NPK International (NPKI) 10-Q 31 Oct 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 23, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'NEWPARK RESOURCES INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	83,990,240
Amendment Flag	'false	'
Entity Central Index Key	'0000071829	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$41,390	$65,840
Receivables, net	331,109	268,529
Inventories	198,140	189,680
Deferred tax assets	9,054	11,272
Prepaid expenses and other current assets	17,082	11,016
Assets of discontinued operations	'	13,103
Total current assets	596,775	559,440
Property, plant and equipment, net	273,565	217,010
Goodwill	92,876	94,064
Other intangible assets, net	18,942	25,900
Other assets	4,947	6,086
Assets of discontinued operations	'	65,917
Total assets	987,105	968,417
LIABILITIES AND STOCKHOLDERS’ EQUITY	'	'
Short-term debt	8,802	12,867
Accounts payable	94,763	88,586
Accrued liabilities	57,385	46,341
Liabilities of discontinued operations	'	5,957
Total current liabilities	160,950	153,751
Long-term debt, less current portion	172,499	172,786
Deferred tax liabilities	31,591	27,060
Other noncurrent liabilities	12,449	11,026
Liabilities of discontinued operations	'	22,740
Total liabilities	377,489	387,363
Commitments and contingencies (Note 10)	'	'
Common stock, $0.01 par value, 200,000,000 shares authorized and 99,186,913 and 98,030,839 shares issued, respectively	992	980
Paid-in capital	517,649	504,675
Accumulated other comprehensive loss	-21,047	-9,484
Retained earnings	239,170	160,338
Treasury stock, at cost; 15,186,553 and 10,832,845 shares, respectively	-127,148	-75,455
Total stockholders’ equity	609,616	581,054
Total liabilities and stockholders' equity	$987,105	$968,417

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Common stock par value (in Dollars per share)	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	99,186,913	98,030,839
Treasury stock, shares	15,186,553	10,832,845

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$296,964	$268,132	$812,254	$795,431
Cost of revenues	228,661	218,864	639,932	654,309
Selling, general and administrative expenses	28,754	23,846	82,258	69,545
Other operating expense (income), net	117	-223	-1,941	-525
Operating income	39,432	25,645	92,005	72,102
Foreign currency exchange loss (gain)	1,221	975	-530	1,082
Interest expense, net	2,321	2,728	8,071	8,050
Income from continuing operations before income taxes	35,890	21,942	84,464	62,970
Provision for income taxes	12,398	6,511	28,901	20,813
Income from continuing operations	23,492	15,431	55,563	42,157
Income from discontinued operations, net of tax	'	3,329	1,152	9,642
Gain from disposal of discontinued operations, net of tax	'	'	22,117	'
Net income	$23,492	$18,760	$78,832	$51,799
Income per common share -basic:	'	'	'	'
Income from continuing operations (in Dollars per share)	$0.29	$0.18	$0.67	$0.50
Income from discontinued operations (in Dollars per share)	'	$0.04	$0.28	$0.11
Net income (in Dollars per share)	$0.29	$0.22	$0.95	$0.61
Income per common share -diluted:	'	'	'	'
Income from continuing operations (in Dollars per share)	$0.25	$0.16	$0.59	$0.45
Income from discontinued operations (in Dollars per share)	'	$0.04	$0.23	$0.09
Net income (in Dollars per share)	$0.25	$0.20	$0.82	$0.54

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income	$23,492	$18,760	$78,832	$51,799
Foreign currency translation adjustments	-13,143	2,806	-11,563	-7,513
Comprehensive income	$10,349	$21,566	$67,269	$44,286

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows [Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$78,832	$51,799
Adjustments to reconcile net income to net cash provided by operations:	'	'
Depreciation and amortization	30,925	33,138
Stock-based compensation expense	9,092	6,954
Provision for deferred income taxes	-5,277	-311
Net provision for doubtful accounts	1,226	221
Gain on sale of a business	-33,974	'
Gain on sale of assets	-1,351	-437
Excess tax benefit from stock-based compensation	-1,175	-2,020
Change in assets and liabilities:	'	'
(Increase) decrease in receivables	-60,348	1,210
(Increase) decrease in inventories	-11,973	2,964
(Increase) decrease in other assets	-6,170	828
Increase (decrease) in accounts payable	7,531	-11,832
Increase in accrued liabilities and other	15,544	13,175
Net cash provided by operating activities	22,882	95,689
Cash flows from investing activities:	'	'
Capital expenditures	-84,710	-52,550
Proceeds from sale of property, plant and equipment	3,144	1,248
Proceeds from sale of a business	89,766	'
Net cash provided by (used in) investing activities	8,200	-51,302
Cash flows from financing activities:	'	'
Borrowings on lines of credit	54,665	215,994
Payments on lines of credit	-58,897	-243,141
Other financing activities	-43	-25
Proceeds from employee stock plans	3,104	8,102
Purchases of treasury stock	-52,892	-4,227
Excess tax benefit from stock-based compensation	1,175	2,020
Net cash used in financing activities	-52,888	-21,277
Effect of exchange rate changes on cash	-2,644	-547
Net (decrease) increase in cash and cash equivalents	-24,450	22,563
Cash and cash equivalents at beginning of year	65,840	46,846
Cash and cash equivalents at end of period	41,390	69,409
Cash paid for:	'	'
Income taxes (net of refunds)	44,929	21,637
Interest	$5,742	$5,047

Note_1_Basis_of_Presentation_a

Note 1 - Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Disclosure Text Block [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	Note 1 – Basis of Presentation and Significant Accounting Policies
	The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we refer to as “we,” “our” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. Our fiscal year end is December 31, our third quarter represents the three month period ended September 30, and our first nine months represents the nine month period ended September 30. The results of operations for the third quarter and first nine months of 2014 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise stated, all currency amounts are stated in U.S. dollars.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2014, the results of our operations for the third quarter and first nine months of 2014 and 2013, and our cash flows for the first nine months of 2014 and 2013. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2013 is derived from the audited consolidated financial statements at that date.
	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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2013.
	New Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance that changes the criteria for reporting discontinued operations including enhanced disclosure requirements. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization´s operations and financial results. The new guidance is effective for us in the first quarter of 2015; however, we do not expect the adoption to have a material effect on our consolidated financial statements.
	In May 2014, the FASB amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for us in the first quarter of 2017. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We are currently evaluating the impact of these amendments and the transition alternatives on our consolidated financial statements.

Note_2_Discontinued_Operations

Note 2 - Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Note 2 – Discontinued Operations
	In March of 2014, we completed the sale of our Environmental Services business for $100 million in cash, subject to adjustment based on actual working capital conveyed at closing. Cash proceeds from the sale were $89.8 million in 2014, net of transaction related expenses, including the adjustment related to final working capital conveyed at closing. In addition, $8 million of the sale price was withheld in escrow associated with transaction representations, warranties and indemnities, and is expected to be released over the next 12 months. As a result of the sale transaction, we recorded a gain on the disposal of the business of $34.0 million ($22.1 million after-tax). All assets, liabilities and results of operations for this business have been reclassified to discontinued operations for all periods presented.
	Summarized results of operations from discontinued operations through the date of sale are as follows:
		Third Quarter				First Nine Months
	(In thousands)	2014		2013		2014		2013
	Revenues	$	-	$	17,576	$	11,744	$	49,417
	Income from discontinued operations before income taxes		-		4,656		1,770		13,485
	Income from discontinued operations, net of tax		-		3,329		1,152		9,642
	Gain from disposal of discontinued operations before income taxes		-		-		33,974		-
	Gain from disposal of discontinued operations, net of tax		-		-		22,117		-
	Assets and liabilities of discontinued operations as of December 31, 2013 were as follows:
		December 31,
	(In thousands)	2013
	Receivables, net	$	11,915
	Prepaid expenses and other current assets		1,188
	Property, plant and equipment, net		62,333
	Other assets		3,584
	Assets of discontinued operations	$	79,020
	Accounts payable	$	4,415
	Other Accrued liabilities		1,542
	Deferred tax liabilities		12,449
	Other noncurrent liabilities		10,291
	Liabilities of discontinued operations	$	28,697

Note_3_Earnings_Per_Share

Note 3 - Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Note 3 – Earnings per Share
	The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations:
		Third Quarter				First Nine Months
	(In thousands, except per share data)	2014		2013		2014		2013
	Basic EPS:
	Income from continuing operations	$	23,492	$	15,431	$	55,563	$	42,157
	Weighted average number of common shares outstanding		82,055		85,775		83,260		84,902
	Basic income from continuing operations per common share	$	0.29	$	0.18	$	0.67	$	0.5
	Diluted EPS:
	Income from continuing operations	$	23,492	$	15,431	$	55,563	$	42,157
	Assumed conversions of Senior Notes		1,294		1,370		3,808		3,875
	Adjusted income from continuing operations	$	24,786	$	16,801	$	59,371	$	46,032
	Weighted average number of common shares outstanding-basic		82,055		85,775		83,260		84,902
	Add:   Dilutive effect of stock options and restricted stock awards		1,550		1,503		1,715		1,718
	Dilutive effect of Senior Notes		15,682		15,682		15,682		15,682
	Diluted weighted average number of common shares outstanding		99,287		102,960		100,657		102,302
	Diluted income from continuing operations per common share	$	0.25	$	0.16	$	0.59	$	0.45
	Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period		1,075		591		821		565
	Weighted average dilutive stock options and restricted stock outstanding totaled approximately 4.7 million and 4.9 million shares for the third quarter of 2014 and 2013, respectively, and 4.9 million and 5.2 million shares for the first nine months of 2014 and 2013, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period.

Note_4_StockBased_Compensation

Note 4 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Note 4 – Stock-Based Compensation
	During the second quarter of 2014, the Compensation Committee of our Board of Directors approved equity-based compensation to executive officers and other key employees. These awards included a grant of 745,608 shares of time-vesting restricted stock and restricted stock units, which vest equally over a three-year period. Non-employee directors received shares of restricted stock totaling 81,849 shares, which will vest in full on the earlier of: the day prior to the next annual meeting of stockholders following the grant date; or the first anniversary of the grant date. The weighted average fair value on the date of grant for these awards was $11.21 per share.
	Additionally, 554,641 stock options were granted to executive officers and other key employees at an exercise price of $11.20, which provides for equal vesting over a three-year period with a term of ten years. The estimated fair value of the stock options on the grant date using the Black-Scholes option-pricing model was $4.97. The assumptions used in the Black-Scholes model included a risk free interest rate of 1.53%, expected life of 5.22 years and expected volatility of 48.6%.
	The Compensation Committee also approved performance-based awards during the second quarter of 2014 to executive officers. The performance-based restricted stock units will be settled in shares of common stock and will be based on the relative ranking of the Company’s total shareholder return (“TSR”) as compared to the TSR of the Company’s designated peer group for 2014. The performance period began June 1, 2014 and ends May 31, 2017, with the ending TSR price being equal to the average closing price of our shares over the 30-calendar days ending May 31, 2017. A total of 104,359 performance based restricted stock units were granted with the payout of shares for each executive ranging from 0% - 150% of target. The estimated fair value of each restricted stock unit at the date of grant using the Monte Carlo valuation model was $12.55. The valuation was done as of the date of grant, which included a risk free interest rate of 0.81%, the average closing price of our shares over the 30-calendar days ending May 16, 2014 of $11.28 and expected volatility of 44.5%.

Note_5_Acquisition

Note 5 - Acquisition	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	Note 5 – Acquisition
	In December 2013, we completed the acquisition of Terrafirma Roadways (“Terrafirma”), a provider of temporary roadways and worksites based in the United Kingdom, for total cash consideration of $6.8 million, net of cash acquired. Additional consideration up to £1.0 million ($1.6 million) may be payable based on earnings of the business over the 18-month period following the acquisition. Prior to the acquisition, Terrafirma had been operating as a partner to the Company since 2008, developing a rental business with DURA-BASE® composite mats, primarily focused in the utility industry in the U.K.
	The transaction has been recorded using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the total consideration, including projected additional consideration, was recorded as goodwill and includes the value of the assembled workforce. While the initial purchase price allocation has been completed, the allocation of the purchase price is subject to change for a period of one year following the acquisition. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the December 2013 acquisition date:
	(In thousands)
	Receivables, net	$	2,155
	Property, plant and equipment, net		2,160
	Goodwill		4,544
	Other intangibles, net		4,528
	Total assets acquired		13,387
	Accounts payable		3,350
	Short-term debt		284
	Accrued liabilities		285
	Deferred tax liability		1,092
	Other noncurrent liabilities		1,600
	Total liabilities assumed		6,611
	Total cash conveyed at closing	$	6,776
	Pro forma results of operation for the acquired business have not been presented as the effect of this acquisition is not material to our consolidated financial statements.

Note_6_Treasury_Stock

Note 6 - Treasury Stock	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 6 – Treasury Stock
	In April 2013, our Board of Directors approved a share repurchase program that authorizes the Company to purchase up to $50.0 million of its outstanding shares of common stock. In February 2014, our Board of Directors increased the total authorization of the program to $100.0 million, subject to the completion of the Environmental Services divesture that subsequently closed in March of 2014. These purchases are funded with a combination of cash generated from operations, the sale of the Environmental Services business and borrowings under the Company’s revolving credit facility. The repurchase program has no specific term. The Company may repurchase shares in the open market or as otherwise determined by management, subject to market conditions, business opportunities and other factors. As part of the share repurchase program, the Company’s management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.
	During the first nine months of 2014, 4,317,278 shares were repurchased for an average price of approximately $11.72 per share, including commissions, leaving $42.7 million remaining under the program. All of the shares repurchased are held as treasury stock. We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

Note_7_Receivables

Note 7 - Receivables	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	Note 7 – Receivables
	Receivables consist of the following:
	(In thousands)	September 30,			December 31,
		2014			2013
	Gross trade receivables	$	307,557		$	252,168
	Allowance for doubtful accounts		(4,934	)		(4,142	)
	Net trade receivables		302,623			248,026
	Other receivables		28,486			20,503
	Total receivables, net	$	331,109		$	268,529

Note_8_Inventories

Note 8 - Inventories	9 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	Note 8 – Inventories
	Inventories consist of the following:
	(In thousands)	September 30,		December 31,
		2014		2013
	Raw materials:
	Drilling fluids	$	153,451	$	153,901
	Mats		816		790
	Total raw materials		154,267		154,691
	Blended drilling fluids components		42,608		34,075
	Finished goods- mats		1,265		914
	Total	$	198,140	$	189,680
	Raw materials consist primarily of barite, chemicals, and other additives that are consumed in the production of our drilling fluid systems. Our blended drilling fluids components consist of base drilling fluid systems that have been either mixed internally at our mixing plants or purchased from third party vendors. These base systems require raw materials to be added, as required to meet specified customer requirements.

Note_9_Financing_Arrangements_

Note 9 - Financing Arrangements and Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 9 – Financing Arrangements and Fair Value of Financial Instruments
	Our financing arrangements include $172.5 million of unsecured convertible senior notes (“Senior Notes”) and a $125.0 million revolving credit facility which can be increased by $75.0 million for a maximum $200.0 million of capacity. At September 30, 2014, we had no outstanding borrowings under the revolving credit facility. The Senior Notes bear interest at a rate of 4.0% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2011. Holders may convert the Senior Notes at their option at any time prior to the close of business on the business day immediately preceding the October 1, 2017 maturity date. The conversion rate is initially 90.8893 shares of our common stock per $1,000 principal amount of Senior Notes (equivalent to an initial conversion price of $11.00 per share of common stock), subject to adjustment in certain circumstances. Upon conversion, the Senior Notes will be settled in shares of our common stock. We may not redeem the Senior Notes prior to their maturity date.
	Our financial instruments include cash and cash equivalents, receivables, payables and debt. We believe the carrying values of these instruments, with the exception of our Senior Notes, approximated their fair values at September 30, 2014 and December 31, 2013. The estimated fair value of our Senior Notes was $227.9 million at September 30, 2014 and $231.2 million at December 31, 2013, based on quoted market prices at these respective dates.

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 10 – Commitments and Contingencies
	In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. During the second quarter of 2014, a lawsuit was filed by Jesse Davida, a former employee, in Federal Court in Texas against Newpark Drilling Fluids LLC, alleging violations of the Fair Labor Standards Act (“FLSA”). The plaintiff seeks damages and penalties for the Company’s alleged failure to: properly classify its field service employees as “non-exempt” under the FLSA; and pay them on an hourly basis (including overtime). The plaintiff seeks recovery on his own behalf, and seeks certification of a class of similarly situated employees. We have retained outside counsel with experience in FLSA class action litigation, and plan to vigorously defend this litigation. Similar cases have been filed against other companies in the oil and gas services industry, including some of our competitors. We are monitoring developments in those cases as well. Because our case remains in the very early stages, we cannot predict with any degree of certainty the outcome of the litigation at this time and, accordingly, cannot estimate any possible loss or range of loss. In the opinion of management, any liability in these matters should not have a material effect on our consolidated financial statements.

Note_11_Segment_Data

Note 11 - Segment Data	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Note 11 – Segment Data
	Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers):
		Third Quarter						First Nine Months
	(In thousands)	2014			2013			2014			2013
	Revenues
	Fluids systems	$	251,234		$	233,020		$	704,020		$	714,323
	Mats & integrated services		45,730			35,112			108,234			81,108
	Total Revenues	$	296,964		$	268,132		$	812,254		$	795,431
	Operating Income (loss)
	Fluids systems	$	27,756		$	17,140		$	71,067		$	57,446
	Mats & integrated services		20,541			15,345			47,567			34,166
	Corporate office		(8,865	)		(6,840	)		(26,629	)		(19,510	)
	Operating Income	$	39,432		$	25,645		$	92,005		$	72,102

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
New Accounting Pronouncements, Policy [Policy Text Block]	'
	New Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance that changes the criteria for reporting discontinued operations including enhanced disclosure requirements. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization´s operations and financial results. The new guidance is effective for us in the first quarter of 2015; however, we do not expect the adoption to have a material effect on our consolidated financial statements.
	In May 2014, the FASB amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for us in the first quarter of 2017. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We are currently evaluating the impact of these amendments and the transition alternatives on our consolidated financial statements.

Note_2_Discontinued_Operations1

Note 2 - Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Income Statement [Member]	'
Note 2 - Discontinued Operations (Tables) [Line Items]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		Third Quarter				First Nine Months
	(In thousands)	2014		2013		2014		2013
	Revenues	$	-	$	17,576	$	11,744	$	49,417
	Income from discontinued operations before income taxes		-		4,656		1,770		13,485
	Income from discontinued operations, net of tax		-		3,329		1,152		9,642
	Gain from disposal of discontinued operations before income taxes		-		-		33,974		-
	Gain from disposal of discontinued operations, net of tax		-		-		22,117		-
Balance Sheet [Member]	'
Note 2 - Discontinued Operations (Tables) [Line Items]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		December 31,
	(In thousands)	2013
	Receivables, net	$	11,915
	Prepaid expenses and other current assets		1,188
	Property, plant and equipment, net		62,333
	Other assets		3,584
	Assets of discontinued operations	$	79,020
	Accounts payable	$	4,415
	Other Accrued liabilities		1,542
	Deferred tax liabilities		12,449
	Other noncurrent liabilities		10,291
	Liabilities of discontinued operations	$	28,697

Note_3_Earnings_Per_Share_Tabl

Note 3 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Third Quarter				First Nine Months
	(In thousands, except per share data)	2014		2013		2014		2013
	Basic EPS:
	Income from continuing operations	$	23,492	$	15,431	$	55,563	$	42,157
	Weighted average number of common shares outstanding		82,055		85,775		83,260		84,902
	Basic income from continuing operations per common share	$	0.29	$	0.18	$	0.67	$	0.5
	Diluted EPS:
	Income from continuing operations	$	23,492	$	15,431	$	55,563	$	42,157
	Assumed conversions of Senior Notes		1,294		1,370		3,808		3,875
	Adjusted income from continuing operations	$	24,786	$	16,801	$	59,371	$	46,032
	Weighted average number of common shares outstanding-basic		82,055		85,775		83,260		84,902
	Add:   Dilutive effect of stock options and restricted stock awards		1,550		1,503		1,715		1,718
	Dilutive effect of Senior Notes		15,682		15,682		15,682		15,682
	Diluted weighted average number of common shares outstanding		99,287		102,960		100,657		102,302
	Diluted income from continuing operations per common share	$	0.25	$	0.16	$	0.59	$	0.45
	Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period		1,075		591		821		565

Note_5_Acquisition_Tables

Note 5 - Acquisition (Tables)	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	(In thousands)
	Receivables, net	$	2,155
	Property, plant and equipment, net		2,160
	Goodwill		4,544
	Other intangibles, net		4,528
	Total assets acquired		13,387
	Accounts payable		3,350
	Short-term debt		284
	Accrued liabilities		285
	Deferred tax liability		1,092
	Other noncurrent liabilities		1,600
	Total liabilities assumed		6,611
	Total cash conveyed at closing	$	6,776

Note_7_Receivables_Tables

Note 7 - Receivables (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	(In thousands)	September 30,			December 31,
		2014			2013
	Gross trade receivables	$	307,557		$	252,168
	Allowance for doubtful accounts		(4,934	)		(4,142	)
	Net trade receivables		302,623			248,026
	Other receivables		28,486			20,503
	Total receivables, net	$	331,109		$	268,529

Note_8_Inventories_Tables

Note 8 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	(In thousands)	September 30,		December 31,
		2014		2013
	Raw materials:
	Drilling fluids	$	153,451	$	153,901
	Mats		816		790
	Total raw materials		154,267		154,691
	Blended drilling fluids components		42,608		34,075
	Finished goods- mats		1,265		914
	Total	$	198,140	$	189,680

Note_11_Segment_Data_Tables

Note 11 - Segment Data (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Third Quarter						First Nine Months
	(In thousands)	2014			2013			2014			2013
	Revenues
	Fluids systems	$	251,234		$	233,020		$	704,020		$	714,323
	Mats & integrated services		45,730			35,112			108,234			81,108
	Total Revenues	$	296,964		$	268,132		$	812,254		$	795,431
	Operating Income (loss)
	Fluids systems	$	27,756		$	17,140		$	71,067		$	57,446
	Mats & integrated services		20,541			15,345			47,567			34,166
	Corporate office		(8,865	)		(6,840	)		(26,629	)		(19,510	)
	Operating Income	$	39,432		$	25,645		$	92,005		$	72,102

Note_2_Discontinued_Operations2

Note 2 - Discontinued Operations (Details) (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'	'
Proceeds from Divestiture of Businesses	$100,000,000	'
Proceeds from Divestiture of Businesses, Net	89,800,000	89,766,000
Sale Price Amount Held in Escrow	8,000,000	'
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	34,000,000	33,974,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$22,100,000	$22,117,000

Note_2_Discontinued_Operations3

Note 2 - Discontinued Operations (Details) - Summary of Operations from Discontinued Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Summary of Operations from Discontinued Operations [Abstract]	'	'	'	'
Revenues	'	$17,576	$11,744	$49,417
Income from discontinued operations before income taxes	'	4,656	1,770	13,485
Income from discontinued operations, net of tax	'	3,329	1,152	9,642
Gain from disposal of discontinued operations before income taxes	34,000	'	33,974	'
Gain from disposal of discontinued operations, net of tax	$22,100	'	$22,117	'

Note_2_Discontinued_Operations4

Note 2 - Discontinued Operations (Details) - Assets and Liabilities from Discontinued Operations (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets and Liabilities from Discontinued Operations [Abstract]	'
Receivables, net	$11,915
Prepaid expenses and other current assets	1,188
Property, plant and equipment, net	62,333
Other assets	3,584
Assets of discontinued operations	79,020
Accounts payable	4,415
Other Accrued liabilities	1,542
Deferred tax liabilities	12,449
Other noncurrent liabilities	10,291
Liabilities of discontinued operations	$28,697

Note_3_Earnings_Per_Share_Deta

Note 3 - Earnings Per Share (Details)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Weighted Average Dilutive Stock Options and Restricted Stock Outstanding	4.7	4.9	4.9	5.2

Note_3_Earnings_Per_Share_Deta1

Note 3 - Earnings Per Share (Details) - Earnings Per Share (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic EPS:	'	'	'	'
Net income from continuing operations (in Dollars)	$23,492	$15,431	$55,563	$42,157
Assumed conversions of Senior Notes (in Dollars)	1,294	1,370	3,808	3,875
Adjusted income from continuing operations (in Dollars)	$24,786	$16,801	$59,371	$46,032
Weighted average number of common shares outstanding - basic	82,055	85,775	83,260	84,902
Add: Dilutive effect of stock options and restricted stock awards	1,550	1,503	1,715	1,718
Dilutive effect of Senior Notes	15,682	15,682	15,682	15,682
Diluted weighted average number of common shares outstanding	99,287	102,960	100,657	102,302
Diluted income from continuing operations per common share (in Dollars per share)	$0.25	$0.16	$0.59	$0.45
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period	1,075	591	821	565
Basic income from continuing operations per common share (in Dollars per share)	$0.29	$0.18	$0.67	$0.50

Note_4_StockBased_Compensation1

Note 4 - Stock-Based Compensation (Details) (USD $)	3 Months Ended
	Jun. 30, 2014
Monte Carlo Valuation Model [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)	$12.55
Time-Vesting Restricted Stock And RSU's [Member] | Executive Officers And Other Key Employees [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	745,608
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'3 years
Restricted Stock [Member] | Non-Employee Directors [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	81,849
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)	$11.21
Employee Stock Option [Member] | Executive Officers And Other Key Employees [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	554,641
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	$11.20
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	'10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)	$4.97
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.53%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	'5 years 80 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	48.60%
Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Minimum [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Percentage	0.00%
Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Maximum [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Percentage	150.00%
Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member]	'
Note 4 - Stock-Based Compensation (Details) [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	104,359
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.81%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	44.50%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants Average Closing Price (in Dollars per share)	$11.28

Note_5_Acquisition_Details

Note 5 - Acquisition (Details) (Terrafirma Roadways [Member])	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Millions, unless otherwise specified	Maximum [Member]	Maximum [Member]	USD ($)
	USD ($)	GBP (£)
Note 5 - Acquisition (Details) [Line Items]	'	'	'	'
Payments to Acquire Businesses, Net of Cash Acquired	'	'	$6.80	'
Business Acquisition Contingent Consideration Potential Cash Payment1	$1.60	£ 1	'	'
Business Acquisition, Contingent Consideration Potential Cash Payment, Payment Period	'	'	'	'18 months
Business Acquisition Period	'	'	'	'1 year

Note_5_Acquisition_Details_Ass

Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items]	'	'
Goodwill	$92,876	$94,064
Terrafirma Roadways [Member]	'	'
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items]	'	'
Receivables, net	'	2,155
Property, plant and equipment, net	'	2,160
Goodwill	'	4,544
Other intangibles, net	'	4,528
Total assets acquired	'	13,387
Accounts payable	'	3,350
Short-term debt	'	284
Accrued liabilities	'	285
Deferred tax liability	'	1,092
Other noncurrent liabilities	'	1,600
Total liabilities assumed	'	6,611
Total cash conveyed at closing	'	$6,776

Note_6_Treasury_Stock_Details

Note 6 - Treasury Stock (Details) (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Feb. 28, 2014	Apr. 30, 2013
Stockholders' Equity Note [Abstract]	'	'	'
Stock Repurchase Program, Authorized Amount	'	$100	$50
Stock Repurchased During Period, Shares (in Shares)	4,317,278	'	'
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share)	$11.72	'	'
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$42.70	'	'

Note_7_Receivables_Details_Rec

Note 7 - Receivables (Details) - Receivables (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables [Abstract]	'	'
Gross trade receivables	$307,557	$252,168
Allowance for doubtful accounts	-4,934	-4,142
Net trade receivables	302,623	248,026
Other receivables	28,486	20,503
Total receivables, net	$331,109	$268,529

Note_8_Inventories_Details_Inv

Note 8 - Inventories (Details) - Inventories (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Raw materials:	'	'
Raw materials	$154,267	$154,691
Total	198,140	189,680
Drilling fluids [Member]	'	'
Raw materials:	'	'
Raw materials	153,451	153,901
Mats [Member]	'	'
Raw materials:	'	'
Raw materials	816	790
Finished goods- mats	1,265	914
Blended Drilling Fluids Components [Member]	'	'
Raw materials:	'	'
Blended drilling fluids components	$42,608	$34,075

Note_9_Financing_Arrangements_1

Note 9 - Financing Arrangements and Fair Value of Financial Instruments (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Senior Notes [Member]	'	'
Note 9 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items]	'	'
Debt Instrument, Face Amount	$172,500,000	'
Long-term Line of Credit	0	'
Debt Instrument, Interest Rate, Stated Percentage	4.00%	'
Debt Conversion Converted Instrument Shares Issued For Basis Principal (in Shares)	90.8893	'
Debt Conversion Principal Amount Of Senior Notes As Basis For Conversion Rate	1,000	'
Debt Instrument, Convertible, Conversion Price (in Dollars per share)	$11	'
Fair Value, Estimate Not Practicable, Senior Debt Obligations	227,900,000	231,200,000
Revolving Credit Facility [Member] | Minimum [Member]	'	'
Note 9 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	125,000,000	'
Revolving Credit Facility [Member] | Maximum [Member]	'	'
Note 9 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	200,000,000	'
Revolving Credit Facility [Member]	'	'
Note 9 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items]	'	'
Additional Borrowing Capacity on Credit Facility	$75,000,000	'

Note_11_Segment_Data_Details_F

Note 11 - Segment Data (Details) - Financial Information by Segment (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	'	'	'	'
Revenues	$296,964	$268,132	$812,254	$795,431
Operating Income (loss)	'	'	'	'
Operating Income	39,432	25,645	92,005	72,102
Fluids Systems & Engineering [Member]	'	'	'	'
Revenues	'	'	'	'
Revenues	251,234	233,020	704,020	714,323
Operating Income (loss)	'	'	'	'
Operating Income	27,756	17,140	71,067	57,446
Mats and Integrated Services [Member]	'	'	'	'
Revenues	'	'	'	'
Revenues	45,730	35,112	108,234	81,108
Operating Income (loss)	'	'	'	'
Operating Income	20,541	15,345	47,567	34,166
Corporate Segment [Member]	'	'	'	'
Operating Income (loss)	'	'	'	'
Operating Income	($8,865)	($6,840)	($26,629)	($19,510)