Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 03, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MYR GROUP INC. | ||
Entity Central Index Key | 700,923 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 333.9 | ||
Trading Symbol | MYRG | ||
Entity Common Stock, Shares Outstanding | 16,344,835 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 23,846 | $ 39,797 |
Accounts receivable, net of allowances of $432 and $376, respectively | 234,642 | 187,235 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 69,950 | 51,486 |
Receivable for insurance claims in excess of deductibles | 18,477 | 11,290 |
Refundable income taxes | 2,474 | 5,617 |
Other current assets | 8,202 | 7,942 |
Total current assets | 357,591 | 303,367 |
Property and equipment, net of accumulated depreciation of $209,466 and $181,575, respectively | 154,891 | 160,678 |
Goodwill | 46,781 | 47,124 |
Intangible assets, net of accumulated amortization of $4,684 and $3,798, respectively | 11,566 | 11,362 |
Other assets | 2,666 | 2,394 |
Total assets | 573,495 | 524,925 |
Current liabilities | ||
Current portion of capital lease obligations | 1,085 | 0 |
Accounts payable | 99,942 | 73,300 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 42,321 | 40,614 |
Accrued self insurance | 42,584 | 36,967 |
Other current liabilities | 42,382 | 28,856 |
Total current liabilities | 228,314 | 179,737 |
Deferred income tax liabilities | 18,565 | 14,382 |
Long-term debt | 59,070 | 0 |
Capital lease obligations, net of current maturities | 3,833 | 0 |
Other liabilities | 539 | 926 |
Total liabilities | 310,321 | 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 December 31, 2016 and December 31, 2015 | 0 | 0 |
Common stock - $0.01 par value per share; 100,000,000 authorized shares; 16,333,139 and 19,969,347 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 162 | 198 |
Additional paid-in capital | 140,100 | 161,342 |
Accumulated other comprehensive income (loss) | (433) | 116 |
Retained earnings | 123,345 | 168,224 |
Total stockholders’ equity | 263,174 | 329,880 |
Total liabilities and stockholders’ equity | $ 573,495 | $ 524,925 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 432 | $ 376 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 209,466 | 181,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,684 | $ 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 | 16,333,139 | 19,969,347 |
Common Stock, Shares, Outstanding | 16,333,139 | 19,969,347 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contract revenues | $ 1,142,487 | $ 1,061,681 | $ 943,967 |
Contract costs | 1,007,764 | 939,340 | 811,553 |
Gross profit | 134,723 | 122,341 | 132,414 |
Selling, general and administrative expenses | 96,424 | 79,186 | 73,818 |
Amortization of intangible assets | 886 | 571 | 334 |
Gain on sale of property and equipment | (1,341) | (2,257) | (142) |
Income from operations | 38,754 | 44,841 | 58,404 |
Other income (expense): | |||
Interest income | 5 | 25 | 106 |
Interest expense | (1,299) | (741) | (722) |
Other income, net | 885 | 174 | 162 |
Income before provision for income taxes | 38,345 | 44,299 | 57,950 |
Income tax expense | 16,914 | 16,997 | 21,406 |
Net income | $ 21,431 | $ 27,302 | $ 36,544 |
Income per common share: | |||
- Basic (in dollars per share) | $ 1.25 | $ 1.33 | $ 1.73 |
- Diluted (in dollars per share) | $ 1.23 | $ 1.3 | $ 1.69 |
Weighted average number of common shares and potential common shares outstanding: | |||
- Basic (in shares) | 17,109 | 20,577 | 20,922 |
- Diluted (in shares) | 17,461 | 21,038 | 21,466 |
Net income | $ 21,431 | $ 27,302 | $ 36,544 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (549) | 103 | 13 |
Other comprehensive income (loss) | (549) | 103 | 13 |
Total comprehensive income | $ 20,882 | $ 27,405 | $ 36,557 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2013 | $ 296,091 | $ 0 | $ 210 | $ 161,202 | $ 0 | $ 134,679 |
Beginning Balance (in shares) at Dec. 31, 2013 | 21,223 | |||||
Net income | 36,544 | 0 | $ 0 | 0 | 0 | 36,544 |
Stock issued under compensation plans, net | 1,064 | 0 | $ 3 | 1,061 | 0 | 0 |
Stock issued under compensation plans, net (in shares) | 253 | |||||
Tax benefit from stock-based awards | 592 | 0 | $ 0 | 592 | 0 | 0 |
Stock-based compensation expense | 4,671 | 0 | 0 | 4,671 | 0 | 0 |
Shares repurchased | (16,447) | 0 | $ (7) | (16,440) | 0 | 0 |
Shares repurchased (in shares) | (686) | |||||
Reclassification of other comprehensive income | 0 | 0 | $ 0 | (13) | 13 | 0 |
Other comprehensive income (loss) | 13 | |||||
Stock issued - other | 38 | 0 | $ 0 | 38 | 0 | 0 |
Stock issued - other (in shares) | 2 | |||||
Ending Balance at Dec. 31, 2014 | 322,553 | 0 | $ 206 | 151,111 | 13 | 171,223 |
Ending Balance (in shares) at Dec. 31, 2014 | 20,792 | |||||
Net income | 27,302 | 0 | $ 0 | 0 | 0 | 27,302 |
Stock issued under compensation plans, net | 1,923 | 0 | $ 4 | 1,919 | 0 | 0 |
Stock issued under compensation plans, net (in shares) | 413 | |||||
Tax benefit from stock-based awards | 1,612 | 0 | $ 0 | 1,612 | 0 | 0 |
Stock-based compensation expense | 4,837 | 0 | 0 | 4,837 | 0 | 0 |
Shares repurchased | (28,478) | 0 | $ (12) | (12,130) | 0 | (16,336) |
Shares repurchased (in shares) | (1,236) | |||||
Other comprehensive income (loss) | 103 | 0 | $ 0 | 0 | 103 | 0 |
Reclassification of shares repurchased | 0 | 0 | 0 | 13,965 | 0 | (13,965) |
Stock issued - other | 28 | 0 | 0 | 28 | 0 | 0 |
Ending Balance at Dec. 31, 2015 | 329,880 | 0 | $ 198 | 161,342 | 116 | 168,224 |
Ending Balance (in shares) at Dec. 31, 2015 | 19,969 | |||||
Net income | 21,431 | 0 | $ 0 | 0 | 0 | 21,431 |
Stock issued under compensation plans, net | 6,219 | 0 | $ 6 | 6,213 | 0 | 0 |
Stock issued under compensation plans, net (in shares) | 589 | |||||
Tax benefit from stock-based awards | 2,044 | 0 | $ 0 | 2,044 | 0 | 0 |
Stock-based compensation expense | 4,674 | 0 | 0 | 4,674 | 0 | 0 |
Shares repurchased | (100,587) | 0 | $ (42) | (34,235) | 0 | (66,310) |
Shares repurchased (in shares) | (4,228) | |||||
Other comprehensive income (loss) | (549) | 0 | $ 0 | 0 | (549) | 0 |
Stock issued - other | 62 | 0 | $ 0 | 62 | 0 | 0 |
Stock issued - other (in shares) | 3 | |||||
Ending Balance at Dec. 31, 2016 | $ 263,174 | $ 0 | $ 162 | $ 140,100 | $ (433) | $ 123,345 |
Ending Balance (in shares) at Dec. 31, 2016 | 16,333 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 21,431 | $ 27,302 | $ 36,544 |
Adjustments to reconcile net income to net cash flows provided by operating activities - | |||
Depreciation and amortization of property and equipment | 38,236 | 37,458 | 33,089 |
Amortization of intangible assets | 886 | 571 | 334 |
Stock-based compensation expense | 4,674 | 4,837 | 4,671 |
Deferred income taxes | 4,205 | 1,558 | 3,655 |
Gain on sale of property and equipment | (1,341) | (2,257) | (142) |
Other non-cash items | 194 | 200 | 139 |
Changes in operating assets and liabilities, net of acquisitions | |||
Accounts receivable, net | (27,485) | (17,765) | 15,706 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (17,001) | (4,597) | (4,090) |
Receivable for insurance claims in excess of deductibles | (7,187) | 1,021 | (922) |
Other assets | 3,730 | (5,634) | (1,255) |
Accounts payable | 17,322 | 6,742 | (17,303) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (707) | 1,003 | (14,831) |
Accrued self insurance | 5,617 | (2,616) | 369 |
Other liabilities | 11,916 | (4,823) | (988) |
Net cash flows provided by operating activities | 54,490 | 43,000 | 54,976 |
Cash flows from investing activities: | |||
Proceeds from sale of property and equipment | 3,299 | 2,758 | 320 |
Cash paid for acquisitions, net of cash acquired | (12,056) | (13,087) | 0 |
Purchases of property and equipment | (25,371) | (46,599) | (39,045) |
Net cash flows used in investing activities | (34,128) | (56,928) | (38,725) |
Cash flows from financing activities: | |||
Net borrowings under revolving lines of credit | 59,070 | 0 | 0 |
Payment of principal obligations under capital leases | (740) | 0 | 0 |
Proceeds from exercise of stock options | 6,218 | 1,923 | 725 |
Debt issuance costs | (1,012) | 0 | 0 |
Excess tax benefit from stock-based awards | 2,345 | 1,720 | 615 |
Repurchase of common shares | (101,483) | (27,582) | (16,447) |
Other financing activities | 63 | 28 | 38 |
Net cash flows used in financing activities | (35,539) | (23,911) | (15,069) |
Effect of exchange rate changes on cash | (774) | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (15,951) | (37,839) | 1,182 |
Cash and cash equivalents: | |||
Beginning of period | 39,797 | 77,636 | 76,454 |
End of period | 23,846 | 39,797 | 77,636 |
Supplemental Cash Flow Information: | |||
Income taxes payments | 6,274 | 16,960 | 17,403 |
Interest payments | 1,114 | 591 | 577 |
Noncash investing activities: | |||
Acquisition of property and equipment for which payment is pending | 614 | 1,328 | 749 |
Acquisition of property under capital lees arrangements | 5,658 | 0 | 0 |
Noncash financing activities: | |||
Capital lease obligations initiated | 5,658 | 0 | 0 |
Share repurchases that have not settled | $ 0 | $ 896 | $ 0 |
Organization, Business and Sign
Organization, Business and Significant Accounting Policies | 12 Months Ended |
Dec. 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 Significant Accounting Policies Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers and is currently conducting operations through 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; Sturgeon Electric California, LLC, a Delaware limited liability company; and GSW Integrated Services, LLC, a Delaware limited liability company; MYR Transmission Services Canada, Ltd., a British Columbia corporation; Northern Transmission Services, Ltd., a British Columbia corporation and Western Pacific Enterprises 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. T&D 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 and western Canada. Significant Accounting Policies Consolidation The accompanying Financial Statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. Revenue Recognition Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting. Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term based on costs incurred under the cost-to-cost method. Revenues from the Company’s construction services are performed under fixed-price, time-and-equipment, time-and-materials, unit-price, and cost-plus fee contracts. For fixed-price and unit-price contracts, the Company uses the ratio of cost incurred to date on the contract to management’s estimate of the contract’s total cost, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract cost includes all direct costs on contracts, including labor and material, subcontractor costs and those indirect costs related to contract performance, such as supplies, fuel, tool repairs and depreciation. The Company recognizes revenues from construction services with fees based on time-and-materials, or cost-plus fee as the services are performed and amounts are earned. If contracts include contract incentive or bonus provisions, they are included in estimated contract revenues only when the achievement of such incentive or bonus is reasonably certain. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and the total estimated costs to complete those contracts and therefore, the Company’s profit recognition. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized in contract costs in the period in which the revisions are determined. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the possible loss was identified. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. A claim is an amount in excess of the agreed-upon contract price that the Company seeks to collect from its clients or others for client-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes. Costs related to change orders and claims are recognized when incurred. Revenue from a change order is included in total estimated contract revenue when it is probable that the change order will result in an addition to contract value and can be reliably estimated. Revenue from a claim is included in total estimated contract revenues, only to the extent that contract costs related to the claim have been incurred, when it is probable that the claim will result in an addition to contract value which can be reliably estimated. No profit is recognized on a claim until final settlement occurs. The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax and value added tax collected from customers is included in other current liabilities on our consolidated balance sheets. 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 short term monetary assets and liabilities, are recorded in the “other income, net” line on the consolidated statements of operations. For the year ended December 31, 2016, the Company recorded $0.2 million of foreign currency losses. Foreign currency transaction gains and losses, arising primarily from long term monetary assets and liabilities are recorded in the foreign currency translation adjustment line on the consolidated statements of comprehensive income. 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 estimates of costs to complete on contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. Actual results could differ from these estimates. During 2016, the Company revised its cost estimates on several large, multi-year transmission projects, which resulted in the recognition of approximately 0.2% of reduced gross margin. During 2015 and 2014, the Company revised its cost estimates on several large, multi-year transmission projects, which resulted in the recognition of approximately 0.5% and 1.9% of incremental gross margin, respectively. During 2016, the decrease in gross margin resulted in a decrease in income from operations of $2.6 million, a decrease in net income of $1.4 million, and a decrease in diluted earnings per share by $0.08. During 2015, the incremental gross margin resulted in $5.9 million of additional income from operations, $3.6 million of additional net income, and increased diluted earnings per share by $0.17. During 2014, the incremental gross margin resulted in $18.4 million of additional income from operations, $11.6 million of additional net income, and increased diluted earnings per share by $0.54. Advertising Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $0.6 million, $0.5 million and $0.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. The Company also evaluates the realizability of our deferred tax assets and valuation allowances are recorded when necessary to reduce deferred tax assets to the amounts expected to be realized. Interest and penalties related to uncertain income tax positions are included in income tax expense in the accompanying consolidated statements of operations. Interest and penalties actually incurred are charged to interest expense and the “other income, net” line, respectively. Stock-Based Compensation The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognize the related compensation expense over the vesting period. The Company uses the straight-line attribution method to recognize compensation expense related to stock-based awards, such as restricted stock and phantom stock, that have only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. The Company recognizes compensation expense related to performance awards that vest based on internal performance metrics and service conditions on a straight-line basis over the service period, but adjust inception-to-date expense based upon our determination of the potential achievement of the performance target at each reporting date. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. Stock-based compensation expense is adjusted for changes in estimated and actual forfeitures. The Company uses historical data to estimate the forfeiture rate that we use; however, these estimates are subject to change and may impact the value that will ultimately be recognized as stock compensation expense. Shares issued under the Company’s stock-based compensation program are taken out of authorized but unissued shares. 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 years ended December 31, 2016 and 2015 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 year ended December 31, 2014, 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2016 and 2015, the Company held its cash in checking accounts or in highly liquid money market funds. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balances overdrafts during the same business day. Checks issued and outstanding in excess of bank balance are recorded in accounts payable in the Consolidated Balance Sheets and are reflected as a financing activity in the Consolidated Statements of Cash Flows. The Company had no checks issued and outstanding in excess of our bank balance as of December 31, 2016 and 2015. Accounts Receivable and Allowance for Doubtful Accounts The Company does not charge interest to its customers and carries its customer receivables at their face amounts, less an allowance for doubtful accounts. Included in accounts receivable are balances billed to customers pursuant to retainage provisions in certain contracts that are due upon completion of the contract and acceptance by the customer, or earlier as provided by the contract. Based on the Company’s experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable, including retainage, as current assets. The contracting cycle for certain long-term contracts may extend beyond one year, and accordingly, collection of retainage on those contracts may extend beyond one year. The Company expects a majority of the retainage recorded at December 31, 2016 to be collected within one year, with the remaining to be collected in the subsequent year as the related contracts are completed. The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible, the account balance is written-off against the allowance for doubtful accounts. Classification of Construction Contract-related Assets and Liabilities Costs and estimated earnings in excess of billings on uncompleted contracts are presented as a current asset in the accompanying consolidated balance sheets, and billings in excess of costs and estimated earnings on uncompleted contracts are presented as a current liability in the accompanying consolidated balance sheets. The Company’s contracts vary in duration, with the duration of some larger contracts exceeding one year. Consistent with industry practices, the Company includes the amounts realizable and payable under contracts, which may extend beyond one year, in current assets and current liabilities. These balances are generally settled within one year. Property and Equipment Property and equipment is carried at cost. Depreciation is computed using the straight-line method over estimated useful lives. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized into income from operations. The cost of maintenance and repairs is charged to expense as incurred. Leases The Company leases certain real estate, construction equipment and office equipment. Real estate is generally leased for terms up to ten years in duration. The terms and conditions of leases (such as renewal or purchase options and escalation clauses), if material, are reviewed at inception to determine the classification (operating or capital) of the lease. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with Accounting Standards Codification (“ASC”) Topic 840-10-25. Insurance The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is up to $1.0 million, except for certain of the Company’s health insurance benefit plans, which are subject to a deductible up to $0.2 million, for qualified individuals. Losses up to the deductible amounts are accrued based upon the Company’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. 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. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company reviews goodwill and intangible assets with indefinite lives for impairment on an annual basis at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. The Company performs a qualitative assessment to determine whether it is necessary to perform a two-step goodwill impairment test. The qualitative assessment considers financial, industry, segment and macroeconomic factors. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. The two-step method begins with a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. The company also performs a qualitative assessment on intangible assets with indefinite lives. If the qualitative assessment indicates a potential for impairment, a quantitative impairment test would be performed to compare the fair value of the indefinite-lived intangible asset with its carrying value. If the carrying value of goodwill or other indefinite-lived assets exceeds its implied fair value, an impairment charge would be recorded in the statement of operations. In 2015, the Company determined, based on our qualitative analysis, that it was appropriate to perform a two-step analysis. The first step involves a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recorded in the statement of operations. The step one analysis did not indicate that the Company’s goodwill or indefinite lived intangible assets were impaired. As a result, no step two analysis was performed. As a result of the annual qualitative review process in 2016 and 2014, the Company determined it was not necessary to perform a two-step analysis. Concentrations Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. The Company grants trade credit under contractual payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2016, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate balance of approximately 11.2% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). As of December 31, 2015, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate balance of approximately 13.0% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company’s top ten customers accounted for approximately 46.4%, 44.6% and 46.5% of consolidated revenues for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, no single customer accounted for more than 10.0% of annual revenues. As of December 31, 2016, approximately 91% of the Company’s craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future. 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 may have minimal impact on its Financial Statements. Recently Adopted Accounting Pronouncements In April 2015, FASB issued ASU No. 2015-03, Interest Imputation of Interest (Topic 835) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Topic 835) In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern (Topic 205) Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions Western Pacific Enterprises Ltd. On October 28, 2016, the Company completed the acquisition of substantially all of the assets of Western Pacific Enterprises GP and of Western Pacific Enterprises Ltd., except for certain real estate owned by Western Pacific Enterprises Ltd., with the company continuing operations under the name Western Pacific Enterprises Ltd. (“WPE”), an electrical contracting firm in western Canada. With its main headquarters in Coquitlam, British Columbia, WPE provides a wide range of commercial and industrial electrical construction capabilities under the Company’s C&I segment. WPE also provides substation construction capabilities under the Company’s T&D segment. The total consideration paid was approximately $12.1 million, which was funded through borrowings from our line of credit. Total consideration paid included $2.2 million subject to potential net asset adjustments once the final net assets acquired are finalized by the end of 2017. These net asset adjustments were approximately $0.8 million as of the October 28, 2016 closing date and as of December 31, 2016. The Company accounted for the net asset adjustments as a reduction to consideration paid and will be funded through our escrow. The purchase agreement also includes provisions for margin guarantee adjustments based upon performance subsequent to the acquisition on certain contracts. Contingent consideration of approximately $1.4 million related to the margin guarantee adjustments on certain contracts was recorded in other income for the year ended December 31, 2016. Future margin guarantee adjustments, if any, are expected to be completed by the end of 2017. Additionally, there could also be contingent payments based on the successful achievement of certain performance targets and continued employment of certain key executives of WPE. These payments are recognized as compensation expense in the consolidated statement of operations as incurred. During the year ended December 31, 2016 the Company recognized less than $0.1 million of compensation expense associated with these contingent payments. The results of operations for WPE are included in the Company’s consolidated statement of operations and the C&I segment from the date of acquisition. Costs of approximately $0.4 million related to the acquisition were included in selling, general and administrative expenses in the consolidated statement of operations. The following table summarizes the allocation of the opening balance sheet from the date of acquisition through December 31, 2016: (in thousands) (as of Measurement (adjusted Total consideration, net of net asset adjustments $ 11,283 $ $ 11,283 Accounts receivable, net $ 20,249 $ $ 20,249 Costs and estimated earnings in excess of billings on uncompleted contracts 1,610 1,610 Other current assets 8 8 Property and equipment 4,108 4,108 Accounts payable (10,125 ) (10,125 ) Billings in excess of costs and estimated earnings on uncompleted contracts (3,020 ) (3,020 ) Other current liabilities (2,294 ) (2,294 ) Net identifiable assets 10,536 10,536 Unallocated intangible assets $ 747 $ $ 747 The Company has developed preliminary estimates of fair value of the assets acquired and liabilities assumed for the purposes of allocating the purchase price. Further adjustments are expected to the allocation as third party valuations of identifiable intangible assets, including backlog, customer relationships, trade name and off-market component, are determined, and as net asset adjustments are finalized. The Company expects that the excess of the purchase price over the net amount of the fair values to be assigned to assets acquired and liabilities assumed will be completely allocated to identifiable intangible assets. A portion of the identifiable intangible assets are expected to be tax deductible per applicable Canadian Revenue Authority regulations. 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 expanded the Company’s T&D construction services, predominantly in the western United States. The acquisition date fair value of consideration transferred, funded through existing cash resources, was $1.7 million, net of cash acquired. The purchase price was allocated to net identifiable assets with $0.3 million allocated to identifiable intangibles (backlog and customer relationships) and the remaining $0.2 million allocated to goodwill. The Company has finalized the purchase price accounting relating to the HCL acquisition. Costs of approximately $0.2 million related to the acquisition were included in selling, general and administrative expenses in the December 31, 2015 consolidated statement of operations. E.S. Boulos Company On April 13, 2015, the Company acquired substantially all of the assets of E.S. Boulos Company (“ESB”). The total consideration paid was approximately $11.4 million, which was funded through existing cash resources of the Company. Headquartered in Westbrook, Maine, ESB offers construction capabilities under the Company’s T&D segment, including substation, transmission and distribution construction. ESB also provides commercial and industrial electrical construction under its C&I segment, including a wide range of commercial electrical construction services. The Company has finalized the purchase price accounting relating to the ESB acquisition. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of December 31, 2016, the fair value of the Company’s long-term debt and capital lease obligations, were based on Level 2 inputs. The Company’s long-term debt was based on variable and fixed interest rates at December 31, 2016, for new issues with similar remaining maturities and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying values of the Company’s capital lease obligations also approximated fair value. The Company had no long-term debt or capital lease obligations, as of December 31, 2015. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts Receivable Accounts receivable consisted of the following at December 31: (in thousands) 2016 2015 Contract receivables $ 200,732 $ 159,794 Contract retainages 32,486 27,474 Other 1,856 343 235,074 187,611 Less: Allowance for doubtful accounts (432 ) (376 ) $ 234,642 $ 187,235 The roll-forward of activity in the allowance for doubtful accounts was as follows for the years ended December 31: (in thousands) 2016 2015 2014 Balance at beginning of period $ 376 $ 1,179 $ 1,132 Less: Reduction in (provision for) allowances (146 ) 528 (96 ) Less: Write offs, net of recoveries 90 275 49 Balance at end of period $ 432 $ 376 $ 1,179 |
Contracts in Process
Contracts in Process | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 5. Contracts in Process (in thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 2,194,695 $ 2,153,085 Less: Billings to date 2,167,066 2,142,213 $ 27,629 $ 10,872 (in thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 69,950 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (42,321 ) (40,614 ) $ 27,629 $ 10,872 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment (dollars in thousands) Estimated 2016 2015 Land $ 5,468 $ 5,782 Buildings and improvements 3 to 39 21,660 21,401 Construction equipment 3 to 12 329,299 308,628 Office equipment 3 to 10 7,930 6,442 364,357 342,253 Less: Accumulated depreciation and amortization (209,466 ) (181,575 ) $ 154,891 $ 160,678 Construction equipment includes assets under capital leases see additional information provided in Note 12 to the Financial Statements. Depreciation and amortization expense of property and equipment for the years ended December 31, 2016, 2015 and 2014 was $38.2 million, $37.5 million and $33.1 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Intangible Assets Goodwill and intangible assets consisted of the following at December 31: 2016 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Goodwill T&D $ 40,224 $ $ 40,224 $ 40,567 $ $ 40,567 C&I 6,557 6,557 6,557 6,557 Total goodwill $ 46,781 $ $ 46,781 $ 47,124 $ $ 47,124 Amortizable Intangible Assets Backlog $ 989 $ 989 $ $ 765 $ 695 $ 70 Customer relationships 5,266 3,590 1,676 5,144 3,103 2,041 Trade names 695 79 616 695 695 Unallocated intangible assets 747 26 721 Foreign currency translation (3 ) (3 ) Indefinite-lived Intangible Assets Trade names 8,556 8,556 8,556 8,556 Total Intangible assets $ 16,250 $ 4,684 $ 11,566 $ 15,160 $ 3,798 $ 11,362 The decrease in goodwill and as of December 31, 2016 compared to December 31, 2015 was due to the allocation of $0.3 million of goodwill to the HCL identifiable intangibles during the finalization of the HCL purchase price accounting. Unallocated intangible assets relate to the WPE acquisition and are being amortized based on preliminary allocations. Additional financial information related to these acquisitions is provided in Note 2 to the Financial Statements. Customer relationships and backlog are being amortized on a straight-line method over an estimated useful life of approximately 12 years and the remaining life of the contract, respectively, and have been determined to have no residual value. Amortizable trade names are being amortized on a straight-line method over an estimated useful life of approximately 15 years. Infinite-lived trade names have been determined to have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $0.9 million for the year ended December 31, 2016, $0.6 million for the year ended December 31, 2015 and $0.3 million for the year ended December 31, 2014. Intangible asset amortization expense for the years subsequent to December 31, 2016 is expected to be approximately $0.7 million in 2017, $0.6 million in 2018, and $0.2 million for each of the years from 2019 to 2026, $0.1 million for each of the years from 2027 to 2028 and less than $0.1 million for 2029 and 2030. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued Liabilities Other current liabilities consisted of the following at December 31: (in thousands) 2016 2015 Payroll and incentive compensation $ 16,101 $ 10,499 Union dues and benefits 10,261 8,182 Profit sharing and thrift plan 2,004 1,294 Taxes, other than income taxes 7,639 3,578 Other 6,377 5,303 $ 42,382 $ 28,856 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | 9. Debt On June 30, 2016, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A. The Credit Agreement provides for a facility of $250 million (the “2016 Facility”) that may be used for revolving loans and letters of credit. The 2016 Facility also allows for revolving loans and letters of credit in Canadian dollars and other currencies, up to the U.S. dollar equivalent of $50 million. The Company has an expansion option to increase the commitments under the 2016 Facility or enter into incremental term loans, subject to certain conditions, by up to an additional $100 million upon receipt of additional commitments from new or existing lenders. Subject to certain exceptions, the 2016 Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. Additionally, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the 2016 Facility may be accelerated and may become or be declared immediately due and payable. Borrowings under the Credit Agreement were used to refinance existing debt and are expected to be used for working capital, capital expenditures, acquisitions and other general corporate purposes. Amounts borrowed under the Credit Agreement in U.S. dollars bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.00% to 1.00%; or (2) Adjusted LIBO Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.00% to 2.00%. Amounts borrowed under the Credit Agreement in any currency other than U.S. dollars bear interest at a rate equal to the Adjusted LIBO Rate plus an applicable margin ranging from 1.00% to 2.00%. The applicable margin is determined based on the Company’s consolidated Leverage Ratio (as defined in the Credit Agreement). Letters of credit issued under the 2016 Facility are subject to a letter of credit fee of 1.125% to 2.125% for standby or commercial letters of credit or 0.625% to 1.125% for performance letters of credit, based on the Company’s consolidated Leverage Ratio. The Company is subject to a commitment fee of 0.20% to 0.375% based on the Company’s consolidated Leverage Ratio on any unused portion of the 2016 Facility. The Credit Agreement restricts certain types of payments when the Company’s consolidated Leverage Ratio exceeds 2.25. The weighted average interest rate on borrowings outstanding through December 31, 2016, was 1.77% per annum. Under the Credit Agreement, the Company is subject to certain financial covenants and must maintain a maximum consolidated Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0, which is defined in the Credit Agreement as Consolidated EBITDA (as defined in the Credit Agreement) divided by interest expense. The Credit Agreement also contains a number of covenants including limitations on asset sales, investments, indebtedness and liens. In connection with any permitted acquisition where the total consideration exceeds $50 million, the Company may request that the maximum permitted consolidated Leverage Ratio increase from 3.0 to 3.5. Any such increase, if given effect, shall begin in the quarter in which such permitted acquisition is consummated and shall continue in effect for four consecutive fiscal quarters. Prior to the amendment and restatement of the Credit Agreement, the Company had a five-year syndicated credit agreement with a facility of $175.0 million (the “2011 Facility”). The 2011 Facility provided funds for revolving loans and the issuance of letters of credit and up to $25.0 million for swingline loans. The amount outstanding on the 2016 Facility was $59.1 million as of December 31, 2016. The Company had no revolving loans outstanding as of December 31, 2015. As of December 31, 2016, the Company had irrevocable standby letters of credit outstanding under the 2016 Facility of approximately $23.7 million, including $17.6 million related to the Company’s payment obligation under its insurance programs and approximately $6.1 million related to contract performance obligations. As of December 31, 2015, the Company had irrevocable standby letters of credit outstanding of approximately $19.3 million, including $17.5 million related to the Company’s payment obligation under its insurance programs and approximately $1.8 million related to contract performance obligations. The Company has remaining deferred debt issuance costs totaling $1.0 million as of December 31, 2016, related to entry into the line of credit. As permitted under ASU No. 2015-15, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the line of credit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income Taxes Income before income taxes by geographic area was, for the years ended December 31: (in thousands) 2016 2015 2014 Federal $ 39,419 $ 45,456 $ 57,950 Foreign (1,074 ) (1,157 ) $ 38,345 $ 44,299 $ 57,950 The income tax provision consisted of the following for the years ended December 31: (in thousands) 2016 2015 2014 Current Federal $ 9,838 $ 12,433 $ 14,720 State 2,871 3,006 3,031 12,709 15,439 17,751 Deferred Federal 2,491 1,553 3,154 Foreign 481 (272 ) State 1,233 277 501 4,205 1,558 3,655 Income tax expense $ 16,914 $ 16,997 $ 21,406 The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for continuing operations were as follows for the years ended December 31: 2016 2015 2014 U.S federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of U.S. federal income tax expense 5.2 4.6 3.6 Provision to return adjustments, net 0.8 0.5 0.2 Tax differential on foreign earnings 2.2 0.3 Domestic production/manufacturing deduction (1.9 ) (2.4 ) (2.3 ) Deferred tax adjustments, net 1.6 Non-deductible meals and entertainment 1.0 0.6 0.4 Expiration of uncertain tax positions (0.4 ) Other income, net 0.2 0.2 Effective rate 44.1 % 38.4 % 36.9 % The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31: (in thousands) 2016 2015 Deferred income tax assets: Self insurance reserves $ 6,670 $ 7,464 Contract loss reserves 257 240 Stock-based awards 2,554 3,986 Bonus 2,908 2,497 Non-U.S. operating loss 595 373 Other 1,652 1,484 Total deferred income tax assets before valuation allowances 14,636 16,044 Less: valuation allowances (595 ) Total deferred income tax assets 14,041 16,044 Deferred income tax liabilities: Property and equipment tax over book depreciation (26,664 ) (25,859 ) Intangible assets tax over book amortization (3,592 ) (3,670 ) Non-U.S. deferred income tax liabilities (91 ) Other (2,259 ) (897 ) Total deferred income tax liabilities (32,606 ) (30,426 ) Net deferred income taxes $ (18,565 ) $ (14,382 ) The Company determined that it is more-likely-than-not that it will not realize the deferred tax assets on certain Canadian subsidiaries and recorded a valuation allowance against the entire related deferred tax assets. As of December 31, 2016, the Company had no undistributed earnings of our Canadian subsidiaries. We expect future earnings to be reinvested. Accordingly, no provision for U.S. income taxes or foreign withholding taxes has been made. The Company is subject to taxation in various jurisdictions. The Company’s tax return for 2015 is subject to examination by U.S. federal authorities. The Company’s tax returns are subject to examination by various state authorities for the years 2012 through 2015. The Company has recorded a liability for unrecognized tax benefits related to tax positions taken on its various income tax returns. If recognized, the entire amount of unrecognized tax benefits would favorably impact the effective tax rate that is reported in future periods. The decrease in prior period tax positions is primarily due to the settlement of an Internal Revenue Service audit for the 2012 through 2014 tax years. The total unrecognized tax benefits is expected to be reduced by less than $0.1 million within the next 12 months due to the lapses in the applicable statutes of limitations. Interest and penalties related to uncertain income tax positions are included as a component of income tax expense in the Financial Statements. The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits at December 31: (in thousands) 2016 2015 Balance at beginning of period $ 425 $ 507 Gross increases in current period tax positions 100 62 Gross increases in prior period tax positions 19 Gross decreases in prior period tax positions (163 ) Reductions in tax positions due to lapse of statutory limitations (12 ) Settlements with taxing authorities (243 ) Balance at end of period 270 425 Accrued interest and penalties at end of period 31 139 Total liability for unrecognized tax benefits $ 301 $ 564 The liability for unrecognized tax benefits, including accrued interest and penalties, was included in other liabilities in the accompanying consolidated balance sheets. The amount of interest and penalties charged or credited to income tax expense as a result of the unrecognized tax benefits was not significant in the years ended December 31, 2016, 2015 and 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | 11. Commitments and Contingencies Purchase Commitments As of December 31, 2016, the Company had approximately $8.6 million in outstanding purchase orders for certain construction equipment, with cash outlay scheduled to occur over the next four 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 million. The Company’s health benefit plans, are subject to a deductible up to $0.2 million, for qualified individuals. Losses up to the deductible amounts are accrued based upon the Company’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. 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 at December 31: (in thousands) 2016 2015 2014 Balance at beginning of period $ 36,967 $ 39,480 $ 39,111 Net increases in reserves 25,139 15,686 16,220 Net payments made (19,522 ) (18,199 ) (15,851 ) Balance at end of period $ 42,584 $ 36,967 $ 39,480 Insurance expense, including premiums, for workers’ compensation, general liability, automobile liability, employee health benefits, and other coverages for the years ended December 31, 2016, 2015 and 2014 was $25.6 million, $23.6 million and $21.0 million, respectively. 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 sureties for any expenses paid out under these bonds. As of December 31, 2016, an aggregate of approximately $887.7 million in original face amount of bonds issued by the Company’s sureties were outstanding. Our estimated remaining cost to complete these bonded projects was approximately $58.2 million as of December 31, 2016. 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 liabilities for additional contributions 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 potential liabilities related to this issue. See Note 14 to the Financial Statements for further information related to the Company’s participation in multi-employer plans. 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. 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 operation or cash flows. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our present business as well as in respect of our divested businesses. Some of these claims and litigations include claims related to the Company’s current services and operations, and asbestos-related claims concerning historic operations of a predecessor affiliate. The Company believes that it has strong defenses to these claims as well as insurance coverages that could contribute to any settlement or liability in the event any asbestos-related claim is not resolved in the Company’s favor. These claims have not had a material impact on the Company to date, and the Company believes that the likelihood that a future material adverse outcome will result from these claims is remote. However, if facts and circumstances change in the future, the Company cannot be certain that an adverse outcome of one or more of these claims would not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 12. Lease Obligations From time to time, the Company enters into leasing arrangements for real estate, vehicles and construction equipment. In 2016, the Company entered into master leasing arrangements for vehicles and construction equipment. Some of the leases entered into under these agreements were recorded as capital leases while others were treated as operating leases. As of December 31, 2016, the Company had no outstanding commitments to enter into future leases under its master lease agreements. 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 included in the balance sheets in property and equipment, net of accumulated depreciation, with a corresponding amount recorded in current portion of capital lease obligations or capital lease obligations, net of current maturities, as appropriate. The capital lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight-line basis and included in depreciation expense in the statements of operations. The interest associated with capital leases is included in interest expense in the statements of operations. As of December 31, 2016, the Company had approximately $4.9 million of capital lease obligations outstanding, $1.1 million of which was classified as a current liability. As of December 31, 2015, the Company had no outstanding capital lease obligations. As of December 31, 2016, $5.0 million of leased assets were capitalized in construction equipment, net of accumulated depreciation. Additional information related to property and equipment is provided in Note 6 to the Financial Statements. Operating Leases The Company leases real estate, construction equipment and office equipment under operating leases with remaining terms ranging from one to five years. Rent expense includes lease payments as well as rent on items that are rented under cancellable rental agreements. Total rent expense for the years ended December 31, 2016, 2015 and 2014, was $44.9 million, $57.2 million and $41.1 million, respectively. The future minimum lease payments required under capital leases and operating leases, together with their present value of capital leases, as of December 31, 2016 were as follows: (In thousands) Capital Lease Operating Lease 2017 $ 1,220 $ 2,519 2018 1,220 2,256 2019 1,220 1,851 2020 1,220 1,206 2021 380 761 Thereafter 612 Total minimum lease payments $ 5,260 $ 9,205 Interest (342 ) Net present of minimum lease payments 4,918 Less: Current portion of capital lease obligations 1,085 Long-term capital lease obligations $ 3,833 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. 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 (Amended and Restated as of May 1, 2014) (the “LTIP”). Upon the adoption of the LTIP, awards were no longer granted under the 2006 Plan. The LTIP was approved by our stockholders and 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, or (i) any combination of such awards. The LTIP permits the granting of up to 4,000,000 shares to directors, officers and other employees of the Company. Grants of awards to employees are approved by the Compensation Committee of the Board of Directors and grants to independent members of the Board of Directors are approved by the Board of Directors. All awards are made with an exercise price or base price, as the case may be, that is not less than the full fair market value per share on the date of grant. No stock option or stock appreciation right may be exercised more than 10 years from the date of grant. Shares issued as a result of stock option exercises or stock grants may be made available from authorized unissued shares of common stock or treasury stock. Stock Options The Company has not awarded any stock options since 2013. Stock options granted to employees or directors vested ratably over a three- or four-year vesting period and were granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The Company used the Black-Scholes-Merton option-pricing model to estimate the fair value of options as of the date of grant. All stock options were fully expensed as of December 31, 2016. Following is a summary of stock option activity for the three-year period ending December 31, 2016: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2014 1,147,320 $ 13.21 Exercised (134,273 ) $ 7.93 Forfeited (2,838 ) $ 22.66 Expired (1,428 ) $ 24.26 Outstanding at December 31, 2014 1,008,781 $ 13.87 4.2 years $ 13,652 Exercised (267,440 ) $ 7.19 Forfeited (1,290 ) $ 23.14 Expired (9,446 ) $ 5.92 Outstanding at December 31, 2015 730,605 $ 16.40 3.6 years $ 3,722 Exercised (443,283 ) $ 14.03 Forfeited (933 ) $ 24.68 Expired (40,672 ) $ 21.40 Outstanding and Exercisable at December 31, 2016 245,717 $ 19.82 4.4 years $ 4,396 Other data relating to option activity for the years ended December 31 are as follows: (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 7,832 $ 5,857 $ 2,383 Fair value of options vested 372 948 1,187 The following table summarizes information with respect to stock options outstanding and exercisable under the Company’s plans at December 31, 2016: Options Outstanding and Exercisable Exercise Price Number Of Weighted- Weighted- $7.98 $13.00 44,212 $ 12.72 1.0 years $13.01 $20.00 88,638 $ 17.41 4.8 years $20.01 $24.68 112,867 $ 24.48 5.4 years 245,717 $ 19.82 4.4 years Restricted Stock Restricted stock awards granted to non-employee directors and eligible employees in 2016 vest ratably, on an annual basis, over three years. The grant date fair value of the restricted stock was equal to the closing market price of the Company’s common stock on the date of grant. During the restriction period, the restricted stockholders are entitled to the same rights as a common stockholder with respect to the shares, including the right to vote and receive dividends Any dividends on restricted stock will be deferred and paid only when the stock vests and will be forfeited if the stock does not vest. Restricted stock awards are also subject to certain claw-back provisions, as defined in the grant agreements. Following is a summary of restricted stock activity for the three-year period ending December 31, 2016: Shares Per Share Outstanding unvested at January 1, 2014 211,716 $ 21.33 Granted 82,351 $ 24.46 Vested (64,657 ) $ 20.85 Forfeited (9,073 ) $ 21.34 Outstanding unvested at December 31, 2014 220,337 $ 22.64 Granted 83,236 $ 29.21 Vested (102,297 ) $ 22.42 Forfeited (3,131 ) $ 24.10 Outstanding unvested at December 31, 2015 198,145 $ 24.48 Granted 106,968 $ 24.63 Vested (87,033 ) $ 25.11 Forfeited (3,144 ) $ 26.09 Outstanding unvested at December 31, 2016 214,936 $ 25.21 Phantom Stock Units Phantom stock unit awards granted to Canadian non-employee directors vest ratably, on an annual basis, over three years and are settled in stock. The phantom stock unit agreements contain tandem dividend provisions which allow grantees to accrue and receive dividends, if any are declared and paid, upon vesting. The grant date fair value of the phantom stock units was equal to the closing market price of the Company’s common stock on the date of grant. Following is a summary of phantom stock activity for the two-year period ending December 31, 2016: Shares Per Share Outstanding unvested at January 1, 2015 $ 0.00 Granted 3,804 $ 29.57 Outstanding unvested at December 31, 2015 3,804 $ 29.57 Granted 5,944 $ 25.23 Vested (1,268 ) $ 29.57 Outstanding unvested at December 31, 2016 8,480 $ 26.53 Performance Awards The Company has granted performance awards under which shares of the Company’s common stock may be earned based on the Company’s performance compared to certain metrics. The number of shares actually earned under a performance award may vary from zero to 200% of the target shares awarded, based upon the Company’s performance compared to the metrics. The metrics used are determined at grant by the Compensation Committee of the Board of Directors and may be either based on internal measures such as the Company’s financial performance compared to target or on a market-based metric such as the Company’s stock performance compared to a peer group. Performance awards cliff vest upon attainment of the stated performance targets and minimum service requirements and are paid in common shares of the Company’s stock. The Company recognizes stock-based compensation expense related to market-based performance awards based on the grant date fair value, which is computed using a Monte Carlo simulation, net of forfeitures. The fair value is expensed over the service period, which is approximately 2.8 years. The Company recognizes stock-based compensation expense related to internal measure-based performance awards based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the potential achievement of the performance target at each reporting date, net of estimated forfeitures. Following is a summary of performance share award activity for the three-year period ending December 31, 2016: Shares Per Share Outstanding at January 1, 2014 87,194 $ 21.29 Granted at target 85,078 $ 27.69 Earned for performance above target 25,292 $ 17.48 Vested (65,237 ) $ 17.48 Forfeited (5,524 ) $ 24.84 Outstanding at December 31, 2014 126,803 $ 26.63 Granted at target 69,978 $ 38.70 Forfeited for performance below target (3,810 ) $ 24.68 Vested (40,474 ) $ 24.68 Forfeited (8,889 ) $ 30.87 Outstanding at December 31, 2015 143,608 $ 32.68 Granted at target 79,661 $ 28.25 Earned for performance above target 20,650 $ 31.01 Vested (98,270 ) $ 27.74 Forfeited (1,626 ) $ 32.96 Outstanding at December 31, 2016 144,023 $ 32.92 Stock-based Compensation Expense The Company recognized stock-based compensation expense of approximately $4.7 million, $4.8 million and $4.7 million for the years ended December 31, 2016, 2015 and 2014, respectively, in selling, general and administrative expenses. As of December 31, 2016, there was approximately $5.2 million of total unrecognized stock-based compensation expense related to awards granted under the LTIP, net of estimated forfeitures. This included $2.9 million of unrecognized compensation cost related to unvested restricted stock expected to be recognized over a remaining weighted average vesting period of approximately 1.5 years and $2.3 million of unrecognized compensation cost related to unvested performance awards, expected to be recognized over a remaining weighted average vesting period of approximately 1.6 years. Compensation cost related to unvested phantom stock has been fully expensed and has a remaining weighted average vesting period of approximately 2.1 years. Award agreements for restricted stock and phantom stock granted to non-employee directors after 2013 contained provisions which call for the vesting of all shares awarded upon change in control or resignation from the board for any reason except breach of fiduciary duty. As a result of these provisions, the fair value of restricted and phantom stock granted to the non-employee directors after 2013 was expensed on the date of the grant. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. Employee Benefit Plans The Company has a profit sharing and thrift employee benefit plan in effect for all eligible employees. Company contributions under this defined contribution plan are based upon a percentage of income with limitations as defined by the plan. Contributions for the years ended December 31, 2016, 2015 and 2014 amounted to $4.6 million, $3.4 million, and $6.9 million, respectively. The Company also has an employee benefit plan in effect for certain non-union hourly employees. Company contributions under this defined contribution plan are based upon a percentage of income with limitations as defined by the plan. Contributions for the years ended December 31, 2016, 2015 and 2014 amounted to $0.6 million, $0.7 million and $0.6 million, respectively. The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees, who are represented by over 100 local unions. The related collective-bargaining agreements between those organizations and the Company, which specify the rate at which the Company must contribute to the multi-employer defined pension plan, expire at different times between 2017 and 2019. The risks of participating in these multiemployer defined benefit pension plans are different from single-employer plans in the following aspects: 1) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. 2) If a participating employer stops contributing to a plan, the unfunded obligations of the plan may be borne by the remaining participating employers. 3) If the Company chooses to stop participating in a multiemployer plan, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to uncertainty of the future levels of work that require the specific use of union employees covered by these plans, as well as the future contribution levels and possible surcharges on contributions applicable to these plans. The following table summarizes plan information relating to the Company’s participation in multi-employer defined benefit pension plans, including company contributions for the last three years, the status under the Pension Protection Act (“PPA”) of the plans and whether the plans are subject to a funding improvement or rehabilitation plan, or contribution surcharges. The most recent zone status is for the plan’s year-end indicated in the table. The zone status is based on information that the Company received from the plan, as well as from publicly available information on the U.S. Department of Labor website. The PPA zone status for the plan year ended on December 31, 2016 has not been listed because Forms 5500 were not yet available. Among other factors, plans in the red “critical” zone are generally less than 65 percent funded, plans in the yellow “endangered” zone are between 65 and 80 percent funded, and plans in the green zone are at least 80 percent funded. Also listed in the table below are the Company’s contributions to defined contribution plans. Information in the table has been presented separately for individually significant plans and in the aggregate for all other plans. Pension Fund EIN/Pension Pension Protection Act Zone Status Contributions to Plan for the Funding Surcharge Status Plan Year Status Plan Year 2016 2015 2014 (in thousands) Defined Benefit Plans: National Electrical Benefit Fund 53-0181657 001 Green 12/31/2015 Green 12/31/2014 $ 9,040 $ 6,930 $ 6,330 No No Eighth District Electrical Management Pension Fund 84-6100393 001 Green 3/31/2016 Green 3/31/2015 7,519 5,598 5,197 No No IBEW Local 769 Management Pension Plan 86-6049763 001 Green 6/30/2015 Green 6/30/2014 1,709 2,120 1,833 No No IBEW Local 1249 Pension Plan 15-6035161 001 Yellow 12/31/2015 Yellow 12/31/2014 630 2,042 2,103 Yes No Defined Contribution Plans: National Electrical Annuity Plan 52-6132372 001 n/a n/a 22,840 24,226 20,694 n/a n/a Eighth District Electrical Pension Fund Annuity Plan 84-6100393 002 n/a n/a 4,883 3,700 3,553 n/a n/a All other plans: 7,175 8,070 5,114 Total Contributions: $ 53,796 $ 52,686 $ 44,824 Total contributions to these plans correspond to the number of union employees employed at any given time and the plans in which they participate and varies depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with such projects. The PPA data presented in the table above represents data available to us for the two most recent plan years. One of the Company’s subsidiaries was listed in the Eighth District Electrical Pension Fund’s Form 5500 as providing more than 5 percent of the total contributions to that plan for the plan years ended March 31, 2016, 2015 and 2014 and the IBEW local 769 Management Pension Fund’s Form 5500 as providing more than 5 percent of the total contributions to that plan for the plan years ended June 30, 2015 and 2014. Another of the company’s subsidiaries was listed in the IBEW Local 1249 Pension Plan’s Form 5500 as providing more than 5 percent of the total contributions to that plan for the plan years ended December 31, 2015 and 2014. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information MYR Group is a specialty contractor serving the United States and Canadian electrical infrastructure markets. 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 costs, 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. Transmission and Distribution: Commercial and Industrial: The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes: For the Year Ended December 31, (in thousands) 2016 2015 2014 Contract revenues: T&D $ 818,972 $ 794,898 $ 699,595 C&I 323,515 266,783 244,372 $ 1,142,487 $ 1,061,681 $ 943,967 Income from operations: T&D $ 63,459 $ 63,155 $ 75,439 C&I 13,920 13,592 16,542 General Corporate (38,625 ) (31,906 ) (33,577 ) $ 38,754 $ 44,841 $ 58,404 The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31: (in thousands) 2016 2015 T&D $ 235,548 $ 204,309 C&I 125,696 92,939 Other 212,251 227,677 $ 573,495 $ 524,925 An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows: For the Year Ended December 31, (in thousands) 2016 2015 2014 Depreciation and amortization T&D $ 35,947 $ 35,456 $ 30,957 C&I 3,175 2,573 2,466 $ 39,122 $ 38,029 $ 33,423 For the year ended December 31, 2016, the Company had Canadian contract revenues of $36.5 million, of which $26.9 million and $9.6 million is attributable to the T&D and C&I segments, respectively. For the year ended December 31, 2015, the Company had Canadian contract revenues of $1.5 million, of which $1.4 million and $0.1 million is attributable to the T&D and C&I segments, respectively. The Company had no Canadian contract revenues in the year ended December 31, 2014. As of December 31, 2016 and 2015, there were $52.2 million and $1.9 million, respectively, of identifiable assets attributable to Canadian operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 16. 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 years ended December 31, 2016 and 2015 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 share is computed using the weighted average number of common shares outstanding during the period adjusted for plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive. For the year ended December 31, 2014, 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: For the Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Numerator: Net income $ 21,431 $ 27,302 $ 36,544 Less: Net income allocated to participating securities (277 ) Net income available to common shareholders $ 21,431 $ 27,302 $ 36,267 Denominator: Weighted average common shares outstanding 17,109 20,577 20,922 Weighted average dilutive securities 352 461 544 Weighted average common shares outstanding, diluted 17,461 21,038 21,466 Income per common share, basic $ 1.25 $ 1.33 $ 1.73 Income per common share, diluted $ 1.23 $ 1.30 $ 1.69 For the years ended December 31, 2016, 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. 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: (In thousands) 2016 2015 2014 Stock options 3 100 Performance awards 63 34 Share Repurchase Program During 2016, the Company’s Board of Directors approved two amendments to the share repurchase program (“Repurchase Program”), which increased the Repurchase Program from $67.5 million to $162.5 million and extended the term of the program through August 15, 2017. During 2016, the Company repurchased 4,227,541 shares of its common stock at a weighted-average price of $23.79 per share; 4,189,858 of those shares were purchased under its Repurchase Program for approximately $99.8 million. Additionally, the Company repurchased 37,683 shares of stock, for approximately $0.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock. The remaining availability to purchase shares under the Repurchase Program was $20.0 million as of December 31, 2016. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 17. Quarterly Financial Data (Unaudited) The following table presents the unaudited consolidated operating results by quarter for the years ended December 31, 2016 and 2015: For the Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2016: Revenues $ 253,634 $ 261,934 $ 283,259 $ 343,660 Gross profit 27,281 31,435 34,063 41,944 Net income 1,987 5,500 6,146 7,798 Basic earnings per share $ 0.10 $ 0.32 $ 0.39 $ 0.49 Diluted earnings per share $ 0.10 $ 0.31 $ 0.38 $ 0.48 2015: Revenues $ 244,148 $ 276,488 $ 269,861 $ 271,184 Gross profit 29,374 31,736 28,620 32,611 Net income 7,172 8,074 6,175 5,881 Basic earnings per share $ 0.35 $ 0.39 $ 0.30 $ 0.29 Diluted earnings per share $ 0.34 $ 0.38 $ 0.29 $ 0.29 Earnings per share amounts for each quarter are required to be computed independently using the weighted average number of shares outstanding during the period. As a result, the sum of the individual quarterly earnings per share amounts may not agree to the earnings per share calculated for the year. |
Organization, Business and Si24
Organization, Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 and is currently conducting operations through 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; Sturgeon Electric California, LLC, a Delaware limited liability company; and GSW Integrated Services, LLC, a Delaware limited liability company; MYR Transmission Services Canada, Ltd., a British Columbia corporation; Northern Transmission Services, Ltd., a British Columbia corporation and Western Pacific Enterprises 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. T&D 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 and western Canada. |
Consolidation, Policy [Policy Text Block] | Consolidation The accompanying Financial Statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting. Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term based on costs incurred under the cost-to-cost method. Revenues from the Company’s construction services are performed under fixed-price, time-and-equipment, time-and-materials, unit-price, and cost-plus fee contracts. For fixed-price and unit-price contracts, the Company uses the ratio of cost incurred to date on the contract to management’s estimate of the contract’s total cost, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract cost includes all direct costs on contracts, including labor and material, subcontractor costs and those indirect costs related to contract performance, such as supplies, fuel, tool repairs and depreciation. The Company recognizes revenues from construction services with fees based on time-and-materials, or cost-plus fee as the services are performed and amounts are earned. If contracts include contract incentive or bonus provisions, they are included in estimated contract revenues only when the achievement of such incentive or bonus is reasonably certain. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and the total estimated costs to complete those contracts and therefore, the Company’s profit recognition. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized in contract costs in the period in which the revisions are determined. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the possible loss was identified. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. A claim is an amount in excess of the agreed-upon contract price that the Company seeks to collect from its clients or others for client-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes. Costs related to change orders and claims are recognized when incurred. Revenue from a change order is included in total estimated contract revenue when it is probable that the change order will result in an addition to contract value and can be reliably estimated. Revenue from a claim is included in total estimated contract revenues, only to the extent that contract costs related to the claim have been incurred, when it is probable that the claim will result in an addition to contract value which can be reliably estimated. No profit is recognized on a claim until final settlement occurs. The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax and value added tax collected from customers is included in other current liabilities on our consolidated balance sheets. |
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 short term monetary assets and liabilities, are recorded in the “other income, net” line on the consolidated statements of operations. For the year ended December 31, 2016, the Company recorded $0.2 million of foreign currency losses. Foreign currency transaction gains and losses, arising primarily from long term monetary assets and liabilities are recorded in the foreign currency translation adjustment line on the consolidated statements of comprehensive income. |
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 estimates of costs to complete on contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. Actual results could differ from these estimates. During 2016, the Company revised its cost estimates on several large, multi-year transmission projects, which resulted in the recognition of approximately 0.2% of reduced gross margin. During 2015 and 2014, the Company revised its cost estimates on several large, multi-year transmission projects, which resulted in the recognition of approximately 0.5% and 1.9% of incremental gross margin, respectively. During 2016, the decrease in gross margin resulted in a decrease in income from operations of $2.6 million, a decrease in net income of $1.4 million, and a decrease in diluted earnings per share by $0.08. During 2015, the incremental gross margin resulted in $5.9 million of additional income from operations, $3.6 million of additional net income, and increased diluted earnings per share by $0.17. During 2014, the incremental gross margin resulted in $18.4 million of additional income from operations, $11.6 million of additional net income, and increased diluted earnings per share by $0.54. |
Advertising Costs, Policy [Policy Text Block] | Advertising Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $0.6 million, $0.5 million and $0.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. The Company also evaluates the realizability of our deferred tax assets and valuation allowances are recorded when necessary to reduce deferred tax assets to the amounts expected to be realized. Interest and penalties related to uncertain income tax positions are included in income tax expense in the accompanying consolidated statements of operations. Interest and penalties actually incurred are charged to interest expense and the “other income, net” line, respectively. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognize the related compensation expense over the vesting period. The Company uses the straight-line attribution method to recognize compensation expense related to stock-based awards, such as restricted stock and phantom stock, that have only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. The Company recognizes compensation expense related to performance awards that vest based on internal performance metrics and service conditions on a straight-line basis over the service period, but adjust inception-to-date expense based upon our determination of the potential achievement of the performance target at each reporting date. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. Stock-based compensation expense is adjusted for changes in estimated and actual forfeitures. The Company uses historical data to estimate the forfeiture rate that we use; however, these estimates are subject to change and may impact the value that will ultimately be recognized as stock compensation expense. Shares issued under the Company’s stock-based compensation program are taken out of authorized but unissued shares. |
Earnings Per Share, Policy [Policy Text Block] | 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 years ended December 31, 2016 and 2015 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 year ended December 31, 2014, 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2016 and 2015, the Company held its cash in checking accounts or in highly liquid money market funds. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balances overdrafts during the same business day. Checks issued and outstanding in excess of bank balance are recorded in accounts payable in the Consolidated Balance Sheets and are reflected as a financing activity in the Consolidated Statements of Cash Flows. The Company had no checks issued and outstanding in excess of our bank balance as of December 31, 2016 and 2015. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts The Company does not charge interest to its customers and carries its customer receivables at their face amounts, less an allowance for doubtful accounts. Included in accounts receivable are balances billed to customers pursuant to retainage provisions in certain contracts that are due upon completion of the contract and acceptance by the customer, or earlier as provided by the contract. Based on the Company’s experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable, including retainage, as current assets. The contracting cycle for certain long-term contracts may extend beyond one year, and accordingly, collection of retainage on those contracts may extend beyond one year. The Company expects a majority of the retainage recorded at December 31, 2016 to be collected within one year, with the remaining to be collected in the subsequent year as the related contracts are completed. The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible, the account balance is written-off against the allowance for doubtful accounts. |
Construction Contractors, Policy [Policy Text Block] | Classification of Construction Contract-related Assets and Liabilities Costs and estimated earnings in excess of billings on uncompleted contracts are presented as a current asset in the accompanying consolidated balance sheets, and billings in excess of costs and estimated earnings on uncompleted contracts are presented as a current liability in the accompanying consolidated balance sheets. The Company’s contracts vary in duration, with the duration of some larger contracts exceeding one year. Consistent with industry practices, the Company includes the amounts realizable and payable under contracts, which may extend beyond one year, in current assets and current liabilities. These balances are generally settled within one year. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is carried at cost. Depreciation is computed using the straight-line method over estimated useful lives. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized into income from operations. The cost of maintenance and repairs is charged to expense as incurred. |
Revenue Recognition Leases, Capital [Policy Text Block] | Leases The Company leases certain real estate, construction equipment and office equipment. Real estate is generally leased for terms up to ten years in duration. The terms and conditions of leases (such as renewal or purchase options and escalation clauses), if material, are reviewed at inception to determine the classification (operating or capital) of the lease. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with Accounting Standards Codification (“ASC”) Topic 840-10-25. |
Insurance Policy [Policy Text Block] | Insurance The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is up to $1.0 million, except for certain of the Company’s health insurance benefit plans, which are subject to a deductible up to $0.2 million, for qualified individuals. Losses up to the deductible amounts are accrued based upon the Company’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. 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. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company reviews goodwill and intangible assets with indefinite lives for impairment on an annual basis at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. The Company performs a qualitative assessment to determine whether it is necessary to perform a two-step goodwill impairment test. The qualitative assessment considers financial, industry, segment and macroeconomic factors. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. The two-step method begins with a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. The company also performs a qualitative assessment on intangible assets with indefinite lives. If the qualitative assessment indicates a potential for impairment, a quantitative impairment test would be performed to compare the fair value of the indefinite-lived intangible asset with its carrying value. If the carrying value of goodwill or other indefinite-lived assets exceeds its implied fair value, an impairment charge would be recorded in the statement of operations. In 2015, the Company determined, based on our qualitative analysis, that it was appropriate to perform a two-step analysis. The first step involves a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recorded in the statement of operations. The step one analysis did not indicate that the Company’s goodwill or indefinite lived intangible assets were impaired. As a result, no step two analysis was performed. As a result of the annual qualitative review process in 2016 and 2014, the Company determined it was not necessary to perform a two-step analysis. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. The Company grants trade credit under contractual payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2016, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate balance of approximately 11.2% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). As of December 31, 2015, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate balance of approximately 13.0% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company’s top ten customers accounted for approximately 46.4%, 44.6% and 46.5% of consolidated revenues for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, no single customer accounted for more than 10.0% of annual revenues. As of December 31, 2016, approximately 91% of the Company’s craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future. |
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 may have minimal impact on its Financial Statements. Recently Adopted Accounting Pronouncements In April 2015, FASB issued ASU No. 2015-03, Interest Imputation of Interest (Topic 835) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Topic 835) In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern (Topic 205) Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of the opening balance sheet from the date of acquisition through December 31, 2016: (in thousands) (as of Measurement (adjusted Total consideration, net of net asset adjustments $ 11,283 $ $ 11,283 Accounts receivable, net $ 20,249 $ $ 20,249 Costs and estimated earnings in excess of billings on uncompleted contracts 1,610 1,610 Other current assets 8 8 Property and equipment 4,108 4,108 Accounts payable (10,125 ) (10,125 ) Billings in excess of costs and estimated earnings on uncompleted contracts (3,020 ) (3,020 ) Other current liabilities (2,294 ) (2,294 ) Net identifiable assets 10,536 10,536 Unallocated intangible assets $ 747 $ $ 747 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following at December 31: (in thousands) 2016 2015 Contract receivables $ 200,732 $ 159,794 Contract retainages 32,486 27,474 Other 1,856 343 235,074 187,611 Less: Allowance for doubtful accounts (432 ) (376 ) $ 234,642 $ 187,235 |
Schedule Of Roll Forward Activity Of Allowance For Doubtful Accounts [Table Text Block] | The roll-forward of activity in the allowance for doubtful accounts was as follows for the years ended December 31: (in thousands) 2016 2015 2014 Balance at beginning of period $ 376 $ 1,179 $ 1,132 Less: Reduction in (provision for) allowances (146 ) 528 (96 ) Less: Write offs, net of recoveries 90 275 49 Balance at end of period $ 432 $ 376 $ 1,179 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 12 Months Ended |
Dec. 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 at December 31: (in thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 2,194,695 $ 2,153,085 Less: Billings to date 2,167,066 2,142,213 $ 27,629 $ 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 is included in the accompanying consolidated balance sheets as follows at December 31: (in thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 69,950 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (42,321 ) (40,614 ) $ 27,629 $ 10,872 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following at December 31: (dollars in thousands) Estimated 2016 2015 Land $ 5,468 $ 5,782 Buildings and improvements 3 to 39 21,660 21,401 Construction equipment 3 to 12 329,299 308,628 Office equipment 3 to 10 7,930 6,442 364,357 342,253 Less: Accumulated depreciation and amortization (209,466 ) (181,575 ) $ 154,891 $ 160,678 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill and intangible assets consisted of the following at December 31: 2016 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Goodwill T&D $ 40,224 $ $ 40,224 $ 40,567 $ $ 40,567 C&I 6,557 6,557 6,557 6,557 Total goodwill $ 46,781 $ $ 46,781 $ 47,124 $ $ 47,124 Amortizable Intangible Assets Backlog $ 989 $ 989 $ $ 765 $ 695 $ 70 Customer relationships 5,266 3,590 1,676 5,144 3,103 2,041 Trade names 695 79 616 695 695 Unallocated intangible assets 747 26 721 Foreign currency translation (3 ) (3 ) Indefinite-lived Intangible Assets Trade names 8,556 8,556 8,556 8,556 Total Intangible assets $ 16,250 $ 4,684 $ 11,566 $ 15,160 $ 3,798 $ 11,362 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following at December 31: (in thousands) 2016 2015 Payroll and incentive compensation $ 16,101 $ 10,499 Union dues and benefits 10,261 8,182 Profit sharing and thrift plan 2,004 1,294 Taxes, other than income taxes 7,639 3,578 Other 6,377 5,303 $ 42,382 $ 28,856 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes by geographic area was, for the years ended December 31: (in thousands) 2016 2015 2014 Federal $ 39,419 $ 45,456 $ 57,950 Foreign (1,074 ) (1,157 ) $ 38,345 $ 44,299 $ 57,950 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision consisted of the following for the years ended December 31: (in thousands) 2016 2015 2014 Current Federal $ 9,838 $ 12,433 $ 14,720 State 2,871 3,006 3,031 12,709 15,439 17,751 Deferred Federal 2,491 1,553 3,154 Foreign 481 (272 ) State 1,233 277 501 4,205 1,558 3,655 Income tax expense $ 16,914 $ 16,997 $ 21,406 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for continuing operations were as follows for the years ended December 31: 2016 2015 2014 U.S federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of U.S. federal income tax expense 5.2 4.6 3.6 Provision to return adjustments, net 0.8 0.5 0.2 Tax differential on foreign earnings 2.2 0.3 Domestic production/manufacturing deduction (1.9 ) (2.4 ) (2.3 ) Deferred tax adjustments, net 1.6 Non-deductible meals and entertainment 1.0 0.6 0.4 Expiration of uncertain tax positions (0.4 ) Other income, net 0.2 0.2 Effective rate 44.1 % 38.4 % 36.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31: (in thousands) 2016 2015 Deferred income tax assets: Self insurance reserves $ 6,670 $ 7,464 Contract loss reserves 257 240 Stock-based awards 2,554 3,986 Bonus 2,908 2,497 Non-U.S. operating loss 595 373 Other 1,652 1,484 Total deferred income tax assets before valuation allowances 14,636 16,044 Less: valuation allowances (595 ) Total deferred income tax assets 14,041 16,044 Deferred income tax liabilities: Property and equipment tax over book depreciation (26,664 ) (25,859 ) Intangible assets tax over book amortization (3,592 ) (3,670 ) Non-U.S. deferred income tax liabilities (91 ) Other (2,259 ) (897 ) Total deferred income tax liabilities (32,606 ) (30,426 ) Net deferred income taxes $ (18,565 ) $ (14,382 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits at December 31: (in thousands) 2016 2015 Balance at beginning of period $ 425 $ 507 Gross increases in current period tax positions 100 62 Gross increases in prior period tax positions 19 Gross decreases in prior period tax positions (163 ) Reductions in tax positions due to lapse of statutory limitations (12 ) Settlements with taxing authorities (243 ) Balance at end of period 270 425 Accrued interest and penalties at end of period 31 139 Total liability for unrecognized tax benefits $ 301 $ 564 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Roll Forward Activity In Insurance Reserves [Table Text Block] | 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 at December 31: (in thousands) 2016 2015 2014 Balance at beginning of period $ 36,967 $ 39,480 $ 39,111 Net increases in reserves 25,139 15,686 16,220 Net payments made (19,522 ) (18,199 ) (15,851 ) Balance at end of period $ 42,584 $ 36,967 $ 39,480 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] | The future minimum lease payments required under capital leases and operating leases, together with their present value of capital leases, as of December 31, 2016 were as follows: (In thousands) Capital Lease Operating Lease 2017 $ 1,220 $ 2,519 2018 1,220 2,256 2019 1,220 1,851 2020 1,220 1,206 2021 380 761 Thereafter 612 Total minimum lease payments $ 5,260 $ 9,205 Interest (342 ) Net present of minimum lease payments 4,918 Less: Current portion of capital lease obligations 1,085 Long-term capital lease obligations $ 3,833 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Following is a summary of stock option activity for the three-year period ending December 31, 2016: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2014 1,147,320 $ 13.21 Exercised (134,273 ) $ 7.93 Forfeited (2,838 ) $ 22.66 Expired (1,428 ) $ 24.26 Outstanding at December 31, 2014 1,008,781 $ 13.87 4.2 years $ 13,652 Exercised (267,440 ) $ 7.19 Forfeited (1,290 ) $ 23.14 Expired (9,446 ) $ 5.92 Outstanding at December 31, 2015 730,605 $ 16.40 3.6 years $ 3,722 Exercised (443,283 ) $ 14.03 Forfeited (933 ) $ 24.68 Expired (40,672 ) $ 21.40 Outstanding and Exercisable at December 31, 2016 245,717 $ 19.82 4.4 years $ 4,396 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Other data relating to option activity for the years ended December 31 are as follows: (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 7,832 $ 5,857 $ 2,383 Fair value of options vested 372 948 1,187 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information with respect to stock options outstanding and exercisable under the Company’s plans at December 31, 2016: Options Outstanding and Exercisable Exercise Price Number Of Weighted- Weighted- $7.98 $13.00 44,212 $ 12.72 1.0 years $13.01 $20.00 88,638 $ 17.41 4.8 years $20.01 $24.68 112,867 $ 24.48 5.4 years 245,717 $ 19.82 4.4 years |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Following is a summary of restricted stock activity for the three-year period ending December 31, 2016: Shares Per Share Outstanding unvested at January 1, 2014 211,716 $ 21.33 Granted 82,351 $ 24.46 Vested (64,657 ) $ 20.85 Forfeited (9,073 ) $ 21.34 Outstanding unvested at December 31, 2014 220,337 $ 22.64 Granted 83,236 $ 29.21 Vested (102,297 ) $ 22.42 Forfeited (3,131 ) $ 24.10 Outstanding unvested at December 31, 2015 198,145 $ 24.48 Granted 106,968 $ 24.63 Vested (87,033 ) $ 25.11 Forfeited (3,144 ) $ 26.09 Outstanding unvested at December 31, 2016 214,936 $ 25.21 |
Schedule of Share-based Compensation,Phantom Stock Activity [Table Text Block] | Following is a summary of phantom stock activity for the two-year period ending December 31, 2016: Shares Per Share Outstanding unvested at January 1, 2015 $ 0.00 Granted 3,804 $ 29.57 Outstanding unvested at December 31, 2015 3,804 $ 29.57 Granted 5,944 $ 25.23 Vested (1,268 ) $ 29.57 Outstanding unvested at December 31, 2016 8,480 $ 26.53 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Following is a summary of performance share award activity for the three-year period ending December 31, 2016: Shares Per Share Outstanding at January 1, 2014 87,194 $ 21.29 Granted at target 85,078 $ 27.69 Earned for performance above target 25,292 $ 17.48 Vested (65,237 ) $ 17.48 Forfeited (5,524 ) $ 24.84 Outstanding at December 31, 2014 126,803 $ 26.63 Granted at target 69,978 $ 38.70 Forfeited for performance below target (3,810 ) $ 24.68 Vested (40,474 ) $ 24.68 Forfeited (8,889 ) $ 30.87 Outstanding at December 31, 2015 143,608 $ 32.68 Granted at target 79,661 $ 28.25 Earned for performance above target 20,650 $ 31.01 Vested (98,270 ) $ 27.74 Forfeited (1,626 ) $ 32.96 Outstanding at December 31, 2016 144,023 $ 32.92 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | Information in the table has been presented separately for individually significant plans and in the aggregate for all other plans. Pension Fund EIN/Pension Pension Protection Act Zone Status Contributions to Plan for the Funding Surcharge Status Plan Year Status Plan Year 2016 2015 2014 (in thousands) Defined Benefit Plans: National Electrical Benefit Fund 53-0181657 001 Green 12/31/2015 Green 12/31/2014 $ 9,040 $ 6,930 $ 6,330 No No Eighth District Electrical Management Pension Fund 84-6100393 001 Green 3/31/2016 Green 3/31/2015 7,519 5,598 5,197 No No IBEW Local 769 Management Pension Plan 86-6049763 001 Green 6/30/2015 Green 6/30/2014 1,709 2,120 1,833 No No IBEW Local 1249 Pension Plan 15-6035161 001 Yellow 12/31/2015 Yellow 12/31/2014 630 2,042 2,103 Yes No Defined Contribution Plans: National Electrical Annuity Plan 52-6132372 001 n/a n/a 22,840 24,226 20,694 n/a n/a Eighth District Electrical Pension Fund Annuity Plan 84-6100393 002 n/a n/a 4,883 3,700 3,553 n/a n/a All other plans: 7,175 8,070 5,114 Total Contributions: $ 53,796 $ 52,686 $ 44,824 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes: For the Year Ended December 31, (in thousands) 2016 2015 2014 Contract revenues: T&D $ 818,972 $ 794,898 $ 699,595 C&I 323,515 266,783 244,372 $ 1,142,487 $ 1,061,681 $ 943,967 Income from operations: T&D $ 63,459 $ 63,155 $ 75,439 C&I 13,920 13,592 16,542 General Corporate (38,625 ) (31,906 ) (33,577 ) $ 38,754 $ 44,841 $ 58,404 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31: (in thousands) 2016 2015 T&D $ 235,548 $ 204,309 C&I 125,696 92,939 Other 212,251 227,677 $ 573,495 $ 524,925 |
Schedule Of Segment Reporting Information Related To Allocation Of Depreciation And Amortization By Segment [Table Text Block] | An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows: For the Year Ended December 31, (in thousands) 2016 2015 2014 Depreciation and amortization T&D $ 35,947 $ 35,456 $ 30,957 C&I 3,175 2,573 2,466 $ 39,122 $ 38,029 $ 33,423 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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: For the Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Numerator: Net income $ 21,431 $ 27,302 $ 36,544 Less: Net income allocated to participating securities (277 ) Net income available to common shareholders $ 21,431 $ 27,302 $ 36,267 Denominator: Weighted average common shares outstanding 17,109 20,577 20,922 Weighted average dilutive securities 352 461 544 Weighted average common shares outstanding, diluted 17,461 21,038 21,466 Income per common share, basic $ 1.25 $ 1.33 $ 1.73 Income per common share, diluted $ 1.23 $ 1.30 $ 1.69 |
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: (In thousands) 2016 2015 2014 Stock options 3 100 Performance awards 63 34 |
Quarterly Financial Data (Una38
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table presents the unaudited consolidated operating results by quarter for the years ended December 31, 2016 and 2015: For the Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2016: Revenues $ 253,634 $ 261,934 $ 283,259 $ 343,660 Gross profit 27,281 31,435 34,063 41,944 Net income 1,987 5,500 6,146 7,798 Basic earnings per share $ 0.10 $ 0.32 $ 0.39 $ 0.49 Diluted earnings per share $ 0.10 $ 0.31 $ 0.38 $ 0.48 2015: Revenues $ 244,148 $ 276,488 $ 269,861 $ 271,184 Gross profit 29,374 31,736 28,620 32,611 Net income 7,172 8,074 6,175 5,881 Basic earnings per share $ 0.35 $ 0.39 $ 0.30 $ 0.29 Diluted earnings per share $ 0.34 $ 0.38 $ 0.29 $ 0.29 |
Organization, Business and Si39
Organization, Business and Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Operating Income (Loss) | $ 38,754 | $ 44,841 | $ 58,404 | ||||||||
Net Income (Loss) Attributable to Parent | $ 7,798 | $ 6,146 | $ 5,500 | $ 1,987 | $ 5,881 | $ 6,175 | $ 8,074 | $ 7,172 | $ 21,431 | $ 27,302 | $ 36,544 |
Earnings Per Share, Diluted | $ 0.48 | $ 0.38 | $ 0.31 | $ 0.10 | $ 0.29 | $ 0.29 | $ 0.38 | $ 0.34 | $ 1.23 | $ 1.3 | $ 1.69 |
Advertising Expense | $ 600 | $ 500 | $ 400 | ||||||||
Loss Contingency Insurance Policy Deductible for Each Line of Coverage Excluding Health | $ 1,000 | 1,000 | |||||||||
Foreign Currency Transaction Gain (Loss), Realized | 200 | ||||||||||
Maximum [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Loss Contingency Health Insurance Deductible For Qualified Individuals | $ 200 | $ 200 | |||||||||
Accounts Receivable [Member] | Number of Customers [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||||||||
Accounts Receivable [Member] | Number of Customers [Member] | Credit Concentration Risk [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Concentration Risk, Percentage | 11.20% | 13.00% | |||||||||
Revenues [Member] | Number of Customers [Member] | Customer concentration risk [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Revenues [Member] | Top Ten Customers [Member] | Customer concentration risk [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Concentration Risk, Percentage | 46.40% | 44.60% | 46.50% | ||||||||
Labor employees covered by collective bargaining agreements [Member] | Labor Force Concentration Risk [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Concentration Risk, Percentage | 91.00% | ||||||||||
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 | (0.20%) | 0.50% | 1.90% | ||||||||
Estimate Adjustment [Member] | |||||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Operating Income (Loss) | $ (2,600) | $ 5,900 | $ 18,400 | ||||||||
Net Income (Loss) Attributable to Parent | $ (1,400) | $ 3,600 | $ 11,600 | ||||||||
Earnings Per Share, Diluted | $ (0.08) | $ 0.17 | $ 0.54 |
Acquisitions (Details)
Acquisitions (Details) - Western Pacific Enterprises [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 28, 2016 |
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | $ 11,283 | |
Accounts receivable, net | 20,249 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,610 | |
Other current assets | 8 | |
Property and equipment | 4,108 | |
Accounts payable | (10,125) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,020) | |
Other current liabilities | (2,294) | |
Net identifiable assets | 10,536 | |
Unallocated intangible assets | 747 | |
Scenario, Previously Reported [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | $ 11,283 | |
Accounts receivable, net | 20,249 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,610 | |
Other current assets | 8 | |
Property and equipment | 4,108 | |
Accounts payable | (10,125) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,020) | |
Other current liabilities | (2,294) | |
Net identifiable assets | 10,536 | |
Unallocated intangible assets | $ 747 | |
Restatement Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | 0 | |
Accounts receivable, net | 0 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 0 | |
Other current assets | 0 | |
Property and equipment | 0 | |
Accounts payable | 0 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 0 | |
Other current liabilities | 0 | |
Net identifiable assets | 0 | |
Unallocated intangible assets | $ 0 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | Apr. 13, 2015 | Oct. 28, 2016 | Nov. 24, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,056 | $ 13,087 | $ 0 | |||
E.S. Boulos Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred, Total | $ 11,400 | |||||
High Country Line Construction Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred, Total | $ 1,700 | |||||
Business Acquisition, Transaction Costs | 200 | |||||
Finite-lived Intangible Assets Acquired | 300 | |||||
High Country Line Construction Inc [Member] | Goodwill [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, Acquired During Period | $ 200 | |||||
Western Pacific Enterprises [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Transaction Costs | 400 | |||||
Business Combination Compensation Expenses On Contingent Payment | 100 | |||||
Business Combination, Contingent Consideration, Liability | 2,200 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 800 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,100 | |||||
Western Pacific Enterprises [Member] | Other Income [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $ 1,400 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable [Line Items] | ||
Contract receivables | $ 200,732 | $ 159,794 |
Contract retainages | 32,486 | 27,474 |
Other | 1,856 | 343 |
Accounts receivable, gross current | 235,074 | 187,611 |
Less: Allowance for doubtful accounts | (432) | (376) |
Accounts receivable, net current | $ 234,642 | $ 187,235 |
Accounts Receivable (Details 1)
Accounts Receivable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable [Line Items] | |||
Balance at beginning of period | $ 376 | $ 1,179 | $ 1,132 |
Less: Reduction in (provision for) allowances | (146) | 528 | (96) |
Less: Write offs, net of recoveries | 90 | 275 | 49 |
Balance at end of period | $ 432 | $ 376 | $ 1,179 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings on uncompleted contracts | $ 2,194,695 | $ 2,153,085 |
Less: Billings to date | 2,167,066 | 2,142,213 |
Net asset position for contracts in process | $ 27,629 | $ 10,872 |
Contracts in Process (Details 1
Contracts in Process (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 69,950 | $ 51,486 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (42,321) | (40,614) |
Net asset position for contracts in process | $ 27,629 | $ 10,872 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 364,357 | $ 342,253 |
Less: Accumulated depreciation and amortization | (209,466) | (181,575) |
Property, Plant and Equipment, Net | 154,891 | 160,678 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,468 | 5,782 |
Estimated Useful Life | 0 years | |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 21,660 | 21,401 |
Building and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 39 years | |
Building and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Construction equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 329,299 | 308,628 |
Construction equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 12 years | |
Construction equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,930 | $ 6,442 |
Office equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Office equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years |
Property and Equipment (Detai47
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 38,236 | $ 37,458 | $ 33,089 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Gross Carrying Amount | $ 46,781 | $ 47,124 |
Goodwill, Accumulated Amortisation | 0 | 0 |
Goodwill, Net Carrying Amount | 46,781 | 47,124 |
Amortizable Intangible Assets, Accumulated Amortisation | 4,684 | 3,798 |
Intangible Assets, Gross (Excluding Goodwill) | 16,250 | 15,160 |
Intangible Assets, Net (Excluding Goodwill) | 11,566 | 11,362 |
T&D [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Gross Carrying Amount | 40,224 | 40,567 |
Goodwill, Accumulated Amortisation | 0 | 0 |
Goodwill, Net Carrying Amount | 40,224 | 40,567 |
C&I [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Gross Carrying Amount | 6,557 | 6,557 |
Goodwill, Accumulated Amortisation | 0 | 0 |
Goodwill, Net Carrying Amount | 6,557 | 6,557 |
Backlog [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 989 | 765 |
Amortizable Intangible Assets, Accumulated Amortisation | 989 | 695 |
Amortizable Intangible Assets, Net Carrying Amount | 0 | 70 |
Customer relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 5,266 | 5,144 |
Amortizable Intangible Assets, Accumulated Amortisation | 3,590 | 3,103 |
Amortizable Intangible Assets, Net Carrying Amount | 1,676 | 2,041 |
Trade names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 695 | 695 |
Amortizable Intangible Assets, Accumulated Amortisation | 79 | 0 |
Amortizable Intangible Assets, Net Carrying Amount | 616 | 695 |
Indefinite-lived Intangible Assets | 8,556 | 8,556 |
Intangible Assets, Gross (Excluding Goodwill) | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 8,556 | 8,556 |
Unallocated intangible assets [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 747 | 0 |
Amortizable Intangible Assets, Accumulated Amortisation | 26 | 0 |
Amortizable Intangible Assets, Net Carrying Amount | 721 | 0 |
Foreign currency translation [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | (3) | 0 |
Amortizable Intangible Assets, Accumulated Amortisation | 0 | 0 |
Amortizable Intangible Assets, Net Carrying Amount | $ (3) | $ 0 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Line Items] | |||
Amortization of Intangible Assets | $ 886 | $ 571 | $ 334 |
2,017 | 700 | ||
2,018 | 600 | ||
2019 to 2026 | 200 | ||
2027 to 2028 | 100 | ||
2029 to 2030 | 100 | ||
High Country Line Construction Inc [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Line Items] | |||
Goodwill, Period Increase (Decrease) | $ 300 | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Line Items] | |||
Estimated useful life | 15 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Line Items] | |||
Estimated useful life | 12 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Current Liabilities [Line Items] | ||
Payroll and incentive compensation | $ 16,101 | $ 10,499 |
Union dues and benefits | 10,261 | 8,182 |
Profit sharing and thrift plan | 2,004 | 1,294 |
Taxes, other than income taxes | 7,639 | 3,578 |
Other | 6,377 | 5,303 |
Other current liabilities, total | $ 42,382 | $ 28,856 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 21, 2011 | |
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 23.7 | $ 19.3 | ||
Debt Instrument Covenant Leveraged Debt Ratio Restriction | 2.25 | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | $ 1 | |||
Insurance Programe Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | 17.6 | 17.5 | ||
Contract Performance Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 6.1 | $ 1.8 | ||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Leverage Coverage Ratio | 3.5 | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Maximum [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 2.125% | |||
Maximum [Member] | Performance letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 1.125% | |||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 2.00% | |||
Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest coverage ratio | 3 | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Minimum [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 1.125% | |||
Minimum [Member] | Performance letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 0.625% | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 0.00% | |||
Swing line Loans [Member] | 2011 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 25 | |||
Foreign Revolving Loans and Letters of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 2.00% | |||
Foreign Revolving Loans and Letters of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Syndicated Credit Agreement [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Option to increase borrowing capacity | $ 100 | |||
Maximum borrowing capacity | $ 250 | |||
Long-term Line of Credit | $ 59.1 | |||
Syndicated Credit Agreement [Member] | 2011 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 175 | |||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.77% | |||
Credit Agreement [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of Capital Stock From Direct Foreign Subsidiaries | 65.00% | |||
Maximum Acquisition Consideration Under Credit Agreement | $ 50 | |||
Credit Agreement [Member] | Foreign Revolving Loans and Letters of Credit [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before income taxes | |||
Federal | $ 39,419 | $ 45,456 | $ 57,950 |
Foreign | (1,074) | (1,157) | 0 |
Income before income taxes | $ 38,345 | $ 44,299 | $ 57,950 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 9,838 | $ 12,433 | $ 14,720 |
State | 2,871 | 3,006 | 3,031 |
Current Income Tax Expense (Benefit) | 12,709 | 15,439 | 17,751 |
Deferred | |||
Federal | 2,491 | 1,553 | 3,154 |
Foreign | 481 | (272) | 0 |
State | 1,233 | 277 | 501 |
Deferred Income Tax Expense (Benefit) | 4,205 | 1,558 | 3,655 |
Income tax expense | $ 16,914 | $ 16,997 | $ 21,406 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Differences between the U.S. federal statutory rate and the Company's effective tax rate for continuing operations | |||
U.S federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of U.S. federal income tax expense | 5.20% | 4.60% | 3.60% |
Provision to return adjustments, net | 0.80% | 0.50% | 0.20% |
Tax differential on foreign earnings | 2.20% | 0.30% | 0.00% |
Domestic production/manufacturing deduction | (1.90%) | (2.40%) | (2.30%) |
Deferred tax adjustments, net | 1.60% | 0.00% | 0.00% |
Non-deductible meals and entertainment | 1.00% | 0.60% | 0.40% |
Other income, net | 0.20% | 0.20% | 0.00% |
Expiration of uncertain tax positions | 0.00% | (0.40%) | 0.00% |
Effective rate | 44.10% | 38.40% | 36.90% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Self insurance reserves | $ 6,670 | $ 7,464 |
Contract loss reserves | 257 | 240 |
Stock-based awards | 2,554 | 3,986 |
Bonus | 2,908 | 2,497 |
Non-U.S. operating loss | 595 | 373 |
Other | 1,652 | 1,484 |
Total deferred income tax assets before valuation allowances | 14,636 | 16,044 |
Less: valuation allowances | (595) | 0 |
Total deferred income tax assets | 14,041 | 16,044 |
Deferred income tax liabilities: | ||
Property and equipment - tax over book depreciation | (26,664) | (25,859) |
Intangible assets - tax over book amortization | (3,592) | (3,670) |
Non-U.S. deferred income tax liabilities | (91) | 0 |
Other | (2,259) | (897) |
Total deferred income tax liabilities | (32,606) | (30,426) |
Net deferred income taxes | $ (18,565) | $ (14,382) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of the beginning and ending liabilities for unrecognized tax benefits | ||
Balance at beginning of period | $ 425 | $ 507 |
Gross increases in current period tax positions | 100 | 62 |
Gross increases in prior period tax positions | 0 | 19 |
Gross decreases in prior period tax positions | 0 | (163) |
Reductions in tax positions due to lapse of statutory limitations | (12) | 0 |
Settlements with taxing authorities | (243) | 0 |
Balance at end of period | 270 | 425 |
Accrued interest and penalties at end of period | 31 | 139 |
Total liability for unrecognized tax benefits | $ 301 | $ 564 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Income Taxes [Line Items] | |
Significant change in unrecognized tax benefits is reasonably possible amount of unrecorded benefit | $ 0.1 |
Commitments and Contingencies58
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Roll forward of activity in insurance reserves | |||
Balance at beginning of period | $ 36,967 | $ 39,480 | $ 39,111 |
Net increases in reserves | 25,139 | 15,686 | 16,220 |
Net payments made | (19,522) | (18,199) | (15,851) |
Balance at end of period | $ 42,584 | $ 36,967 | $ 39,480 |
Commitments and Contingencies59
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Commitments [Line Items] | |||
Loss Contingency Insurance Policy Deductible for Each Line of Coverage Excluding Health | $ 1 | ||
Outstanding Performance Bonds | 887.7 | ||
Estimated Cost to Complete Bonded Projects | 58.2 | ||
Purchase Commitment, Remaining Minimum Amount Committed | 8.6 | ||
Insurance Claims [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency Insurance Expense | 25.6 | $ 23.6 | $ 21 |
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency Health Insurance Deductible For Qualified Individuals | $ 0.2 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Lease Obligations | ||
2,017 | $ 1,220 | |
2,018 | 1,220 | |
2,019 | 1,220 | |
2,020 | 1,220 | |
2,021 | 380 | |
Thereafter | 0 | |
Total minimum lease payments | 5,260 | |
Interest | (342) | |
Net present of minimum lease payments | 4,918 | |
Less: Current portion of capital lease obligations | (1,085) | $ 0 |
Long-term capital lease obligations | 3,833 | $ 0 |
Operating Lease Obligations | ||
2,017 | 2,519 | |
2,018 | 2,256 | |
2,019 | 1,851 | |
2,020 | 1,206 | |
2,021 | 761 | |
Thereafter | 612 | |
Total minimum lease payments | $ 9,205 |
Lease Obligations (Details Text
Lease Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 5,000 | ||
Capital Lease Obligations, Current | 1,085 | $ 0 | |
Capital Lease Obligations | 4,900 | ||
Operating Leases, Rent Expense, Net | $ 44,900 | $ 57,200 | $ 41,100 |
Maximum [Member] | |||
Operating Lease Remaining Term | 5 years | ||
Minimum [Member] | |||
Operating Lease Remaining Term | 1 year |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding beginning | 730,605 | 1,008,781 | 1,147,320 |
Options, Exercised | (443,283) | (267,440) | (134,273) |
Options, Forfeited | (933) | (1,290) | (2,838) |
Options, Expired | (40,672) | (9,446) | (1,428) |
Options, Outstanding ending | 245,717 | 730,605 | 1,008,781 |
Weighted-Average Exercise Price, Outstanding beginning | $ 16.40 | $ 13.87 | $ 13.21 |
Weighted-Average Exercise Price, Exercised | 14.03 | 7.19 | 7.93 |
Weighted-Average Exercise Price, Forfeited | 24.68 | 23.14 | 22.66 |
Weighted Average Exercise Price, Expired | 21.40 | 5.92 | 24.26 |
Weighted-Average Exercise Price, Outstanding ending | $ 19.82 | $ 16.40 | $ 13.87 |
Outstanding Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | 3 years 7 months 6 days | 4 years 2 months 12 days |
Outstanding, Aggregate Intrinsic Value | $ 4,396 | $ 3,722 | $ 13,652 |
Stock-Based Compensation (Det63
Stock-Based Compensation (Details 1) - Equity Option [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation | |||
Intrinsic value of options exercised | $ 7,832 | $ 5,857 | $ 2,383 |
Fair value of options vested | $ 372 | $ 948 | $ 1,187 |
Stock-Based Compensation (Det64
Stock-Based Compensation (Details 2) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options Outstanding and Exercisable | |
Number Of Options (in shares) | shares | 245,717 |
Weighted-Average Exercise Price (in dollars per share) | $ 19.82 |
Weighted-Average Remaining Contractual Term | 4 years 4 months 24 days |
Range Of Exercise Prices From Dollars 7.98 To 13.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, low end of range (in dollars per share) | $ 7.98 |
Exercise price, high end of range (in dollars per share) | $ 13 |
Options Outstanding and Exercisable | |
Number Of Options (in shares) | shares | 44,212 |
Weighted-Average Exercise Price (in dollars per share) | $ 12.72 |
Weighted-Average Remaining Contractual Term | 1 year |
Range Of Exercise Prices From Dollars 13.01 To 20.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, low end of range (in dollars per share) | $ 13.01 |
Exercise price, high end of range (in dollars per share) | $ 20 |
Options Outstanding and Exercisable | |
Number Of Options (in shares) | shares | 88,638 |
Weighted-Average Exercise Price (in dollars per share) | $ 17.41 |
Weighted-Average Remaining Contractual Term | 4 years 9 months 18 days |
Range Of Exercise Prices From Dollars 20.01 To 24.68 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, low end of range (in dollars per share) | $ 20.01 |
Exercise price, high end of range (in dollars per share) | $ 24.68 |
Options Outstanding and Exercisable | |
Number Of Options (in shares) | shares | 112,867 |
Weighted-Average Exercise Price (in dollars per share) | $ 24.48 |
Weighted-Average Remaining Contractual Term | 5 years 4 months 24 days |
Stock-Based Compensation (Det65
Stock-Based Compensation (Details 3) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding Beginning | 198,145 | 220,337 | 211,716 |
Shares, Granted | 106,968 | 83,236 | 82,351 |
Shares, Vested | (87,033) | (102,297) | (64,657) |
Shares, Forfeited | (3,144) | (3,131) | (9,073) |
Shares, Outstanding Ending | 214,936 | 198,145 | 220,337 |
Weighted-Average Grant Date Fair Value, Outstanding Beginning | $ 24.48 | $ 22.64 | $ 21.33 |
Weighted-Average Grant Date Fair Value, Granted | 24.63 | 29.21 | 24.46 |
Weighted-Average Grant Date Fair Value, Vested | 25.11 | 22.42 | 20.85 |
Weighted-Average Grant Date Fair Value, Forfeited | 26.09 | 24.10 | 21.34 |
Weighted-Average Grant Date Fair Value, Outstanding Ending | $ 25.21 | $ 24.48 | $ 22.64 |
Stock-Based Compensation (Det66
Stock-Based Compensation (Details 4) - Phantom Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding Beginning | 3,804 | 0 |
Shares, Granted | 5,944 | 3,804 |
Shares, Vested | (1,268) | |
Shares, Outstanding Ending | 8,480 | 3,804 |
Weighted-Average Grant Date Fair Value, Outstanding Beginning | $ 29.57 | $ 0 |
Weighted-Average Grant Date Fair Value, Granted | 25.23 | 29.57 |
Weighted-Average Grant Date Fair Value, Vested | 29.57 | |
Weighted-Average Grant Date Fair Value, Outstanding Ending | $ 26.53 | $ 29.57 |
Stock-Based Compensation (Det67
Stock-Based Compensation (Details 5) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding Beginning | 143,608 | 126,803 | 87,194 |
Shares, Granted at target | 79,661 | 69,978 | 85,078 |
Shares, Forfeited for performance below target | (3,810) | ||
Shares, Earned for performance above target | 20,650 | 25,292 | |
Shares, Vested | (98,270) | (40,474) | (65,237) |
Shares, Forfeited | (1,626) | (8,889) | (5,524) |
Shares, Outstanding Ending | 144,023 | 143,608 | 126,803 |
Weighted-Average Grant Date Fair Value, Outstanding Beginning | $ 32.68 | $ 26.63 | $ 21.29 |
Weighted-Average Grant Date Fair Value, Granted at target | 28.25 | 38.70 | 27.69 |
Weighted-Average Grant Date Fair Value, Forfeited for performance below target | 24.68 | ||
Weighted-Average Grant Date Fair Value, Earned for performance above target | 31.01 | 17.48 | |
Weighted-Average Grant Date Fair Value, Vested | 27.74 | 24.68 | 17.48 |
Weighted-Average Grant Date Fair Value, Forfeited | 32.96 | 30.87 | 24.84 |
Weighted-Average Grant Date Fair Value, Outstanding Ending | $ 32.92 | $ 32.68 | $ 26.63 |
Stock-Based Compensation (Det68
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other information | |||
Allocated Share-based Compensation Expense | $ 4.7 | $ 4.8 | $ 4.7 |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period from date of grant | 10 years | ||
Other information | |||
Total unrecognized stock-based compensation expense, net of estimated forfeitures | $ 2.9 | ||
Weighted average vesting period | 1 year 6 months | ||
Long-Term Incentive Plan [Member] | |||
Other information | |||
Total unrecognized stock-based compensation expense, net of estimated forfeitures | $ 5.2 | ||
Long-Term Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum Grants Of Awards (in shares) | 4,000,000 | ||
Phantom Stock [Member] | |||
Other information | |||
Weighted average vesting period | 2 years 1 month 6 days | ||
Restricted Stock [Member] | |||
Other information | |||
Total unrecognized stock-based compensation expense, net of estimated forfeitures | $ 2.3 | ||
Weighted average vesting period | 1 year 7 months 6 days | ||
Performance awards [Member] | Maximum [Member] | |||
Weighted-Average Grant Date Fair Value | |||
Potential Payout As a Percentage of Target Shares | 200.00% | ||
Performance awards [Member] | Minimum [Member] | |||
Weighted-Average Grant Date Fair Value | |||
Potential Payout As a Percentage of Target Shares | 0.00% | ||
Market-Based Performance Awards [Member] | |||
Other information | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years 9 months 18 days | ||
Internal Measure-Based Performance Awards [Member] | |||
Other information | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years 9 months 18 days |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant multiemployer plans | |||
Contributions to Plan | $ 53,796 | $ 52,686 | $ 44,824 |
National Electrical Benefit Fund [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 9,040 | 6,930 | 6,330 |
Eighth District Electrical Management Pension Fund [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 7,519 | 5,598 | 5,197 |
IBEW Local 1249 Pension Plan [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 630 | 2,042 | 2,103 |
National Electrical Annuity Plan [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 22,840 | 24,226 | 20,694 |
Eighth District Electrical Pension Fund Annuity Plan [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 4,883 | 3,700 | 3,553 |
IBEW Local 769 Management Pension Plan [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | 1,709 | 2,120 | 1,833 |
All other plans [Member] | |||
Significant multiemployer plans | |||
Contributions to Plan | $ 7,175 | $ 8,070 | $ 5,114 |
Employee Benefit Plans (Detai70
Employee Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
Eighth District Electrical Pension Fund [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Contributions | 5.00% | 5.00% | 5.00% | |||||
IBEW Local 1249 Pension Plan [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Contributions | 5.00% | 5.00% | ||||||
IBEW Local 769 Management Pension Plan [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Contributions | 5.00% | 5.00% | ||||||
Multiemployer Plans, Pension [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Number Of Locals Covered Under Multiemployer Defined Plans | 100 | |||||||
Multiemployer Plans, Pension [Member] | Maximum [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Multiemployer Plans Red Zone Funded Status Percentage | 65.00% | |||||||
Multiemployer Plans Yellow Zone Funded Status Percentage | 80.00% | |||||||
Multiemployer Plans, Pension [Member] | Minimum [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Multiemployer Plans Green Zone Funded Status Percentage | 80.00% | |||||||
Multiemployer Plans Yellow Zone Funded Status Percentage | 65.00% | |||||||
Employee Benefit Plan [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Defined Contribution Plan, Cost Recognized | $ 0.6 | $ 0.7 | $ 0.6 | |||||
Profit Sharing and Thrift Employee Benefit Plan [Member] | ||||||||
Defined Contribution Plans [Line Items] | ||||||||
Defined Contribution Plan, Cost Recognized | $ 4.6 | $ 3.4 | $ 6.9 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Contract revenues | $ 343,660 | $ 283,259 | $ 261,934 | $ 253,634 | $ 271,184 | $ 269,861 | $ 276,488 | $ 244,148 | $ 1,142,487 | $ 1,061,681 | $ 943,967 |
Income from operations | 38,754 | 44,841 | 58,404 | ||||||||
T&D [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Contract revenues | 818,972 | 794,898 | 699,595 | ||||||||
Income from operations | 63,459 | 63,155 | 75,439 | ||||||||
C&I [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Contract revenues | 323,515 | 266,783 | 244,372 | ||||||||
Income from operations | 13,920 | 13,592 | 16,542 | ||||||||
General Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from operations | $ (38,625) | $ (31,906) | $ (33,577) |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 573,495 | $ 524,925 |
T&D [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 235,548 | 204,309 |
C&I [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 125,696 | 92,939 |
Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 212,251 | $ 227,677 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 39,122 | $ 38,029 | $ 33,423 |
T&D [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 35,947 | 35,456 | 30,957 |
C&I [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 3,175 | $ 2,573 | $ 2,466 |
Segment Information (Details Te
Segment Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Services, Net | $ 343,660 | $ 283,259 | $ 261,934 | $ 253,634 | $ 271,184 | $ 269,861 | $ 276,488 | $ 244,148 | $ 1,142,487 | $ 1,061,681 | $ 943,967 |
Assets | 573,495 | 524,925 | 573,495 | 524,925 | |||||||
Canadian Operation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 52,200 | $ 1,900 | 52,200 | 1,900 | |||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Services, Net | 36,500 | 1,500 | |||||||||
TD [Member] | CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Services, Net | 26,900 | 1,400 | |||||||||
CI [Member] | CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Services, Net | $ 9,600 | $ 100 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 7,798 | $ 6,146 | $ 5,500 | $ 1,987 | $ 5,881 | $ 6,175 | $ 8,074 | $ 7,172 | $ 21,431 | $ 27,302 | $ 36,544 |
Less: Net income allocated to participating securities | 0 | 0 | (277) | ||||||||
Net income available to common shareholders | $ 21,431 | $ 27,302 | $ 36,267 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding | 17,109 | 20,577 | 20,922 | ||||||||
Weighted average dilutive securities | 352 | 461 | 544 | ||||||||
Weighted average common shares outstanding, diluted | 17,461 | 21,038 | 21,466 | ||||||||
Income per common share, basic (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.32 | $ 0.10 | $ 0.29 | $ 0.30 | $ 0.39 | $ 0.35 | $ 1.25 | $ 1.33 | $ 1.73 |
Income per common share, diluted (in dollars per share) | $ 0.48 | $ 0.38 | $ 0.31 | $ 0.10 | $ 0.29 | $ 0.29 | $ 0.38 | $ 0.34 | $ 1.23 | $ 1.3 | $ 1.69 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3 | 100 |
Performance awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 63 | 34 | 0 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 4,227,541 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 23.79 | ||
Payments for Repurchase of Common Stock | $ 101,483 | $ 27,582 | $ 16,447 |
Share Repurchase Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 4,189,858 | ||
Stock Repurchase Program, Authorized Amount | $ 162,500 | $ 67,500 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 20,000 | ||
Payments for Repurchase of Common Stock | $ 99,800 | ||
Shares Repurchased Under Stock Compensation Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 37,683 | ||
Stock Repurchased During Period, Value | $ 900 |
Quarterly Financial Data (Una78
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 343,660 | $ 283,259 | $ 261,934 | $ 253,634 | $ 271,184 | $ 269,861 | $ 276,488 | $ 244,148 | $ 1,142,487 | $ 1,061,681 | $ 943,967 |
Gross profit | 41,944 | 34,063 | 31,435 | 27,281 | 32,611 | 28,620 | 31,736 | 29,374 | 134,723 | 122,341 | 132,414 |
Net income | $ 7,798 | $ 6,146 | $ 5,500 | $ 1,987 | $ 5,881 | $ 6,175 | $ 8,074 | $ 7,172 | $ 21,431 | $ 27,302 | $ 36,544 |
Basic earnings per share (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.32 | $ 0.10 | $ 0.29 | $ 0.30 | $ 0.39 | $ 0.35 | $ 1.25 | $ 1.33 | $ 1.73 |
Diluted earnings per share (in dollars per share) | $ 0.48 | $ 0.38 | $ 0.31 | $ 0.10 | $ 0.29 | $ 0.29 | $ 0.38 | $ 0.34 | $ 1.23 | $ 1.3 | $ 1.69 |