Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | MYR GROUP INC. | |
Entity Central Index Key | 700,923 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | MYRG | |
Entity Common Stock, Shares Outstanding | 20,616,702 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 30,429 | $ 77,636 |
Accounts receivable, net of allowances of $386 and $1,179, respectively | 193,065 | 158,101 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 78,030 | 44,609 |
Deferred income tax assets | 12,091 | 11,905 |
Receivable for insurance claims in excess of deductibles | 11,391 | 12,311 |
Refundable income taxes | 4,295 | 2,059 |
Other current assets | 5,850 | 6,880 |
Total current assets | 335,151 | 313,501 |
Property and equipment, net of accumulated depreciation of $173,276 and $147,956, respectively | 164,894 | 148,654 |
Goodwill | 48,667 | 46,599 |
Intangible assets, net of accumulated amortization of $3,478 and $3,227, respectively | 9,614 | 9,865 |
Other assets | 1,380 | 1,467 |
Total assets | 559,706 | 520,086 |
Current liabilities: | ||
Accounts payable | 82,486 | 62,247 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 45,690 | 38,121 |
Accrued self insurance | 35,861 | 39,480 |
Other current liabilities | 28,627 | 31,740 |
Total current liabilities | 192,664 | 171,588 |
Deferred income tax liabilities | 24,729 | 24,729 |
Other liabilities | 1,059 | 1,216 |
Total liabilities | $ 218,452 | $ 197,533 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at September 30, 2015 and December 31, 2014 | $ 0 | $ 0 |
Common stock$0.01 par value per share; 100,000,000 authorized shares; 20,804,768 and 20,791,623 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 206 | 206 |
Additional paid-in capital | 167,153 | 151,124 |
Accumulated other comprehensive income | 82 | 0 |
Retained earnings | 173,813 | 171,223 |
Total stockholders’ equity | 341,254 | 322,553 |
Total liabilities and stockholders’ equity | $ 559,706 | $ 520,086 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 386 | $ 1,179 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 173,276 | 147,956 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 3,478 | $ 3,227 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 20,804,768 | 20,791,623 |
Common Stock, Shares, Outstanding | 20,804,768 | 20,791,623 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Contract revenues | $ 269,861 | $ 248,473 | $ 790,497 | $ 692,988 |
Contract costs | 241,241 | 215,749 | 700,767 | 602,656 |
Gross profit | 28,620 | 32,724 | 89,730 | 90,332 |
Selling, general and administrative expenses | 18,974 | 19,282 | 56,513 | 54,267 |
Amortization of intangible assets | 84 | 83 | 251 | 250 |
Gain on sale of property and equipment | (357) | (48) | (1,574) | (119) |
Income from operations | 9,919 | 13,407 | 34,540 | 35,934 |
Other income (expense) | ||||
Interest income | 8 | 57 | 23 | 90 |
Interest expense | (180) | (179) | (546) | (534) |
Other, net | 438 | 2 | 349 | 164 |
Income before provision for income taxes | 10,185 | 13,287 | 34,366 | 35,654 |
Income tax expense | 4,010 | 4,883 | 12,945 | 13,237 |
Net income | $ 6,175 | $ 8,404 | $ 21,421 | $ 22,417 |
Income per common share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.40 | $ 1.03 | $ 1.06 |
Diluted (in dollars per share) | $ 0.29 | $ 0.39 | $ 1.01 | $ 1.03 |
Weighted average number of common shares and potential common shares outstanding: | ||||
Basic (in shares) | 20,788 | 20,988 | 20,662 | 21,040 |
Diluted (in shares) | 21,214 | 21,521 | 21,113 | 21,536 |
Net income | $ 6,175 | $ 8,404 | $ 21,421 | $ 22,417 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 50 | 0 | 69 | 0 |
Other comprehensive income | 50 | 0 | 69 | 0 |
Total comprehensive income | $ 6,225 | $ 8,404 | $ 21,490 | $ 22,417 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 21,421 | $ 22,417 |
Adjustments to reconcile net income to net cash flows provided by operating activities | ||
Depreciation and amortization of property and equipment | 27,767 | 24,551 |
Amortization of intangible assets | 251 | 250 |
Stock-based compensation expense | 3,843 | 3,271 |
Deferred income taxes | (186) | 1,407 |
Gain on sale of property and equipment | (1,574) | (119) |
Other non-cash items | 175 | 95 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | (24,301) | 13,062 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (31,319) | (20,859) |
Receivable for insurance claims in excess of deductibles | 920 | (484) |
Other assets | (1,234) | 2,439 |
Accounts payable | 17,014 | (11,162) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 6,079 | (4,484) |
Accrued self insurance | (3,387) | 308 |
Other liabilities | (4,774) | 2,932 |
Net cash flows provided by operating activities | 10,695 | 33,624 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 1,980 | 230 |
Cash paid for acquired business | (11,374) | 0 |
Purchases of property and equipment | (42,795) | (35,992) |
Net cash flows used in investing activities | (52,189) | (35,762) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 1,823 | 450 |
Excess tax benefit from stock-based awards | 1,676 | 390 |
Repurchase of common shares | (9,240) | (10,585) |
Other financing activities | 28 | 38 |
Net cash flows used in financing activities | (5,713) | (9,707) |
Net decrease in cash and cash equivalents | (47,207) | (11,845) |
Cash and cash equivalents: | ||
Beginning of period | 77,636 | 76,454 |
End of period | $ 30,429 | $ 64,609 |
Organization, Business and Basi
Organization, Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization, Business and Basis of Presentation MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers that conducts operations through a number of wholly-owned subsidiaries including: The L. E. Myers Co., a Delaware corporation; Harlan Electric Company, a Michigan corporation; Great Southwestern Construction, Inc., a Colorado corporation; Sturgeon Electric Company, Inc., a Michigan corporation; E.S. Boulos Company, a Delaware corporation; MYR Transmission Services, Inc., a Delaware corporation; MYR Group Construction Canada, Ltd., a British Columbia corporation; MYR Transmission Services Canada, Ltd., a British Columbia corporation; and Northern Transmission Services, Ltd., a British Columbia corporation. The Company performs construction services in two business segments: Transmission and Distribution (“T&D”), and Commercial and Industrial (“C&I”). T&D customers include electric utilities, cooperatives, government-funded utilities and private developers. The Company provides a broad range of services, which include design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. The Company also provides C&I electrical contracting services to property owners and general contractors in the western and northeastern United States. The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim consolidated financial statements have been included. The consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2014, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 11, 2015. The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on foreign currency denominated balances, are recorded in the other, net line on the consolidated statements of operations. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to the completion percentages on our contracts, insurance reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three months ended September 30, 2015, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 0.5 1.3 0.8 0.04 During the nine months ended September 30, 2015, changes in estimates pertaining to certain projects, the majority of which were transmission projects, resulted in increased consolidated gross margin of 0.5 3.5 2.2 0.10 1.0 1.7 2.4 11.7 1.5 7.3 0.07 0.34 Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or adoption will have minimal impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In September, 2015, the FASB issued ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in ASU 2015-16 simplify the accounting for adjustments to provisional amounts by eliminating the requirements to record those adjustments retrospectively. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been issued. The Company elected to adopt ASU 2015-16 in September, 2015 , which did not have a significant impact on the Company’s financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments under this pronouncement may change how an entity recognizes revenue from contracts it enters to transfer goods, services or nonfinancial assets to its customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; Step 5: Recognize revenue when, or as, the entity satisfies the performance obligations. In addition, the amendments require expanded disclosure to enable the users of the financial statements to understand the nature, timing and uncertainty of revenue and cash flow arising from contracts with customers. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. On August 16, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date, permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the impact of this pronouncement on its policies and procedures pertaining to recognition of revenue from contracts with customers, the pronouncement’s expanded disclosure requirements and the impact on the Company’s financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions On April 13, 2015, the Company acquired substantially all of the assets of E.S. Boulos Company (“ESB”), one of New England’s largest and most experienced electrical contractors with over 95 years in operation, from a subsidiary of Eversource Energy. The total consideration paid was approximately $ 11.4 The results of operations for ESB are included in the Company’s consolidated statement of operations and the T&D and C&I segments from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized by the end of 2015. Costs of approximately $ 0.4 (adjusted (as of Measurement acquisition acquisition date) Period amounts as of) April 13, 2015 Adjustments September 30, 2015 Total consideration $ 11,374 $ $ 11,374 Accounts receivable $ 10,662 $ $ 10,662 Costs and estimated earnings in excess of billings on uncompleted contracts 2,102 2,102 Other current assets 59 59 Property and equipment 1,778 252 2,030 Intangible assets Accounts payable (3,621) (3,621) Billings in excess of costs and estimated earnings on uncompleted contracts (1,490) (1,490) Other current liabilities (437) (437) Net identifiable assets 9,053 252 9,305 Goodwill $ 2,321 $ (252) $ 2,069 Further adjustments are expected to the allocation as third party valuations of identifiable intangible assets, including trade names, customer relationships, and backlog are finalized, and as working capital adjustments are finalized. The goodwill to be recognized, which represents the excess of the purchase price over the net amount of the fair values assigned to assets acquired and liabilities assumed, is primarily attributable to the value of an assembled workforce. All of the goodwill and identifiable intangible assets are expected to be tax deductible per applicable IRS regulations. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2015 and December 31, 2014, the carrying value of the Company’s cash and cash equivalents approximated fair value based on Level 1 inputs. |
Contracts in Process
Contracts in Process | 9 Months Ended |
Sep. 30, 2015 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 4. Contracts in Process September 30, December 31, (In thousands) 2015 2014 Costs and estimated earnings on uncompleted contracts $ 2,065,572 $ 1,746,507 Less: Billings to date 2,033,232 1,740,019 $ 32,340 $ 6,488 September 30, December 31, (In thousands) 2015 2014 Costs and estimated earnings in excess of billings on uncompleted contracts $ 78,030 $ 44,609 Billings in excess of costs and estimated earnings on uncompleted contracts (45,690) (38,121) $ 32,340 $ 6,488 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | The difference between the U.S. federal statutory tax rate of 35 The Company had unrecognized tax benefits of approximately $ 0.7 The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense because of the unrecognized tax benefits was not material for the three and nine months ended September 30, 2015 and 2014. The Company is subject to taxation in various jurisdictions. The Company’s tax returns for 2012 through 2014 are currently under examination by U.S. federal authorities. The company’s tax returns are subject to examination by various state authorities for the years 2011 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | 6. Commitments and Contingencies Letters of Credit As of September 30, 2015 and December 31, 2014, the Company had irrevocable standby letters of credit outstanding of approximately $ 19.3 17.5 1.8 Leases The Company leases real estate, construction equipment and office equipment under operating leases with remaining terms ranging from one six 0.4 1.2 0.7 0.6 0.4 0.2 Purchase Commitments As of September 30, 2015, the Company had approximately $ 1.2 three Insurance and Claims Accruals The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverages. The deductible per occurrence for each line of coverage is up to $ 1.0 0.1 The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the deductible, a corresponding receivable for amounts in excess of the deductible is included in current assets in the consolidated balance sheets. Performance and Payment Bonds In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on certain contractual commitments. The Company has indemnified its surety for any expenses paid out under these bonds. As of September 30, 2015, an aggregate of approximately $ 969.9 110.0 Indemnities From time to time, pursuant to its service arrangements, the Company indemnifies its customers for claims related to the services it provides under those service arrangements. These indemnification obligations may subject the Company to indemnity claims and liabilities and related litigation. The Company is not aware of any material unrecorded liabilities for asserted claims in connection with these indemnification obligations. Multi-employer Pension Plans Many of the Company’s subsidiaries’ craft labor employees are covered by collective bargaining agreements. The agreements require the subsidiaries to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If a subsidiary withdraws from any of the multi-employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could be assessed liabilities for additional contributions related to the underfunding of these plans. Although the Company has been informed that some of the multi-employer pension plans to which its subsidiaries contribute have been classified as “critical” status, the Company is not currently aware of any significant liabilities related to this issue. Litigation and Other Legal Matters The Company is from time-to-time party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our business as well as in respect of our divested businesses. These claims, lawsuits and other proceedings include claims related to the Company’s current services and operations, as well as our historic operations. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted, the 2006 Stock Option Plan (the “2006 Plan”) and the 2007 Long-Term Incentive Plan (as amended) (the “LTIP”). Upon the adoption of the LTIP in 2007, awards were no longer granted under the 2006 Plan. The LTIP provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) performance awards, (f) phantom stock, (g) stock bonuses, (h) dividend equivalents, and (i) any combination of such awards. All awards were made with an exercise price or base price, as the case may be, that was not less than the fair market value per share on the grant date. The grant date fair value of restricted stock awards and performance share awards with performance conditions was equal to the closing market price of the Company’s common stock on the date of grant. The grant date fair value of performance share awards with market conditions was measured using a Monte Carlo simulation model. During the nine months ended September 30, 2015, plan participants exercised 248,919 7.32 During the nine months ended September 30, 2015, the Company granted 74,375 30.00 82,959 21.80 During the nine months ended September 30, 2015, the Company granted 3,804 29.57 three During the nine months ended September 30 2015, the Company granted 69,978 ROIC is defined as net income, less any dividends, divided by stockholders’ equity plus net debt (total debt less cash and marketable securities) at the beginning of the performance period. The ROIC-based target shares awarded were valued at $ 30.16 TSR is defined as the change in the fair market value, adjusted for dividends, of a company’s stock. The TSR of the Company’s stock will be compared to the TSR of a peer group of companies defined at the time of the grant. The TSR awards are calculated using the average stock price of the 20 trading days prior to January 1, 2015 and compared to the average stock price of the 20 trading days prior to December 31, 2017. Because TSR is a market-based performance metric, the Company used a Monte Carlo simulation model to calculate the fair value of the grant, which resulted in a fair value of $ 47.24 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | MYR Group is a specialty contractor serving the electrical infrastructure market. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Performance measurement and resource allocation for the reporting segments are based on many factors. The primary financial measures used to evaluate the segment information are contract revenues and income from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which includes safety, professional fees, management fees, and intangible amortization. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities, which include design, engineering, procurement, construction, upgrade, and maintenance and repair services, with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems. The T&D segment also provides emergency restoration services in response to hurricane, ice or other storm-related damage. T&D customers include electric utilities, cooperatives, government-funded utilities and private developers. Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, installation of traffic networks and the installation of bridge, roadway and tunnel lighting. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, convention centers, manufacturing plants, processing facilities, waste-water treatment facilities, mining facilities and transportation control and management systems. C&I segment services are generally in the western and northeastern United States. Three months ended Nine months ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Contract revenues: T&D $ 203,864 $ 179,960 $ 593,670 $ 508,385 C&I 65,997 68,513 196,827 184,603 $ 269,861 $ 248,473 $ 790,497 $ 692,988 Income from operations: T&D $ 13,929 $ 16,892 $ 47,476 $ 47,636 C&I 2,780 5,427 9,540 13,149 General Corporate (6,790) (8,912) (22,476) (24,851) $ 9,919 $ 13,407 $ 34,540 $ 35,934 For the three months and nine months ended September 30, 2015, contract revenues attributable to the Company’s Canadian operations were $ 0.3 0.6 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. Earnings Per Share The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the treasury method. The Company’s unvested grants of restricted stock granted prior to 2014 contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share. The restricted shares granted after 2013 contain a provision making the payment of dividends contingent upon vesting of the shares. These shares are not participating shares because any accumulated unvested dividends are forfeited, along with the shares, if the awards fail to vest. These non-participating shares are excluded from the computation of net income allocated to participating securities in the table below, but are included in the computation of weighted average dilutive securities, unless their inclusion would be anti-dilutive. Three months ended Nine months ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income $ 6,175 $ 8,404 $ 21,421 $ 22,417 Less: Net income allocated to participating securities (25) (58) (103) (176) Net income available to common shareholders $ 6,150 $ 8,346 $ 21,318 $ 22,241 Denominator: Weighted average common shares outstanding 20,788 20,988 20,662 21,040 Weighted average dilutive securities 426 533 451 496 Weighted average common shares outstanding, diluted 21,214 21,521 21,113 21,536 Income per common share, basic $ 0.30 $ 0.40 $ 1.03 $ 1.06 Income per common share, diluted $ 0.29 $ 0.39 $ 1.01 $ 1.03 For the three and nine month periods ended September 30, 2015 and 2014, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. Three months ended Nine months ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Stock options 4 103 2 104 Performance awards 35 35 84 Share Repurchases During the nine months ended September 30, 2015, the Company repurchased 374,963 26.88 327,232 8.7 7.8 47,731 1.4 On July 30, 2015 the Company’s Board of Directors approved an amended Repurchase Program, which increased the program from $ 25.0 42.5 25.0 , of which $ 18.1 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent Event On October 19, 2015, the Company announced the appointment of Betty R. Johnson as the Company’s Senior Vice President, Chief Financial Officer and Treasurer, effective as of that date. Ms. Johnson replaces Paul J. Evans, who previously served in the role of Vice President, Chief Financial Officer and Treasurer. The Company determined that this transition should be treated as a subsequent event, with the financial impact recorded in the fourth quarter of 2015. Pursuant to the terms of Mr. Evans’ employment agreement, he is entitled to salary and benefits through his date of termination, two times his annual salary, two times his annual bonus at target, and Company funded benefit continuation coverage for himself and eligible dependents for two years. Under the circumstances of Mr. Evans’ departure, Mr. Evans’ equity grant agreements provide for accelerated vesting of his unvested stock options and restricted stock awards. As a result, the Company will record approximately $1.3 million of incremental expense in the fourth quarter of 2015. Additionally, Mr. Evans will be entitled to a pro-rated payout of unvested performance shares after the performance period ends. Future expense pertaining to the pro-rated payout will be adjusted quarterly based on forecasted performance. |
Organization, Business and Ba16
Organization, Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization [Policy Text Block] | Organization MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers that conducts operations through a number of wholly-owned subsidiaries including: The L. E. Myers Co., a Delaware corporation; Harlan Electric Company, a Michigan corporation; Great Southwestern Construction, Inc., a Colorado corporation; Sturgeon Electric Company, Inc., a Michigan corporation; E.S. Boulos Company, a Delaware corporation; MYR Transmission Services, Inc., a Delaware corporation; MYR Group Construction Canada, Ltd., a British Columbia corporation; MYR Transmission Services Canada, Ltd., a British Columbia corporation; and Northern Transmission Services, Ltd., a British Columbia corporation. |
Business Description [Policy Text Block] | Business The Company performs construction services in two business segments: Transmission and Distribution (“T&D”), and Commercial and Industrial (“C&I”). T&D customers include electric utilities, cooperatives, government-funded utilities and private developers. The Company provides a broad range of services, which include design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. The Company also provides C&I electrical contracting services to property owners and general contractors in the western and northeastern United States. |
Consolidation, Policy [Policy Text Block] | Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim consolidated financial statements have been included. The consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2014, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 11, 2015. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on foreign currency denominated balances, are recorded in the other, net line on the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to the completion percentages on our contracts, insurance reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three months ended September 30, 2015, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 0.5 1.3 0.8 0.04 During the nine months ended September 30, 2015, changes in estimates pertaining to certain projects, the majority of which were transmission projects, resulted in increased consolidated gross margin of 0.5 3.5 2.2 0.10 1.0 1.7 2.4 11.7 1.5 7.3 0.07 0.34 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or adoption will have minimal impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In September, 2015, the FASB issued ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in ASU 2015-16 simplify the accounting for adjustments to provisional amounts by eliminating the requirements to record those adjustments retrospectively. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been issued. The Company elected to adopt ASU 2015-16 in September, 2015 , which did not have a significant impact on the Company’s financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments under this pronouncement may change how an entity recognizes revenue from contracts it enters to transfer goods, services or nonfinancial assets to its customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; Step 5: Recognize revenue when, or as, the entity satisfies the performance obligations. In addition, the amendments require expanded disclosure to enable the users of the financial statements to understand the nature, timing and uncertainty of revenue and cash flow arising from contracts with customers. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. On August 16, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date, permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the impact of this pronouncement on its policies and procedures pertaining to recognition of revenue from contracts with customers, the pronouncement’s expanded disclosure requirements and the impact on the Company’s financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the provisional fair values of the assets acquired and the liabilities assumed as of the date of acquisition: (adjusted (as of Measurement acquisition acquisition date) Period amounts as of) April 13, 2015 Adjustments September 30, 2015 Total consideration $ 11,374 $ $ 11,374 Accounts receivable $ 10,662 $ $ 10,662 Costs and estimated earnings in excess of billings on uncompleted contracts 2,102 2,102 Other current assets 59 59 Property and equipment 1,778 252 2,030 Intangible assets Accounts payable (3,621) (3,621) Billings in excess of costs and estimated earnings on uncompleted contracts (1,490) (1,490) Other current liabilities (437) (437) Net identifiable assets 9,053 252 9,305 Goodwill $ 2,321 $ (252) $ 2,069 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | The net asset position for contracts in process consisted of the following: September 30, December 31, (In thousands) 2015 2014 Costs and estimated earnings on uncompleted contracts $ 2,065,572 $ 1,746,507 Less: Billings to date 2,033,232 1,740,019 $ 32,340 $ 6,488 |
Consolidated Balance Sheet [Member] | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | The net asset position for contracts in process included in the accompanying consolidated balance sheets was as follows: September 30, December 31, (In thousands) 2015 2014 Costs and estimated earnings in excess of billings on uncompleted contracts $ 78,030 $ 44,609 Billings in excess of costs and estimated earnings on uncompleted contracts (45,690) (38,121) $ 32,340 $ 6,488 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The information in the following table was derived from internal financial reports used for corporate management purposes: Three months ended Nine months ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Contract revenues: T&D $ 203,864 $ 179,960 $ 593,670 $ 508,385 C&I 65,997 68,513 196,827 184,603 $ 269,861 $ 248,473 $ 790,497 $ 692,988 Income from operations: T&D $ 13,929 $ 16,892 $ 47,476 $ 47,636 C&I 2,780 5,427 9,540 13,149 General Corporate (6,790) (8,912) (22,476) (24,851) $ 9,919 $ 13,407 $ 34,540 $ 35,934 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows: Three months ended Nine months ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income $ 6,175 $ 8,404 $ 21,421 $ 22,417 Less: Net income allocated to participating securities (25) (58) (103) (176) Net income available to common shareholders $ 6,150 $ 8,346 $ 21,318 $ 22,241 Denominator: Weighted average common shares outstanding 20,788 20,988 20,662 21,040 Weighted average dilutive securities 426 533 451 496 Weighted average common shares outstanding, diluted 21,214 21,521 21,113 21,536 Income per common share, basic $ 0.30 $ 0.40 $ 1.03 $ 1.06 Income per common share, diluted $ 0.29 $ 0.39 $ 1.01 $ 1.03 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities: Three months ended Nine months ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Stock options 4 103 2 104 Performance awards 35 35 84 |
Organization, Business and Ba21
Organization, Business and Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss), Total | $ 9,919 | $ 13,407 | $ 34,540 | $ 35,934 |
Net Income (Loss) Attributable to Parent, Total | $ 6,175 | $ 8,404 | $ 21,421 | $ 22,417 |
Earnings Per Share, Diluted, Total | $ 0.29 | $ 0.39 | $ 1.01 | $ 1.03 |
Contracts Accounted for under Percentage of Completion [Member] | Cost Estimate Revision [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Cost Estimate Revision Gross Margin Increase (Decrease) Percentage | (0.50%) | 1.00% | 0.50% | 1.70% |
Estimate Adjustment [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss), Total | $ (1,300) | $ 2,400 | $ 3,500 | $ 11,700 |
Net Income (Loss) Attributable to Parent, Total | $ (800) | $ 1,500 | $ 2,200 | $ 7,300 |
Earnings Per Share, Diluted, Total | $ (0.04) | $ 0.07 | $ 0.10 | $ 0.34 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Apr. 13, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||
Total consideration | $ 11,374 | |
Accounts receivable | 10,662 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,102 | |
Other current assets | 59 | |
Property and equipment | 2,030 | |
Intangible assets | 0 | |
Accounts payable | (3,621) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,490) | |
Other current liabilities | (437) | |
Net identifiable assets | 9,305 | |
Goodwill | $ 2,069 | |
Scenario, Previously Reported [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration | $ 11,374 | |
Accounts receivable | 10,662 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,102 | |
Other current assets | 59 | |
Property and equipment | 1,778 | |
Accounts payable | (3,621) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,490) | |
Other current liabilities | (437) | |
Net identifiable assets | 9,053 | |
Goodwill | 2,321 | |
Restatement Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration | 0 | |
Accounts receivable | 0 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 0 | |
Other current assets | 0 | |
Property and equipment | 252 | |
Intangible assets | 0 | |
Accounts payable | 0 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 0 | |
Other current liabilities | 0 | |
Net identifiable assets | 252 | |
Goodwill | $ (252) |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Millions | Apr. 13, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 11.4 | |
Business Acquisition, Transaction Costs | $ 0.4 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings on uncompleted contracts | $ 2,065,572 | $ 1,746,507 |
Less: Billings to date | 2,033,232 | 1,740,019 |
Net Costs And Estimated Earnings In Excess Of Billings | $ 32,340 | $ 6,488 |
Contracts in Process (Details 1
Contracts in Process (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 78,030 | $ 44,609 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (45,690) | (38,121) |
Net Costs And Estimated Earnings In Excess Of Billings | $ 32,340 | $ 6,488 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||
U.S. federal statutory tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% | |
Unrecognized Tax Benefits | $ 0.7 | $ 0.7 | $ 0.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual 1) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Abstract] | ||
Letters of Credit Outstanding, Amount | $ 19.3 | $ 19.3 |
Letters Of Credit Outstanding Amount Related To Payment Obligation Under Insurance Programs | 17.5 | 17.5 |
Letters Of Credit Outstanding Amount Related To Contract Performance Obligations | 1.8 | $ 1.8 |
Future minimum lease payments for operating leases | ||
2,015 | 0.4 | |
2,016 | 1.2 | |
2,017 | 0.7 | |
2,018 | 0.6 | |
2,019 | 0.4 | |
Thereafter | $ 0.2 | |
Purchase Commitments | ||
Significant Purchase Commitment Scheduled Period of Time for Cash Outlay | 3 months | |
Outstanding purchase orders for certain construction equipment | $ 1.2 | |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Operating Lease Term | 6 years | |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Operating Lease Term | 1 year |
Commitments and Contingencies28
Commitments and Contingencies (Details Textual 2) $ in Millions | Sep. 30, 2015USD ($) |
Other Commitments [Line Items] | |
Loss Contingency Insurance Policy Deductible for Each Line of Coverage Excluding Health | $ 1 |
Loss Contingency Health Insurance Deductible For Qualified Individuals | 0.1 |
Outstanding Performance Bonds | 969.9 |
Estimated Cost to Complete Bonded Projects | $ 110 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Other information | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 248,919 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 7.32 |
Phantom Stock [Member] | |
Other information | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 29.57 |
Stock Issued During Period, Shares, Issued for Services | shares | 3,804 |
Total Shareholder Return [Member] | |
Weighted-Average Grant Date Fair Value | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 47.24 |
Return On Invested Capital [Member] | |
Weighted-Average Grant Date Fair Value | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 30.16 |
Restricted Stock [Member] | |
Weighted-Average Grant Date Fair Value | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 30 |
Other information | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 74,375 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 82,959 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 21.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Performance awards [Member] | |
Other information | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 69,978 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 269,861 | $ 248,473 | $ 790,497 | $ 692,988 |
Income from operations | 9,919 | 13,407 | 34,540 | 35,934 |
T&D [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 203,864 | 179,960 | 593,670 | 508,385 |
Income from operations | 13,929 | 16,892 | 47,476 | 47,636 |
C&I [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 65,997 | 68,513 | 196,827 | 184,603 |
Income from operations | 2,780 | 5,427 | 9,540 | 13,149 |
General Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | $ (6,790) | $ (8,912) | $ (22,476) | $ (24,851) |
Segment Information (Details Te
Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Sales Revenue, Services, Net | $ 269,861 | $ 248,473 | $ 790,497 | $ 692,988 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Services, Net | $ 300 | $ 600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 6,175 | $ 8,404 | $ 21,421 | $ 22,417 |
Less: Net income allocated to participating securities | (25) | (58) | (103) | (176) |
Net income available to common shareholders | $ 6,150 | $ 8,346 | $ 21,318 | $ 22,241 |
Denominator: | ||||
Weighted average common shares outstanding | 20,788 | 20,988 | 20,662 | 21,040 |
Weighted average dilutive securities | 426 | 533 | 451 | 496 |
Weighted average common shares outstanding, diluted | 21,214 | 21,521 | 21,113 | 21,536 |
Income per common share, basic (in dollars per share) | $ 0.30 | $ 0.40 | $ 1.03 | $ 1.06 |
Income per common share, diluted (in dollars per share) | $ 0.29 | $ 0.39 | $ 1.01 | $ 1.03 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Performance awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35 | 0 | 35 | 84 |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4 | 103 | 2 | 104 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jul. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 374,963 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 26.88 | ||
Stock Repurchase Program, Authorized Amount | $ 25,000 | ||
Payments for Repurchase of Common Stock | $ (9,240) | $ (10,585) | |
Share Repurchase Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 327,232 | ||
Stock Repurchase Program, Authorized Amount | $ 42,500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 25,000 | $ 18,100 | |
Stock Repurchase Program Expiration Date | Aug. 31, 2016 | ||
Amount paid to repurchase shares | 8,700 | ||
Payments for Repurchase of Common Stock | $ 7,800 | ||
Shares Repurchased Under Stock Compensation Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 47,731 | ||
Amount paid to repurchase shares | $ 1,400 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) $ in Millions | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Purchase Price of Acquisition, in Cash | $ 1.3 |