Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'COMPUTER TASK GROUP INC | ' | ' |
Entity Central Index Key | '0000023111 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,455,643 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $330.10 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $419,036 | $424,415 | $396,275 |
Direct costs | 330,327 | 333,086 | 311,984 |
Selling, general, and administrative expenses | 63,982 | 66,867 | 64,981 |
Operating income | 24,727 | 24,462 | 19,310 |
Interest and other income | 58 | 156 | 231 |
Non-taxable life insurance proceeds | 0 | 1,268 | 0 |
Interest and other expense | 446 | 441 | 418 |
Income before income taxes | 24,339 | 25,445 | 19,123 |
Provision for income taxes | 8,660 | 9,280 | 7,185 |
Net Income | $15,679 | $16,165 | $11,938 |
Net income per share | ' | ' | ' |
Basic (in dollars per share) | $1.02 | $1.07 | $0.80 |
Diluted (in dollars per share) | $0.92 | $0.96 | $0.71 |
Weighted average shares outstanding | ' | ' | ' |
Basic (in shares) | 15,365 | 15,172 | 14,968 |
Diluted (in shares) | 16,954 | 16,841 | 16,731 |
Cash dividend declared per share | $0.20 | $0 | $0 |
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 | $15,679 | $16,165 | $11,938 |
Foreign currency adjustment | 717 | 370 | -326 |
Pension loss adjustment, net of tax | 1,258 | -2,820 | -1,743 |
Other comprehensive income (loss) | 1,975 | -2,450 | -2,069 |
Comprehensive income | $17,654 | $13,715 | $9,869 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income - (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Taxes on change in pension loss adjustment | $235 | ($396) | $295 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $46,227 | $40,614 |
Accounts receivable, net of allowances of $1,040 and $862 in 2013 and 2012, respectively | 67,422 | 70,459 |
Prepaid and other current assets | 1,657 | 1,450 |
Deferred income taxes | 1,113 | 1,145 |
Total current assets | 116,419 | 113,668 |
Property, equipment and capitalized software, net | 8,241 | 6,916 |
Goodwill | 37,638 | 35,678 |
Deferred income taxes | 6,487 | 6,435 |
Other assets | 4,750 | 2,871 |
Investments | 896 | 637 |
Total assets | 174,431 | 166,205 |
Current Liabilities: | ' | ' |
Accounts payable | 9,536 | 10,170 |
Accrued compensation | 31,460 | 32,162 |
Advance billings on contracts | 2,467 | 2,481 |
Dividend payable | 748 | 0 |
Other current liabilities | 4,086 | 4,747 |
Income taxes payable | 632 | 641 |
Total current liabilities | 48,929 | 50,201 |
Deferred compensation benefits | 11,224 | 12,847 |
Other long-term liabilities | 436 | 376 |
Total liabilities | 60,589 | 63,424 |
Shareholders' Equity: | ' | ' |
Common stock, par value $0.01 per share, 150,000,000 shares authorized; 27,017,824 shares issued | 270 | 270 |
Capital in excess of par value | 122,531 | 119,183 |
Retained earnings | 112,277 | 99,644 |
Less: Treasury stock of 8,488,404 and 8,276,014 shares at cost, in 2013 and 2012, respectively | -57,163 | -50,302 |
Stock Trusts of 3,363,351 shares at cost in both periods | -55,083 | -55,083 |
Other | -285 | -251 |
Accumulated other comprehensive loss | -8,705 | -10,680 |
Total shareholders’ equity | 113,842 | 102,781 |
Total liabilities and shareholders’ equity | $174,431 | $166,205 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances | $1,040 | $862 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,017,824 | 27,017,824 |
Treasury stock, shares | 8,488,404 | 8,276,014 |
Stock trusts, shares | 3,363,351 | 3,363,351 |
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 flow from operating activities | ' | ' | ' |
Net Income | $15,679 | $16,165 | $11,938 |
Adjustments: | ' | ' | ' |
Depreciation and amortization expense | 2,796 | 2,919 | 2,271 |
Equity-based compensation expense | 2,647 | 2,236 | 1,654 |
Deferred income taxes | -350 | 116 | -883 |
Deferred compensation | 128 | 600 | -1,036 |
(Gain) loss on sales of property and equipment | 0 | 20 | -136 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | 5,213 | -2,239 | -10,561 |
(Increase) decrease in prepaid and other current assets | -154 | 403 | 93 |
(Increase) decrease in other assets | -1,610 | 50 | 1,091 |
Increase (decrease) in accounts payable | -2,607 | -293 | 1,250 |
Increase (decrease) in accrued compensation | -1,107 | 1,002 | 1,530 |
Increase (decrease) in income taxes payable | -232 | -1,067 | 1,176 |
Increase (decrease) in advance billings on contracts | -361 | 707 | -568 |
Increase (decrease) in other current liabilities | -869 | 732 | 733 |
Increase (decrease) in other long-term liabilities | -182 | -195 | 53 |
Net cash provided by operating activities | 18,991 | 21,156 | 8,605 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of business, net of cash received | -2,488 | 0 | 0 |
Additions to property and equipment | -2,266 | -1,872 | -1,584 |
Additions to capitalized software | -1,686 | 0 | -364 |
Deferred compensation plan investments, net | -269 | -113 | 97 |
Proceeds from sales of property and equipment | 0 | 5 | 176 |
Net cash used in investing activities | -6,709 | -1,980 | -1,675 |
Cash flow from financing activities: | ' | ' | ' |
Proceeds from stock option plan exercises | 561 | 1,144 | 2,007 |
Excess tax benefits from equity-based compensation | 1,119 | 2,615 | 1,801 |
Proceeds from Employee Stock Purchase Plan | 368 | 294 | 274 |
Change in cash overdraft, net | 506 | -777 | 539 |
Dividends paid | -2,274 | 0 | 0 |
Purchase of stock for treasury | -7,343 | -4,591 | -3,601 |
Net cash provided by (used in) financing activities | -7,063 | -1,315 | 1,020 |
Effect of exchange rates on cash and cash equivalents | 394 | 339 | -373 |
Net increase in cash and cash equivalents | 5,613 | 18,200 | 7,577 |
Cash and cash equivalents at beginning of year | 40,614 | 22,414 | 14,837 |
Cash and cash equivalents at end of year | $46,227 | $40,614 | $22,414 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Stock Trusts | Accumulated Other Comprehensive Income (loss) | Other |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2010 | $77,920 | $270 | $113,678 | $71,541 | ($46,178) | ($55,083) | ($6,161) | ($147) |
Balance, shares at Dec. 31, 2010 | ' | 27,018,000 | ' | ' | 8,963,000 | 3,363,000 | ' | ' |
Employee Stock Purchase Plan share issuance | 274 | ' | 155 | ' | 119 | ' | ' | ' |
Employee Stock Purchase Plan share issuance, shares | ' | ' | ' | ' | -22,000 | ' | ' | ' |
Stock Option Plan share issuance | 1,927 | ' | -879 | ' | 2,806 | ' | ' | ' |
Stock Option Plan share issuance, shares | ' | ' | ' | ' | -637,000 | ' | ' | ' |
Excess tax benefits from equity-based compensation | 1,801 | ' | 1,801 | ' | ' | ' | ' | ' |
Restricted stock plan share issuance/forfeiture | -1,247 | ' | -666 | ' | -581 | ' | ' | ' |
Restricted stock plan share issuance/forfeiture, shares | ' | ' | ' | ' | -50,000 | ' | ' | ' |
Deferred compensation plan share issuance | 208 | ' | 152 | ' | 115 | ' | ' | -59 |
Deferred compensation plan share issuance, shares | ' | ' | ' | ' | -21,000 | ' | ' | ' |
Purchase of stock | -3,601 | ' | ' | ' | -3,601 | ' | ' | ' |
Purchase of stock, shares | ' | ' | ' | ' | 308,000 | ' | ' | ' |
Equity-based compensation | 1,654 | ' | 1,654 | ' | ' | ' | ' | ' |
Net Income | 11,938 | ' | ' | 11,938 | ' | ' | ' | ' |
Foreign currency adjustment | -326 | ' | ' | ' | ' | ' | -326 | ' |
Pension loss adjustment, net of tax | -1,743 | ' | ' | ' | ' | ' | -1,743 | ' |
Balance at Dec. 31, 2011 | 88,805 | 270 | 115,895 | 83,479 | -47,320 | -55,083 | -8,230 | -206 |
Balance, shares at Dec. 31, 2011 | ' | 27,018,000 | ' | ' | 8,541,000 | 3,363,000 | ' | ' |
Employee Stock Purchase Plan share issuance | 294 | ' | 181 | ' | 113 | ' | ' | ' |
Employee Stock Purchase Plan share issuance, shares | ' | ' | ' | ' | -19,000 | ' | ' | ' |
Stock Option Plan share issuance | 223 | ' | -1,310 | ' | 1,533 | ' | ' | ' |
Stock Option Plan share issuance, shares | ' | ' | ' | ' | -476,000 | ' | ' | ' |
Excess tax benefits from equity-based compensation | 2,615 | ' | 2,615 | ' | ' | ' | ' | ' |
Restricted stock plan share issuance/forfeiture | -824 | ' | -660 | ' | -164 | ' | ' | ' |
Restricted stock plan share issuance/forfeiture, shares | ' | ' | ' | ' | -70,000 | ' | ' | ' |
Deferred compensation plan share issuance | 308 | ' | 226 | ' | 127 | ' | ' | -45 |
Deferred compensation plan share issuance, shares | ' | ' | ' | ' | -26,000 | ' | ' | ' |
Purchase of stock | -4,591 | ' | ' | ' | -4,591 | ' | ' | ' |
Equity-based compensation | 2,236 | ' | 2,236 | ' | ' | ' | ' | ' |
Net Income | 16,165 | ' | ' | 16,165 | ' | ' | ' | ' |
Foreign currency adjustment | 370 | ' | ' | ' | ' | ' | 370 | ' |
Pension loss adjustment, net of tax | -2,820 | ' | ' | ' | ' | ' | -2,820 | ' |
Balance at Dec. 31, 2012 | 102,781 | 270 | 119,183 | 99,644 | -50,302 | -55,083 | -10,680 | -251 |
Balance, shares at Dec. 31, 2012 | 27,017,824 | 27,018,000 | ' | ' | 8,276,000 | 3,363,000 | ' | ' |
Employee Stock Purchase Plan share issuance | 368 | ' | 248 | ' | 120 | ' | ' | ' |
Employee Stock Purchase Plan share issuance, shares | ' | ' | ' | ' | -19,000 | ' | ' | ' |
Stock Option Plan share issuance | 504 | ' | -183 | ' | 687 | ' | ' | ' |
Stock Option Plan share issuance, shares | ' | ' | ' | ' | -110,000 | ' | ' | ' |
Excess tax benefits from equity-based compensation | 1,119 | ' | 1,119 | ' | ' | ' | ' | ' |
Restricted stock plan share issuance/forfeiture | -931 | ' | -567 | ' | -364 | ' | ' | ' |
Restricted stock plan share issuance/forfeiture, shares | ' | ' | ' | ' | -52,000 | ' | ' | ' |
Deferred compensation plan share issuance | 89 | ' | 84 | ' | 39 | ' | ' | -34 |
Deferred compensation plan share issuance, shares | ' | ' | ' | ' | -6,000 | ' | ' | ' |
Purchase of stock | -7,343 | ' | ' | ' | -7,343 | ' | ' | ' |
Purchase of stock, shares | ' | ' | ' | ' | 399,000 | ' | ' | ' |
Equity-based compensation | 2,647 | ' | 2,647 | ' | ' | ' | ' | ' |
Net Income | 15,679 | ' | ' | 15,679 | ' | ' | ' | ' |
Dividends declared | -3,046 | ' | ' | -3,046 | ' | ' | ' | ' |
Foreign currency adjustment | 717 | ' | ' | ' | ' | ' | 717 | ' |
Pension loss adjustment, net of tax | 1,258 | ' | ' | ' | ' | ' | 1,258 | ' |
Balance at Dec. 31, 2013 | $113,842 | $270 | $122,531 | $112,277 | ($57,163) | ($55,083) | ($8,705) | ($285) |
Balance, shares at Dec. 31, 2013 | 27,017,824 | 27,018,000 | ' | ' | 8,488,000 | 3,363,000 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation and Consolidation | ||||||||||||
The consolidated financial statements include the accounts of Computer Task Group, Incorporated, and its subsidiaries (the Company or CTG), located primarily in North America and Europe. There are no unconsolidated entities, or off-balance sheet arrangements other than certain guarantees supporting office leases or the performance under government contracts in the Company's European operations. All inter-company accounts and transactions have been eliminated. Certain amounts in prior years' consolidated financial statements have been reclassified to conform to the current year presentation. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. Such estimates primarily relate to the valuation of goodwill, valuation allowances for deferred tax assets, actuarial assumptions including discount rates and expected rates of return, as applicable, for the Company’s defined benefit plans, the allowance for doubtful accounts receivable, assumptions underlying stock option valuation, investment valuation, legal matters, other contingencies, and estimates of progress toward completion and direct profit or loss on contracts. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Actual results could differ from those estimates. | ||||||||||||
The Company operates in one industry segment, providing IT services to its clients. These services include IT Solutions and IT Staffing. CTG provides these primary services to all of the markets that it serves. The services provided typically encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and ultimately maintaining the IT solution. A typical customer is an organization with large, complex information and data processing requirements. The Company promotes a significant portion of its services through four vertical market focus areas: Healthcare (which includes services provided to healthcare providers, health insurers, and life sciences companies), Technology Service Providers, Financial Services, and Energy. The Company focuses on these four vertical areas as it believes that these areas are either higher growth markets than the general IT services market and the general economy, or are areas that provide greater potential for the Company’s growth due to the size of the vertical market. The remainder of CTG’s revenue is derived from general markets. | ||||||||||||
CTG’s revenue by vertical market as a percentage of consolidated revenue for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Healthcare | 31.4 | % | 32.7 | % | 29.6 | % | ||||||
Technology service providers | 27.9 | % | 31.2 | % | 34.3 | % | ||||||
Financial services | 6.8 | % | 6.1 | % | 6.7 | % | ||||||
Energy | 6.1 | % | 6 | % | 6 | % | ||||||
General markets | 27.8 | % | 24 | % | 23.4 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Revenue and Cost Recognition | ||||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, when the services have been rendered, when the price is determinable, and when collectibility of the amounts due is reasonably assured. For time-and-material contracts, revenue is recognized as hours are incurred and costs are expended. For contracts with periodic billing schedules, primarily monthly, revenue is recognized as services are rendered to the customer. Revenue for fixed-price contracts is recognized per the proportional method of accounting using an input-based approach. On a given project, actual salary and indirect labor costs incurred are measured and compared against the total estimated costs of such items at the completion of the project. Revenue is recognized based upon the percentage-of-completion calculation of total incurred costs to total estimated costs. The Company infrequently works on fixed-price projects that include significant amounts of material or other non-labor related costs which could distort the percent complete within a percentage-of-completion calculation. The Company’s estimate of the total labor costs it expects to incur over the term of the contract is based on the nature of the project and our past experience on similar projects, and includes management judgments and estimates which affect the amount of revenue recognized on fixed-price contracts in any accounting period. | ||||||||||||
The Company’s revenue from contracts accounted for under time-and-material, progress billing, and percentage-of-completion methods as a percentage of consolidated revenue for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Time-and-material | 88.8 | % | 90.3 | % | 91 | % | ||||||
Progress billing | 8.8 | % | 7.9 | % | 7.3 | % | ||||||
Percentage-of-completion | 2.4 | % | 1.8 | % | 1.7 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
The Company includes billable expenses in its accounts as both revenue and direct costs. These billable expenses totaled $11.8 million, $13.4 million, and $12.7 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Software Revenue Recognition | ||||||||||||
From 2011 to 2013, the Company performed services for a customer under a series of contracts that provided for application customization and integration services, specifically utilizing one of the software tools the Company has developed for internal use. These services were provided under a software-as-a-service model. As the contracts were closely interrelated and dependent on each other, for accounting purposes the contracts were considered to be one arrangement. As the project included significant modification and customization services to transform the previously developed software tool into an expanded tool intended to meet the customer’s requirements, the percentage-of-completion method of contract accounting was utilized for the project. | ||||||||||||
Fair Value | ||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid for a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. The Company utilizes a fair value hierarchy for its assets and liabilities, as applicable, based upon three levels of input, which are: | ||||||||||||
Level 1—quoted prices in active markets for identical assets or liabilities (observable) | ||||||||||||
Level 2—inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be supported by observable market data for essentially the full term of the asset or liability (observable) | ||||||||||||
Level 3—unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable) | ||||||||||||
At December 31, 2013 and 2012, the carrying amounts of the Company’s cash of $46.2 million and $40.6 million, respectively, approximated fair value. | ||||||||||||
The Company is also allowed to elect an irrevocable option to measure, on a contract by contract basis, specific financial instruments and certain other items that are currently not being measured at fair value. The Company did not elect to apply the fair value provisions of this standard for any specific contracts during the years ended December 31, 2013 or 2012. | ||||||||||||
Life Insurance Policies | ||||||||||||
The Company has purchased life insurance on the lives of certain plan participants, all who were former employees, in the non-qualified defined benefit Executive Supplemental Benefit Plan. Those policies have generated cash surrender value, and the Company has taken loans against the policies. At December 31, 2013 and December 31, 2012, these insurance policies had a gross cash surrender value of $26.2 million and $24.8 million, respectively, loans had been taken totaling $23.6 million and $23.1 million, respectively, and the net cash surrender value balance of $2.6 million and $1.7 million, respectively, was included on the consolidated balance sheet in “Other Assets” under non-current assets. | ||||||||||||
During 2012, the Company received life insurance proceeds totaling approximately $1.3 million for two former plan participants that passed away during the year. At December 31, 2013, the total death benefit for the remaining policies was approximately $37.4 million. Currently, upon the death of all of the remaining plan participants, the company would expect to receive approximately $13.8 million after the payment of outstanding loans, and record a gain of approximately $11.2 million. | ||||||||||||
Taxes Collected from Customers | ||||||||||||
In instances where the Company collects taxes from its customers for remittance to governmental authorities, primarily in its European operations, revenue and expenses are not presented on a gross basis in the consolidated financial statements as such taxes are recorded in the Company's accounts on a net basis. | ||||||||||||
Cash and Cash Equivalents, and Cash Overdrafts | ||||||||||||
For purposes of the statement of cash flows, cash and cash equivalents are defined as cash on hand, demand deposits, and short-term, highly liquid investments with a maturity of three months or less. As the Company does not fund its bank accounts for the checks it has written until the checks are presented to the bank for payment, the change in cash overdraft, net, on the consolidated statements of cash flows represents the increase or decrease in outstanding checks year-over-year. | ||||||||||||
Trade Accounts Receivable | ||||||||||||
Trade accounts receivable balances are expected to be received on average approximately 60 days from the date of invoice. Generally, the Company does not work on any projects where amounts due are expected to be received greater than one year from the date of the invoice. Accordingly, the recorded book value for the Company’s accounts receivable equals fair value. Outstanding trade accounts receivable are generally considered past due when they remain unpaid after the contractual due date has past. An allowance for doubtful accounts receivable (allowance) is established using management’s judgment. Specific identification of balances that are significantly past due and where customer payments have not been recently received are generally added to the allowance unless the Company has direct knowledge that the customer intends to make payment. Additionally, any balances which relate to a customer that has declared bankruptcy or ceased its business operations are added to the allowance at the amount not expected to be received. | ||||||||||||
Bad debt expense, net of recoveries, was approximately $0.2 million, $(40,000), and $0.7 million in 2013, 2012, and 2011, respectively. | ||||||||||||
Property and Equipment and Capitalized Software Costs | ||||||||||||
Property and equipment are generally stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of one year to 30 years, and begins after an asset has been put into service. Leasehold improvements are generally depreciated over the shorter of the term of the lease or the useful life of the improvement. The cost of property or equipment sold or otherwise disposed of, along with related accumulated depreciation, is eliminated from the accounts, and the resulting gain or loss, if any, is reflected in current earnings. Maintenance and repairs are charged to expense when incurred, while significant improvements to existing assets are capitalized. | ||||||||||||
As of December 31, 2013 and December 31, 2012, the Company had capitalized a total of approximately $6.8 million and $5.1 million, respectively, for software projects developed for internal use. Amortization periods range from two to five years, and are evaluated annually for propriety. Amortization expense for these projects totaled $1.2 million, $1.7 million, and $1.1 million in 2013, 2012, and 2011, respectively. | ||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such circumstances exist, the recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value less costs to sell. The Company does not have any long-lived assets that are impaired or that it intends to dispose of at December 31, 2013. | ||||||||||||
Leases | ||||||||||||
The Company is obligated under a number of short and long-term operating leases primarily for the rental of office space, office equipment, and for automobiles in our European operations. In instances where the Company has negotiated leases that contain rent holidays or escalation clauses, the expense for those leases is recognized monthly on a straight-line basis over the term of the lease. | ||||||||||||
Goodwill | ||||||||||||
The Company had a goodwill balance of $37.6 million at December 31, 2013. This balance increased by approximately $2.0 million during 2013 due to the acquisition of etrinity. The balance is evaluated annually as of the Company’s October fiscal month-end (the measurement date), or more frequently if facts and circumstances indicate impairment may exist. This evaluation, as applicable, is based on estimates and assumptions that may be used to analyze the appraised value of similar transactions from which the goodwill arose, the appraised value of similar companies, or estimates of future discounted cash flows. The estimates and assumptions on which the Company’s evaluations are based involve judgments and are based on currently available information, any of which could prove wrong or inaccurate when made, or become wrong or inaccurate as a result of subsequent events. | ||||||||||||
At the respective measurement dates for 2013, 2012, and 2011, the Company completed its annual valuation of the business to which the Company’s goodwill relates. During 2013 and 2012, the Company utilized the provisions under Accounting Standards Update No. 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” which allow public entities to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under this process, an entity is no longer required to calculate the fair value of a reporting unit unless the qualitative assessment shows that it is more likely than not that its fair value is less than its carrying amount. During 2011, the company utilized the assistance of an independent third party appraiser to complete its review. | ||||||||||||
The 2011 valuation indicated that the estimated fair value of the business was substantially in excess of its carrying value, with the estimated fair value of the unit exceeding the carrying value by 116%. From its internal reviews completed in 2013 and 2012, the Company believes the fair value of the business continues to be substantially in excess of the carrying value of the business. Additionally, there are no other facts or circumstances which arose during 2013, 2012 or 2011 that led management to believe the goodwill balance was impaired. | ||||||||||||
Other Intangible Assets | ||||||||||||
The Company recorded approximately $0.4 million of other intangible assets in 2013 resulting from the acquisition of etrinity. Previously, the Company did not have any other intangible assets recorded on its accounts. These intangible assets include customer relationships, trademarks, and non-compete agreements, and are being amortized over periods ranging from two to seven years. Total amortization expense recognized in 2013 was approximately $0.1 million. | ||||||||||||
Income Taxes | ||||||||||||
The Company provides for deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. In assessing the realizability of deferred tax assets, management considers within each tax jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes, as applicable, accrued interest and penalties related to unrecognized tax benefits in tax expense. | ||||||||||||
Equity-Based Compensation | ||||||||||||
The Company records the fair value of equity-based compensation expense for all equity-based compensation awards granted subsequent to January 1, 2006. The calculated fair value cost of its equity-based compensation awards is recognized in the Company’s income statement over the period in which an employee or director is required to provide the services for the award. Compensation cost is not recognized for employees or directors that do not render the requisite services. The Company recognized the expense for equity-based compensation in its 2013, 2012, and 2011 statements of income on a straight-line basis based upon awards that are ultimately expected to vest. See note 10, “Equity-Based Compensation.” | ||||||||||||
Net Income Per Share | ||||||||||||
Basic and diluted earnings per share (EPS) for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
For the year ended | Net | Weighted | Earnings | |||||||||
Income | Average | per | ||||||||||
Shares | Share | |||||||||||
(amounts in thousands, except per-share data) | ||||||||||||
31-Dec-13 | ||||||||||||
Basic EPS | $ | 15,679 | 15,365 | $ | 1.02 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,589 | (0.10 | ) | ||||||||
Diluted EPS | $ | 15,679 | 16,954 | $ | 0.92 | |||||||
31-Dec-12 | ||||||||||||
Basic EPS | $ | 16,165 | 15,172 | $ | 1.07 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,669 | (0.11 | ) | ||||||||
Diluted EPS | $ | 16,165 | 16,841 | $ | 0.96 | |||||||
31-Dec-11 | ||||||||||||
Basic EPS | $ | 11,938 | 14,968 | $ | 0.8 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,763 | (0.09 | ) | ||||||||
Diluted EPS | $ | 11,938 | 16,731 | $ | 0.71 | |||||||
Weighted-average shares represent the average number of issued shares less treasury shares and shares held in the Stock Trusts, and for the basic EPS calculations, unvested restricted stock. | ||||||||||||
Certain options representing 0.1 million, 0.1 million, and 0.3 million shares of common stock were outstanding at December 31, 2013, 2012, and 2011, respectively, but were not included in the computation of diluted earnings per share as their effect on the computation would have been anti-dilutive. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The components that comprised accumulated other comprehensive loss on the consolidated balance sheets at December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
Foreign currency adjustment | $ | (3,537 | ) | $ | (4,254 | ) | $ | (4,624 | ) | |||
Pension loss adjustment, net of tax of $805 in 2013, $1,040 in 2012, and $1,436 in 2011 | (5,168 | ) | (6,426 | ) | (3,606 | ) | ||||||
$ | (8,705 | ) | $ | (10,680 | ) | $ | (8,230 | ) | ||||
During 2013, actuarial losses were amortized to expense as follows: | ||||||||||||
(amounts in thousands) | ||||||||||||
Amortization of actuarial losses | $ | 277 | ||||||||||
Income tax | (72 | ) | ||||||||||
Net of tax | $ | 205 | ||||||||||
The amortization of actuarial losses is included in determining net periodic pension cost. See note 7, "Deferred Compensation Benefits" for additional information. | ||||||||||||
Foreign Currency | ||||||||||||
The functional currency of the Company’s foreign subsidiaries is the applicable local currency. The translation of the applicable foreign currencies into U.S. dollars is performed for assets and liabilities using current exchange rates in effect at the balance sheet date, for equity accounts using historical exchange rates, and for revenue and expense activity using the applicable month’s average exchange rates. The Company recorded nominal losses in 2013 and 2012, and $0.1 million in 2011 from foreign currency transactions for balances settled during the year or intended to be settled as of each respective year-end. | ||||||||||||
Guarantees | ||||||||||||
The Company has a number of guarantees in place in our European operations which support office leases and performance under government projects. These guarantees totaled approximately $2.7 million and $2.5 million at December 31, 2013 and 2012, respectively, and generally have expiration dates ranging from January 2014 through June 2019. | ||||||||||||
Acquisition | ||||||||||||
In January 2013, the Company acquired etrinity, a provider of IT services to the healthcare market in Belgium and the Netherlands for approximately $2.5 million. Founded in 2000, etrinity's 2013 and 2012 revenue approximated U.S. $2.8 million and $3.0 million, respectively. The firm's IT services are targeted to the healthcare provider market and include clinical systems integration and implementation, application management, technology support for medical imaging, training, and technical resources. |
Property_Equipment_and_Capital
Property, Equipment and Capitalized Software | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Equipment and Capitalized Software | ' | |||||||||
Property, Equipment and Capitalized Software | ||||||||||
Property, equipment and capitalized software at December 31, 2013 and 2012 are summarized as follows: | ||||||||||
December 31, | Useful Life | 2013 | 2012 | |||||||
(amounts in thousands) | (years) | |||||||||
Land | - | $ | 378 | $ | 378 | |||||
Buildings | 30 | 4,342 | 4,376 | |||||||
Equipment | 5-Feb | 7,372 | 7,244 | |||||||
Furniture | 10-May | 3,088 | 3,217 | |||||||
Capitalized software | 5-Feb | 6,774 | 5,088 | |||||||
Other software | 5-Jan | 2,869 | 2,626 | |||||||
Leasehold improvements | 10-Mar | 4,554 | 3,976 | |||||||
29,377 | 26,905 | |||||||||
Accumulated depreciation and amortization | (21,136 | ) | (19,989 | ) | ||||||
$ | 8,241 | $ | 6,916 | |||||||
The Company recorded additions to capitalized software of $1.7 million during the year ended December 31, 2013, and none during the year ended December 31, 2012. As of these dates the Company had capitalized a total of $6.8 million and $5.1 million, respectively, solely for software projects developed for internal use. Accumulated amortization for these projects totaled $4.4 million and $3.2 million as of December 31, 2013 and 2012, respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2013 | |
Investments [Abstract] | ' |
Investments | ' |
Investments | |
The Company’s investments consist of mutual funds which are part of the Computer Task Group, Incorporated Non-qualified Key Employee Deferred Compensation Plan. At December 31, 2013 and 2012, the Company’s investment balances, which are classified as trading securities, totaled approximately $0.9 million and $0.6 million, respectively, and were measured at fair value. As there is an active trading market for these funds, fair value was determined using Level 1 inputs (see note 1 “Summary of Significant Accounting Policies—Fair Value”). Unrealized gains and losses on these securities are recorded in earnings and were nominal in 2013, 2012, and 2011. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
The Company's revolving credit agreement (Agreement) allows the Company to borrow up to $35.0 million, is unsecured, has a term of three years, and expires in April 2014. The Agreement has interest rates ranging from 0 to 50 basis points over the prime rate and 175 to 225 basis points over LIBOR. At both December 31, 2013 and 2012, there were no amounts outstanding under this Agreement. However, there were $0.6 million and $0.5 million assigned to letters of credit under this Agreement at December 31, 2013 and 2012, respectively. | |
There were no amounts outstanding under the Agreement at any point during 2013 or 2012. The maximum amount outstanding under the Agreement during 2011 was $5.8 million. Average bank borrowings for 2011 were $0.4 million and carried weighted-average interest rate of 2.3%. The Company incurred commitment fees totaling approximately $0.1 million in each of 2013, 2012 and 2011 relative to the Agreement. Interest paid totaled less than $0.1 million in 2011. | |
The Company is required to meet certain financial covenants in order to maintain borrowings under the Agreement, pay dividends, and make acquisitions. The covenants are measured quarterly, and at December 31, 2013 include a leverage ratio which must be no more than 2.75 to 1, a calculation of minimum tangible net worth which must be no less than $58.3 million, and total expenditures for property, equipment and capitalized software cannot exceed $5.0 million annually. The Company was in compliance with these covenants at December 31, 2013 as its leverage ratio was 0.0, its tangible net worth was $75.2 million, and 2013 expenditures for property, equipment and capitalized software were $4.0 million. The Company was also in compliance with its required covenants at December 31, 2012 and December 31, 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes for 2013, 2012, and 2011 consists of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
Domestic and foreign components of income before income taxes are as follows: | ||||||||||||
Domestic | $ | 22,313 | $ | 23,028 | $ | 17,070 | ||||||
Foreign | 2,026 | 2,417 | 2,053 | |||||||||
Total income before income taxes | $ | 24,339 | $ | 25,445 | $ | 19,123 | ||||||
The provision (benefit) for income taxes consists of: | ||||||||||||
Current tax: | ||||||||||||
U.S. federal | $ | 6,133 | $ | 6,778 | $ | 5,419 | ||||||
Foreign | 1,469 | 1,393 | 1,508 | |||||||||
U.S. state and local | 1,409 | 993 | 1,135 | |||||||||
Total current tax | 9,011 | 9,164 | 8,062 | |||||||||
Deferred tax: | ||||||||||||
U.S. federal | (245 | ) | 55 | (834 | ) | |||||||
Foreign | (34 | ) | — | — | ||||||||
U.S. state and local | (72 | ) | 61 | (43 | ) | |||||||
Total deferred tax | (351 | ) | 116 | (877 | ) | |||||||
Total tax | $ | 8,660 | $ | 9,280 | $ | 7,185 | ||||||
The effective and statutory income tax rate can be reconciled as follows: | ||||||||||||
Tax at statutory rate of 35% / 34% | $ | 8,519 | $ | 8,906 | $ | 6,502 | ||||||
State tax, net of federal benefit | 877 | 685 | 728 | |||||||||
Non-taxable income | (563 | ) | (993 | ) | (495 | ) | ||||||
Non-deductible expenses | 963 | 796 | 745 | |||||||||
Change in estimate primarily related to foreign taxes | 128 | 41 | 234 | |||||||||
Change in estimate primarily related to state taxes and tax reserves | (172 | ) | 50 | 66 | ||||||||
Change in estimate primarily related to U.S. federal taxes | — | (157 | ) | — | ||||||||
Tax credits | (1,117 | ) | — | (609 | ) | |||||||
Other, net | 25 | (48 | ) | 14 | ||||||||
Total tax | $ | 8,660 | $ | 9,280 | $ | 7,185 | ||||||
Effective income tax rate | 35.6 | % | 36.5 | % | 37.6 | % | ||||||
The Company’s effective tax rate (ETR) is calculated based upon the full year's operating results, and various tax related items. The Company’s normal ETR ranges from 38% to 40%. The 2013 ETR was lower than the normal range primarily due to the recording of approximately $0.7 million of tax credits related to research and development activities, and approximately $0.4 million of tax credits related to the Company’s participation in the Work Opportunity Tax Credit (WOTC) program offered by the U.S. federal government to companies who have hired individuals who have traditionally faced barriers to employment. The tax benefit for these two items for both 2013 and 2012 was recorded in 2013 as required under current accounting guidelines, as the legislation extending these tax credits, the American Taxpayer Relief Act of 2012, was not passed by the U.S. federal government until January 2013. The benefit of these tax credits was partially offset by an increase of approximately $0.1 million in the valuation allowance associated with net operating losses incurred by certain foreign subsidiaries. The 2012 ETR was lower than the normal range due to approximately $0.5 million in tax expense related to non-taxable life insurance proceeds received during the year. In addition, in 2012 the Company recorded an additional $0.2 million reduction of state tax expense as a result of the recording of certain favorable provision-to-return adjustments associated with the Company’s 2011 income tax returns. The 2011 ETR was below the normal range as the Company recorded $0.3 million of federal tax credits related to research and development activities, and $0.3 million of federal tax credits related to the retention of certain individuals hired during 2010. The impact of these credits was partially offset by an increase in the valuation allowance of $0.2 million associated with net operating losses incurred by certain foreign subsidiaries. | ||||||||||||
The expected relationship between foreign income before taxes and the foreign provision for income taxes differs from the actual relationship above as a result of certain foreign losses incurred for which no tax benefit has been recognized. Management has determined that it is unclear whether operations in those jurisdictions will produce taxable income in future years sufficient to realize the benefit of the losses in those jurisdictions. In addition, certain costs deducted for financial statement purposes are not deductible for tax purposes in some foreign jurisdictions, such as various employee benefit costs, resulting in a substantial increase to foreign taxable income. | ||||||||||||
The Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 consist of the following: | ||||||||||||
December 31, | 2013 | 2012 | ||||||||||
(amounts in thousands) | ||||||||||||
Assets | ||||||||||||
Deferred compensation | $ | 8,005 | $ | 8,065 | ||||||||
Loss carryforwards | 1,208 | 1,094 | ||||||||||
Accruals deductible for tax purposes when paid | 409 | 457 | ||||||||||
Depreciation | 57 | 57 | ||||||||||
Allowance for doubtful accounts | 324 | 289 | ||||||||||
State taxes | 836 | 792 | ||||||||||
Gross deferred tax assets | 10,839 | 10,754 | ||||||||||
Deferred tax asset valuation allowance | (2,170 | ) | (2,269 | ) | ||||||||
Gross deferred tax assets less valuation allowance | 8,669 | 8,485 | ||||||||||
Liabilities | ||||||||||||
Depreciation | (965 | ) | (820 | ) | ||||||||
Other | (197 | ) | (85 | ) | ||||||||
Gross deferred tax liabilities | (1,162 | ) | (905 | ) | ||||||||
Net deferred tax assets | $ | 7,507 | $ | 7,580 | ||||||||
Net deferred tax assets and liabilities are recorded as follows: | ||||||||||||
Net current assets | $ | 1,113 | $ | 1,145 | ||||||||
Net non-current assets | 6,487 | 6,435 | ||||||||||
Net non-current liabilities | (93 | ) | — | |||||||||
Net deferred tax assets | $ | 7,507 | $ | 7,580 | ||||||||
In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Factors that may affect the Company’s ability to achieve sufficient forecasted taxable income in future periods may include, but are not limited to, the following: increased competition, a decline in sales or margins, a loss of market share, the availability of qualified professional staff, and a decrease in demand for IT services. Based upon the levels of historical taxable income and projections for future taxable income over the years in which the deferred tax assets are deductible, at December 31, 2013, management believes that it is more likely than not that the Company will realize the benefits, net of the established valuation allowance, of these deferred tax assets in the future. | ||||||||||||
For tax purposes, the Company has various U.S. state net operating loss carryforwards which began to expire in 2011, and have approximately $0.1 million remaining. These net operating losses have a carryforward period of 5 to 20 years. The Netherlands net operating loss carryforward is approximately $1.6 million, and began to expire in 2014, while in the United Kingdom the net operating loss carryforward is approximately $3.5 million, and has no expiration date. | ||||||||||||
At December 31, 2013, the Company has a deferred tax asset before the valuation allowance in the United States resulting from net operating losses in various states of approximately $0.1 million, in the United Kingdom of approximately $0.7 million, and in the Netherlands of approximately $0.4 million. Management has analyzed each jurisdiction’s tax position, including forecasting potential taxable income in future years, and the expiration of the net operating loss carryforwards as applicable, and determined that it is unclear whether all of the deferred tax asset totaling $1.2 million will be realized at any point in the future. Accordingly, at December 31, 2013, the Company has offset most of the asset with a valuation allowance totaling $1.1 million, resulting in a net deferred tax asset from net operating loss carryforwards of approximately $0.1 million. During 2013, the net increase in the valuation allowance was less than $0.1 million. | ||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2009. | ||||||||||||
A reconciliation of unrecognized tax benefits for 2013 and 2012 is as follows: | ||||||||||||
(amounts in thousands) | ||||||||||||
Balance at January 1, 2012 | $ | 123 | ||||||||||
Additions based on tax positions related to the current year | 50 | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Settlements | — | |||||||||||
Balance at December 31, 2012 | 173 | |||||||||||
Additions based on tax positions related to the current year | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | (24 | ) | ||||||||||
Settlements | (149 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
No significant increase in the total amount of unrecognized tax benefits is expected within the next twelve months. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense, as applicable. At December 31, 2013, the Company had no accrual for the payment of interest and penalties. | ||||||||||||
The Company has established its unrecognized tax benefits based upon the anticipated outcome of tax positions taken for financial statement purposes compared with positions taken on the Company’s tax returns. The Company records the benefit for unrecognized tax benefits only when it is more likely than not that the position will be sustained upon examination by the taxing authorities. The Company reviews its unrecognized tax benefits on a quarterly basis. Such reviews include consideration of factors such as the cause of the action, the degree of probability of an unfavorable outcome, the Company’s ability to estimate the liability, and the timing of the liability and how it will impact the Company’s other tax attributes. At December 31, 2013, the Company believes it has adequately provided for its tax-related liabilities. | ||||||||||||
At December 31, 2013, the undistributed earnings of foreign subsidiaries amounted to approximately $16.0 million. A deferred tax liability for the taxes related to these unremitted accumulated foreign earnings has not been provided for as the determination of the estimated liability is not practicable and because undistributed earnings of the Company’s foreign subsidiaries are considered to be indefinitely reinvested. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. | ||||||||||||
In 2013, 2012, and 2011, a total of 87,100, 461,000, and 465,000 shares of common stock, respectively, were issued through the exercise of non-qualified stock options or through the disqualifying disposition of incentive stock options. The tax benefit to the Company from these transactions, which was credited to capital in excess of par value rather than recognized as a reduction of income tax expense, was $0.5 million, $2.2 million, and $1.6 million in 2013, 2012, and 2011, respectively. These tax benefits have also been recognized in the consolidated balance sheets as a reduction of income taxes payable. | ||||||||||||
Net income tax payments during 2013, 2012, and 2011 totaled $6.5 million, $6.5 million, and $4.6 million, respectively. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Lease Commitments | ' | |||
Lease Commitments | ||||
At December 31, 2013, the Company was obligated under a number of long-term operating leases, some of which contain renewal options with escalation clauses commensurate with local market fluctuations, however, generally limiting the increase to no more than 5.0% of the existing lease payment. | ||||
Minimum future obligations under such leases as of December 31, 2013 are summarized as follows: | ||||
(amounts in thousands) | ||||
2014 | $ | 5,948 | ||
2015 | 4,114 | |||
2016 | 3,157 | |||
2017 | 1,819 | |||
2018 | 981 | |||
Later years | 297 | |||
Minimum future obligations | $ | 16,316 | ||
The operating lease obligations relate to the rental of office space, office equipment, and automobiles leased in Europe. Total rental expense under such operating leases for 2013, 2012, and 2011 was approximately $7.0 million, $6.3 million, and $6.8 million, respectively. |
Deferred_Compensation_Benefits
Deferred Compensation Benefits | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Deferred Compensation Benefits | ' | |||||||||||||||
Deferred Compensation Benefits | ||||||||||||||||
The Company maintains a non-qualified defined-benefit Executive Supplemental Benefit Plan (ESBP) that provides certain former key executives with deferred compensation benefits, based on years of service and base compensation, payable during retirement. The plan was amended as of November 30, 1994, to freeze benefits for the participants in the plan at that time. | ||||||||||||||||
Net periodic pension cost for the years ended December 31, 2013, 2012, and 2011 for the ESBP is as follows: | ||||||||||||||||
Net Periodic Pension Cost—ESBP | 2013 | 2012 | 2011 | |||||||||||||
(amounts in thousands) | ||||||||||||||||
Interest cost | $ | 243 | $ | 338 | $ | 408 | ||||||||||
Amortization of actuarial loss | 191 | 279 | 208 | |||||||||||||
Net periodic pension cost | $ | 434 | $ | 617 | $ | 616 | ||||||||||
The Company also retained a contributory defined-benefit plan for its previous employees located in the Netherlands (NDBP) when the Company disposed of its subsidiary, CTG Nederland, B.V. Benefits paid are a function of a percentage of career average pay. This plan was curtailed for additional contributions in January 2003. Net periodic pension cost was approximately $49,000, $118,000, and $77,000 for the years ending December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
The change in benefit obligation and reconciliation of fair value of plan assets for the years ended December 31, 2013 and 2012 for the ESBP and NDBP are as follows: | ||||||||||||||||
ESBP | NDBP | |||||||||||||||
Changes in Benefit Obligation | 2013 | 2012 | 2013 | 2012 | ||||||||||||
(amounts in thousands) | ||||||||||||||||
Benefit obligation at beginning of period | $ | 8,405 | $ | 9,508 | $ | 11,913 | $ | 7,925 | ||||||||
Interest cost | 243 | 338 | 333 | 360 | ||||||||||||
Benefits paid | (720 | ) | (727 | ) | (141 | ) | (113 | ) | ||||||||
Actuarial loss (gain) | (429 | ) | (714 | ) | (939 | ) | 3,475 | |||||||||
Effect of exchange rate changes | — | — | 469 | 266 | ||||||||||||
Benefit obligation at end of period | 7,499 | 8,405 | 11,635 | 11,913 | ||||||||||||
Reconciliation of Fair Value of Plan Assets | ||||||||||||||||
Fair value of plan assets at beginning of period | — | — | 8,143 | 7,811 | ||||||||||||
Actual return on plan assets | — | — | 351 | 336 | ||||||||||||
Employer contributions | 720 | 727 | — | — | ||||||||||||
Benefits paid | (720 | ) | (727 | ) | (141 | ) | (113 | ) | ||||||||
Administrative costs | — | — | 52 | (57 | ) | |||||||||||
Effect of exchange rate changes | — | — | 347 | 166 | ||||||||||||
Fair value of plan assets at end of period | — | — | 8,752 | 8,143 | ||||||||||||
Accrued benefit cost | $ | 7,499 | $ | 8,405 | $ | 2,883 | $ | 3,770 | ||||||||
Accrued benefit cost is included in the consolidated balance sheet as follows: | ||||||||||||||||
Current liabilities | $ | 704 | $ | 729 | $ | — | $ | — | ||||||||
Non-current liabilities | $ | 6,795 | $ | 7,676 | $ | 2,883 | $ | 3,770 | ||||||||
Discount rates: | ||||||||||||||||
Benefit obligation | 3.87 | % | 3.02 | % | 3.2 | % | 2.8 | % | ||||||||
Net periodic pension cost | 3.02 | % | 3.71 | % | 2.8 | % | 4.6 | % | ||||||||
Salary increase rate | — | % | — | % | — | % | — | % | ||||||||
Expected return on plan assets | — | % | — | % | 4 | % | 4 | % | ||||||||
For the ESBP, the accumulated benefit obligation at December 31, 2013 and 2012 was $7.5 million and $8.4 million, respectively. The amounts included in other comprehensive loss relating to the pension loss adjustment in 2013 and 2012, net of tax, were approximately $0.4 million and $0.6 million, respectively. The discount rate used in 2013 was 3.87%, which is reflective of a series of bonds that are included in the Moody’s Aa long-term corporate bond yield whose cash flow approximates the payments to participants under the ESBP for the remainder of the plan. This rate was an increase of 85 basis points from the rate used in the prior year and resulted in a decrease in the plan’s liabilities of approximately $0.5 million. Benefits paid to participants are funded by the Company as needed, and are expected to total approximately $0.7 million in 2014. The plan is deemed unfunded as the Company has not specifically identified Company assets to be used to discharge the deferred compensation benefit liabilities. The Company has purchased insurance on the lives of certain plan participants in amounts considered sufficient to reimburse the Company for the costs associated with the plan for those participants. The Company does not anticipate making contributions to the plan other than for current year benefit payments as required in 2014 or future years. | ||||||||||||||||
For the NDBP, the accumulated benefit obligation at December 31, 2013 and 2012 was $11.6 million and $11.9 million, respectively. The discount rate used in 2013 was 3.20%, which is reflective of a series of corporate bonds whose cash flow approximates the payments to participants under the NDBP for the remainder of the plan. This rate was an increase of 40 basis points from the rate used in the prior year, and resulted in a decrease in the plan’s liabilities of $1.0 million in 2013. | ||||||||||||||||
The assets for the NDBP are held by Aegon, a financial services firm located in the Netherlands. The assets for the plan are included in a general portfolio of government bonds, a portion of which is allocated to the NDBP based upon the estimated pension liability associated with the plan. The fair market value of the plan’s assets equals the amount allocated to the NDBP in any given year. The fair value of the assets is determined using a Level 3 methodology (see note 1 “Summary of Significant Accounting Policies—Fair Value”). The calculation of fair value includes determining the present value of the future expected payments under the plan, including using assumptions such as expected market rates of return, equity and interest rate volatility, credit risk, correlations of market returns, and discount rates. In 2013 and 2012, the plan investments had a targeted minimum return to the Company of 4.0%, which is consistent with historical returns and the guaranteed 4.0% return guaranteed to the participants of the plan. The Company, in conjunction with Aegon, intends to maintain the current investment strategy of investing plan assets solely in government bonds in 2014. | ||||||||||||||||
Anticipated benefit payments for the ESBP and the NDBP expected to be paid in future years are as follows: | ||||||||||||||||
ESBP | NDBP | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
2014 | $ | 730 | $ | 164 | ||||||||||||
2015 | 716 | 168 | ||||||||||||||
2016 | 651 | 186 | ||||||||||||||
2017 | 631 | 209 | ||||||||||||||
2018 | 629 | 256 | ||||||||||||||
2019 - 2023 | 2,863 | 1,641 | ||||||||||||||
Total | $ | 6,220 | $ | 2,624 | ||||||||||||
For the ESBP and the NDBP, the amounts included in accumulated other comprehensive loss, net of tax, that have not yet been recognized as components of net periodic benefit cost as of December 31, 2013 are $1.3 million and $3.9 million, respectively, for unrecognized actuarial losses. The amounts included in accumulated other comprehensive loss, net of tax, that had not yet been recognized as components of net periodic benefit cost as of December 31, 2012 were $1.7 million and $4.8 million, respectively, also for unrecognized actuarial losses. | ||||||||||||||||
The amounts recognized in other comprehensive loss, net of tax, for 2013, 2012, and 2011, which primarily consist of an actuarial gain (loss), totaled $1.3 million, $(2.8) million, and $(1.7) million, respectively. Net periodic pension benefit, and the amounts recognized in other comprehensive loss, net of tax, for the ESBP and the NDBP for 2013, 2012, and 2011 totaled $0.8 million, $2.1 million, and $1.1 million, respectively. | ||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 for the ESBP and the NDBP for unrecognized actuarial losses total $0.2 million. | ||||||||||||||||
The Company also maintains the Key Employee Non-Qualified Deferred Compensation Plan for certain key executives. Company contributions to this plan, if any, are based on annually defined financial performance objectives. There were $0.3 million in contributions to the plan in 2013 for amounts earned in 2012, $0.4 million in contributions to the plan in 2012 for amounts earned in 2011, and $0.3 million in contributions to the plan in 2011 for amounts earned in 2010. The Company anticipates making contributions in 2014 totaling approximately $0.2 million to this plan for amounts earned in 2013. The investments in the plan are included in the total assets of the Company, and are discussed in note 3, “Investments.” During 2013 and 2012, some participants in the plan exchanged a portion of their investments for stock units which represent shares of the Company’s common stock. In exchange for the funds received, the Company issued shares out of treasury stock equivalent to the number of share units received by the participants. These shares of common stock are not entitled to any voting rights. The shares are being held by the Company, and will be released to the participants as prescribed by their payment elections under the plan. | ||||||||||||||||
The Company maintains the Non-Employee Director Deferred Compensation Plan for its non-employee directors. Cash contributions were made to the plan for certain of these directors totaling less than $0.1 million for each of 2013, 2012 and 2011. At the time the contributions were made, one of the non-employee directors elected to exchange his cash contributions to the plan for the purchase of stock units which represent shares of the Company’s common stock. Consistent with the Key Employee Non-Qualified Deferred Compensation Plan, in exchange for funds received, the Company issued stock out of treasury stock equivalent to the number of share units received by the participant. These shares of common stock are not entitled to any voting rights. The shares are being held by the Company, and will be released to the non-employee director as prescribed by their payment election under the plan, as either shares of stock or the cash equivalent. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
401(k) Profit-Sharing Retirement Plan | |
The Company maintains a contributory 401(k) profit-sharing retirement plan covering substantially all U.S. employees. At its discretion, the Company may match up to 50% of the first 6% of eligible wages contributed by the participants. Company contributions, net of forfeitures, which currently consist of cash and may include the Company’s stock, were funded and charged to operations in the amounts of $2.4 million, $2.8 million, and $2.6 million for 2013, 2012, and 2011, respectively. | |
Other Retirement Plans | |
The Company maintains various other defined contribution retirement plans covering substantially all of the remaining European employees. Company contributions charged to operations were $0.1 million in each of 2013, 2012, and 2011. | |
Employee Health Insurance | |
The Company provides various health insurance plans for its employees, including a self-insured plan for its salaried employees in the U.S. The Company currently provides only limited health insurance coverage for its hourly employees in the U.S. Under recently issued legislation, the Company will be required to offer more extensive healthcare coverage to those employees in 2015, or pay penalties. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
Employee Stock Purchase Plan | |
Under the Company’s First Employee Stock Purchase Plan (ESPP), employees may apply up to 10% of their compensation to purchase the Company’s common stock. Shares are purchased at the closing market price on the business day preceding the date of purchase. At the Company's annual meeting in May 2012, the Company's shareholders approved the addition of 250,000 shares for this plan. As of December 31, 2013, approximately 242,000 shares remain unissued under the ESPP. During 2013, 2012, and 2011, approximately 19,000, 19,000, and 22,000 shares, respectively, were purchased under the ESPP at an average price of $19.72, $15.29, and $12.49 per share, respectively. | |
Stock Trusts | |
The Company maintains a Stock Employee Compensation Trust (SECT) to provide funding for existing employee stock plans and benefit programs. Shares of the Company’s common stock are purchased by and released from the SECT by the trustee of the SECT at the request of the compensation committee of the Board of Directors. As of December 31, 2013, all shares remaining in the SECT were unallocated and, therefore, are not considered outstanding for purposes of calculating earnings per share. There were no shares purchased or released by the SECT during 2013, 2012, or 2011, and there were 3.3 million shares in the SECT at each of December 31, 2013, 2012 and 2011. | |
The Company created an Omnibus Stock Trust (OST) to provide funding for various employee benefit programs. Shares of the Company’s common stock are released from the OST by the trustee at the request of the compensation committee of the Board of Directors. There were no shares purchased or released by the OST during 2013, 2012, or 2011, and there were 59,000 shares in the OST at each of December 31, 2013, 2012 and 2011. | |
Preferred Stock | |
At December 31, 2013 and 2012, the Company had 2.5 million shares of par value $0.01 preferred stock authorized for issuance, but none outstanding. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity-Based Compensation | ' | |||||||||||||
Equity-Based Compensation | ||||||||||||||
The Company issues stock options and restricted stock in exchange for employee and director services. In accordance with current accounting standards, the calculated cost of its equity-based compensation awards is recognized in the Company’s consolidated statements of income over the period in which an employee or director is required to provide the services for the award. Compensation cost will not be recognized for employees or directors that do not render the requisite services. The Company recognizes the expense for equity-based compensation in its consolidated income statements on a straight-line basis based upon the number of awards that are ultimately expected to vest. | ||||||||||||||
Equity-based compensation expense, the corresponding tax benefit and net equity-based compensation expense for 2013, 2012 and 2011 are as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(amounts in thousands) | ||||||||||||||
Equity-based compensation expense | $ | 2,647 | $ | 2,236 | $ | 1,654 | ||||||||
Tax benefit | 935 | 788 | 566 | |||||||||||
Net equity-based compensation expense | $ | 1,712 | $ | 1,448 | $ | 1,088 | ||||||||
On May 12, 2010, the shareholders approved the Company’s 2010 Equity Award Plan (2010 Plan). Under the provisions of the 2010 Plan, stock options, restricted stock, stock appreciation rights, and other awards may be granted or awarded to employees and directors of the company, as well as non-employees. The compensation committee of the Board of Directors determines the nature, amount, pricing and vesting of the grants or awards. All options and awards remain in effect until the earliest of the expiration, exercise, or surrender date. Options generally become exercisable in four equal installments, typically beginning one year from the date of grant, and expire no more than 15 years from the date of grant. A total of 900,000 shares may be granted or awarded under the 2010 plan, 216,000 of which are available for grant as of December 31, 2013. | ||||||||||||||
On April 26, 2000, the shareholders approved the Company’s 2000 Equity Award Plan (Equity Plan). Under the provisions of the Equity Plan, stock options, restricted stock, stock appreciation rights, and other awards could previously be granted or awarded to employees and directors of the Company. The compensation committee of the Board of Directors determined the nature, amount, pricing, and vesting of the grants or awards. All options and awards remain in effect until the earlier of the expiration, exercise, or surrender date. Options generally become exercisable in three or four equal annual installments, typically beginning one year from the date of grant, and expire no more than 15 years from the date of grant. In certain limited instances, options granted at fair market value were expected to vest nine and one-half years from the date of grant. There are no shares or options available for grant under this plan as of December 31, 2013. | ||||||||||||||
On April 24, 1991, the shareholders approved the Company’s 1991 Employee Stock Option Plan (1991 Plan). Under the provisions of the 1991 Plan, options could previously be granted to employees and directors of the Company. The exercise price for options granted under this plan was equal to or greater than the fair market value of the Company’s common stock on the date the option was granted. All options remain in effect until the earlier of the expiration, exercise, or surrender date. There are no shares or options available for grant under this plan as of December 31, 2013. | ||||||||||||||
Under the Company’s 1991 Restricted Stock Plan, a total of 800,000 shares of restricted stock may be granted to certain key employees, 180,000 of which are available for grant as of December 31, 2013. | ||||||||||||||
The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of stock options granted on the date of grant. The per-option weighted-average fair value on the date of grant of stock options granted in 2013, 2012, and 2011 was $5.78, $5.47, and $4.57, respectively. | ||||||||||||||
The fair value of the options at the date of grant was estimated using the following weighted-average assumptions for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected life (years) | 2.7 | 2.7 | 2.8 | |||||||||||
Dividend yield | 1 | % | 0 | % | 0 | % | ||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 1 | % | ||||||||
Expected volatility | 44.4 | % | 61.3 | % | 55.6 | % | ||||||||
The Company used historical volatility calculated using daily closing prices for its common stock over periods that match the expected term of the options granted to estimate the expected volatility for the grants made in 2011, 2012 and 2013. The risk-free interest rate assumption was based upon U.S. Treasury yields appropriate for the expected term of the Company’s stock options based upon the date of grant. The expected term of the stock options granted was based upon the options expected vesting schedule and historical exercise patterns. The expected dividend yield was based upon the Company’s recent history of paying dividends in 2013, and the expectation of paying dividends in the foreseeable future. | ||||||||||||||
During 2011, 2012 and 2013, the Company issued restricted stock to certain employees. The stock vests over a period of four years, with 25% of the stock issued vesting one year from the date of grant, and another 25% vesting each year thereafter until the stock is fully vested. The Company is recognizing compensation expense for these shares ratably over the expected term of the restricted stock, or four years. In the event the Company issued stock to its independent directors, the stock vests at retirement. As the directors are eligible for retirement from the Company’s Board of Directors at any point in time, the Company will recognize the expense associated with these shares on the date of grant. The shares of restricted stock issued are considered outstanding, can be voted, and are eligible to receive dividends, if any are paid. However, the restricted shares do not include a non-forfeitable right for the holder to receive dividends and none will be paid in the event the awards do not vest. Accordingly, only vested shares of outstanding restricted stock are included in the calculation of basic earnings per share. | ||||||||||||||
As of December 31, 2013, total remaining stock-based compensation expense for non-vested equity-based compensation was approximately $4.4 million, which is expected to be recognized on a weighted-average basis over the next 15 months. Historically, the Company has issued shares out of treasury stock or the SECT to fulfill the share requirements from stock option exercises and restricted stock grants. | ||||||||||||||
A summary of stock option activity under the 2010 Plan and Equity Plan is as follows: | ||||||||||||||
2010 Plan | Weighted- | Equity Plan | Weighted- | |||||||||||
Options | Average | Options | Average | |||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Outstanding at December 31, 2010 | — | $ | — | 3,895,475 | $ | 4.42 | ||||||||
Granted | 275,500 | $ | 12.86 | — | $ | — | ||||||||
Exercised | — | $ | — | (660,338 | ) | $ | 4.01 | |||||||
Canceled or forfeited | (10,000 | ) | $ | 12.16 | (55,687 | ) | $ | 5.57 | ||||||
Expired | — | $ | — | (4,375 | ) | $ | 3.5 | |||||||
Outstanding at December 31, 2011 | 265,500 | $ | 12.89 | 3,175,075 | $ | 4.49 | ||||||||
Granted | 225,596 | $ | 14.41 | — | $ | — | ||||||||
Exercised | (20,750 | ) | $ | 13.53 | (574,353 | ) | $ | 3.58 | ||||||
Canceled or forfeited | (9,000 | ) | $ | 13.55 | (13,175 | ) | $ | 5.42 | ||||||
Expired | — | $ | — | (3,000 | ) | $ | 3.56 | |||||||
Outstanding at December 31, 2012 | 461,346 | $ | 13.59 | 2,584,547 | $ | 4.68 | ||||||||
Granted | 207,000 | $ | 21.03 | — | $ | — | ||||||||
Exercised | (2,875 | ) | $ | 13.5 | (107,775 | ) | $ | 4.93 | ||||||
Canceled or forfeited | (5,000 | ) | $ | 13.18 | (2,000 | ) | $ | 5.92 | ||||||
Expired | — | $ | — | (2,625 | ) | $ | 3.45 | |||||||
Outstanding at December 31, 2013 | 660,471 | $ | 15.93 | 2,472,147 | $ | 4.67 | ||||||||
Options Exercisable at December 31, 2013 | 376,472 | $ | 15.1 | 2,408,223 | $ | 4.61 | ||||||||
For 2013, there were 2,875 shares exercised under the 2010 plan, and the intrinsic value of those exercised shares was $17,000. There were 20,750 shares exercised under the 2010 plan in 2012, and the intrinsic value of those shares was $55,000. There were no shares exercised under the 2010 plan in 2011. For 2013, 2012, and 2011, the intrinsic value of the options exercised under the Equity Plan was $1.6 million, $7.4 million, and $6.0 million, respectively. At December 31, 2013, there are 141,880 options remaining outstanding under the 1991 Plan. There were no shares exercised under the 1991 Plan during 2012 and 2013, and the intrinsic value of the options exercised under the 1991 Plan for 2011 was $0.3 million. | ||||||||||||||
A summary of restricted stock activity under the Equity Plan and the 1991 Restricted Stock Plan is as follows: | ||||||||||||||
Equity Plan | Weighted- | 1991 | Weighted- | |||||||||||
Restricted | Average | Restricted | Average | |||||||||||
Stock | Fair Value | Stock Plan | Fair Value | |||||||||||
Outstanding at December 31, 2010 | 221,500 | $ | 5.01 | 182,500 | $ | 5.83 | ||||||||
Granted | — | $ | — | 160,000 | $ | 12.19 | ||||||||
Released | — | $ | — | (62,125 | ) | $ | 5.54 | |||||||
Canceled or forfeited | — | $ | — | (18,000 | ) | $ | 8.88 | |||||||
Outstanding at December 31, 2011 | 221,500 | $ | 5.01 | 262,375 | $ | 9.57 | ||||||||
Granted | — | $ | — | 127,500 | $ | 15.04 | ||||||||
Released | (40,000 | ) | $ | 4.97 | (90,626 | ) | $ | 8.38 | ||||||
Canceled or forfeited | — | $ | — | (7,500 | ) | $ | 11.14 | |||||||
Outstanding at December 31, 2012 | 181,500 | $ | 5.02 | 291,749 | $ | 12.29 | ||||||||
Granted | — | $ | — | 98,000 | $ | 20.68 | ||||||||
Released | (40,000 | ) | $ | 4.97 | (106,626 | ) | $ | 10.77 | ||||||
Canceled or forfeited | — | $ | — | (1,600 | ) | $ | 18.04 | |||||||
Outstanding at December 31, 2013 | 141,500 | $ | 5.04 | 281,523 | $ | 15.75 | ||||||||
Options Outstanding at December 31, 2013 | ||||||||||||||
A summary of stock options that were outstanding at December 31, 2013 for the 2010 Plan and the Equity Plan is as follows: | ||||||||||||||
Range of Exercise Prices: | Number of | Weighted | Weighted | Aggregate | ||||||||||
Options Outstanding | Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | |||||||||||||
Contractual Life in Years | ||||||||||||||
2010 Plan | ||||||||||||||
$12.16 - $13.75 | 337,375 | $ | 13.07 | 10.9 | $ | 1,943,340 | ||||||||
$15.04 - $15.90 | 116,096 | $ | 15.14 | 8.8 | 428,741 | |||||||||
$20.68 - $21.41 | 207,000 | $ | 21.03 | 11.7 | — | |||||||||
660,471 | $ | 15.93 | 10.7 | $ | 2,372,081 | |||||||||
Equity Plan | ||||||||||||||
$2.35 - $3.26 | 502,500 | $ | 3.15 | 4.2 | $ | 7,878,874 | ||||||||
$3.48 - $4.90 | 1,258,597 | $ | 4.47 | 4.1 | 18,074,077 | |||||||||
$5.25 - $7.18 | 711,050 | $ | 6.11 | 6.1 | 9,046,238 | |||||||||
2,472,147 | $ | 4.67 | 4.7 | $ | 34,999,189 | |||||||||
At December 31, 2013, there were also 141,880 options remaining outstanding under the 1991 stock option plan, with 127,000 options ranging in prices from $2.88 to $6.00, and 15,000 options ranging in prices from $16.19 to $26.06, all with a remaining average contractual life of 1.6 years, and having an intrinsic value of $1.7 million. | ||||||||||||||
Options Exercisable at December 31, 2013 | ||||||||||||||
A summary of stock options that are exercisable at December 31, 2013 for the 2010 Plan and the Equity Plan is as follows: | ||||||||||||||
Range of Exercise Prices: | Number of | Weighted | Weighted | Aggregate | ||||||||||
Options Exercisable | Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | |||||||||||||
Contractual Life in Years | ||||||||||||||
2010 Plan | ||||||||||||||
$12.16 - $13.75 | 263,750 | $ | 13.27 | 11.7 | $ | 1,466,612 | ||||||||
$15.04 - $15.90 | 37,722 | $ | 15.34 | 10.1 | 131,704 | |||||||||
$20.68 - $21.41 | 75,000 | $ | 21.41 | 14.4 | — | |||||||||
376,472 | $ | 15.1 | 12 | $ | 1,598,316 | |||||||||
Equity Plan | ||||||||||||||
$2.35 - $3.26 | 502,500 | $ | 3.15 | 4.2 | $ | 7,878,875 | ||||||||
$3.48 - $4.90 | 1,258,597 | $ | 4.47 | 4.1 | 18,074,077 | |||||||||
$5.25 - $7.18 | 647,126 | $ | 6 | 5.9 | 8,301,523 | |||||||||
2,408,223 | $ | 4.61 | 4.6 | $ | 34,254,475 | |||||||||
At December 31, 2013, there were also 141,880 options exercisable under the 1991 stock option plan, with 127,000 options ranging in prices from $2.88 to $6.00, and 15,000 options ranging in prices from $16.19 to $26.06, all with a remaining average contractual life of 1.6 years, and having an intrinsic value of $1.7 million. | ||||||||||||||
The aggregate intrinsic values as calculated in the above charts detailing options that are outstanding and those that are exercisable, respectively, are based upon the Company’s closing stock price on December 31, 2013 of $18.83 per share. |
Significant_Customer
Significant Customer | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Significant Customer | ' |
Significant Customer | |
International Business Machines Corporation (IBM) is the Company’s largest customer. In 2013, 2012, and 2011, IBM accounted for $101.0 million or 24.1%, $113.5 million or 26.7%, and $116.5 million or 29.4% of the Company’s consolidated revenue, respectively. In 2012, IBM spun its retail business off into another large company. While CTG retained the work, this reduced our revenue from IBM in 2012 by $3.2 million. The Company’s accounts receivable from IBM at December 31, 2013 and 2012 amounted to $11.0 million and $12.6 million, respectively. No other customer accounted for more than 10% of revenue in 2013, 2012, or 2011. | |
In January 2014, IBM announced its intention to spin off its x86 server division to Lenovo. A portion of the Company's 2013 revenue from IBM was related to the x86 server division. The Company expects to retain a significant share of the revenue derived from the x86 server division despite the transition of the division from IBM to Lenovo. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company and its subsidiaries are involved from time to time in various legal proceedings and tax audits arising in the ordinary course of business. At December 31, 2013 and 2012, the Company was in discussion with various governmental agencies relative to tax matters, including income, sales and use, and property and franchise taxes. The outcome of these audits and legal proceedings, as applicable, involving the Company and its subsidiaries cannot be predicted with certainty, and the amount of any liability that could arise with respect to such audits cannot be accurately predicted. However, as none of these matters are individually or in the aggregate significant, and as management has recorded an estimate of its potential liability for these audits at December 31, 2013 and 2012, and the Company does not have any open legal proceedings, the Company does not expect the conclusion of these matters to have a material adverse effect on the financial position, results of operations, or cash flows of the Company. |
EnterpriseWide_Disclosures
Enterprise-Wide Disclosures | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Enterprise-Wide Disclosures | ' | |||||||||||
Enterprise-Wide Disclosures | ||||||||||||
The Company operates in one industry segment, providing IT services to its clients. The services provided include managed and flexible staffing and the planning, design, implementation, and maintenance of comprehensive IT solutions. All of the Company’s revenue is generated from these services. | ||||||||||||
CTG’s reportable information is based on geographical areas. The accounting policies of the individual geographical areas are the same as those described in note 1, “Summary of Significant Accounting Policies.” | ||||||||||||
Financial Information About Geographic Areas | 2013 | 2012 | 2011 | |||||||||
(amounts in thousands) | ||||||||||||
Revenue from External Customers: | ||||||||||||
United States | $ | 341,391 | $ | 355,022 | $ | 328,422 | ||||||
Belgium(1) | 48,428 | 41,957 | 43,011 | |||||||||
Other European countries | 28,684 | 26,653 | 23,969 | |||||||||
Other country | 533 | 783 | 873 | |||||||||
Total foreign revenue | 77,645 | 69,393 | 67,853 | |||||||||
Total revenue | $ | 419,036 | $ | 424,415 | $ | 396,275 | ||||||
Long-lived Assets: | ||||||||||||
United States | $ | 7,169 | $ | 6,102 | $ | 7,119 | ||||||
Europe | 1,072 | 814 | 850 | |||||||||
Total long-lived assets | $ | 8,241 | $ | 6,916 | $ | 7,969 | ||||||
Deferred Tax Assets, Net of Valuation Allowance: | ||||||||||||
United States | $ | 8,669 | $ | 8,485 | $ | 8,368 | ||||||
Europe | — | — | — | |||||||||
Other country | — | — | — | |||||||||
Total deferred tax assets, net | $ | 8,669 | $ | 8,485 | $ | 8,368 | ||||||
-1 | Revenue for our Belgium operations has been disclosed separately as it exceeds 10% of consolidated revenue for certain of the years presented |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
Quarters | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
(amounts in thousands, except per-share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenue | $ | 108,495 | $ | 107,117 | $ | 100,689 | $ | 102,735 | $ | 419,036 | ||||||||||
Direct costs | 85,896 | 84,470 | 79,506 | 80,455 | 330,327 | |||||||||||||||
Gross profit | 22,599 | 22,647 | 21,183 | 22,280 | 88,709 | |||||||||||||||
Selling, general, and administrative expenses | 16,417 | 16,248 | 15,129 | 16,188 | 63,982 | |||||||||||||||
Operating income | 6,182 | 6,399 | 6,054 | 6,092 | 24,727 | |||||||||||||||
Interest and other expense, net | (109 | ) | (106 | ) | (91 | ) | (82 | ) | (388 | ) | ||||||||||
Income before income taxes | 6,073 | 6,293 | 5,963 | 6,010 | 24,339 | |||||||||||||||
Provision for income taxes | 2,016 | 2,238 | 2,100 | 2,306 | 8,660 | |||||||||||||||
Net income | $ | 4,057 | $ | 4,055 | $ | 3,863 | $ | 3,704 | $ | 15,679 | ||||||||||
Basic net income per share | $ | 0.26 | $ | 0.26 | $ | 0.25 | $ | 0.24 | $ | 1.02 | ||||||||||
Diluted net income per share | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.22 | $ | 0.92 | ||||||||||
Cash dividend declared per share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.2 | ||||||||||
Quarters | ||||||||||||||||||||
First | Second (1) | Third | Fourth (1) | Total | ||||||||||||||||
(amounts in thousands, except per-share data) | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Revenue | $ | 103,367 | $ | 106,705 | $ | 106,418 | $ | 107,925 | $ | 424,415 | ||||||||||
Direct costs | 81,515 | 83,810 | 83,283 | 84,478 | 333,086 | |||||||||||||||
Gross profit | 21,852 | 22,895 | 23,135 | 23,447 | 91,329 | |||||||||||||||
Selling, general, and administrative expenses | 16,253 | 16,752 | 16,812 | 17,050 | 66,867 | |||||||||||||||
Operating income | 5,599 | 6,143 | 6,323 | 6,397 | 24,462 | |||||||||||||||
Interest and other income (expense), net | (50 | ) | 384 | (68 | ) | 717 | 983 | |||||||||||||
Income before income taxes | 5,549 | 6,527 | 6,255 | 7,114 | 25,445 | |||||||||||||||
Provision for income taxes | 2,189 | 2,404 | 2,442 | 2,245 | 9,280 | |||||||||||||||
Net income | $ | 3,360 | $ | 4,123 | $ | 3,813 | $ | 4,869 | $ | 16,165 | ||||||||||
Basic net income per share | $ | 0.22 | $ | 0.27 | $ | 0.25 | $ | 0.32 | $ | 1.07 | ||||||||||
Diluted net income per share | $ | 0.2 | $ | 0.25 | $ | 0.23 | $ | 0.29 | $ | 0.96 | ||||||||||
Cash dividend declared per share | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
-1 | Included in interest and other income is $0.4 million or $0.03 basic and diluted net income per share, and $0.8 million or $0.05 basic and diluted net income per share in the second and fourth quarters, respectively, for life insurance proceeds received for former Company executives that passed away during the respective quarters. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | |||||||||||||
COMPUTER TASK GROUP, INCORPORATED | ||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
(amounts in thousands) | ||||||||||||||
Balance at | Additions | Deductions | Balance at | |||||||||||
January 1 | December 31 | |||||||||||||
2013 | ||||||||||||||
Accounts deducted from accounts receivable - | ||||||||||||||
Allowance for doubtful accounts | $ | 862 | 178 | A | — | $ | 1,040 | |||||||
Accounts deducted from deferred tax assets - | ||||||||||||||
Deferred tax asset valuation allowance | $ | 2,269 | 233 | B | (332 | ) | B | $ | 2,170 | |||||
2012 | ||||||||||||||
Accounts deducted from accounts receivable - | ||||||||||||||
Allowance for doubtful accounts | $ | 965 | 326 | A | (429 | ) | A | $ | 862 | |||||
Accounts deducted from deferred tax assets - | ||||||||||||||
Deferred tax asset valuation allowance | $ | 1,404 | 1,000 | B | (135 | ) | B | $ | 2,269 | |||||
2011 | ||||||||||||||
Accounts deducted from accounts receivable - | ||||||||||||||
Allowance for doubtful accounts | $ | 860 | 729 | C | (624 | ) | C | $ | 965 | |||||
Accounts deducted from deferred tax assets - | ||||||||||||||
Deferred tax asset valuation allowance | $ | 2,693 | 585 | D | (1,874 | ) | D | $ | 1,404 | |||||
Accounts deducted from other assets - | ||||||||||||||
Reserves | $ | 575 | — | (575 | ) | E | $ | — | ||||||
A | These balances primarily reflect additions to the allowance charged to expense resulting from the normal course of business, less deductions for recovery of accounts that were previously reserved, and additions and deductions for foreign currency translation | |||||||||||||
B | These balances primarily reflect additions for an increase in the valuation reserve associated with certain deferred tax assets related to the Netherlands defined-benefit plan | |||||||||||||
C | These balances primarily reflect additions to the allowance for a customer bankruptcy in the Company's 2011 fourth quarter, less deductions for accounts written off that were previously reserved, and additions and deductions for foreign currency translation | |||||||||||||
D | These balances primarily reflect additions for current year activity, deductions for the expiration of certain unused net operating losses, and additions and deductions for foreign currency translation | |||||||||||||
E | This balance reflects a deduction for amounts written off that were previously reserved |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Consolidation | ' |
The consolidated financial statements include the accounts of Computer Task Group, Incorporated, and its subsidiaries (the Company or CTG), located primarily in North America and Europe. There are no unconsolidated entities, or off-balance sheet arrangements other than certain guarantees supporting office leases or the performance under government contracts in the Company's European operations. All inter-company accounts and transactions have been eliminated. Certain amounts in prior years' consolidated financial statements have been reclassified to conform to the current year presentation. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. Such estimates primarily relate to the valuation of goodwill, valuation allowances for deferred tax assets, actuarial assumptions including discount rates and expected rates of return, as applicable, for the Company’s defined benefit plans, the allowance for doubtful accounts receivable, assumptions underlying stock option valuation, investment valuation, legal matters, other contingencies, and estimates of progress toward completion and direct profit or loss on contracts. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Actual results could differ from those estimates. | |
The Company operates in one industry segment, providing IT services to its clients. These services include IT Solutions and IT Staffing. CTG provides these primary services to all of the markets that it serves. The services provided typically encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and ultimately maintaining the IT solution. A typical customer is an organization with large, complex information and data processing requirements. The Company promotes a significant portion of its services through four vertical market focus areas: Healthcare (which includes services provided to healthcare providers, health insurers, and life sciences companies), Technology Service Providers, Financial Services, and Energy. The Company focuses on these four vertical areas as it believes that these areas are either higher growth markets than the general IT services market and the general economy, or are areas that provide greater potential for the Company’s growth due to the size of the vertical market. The remainder of CTG’s revenue is derived from general markets. | |
Revenue and Cost Recognition | ' |
The Company recognizes revenue when persuasive evidence of an arrangement exists, when the services have been rendered, when the price is determinable, and when collectibility of the amounts due is reasonably assured. For time-and-material contracts, revenue is recognized as hours are incurred and costs are expended. For contracts with periodic billing schedules, primarily monthly, revenue is recognized as services are rendered to the customer. Revenue for fixed-price contracts is recognized per the proportional method of accounting using an input-based approach. On a given project, actual salary and indirect labor costs incurred are measured and compared against the total estimated costs of such items at the completion of the project. Revenue is recognized based upon the percentage-of-completion calculation of total incurred costs to total estimated costs. The Company infrequently works on fixed-price projects that include significant amounts of material or other non-labor related costs which could distort the percent complete within a percentage-of-completion calculation. The Company’s estimate of the total labor costs it expects to incur over the term of the contract is based on the nature of the project and our past experience on similar projects, and includes management judgments and estimates which affect the amount of revenue recognized on fixed-price contracts in any accounting period. | |
Software Revenue Recognition | ' |
From 2011 to 2013, the Company performed services for a customer under a series of contracts that provided for application customization and integration services, specifically utilizing one of the software tools the Company has developed for internal use. These services were provided under a software-as-a-service model. As the contracts were closely interrelated and dependent on each other, for accounting purposes the contracts were considered to be one arrangement. As the project included significant modification and customization services to transform the previously developed software tool into an expanded tool intended to meet the customer’s requirements, the percentage-of-completion method of contract accounting was utilized for the project. | |
Fair Value | ' |
Fair value is defined as the exchange price that would be received for an asset or paid for a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. The Company utilizes a fair value hierarchy for its assets and liabilities, as applicable, based upon three levels of input, which are: | |
Level 1—quoted prices in active markets for identical assets or liabilities (observable) | |
Level 2—inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be supported by observable market data for essentially the full term of the asset or liability (observable) | |
Level 3—unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable) | |
Taxes Collected from Customers | ' |
In instances where the Company collects taxes from its customers for remittance to governmental authorities, primarily in its European operations, revenue and expenses are not presented on a gross basis in the consolidated financial statements as such taxes are recorded in the Company's accounts on a net basis. | |
Cash and Cash Equivalents, and Cash Overdrafts | ' |
For purposes of the statement of cash flows, cash and cash equivalents are defined as cash on hand, demand deposits, and short-term, highly liquid investments with a maturity of three months or less. As the Company does not fund its bank accounts for the checks it has written until the checks are presented to the bank for payment, the change in cash overdraft, net, on the consolidated statements of cash flows represents the increase or decrease in outstanding checks year-over-year. | |
Trade Accounts Receivable | ' |
Trade accounts receivable balances are expected to be received on average approximately 60 days from the date of invoice. Generally, the Company does not work on any projects where amounts due are expected to be received greater than one year from the date of the invoice. Accordingly, the recorded book value for the Company’s accounts receivable equals fair value. Outstanding trade accounts receivable are generally considered past due when they remain unpaid after the contractual due date has past. An allowance for doubtful accounts receivable (allowance) is established using management’s judgment. Specific identification of balances that are significantly past due and where customer payments have not been recently received are generally added to the allowance unless the Company has direct knowledge that the customer intends to make payment. Additionally, any balances which relate to a customer that has declared bankruptcy or ceased its business operations are added to the allowance at the amount not expected to be received. | |
Property and Equipment and Capitalized Software Costs | ' |
Property and equipment are generally stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of one year to 30 years, and begins after an asset has been put into service. Leasehold improvements are generally depreciated over the shorter of the term of the lease or the useful life of the improvement. The cost of property or equipment sold or otherwise disposed of, along with related accumulated depreciation, is eliminated from the accounts, and the resulting gain or loss, if any, is reflected in current earnings. Maintenance and repairs are charged to expense when incurred, while significant improvements to existing assets are capitalized. | |
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ' |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When such circumstances exist, the recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value less costs to sell. | |
Leases | ' |
The Company is obligated under a number of short and long-term operating leases primarily for the rental of office space, office equipment, and for automobiles in our European operations. In instances where the Company has negotiated leases that contain rent holidays or escalation clauses, the expense for those leases is recognized monthly on a straight-line basis over the term of the lease. | |
Goodwill | ' |
The Company had a goodwill balance of $37.6 million at December 31, 2013. This balance increased by approximately $2.0 million during 2013 due to the acquisition of etrinity. The balance is evaluated annually as of the Company’s October fiscal month-end (the measurement date), or more frequently if facts and circumstances indicate impairment may exist. This evaluation, as applicable, is based on estimates and assumptions that may be used to analyze the appraised value of similar transactions from which the goodwill arose, the appraised value of similar companies, or estimates of future discounted cash flows. The estimates and assumptions on which the Company’s evaluations are based involve judgments and are based on currently available information, any of which could prove wrong or inaccurate when made, or become wrong or inaccurate as a result of subsequent events. | |
At the respective measurement dates for 2013, 2012, and 2011, the Company completed its annual valuation of the business to which the Company’s goodwill relates. During 2013 and 2012, the Company utilized the provisions under Accounting Standards Update No. 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” which allow public entities to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under this process, an entity is no longer required to calculate the fair value of a reporting unit unless the qualitative assessment shows that it is more likely than not that its fair value is less than its carrying amount. During 2011, the company utilized the assistance of an independent third party appraiser to complete its review. | |
Income Taxes | ' |
The Company provides for deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. In assessing the realizability of deferred tax assets, management considers within each tax jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes, as applicable, accrued interest and penalties related to unrecognized tax benefits in tax expense. | |
Equity-Based Compensation | ' |
The Company records the fair value of equity-based compensation expense for all equity-based compensation awards granted subsequent to January 1, 2006. The calculated fair value cost of its equity-based compensation awards is recognized in the Company’s income statement over the period in which an employee or director is required to provide the services for the award. Compensation cost is not recognized for employees or directors that do not render the requisite services. The Company recognized the expense for equity-based compensation in its 2013, 2012, and 2011 statements of income on a straight-line basis based upon awards that are ultimately expected to vest. | |
Net Income Per Share | ' |
Weighted-average shares represent the average number of issued shares less treasury shares and shares held in the Stock Trusts, and for the basic EPS calculations, unvested restricted stock. | |
Foreign Currency | ' |
The functional currency of the Company’s foreign subsidiaries is the applicable local currency. The translation of the applicable foreign currencies into U.S. dollars is performed for assets and liabilities using current exchange rates in effect at the balance sheet date, for equity accounts using historical exchange rates, and for revenue and expense activity using the applicable month’s average exchange rates |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Revenue by vertical market | ' | |||||||||||
CTG’s revenue by vertical market as a percentage of consolidated revenue for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Healthcare | 31.4 | % | 32.7 | % | 29.6 | % | ||||||
Technology service providers | 27.9 | % | 31.2 | % | 34.3 | % | ||||||
Financial services | 6.8 | % | 6.1 | % | 6.7 | % | ||||||
Energy | 6.1 | % | 6 | % | 6 | % | ||||||
General markets | 27.8 | % | 24 | % | 23.4 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Revenue by contract type | ' | |||||||||||
The Company’s revenue from contracts accounted for under time-and-material, progress billing, and percentage-of-completion methods as a percentage of consolidated revenue for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Time-and-material | 88.8 | % | 90.3 | % | 91 | % | ||||||
Progress billing | 8.8 | % | 7.9 | % | 7.3 | % | ||||||
Percentage-of-completion | 2.4 | % | 1.8 | % | 1.7 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Basic and diluted earnings per share (EPS) | ' | |||||||||||
Basic and diluted earnings per share (EPS) for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
For the year ended | Net | Weighted | Earnings | |||||||||
Income | Average | per | ||||||||||
Shares | Share | |||||||||||
(amounts in thousands, except per-share data) | ||||||||||||
31-Dec-13 | ||||||||||||
Basic EPS | $ | 15,679 | 15,365 | $ | 1.02 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,589 | (0.10 | ) | ||||||||
Diluted EPS | $ | 15,679 | 16,954 | $ | 0.92 | |||||||
31-Dec-12 | ||||||||||||
Basic EPS | $ | 16,165 | 15,172 | $ | 1.07 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,669 | (0.11 | ) | ||||||||
Diluted EPS | $ | 16,165 | 16,841 | $ | 0.96 | |||||||
31-Dec-11 | ||||||||||||
Basic EPS | $ | 11,938 | 14,968 | $ | 0.8 | |||||||
Dilutive effect of outstanding equity instruments | — | 1,763 | (0.09 | ) | ||||||||
Diluted EPS | $ | 11,938 | 16,731 | $ | 0.71 | |||||||
Schedule of accumulated other comprehensive Income (Loss) | ' | |||||||||||
The components that comprised accumulated other comprehensive loss on the consolidated balance sheets at December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
Foreign currency adjustment | $ | (3,537 | ) | $ | (4,254 | ) | $ | (4,624 | ) | |||
Pension loss adjustment, net of tax of $805 in 2013, $1,040 in 2012, and $1,436 in 2011 | (5,168 | ) | (6,426 | ) | (3,606 | ) | ||||||
$ | (8,705 | ) | $ | (10,680 | ) | $ | (8,230 | ) | ||||
Schedule of net benefit costs | ' | |||||||||||
During 2013, actuarial losses were amortized to expense as follows: | ||||||||||||
(amounts in thousands) | ||||||||||||
Amortization of actuarial losses | $ | 277 | ||||||||||
Income tax | (72 | ) | ||||||||||
Net of tax | $ | 205 | ||||||||||
Property_Equipment_and_Capital1
Property, Equipment and Capitalized Software - (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, equipment and capitalized software at December 31, 2013 and 2012 are summarized as follows: | ||||||||||
December 31, | Useful Life | 2013 | 2012 | |||||||
(amounts in thousands) | (years) | |||||||||
Land | - | $ | 378 | $ | 378 | |||||
Buildings | 30 | 4,342 | 4,376 | |||||||
Equipment | 5-Feb | 7,372 | 7,244 | |||||||
Furniture | 10-May | 3,088 | 3,217 | |||||||
Capitalized software | 5-Feb | 6,774 | 5,088 | |||||||
Other software | 5-Jan | 2,869 | 2,626 | |||||||
Leasehold improvements | 10-Mar | 4,554 | 3,976 | |||||||
29,377 | 26,905 | |||||||||
Accumulated depreciation and amortization | (21,136 | ) | (19,989 | ) | ||||||
$ | 8,241 | $ | 6,916 | |||||||
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 provision for income taxes for 2013, 2012, and 2011 consists of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
Domestic and foreign components of income before income taxes are as follows: | ||||||||||||
Domestic | $ | 22,313 | $ | 23,028 | $ | 17,070 | ||||||
Foreign | 2,026 | 2,417 | 2,053 | |||||||||
Total income before income taxes | $ | 24,339 | $ | 25,445 | $ | 19,123 | ||||||
The provision (benefit) for income taxes consists of: | ||||||||||||
Current tax: | ||||||||||||
U.S. federal | $ | 6,133 | $ | 6,778 | $ | 5,419 | ||||||
Foreign | 1,469 | 1,393 | 1,508 | |||||||||
U.S. state and local | 1,409 | 993 | 1,135 | |||||||||
Total current tax | 9,011 | 9,164 | 8,062 | |||||||||
Deferred tax: | ||||||||||||
U.S. federal | (245 | ) | 55 | (834 | ) | |||||||
Foreign | (34 | ) | — | — | ||||||||
U.S. state and local | (72 | ) | 61 | (43 | ) | |||||||
Total deferred tax | (351 | ) | 116 | (877 | ) | |||||||
Total tax | $ | 8,660 | $ | 9,280 | $ | 7,185 | ||||||
The effective and statutory income tax rate can be reconciled as follows: | ||||||||||||
Tax at statutory rate of 35% / 34% | $ | 8,519 | $ | 8,906 | $ | 6,502 | ||||||
State tax, net of federal benefit | 877 | 685 | 728 | |||||||||
Non-taxable income | (563 | ) | (993 | ) | (495 | ) | ||||||
Non-deductible expenses | 963 | 796 | 745 | |||||||||
Change in estimate primarily related to foreign taxes | 128 | 41 | 234 | |||||||||
Change in estimate primarily related to state taxes and tax reserves | (172 | ) | 50 | 66 | ||||||||
Change in estimate primarily related to U.S. federal taxes | — | (157 | ) | — | ||||||||
Tax credits | (1,117 | ) | — | (609 | ) | |||||||
Other, net | 25 | (48 | ) | 14 | ||||||||
Total tax | $ | 8,660 | $ | 9,280 | $ | 7,185 | ||||||
Effective income tax rate | 35.6 | % | 36.5 | % | 37.6 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 consist of the following: | ||||||||||||
December 31, | 2013 | 2012 | ||||||||||
(amounts in thousands) | ||||||||||||
Assets | ||||||||||||
Deferred compensation | $ | 8,005 | $ | 8,065 | ||||||||
Loss carryforwards | 1,208 | 1,094 | ||||||||||
Accruals deductible for tax purposes when paid | 409 | 457 | ||||||||||
Depreciation | 57 | 57 | ||||||||||
Allowance for doubtful accounts | 324 | 289 | ||||||||||
State taxes | 836 | 792 | ||||||||||
Gross deferred tax assets | 10,839 | 10,754 | ||||||||||
Deferred tax asset valuation allowance | (2,170 | ) | (2,269 | ) | ||||||||
Gross deferred tax assets less valuation allowance | 8,669 | 8,485 | ||||||||||
Liabilities | ||||||||||||
Depreciation | (965 | ) | (820 | ) | ||||||||
Other | (197 | ) | (85 | ) | ||||||||
Gross deferred tax liabilities | (1,162 | ) | (905 | ) | ||||||||
Net deferred tax assets | $ | 7,507 | $ | 7,580 | ||||||||
Net deferred tax assets and liabilities are recorded as follows: | ||||||||||||
Net current assets | $ | 1,113 | $ | 1,145 | ||||||||
Net non-current assets | 6,487 | 6,435 | ||||||||||
Net non-current liabilities | (93 | ) | — | |||||||||
Net deferred tax assets | $ | 7,507 | $ | 7,580 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||||||
A reconciliation of unrecognized tax benefits for 2013 and 2012 is as follows: | ||||||||||||
(amounts in thousands) | ||||||||||||
Balance at January 1, 2012 | $ | 123 | ||||||||||
Additions based on tax positions related to the current year | 50 | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Settlements | — | |||||||||||
Balance at December 31, 2012 | 173 | |||||||||||
Additions based on tax positions related to the current year | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | (24 | ) | ||||||||||
Settlements | (149 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Lease_Commitments_Tables
Lease Commitments - (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Future obligations for Operating Leases | ' | |||
Minimum future obligations under such leases as of December 31, 2013 are summarized as follows: | ||||
(amounts in thousands) | ||||
2014 | $ | 5,948 | ||
2015 | 4,114 | |||
2016 | 3,157 | |||
2017 | 1,819 | |||
2018 | 981 | |||
Later years | 297 | |||
Minimum future obligations | $ | 16,316 | ||
Deferred_Compensation_Benefits1
Deferred Compensation Benefits - (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Periodic Pension Cost | ' | |||||||||||||||
Net periodic pension cost for the years ended December 31, 2013, 2012, and 2011 for the ESBP is as follows: | ||||||||||||||||
Net Periodic Pension Cost—ESBP | 2013 | 2012 | 2011 | |||||||||||||
(amounts in thousands) | ||||||||||||||||
Interest cost | $ | 243 | $ | 338 | $ | 408 | ||||||||||
Amortization of actuarial loss | 191 | 279 | 208 | |||||||||||||
Net periodic pension cost | $ | 434 | $ | 617 | $ | 616 | ||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
The change in benefit obligation and reconciliation of fair value of plan assets for the years ended December 31, 2013 and 2012 for the ESBP and NDBP are as follows: | ||||||||||||||||
ESBP | NDBP | |||||||||||||||
Changes in Benefit Obligation | 2013 | 2012 | 2013 | 2012 | ||||||||||||
(amounts in thousands) | ||||||||||||||||
Benefit obligation at beginning of period | $ | 8,405 | $ | 9,508 | $ | 11,913 | $ | 7,925 | ||||||||
Interest cost | 243 | 338 | 333 | 360 | ||||||||||||
Benefits paid | (720 | ) | (727 | ) | (141 | ) | (113 | ) | ||||||||
Actuarial loss (gain) | (429 | ) | (714 | ) | (939 | ) | 3,475 | |||||||||
Effect of exchange rate changes | — | — | 469 | 266 | ||||||||||||
Benefit obligation at end of period | 7,499 | 8,405 | 11,635 | 11,913 | ||||||||||||
Reconciliation of Fair Value of Plan Assets | ||||||||||||||||
Fair value of plan assets at beginning of period | — | — | 8,143 | 7,811 | ||||||||||||
Actual return on plan assets | — | — | 351 | 336 | ||||||||||||
Employer contributions | 720 | 727 | — | — | ||||||||||||
Benefits paid | (720 | ) | (727 | ) | (141 | ) | (113 | ) | ||||||||
Administrative costs | — | — | 52 | (57 | ) | |||||||||||
Effect of exchange rate changes | — | — | 347 | 166 | ||||||||||||
Fair value of plan assets at end of period | — | — | 8,752 | 8,143 | ||||||||||||
Accrued benefit cost | $ | 7,499 | $ | 8,405 | $ | 2,883 | $ | 3,770 | ||||||||
Accrued benefit cost is included in the consolidated balance sheet as follows: | ||||||||||||||||
Current liabilities | $ | 704 | $ | 729 | $ | — | $ | — | ||||||||
Non-current liabilities | $ | 6,795 | $ | 7,676 | $ | 2,883 | $ | 3,770 | ||||||||
Discount rates: | ||||||||||||||||
Benefit obligation | 3.87 | % | 3.02 | % | 3.2 | % | 2.8 | % | ||||||||
Net periodic pension cost | 3.02 | % | 3.71 | % | 2.8 | % | 4.6 | % | ||||||||
Salary increase rate | — | % | — | % | — | % | — | % | ||||||||
Expected return on plan assets | — | % | — | % | 4 | % | 4 | % | ||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||
Anticipated benefit payments for the ESBP and the NDBP expected to be paid in future years are as follows: | ||||||||||||||||
ESBP | NDBP | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
2014 | $ | 730 | $ | 164 | ||||||||||||
2015 | 716 | 168 | ||||||||||||||
2016 | 651 | 186 | ||||||||||||||
2017 | 631 | 209 | ||||||||||||||
2018 | 629 | 256 | ||||||||||||||
2019 - 2023 | 2,863 | 1,641 | ||||||||||||||
Total | $ | 6,220 | $ | 2,624 | ||||||||||||
EquityBased_Compensation_Table
Equity-Based Compensation - (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity based compensation expense | ' | |||||||||||||
Equity-based compensation expense, the corresponding tax benefit and net equity-based compensation expense for 2013, 2012 and 2011 are as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(amounts in thousands) | ||||||||||||||
Equity-based compensation expense | $ | 2,647 | $ | 2,236 | $ | 1,654 | ||||||||
Tax benefit | 935 | 788 | 566 | |||||||||||
Net equity-based compensation expense | $ | 1,712 | $ | 1,448 | $ | 1,088 | ||||||||
Fair Value Weighted-Average Assumptions | ' | |||||||||||||
The fair value of the options at the date of grant was estimated using the following weighted-average assumptions for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected life (years) | 2.7 | 2.7 | 2.8 | |||||||||||
Dividend yield | 1 | % | 0 | % | 0 | % | ||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 1 | % | ||||||||
Expected volatility | 44.4 | % | 61.3 | % | 55.6 | % | ||||||||
Summary of stock option activity under the 2010 Plan and Equity Plan | ' | |||||||||||||
A summary of stock option activity under the 2010 Plan and Equity Plan is as follows: | ||||||||||||||
2010 Plan | Weighted- | Equity Plan | Weighted- | |||||||||||
Options | Average | Options | Average | |||||||||||
Exercise | Exercise | |||||||||||||
Price | Price | |||||||||||||
Outstanding at December 31, 2010 | — | $ | — | 3,895,475 | $ | 4.42 | ||||||||
Granted | 275,500 | $ | 12.86 | — | $ | — | ||||||||
Exercised | — | $ | — | (660,338 | ) | $ | 4.01 | |||||||
Canceled or forfeited | (10,000 | ) | $ | 12.16 | (55,687 | ) | $ | 5.57 | ||||||
Expired | — | $ | — | (4,375 | ) | $ | 3.5 | |||||||
Outstanding at December 31, 2011 | 265,500 | $ | 12.89 | 3,175,075 | $ | 4.49 | ||||||||
Granted | 225,596 | $ | 14.41 | — | $ | — | ||||||||
Exercised | (20,750 | ) | $ | 13.53 | (574,353 | ) | $ | 3.58 | ||||||
Canceled or forfeited | (9,000 | ) | $ | 13.55 | (13,175 | ) | $ | 5.42 | ||||||
Expired | — | $ | — | (3,000 | ) | $ | 3.56 | |||||||
Outstanding at December 31, 2012 | 461,346 | $ | 13.59 | 2,584,547 | $ | 4.68 | ||||||||
Granted | 207,000 | $ | 21.03 | — | $ | — | ||||||||
Exercised | (2,875 | ) | $ | 13.5 | (107,775 | ) | $ | 4.93 | ||||||
Canceled or forfeited | (5,000 | ) | $ | 13.18 | (2,000 | ) | $ | 5.92 | ||||||
Expired | — | $ | — | (2,625 | ) | $ | 3.45 | |||||||
Outstanding at December 31, 2013 | 660,471 | $ | 15.93 | 2,472,147 | $ | 4.67 | ||||||||
Options Exercisable at December 31, 2013 | 376,472 | $ | 15.1 | 2,408,223 | $ | 4.61 | ||||||||
Summary of restricted stock activity under the Equity Plan and the 1991 Restricted Stock Plan | ' | |||||||||||||
A summary of restricted stock activity under the Equity Plan and the 1991 Restricted Stock Plan is as follows: | ||||||||||||||
Equity Plan | Weighted- | 1991 | Weighted- | |||||||||||
Restricted | Average | Restricted | Average | |||||||||||
Stock | Fair Value | Stock Plan | Fair Value | |||||||||||
Outstanding at December 31, 2010 | 221,500 | $ | 5.01 | 182,500 | $ | 5.83 | ||||||||
Granted | — | $ | — | 160,000 | $ | 12.19 | ||||||||
Released | — | $ | — | (62,125 | ) | $ | 5.54 | |||||||
Canceled or forfeited | — | $ | — | (18,000 | ) | $ | 8.88 | |||||||
Outstanding at December 31, 2011 | 221,500 | $ | 5.01 | 262,375 | $ | 9.57 | ||||||||
Granted | — | $ | — | 127,500 | $ | 15.04 | ||||||||
Released | (40,000 | ) | $ | 4.97 | (90,626 | ) | $ | 8.38 | ||||||
Canceled or forfeited | — | $ | — | (7,500 | ) | $ | 11.14 | |||||||
Outstanding at December 31, 2012 | 181,500 | $ | 5.02 | 291,749 | $ | 12.29 | ||||||||
Granted | — | $ | — | 98,000 | $ | 20.68 | ||||||||
Released | (40,000 | ) | $ | 4.97 | (106,626 | ) | $ | 10.77 | ||||||
Canceled or forfeited | — | $ | — | (1,600 | ) | $ | 18.04 | |||||||
Outstanding at December 31, 2013 | 141,500 | $ | 5.04 | 281,523 | $ | 15.75 | ||||||||
Summary of stock options outstanding for the 2010 Plan and Equity Plan | ' | |||||||||||||
A summary of stock options that were outstanding at December 31, 2013 for the 2010 Plan and the Equity Plan is as follows: | ||||||||||||||
Range of Exercise Prices: | Number of | Weighted | Weighted | Aggregate | ||||||||||
Options Outstanding | Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | |||||||||||||
Contractual Life in Years | ||||||||||||||
2010 Plan | ||||||||||||||
$12.16 - $13.75 | 337,375 | $ | 13.07 | 10.9 | $ | 1,943,340 | ||||||||
$15.04 - $15.90 | 116,096 | $ | 15.14 | 8.8 | 428,741 | |||||||||
$20.68 - $21.41 | 207,000 | $ | 21.03 | 11.7 | — | |||||||||
660,471 | $ | 15.93 | 10.7 | $ | 2,372,081 | |||||||||
Equity Plan | ||||||||||||||
$2.35 - $3.26 | 502,500 | $ | 3.15 | 4.2 | $ | 7,878,874 | ||||||||
$3.48 - $4.90 | 1,258,597 | $ | 4.47 | 4.1 | 18,074,077 | |||||||||
$5.25 - $7.18 | 711,050 | $ | 6.11 | 6.1 | 9,046,238 | |||||||||
2,472,147 | $ | 4.67 | 4.7 | $ | 34,999,189 | |||||||||
Summary of stock options that are exercisable for the 2010 Plan and the Equity Plan | ' | |||||||||||||
A summary of stock options that are exercisable at December 31, 2013 for the 2010 Plan and the Equity Plan is as follows: | ||||||||||||||
Range of Exercise Prices: | Number of | Weighted | Weighted | Aggregate | ||||||||||
Options Exercisable | Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | |||||||||||||
Contractual Life in Years | ||||||||||||||
2010 Plan | ||||||||||||||
$12.16 - $13.75 | 263,750 | $ | 13.27 | 11.7 | $ | 1,466,612 | ||||||||
$15.04 - $15.90 | 37,722 | $ | 15.34 | 10.1 | 131,704 | |||||||||
$20.68 - $21.41 | 75,000 | $ | 21.41 | 14.4 | — | |||||||||
376,472 | $ | 15.1 | 12 | $ | 1,598,316 | |||||||||
Equity Plan | ||||||||||||||
$2.35 - $3.26 | 502,500 | $ | 3.15 | 4.2 | $ | 7,878,875 | ||||||||
$3.48 - $4.90 | 1,258,597 | $ | 4.47 | 4.1 | 18,074,077 | |||||||||
$5.25 - $7.18 | 647,126 | $ | 6 | 5.9 | 8,301,523 | |||||||||
2,408,223 | $ | 4.61 | 4.6 | $ | 34,254,475 | |||||||||
EnterpriseWide_Disclosures_Tab
Enterprise-Wide Disclosures - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||
Financial Information About Geographic Areas | 2013 | 2012 | 2011 | |||||||||
(amounts in thousands) | ||||||||||||
Revenue from External Customers: | ||||||||||||
United States | $ | 341,391 | $ | 355,022 | $ | 328,422 | ||||||
Belgium(1) | 48,428 | 41,957 | 43,011 | |||||||||
Other European countries | 28,684 | 26,653 | 23,969 | |||||||||
Other country | 533 | 783 | 873 | |||||||||
Total foreign revenue | 77,645 | 69,393 | 67,853 | |||||||||
Total revenue | $ | 419,036 | $ | 424,415 | $ | 396,275 | ||||||
Long-lived Assets: | ||||||||||||
United States | $ | 7,169 | $ | 6,102 | $ | 7,119 | ||||||
Europe | 1,072 | 814 | 850 | |||||||||
Total long-lived assets | $ | 8,241 | $ | 6,916 | $ | 7,969 | ||||||
Deferred Tax Assets, Net of Valuation Allowance: | ||||||||||||
United States | $ | 8,669 | $ | 8,485 | $ | 8,368 | ||||||
Europe | — | — | — | |||||||||
Other country | — | — | — | |||||||||
Total deferred tax assets, net | $ | 8,669 | $ | 8,485 | $ | 8,368 | ||||||
-1 | Revenue for our Belgium operations has been disclosed separately as it exceeds 10% of consolidated revenue for certain of the years presented |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) - (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
Quarters | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
(amounts in thousands, except per-share data) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenue | $ | 108,495 | $ | 107,117 | $ | 100,689 | $ | 102,735 | $ | 419,036 | ||||||||||
Direct costs | 85,896 | 84,470 | 79,506 | 80,455 | 330,327 | |||||||||||||||
Gross profit | 22,599 | 22,647 | 21,183 | 22,280 | 88,709 | |||||||||||||||
Selling, general, and administrative expenses | 16,417 | 16,248 | 15,129 | 16,188 | 63,982 | |||||||||||||||
Operating income | 6,182 | 6,399 | 6,054 | 6,092 | 24,727 | |||||||||||||||
Interest and other expense, net | (109 | ) | (106 | ) | (91 | ) | (82 | ) | (388 | ) | ||||||||||
Income before income taxes | 6,073 | 6,293 | 5,963 | 6,010 | 24,339 | |||||||||||||||
Provision for income taxes | 2,016 | 2,238 | 2,100 | 2,306 | 8,660 | |||||||||||||||
Net income | $ | 4,057 | $ | 4,055 | $ | 3,863 | $ | 3,704 | $ | 15,679 | ||||||||||
Basic net income per share | $ | 0.26 | $ | 0.26 | $ | 0.25 | $ | 0.24 | $ | 1.02 | ||||||||||
Diluted net income per share | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.22 | $ | 0.92 | ||||||||||
Cash dividend declared per share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.2 | ||||||||||
Quarters | ||||||||||||||||||||
First | Second (1) | Third | Fourth (1) | Total | ||||||||||||||||
(amounts in thousands, except per-share data) | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Revenue | $ | 103,367 | $ | 106,705 | $ | 106,418 | $ | 107,925 | $ | 424,415 | ||||||||||
Direct costs | 81,515 | 83,810 | 83,283 | 84,478 | 333,086 | |||||||||||||||
Gross profit | 21,852 | 22,895 | 23,135 | 23,447 | 91,329 | |||||||||||||||
Selling, general, and administrative expenses | 16,253 | 16,752 | 16,812 | 17,050 | 66,867 | |||||||||||||||
Operating income | 5,599 | 6,143 | 6,323 | 6,397 | 24,462 | |||||||||||||||
Interest and other income (expense), net | (50 | ) | 384 | (68 | ) | 717 | 983 | |||||||||||||
Income before income taxes | 5,549 | 6,527 | 6,255 | 7,114 | 25,445 | |||||||||||||||
Provision for income taxes | 2,189 | 2,404 | 2,442 | 2,245 | 9,280 | |||||||||||||||
Net income | $ | 3,360 | $ | 4,123 | $ | 3,813 | $ | 4,869 | $ | 16,165 | ||||||||||
Basic net income per share | $ | 0.22 | $ | 0.27 | $ | 0.25 | $ | 0.32 | $ | 1.07 | ||||||||||
Diluted net income per share | $ | 0.2 | $ | 0.25 | $ | 0.23 | $ | 0.29 | $ | 0.96 | ||||||||||
Cash dividend declared per share | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
-1 | Included in interest and other income is $0.4 million or $0.03 basic and diluted net income per share, and $0.8 million or $0.05 basic and diluted net income per share in the second and fourth quarters, respectively, for life insurance proceeds received for former Company executives that passed away during the respective quarters. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Number of Operating Segments | 1 |
Number of Vertical Market Focus Areas | 4 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Revenue by Vertical Market (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 100.00% | 100.00% | 100.00% |
Healthcare [Member] | ' | ' | ' |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 31.40% | 32.70% | 29.60% |
Technology Service Providers [Member] | ' | ' | ' |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 27.90% | 31.20% | 34.30% |
Financial Services [Member] | ' | ' | ' |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 6.80% | 6.10% | 6.70% |
Energy [Member] | ' | ' | ' |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 6.10% | 6.00% | 6.00% |
General Markets [Member] | ' | ' | ' |
Revenue by vertical market as a percentage of total revenue | ' | ' | ' |
Total revenue | 27.80% | 24.00% | 23.40% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Revenue by Contract Type (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Revenue by External Customer [Line Items] | ' | ' | ' |
Revenue by percent | 100.00% | 100.00% | 100.00% |
Time-and-material [Member] | ' | ' | ' |
Schedule of Revenue by External Customer [Line Items] | ' | ' | ' |
Revenue by percent | 88.80% | 90.30% | 91.00% |
Progress Billing [Member] | ' | ' | ' |
Schedule of Revenue by External Customer [Line Items] | ' | ' | ' |
Revenue by percent | 8.80% | 7.90% | 7.30% |
Percentage-of-completion [Member] | ' | ' | ' |
Schedule of Revenue by External Customer [Line Items] | ' | ' | ' |
Revenue by percent | 2.40% | 1.80% | 1.70% |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Billable Expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Billable Expenses | $11.80 | $13.40 | $12.70 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $46,227 | $40,614 | $22,414 | $14,837 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Life Insurance Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Gross cash surrender value of life insurance | $26,200,000 | $24,800,000 | ' |
Loan on cash surrender value of life insurance | 23,600,000 | 23,100,000 | ' |
Net cash surrender value of life insurance | 2,600,000 | 1,700,000 | ' |
Non-taxable life insurance proceeds | 0 | 1,268,000 | 0 |
Gross death benefit of life insurance contracts | 37,400,000 | ' | ' |
Life insurance proceeds to be received upon the death of participants | 13,800,000 | ' | ' |
Life insurance gain to be recognized upon death of participants | $11,200,000 | ' | ' |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Trade Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Bad debt expense, net of recoveries | $0.20 | $0 | $0.70 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Property and Equipment and Capitalized Software Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | $29,377 | $26,905 | ' |
Depreciation and amortization expense | 2,796 | 2,919 | 2,271 |
Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, useful life | '1 year | ' | ' |
Capitalized computer software amortization period | '2 years | ' | ' |
Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, useful life | '30 years | ' | ' |
Capitalized computer software amortization period | '5 years | ' | ' |
Capitalized Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | 6,774 | 5,088 | ' |
Depreciation and amortization expense | $1,200 | $1,700 | $1,100 |
Capitalized Software [Member] | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, useful life | '2 years | ' | ' |
Capitalized Software [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, useful life | '5 years | ' | ' |
Recovered_Sheet2
Summary of Significant Accounting Policies - Goodwill (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Etrinity [Member] | ||||
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, acquired during period | ' | ' | ' | $2,000,000 |
Goodwill | $37,638,000 | $35,678,000 | ' | ' |
Percentage of fair value in excess of carrying amount | ' | ' | 116.00% | ' |
Recovered_Sheet3
Summary of Significant Accounting Policies - Other Intangibles (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Acquired intangible assets | ' | $0.40 |
Amortization of intangible assets | $0.10 | ' |
Recovered_Sheet4
Summary of Significant Accounting Policies - Net Income Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $3,704 | $3,863 | $4,055 | $4,057 | $4,869 | $3,813 | $4,123 | $3,360 | $15,679 | $16,165 | $11,938 |
Weighted average number of shares outstanding, basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,365,000 | 15,172,000 | 14,968,000 |
Basic (in dollars per share) | $0.24 | $0.25 | $0.26 | $0.26 | $0.32 | $0.25 | $0.27 | $0.22 | $1.02 | $1.07 | $0.80 |
Number of shares, attribuatable to equity based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,589,000 | 1,669,000 | 1,763,000 |
Dilutive effect on basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.10) | ($0.11) | ($0.09) |
Weighted average number of shares outstanding, diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 16,954,000 | 16,841,000 | 16,731,000 |
Diluted (in dollars per share) | $0.22 | $0.23 | $0.24 | $0.24 | $0.29 | $0.23 | $0.25 | $0.20 | $0.92 | $0.96 | $0.71 |
Antidilutive securities not included in the computation of earnings per share | 100,000 | ' | ' | ' | 100,000 | ' | ' | ' | 100,000 | 100,000 | 300,000 |
Recovered_Sheet5
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Foreign currency adjustment | ($3,537) | ($4,254) | ($4,624) |
Pension loss adjustment, net of tax of $805 in 2013, $1,040 in 2012, and $1,436 in 2011 | -5,168 | -6,426 | -3,606 |
Accumulated other comprehensive loss | -8,705 | -10,680 | -8,230 |
Tax on pension loss adjustment | $805 | $1,040 | $1,436 |
Recovered_Sheet6
Summary of Significant Accounting Policies - Schedule of Net Benefit Cost (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Postemployment Benefits [Abstract] | ' |
Amortization of actuarial losses | $277 |
Income tax | -72 |
Net of tax | $205 |
Recovered_Sheet7
Summary of Significant Accounting Policies - Foreign Currency (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' |
Foreign currency transaction loss | ($0.10) |
Recovered_Sheet8
Summary of Significant Accounting Policies - Guarantees (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Current carrying value of guarantees | $2.70 | $2.50 |
Recovered_Sheet9
Summary of Significant Accounting Policies - Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | |
Etrinity [Member] | Etrinity [Member] | Etrinity [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 |
Revenues | $102,735,000 | $100,689,000 | $107,117,000 | $108,495,000 | $107,925,000 | $106,418,000 | $106,705,000 | $103,367,000 | $419,036,000 | $424,415,000 | $2,800,000 | $3,000,000 | ' |
Property_Equipment_and_Capital2
Property, Equipment and Capitalized Software - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Buildings [Member] | Buildings [Member] | Equipment [Member] | Equipment [Member] | Furniture [Member] | Furniture [Member] | Capitalized Software [Member] | Capitalized Software [Member] | Other Software [Member] | Other Software [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | |||
Equipment [Member] | Furniture [Member] | Capitalized Software [Member] | Other Software [Member] | Leasehold Improvements [Member] | Equipment [Member] | Furniture [Member] | Capitalized Software [Member] | Other Software [Member] | Leasehold Improvements [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, equipment and capitalized software, useful life | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '5 years | '10 years | '5 years | '5 years | '10 years | '1 year | '2 years | '5 years | '2 years | '1 year | '3 years |
Property, equipment and capitalized software, gross | $29,377 | $26,905 | ' | $378 | $378 | $4,376 | $4,342 | $7,372 | $7,244 | $3,088 | $3,217 | $6,774 | $5,088 | $2,869 | $2,626 | $4,554 | $3,976 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation and amortization | -21,136 | -19,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | $8,241 | $6,916 | $7,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Equipment_and_Capital3
Property, Equipment and Capitalized Software - Text (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized Computer Software, Additions | $1,700,000 | $0 |
Property, equipment and capitalized software, gross | 29,377,000 | 26,905,000 |
Capitalized Computer Software, Accumulated Amortization | 4,400,000 | 3,200,000 |
Capitalized Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and capitalized software, gross | $6,774,000 | $5,088,000 |
Investments_Details
Investments - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Trading securities | $896 | $637 |
Debt_Details
Debt - (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument (Details) | ' | ' | ' |
Maximum borrowing capacity | $35,000,000 | ' | ' |
Expiration period | '3 years | ' | ' |
Expiration date | 1-Apr-14 | ' | ' |
Amount outstanding | 0 | 0 | ' |
Outstanding amount | 600,000 | 500,000 | ' |
Maximum amount outstanding during period | 0 | 0 | 5,800,000 |
Average outstanding amount | 0 | 0 | 400,000 |
Weighted average interest rate | ' | ' | 2.30% |
Commitment fee amount | ' | 100,000 | 100,000 |
Interest expense | $0 | $0 | $100,000 |
Prime rate [Member] | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Description of variable rate basis | 'prime | ' | ' |
Prime rate [Member] | Minimum | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Basis spread on variable rate | 0.00% | ' | ' |
Prime rate [Member] | Maximum | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Basis spread on variable rate | 0.50% | ' | ' |
London interbank offered rate (LIBOR) [Member] | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Description of variable rate basis | 'LIBOR | ' | ' |
London interbank offered rate (LIBOR) [Member] | Minimum | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Basis spread on variable rate | 1.75% | ' | ' |
London interbank offered rate (LIBOR) [Member] | Maximum | ' | ' | ' |
Debt Instrument (Details) | ' | ' | ' |
Basis spread on variable rate | 2.25% | ' | ' |
Debt_Revolving_Credit_Agreemen
Debt - Revolving Credit Agreement Covenants (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
Maximum leverage ratio | '2.75 |
Minimum net worth | $58.30 |
Maximum expenditures for equipment and capitalized software | 5 |
Leverage Ratio | 0.00% |
Tangible Net Worth | 75.2 |
Payments to Acquire Property, Plant, Equipment, and Software | $4 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Domestic and foreign components of income before income taxes are as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $22,313 | $23,028 | $17,070 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 2,026 | 2,417 | 2,053 |
Income before income taxes | 6,010 | 5,963 | 6,293 | 6,073 | 7,114 | 6,255 | 6,527 | 5,549 | 24,339 | 25,445 | 19,123 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current U.S. federal | ' | ' | ' | ' | ' | ' | ' | ' | 6,133 | 6,778 | 5,419 |
Current Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,469 | 1,393 | 1,508 |
Current U.S. state and local | ' | ' | ' | ' | ' | ' | ' | ' | 1,409 | 993 | 1,135 |
Current Total current tax | ' | ' | ' | ' | ' | ' | ' | ' | 9,011 | 9,164 | 8,062 |
Deferred tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred U.S. federal | ' | ' | ' | ' | ' | ' | ' | ' | -245 | 55 | -834 |
Deferred Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -34 | 0 | 0 |
Deferred U.S. state and local | ' | ' | ' | ' | ' | ' | ' | ' | -72 | 61 | -43 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -351 | 116 | -877 |
Total tax | 2,306 | 2,100 | 2,238 | 2,016 | 2,245 | 2,442 | 2,404 | 2,189 | 8,660 | 9,280 | 7,185 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at statutory rate of 35% / 34% | ' | ' | ' | ' | ' | ' | ' | ' | 8,519 | 8,906 | 6,502 |
State tax, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 877 | 685 | 728 |
Non-taxable income | ' | ' | ' | ' | ' | ' | ' | ' | -563 | -993 | -495 |
Non-deductible expenses | ' | ' | ' | ' | ' | ' | ' | ' | 963 | 796 | 745 |
Change in estimate primarily related to foreign taxes | ' | ' | ' | ' | ' | ' | ' | ' | 128 | 41 | 234 |
Change in estimate primarily related to state taxes and tax reserves | ' | ' | ' | ' | ' | ' | ' | ' | -172 | 50 | 66 |
Change in estimate primarily related to U.S. federal taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -157 | 0 |
Tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,117 | 0 | -609 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ($48) | $14 |
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.60% | 36.50% | 37.60% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Deferred compensation | $8,005 | $8,065 | ' | ' |
Loss carryforwards | 1,208 | 1,094 | ' | ' |
Accruals deductible for tax purposes when paid | 409 | 457 | ' | ' |
Depreciation | 57 | 57 | ' | ' |
Allowance for doubtful accounts | 324 | 289 | ' | ' |
State taxes | 836 | 792 | ' | ' |
Gross deferred tax assets | 10,839 | 10,754 | ' | ' |
Deferred tax asset valuation allowance | -2,170 | -2,269 | -1,404 | -2,693 |
Gross deferred tax assets less valuation allowance | 8,669 | 8,485 | 8,368 | ' |
Liabilities [Abstract] | ' | ' | ' | ' |
Depreciation | -965 | -820 | ' | ' |
Other | -197 | -85 | ' | ' |
Gross deferred tax liabilities | -1,162 | -905 | ' | ' |
Net deferred tax assets | 7,507 | 7,580 | ' | ' |
Net current assets | 1,113 | 1,145 | ' | ' |
Net non-current assets | 6,487 | 6,435 | ' | ' |
Net non-current liabilities | ($93) | $0 | ' | ' |
Income_Taxes_Reconcilliation_o
Income Taxes - Reconcilliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning of period, unrecognized tax benefits | $173 | $123 |
Additions based on tax positions related to the current year | 0 | 50 |
Additions for tax positions of prior years | 0 | 0 |
Reductions for lapse of statute of limitations | -24 | 0 |
Settlements | -149 | 0 |
End of period, unrecognized Tax Benefits | $0 | $173 |
Income_Taxes_Text_Details
Income Taxes - Text (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Effective income tax rate | 35.60% | 36.50% | 37.60% | ' | ||
Income tax reconciliation, research tax credits | $700,000 | ' | $300,000 | ' | ||
Income tax reconciliation, tax exempt income | 563,000 | 993,000 | 495,000 | ' | ||
Income tax reconciliation, state return-to-provision adjustments | ' | 200,000 | ' | ' | ||
Income tax reconciliation, other credits | 400,000 | ' | 300,000 | ' | ||
Change in deferred tax asset valuation allowance | 233,000 | [1] | 1,000,000 | [2] | 585,000 | ' |
Deferred tax asset valuation allowance | 2,170,000 | 2,269,000 | 1,404,000 | 2,693,000 | ||
Undistributed earnings of foreign subsidiaries | 16,000,000 | ' | ' | ' | ||
Operating loss carryforwards | 1,208,000 | 1,094,000 | ' | ' | ||
Operating loss carryforwards, net of valuation allowance | 100,000 | ' | ' | ' | ||
Net income taxes paid | 6,500,000 | 6,500,000 | 4,600,000 | ' | ||
Minimum | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Effective income tax rate | 38.00% | ' | ' | ' | ||
Maximum | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Effective income tax rate | 40.00% | ' | ' | ' | ||
Life Insurance [Member] | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Income tax reconciliation, tax exempt income | ' | 500,000 | ' | ' | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Change in deferred tax asset valuation allowance | 100,000 | ' | ' | ' | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Change in deferred tax asset valuation allowance | ' | ' | 200,000 | ' | ||
Deferred tax asset valuation allowance | 1,100,000 | ' | ' | ' | ||
United States [Member] | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Options exercised (in shares) | 87,100 | 461,000 | 465,000 | ' | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 500,000 | 2,200,000 | 1,600,000 | ' | ||
United Kingdom | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Operating loss carryforwards | 3,500,000 | ' | ' | ' | ||
Operating loss carryforwards | 700,000 | ' | ' | ' | ||
Netherlands | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Change in deferred tax asset valuation allowance | 100,000 | ' | ' | ' | ||
Operating loss carryforwards | 1,600,000 | ' | ' | ' | ||
Operating loss carryforwards | 400,000 | ' | ' | ' | ||
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Operating loss carryforwards | 100,000 | ' | ' | ' | ||
Operating loss carryforwards | $100,000 | ' | ' | ' | ||
State and Local Jurisdiction [Member] | Minimum | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Operating loss carryforward period | '5 years | ' | ' | ' | ||
State and Local Jurisdiction [Member] | Maximum | ' | ' | ' | ' | ||
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' | ||
Operating loss carryforward period | '20 years | ' | ' | ' | ||
[1] | These balances primarily reflect additions for an increase in the valuation reserve associated with certain deferred tax assets related to the Netherlands defined-benefit plan | |||||
[2] | These balances primarily reflect additions for current year activity, deductions for the expiration of certain unused net operating losses, and additions and deductions for foreign currency translation |
Lease_Commitments_Future_Minim
Lease Commitments Future Minimum Obligations (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $5,948 |
2015 | 4,114 |
2016 | 3,157 |
2017 | 1,819 |
2018 | 981 |
Later years | 297 |
Minimum future obligations | $16,316 |
Lease_Commitments_Text_Details
Lease Commitments Text (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Operating leases, rent expense | $7 | $6.30 | $6.80 |
Maximum potential payment increase | 5.00% | ' | ' |
Deferred_Compensation_Benefits2
Deferred Compensation Benefits Net Periodic Pension Cost - (Details) (ESBP, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
ESBP | ' | ' | ' |
Net periodic pension cost for the Executive Supplemental Benefit Plan | ' | ' | ' |
Interest cost | $243,000 | $338,000 | $408,000 |
Amortization of actuarial loss | 191,000 | 279,000 | 208,000 |
Net periodic pension cost | $434,000 | $617,000 | $616,000 |
Deferred_Compensation_Benefits3
Deferred Compensation Benefits Change in Benefit Obligation and Reconciliation of Fair Value (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ESBP | ' | ' | ' |
Changes in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of period | $8,405 | $9,508 | ' |
Interest cost | 243 | 338 | 408 |
Benefits paid | -720 | -727 | ' |
Actuarial loss (gain) | -429 | -714 | ' |
Effect of exchange rate changes | 0 | 0 | ' |
Benefit obligation at end of period | 7,499 | 8,405 | 9,508 |
Reconciliation of Fair Value of Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 720 | 727 | ' |
Benefits paid | -720 | -727 | ' |
Administrative costs | ' | ' | ' |
Effect of exchange rate changes | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Accrued benefit cost | 7,499 | 8,405 | ' |
Current liabilities | 704 | 729 | ' |
Non-current liabilities | 6,795 | 7,676 | ' |
Benefit obligation | 3.87% | 3.02% | ' |
Net periodic pension cost | 3.02% | 3.71% | ' |
Salary increase rate | 0.00% | 0.00% | ' |
Expected return on plan assets | 0.00% | 0.00% | ' |
NDBP | ' | ' | ' |
Changes in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of period | 11,913 | 7,925 | ' |
Interest cost | 333 | 360 | ' |
Benefits paid | -141 | -113 | ' |
Actuarial loss (gain) | -939 | 3,475 | ' |
Effect of exchange rate changes | 469 | 266 | ' |
Benefit obligation at end of period | 11,635 | 11,913 | ' |
Reconciliation of Fair Value of Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 8,143 | 7,811 | ' |
Actual return on plan assets | 351 | 336 | ' |
Employer contributions | 0 | 0 | ' |
Benefits paid | -141 | -113 | ' |
Administrative costs | 52 | 57 | ' |
Effect of exchange rate changes | 347 | 166 | ' |
Fair value of plan assets at end of period | 8,752 | 8,143 | ' |
Accrued benefit cost | 2,883 | 3,770 | ' |
Current liabilities | 0 | 0 | ' |
Non-current liabilities | $2,883 | $3,770 | ' |
Benefit obligation | 3.20% | 2.80% | ' |
Net periodic pension cost | 2.80% | 4.60% | ' |
Salary increase rate | 0.00% | 0.00% | ' |
Expected return on plan assets | 4.00% | 4.00% | ' |
Deferred_Compensation_Benefits4
Deferred Compensation Benefits Anticipated Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
ESBP | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $730 |
2015 | 716 |
2016 | 651 |
2017 | 631 |
2018 | 629 |
2019 - 2023 | 2,863 |
Total | 6,220 |
NDBP | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 164 |
2015 | 168 |
2016 | 186 |
2017 | 209 |
2018 | 256 |
2019 - 2023 | 1,641 |
Total | $2,624 |
Deferred_Compensation_Benefits5
Deferred Compensation Benefits - Text (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Amounts not recognized as net periodic benefit, net of tax | ($5,168,000) | ($6,426,000) | ($3,606,000) |
Pension loss (benefit) adjustment, net of tax | -1,258,000 | 2,820,000 | 1,743,000 |
ESBP | ' | ' | ' |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Net periodic pension cost | 434,000 | 617,000 | 616,000 |
Benefit obligation | 7,499,000 | 8,405,000 | 9,508,000 |
Comprehensive pension gain (loss), net of tax | -400,000 | -600,000 | ' |
Discount rate | 3.87% | 3.02% | ' |
Change in discount rate | 0.85% | ' | ' |
Estimated future employer contributions, next year | 700,000 | ' | ' |
Increase (decrease) in plan liabilities | -500,000 | ' | ' |
Amounts not recognized as net periodic benefit, net of tax | 1,300,000 | 1,700,000 | ' |
Non Employee Director Deferred Compensation Plan [Member] | ' | ' | ' |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Employer contributions | 100,000 | 100,000 | 100,000 |
NDBP | ' | ' | ' |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Net periodic pension cost | 49,000 | 118,000 | 77,000 |
Benefit obligation | 11,635,000 | 11,913,000 | 7,925,000 |
Discount rate | 3.20% | 2.80% | ' |
Change in discount rate | 0.40% | ' | ' |
Increase (decrease) in plan liabilities | -1,000,000 | ' | ' |
Targeted minimum return | 4.00% | 4.00% | ' |
Guaranteed rate of return | 4.00% | 4.00% | ' |
Amounts not recognized as net periodic benefit, net of tax | 3,900,000 | 4,800,000 | ' |
Key Employee Non Qualified Deferred Compensation Plan | ' | ' | ' |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Estimated future employer contributions, next year | 200,000 | ' | ' |
Employer contributions | 300,000 | 400,000 | 300,000 |
ESBP and NDBP [Member] | ' | ' | ' |
Deferred Compensation Text Details [Line Items] | ' | ' | ' |
Pension loss (benefit) adjustment, net of tax | -800,000 | -2,100,000 | -1,100,000 |
Amount to be recognized as components of net periodic benefit in next year | $200,000 | ' | ' |
Employee_Benefits_Details
Employee Benefits - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Postemployment Benefits [Abstract] | ' | ' | ' |
Employee 401(K) profit sharing plan, maximum annual matching per employee | 6.00% | ' | ' |
Employee 401(K) profit sharing plan, employer matching contribution | 50.00% | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $2,400 | $2,800 | $2,600 |
Europe [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $136 | $100 | $100 |
Shareholders_Equity_Details
Shareholders' Equity - (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Maximum Annual Contribution Per Employee | 10.00% | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Authorized | ' | 250,000 | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 242,000 | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Purchased | 19,000 | 19,000 | 22,000 |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price | $19.72 | $15.29 | $12.49 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 | ' |
Preferred stock, par or stated value per share | $0.01 | $10 | ' |
Stock Employee Compensation Trust (SECT) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common Stock, Shares Held in Employee Trust, Shares | 3,304,000 | 3,304,000 | 3,304,000 |
Omnibus Stock Trust (OST) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common Stock, Shares Held in Employee Trust, Shares | 59,000 | 59,000 | 59,000 |
EquityBased_Compensation_Net_E
Equity-Based Compensation Net Equity-based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Equity-based compensation expense | $2,647 | $2,236 | $1,654 |
Tax benefit | 935 | 788 | 566 |
Net equity-based compensation expense | $1,712 | $1,448 | $1,088 |
EquityBased_Compensation_Fair_
Equity-Based Compensation Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Expected life (years) | '2 years 8 months | '2 years 8 months | '2 years 9 months |
Dividend yield | 1.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.40% | 0.40% | 1.00% |
Expected volatility | 44.40% | 61.30% | 55.60% |
EquityBased_Compensation_Stock
Equity-Based Compensation Stock Option Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2010 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Beginning of period, outstanding (in shares) | 461,346 | 265,500 | 0 |
Granted (in shares) | 207,000 | 225,596 | 275,500 |
Exercised (in shares) | -2,875 | -20,750 | 0 |
Canceled or forfeited (in shares) | -5,000 | -9,000 | -10,000 |
Expired (in shares) | 0 | 0 | 0 |
End of period, outstanding (in shares) | 660,471 | 461,346 | 265,500 |
Options exercisable (in shares) | 376,472 | ' | ' |
Beginning of period, outstanding, weighted-average exercise price | $13.59 | $12.89 | $0 |
Granted weighted-average exercise price | $21.03 | $14.41 | $12.86 |
Exercised weighted-average exercise price | $13.50 | $13.53 | $0 |
Canceled or forfeited weighted-average exercise price | $13.18 | $13.55 | $12.16 |
Expired weighted-average exercise price | $0 | $0 | $0 |
End of period, outstanding, weighted-average exercise price | $15.93 | $13.59 | $12.89 |
Options exercisable weighted-average exercise price | $15.10 | ' | ' |
Equity Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Beginning of period, outstanding (in shares) | 2,584,547 | 3,175,075 | 3,895,475 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | -107,775 | -574,353 | -660,338 |
Canceled or forfeited (in shares) | -2,000 | -13,175 | -55,687 |
Expired (in shares) | -2,625 | -3,000 | -4,375 |
End of period, outstanding (in shares) | 2,472,147 | 2,584,547 | 3,175,075 |
Options exercisable (in shares) | 2,408,223 | ' | ' |
Beginning of period, outstanding, weighted-average exercise price | $4.68 | $4.49 | $4.42 |
Granted weighted-average exercise price | $0 | $0 | $0 |
Exercised weighted-average exercise price | $4.93 | $3.58 | $4.01 |
Canceled or forfeited weighted-average exercise price | $5.92 | $5.42 | $5.57 |
Expired weighted-average exercise price | $3.45 | $3.56 | $3.50 |
End of period, outstanding, weighted-average exercise price | $4.67 | $4.68 | $4.49 |
Options exercisable weighted-average exercise price | $4.61 | ' | ' |
EquityBased_Compensation_Restr
Equity-Based Compensation Restricted Stock Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Plan Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning of period, outstanding (in shares) | 181,500 | 221,500 | 221,500 |
Granted (in shares) | 0 | 0 | 0 |
Released (in shares) | -40,000 | -40,000 | 0 |
Canceled or forfeited (in shares) | 0 | 0 | 0 |
End of period, outstanding (in shares) | 141,500 | 181,500 | 221,500 |
Beginning of period, outstanding, weighted-average fair value | $5.02 | $5.01 | $5.01 |
Granted, weighted-average fair value | $0 | $0 | $0 |
Released, weighted-average fair value | $4.97 | $4.97 | $0 |
Canceled or forfeited, weighted-average fair value | $0 | $0 | $0 |
End of period, outstanding weighted-average fair value | $5.04 | $5.02 | $5.01 |
1991 Restricted Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning of period, outstanding (in shares) | 291,749 | 262,375 | 182,500 |
Granted (in shares) | 98,000 | 127,500 | 160,000 |
Released (in shares) | -106,626 | -90,626 | -62,125 |
Canceled or forfeited (in shares) | -1,600 | -7,500 | -18,000 |
End of period, outstanding (in shares) | 281,523 | 291,749 | 262,375 |
Beginning of period, outstanding, weighted-average fair value | $12.29 | $9.57 | $5.83 |
Granted, weighted-average fair value | $20.68 | $15.04 | $12.19 |
Released, weighted-average fair value | $10.77 | $8.38 | $5.54 |
Canceled or forfeited, weighted-average fair value | $18.04 | $11.14 | $8.88 |
End of period, outstanding weighted-average fair value | $15.75 | $12.29 | $9.57 |
EquityBased_Compensation_Optio
Equity-Based Compensation Options Outstanding (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 660,471 | 461,346 | 265,500 | 0 |
Weighted-average exercise price | $15.93 | $13.59 | $12.89 | $0 |
Weighted average remaining contractual life | '10 years 8 months | ' | ' | ' |
Aggregate intrinsic value | $2,372,081 | ' | ' | ' |
Equity Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 2,472,147 | 2,584,547 | 3,175,075 | 3,895,475 |
Weighted-average exercise price | $4.67 | $4.68 | $4.49 | $4.42 |
Weighted average remaining contractual life | '4 years 8 months | ' | ' | ' |
Aggregate intrinsic value | 34,999,189 | ' | ' | ' |
Range of Exercise Prices, $12.16 – $13.75 [Member] | 2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 337,375 | ' | ' | ' |
Weighted-average exercise price | $13.07 | ' | ' | ' |
Weighted average remaining contractual life | '10 years 11 months | ' | ' | ' |
Aggregate intrinsic value | 1,943,340 | ' | ' | ' |
Exercise price range, lower limit | $12.16 | ' | ' | ' |
Exercise price range, upper limit | $13.75 | ' | ' | ' |
Range of Exercise Prices, $15.04 – $15.90 [Member] | 2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 116,096 | ' | ' | ' |
Weighted-average exercise price | $15.14 | ' | ' | ' |
Weighted average remaining contractual life | '8 years 10 months | ' | ' | ' |
Aggregate intrinsic value | 428,741 | ' | ' | ' |
Exercise price range, lower limit | $15.04 | ' | ' | ' |
Exercise price range, upper limit | $15.90 | ' | ' | ' |
Range of Exercise Prices, $20.68 - $21.41 [Member] | 2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 207,000 | ' | ' | ' |
Weighted-average exercise price | $21.03 | ' | ' | ' |
Weighted average remaining contractual life | '11 years 8 months | ' | ' | ' |
Aggregate intrinsic value | 0 | ' | ' | ' |
Exercise price range, lower limit | $20.68 | ' | ' | ' |
Exercise price range, upper limit | $21.41 | ' | ' | ' |
Range of Exercise Prices, $2.35 – $3.26 [Member] | Equity Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 502,500 | ' | ' | ' |
Weighted-average exercise price | $3.15 | ' | ' | ' |
Weighted average remaining contractual life | '4 years 2 months | ' | ' | ' |
Aggregate intrinsic value | 7,878,874 | ' | ' | ' |
Exercise price range, lower limit | $2.35 | ' | ' | ' |
Exercise price range, upper limit | $3.26 | ' | ' | ' |
Range of Exercise Prices, $3.48 – $4.90 [Member] | Equity Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 1,258,597 | ' | ' | ' |
Weighted-average exercise price | $4.47 | ' | ' | ' |
Weighted average remaining contractual life | '4 years 1 month | ' | ' | ' |
Aggregate intrinsic value | 18,074,077 | ' | ' | ' |
Exercise price range, lower limit | $3.48 | ' | ' | ' |
Exercise price range, upper limit | $4.90 | ' | ' | ' |
Range of Exercise Prices, $5.25 – $7.18 [Member] | Equity Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding (in shares) | 711,050 | ' | ' | ' |
Weighted-average exercise price | $6.11 | ' | ' | ' |
Weighted average remaining contractual life | '6 years 1 month | ' | ' | ' |
Aggregate intrinsic value | $9,046,238 | ' | ' | ' |
Exercise price range, lower limit | $5.25 | ' | ' | ' |
Exercise price range, upper limit | $7.18 | ' | ' | ' |
EquityBased_Compensation_Optio1
Equity-Based Compensation Options Exercisable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 376,472 |
Outstanding, weighted-average exercise price | $15.10 |
Weighted average remaining contractual life | '12 years 0 months |
Aggregate intrinsic value | $1,598,316 |
Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 2,408,223 |
Outstanding, weighted-average exercise price | $4.61 |
Weighted average remaining contractual life | '4 years 7 months |
Aggregate intrinsic value | 34,254,475 |
Range of Exercise Prices, $12.16 – $13.75 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 263,750 |
Outstanding, weighted-average exercise price | $13.27 |
Weighted average remaining contractual life | '11 years 8 months |
Aggregate intrinsic value | 1,466,612 |
Exercise price range, lower limit | $12.16 |
Exercise price range, upper limit | $13.75 |
Range of Exercise Prices, $15.04 – $15.90 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 37,722 |
Outstanding, weighted-average exercise price | $15.34 |
Weighted average remaining contractual life | '10 years 1 month |
Aggregate intrinsic value | 131,704 |
Exercise price range, lower limit | $15.04 |
Exercise price range, upper limit | $15.90 |
Range of Exercise Prices, $20.68 - $21.41 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 75,000 |
Outstanding, weighted-average exercise price | $21.41 |
Weighted average remaining contractual life | '14 years 5 months |
Aggregate intrinsic value | 0 |
Exercise price range, lower limit | $20.68 |
Exercise price range, upper limit | $21.41 |
Range of Exercise Prices, $2.35 – $3.26 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 502,500 |
Outstanding, weighted-average exercise price | $3.15 |
Weighted average remaining contractual life | '4 years 2 months |
Aggregate intrinsic value | 7,878,875 |
Exercise price range, lower limit | $2.35 |
Exercise price range, upper limit | $3.26 |
Range of Exercise Prices, $3.48 – $4.90 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 1,258,597 |
Outstanding, weighted-average exercise price | $4.47 |
Weighted average remaining contractual life | '4 years 1 month |
Aggregate intrinsic value | 18,074,077 |
Exercise price range, lower limit | $3.48 |
Exercise price range, upper limit | $4.90 |
Range of Exercise Prices, $5.25 – $7.18 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 647,126 |
Outstanding, weighted-average exercise price | $6 |
Weighted average remaining contractual life | '5 years 11 months |
Aggregate intrinsic value | $8,301,523 |
Exercise price range, lower limit | $5.25 |
Exercise price range, upper limit | $7.18 |
EquityBased_Compensation_Text_
Equity-Based Compensation - Text (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense for non-vested equity-based compensation | $4,400,000 | ' | ' | ' |
End of period, share price | $18.83 | ' | ' | ' |
Stock based compensation expense, recognition period | '15 months | ' | ' | ' |
2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Years of annual installments in which stock options become exercisable | '4 years | ' | ' | ' |
Number of shares authorized | 900,000 | ' | ' | ' |
Number of shares available for grant | 216,000 | ' | ' | ' |
Exercised (in shares) | -2,875 | -20,750 | 0 | ' |
Intrinsic value of shares exercised | 17,000 | 55,000 | ' | ' |
Number of options outstanding and exercisable (in shares) | 660,471 | 461,346 | 265,500 | 0 |
Aggregate intrinsic value | 2,372,081 | ' | ' | ' |
Weighted average remaining contractual life | '10 years 8 months | ' | ' | ' |
2010 Plan [Member] | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting period | '1 year | ' | ' | ' |
2010 Plan [Member] | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting period | '15 years | ' | ' | ' |
Equity Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares available for grant | 0 | ' | ' | ' |
Exercised (in shares) | -107,775 | -574,353 | -660,338 | ' |
Intrinsic value of shares exercised | 1,600,000 | 7,400,000 | 6,000,000 | ' |
Number of options outstanding and exercisable (in shares) | 2,472,147 | 2,584,547 | 3,175,075 | 3,895,475 |
Aggregate intrinsic value | 34,999,189 | ' | ' | ' |
Weighted average remaining contractual life | '4 years 8 months | ' | ' | ' |
Equity Plan [Member] | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Years of annual installments in which stock options become exercisable | '3 years | ' | ' | ' |
Award vesting period | '1 year | ' | ' | ' |
Equity Plan [Member] | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Years of annual installments in which stock options become exercisable | '4 years | ' | ' | ' |
Award vesting period | '15 years | ' | ' | ' |
1991 Plan Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting period | '4 years | ' | ' | ' |
Number of shares authorized | 800,000 | ' | ' | ' |
Number of shares available for grant | 180,000 | ' | ' | ' |
Weighted-average fair value on the date of grant of stock options granted | $5.78 | $5.47 | 4.57 | ' |
Annual vesting percentage | 25.00% | ' | ' | ' |
Intrinsic value of shares exercised | ' | ' | 300,000 | ' |
Number of options outstanding and exercisable (in shares) | 141,880 | ' | ' | ' |
Aggregate intrinsic value | $1,700,000 | ' | ' | ' |
Weighted average remaining contractual life | '1 year 7 months | ' | ' | ' |
1991 Plan Options [Member] | Range of Exercise Prices, $2.88 – $6.00 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding and exercisable (in shares) | 127,000 | ' | ' | ' |
Exercise price range, lower limit | $2.88 | ' | ' | ' |
Exercise price range, upper limit | $6 | ' | ' | ' |
1991 Plan Options [Member] | Range of Exercise Prices, $16.19 – $26.06 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options outstanding and exercisable (in shares) | 15,000 | ' | ' | ' |
Exercise price range, lower limit | $16.19 | ' | ' | ' |
Exercise price range, upper limit | $26.06 | ' | ' | ' |
EquityBased_Compensation_Paren
Equity-Based Compensation - Parenthetical (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range of Exercise Prices, $2.35 – $3.26 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $2.35 |
Exercise price range, upper limit | $3.26 |
Range of Exercise Prices, $3.48 – $4.90 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $3.48 |
Exercise price range, upper limit | $4.90 |
Range of Exercise Prices, $5.25 – $7.18 [Member] | Equity Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $5.25 |
Exercise price range, upper limit | $7.18 |
Range of Exercise Prices, $12.16 – $13.75 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $12.16 |
Exercise price range, upper limit | $13.75 |
Range of Exercise Prices, $15.04 – $15.90 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $15.04 |
Exercise price range, upper limit | $15.90 |
Range of Exercise Prices, $20.68 - $21.41 [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower limit | $20.68 |
Exercise price range, upper limit | $21.41 |
Significant_Customer_Details
Significant Customer - (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Revenue, largest customer, amount | $101 | $113.50 | $116.50 |
Revenue, largest customer, percentage | 24.10% | 26.70% | 29.40% |
Revenue related to sale of major customer's business segment | ' | 3.2 | ' |
Accounts receivable, largest customer, amount | $11 | $12.60 | ' |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
EnterpriseWide_Disclosures_Det
Enterprise-Wide Disclosures - (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | $419,036 | $424,415 | $396,275 | |||
Total foreign revenue | 77,645 | 69,393 | 67,853 | |||
Long-lived assets | 8,241 | 6,916 | 7,969 | |||
Deferred tax assets, net of valuation allowance | 8,669 | 8,485 | 8,368 | |||
United States [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 341,391 | 355,022 | 328,422 | |||
Long-lived assets | 7,169 | 6,102 | 7,119 | |||
Deferred tax assets, net of valuation allowance | 8,669 | 8,485 | 8,368 | |||
Europe [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Long-lived assets | 1,072 | 814 | 850 | |||
Deferred tax assets, net of valuation allowance | 0 | 0 | 0 | |||
Belgium [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 48,428 | [1] | 41,957 | [1] | 43,011 | [1] |
Other European Countries [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 28,684 | 26,653 | 23,969 | |||
Other Country [Member] | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 533 | 783 | 873 | |||
Deferred tax assets, net of valuation allowance | $0 | $0 | $0 | |||
[1] | Revenue for our Belgium operations has been disclosed separately as it exceeds 10% of consolidated revenue for certain of the years presented |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $102,735 | $100,689 | $107,117 | $108,495 | $107,925 | $106,418 | $106,705 | $103,367 | $419,036 | $424,415 | ' |
Direct costs | 80,455 | 79,506 | 84,470 | 85,896 | 84,478 | 83,283 | 83,810 | 81,515 | 330,327 | 333,086 | 311,984 |
Gross profit | 22,280 | 21,183 | 22,647 | 22,599 | 23,447 | 23,135 | 22,895 | 21,852 | 88,709 | 91,329 | ' |
Selling, general, and administrative expenses | 16,188 | 15,129 | 16,248 | 16,417 | 17,050 | 16,812 | 16,752 | 16,253 | 63,982 | 66,867 | 64,981 |
Operating income | 6,092 | 6,054 | 6,399 | 6,182 | 6,397 | 6,323 | 6,143 | 5,599 | 24,727 | 24,462 | 19,310 |
Interest and other expense, net | -82 | -91 | -106 | -109 | 717 | -68 | 384 | -50 | -388 | 983 | ' |
Income before income taxes | 6,010 | 5,963 | 6,293 | 6,073 | 7,114 | 6,255 | 6,527 | 5,549 | 24,339 | 25,445 | 19,123 |
Provision for income taxes | 2,306 | 2,100 | 2,238 | 2,016 | 2,245 | 2,442 | 2,404 | 2,189 | 8,660 | 9,280 | 7,185 |
Net Income | 3,704 | 3,863 | 4,055 | 4,057 | 4,869 | 3,813 | 4,123 | 3,360 | 15,679 | 16,165 | 11,938 |
Basic (in dollars per share) | $0.24 | $0.25 | $0.26 | $0.26 | $0.32 | $0.25 | $0.27 | $0.22 | $1.02 | $1.07 | $0.80 |
Diluted (in dollars per share) | $0.22 | $0.23 | $0.24 | $0.24 | $0.29 | $0.23 | $0.25 | $0.20 | $0.92 | $0.96 | $0.71 |
Cash dividend declared per share | $0.05 | $0.05 | $0.05 | $0.05 | $0 | $0 | $0 | $0 | $0.20 | $0 | $0 |
Non-taxable life insurance proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,268 | 0 |
Interest and Other Income Member [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | $0.05 | ' |
Non-taxable life insurance proceeds | ' | ' | ' | ' | $800 | ' | $400 | ' | ' | ' | ' |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts - (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Valuation and Qualifying Accounts [Abstract] | ' | ' | ' | ||
Allowance for doubtful accounts, Balance at January 1 | $862 | $965 | $860 | ||
Allowance for doubtful accounts, Additions | 178 | [1] | 326 | [2] | 729 |
Allowance for doubtful accounts, Deductions | 0 | [1] | -429 | [2] | -624 |
Allowance for doubtful accounts, Balance at December 31 | 1,040 | 862 | 965 | ||
Deferred tax asset valuation allowance, Balance at January 1 | 2,269 | 1,404 | 2,693 | ||
Deferred tax asset valuation allowance, Additions | 233 | [3] | 1,000 | [4] | 585 |
Deferred tax asset valuation allowance, Deductions | -332 | [3] | -135 | [4] | -1,874 |
Deferred tax asset valuation allowance, Balance at December 31 | 2,170 | 2,269 | 1,404 | ||
Reserves, Balance at January 1 | ' | 0 | 575 | ||
Reserves, Addtions | ' | ' | 0 | ||
Reserves, Deductions | ' | ' | -575 | ||
Reserves, Balance at December 31 | ' | ' | $0 | ||
[1] | These balances primarily reflect additions to the allowance charged to expense resulting from the normal course of business, less deductions for recovery of accounts that were previously reserved, and additions and deductions for foreign currency translation | ||||
[2] | These balances primarily reflect additions to the allowance for a customer bankruptcy in the Company's 2011 fourth quarter, less deductions for accounts written off that were previously reserved, and additions and deductions for foreign currency translation | ||||
[3] | These balances primarily reflect additions for an increase in the valuation reserve associated with certain deferred tax assets related to the Netherlands defined-benefit plan | ||||
[4] | These balances primarily reflect additions for current year activity, deductions for the expiration of certain unused net operating losses, and additions and deductions for foreign currency translation |