Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
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 | 18,226,788 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 26,039 | $ 39,797 |
Accounts receivable, net of allowances of $346 and $376, respectively | 172,815 | 187,235 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 71,557 | 51,486 |
Receivable for insurance claims in excess of deductibles | 8,557 | 11,290 |
Refundable income taxes | 4,710 | 5,617 |
Other current assets | 6,368 | 7,942 |
Total current assets | 290,046 | 303,367 |
Property and equipment, net of accumulated depreciation of $189,449 and $181,575, respectively | 153,751 | 160,678 |
Goodwill | 47,124 | 47,124 |
Intangible assets, net of accumulated amortization of $4,009 and $3,798, respectively | 11,151 | 11,362 |
Other assets | 2,532 | 2,394 |
Total assets | 504,604 | 524,925 |
Current liabilities: | ||
Current maturities of long-term debt, including capital leases | 129 | 0 |
Accounts payable | 80,484 | 73,300 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 44,640 | 40,614 |
Accrued self insurance | 33,589 | 36,967 |
Other current liabilities | 24,926 | 28,856 |
Total current liabilities | 183,768 | 179,737 |
Deferred income tax liabilities | 14,308 | 14,382 |
Long-term debt, including capital leases, net of current maturities | 616 | 0 |
Other liabilities | 894 | 926 |
Total liabilities | $ 199,586 | $ 195,045 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2016 and December 31, 2015 | $ 0 | $ 0 |
Common stock$0.01 par value per share; 100,000,000 authorized shares; 18,878,060 and 19,969,347 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 187 | 198 |
Additional paid-in capital | 151,950 | 161,342 |
Accumulated other comprehensive income | 35 | 116 |
Retained earnings | 152,846 | 168,224 |
Total stockholders' equity | 305,018 | 329,880 |
Total liabilities and stockholders' equity | $ 504,604 | $ 524,925 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 346 | $ 376 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 189,449 | 181,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,009 | $ 3,798 |
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 | 18,878,060 | 19,969,347 |
Common Stock, Shares, Outstanding | 18,878,060 | 19,969,347 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Contract revenues | $ 253,634 | $ 244,148 |
Contract costs | 226,353 | 214,774 |
Gross profit | 27,281 | 29,374 |
Selling, general and administrative expenses | 23,859 | 18,592 |
Amortization of intangible assets | 211 | 83 |
Gain on sale of property and equipment | (96) | (898) |
Income from operations | 3,307 | 11,597 |
Other income (expense) | ||
Interest income | 4 | 7 |
Interest expense | (183) | (179) |
Other, net | 108 | (58) |
Income before provision for income taxes | 3,236 | 11,367 |
Income tax expense | 1,249 | 4,195 |
Net income | $ 1,987 | $ 7,172 |
Income per common share: | ||
- Basic (in dollars per share) | $ 0.10 | $ 0.35 |
- Diluted (in dollars per share) | $ 0.10 | $ 0.34 |
Weighted average number of common shares and potential common shares outstanding: | ||
- Basic (in shares) | 19,321 | 20,562 |
- Diluted (in shares) | 19,634 | 21,052 |
Net income | $ 1,987 | $ 7,172 |
Other comprehensive income: | ||
Foreign currency translation adjustment | (81) | 0 |
Other comprehensive loss | (81) | 0 |
Total comprehensive income | $ 1,906 | $ 7,172 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,987 | $ 7,172 |
Adjustments to reconcile net income to net cash flows provided by operating activities | ||
Depreciation and amortization of property and equipment | 9,705 | 8,881 |
Amortization of intangible assets | 211 | 83 |
Stock-based compensation expense | 730 | 1,049 |
Deferred income taxes | (75) | (30) |
Gain on sale of property and equipment | (96) | (898) |
Other non-cash items | (61) | 62 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 14,420 | 1,389 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (20,071) | (20,081) |
Receivable for insurance claims in excess of deductibles | 2,733 | 50 |
Other assets | 2,046 | 2,158 |
Accounts payable | 8,004 | 5,189 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,026 | (5,082) |
Accrued self insurance | (3,378) | (951) |
Other liabilities | (5,755) | 2,379 |
Net cash flows provided by operating activities | 14,426 | 1,370 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 1,032 | 938 |
Purchases of property and equipment | (3,769) | (16,362) |
Net cash flows used in investing activities | (2,737) | (15,424) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 104 | 378 |
Excess tax benefit from stock-based awards | 135 | 1,010 |
Repurchase of common shares | (25,686) | (3,140) |
Net cash flows used in financing activities | (25,447) | (1,752) |
Net decrease in cash and cash equivalents | (13,758) | (15,806) |
Cash and cash equivalents: | ||
Beginning of period | 39,797 | 77,636 |
End of period | 26,039 | 61,830 |
Noncash investing activities: | ||
Acquisition of property and equipment acquired under capital lease arrangements | 745 | 0 |
Noncash financing activities: | ||
Share repurchases not settled | 2,691 | 0 |
Capital lease obligations initiated | $ 745 | $ 0 |
Organization, Business and Basi
Organization, Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States. Basis of Presentation 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, 2015 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, 2015, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 3, 2016. 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. For the three months ended March 31, 2016, the Company recorded $ 0.2 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 estimates of costs to complete on our contracts, insurance reserves, income tax 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 March 31, 2016, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 0.6%. The Company’s income from operations for the three months ended March 31, 2016 decreased $ 1.5 0.9 0.05 1.5 3.7 2.3 0.11 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 March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718). The amendments under this pronouncement make modifications to the accounting treatment for forfeitures, required withholding on stock compensation and the financial statement presentation of excess tax benefits or deficiencies and certain components of stock compensation. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted in any interim period. The Company is evaluating the impact this pronouncement will have on its policies and procedures pertaining to its accounting for stock compensation, disclosure requirements and on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under this pronouncement will change the way all leases with durations in excess of one year or more are treated. Under this guidance, lessees will be required to recognize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, which contain provisions similar to capitalized leases, are amortized like capital leases under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The Company is evaluating the impact this pronouncement will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and 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. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions E.S. Boulos Company 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. Costs of approximately $ 0.4 (adjusted 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 2,031 Intangible assets 2,068 Accounts payable (3,621) Billings in excess of costs and estimated earnings on uncompleted contracts (1,490) Other current liabilities (437) Net identifiable assets 11,374 Goodwill $ High Country Line Construction, Inc. On November 24, 2015, the Company acquired all of the outstanding common stock of High Country Line Construction, Inc. (“HCL”). The acquisition of HCL expands the Company’s T&D construction services, predominantly in the western United States. The preliminary acquisition date fair value of consideration transferred was $ 1.7 0.5 0.2 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements 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 March 31, 2016 and December 31, 2015, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 4. Contracts in Process March 31, December 31, (In thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 1,900,080 $ 2,153,085 Less: Billings to date 1,873,163 2,142,213 $ 26,917 $ 10,872 March 31, December 31, (In thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 71,557 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (44,640) (40,614) $ 26,917 $ 10,872 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 5. Income Taxes The difference between the U.S. federal statutory tax rate of 35 The Company had unrecognized tax benefits of approximately $ 0.6 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 significant for the three months ended March 31, 2016 and 2015. 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 through 2014. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | 6. Commitments and Contingencies Letters of Credit As of March 31, 2016, the Company had irrevocable standby letters of credit outstanding of approximately $ 24.3 17.6 6.7 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 years 1.7 1.8 1.3 1.0 0.5 0.2 Purchase Commitments As of March 31, 2016, the Company had approximately $ 0.6 two months 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 March 31, 2016, an aggregate of approximately $ 872.1 104.6 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. Collective Bargaining Agreements 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 incur additional liabilities related to 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 not based on market 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 performance conditions based on market conditions was measured using a Monte Carlo simulation model. During the three months ended March 31, 2016, plan participants exercised 25,961 4.01 During the three months ended March 31, 2016, the Company granted 69,799 24.50 65,928 24.84 During the three months ended March 31, 2016, the Company granted 79,661 The Company granted 45,940 24.50 The Company granted 33,721 20 20 33.35 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 8. Segment Information MYR Group is a specialty contractor serving the electrical infrastructure market in the United States and parts of Canada. 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, 2015. 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 performed in the western and northeastern United States. Three months ended March 31, (In thousands) 2016 2015 Contract revenues: T&D $ 182,974 $ 189,223 C&I 70,660 54,925 $ 253,634 $ 244,148 Income from operations: T&D $ 10,669 $ 16,834 C&I 2,156 2,836 General Corporate (9,518) (8,073) $ 3,307 $ 11,597 For the three months ended March 31, 2016, contract revenues attributable to the Company’s Canadian operations were $ 1.2 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. Earnings Per Share The Company computes earnings per share using the treasury stock method unless the two-class method is more dilutive. The Company computed earnings per share for the three months ended March 31, 2016 using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive. For the three months ended March 31, 2015, the Company computed earnings per share using the two-class method because that method resulted in a more dilutive effect than the treasury stock method. The two-class method is 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. Under the two-class method, the Company’s unvested grants of restricted stock that contained non-forfeitable rights to dividends were treated as participating securities and were excluded from the computation of basic and diluted earnings per share. All shares of restricted stock granted since 2013 are not participating because the grant agreements contain provisions that dividends, if declared, will be forfeited if the grantee leaves the Company before the stock is vested. 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 March 31, (In thousands, except per share data) 2016 2015 Numerator: Net income $ 1,987 $ 7,172 Less: Net income allocated to participating securities (45) Net income available to common shareholders $ 1,987 $ 7,127 Denominator: Weighted average common shares outstanding 19,321 20,562 Weighted average dilutive securities 313 490 Weighted average common shares outstanding, diluted 19,634 21,052 Income per common share, basic $ 0.10 $ 0.35 Income per common share, diluted $ 0.10 $ 0.34 For the three month periods ended March 31, 2016 and 2015, 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 March 31, (In thousands) 2016 2015 Stock options 151 4 Restricted stock 70 53 Performance awards 143 70 Share Repurchases On February 10, 2016, the Company’s Board of Directors approved an amended share repurchase program (“Repurchase Program”), which increased the Repurchase Program from $ 67.5 142.5 1,225,753 22.42 1,192,116 26.7 33,637 0.8 |
Capital Leases
Capital Leases | 3 Months Ended |
Mar. 31, 2016 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 10. Capital Leases The Company leases vehicles and certain equipment under capital leases. The economic substance of the leases is a financing transaction for acquisition of the vehicles and equipment, and accordingly, the leases are recorded as assets and liabilities. Included in depreciation expense is amortization of vehicles and equipment held under capital leases, amortized over their useful lives on a straight-line basis. In March, 2016 the Company entered into master leasing arrangements for vehicles and construction equipment. Some of the leases entered into under these agreements met the accounting requirements to be recorded as capital leases. As a result, $ 0.7 0.1 0.6 6.8 Capital (In thousands) Lease Remainder of 2016 $ 120 2017 160 2018 160 2019 160 2020 160 2021 40 Total minimum lease payments $ 800 Interest (55) Net present of minimum lease payments 745 Less: Current portion of capital lease obligations (129) Long-term capital lease obligations $ 616 |
Organization, Business and Ba16
Organization, Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business [Policy Text Block] | Organization and Business 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; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 general contractors, commercial and industrial facility owners, local governments and developers 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, 2015 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, 2015, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 3, 2016. |
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. For the three months ended March 31, 2016, the Company recorded $ 0.2 |
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 estimates of costs to complete on our contracts, insurance reserves, income tax 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 March 31, 2016, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 0.6%. The Company’s income from operations for the three months ended March 31, 2016 decreased $ 1.5 0.9 0.05 1.5 3.7 2.3 0.11 |
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 March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718). The amendments under this pronouncement make modifications to the accounting treatment for forfeitures, required withholding on stock compensation and the financial statement presentation of excess tax benefits or deficiencies and certain components of stock compensation. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted in any interim period. The Company is evaluating the impact this pronouncement will have on its policies and procedures pertaining to its accounting for stock compensation, disclosure requirements and on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under this pronouncement will change the way all leases with durations in excess of one year or more are treated. Under this guidance, lessees will be required to recognize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, which contain provisions similar to capitalized leases, are amortized like capital leases under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The Company is evaluating the impact this pronouncement will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and 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. 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) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of the balance sheet from as of March 31, 2016: (adjusted 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 2,031 Intangible assets 2,068 Accounts payable (3,621) Billings in excess of costs and estimated earnings on uncompleted contracts (1,490) Other current liabilities (437) Net identifiable assets 11,374 Goodwill $ |
Contracts in Process (Tables)
Contracts in Process (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, December 31, (In thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 1,900,080 $ 2,153,085 Less: Billings to date 1,873,163 2,142,213 $ 26,917 $ 10,872 |
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: March 31, December 31, (In thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 71,557 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (44,640) (40,614) $ 26,917 $ 10,872 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, (In thousands) 2016 2015 Contract revenues: T&D $ 182,974 $ 189,223 C&I 70,660 54,925 $ 253,634 $ 244,148 Income from operations: T&D $ 10,669 $ 16,834 C&I 2,156 2,836 General Corporate (9,518) (8,073) $ 3,307 $ 11,597 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, (In thousands, except per share data) 2016 2015 Numerator: Net income $ 1,987 $ 7,172 Less: Net income allocated to participating securities (45) Net income available to common shareholders $ 1,987 $ 7,127 Denominator: Weighted average common shares outstanding 19,321 20,562 Weighted average dilutive securities 313 490 Weighted average common shares outstanding, diluted 19,634 21,052 Income per common share, basic $ 0.10 $ 0.35 Income per common share, diluted $ 0.10 $ 0.34 |
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 March 31, (In thousands) 2016 2015 Stock options 151 4 Restricted stock 70 53 Performance awards 143 70 |
Capital Leases (Tables)
Capital Leases (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Leases, Capital [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule by year of the future minimum lease payments required under capital leases together with their present value as of March 31, 2016: Capital (In thousands) Lease Remainder of 2016 $ 120 2017 160 2018 160 2019 160 2020 160 2021 40 Total minimum lease payments $ 800 Interest (55) Net present of minimum lease payments 745 Less: Current portion of capital lease obligations (129) Long-term capital lease obligations $ 616 |
Organization, Business and Ba22
Organization, Business and Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||
Operating Income (Loss) | $ 3,307 | $ 11,597 |
Net Income (Loss) Attributable to Parent | $ 1,987 | $ 7,172 |
Earnings Per Share, Diluted | $ 0.10 | $ 0.34 |
Foreign Currency Transaction Gain (Loss), Realized | $ 200 | |
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 | (0.60%) | 1.50% |
Estimate Adjustment [Member] | ||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||
Operating Income (Loss) | $ (1,500) | $ 3,700 |
Net Income (Loss) Attributable to Parent | $ (900) | $ 2,300 |
Earnings Per Share, Diluted | $ (0.05) | $ 0.11 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | 2,031 |
Intangible assets | 2,068 |
Accounts payable | (3,621) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,490) |
Other current liabilities | (437) |
Net identifiable assets | 11,374 |
Goodwill | $ 0 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | Apr. 13, 2015 | Nov. 24, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill, Acquired During Period | $ 0 | |||
E.S. Boulos Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred, Total | $ 11,400 | |||
Business Acquisition, Transaction Costs | $ 400 | |||
High Country Line Construction Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred, Total | $ 1,700 | |||
Business Acquisition, Transaction Costs | 200 | |||
High Country Line Construction Inc [Member] | Goodwill [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Acquired During Period | $ 500 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings on uncompleted contracts | $ 1,900,080 | $ 2,153,085 |
Less: Billings to date | 1,873,163 | 2,142,213 |
Net asset position for contracts in process | $ 26,917 | $ 10,872 |
Contracts in Process (Details 1
Contracts in Process (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 71,557 | $ 51,486 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (44,640) | (40,614) |
Net asset position for contracts in process | $ 26,917 | $ 10,872 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
U.S. federal statutory tax rate (as a percent) | 35.00% | 35.00% | |
Unrecognized Tax Benefits | $ 0.6 | $ 0.6 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual 1) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Abstract] | ||
Letters of Credit Outstanding, Amount | $ 24.3 | $ 19.3 |
Letters Of Credit Outstanding Amount Related To Payment Obligation Under Insurance Programs | 17.6 | 17.5 |
Letters Of Credit Outstanding Amount Related To Contract Performance Obligations | 6.7 | $ 1.8 |
Future minimum lease payments for operating leases | ||
2,016 | 1.7 | |
2,017 | 1.8 | |
2,018 | 1.3 | |
2,019 | 1 | |
2,020 | 0.5 | |
Thereafter | $ 0.2 | |
Purchase Commitments for Construction Equipment | ||
Significant Purchase Commitment Scheduled Period of Time for Cash Outlay | 2 months | |
Outstanding purchase orders for certain construction equipment | $ 0.6 | |
Maximum [Member] | ||
Loss Contingencies [Abstract] | ||
Operating Lease Term | 6 years | |
Minimum [Member] | ||
Loss Contingencies [Abstract] | ||
Operating Lease Term | 1 year |
Commitments and Contingencies29
Commitments and Contingencies (Details Textual 2) $ in Millions | Mar. 31, 2016USD ($) |
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 | 872.1 |
Estimated Cost to Complete Bonded Projects | $ 104.6 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | Mar. 31, 2016$ / sharesshares | |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,961 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 4.01 | |
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 | $ / shares | $ 33.35 | $ 33.35 |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 33,721 | |
Total Shareholder Return [Member] | Performance Period Prior To March 24 2016 [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Period | 20 days | |
Total Shareholder Return [Member] | Prior to December 31 2018 [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Period | 20 days | |
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 | $ / shares | $ 24.50 | $ 24.50 |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 45,940 | |
Restricted Stock [Member] | ||
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ||
Vesting period | 3 years | |
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 | $ / shares | $ 24.50 | $ 24.50 |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,799 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 65,928 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 24.84 | |
Performance awards [Member] | ||
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 79,661 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Contract revenues: | $ 253,634 | $ 244,148 |
Income from operations: | 3,307 | 11,597 |
T&D [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues: | 182,974 | 189,223 |
Income from operations: | 10,669 | 16,834 |
C&I [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues: | 70,660 | 54,925 |
Income from operations: | 2,156 | 2,836 |
General Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Income from operations: | $ (9,518) | $ (8,073) |
Segment Information (Details Te
Segment Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | $ 253,634 | $ 244,148 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | $ 1,200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net income | $ 1,987 | $ 7,172 |
Less: Net income allocated to participating securities | 0 | (45) |
Net income available to common shareholders | $ 1,987 | $ 7,127 |
Denominator: | ||
Weighted average common shares outstanding | 19,321 | 20,562 |
Weighted average dilutive securities | 313 | 490 |
Weighted average common shares outstanding, diluted | 19,634 | 21,052 |
Income per common share, basic (in dollars per share) | $ 0.10 | $ 0.35 |
Income per common share, diluted (in dollars per share) | $ 0.10 | $ 0.34 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 151 | 4 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 70 | 53 |
Performance awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 143 | 70 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 10, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Line Items] | ||||
Stock Repurchased During Period, Shares | 1,225,753 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 22.42 | |||
Payments for Repurchase of Common Stock | $ 25,686 | $ 3,140 | ||
Share Repurchase Program [Member] | ||||
Earnings Per Share [Line Items] | ||||
Stock Repurchased During Period, Shares | 1,192,116 | |||
Stock Repurchase Program, Authorized Amount | $ 142,500 | $ 67,500 | ||
Payments for Repurchase of Common Stock | $ 26,700 | |||
Shares Repurchased Under Stock Compensation Program [Member] | ||||
Earnings Per Share [Line Items] | ||||
Stock Repurchased During Period, Shares | 33,637 | |||
Stock Repurchased During Period, Value | $ 800 |
Capital Leases (Details)
Capital Leases (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Remainder of 2016 | $ 120 |
2,017 | 160 |
2,018 | 160 |
2,019 | 160 |
2,020 | 160 |
2,021 | 40 |
Total minimum lease payments | 800 |
Interest | (55) |
Net present of minimum lease payments | 745 |
Less: Current portion of capital lease obligations | (129) |
Long-term capital lease obligations | $ 616 |
Capital Leases (Details Textual
Capital Leases (Details Textual) $ in Thousands | Mar. 31, 2016USD ($) |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 700 |
Capital Lease Obligations, Current | 129 |
Capital Lease Obligations, Noncurrent | 616 |
Capital Lease Obligations | $ 6,800 |