | 99,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate terms | ' | ' | ' | 'Interest either at Prime (subject to a 2.50% floor) +4.25% or LIBOR (subject to a 1.50% floor) +5.25%, which was 6.75% | ' | ' | ' | ' | 'Interest at Prime +4.75% (subject to a 2.50% floor) or LIBOR (subject to a 1.50% floor) +5.75%, which was 7.25% | ' | ' | ' | ' | 'Interest at Prime + 4.25% or LIBOR + 5.25%, which was 6.75% | ' | ' | ' | ' |
Floor rate (as a percent) | ' | ' | ' | ' | ' | 2.50% | 1.50% | ' | ' | ' | 2.50% | 1.50% | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | 4.25% | 5.25% | ' | ' | ' | 4.75% | 5.75% | ' | ' | ' | ' | 4.25% | 5.25% |
Interest rate (as a percent) | ' | ' | ' | 6.75% | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' |
Quarterly payments of principal | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiry date of line of credit | ' | ' | ' | 19-Mar-17 | ' | ' | ' | ' | 19-Mar-18 | ' | ' | ' | ' | 19-Mar-17 | ' | ' | ' | ' |
Borrowing under line of credit, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' |
Facility commitment fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' |
Remaining borrowing capacity under the line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' |
Prepayment of excess cash flow | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' |
Total debt to EBITDA ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' | ' |
Payments of debt extinguishment costs | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees paid to lenders | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance cost | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments_Under_Credit_Agreemen
Payments Under Credit Agreement (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Remainder of 2013 | $2,691 |
2014 | 10,763 |
2015 | 10,763 |
2016 | 10,763 |
2017 | 9,996 |
Thereafter | 91,019 |
Total | $135,995 |
Commitments_under_Operating_Le2
Commitments under Operating Leases Commitments under Operating Leases - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitment And Contingencies [Line Items] | ' | ' | ' | ' |
Operating lease expense | $0.70 | $0.60 | $1.90 | $1.90 |
Minimum | ' | ' | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' | ' | ' |
Non-cancelable operating lease agreements expiration date | ' | ' | '2013 | ' |
Maximum | ' | ' | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' | ' | ' |
Non-cancelable operating lease agreements expiration date | ' | ' | '2020 | ' |
Commitments_under_Operating_Le3
Commitments under Operating Leases Future Minimum Rental Commitments Under Non-Cancelable Leases (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Remainder of 2013 | $460 |
2014 | 1,875 |
2015 | 1,622 |
2016 | 1,285 |
2017 | 1,037 |
Thereafter | 771 |
Total | $7,050 |
Secondary_Offerings_of_Capital1
Secondary Offerings of Capital Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 |
Capital Stock [Line Items] | ' | ' | ' |
Offering expenses | $0.50 | $0.60 | $1.80 |
Amount paid to financial advisor | $0.80 | $1 | ' |
Common Stock | ' | ' | ' |
Capital Stock [Line Items] | ' | ' | ' |
Common stock, shares sold | 6,500,000 | 9,200,000 | ' |
Stock, price per share | $12 | $10.65 | ' |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | $0.80 | $0.80 | $2.20 | $0.90 |
Estimated total fair value of grants | $1.90 | ' | $1.90 | ' |
Options vesting period | ' | ' | '5 years | ' |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (Options, USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Options | ' | ' | |
Outstanding Options | ' | ' | |
Options Outstanding | 7,909,724 | ' | |
Granted | 313,600 | ' | |
Forfeited | -102,381 | ' | |
Exercised | -2,754,731 | ' | |
Options Outstanding | 5,366,212 | 7,909,724 | |
Vested or expected to vest | 5,246,060 | [1] | ' |
Exercisable | 2,818,379 | ' | |
Weighted average exercise price per share | ' | ' | |
Options Outstanding | $3.85 | ' | |
Granted | $11.85 | ' | |
Forfeited | $10.05 | ' | |
Exercised | $0.60 | ' | |
Options Outstanding | $5.87 | $3.85 | |
Vested or expected to vest | $5.79 | [1] | ' |
Exercisable | $2.57 | ' | |
Weighted average remaining contractual life (Years) | ' | ' | |
Options Outstanding | '6 years 9 months 18 days | '5 years 10 months 21 days | |
Options Vested or expected to vest | '6 years 9 months | ' | |
Options Exercisable | '5 years 2 months 12 days | ' | |
Options Outstanding | '6 years 9 months 18 days | '5 years 10 months 21 days | |
Aggregate Intrinsic Value | ' | ' | |
Options Outstanding | $49,410 | ' | |
Options Vested or expected to vest | 27,159 | [1] | ' |
Options Outstanding | 27,310 | 49,410 | |
Options Exercisable | $23,485 | ' | |
[1] | Options expected to vest reflect an estimated forfeiture rate. |
Assumptions_to_Estimate_Fair_V
Assumptions to Estimate Fair Value Options (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' |
Expected dividends | 0.00% |
Minimum | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' |
Expected volatility (as a percent) | 50.30% |
Expected term (years) | '6 years 1 month 6 days |
Risk-free interest rate (as a percent) | 1.06% |
Maximum | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' |
Expected volatility (as a percent) | 56.40% |
Expected term (years) | '6 years 6 months |
Risk-free interest rate (as a percent) | 1.83% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate (as a percent) | ' | ' | 41.10% | 40.80% |
Amount paid to financial advisor | ' | ' | $1.10 | ' |
Offering expenses | $0.50 | $0.60 | $1.80 | ' |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Options to purchase shares | 2,623,314 | 2,574,709 |
Reconciliation_of_Basic_to_Dil
Reconciliation of Basic to Diluted Weighted Average Shares (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding – basic | 48,050 | 44,337 | 47,247 | 43,519 |
Dilutive effect of stock options | 1,506 | 3,474 | 2,068 | 3,645 |
Weighted average shares outstanding – diluted | 49,556 | 47,811 | 49,315 | 47,164 |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Interest expense under these arrangements | $2.50 | $3.10 | $7.70 | $9.20 |