Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jul. 22, 2014 |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HEALTHCARE SERVICES GROUP INC | ' |
Entity Central Index Key | '0000731012 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 70,330 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $57,269 | $64,155 | ||
Marketable securities, at fair value | 11,104 | 11,445 | ||
Accounts and notes receivable, less allowance for doubtful accounts of $4,794,000 as of June 30, 2014 and $3,919,000 as of December 31, 2013 | 205,172 | 189,107 | ||
Inventories and supplies | 32,919 | 32,447 | ||
Deferred income taxes | 0 | 2,339 | ||
Prepaid expenses and other | 13,566 | 9,699 | ||
Total current assets | 320,030 | 309,192 | ||
Property and equipment: | ' | ' | ||
Laundry and linen equipment installations | 2,524 | 2,516 | ||
Housekeeping and office equipment and furniture | 31,001 | 29,182 | ||
Autos and trucks | 258 | 305 | ||
Property and equipment, gross | 33,783 | 32,003 | ||
Less accumulated depreciation | 22,299 | 20,699 | ||
Property and equipment, net | 11,484 | 11,304 | ||
Goodwill | 44,438 | 40,183 | ||
Other intangible assets, less accumulated amortization of $14,594,000 as of June 30, 2014 and $12,909,000 as of December 31, 2013 | 21,987 | 23,372 | ||
Notes receivable — long term portion, net of discount | 4,861 | 5,779 | ||
Deferred compensation funding, at fair value | 24,003 | 22,200 | ||
Deferred income taxes — long term portion | 14,376 | 13,274 | ||
Other noncurrent assets | 38 | 38 | ||
Total assets | 441,217 | 425,342 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 47,278 | 43,682 | ||
Accrued payroll, accrued and withheld payroll taxes | 32,543 | 37,162 | ||
Other accrued expenses | 2,609 | 8,528 | ||
Income taxes payable | 5,381 | 1,878 | ||
Deferred income taxes | 254 | 0 | ||
Accrued insurance claims | 8,075 | 7,853 | ||
Total current liabilities | 96,140 | 99,103 | ||
Accrued insurance claims — long term portion | 18,843 | 18,325 | ||
Deferred compensation liability | 24,387 | 22,771 | ||
Commitments and contingencies | ' | ' | ||
STOCKHOLDERS’ EQUITY: | ' | ' | ||
Common stock, $.01 par value; 100,000,000 shares authorized; 72,138,000 shares issued and outstanding as of June 30, 2014 and 71,868,000 shares as of December 31, 2013 | 721 | 719 | ||
Additional paid-in capital | 180,441 | 168,329 | ||
Retained earnings | 131,761 | 127,464 | ||
Accumulated other comprehensive income, net of taxes | 56 | [1] | 49 | [1] |
Common stock in treasury, at cost, 1,829,000 shares as of June 30, 2014 and 1,892,000 shares as of December 31, 2013 | -11,132 | -11,418 | ||
Total stockholders’ equity | 301,847 | 285,143 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $441,217 | $425,342 | ||
[1] | All amounts are net of tax. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $4,794 | $3,919 |
Accumulated amortization of other intangible assets | $14,594 | $12,909 |
STOCKHOLDERS’ EQUITY: | ' | ' |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 72,138,000 | 71,868,000 |
Common stock, shares outstanding | 72,138,000 | 71,868,000 |
Common stock in treasury, shares | 1,829,000 | 1,892,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | |
Revenues | $319,295 | $273,604 | $631,460 | $547,508 | |
Operating costs and expenses: | ' | ' | ' | ' | |
Costs of services provided | 275,815 | 234,602 | 543,186 | 469,793 | |
Selling, general and administrative | 22,240 | 19,363 | 44,286 | 40,153 | |
Other income: | ' | ' | ' | ' | |
Investment and interest | 803 | 219 | 1,184 | 1,253 | |
Income before income taxes | 22,043 | 19,858 | 45,172 | 38,815 | |
Income taxes | 8,122 | 6,925 | 16,612 | 10,928 | |
Net income | 13,921 | 12,933 | 28,560 | 27,887 | |
Per share data: | ' | ' | ' | ' | |
Basic earnings per common share (dollars per share) | $0.20 | $0.19 | $0.41 | $0.41 | |
Diluted earnings per common share (dollars per share) | $0.20 | $0.19 | $0.40 | $0.40 | |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | |
Basic (shares) | 70,440 | 68,599 | 70,381 | 68,531 | |
Diluted (shares) | 71,206 | 69,370 | 71,140 | 69,366 | |
Comprehensive income: | ' | ' | ' | ' | |
Net income | 13,921 | 12,933 | 28,560 | 27,887 | |
Other comprehensive income: | ' | ' | ' | ' | |
Unrealized gain/(loss) on available for sale marketable securities, net of taxes | 6 | -106 | 7 | [1] | -83 |
Total comprehensive income | $13,927 | $12,827 | $28,567 | $27,804 | |
[1] | All amounts are net of tax. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $28,560 | $27,887 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,581 | 2,707 |
Bad debt provision | 1,550 | 650 |
Deferred income taxes (benefits) | 1,486 | -1,305 |
Stock-based compensation expense | 1,531 | 1,196 |
Amortization of premium on marketable securities | 174 | 303 |
Unrealized gain on deferred compensation fund investments | -888 | -759 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -16,695 | -26,812 |
Inventories and supplies | -472 | 27 |
Prepaid expenses and other assets | -4,191 | -1,085 |
Deferred compensation funding | -1,803 | -1,926 |
Accounts payable and other accrued expenses | -1,942 | 8,454 |
Accrued payroll, accrued and withheld payroll taxes | -3,338 | -1,989 |
Accrued insurance claims | 740 | 1,137 |
Deferred compensation liability | 3,031 | 2,922 |
Income taxes payable | 3,503 | 2,573 |
Net cash provided by operating activities | 14,827 | 13,980 |
Cash flows from investing activities: | ' | ' |
Disposals of fixed assets | 363 | 150 |
Additions to property and equipment | -2,738 | -1,702 |
Purchases of marketable securities | -1,937 | -4,597 |
Sales of marketable securities | 2,115 | 3,450 |
Net cash used in investing activities | -2,197 | -2,699 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -24,263 | -22,931 |
Reissuance of treasury stock pursuant to Dividend Reinvestment Plan | 28 | 53 |
Tax benefit from equity compensation plans | 885 | 1,128 |
Proceeds from the exercise of stock options | 3,834 | 4,680 |
Net cash used in financing activities | -19,516 | -17,070 |
Net change in cash and cash equivalents | -6,886 | -5,789 |
Cash and cash equivalents at beginning of the period | 64,155 | 68,949 |
Cash and cash equivalents at end of the period | 57,269 | 63,160 |
Supplementary Cash Flow Information: | ' | ' |
Cash paid for interest | 73 | 0 |
Cash paid for income taxes, net of refunds | 10,737 | 8,531 |
Issuance of Common Stock in 2014 and 2013, respectively, pursuant to Employee Stock Purchase Plan | $1,851 | $1,842 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income, net of taxes [Member] | Retained Earnings [Member] | Treasury Stock [Member] | |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | $285,143 | $719 | $168,329 | $49 | $127,464 | ($11,418) | |
Balance (in shares) at Dec. 31, 2013 | ' | 71,868 | ' | ' | ' | ' | |
Comprehensive income: | ' | ' | ' | ' | ' | ' | |
Net income for the period | 28,560 | ' | ' | ' | 28,560 | ' | |
Unrealized gain on available for sale marketable securities, net of taxes | 7 | [1] | ' | ' | 7 | ' | ' |
Total comprehensive income | 28,567 | ' | ' | ' | ' | ' | |
Exercise of stock options, net of shares tendered for payment | 3,834 | 2 | 3,832 | ' | ' | ' | |
Exercise of stock options and other stock-based compensation, net of shares tendered for payment (in shares) | ' | 270 | ' | ' | ' | ' | |
Tax benefit from equity compensation plans | 885 | ' | 885 | ' | ' | ' | |
Share-based compensation expense — stock options and restricted stock | 1,350 | ' | 1,350 | ' | ' | ' | |
Treasury shares issued for Deferred Compensation Plan funding and redemptions | 518 | ' | 513 | ' | ' | 5 | |
Shares issued pursuant to Employee Stock Purchase Plan | 1,851 | ' | 1,457 | ' | ' | 394 | |
Cash dividends | -24,263 | ' | ' | ' | -24,263 | ' | |
Shares issued pursuant to Dividend Reinvestment Plan | 28 | ' | 141 | ' | ' | -113 | |
Adjustment to purchase price allocation | 3,934 | ' | 3,934 | ' | ' | ' | |
Balance at Jun. 30, 2014 | $301,847 | $721 | $180,441 | $56 | $131,761 | ($11,132) | |
Balance (in shares) at Jun. 30, 2014 | ' | 72,138 | ' | ' | ' | ' | |
[1] | All amounts are net of tax. |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business and Significant Accounting Policies | ' |
Description of Business and Significant Accounting Policies | |
Unaudited Interim Financial Data | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all of the information and footnotes necessary for a complete presentation of financial position, results of operations and cash flows. However, in our opinion, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in these consolidated financial statements. The balance sheet shown in this report as of December 31, 2013 has been derived from, and does not include, all the disclosures contained in the financial statements for the year ended December 31, 2013. The financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | |
Nature of Operations | |
We provide management, administrative and operating expertise and services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the health care industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. Although we do not directly participate in any government reimbursement programs, our clients’ reimbursements are subject to government regulation. Therefore, they are directly affected by any legislation relating to Medicare and Medicaid reimbursement programs. | |
We provide our services primarily pursuant to full service agreements with our clients. In such agreements, we are responsible for the day-to-day management of the managers and hourly employees located at our clients’ facilities. We also provide services on the basis of a management-only agreement for a very limited number of clients. Our agreements with clients typically provide for a one year service term, cancelable by either party upon 30 to 90 days’ notice after the initial 90-day period. | |
We are organized into two reportable segments: housekeeping, laundry, linen and other services (“Housekeeping”), and dietary department services (“Dietary”). | |
Housekeeping consists of the managing of the client’s housekeeping department which is principally responsible for the cleaning, disinfecting and sanitizing of patient rooms and common areas of a client’s facility, as well as the laundering and processing of the personal clothing belonging to the facility’s patients. Also within the scope of this segment’s service is the responsibility for laundering and processing of the bed linens, uniforms and other assorted linen items utilized by a client facility. | |
Dietary consists of managing the client’s dietary department which is principally responsible for food purchasing, meal preparation and providing dietitian consulting professional services, which includes the development of a menu that meets the patient’s dietary needs. We began Dietary operations in 1997. | |
As of June 30, 2014, we operate three wholly-owned subsidiaries, Huntingdon Holdings, Inc. (“Huntingdon”), HCSG Staff Leasing Solutions, LLC (“Staff Leasing”) and HCSG Insurance Corp. Huntingdon invests our cash and cash equivalents and manages our portfolio of available-for-sale marketable securities. Staff Leasing offers professional employer organization (“PEO”) services to potential clients in the health care industry. As of June 30, 2014, we have PEO service contracts in several states. During the three and six months ended June 30, 2014 and 2013, operating results from our PEO service contracts were not material and were included in our Housekeeping segment. Formed in 2014, HCSG Insurance Corp. is a captive insurance company domiciled in the State of New Jersey and provides the Company with certain insurance-related services. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Healthcare Services Group, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
Cash and Cash Equivalents | |
Cash and cash equivalents are held in U.S. financial institutions or in custodial accounts with U.S. financial institutions. Cash and cash equivalents are defined as short-term, highly liquid investments with a maturity of three months or less at time of purchase that are readily convertible into cash and have insignificant interest rate risk. | |
Inventories and Supplies | |
Inventories and supplies include housekeeping, linen and laundry supplies, as well as food provisions and supplies. Inventories and supplies are stated at cost to approximate a first-in, first-out (FIFO) basis. Linen supplies are amortized on a straight-line basis over their estimated useful life of 24 months. | |
Revenue Recognition | |
Revenues from our service agreements with clients are recognized as services are performed. | |
As a distributor of laundry equipment, we occasionally sell laundry installations to certain clients. The sales in most cases represent the construction and installation of a turn-key operation and are for payment terms ranging from 24 to 60 months. Our accounting policy for these sales is to recognize the gross profit over the life of the payments associated with our financing of the transactions. During the three and six months ended June 30, 2014 and 2013, laundry installation sales were not material. | |
Income Taxes | |
We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current period. We accrue for probable tax obligations as required by facts and circumstances in the various regulatory environments. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. If appropriate, we would record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. | |
In accordance with U.S. GAAP, we account for uncertain income tax positions reflected within our financial statements based on a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | |
Earnings per Common Share | |
Basic earnings per common share are computed by dividing income available to common shareholders by the weighted-average common shares outstanding for the period. Diluted earnings per common share reflect the weighted-average common shares outstanding and dilutive common shares, such as those issuable upon exercise of stock options. | |
Share-Based Compensation | |
U.S. GAAP addresses the accounting for share-based compensation, specifically, the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors, including stock options and participation in the Company’s employee stock purchase plan. We estimate the fair value of share-based awards on the date of grant using the Black-Scholes option valuation model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the Company’s consolidated statements of comprehensive income over the requisite service periods. We use the straight-line single option method of expensing share-based awards in our consolidated statements of comprehensive income. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense will be reduced to account for estimated forfeitures. Forfeitures are to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |
Use of Estimates in Financial Statements | |
In preparing financial statements in conformity with U.S. GAAP, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used for, but not limited to, our allowance for doubtful accounts, accrued insurance claims, asset valuations and review for potential impairment, and deferred taxes. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information. We regularly evaluate this information to determine if it is necessary to update the basis for our estimates and to compensate for known changes. | |
Concentrations of Credit Risk | |
Financial instruments, as defined by U.S. GAAP, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents, marketable securities, deferred compensation funding and accounts and notes receivable. We define our marketable securities as fixed income investments which are highly liquid investments that can be readily purchased or sold using established markets. At June 30, 2014 and December 31, 2013, substantially all of our cash and cash equivalents, and marketable securities were held in one large financial institution located in the United States. | |
Our clients are concentrated in the health care industry, primarily providers of long-term care. Many of our clients’ revenues are highly contingent on Medicare, Medicaid and third party payors’ reimbursement funding rates. Congress has enacted a number of major laws during the past decade that have significantly altered, or threatened to alter, overall government reimbursement for nursing home services. These changes and lack of substantive reimbursement funding rate reform legislation, as well as other trends in the long-term care industry have affected and could adversely affect the liquidity of our clients, resulting in their inability to make payments to us on agreed upon payment terms. These factors, in addition to delays in payments from clients, could result in significant additional bad debts in the future. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customer (Topic 606). This ASU establishes core principles that should assist an entity in recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in this ASU supersedes the current revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. This ASU is effective for fiscal years and interim periods beginning on or after December 15, 2016, with early adoption prohibited. The Company does not expect the amendment to have a material impact on the consolidated results of operations, cash flows, or financial position. |
Acquisition
Acquisition | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisition | ' | |||||||||||
Acquisition | ||||||||||||
On July 12, 2013, the Company acquired substantially all of the operating assets of Platinum Health Services, LLC, a Delaware limited liability company and Platinum Health Services PEO, LLC, a Delaware limited liability company (collectively “Platinum”). Platinum was a privately-held provider of professional housekeeping, laundry and maintenance services to long-term and post-acute care facilities and operated within the United States. The acquisition has been included within the consolidated results of operations and financial condition from the date of the acquisition. | ||||||||||||
The total purchase consideration was $50,766,000, which consisted of a cash payment of $5,000,000, the issuance of 1,215,000 shares of the Company's common stock with a fair value of $30,062,000 and contingent consideration with a fair value of $15,704,000 as of June 30, 2014. Upon the achievement of certain financial and retention targets, the Platinum stockholders will be eligible for contingent consideration paid by the future issuance of the Company's common stock. | ||||||||||||
The purchase consideration of the acquisition has been allocated to the assets acquired and liabilities assumed based on estimated fair values. The purchase price allocation was completed in the second quarter of 2014. The purchase price allocation is as follows: | ||||||||||||
Purchase Price Allocation | ||||||||||||
Preliminary | Adjustments | Final | ||||||||||
Fair value of assets acquired, net of liabilities assumed | $ | 2,604,000 | $ | (621,000 | ) | $ | 1,983,000 | |||||
Goodwill | 23,228,000 | 4,255,000 | 27,483,000 | |||||||||
Intangible assets | 21,000,000 | 300,000 | 21,300,000 | |||||||||
Net assets acquired | $ | 46,832,000 | $ | 3,934,000 | $ | 50,766,000 | ||||||
Goodwill, which is expected to be amortized for tax purposes, represents the excess of the purchase price over the fair value of the net assets acquired, and is primarily attributable to the assembled workforce of the acquired business. Goodwill was allocated to our Housekeeping reportable operating segment. Intangible assets consist of customer relationships of $21,300,000 and has been assigned an estimated useful life of 10 years. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||
Changes in Accumulated Other Comprehensive Income by Component | ' | |||
Changes in Accumulated Other Comprehensive Income by Component | ||||
U.S. GAAP establishes standards for presenting information about significant items reclassified out of accumulated other comprehensive income by component. As of June 30, 2014 and December 31, 2013, respectively, we generated other comprehensive income from one component. This component relates to the unrealized gains and losses from our available for sale marketable securities during a given reporting period. | ||||
The following table provides a summary of changes in accumulated other comprehensive income for the six months ended June 30, 2014: | ||||
Unrealized Gains and Losses on Available for Sale Securities (1) | ||||
Accumulated other comprehensive income — December 31, 2013 | $ | 49,000 | ||
Other comprehensive income before reclassifications | 10,000 | |||
Amounts reclassified from accumulated other comprehensive income (2)(3) | (3,000 | ) | ||
Net current period change in other comprehensive income | 7,000 | |||
Accumulated other comprehensive income — June 30, 2014 | $ | 56,000 | ||
-1 | All amounts are net of tax. | |||
-2 | Realized gains and losses are recorded pre-tax in the other income - investment and interest caption on our consolidated statements of comprehensive income. | |||
-3 | For the six months ended June 30, 2014, the Company recorded $4,000 of realized gains from the sale of available for sale securities. Refer to Note 5 herein for further information. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired of businesses and is not amortized. Goodwill is evaluated for impairment on an annual basis, or more frequently if impairment indicators arise, using a fair-value-based test that compares the fair value of the reporting unit to its carrying value. | ||||||||||||
The changes in the carrying values of goodwill by reportable operating segment, as described in Note 10 herein, were as follows: | ||||||||||||
Reportable Segments | ||||||||||||
Housekeeping | Dietary | Total | ||||||||||
December 31, 2013 | $ | 38,122,000 | $ | 2,061,000 | $ | 40,183,000 | ||||||
Adjustment to purchase price allocation | 4,255,000 | — | 4,255,000 | |||||||||
June 30, 2014 | $ | 42,377,000 | $ | 2,061,000 | $ | 44,438,000 | ||||||
The cost of intangible assets is based on fair values at the date of acquisition. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful life (between 7 and 10 years). | ||||||||||||
The following table sets forth the amounts of our identifiable intangible assets subject to amortization, which were acquired in acquisitions. | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
Customer relationships | $ | 35,781,000 | $ | 35,481,000 | ||||||||
Non-compete agreements | 800,000 | 800,000 | ||||||||||
Total other intangibles, gross | 36,581,000 | 36,281,000 | ||||||||||
Less accumulated amortization | 14,594,000 | 12,909,000 | ||||||||||
Other intangibles, net | $ | 21,987,000 | $ | 23,372,000 | ||||||||
The customer relationships and non-compete agreements have a weighted-average amortization period of eight years. | ||||||||||||
The following table sets forth the estimated amortization expense for intangibles subject to amortization for the following five fiscal years: | ||||||||||||
Period/Year | Customer | Non-Compete | Total | |||||||||
Relationships | Agreements | |||||||||||
July 1 to December 31, 2014 | $ | 1,621,000 | $ | 17,000 | $ | 1,638,000 | ||||||
2015 | 3,241,000 | — | 3,241,000 | |||||||||
2016 | 2,698,000 | — | 2,698,000 | |||||||||
2017 | 2,427,000 | — | 2,427,000 | |||||||||
2018 | 2,328,000 | — | 2,328,000 | |||||||||
2019 | 2,130,000 | — | 2,130,000 | |||||||||
Thereafter | 7,525,000 | — | 7,525,000 | |||||||||
Amortization expense for the three months ended June 30, 2014 and 2013 was $857,000 and $542,000, respectively. Amortization expense for the six months ended June 30, 2014 and 2013 was $1,685,000 and $1,084,000, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
We, in accordance with U.S. GAAP, define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We have not elected the fair value option for our available for sale marketable securities as we believe these assets are more representative of our investing activities and are viewed as non-operating in nature. These assets are available for future needs of the Company to support our current and projected growth, if required. In accordance with U.S. GAAP, our investments in marketable securities are classified within Level 2 of the fair value hierarchy. These investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||
The Company’s financial instruments consist mainly of cash and cash equivalents, available for sale marketable securities, accounts and notes receivable, prepaid expenses and other, and accounts payable (including income taxes payable and accrued expenses). The carrying value of these financial instruments approximates their fair value because of their short-term nature. The fair value of financial instruments is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. | ||||||||||||||||||||
The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Fair Value Measurement Using: | ||||||||||||||||||||
Carrying | Total Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices | Other | Unobservable | ||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Marketable securities | ||||||||||||||||||||
Municipal bonds — available for sale | $ | 11,104,000 | $ | 11,104,000 | $ | — | $ | 11,104,000 | $ | — | ||||||||||
Deferred compensation fund | ||||||||||||||||||||
Money Market | $ | 3,867,000 | $ | 3,867,000 | $ | — | $ | 3,867,000 | $ | — | ||||||||||
Balanced and Lifestyle | 8,724,000 | 8,724,000 | 8,724,000 | — | — | |||||||||||||||
Large Cap Growth | 4,487,000 | 4,487,000 | 4,487,000 | — | — | |||||||||||||||
Small Cap Value | 2,576,000 | 2,576,000 | 2,576,000 | — | — | |||||||||||||||
Fixed Income | 2,092,000 | 2,092,000 | 2,092,000 | — | — | |||||||||||||||
International | 1,168,000 | 1,168,000 | 1,168,000 | — | — | |||||||||||||||
Mid Cap Growth | 1,089,000 | 1,089,000 | 1,089,000 | — | — | |||||||||||||||
Deferred compensation fund | $ | 24,003,000 | $ | 24,003,000 | $ | 20,136,000 | $ | 3,867,000 | $ | — | ||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Fair Value Measurement Using: | ||||||||||||||||||||
Carrying | Total Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices | Other | Unobservable | ||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Marketable securities | ||||||||||||||||||||
Municipal bonds — available for sale | $ | 11,445,000 | $ | 11,445,000 | $ | — | $ | 11,445,000 | $ | — | ||||||||||
Deferred compensation fund | ||||||||||||||||||||
Money Market | $ | 3,592,000 | $ | 3,592,000 | $ | — | $ | 3,592,000 | $ | — | ||||||||||
Balanced and Lifestyle | 8,174,000 | 8,174,000 | 8,174,000 | — | — | |||||||||||||||
Large Cap Growth | 4,292,000 | 4,292,000 | 4,292,000 | — | — | |||||||||||||||
Small Cap Value | 2,173,000 | 2,173,000 | 2,173,000 | — | — | |||||||||||||||
Fixed Income | 1,962,000 | 1,962,000 | 1,962,000 | — | — | |||||||||||||||
International | 1,079,000 | 1,079,000 | 1,079,000 | — | — | |||||||||||||||
Mid Cap Growth | 928,000 | 928,000 | 928,000 | — | — | |||||||||||||||
Deferred compensation fund | $ | 22,200,000 | $ | 22,200,000 | $ | 18,608,000 | $ | 3,592,000 | $ | — | ||||||||||
The fair value of the municipal bonds is measured using third party pricing service data. The fair value of equity investments in the funded deferred compensation plan are valued (Level 1) based on quoted market prices. The money market fund in the funded deferred compensation plan is valued (Level 2) at the net asset value (“NAV”) of the shares held by the plan at the end of the period. As a practical expedient, fair value of our money market fund is valued at the NAV as determined by the custodian of the fund. The money market fund includes short-term United States dollar denominated money-market instruments. The money market fund can be redeemed at its NAV at its measurement date as there are no significant restrictions on the ability of participants to sell this investment. These assets will be redeemed by the plan participants on an as needed basis. | ||||||||||||||||||||
Unrealized gains and losses from marketable securities are recorded in the other comprehensive income caption in our consolidated statements of comprehensive income. For the three and six months ended June 30, 2014, we recorded unrealized gains from marketable securities of $6,000 and $7,000, respectively. For the three and six months ended June 30, 2013, we recorded unrealized losses from marketable securities of $106,000 and $83,000, respectively. | ||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Other-than-temporary Impairments | ||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Type of security: | ||||||||||||||||||||
Municipal bonds — available for sale | 11,012,000 | 92,000 | — | 11,104,000 | — | |||||||||||||||
Total debt securities | $ | 11,012,000 | $ | 92,000 | $ | — | $ | 11,104,000 | $ | — | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Type of security: | ||||||||||||||||||||
Municipal bonds — available for sale | 11,364,000 | 83,000 | (2,000 | ) | 11,445,000 | — | ||||||||||||||
Total debt securities | $ | 11,364,000 | $ | 83,000 | $ | (2,000 | ) | $ | 11,445,000 | $ | — | |||||||||
For the three and six months ended June 30, 2014, we received total proceeds, less the amount of interest received, of $1,004,000 and $1,875,000, respectively, from sales of available for sale municipal bonds. These sales resulted in realized gains of $3,000 and $4,000, respectively, and are recorded in other income – investment and interest caption on our consolidated statements of comprehensive income for the three and six months ended June 30, 2014. The basis for the sale of these securities was a specific identification of each bond sold during this period. | ||||||||||||||||||||
For the three and six months ended June 30, 2013, we received total proceeds, less the amount of interest received, of $3,000,000, respectively, from sales of available for sale municipal bonds. These sales resulted in realized gains of $16,000, respectively, and are recorded in other income – investment and interest caption on our consolidated statements of comprehensive income for the three and six months ended June 30, 2013. The basis for the sale of these securities was a specific identification of each bond sold during this period. | ||||||||||||||||||||
The following tables include contractual maturities of debt securities held at June 30, 2014 and December 31, 2013, which are classified as marketable securities in the consolidated Balance Sheet. | ||||||||||||||||||||
Municipal Bonds — Available for Sale | ||||||||||||||||||||
Contractual maturity: | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
Maturing in one year or less | $ | 3,296,000 | $ | 1,846,000 | ||||||||||||||||
Maturing after one year through three years | 6,065,000 | 7,113,000 | ||||||||||||||||||
Maturing after three years | 1,743,000 | 2,486,000 | ||||||||||||||||||
Total debt securities | $ | 11,104,000 | $ | 11,445,000 | ||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Share-Based Compensation | ' | |||||||
Share-Based Compensation | ||||||||
2012 Equity Incentive Plan | ||||||||
On May 29, 2012, the Company's shareholders adopted and approved the 2012 Equity Incentive Plan (the "2012 Plan"), under which current or prospective officers, employees, non-employee directors and advisors can receive share-based awards such as stock options, restricted stock and other stock awards. The 2012 Plan seeks to promote the highest level of performance by providing an economic interest in the long-term success of the Company. As of this date, no further grants were permitted under any previously existing stock plans (the "Pre-existing Plans"). Additionally, all remaining shares available for future grants under the Pre-existing Plans became available for issuance under the 2012 Plan. | ||||||||
The Nominating, Compensation and Stock Option Committee of the Board of Directors is responsible for determining the individuals who will be granted stock awards, the number of stock awards each individual will receive, the price per share (in accordance with the terms of our 2012 Plan), and the exercise period of each stock award. | ||||||||
A summary of stock-based compensation expense for the six months ended June 30, 2014 and 2013 is as follows: | ||||||||
For the Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Stock Options | $ | 1,296,000 | $ | 997,000 | ||||
Restricted Stock | 54,000 | 14,000 | ||||||
Employee Stock Purchase Plan ("ESPP") | 181,000 | 185,000 | ||||||
Total pre-tax stock-based compensation expense charged against income (1) | $ | 1,531,000 | $ | 1,196,000 | ||||
-1 | Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income. | |||||||
We have outstanding stock awards that were granted under the Pre-existing Plans to non-employee directors, officers and employees of the Company and other specified groups, depending on the Pre-existing Plan. As of June 30, 2014, 4,963,000 shares of common stock were reserved for issuance under our 2012 Plan, including 2,280,000 shares available for future grant. The stock price will not be less than the fair market value of the common stock on the date the award is granted. No stock award will have a term in excess of ten years. Since 2008, all awards granted become vested and exercisable ratably over a five year period on each yearly anniversary date of the option grant. | ||||||||
A summary of our stock option activity under the 2012 Plan as of December 31, 2013 and changes during the six months ended June 30, 2014 is as follows: | ||||||||
Stock Options Outstanding | ||||||||
Number of Shares | Weighted Average Exercise Price | |||||||
31-Dec-13 | 2,483,000 | $ | 16.05 | |||||
Granted | 535,000 | 28.02 | ||||||
Cancelled | (65,000 | ) | 21.47 | |||||
Exercised | (270,000 | ) | 14.35 | |||||
30-Jun-14 | 2,683,000 | $ | 18.48 | |||||
The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2014 and 2013 was $8.24 and $6.81 per common share, respectively. | ||||||||
During the six months ended June 30, 2014, the Company granted 14,000 shares of restricted stock with a weighted average grant date fair value of $28.02 per share. During the six months ended June 30, 2013, the Company granted 6,000 shares of restricted stock with a weighted average grant date fair value of $23.50 per share. | ||||||||
A summary of our non-vested stock-based compensation as of December 31, 2013 and changes during the six months ended June 30, 2014 is as follows: | ||||||||
Number of Non-vested Shares | Weighted Average Grant Date Fair Value | |||||||
31-Dec-13 | 1,561,000 | $ | 4.78 | |||||
Granted | 535,000 | 8.24 | ||||||
Vested | (511,000 | ) | 4.38 | |||||
Forfeited | (64,000 | ) | 5.98 | |||||
30-Jun-14 | 1,521,000 | $ | 6.27 | |||||
The following table summarizes other information about our outstanding stock options at June 30, 2014. | ||||||||
Stock Options | ||||||||
Range of exercise prices | $6.07 - $28.02 | |||||||
Outstanding: | ||||||||
Weighted average remaining contractual life (years) | 6.7 | |||||||
Aggregate intrinsic value | $ | 29,418,000 | ||||||
Exercisable: | ||||||||
Number of shares | 1,161,000 | |||||||
Weighted average remaining contractual life (years) | 4.8 | |||||||
Aggregate intrinsic value | $ | 18,569,000 | ||||||
Exercised: | ||||||||
Aggregate intrinsic value | $ | 3,769,000 | ||||||
Fair Value Estimates | ||||||||
The fair value of stock awards granted in 2014 and 2013 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Risk-free interest rate | 1.90% | 1.50% | ||||||
Weighted average expected life in years | 5.9 years | 6.0 years | ||||||
Expected volatility | 36.90% | 38.90% | ||||||
Dividend yield | 2.40% | 2.80% | ||||||
Other Information | ||||||||
Other information pertaining to activity of our stock awards during the six months ended June 30, 2014 and 2013 were as follows: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Total grant-date fair value of stock awards granted | $ | 4,268,000 | $ | 3,412,000 | ||||
Total fair value of stock awards vested during period | $ | 2,051,000 | $ | 1,897,000 | ||||
Total unrecognized compensation expense related to non-vested stock awards | $ | 7,847,000 | $ | 5,982,000 | ||||
At June 30, 2014, the unrecognized compensation cost related to stock awards granted but not yet vested, as reported above, was expected to be recognized through the fourth quarter of 2018 for the 2014 grants and the fourth quarter of 2017 for the 2013 grants. | ||||||||
Employee Stock Purchase Plan | ||||||||
We have an Employee Stock Purchase Plan ("ESPP") for all eligible employees. All full-time and certain part-time employees who have completed two years of continuous service with us are eligible to participate. On April 12, 2011, the Board of Directors extended the ESPP for an additional five offerings through 2016. Annual offerings commence and terminate on the respective year’s first and last calendar day. | ||||||||
Under the ESPP, we are authorized to issue up to 4,050,000 shares of our common stock to our employees. Pursuant to such authorization, we have 2,476,000 shares available for future grant at June 30, 2014. | ||||||||
The stock-based compensation expense associated with our ESPP was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Risk-free interest rate | 0.10% | 0.24% | ||||||
Weighted average expected life in years | 1.0 year | 1.0 year | ||||||
Expected volatility | 21.90% | 27.60% | ||||||
Dividend yield | 2.40% | 2.80% |
Dividends
Dividends | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Dividends | ' | |||||||||||||||
Dividends | ||||||||||||||||
During the six months ended June 30, 2014, we paid regular quarterly cash dividends approximating $24,263,000 as follows: | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | |||||||||||||||
Cash dividend per common share | $ | 0.17125 | $ | 0.1725 | ||||||||||||
Total cash dividends paid | $ | 12,077,000 | $ | 12,186,000 | ||||||||||||
Record date | 21-Feb-14 | 23-May-14 | ||||||||||||||
Payment date | 28-Mar-14 | 27-Jun-14 | ||||||||||||||
Additionally, on July 8, 2014, our Board of Directors declared a regular quarterly cash dividend of $0.17375 per common share, which will be paid on September 26, 2014, to shareholders of record as of the close of business on August 22, 2014. | ||||||||||||||||
Cash dividends on our outstanding weighted average number of basic common shares for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash dividends per common share | $ | 0.17 | $ | 0.17 | $ | 0.34 | $ | 0.33 | ||||||||
Our Board of Directors reviews our dividend policy on a quarterly basis. Although there can be no assurance that we will continue to pay dividends or the amount of the dividend, we expect to continue to pay a regular quarterly cash dividend. In connection with the establishment of our dividend policy, we adopted a Dividend Reinvestment Plan in 2003. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the six months ended June 30, 2014, our effective tax rate was approximately 37%, an increase from the 28% effective tax rate for the comparable 2013 period. Such differences between the effective tax rates and the applicable U.S. federal statutory rate arise primarily from the effect of state and local income taxes and tax credits available to the Company. The increase in the effective tax rate is primarily due to the impact of tax credits realized in 2013 for 2012 and 2013 as compared to the current period. The Company receives credits related to the Work Opportunity Tax Credit (“WOTC”) program but this program initially expired at December 31, 2011. The WOTC was subsequently renewed, but not until January 2, 2013, as part of The American Taxpayer Relief Act of 2012. Since the WOTC was renewed during the three month period ended March 31, 2013, the total tax effect of additional expected credits for 2012 was included in this period. In addition, the WOTC again expired as of December 31, 2013 and has not yet been renewed. As such, the 2014 estimated annual effective tax rate is expected to be 37% compared to 29% for 2013. The 2014 estimated tax rate increased due to the expiration of certain tax credits that benefited us in 2013, including the recognition of tax credits for the 2012 tax year during the three month period ended March 31, 2013. | |
We account for income taxes using the asset and liability method, which results in recognizing income tax expense based on the amount of income taxes payable or refundable for the current year. Additionally, we evaluate regularly the tax positions taken or expected to be taken resulting from financial statement recognition of certain items. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our financial statements. Our evaluation was performed for the tax years ended December 31, 2010 through 2013 (with regard to U.S. federal income tax returns) and December 31, 2009 through 2013 (with regard to various state and local income tax returns), the tax years which remain subject to examination by major tax jurisdictions as of June 30, 2014. | |
We may from time to time be assessed interest or penalties by taxing jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. When we have received an assessment for interest and/or penalties, it has been classified in the financial statements as selling, general and administrative expense. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
A director is a member of a law firm which was retained by us. In each of the six months ended June 30, 2014 and 2013, fees received from us by such firm did not exceed $120,000 in any period. Additionally, such fees did not exceed, in either period, 5% of such firm’s revenues. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Segment Information | ' | |||||||||||||||||
Segment Information | ||||||||||||||||||
Reportable Operating Segments | ||||||||||||||||||
U.S. GAAP establishes standards for reporting information regarding operating segments in annual financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group in making decisions on how to allocate resources and assess performance. | ||||||||||||||||||
We manage and evaluate our operations in two reportable segments: Housekeeping (housekeeping, laundry, linen and other services) and Dietary (dietary department services). Although both segments serve the same client base and share many operational similarities, they are managed separately due to distinct differences in the type of service provided, as well as the specialized expertise required of the professional management personnel responsible for delivering the respective segment’s services. We consider the various services provided within each reportable segment to comprise an identifiable reportable operating segment since such services are rendered pursuant to a single service agreement, specific to that reportable segment, as well as the fact that the delivery of the respective reportable segment’s services are managed by the same management personnel of the particular reportable segment. | ||||||||||||||||||
The Company’s accounting policies for the segments are generally the same as the Company’s significant accounting policies. Differences between the reportable segments’ operating results and other disclosed data and our consolidated financial statements relate primarily to corporate level transactions and recording of transactions at the reportable segment level which use methods other than generally accepted accounting principles. There are certain inventories and supplies that are primarily expensed when incurred within the operating segments, while they are capitalized for the consolidated financial statements. As discussed, most corporate expense is not allocated to the operating segments, and such expenses include corporate salary and benefit costs, bad debt expense, certain legal costs, information technology costs, depreciation, amortization of finite lived intangibles, share based compensation costs and other corporate specific costs. Additionally, there are allocations for workers' compensation and general liability expense within the operating segments that differ from our actual expense recorded for U.S. GAAP. Additionally, included in the differences between the reportable segments’ operating results and other disclosed data are amounts attributable to Huntingdon, our investment holding company subsidiary. Huntingdon does not transact any business with the reportable segments. Segment amounts disclosed are prior to any elimination entries made in consolidation. | ||||||||||||||||||
Housekeeping provides services in Canada, although essentially all of its revenues and net income, 99% in both categories, are earned in one geographic area, the United States. Dietary provides services solely in the United States. | ||||||||||||||||||
Housekeeping | Dietary | Corporate and | Total | |||||||||||||||
Services | Services | Eliminations | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Revenues | $ | 211,357,000 | $ | 107,938,000 | $ | — | $ | 319,295,000 | ||||||||||
Income before income taxes | 17,883,000 | 6,518,000 | (2,358,000 | ) | (1) | 22,043,000 | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Revenues | $ | 183,754,000 | $ | 89,850,000 | $ | — | $ | 273,604,000 | ||||||||||
Income before income taxes | 17,632,000 | 5,341,000 | (3,115,000 | ) | (1) | 19,858,000 | ||||||||||||
Housekeeping | Dietary | Corporate and | Total | |||||||||||||||
Services | Services | Eliminations | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Revenues | $ | 416,098,000 | $ | 215,362,000 | $ | — | $ | 631,460,000 | ||||||||||
Income before income taxes | 36,635,000 | 13,298,000 | (4,761,000 | ) | (1) | 45,172,000 | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Revenues | $ | 371,384,000 | $ | 176,124,000 | $ | — | $ | 547,508,000 | ||||||||||
Income before income taxes | 36,438,000 | 10,465,000 | (8,088,000 | ) | (1) | 38,815,000 | ||||||||||||
-1 | Represents primarily corporate office cost and related overhead, recording of transactions at the reportable segment level which use methods other than U.S. GAAP, as well as consolidated subsidiaries’ operating expenses that are not allocated to the reportable segments, net of investment and interest income. | |||||||||||||||||
Total Revenues from Clients | ||||||||||||||||||
The following revenues earned from clients differ from segment revenues reported above due to the inclusion of adjustments used for segment reporting purposes by management. We earned total revenues from clients in the following service categories: | ||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Housekeeping services | $ | 148,606,000 | $ | 123,351,000 | $ | 289,546,000 | $ | 248,944,000 | ||||||||||
Laundry and linen services | 62,255,000 | 59,404,000 | 125,525,000 | 120,302,000 | ||||||||||||||
Dietary services | 107,938,000 | 89,850,000 | 215,362,000 | 176,124,000 | ||||||||||||||
Maintenance services and other | 496,000 | 999,000 | 1,027,000 | 2,138,000 | ||||||||||||||
$ | 319,295,000 | $ | 273,604,000 | $ | 631,460,000 | $ | 547,508,000 | |||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
Earnings Per Common Share | ||||||||||||
Basic net earnings per share are computed using the weighted-average number of common shares outstanding. The dilutive effect of potential common shares outstanding is included in diluted net earnings per share. The computations of basic net earnings per share and diluted net earnings per share are as follows: | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 13,921,000 | ||||||||||
Basic earnings per common share | $ | 13,921,000 | 70,440,000 | $ | 0.2 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 766,000 | — | ||||||||||
Diluted earnings per common share | $ | 13,921,000 | 71,206,000 | $ | 0.2 | |||||||
Three Months Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 12,933,000 | ||||||||||
Basic earnings per common share | $ | 12,933,000 | 68,599,000 | $ | 0.19 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 771,000 | — | ||||||||||
Diluted earnings per common share | $ | 12,933,000 | 69,370,000 | $ | 0.19 | |||||||
Six Months Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 28,560,000 | ||||||||||
Basic earnings per common share | $ | 28,560,000 | 70,381,000 | $ | 0.41 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 759,000 | (0.01 | ) | |||||||||
Diluted earnings per common share | $ | 28,560,000 | 71,140,000 | $ | 0.4 | |||||||
Six Months Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 27,887,000 | ||||||||||
Basic earnings per common share | $ | 27,887,000 | 68,531,000 | $ | 0.41 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 835,000 | (0.01 | ) | |||||||||
Diluted earnings per common share | $ | 27,887,000 | 69,366,000 | $ | 0.4 | |||||||
Stock awards to purchase 578,000 and 785,000 shares of common stock having average exercise prices of $27.56 and $26.49 per common share, respectively, were outstanding during the three and six months ended June 30, 2014 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive. | ||||||||||||
Stock awards to purchase 552,000 and 548,000 shares of common stock having an average exercise price of $23.50 per common share were outstanding during the three and six months ended June 30, 2013 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive. |
Other_Contingencies
Other Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Other Contingencies | ' |
Other Contingencies | |
We have a $125,000,000 bank line of credit on which we may draw to meet short-term liquidity requirements in excess of internally generated cash flow. Amounts drawn under the line of credit are payable upon demand. At June 30, 2014, there were no borrowings under the line of credit. However, at such date, we had outstanding a $51,520,000 irrevocable standby letter of credit which relates to payment obligations under our insurance programs. As a result of the letter of credit issued, the amount available under the line of credit was reduced by $51,520,000 at June 30, 2014. The line of credit requires us to satisfy one financial covenant. We are in compliance with our financial covenant at June 30, 2014 and expect to continue to remain in compliance with such financial covenant. This line of credit has a five year term and expires on December 18, 2018. | |
We provide our services in 48 states and are subject to numerous local taxing jurisdictions within those states. Consequently, in the ordinary course of business, a jurisdiction may contest our reporting positions with respect to the application of its tax code to our services. A jurisdiction’s conflicting position on the taxability of our services could result in additional tax liabilities. | |
We have tax matters with various taxing authorities. Because of the uncertainties related to both the probable outcome and amount of probable assessment due, we are unable to make a reasonable estimate of a liability. We do not expect the resolution of any of these matters, taken individually or in the aggregate, to have a material adverse effect on our consolidated financial position or results of operations based on our best estimate of the outcomes of such matters. | |
We are also subject to various claims and legal actions in the ordinary course of business. Some of these matters include payroll and employee-related matters and examinations by governmental agencies. As we become aware of such claims and legal actions, we provide accruals if the exposures are probable and estimable. If an adverse outcome of such claims and legal actions is reasonably possible, we assess materiality and provide such financial disclosure, as appropriate. | |
Many states have significant budget deficits. State Medicaid programs are experiencing increased demand, and with lower revenues than projected, they have fewer resources to support their Medicaid programs. In addition, comprehensive health care legislation under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (together, the “Act”) was signed into law in March 2010. The Act will significantly impact the governmental healthcare programs in which our clients participate, and reimbursements received thereunder from governmental or third-party payors. In July 2011, Centers for Medicare and Medicaid Services (“CMS”) issued a final rule that reduced Medicare payments to nursing centers by 11.1% and changed the reimbursement for the provision of group rehabilitation therapy services to Medicare beneficiaries. This rule was effective as of October 1, 2011. Furthermore, in the coming year, new proposals or additional changes in existing regulations could be made to the Act and/or CMS could propose additional reimbursement reductions which could directly impact the governmental reimbursement programs in which our clients participate. As a result, some state Medicaid programs are reconsidering previously approved increases in nursing home reimbursement or are considering delaying or foregoing those increases. A few states have indicated it is possible they will run out of cash to pay Medicaid providers, including nursing homes. In addition, certain states have rejected Federal Medicaid assistance under the Act and may continue to do so. Any negative changes in our clients’ reimbursements may negatively impact our results of operations. Although we are currently evaluating the Act’s effect on our client base, we may not know the full effect until such time as these laws are fully implemented and CMS and other agencies issue applicable regulations or guidance. | |
In January 2013, the U.S. Congress enacted the American Taxpayer Relief Act of 2012, which delayed automatic spending cuts, including reduced Medicare payments to plans and providers up to 2%. These discretionary spending caps were originally enacted under provisions in the Budget Control Act of 2011, an initiative to reduce the federal deficit through the year 2021, also known as “sequestration.” The sequestration went into effect starting March 2013. In December 2013, the U.S. Congress enacted the Bipartisan Budget Act of 2013, which reduces the impact of the sequestration over the next two years, beginning in fiscal year 2014 and extended the reduction in Medicare payments to plans and providers for two years through the year 2023. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
We evaluated all subsequent events through the date this Form 10-Q is being filed with the SEC. We believe there were no events or transactions occurring during this subsequent reporting period which require recognition or additional disclosure in these financial statements. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Unaudited Interim Financial Data | ' |
Unaudited Interim Financial Data | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all of the information and footnotes necessary for a complete presentation of financial position, results of operations and cash flows. However, in our opinion, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in these consolidated financial statements. The balance sheet shown in this report as of December 31, 2013 has been derived from, and does not include, all the disclosures contained in the financial statements for the year ended December 31, 2013. The financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | |
Nature Of Operations | ' |
Nature of Operations | |
We provide management, administrative and operating expertise and services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the health care industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. Although we do not directly participate in any government reimbursement programs, our clients’ reimbursements are subject to government regulation. Therefore, they are directly affected by any legislation relating to Medicare and Medicaid reimbursement programs. | |
We provide our services primarily pursuant to full service agreements with our clients. In such agreements, we are responsible for the day-to-day management of the managers and hourly employees located at our clients’ facilities. We also provide services on the basis of a management-only agreement for a very limited number of clients. Our agreements with clients typically provide for a one year service term, cancelable by either party upon 30 to 90 days’ notice after the initial 90-day period. | |
We are organized into two reportable segments: housekeeping, laundry, linen and other services (“Housekeeping”), and dietary department services (“Dietary”). | |
Housekeeping consists of the managing of the client’s housekeeping department which is principally responsible for the cleaning, disinfecting and sanitizing of patient rooms and common areas of a client’s facility, as well as the laundering and processing of the personal clothing belonging to the facility’s patients. Also within the scope of this segment’s service is the responsibility for laundering and processing of the bed linens, uniforms and other assorted linen items utilized by a client facility. | |
Dietary consists of managing the client’s dietary department which is principally responsible for food purchasing, meal preparation and providing dietitian consulting professional services, which includes the development of a menu that meets the patient’s dietary needs. We began Dietary operations in 1997. | |
As of June 30, 2014, we operate three wholly-owned subsidiaries, Huntingdon Holdings, Inc. (“Huntingdon”), HCSG Staff Leasing Solutions, LLC (“Staff Leasing”) and HCSG Insurance Corp. Huntingdon invests our cash and cash equivalents and manages our portfolio of available-for-sale marketable securities. Staff Leasing offers professional employer organization (“PEO”) services to potential clients in the health care industry. As of June 30, 2014, we have PEO service contracts in several states. During the three and six months ended June 30, 2014 and 2013, operating results from our PEO service contracts were not material and were included in our Housekeeping segment. Formed in 2014, HCSG Insurance Corp. is a captive insurance company domiciled in the State of New Jersey and provides the Company with certain insurance-related services. | |
Principles Of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Healthcare Services Group, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents are held in U.S. financial institutions or in custodial accounts with U.S. financial institutions. Cash and cash equivalents are defined as short-term, highly liquid investments with a maturity of three months or less at time of purchase that are readily convertible into cash and have insignificant interest rate risk. | |
Inventories and Supplies | ' |
Inventories and Supplies | |
Inventories and supplies include housekeeping, linen and laundry supplies, as well as food provisions and supplies. Inventories and supplies are stated at cost to approximate a first-in, first-out (FIFO) basis. Linen supplies are amortized on a straight-line basis over their estimated useful life of 24 months. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues from our service agreements with clients are recognized as services are performed. | |
As a distributor of laundry equipment, we occasionally sell laundry installations to certain clients. The sales in most cases represent the construction and installation of a turn-key operation and are for payment terms ranging from 24 to 60 months. Our accounting policy for these sales is to recognize the gross profit over the life of the payments associated with our financing of the transactions. | |
Income Taxes | ' |
Income Taxes | |
We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current period. We accrue for probable tax obligations as required by facts and circumstances in the various regulatory environments. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. If appropriate, we would record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. | |
In accordance with U.S. GAAP, we account for uncertain income tax positions reflected within our financial statements based on a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | |
Earnings per Common Share | ' |
Earnings per Common Share | |
Basic earnings per common share are computed by dividing income available to common shareholders by the weighted-average common shares outstanding for the period. Diluted earnings per common share reflect the weighted-average common shares outstanding and dilutive common shares, such as those issuable upon exercise of stock options. | |
Share-Based Compensation | ' |
Share-Based Compensation | |
U.S. GAAP addresses the accounting for share-based compensation, specifically, the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors, including stock options and participation in the Company’s employee stock purchase plan. We estimate the fair value of share-based awards on the date of grant using the Black-Scholes option valuation model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the Company’s consolidated statements of comprehensive income over the requisite service periods. We use the straight-line single option method of expensing share-based awards in our consolidated statements of comprehensive income. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense will be reduced to account for estimated forfeitures. Forfeitures are to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |
Use of Estimates in Financial Statements | ' |
Use of Estimates in Financial Statements | |
In preparing financial statements in conformity with U.S. GAAP, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used for, but not limited to, our allowance for doubtful accounts, accrued insurance claims, asset valuations and review for potential impairment, and deferred taxes. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information. We regularly evaluate this information to determine if it is necessary to update the basis for our estimates and to compensate for known changes. | |
Concentration of Credit Risk | ' |
Concentrations of Credit Risk | |
Financial instruments, as defined by U.S. GAAP, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents, marketable securities, deferred compensation funding and accounts and notes receivable. We define our marketable securities as fixed income investments which are highly liquid investments that can be readily purchased or sold using established markets. At June 30, 2014 and December 31, 2013, substantially all of our cash and cash equivalents, and marketable securities were held in one large financial institution located in the United States. | |
Our clients are concentrated in the health care industry, primarily providers of long-term care. Many of our clients’ revenues are highly contingent on Medicare, Medicaid and third party payors’ reimbursement funding rates. Congress has enacted a number of major laws during the past decade that have significantly altered, or threatened to alter, overall government reimbursement for nursing home services. These changes and lack of substantive reimbursement funding rate reform legislation, as well as other trends in the long-term care industry have affected and could adversely affect the liquidity of our clients, resulting in their inability to make payments to us on agreed upon payment terms. These factors, in addition to delays in payments from clients, could result in significant additional bad debts in the future. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customer (Topic 606). This ASU establishes core principles that should assist an entity in recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in this ASU supersedes the current revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. This ASU is effective for fiscal years and interim periods beginning on or after December 15, 2016, with early adoption prohibited. The Company does not expect the amendment to have a material impact on the consolidated results of operations, cash flows, or financial position. |
Acquisition_Tables
Acquisition (Tables) (Platinum Health Services, LLC [Member]) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Platinum Health Services, LLC [Member] | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Assets Acquired and Liabilities Assumed Based on Estimated Fair Values | ' | |||||||||||
The purchase consideration of the acquisition has been allocated to the assets acquired and liabilities assumed based on estimated fair values. The purchase price allocation was completed in the second quarter of 2014. The purchase price allocation is as follows: | ||||||||||||
Purchase Price Allocation | ||||||||||||
Preliminary | Adjustments | Final | ||||||||||
Fair value of assets acquired, net of liabilities assumed | $ | 2,604,000 | $ | (621,000 | ) | $ | 1,983,000 | |||||
Goodwill | 23,228,000 | 4,255,000 | 27,483,000 | |||||||||
Intangible assets | 21,000,000 | 300,000 | 21,300,000 | |||||||||
Net assets acquired | $ | 46,832,000 | $ | 3,934,000 | $ | 50,766,000 | ||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||
Schedule of Accumulated Other Comprehensive Income | ' | |||
The following table provides a summary of changes in accumulated other comprehensive income for the six months ended June 30, 2014: | ||||
Unrealized Gains and Losses on Available for Sale Securities (1) | ||||
Accumulated other comprehensive income — December 31, 2013 | $ | 49,000 | ||
Other comprehensive income before reclassifications | 10,000 | |||
Amounts reclassified from accumulated other comprehensive income (2)(3) | (3,000 | ) | ||
Net current period change in other comprehensive income | 7,000 | |||
Accumulated other comprehensive income — June 30, 2014 | $ | 56,000 | ||
-1 | All amounts are net of tax. | |||
-2 | Realized gains and losses are recorded pre-tax in the other income - investment and interest caption on our consolidated statements of comprehensive income. | |||
-3 | For the six months ended June 30, 2014, the Company recorded $4,000 of realized gains from the sale of available for sale securities. Refer to Note 5 herein for further information. |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Changes in the Carrying Values of Goodwill by Reportable Operating Segment | ' | |||||||||||
The changes in the carrying values of goodwill by reportable operating segment, as described in Note 10 herein, were as follows: | ||||||||||||
Reportable Segments | ||||||||||||
Housekeeping | Dietary | Total | ||||||||||
December 31, 2013 | $ | 38,122,000 | $ | 2,061,000 | $ | 40,183,000 | ||||||
Adjustment to purchase price allocation | 4,255,000 | — | 4,255,000 | |||||||||
June 30, 2014 | $ | 42,377,000 | $ | 2,061,000 | $ | 44,438,000 | ||||||
Identifiable Intangible Assets Subject To Amortization | ' | |||||||||||
The following table sets forth the amounts of our identifiable intangible assets subject to amortization, which were acquired in acquisitions. | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
Customer relationships | $ | 35,781,000 | $ | 35,481,000 | ||||||||
Non-compete agreements | 800,000 | 800,000 | ||||||||||
Total other intangibles, gross | 36,581,000 | 36,281,000 | ||||||||||
Less accumulated amortization | 14,594,000 | 12,909,000 | ||||||||||
Other intangibles, net | $ | 21,987,000 | $ | 23,372,000 | ||||||||
Estimated Amortization Expense For Intangibles Subject To Amortization | ' | |||||||||||
The following table sets forth the estimated amortization expense for intangibles subject to amortization for the following five fiscal years: | ||||||||||||
Period/Year | Customer | Non-Compete | Total | |||||||||
Relationships | Agreements | |||||||||||
July 1 to December 31, 2014 | $ | 1,621,000 | $ | 17,000 | $ | 1,638,000 | ||||||
2015 | 3,241,000 | — | 3,241,000 | |||||||||
2016 | 2,698,000 | — | 2,698,000 | |||||||||
2017 | 2,427,000 | — | 2,427,000 | |||||||||
2018 | 2,328,000 | — | 2,328,000 | |||||||||
2019 | 2,130,000 | — | 2,130,000 | |||||||||
Thereafter | 7,525,000 | — | 7,525,000 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Fair Value Measurement Using: | ||||||||||||||||||||
Carrying | Total Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices | Other | Unobservable | ||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Marketable securities | ||||||||||||||||||||
Municipal bonds — available for sale | $ | 11,104,000 | $ | 11,104,000 | $ | — | $ | 11,104,000 | $ | — | ||||||||||
Deferred compensation fund | ||||||||||||||||||||
Money Market | $ | 3,867,000 | $ | 3,867,000 | $ | — | $ | 3,867,000 | $ | — | ||||||||||
Balanced and Lifestyle | 8,724,000 | 8,724,000 | 8,724,000 | — | — | |||||||||||||||
Large Cap Growth | 4,487,000 | 4,487,000 | 4,487,000 | — | — | |||||||||||||||
Small Cap Value | 2,576,000 | 2,576,000 | 2,576,000 | — | — | |||||||||||||||
Fixed Income | 2,092,000 | 2,092,000 | 2,092,000 | — | — | |||||||||||||||
International | 1,168,000 | 1,168,000 | 1,168,000 | — | — | |||||||||||||||
Mid Cap Growth | 1,089,000 | 1,089,000 | 1,089,000 | — | — | |||||||||||||||
Deferred compensation fund | $ | 24,003,000 | $ | 24,003,000 | $ | 20,136,000 | $ | 3,867,000 | $ | — | ||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Fair Value Measurement Using: | ||||||||||||||||||||
Carrying | Total Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices | Other | Unobservable | ||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Marketable securities | ||||||||||||||||||||
Municipal bonds — available for sale | $ | 11,445,000 | $ | 11,445,000 | $ | — | $ | 11,445,000 | $ | — | ||||||||||
Deferred compensation fund | ||||||||||||||||||||
Money Market | $ | 3,592,000 | $ | 3,592,000 | $ | — | $ | 3,592,000 | $ | — | ||||||||||
Balanced and Lifestyle | 8,174,000 | 8,174,000 | 8,174,000 | — | — | |||||||||||||||
Large Cap Growth | 4,292,000 | 4,292,000 | 4,292,000 | — | — | |||||||||||||||
Small Cap Value | 2,173,000 | 2,173,000 | 2,173,000 | — | — | |||||||||||||||
Fixed Income | 1,962,000 | 1,962,000 | 1,962,000 | — | — | |||||||||||||||
International | 1,079,000 | 1,079,000 | 1,079,000 | — | — | |||||||||||||||
Mid Cap Growth | 928,000 | 928,000 | 928,000 | — | — | |||||||||||||||
Deferred compensation fund | $ | 22,200,000 | $ | 22,200,000 | $ | 18,608,000 | $ | 3,592,000 | $ | — | ||||||||||
Marketable Debt Securities | ' | |||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Other-than-temporary Impairments | ||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Type of security: | ||||||||||||||||||||
Municipal bonds — available for sale | 11,012,000 | 92,000 | — | 11,104,000 | — | |||||||||||||||
Total debt securities | $ | 11,012,000 | $ | 92,000 | $ | — | $ | 11,104,000 | $ | — | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Type of security: | ||||||||||||||||||||
Municipal bonds — available for sale | 11,364,000 | 83,000 | (2,000 | ) | 11,445,000 | — | ||||||||||||||
Total debt securities | $ | 11,364,000 | $ | 83,000 | $ | (2,000 | ) | $ | 11,445,000 | $ | — | |||||||||
Contractual Maturities Of Available For Sale Investments | ' | |||||||||||||||||||
The following tables include contractual maturities of debt securities held at June 30, 2014 and December 31, 2013, which are classified as marketable securities in the consolidated Balance Sheet. | ||||||||||||||||||||
Municipal Bonds — Available for Sale | ||||||||||||||||||||
Contractual maturity: | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||
Maturing in one year or less | $ | 3,296,000 | $ | 1,846,000 | ||||||||||||||||
Maturing after one year through three years | 6,065,000 | 7,113,000 | ||||||||||||||||||
Maturing after three years | 1,743,000 | 2,486,000 | ||||||||||||||||||
Total debt securities | $ | 11,104,000 | $ | 11,445,000 | ||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of Stock-based Compensation Expense | ' | |||||||
A summary of stock-based compensation expense for the six months ended June 30, 2014 and 2013 is as follows: | ||||||||
For the Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Stock Options | $ | 1,296,000 | $ | 997,000 | ||||
Restricted Stock | 54,000 | 14,000 | ||||||
Employee Stock Purchase Plan ("ESPP") | 181,000 | 185,000 | ||||||
Total pre-tax stock-based compensation expense charged against income (1) | $ | 1,531,000 | $ | 1,196,000 | ||||
-1 | Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income. | |||||||
Summary Of Other Information Of Stock Option Plans | ' | |||||||
Other information pertaining to activity of our stock awards during the six months ended June 30, 2014 and 2013 were as follows: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Total grant-date fair value of stock awards granted | $ | 4,268,000 | $ | 3,412,000 | ||||
Total fair value of stock awards vested during period | $ | 2,051,000 | $ | 1,897,000 | ||||
Total unrecognized compensation expense related to non-vested stock awards | $ | 7,847,000 | $ | 5,982,000 | ||||
A summary of our stock option activity under the 2012 Plan as of December 31, 2013 and changes during the six months ended June 30, 2014 is as follows: | ||||||||
Stock Options Outstanding | ||||||||
Number of Shares | Weighted Average Exercise Price | |||||||
31-Dec-13 | 2,483,000 | $ | 16.05 | |||||
Granted | 535,000 | 28.02 | ||||||
Cancelled | (65,000 | ) | 21.47 | |||||
Exercised | (270,000 | ) | 14.35 | |||||
30-Jun-14 | 2,683,000 | $ | 18.48 | |||||
Schedule of Nonvested Share Activity | ' | |||||||
A summary of our non-vested stock-based compensation as of December 31, 2013 and changes during the six months ended June 30, 2014 is as follows: | ||||||||
Number of Non-vested Shares | Weighted Average Grant Date Fair Value | |||||||
31-Dec-13 | 1,561,000 | $ | 4.78 | |||||
Granted | 535,000 | 8.24 | ||||||
Vested | (511,000 | ) | 4.38 | |||||
Forfeited | (64,000 | ) | 5.98 | |||||
30-Jun-14 | 1,521,000 | $ | 6.27 | |||||
Summarized Information Of Stock Options Outstanding | ' | |||||||
The following table summarizes other information about our outstanding stock options at June 30, 2014. | ||||||||
Stock Options | ||||||||
Range of exercise prices | $6.07 - $28.02 | |||||||
Outstanding: | ||||||||
Weighted average remaining contractual life (years) | 6.7 | |||||||
Aggregate intrinsic value | $ | 29,418,000 | ||||||
Exercisable: | ||||||||
Number of shares | 1,161,000 | |||||||
Weighted average remaining contractual life (years) | 4.8 | |||||||
Aggregate intrinsic value | $ | 18,569,000 | ||||||
Exercised: | ||||||||
Aggregate intrinsic value | $ | 3,769,000 | ||||||
Assumption For Fair Value Of Options Granted | ' | |||||||
The fair value of stock awards granted in 2014 and 2013 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Risk-free interest rate | 1.90% | 1.50% | ||||||
Weighted average expected life in years | 5.9 years | 6.0 years | ||||||
Expected volatility | 36.90% | 38.90% | ||||||
Dividend yield | 2.40% | 2.80% | ||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | |||||||
The stock-based compensation expense associated with our ESPP was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions: | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Risk-free interest rate | 0.10% | 0.24% | ||||||
Weighted average expected life in years | 1.0 year | 1.0 year | ||||||
Expected volatility | 21.90% | 27.60% | ||||||
Dividend yield | 2.40% | 2.80% |
Dividends_Tables
Dividends (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Dividend Payments | ' | |||||||||||||||
During the six months ended June 30, 2014, we paid regular quarterly cash dividends approximating $24,263,000 as follows: | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | |||||||||||||||
Cash dividend per common share | $ | 0.17125 | $ | 0.1725 | ||||||||||||
Total cash dividends paid | $ | 12,077,000 | $ | 12,186,000 | ||||||||||||
Record date | 21-Feb-14 | 23-May-14 | ||||||||||||||
Payment date | 28-Mar-14 | 27-Jun-14 | ||||||||||||||
Dividends Paid on outstanding weighted average number of basic common shares | ' | |||||||||||||||
Cash dividends on our outstanding weighted average number of basic common shares for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash dividends per common share | $ | 0.17 | $ | 0.17 | $ | 0.34 | $ | 0.33 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule Of Information Of Reportable Segments | ' | |||||||||||||||||
Housekeeping provides services in Canada, although essentially all of its revenues and net income, 99% in both categories, are earned in one geographic area, the United States. Dietary provides services solely in the United States. | ||||||||||||||||||
Housekeeping | Dietary | Corporate and | Total | |||||||||||||||
Services | Services | Eliminations | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Revenues | $ | 211,357,000 | $ | 107,938,000 | $ | — | $ | 319,295,000 | ||||||||||
Income before income taxes | 17,883,000 | 6,518,000 | (2,358,000 | ) | (1) | 22,043,000 | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Revenues | $ | 183,754,000 | $ | 89,850,000 | $ | — | $ | 273,604,000 | ||||||||||
Income before income taxes | 17,632,000 | 5,341,000 | (3,115,000 | ) | (1) | 19,858,000 | ||||||||||||
Housekeeping | Dietary | Corporate and | Total | |||||||||||||||
Services | Services | Eliminations | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Revenues | $ | 416,098,000 | $ | 215,362,000 | $ | — | $ | 631,460,000 | ||||||||||
Income before income taxes | 36,635,000 | 13,298,000 | (4,761,000 | ) | (1) | 45,172,000 | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Revenues | $ | 371,384,000 | $ | 176,124,000 | $ | — | $ | 547,508,000 | ||||||||||
Income before income taxes | 36,438,000 | 10,465,000 | (8,088,000 | ) | (1) | 38,815,000 | ||||||||||||
-1 | Represents primarily corporate office cost and related overhead, recording of transactions at the reportable segment level which use methods other than U.S. GAAP, as well as consolidated subsidiaries’ operating expenses that are not allocated to the reportable segments, net of investment and interest income. | |||||||||||||||||
Revenues By Client Services | ' | |||||||||||||||||
The following revenues earned from clients differ from segment revenues reported above due to the inclusion of adjustments used for segment reporting purposes by management. We earned total revenues from clients in the following service categories: | ||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Housekeeping services | $ | 148,606,000 | $ | 123,351,000 | $ | 289,546,000 | $ | 248,944,000 | ||||||||||
Laundry and linen services | 62,255,000 | 59,404,000 | 125,525,000 | 120,302,000 | ||||||||||||||
Dietary services | 107,938,000 | 89,850,000 | 215,362,000 | 176,124,000 | ||||||||||||||
Maintenance services and other | 496,000 | 999,000 | 1,027,000 | 2,138,000 | ||||||||||||||
$ | 319,295,000 | $ | 273,604,000 | $ | 631,460,000 | $ | 547,508,000 | |||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Net Earnings Per Share | ' | |||||||||||
The computations of basic net earnings per share and diluted net earnings per share are as follows: | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 13,921,000 | ||||||||||
Basic earnings per common share | $ | 13,921,000 | 70,440,000 | $ | 0.2 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 766,000 | — | ||||||||||
Diluted earnings per common share | $ | 13,921,000 | 71,206,000 | $ | 0.2 | |||||||
Three Months Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 12,933,000 | ||||||||||
Basic earnings per common share | $ | 12,933,000 | 68,599,000 | $ | 0.19 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 771,000 | — | ||||||||||
Diluted earnings per common share | $ | 12,933,000 | 69,370,000 | $ | 0.19 | |||||||
Six Months Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 28,560,000 | ||||||||||
Basic earnings per common share | $ | 28,560,000 | 70,381,000 | $ | 0.41 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 759,000 | (0.01 | ) | |||||||||
Diluted earnings per common share | $ | 28,560,000 | 71,140,000 | $ | 0.4 | |||||||
Six Months Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
Net income | $ | 27,887,000 | ||||||||||
Basic earnings per common share | $ | 27,887,000 | 68,531,000 | $ | 0.41 | |||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock | 835,000 | (0.01 | ) | |||||||||
Diluted earnings per common share | $ | 27,887,000 | 69,366,000 | $ | 0.4 | |||||||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2014 | |
segment | |
subsidiary | |
Property, Plant and Equipment [Line Items] | ' |
Terms of service agreement | 'Our agreements with clients typically provide for a one year service term, cancelable by either party upon 30 to 90 days’ notice after the initial 90-day period. |
Service term | '1 year |
Initial period of service term | '90 days |
Number of reportable segments | 2 |
Number of subsidiaries | 3 |
Amortization period of inventories and supplies | '24 months |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Days to notify cancellation of service | '30 days |
Property and equipment payment terms | '24 months |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Days to notify cancellation of service | '90 days |
Property and equipment payment terms | '60 months |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (Platinum Health Services, LLC [Member], USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jul. 12, 2013 | Jun. 30, 2014 | Jul. 12, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Total purchase consideration | ' | $50,766 | ' | ' |
Cash payments to acquire business | ' | 5,000 | ' | ' |
Equity interest issued to acquiree (number of shares) | ' | 1,215 | ' | ' |
Equity interest issued to acquiree (fair value) | ' | ' | ' | 30,062 |
Contingent consideration, fair value | 15,704 | ' | ' | ' |
Acquired finite-lived intangible assets | ' | ' | 21,300 | 21,000 |
Customer Relationships [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquired finite-lived intangible assets | ' | ' | ' | $21,300 |
Weighted average useful life of acquired finite-lived intangible assets | ' | '10 years | ' | ' |
Acquisition_Schedule_of_Assets
Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jul. 12, 2013 |
Platinum Health Services, LLC [Member] | Platinum Health Services, LLC [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' |
Fair value of assets acquired, net of liabilities assumed | ' | ' | $1,983 | $2,604 |
Goodwill | 44,438 | 40,183 | 27,483 | 23,228 |
Intangible assets | ' | ' | 21,300 | 21,000 |
Net assets acquired | ' | ' | 50,766 | 46,832 |
Fair value of assets acquired, net of liabilities, purchase price allocation adjustment | ' | ' | -621 | ' |
Adjustment to purchase price allocation | 4,255 | ' | 4,255 | ' |
Intangible assets, purchase price allocation adjustment | ' | ' | 300 | ' |
Net assets acquired, purchase price allocation adjustment | ' | ' | $3,934 | ' |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ' | ' | ' | ' | ||
Accumulated other comprehensive income — December 31, 2013 | ' | ' | $49 | [1] | ' | |
Other comprehensive income before reclassifications | ' | ' | 10 | [1] | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -3 | [1],[2],[3] | ' | |
Net current period change in other comprehensive income | 6 | -106 | 7 | [1] | -83 | |
Accumulated other comprehensive income — June 30, 2014 | $56 | [1] | ' | $56 | [1] | ' |
[1] | All amounts are net of tax. | |||||
[2] | Realized gains and losses are recorded pre-tax in the other income - investment and interest caption on our consolidated statements of comprehensive income. | |||||
[3] | For the six months ended June 30, 2014, the Company recorded $4,000 of realized gains from the sale of available for sale securities. Refer to Note 5 herein for further information. |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Income by Component (Narrative) (Details) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' |
Realized gains from the sale of available for sale securities | $4 |
Recovered_Sheet1
Goodwill and Other Intangible Assets (Changes in Carrying Values of Goodwill by Reportable Operating Segment) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill beginning balance | $40,183 |
Adjustment to purchase price allocation | 4,255 |
Goodwill ending balance | 44,438 |
Housekeeping Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill beginning balance | 38,122 |
Adjustment to purchase price allocation | 4,255 |
Goodwill ending balance | 42,377 |
Dietary Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill beginning balance | 2,061 |
Adjustment to purchase price allocation | 0 |
Goodwill ending balance | $2,061 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Identifiable Intangible Assets Subject To Amortization) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total other intangibles, gross | $36,581 | $36,281 |
Less accumulated amortization | 14,594 | 12,909 |
Other intangibles, net | 21,987 | 23,372 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total other intangibles, gross | 35,781 | 35,481 |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total other intangibles, gross | $800 | $800 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Estimated Amortization Expense For Intangibles Subject To Amortization) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
July 1 to December 31, 2014 | $1,638 |
2015 | 3,241 |
2016 | 2,698 |
2017 | 2,427 |
2018 | 2,328 |
2019 | 2,130 |
Thereafter | 7,525 |
Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
July 1 to December 31, 2014 | 1,621 |
2015 | 3,241 |
2016 | 2,698 |
2017 | 2,427 |
2018 | 2,328 |
2019 | 2,130 |
Thereafter | 7,525 |
Non-compete Agreements [Member] | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
July 1 to December 31, 2014 | 17 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | $0 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' | ' | ' |
Amortization expense | $857 | $542 | $1,685 | $1,084 |
Minimum [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Weighted average useful life of acquired finite-lived intangible assets | ' | ' | '7 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Weighted average useful life of acquired finite-lived intangible assets | ' | ' | '10 years | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Weighted-average amortization period of finite-lived intangible assets | ' | ' | '8 years | ' |
Non-compete Agreements [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Weighted-average amortization period of finite-lived intangible assets | ' | ' | '8 years | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | |
Unrealized gain/(loss) on available for sale marketable securities, net of taxes | $6 | ($106) | $7 | [1] | ($83) |
Proceeds from available for sale municipal bonds | 1,004 | 3,000 | 1,875 | 3,000 | |
Realized gain on other income, investment and interest | $3 | $16 | $4 | $16 | |
[1] | All amounts are net of tax. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | $11,104 | $11,445 |
Equity securities - Deferred compensation fund | 24,003 | 22,200 |
Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 20,136 | 18,608 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 3,867 | 3,592 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 24,003 | 22,200 |
Municipal bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 11,104 | 11,445 |
Municipal bonds [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 0 | 0 |
Municipal bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 11,104 | 11,445 |
Municipal bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 0 | 0 |
Municipal bonds [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 11,104 | 11,445 |
Money Market [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 3,867 | 3,592 |
Money Market [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Money Market [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 3,867 | 3,592 |
Money Market [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Money Market [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 3,867 | 3,592 |
Balanced and Lifestyle [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 8,724 | 8,174 |
Balanced and Lifestyle [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 8,724 | 8,174 |
Balanced and Lifestyle [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Balanced and Lifestyle [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Balanced and Lifestyle [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 8,724 | 8,174 |
Large Cap Growth [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 4,487 | 4,292 |
Large Cap Growth [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 4,487 | 4,292 |
Large Cap Growth [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Large Cap Growth [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Large Cap Growth [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 4,487 | 4,292 |
Small Cap Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,576 | 2,173 |
Small Cap Value [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,576 | 2,173 |
Small Cap Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Small Cap Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Small Cap Value [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,576 | 2,173 |
Fixed Income [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,092 | 1,962 |
Fixed Income [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,092 | 1,962 |
Fixed Income [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Fixed Income [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 2,092 | 1,962 |
International [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 1,168 | 1,079 |
International [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 1,168 | 1,079 |
International [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
International [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 1,168 | 1,079 |
Mid Cap Growth [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 1,089 | 928 |
Mid Cap Growth [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 1,089 | 928 |
Mid Cap Growth [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Mid Cap Growth [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | 0 | 0 |
Mid Cap Growth [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities - Deferred compensation fund | $1,089 | $928 |
Fair_Value_Measurements_Market
Fair Value Measurements (Marketable Debt Securities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Amortized Cost | $11,012 | $11,364 |
Gross Unrealized Gains | 92 | 83 |
Gross Unrealized Losses | 0 | -2 |
Estimated Fair Value | 11,104 | 11,445 |
Other-than-temporary Impairments | 0 | 0 |
Municipal bonds - available for sale [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Amortized Cost | 11,012 | 11,364 |
Gross Unrealized Gains | 92 | 83 |
Gross Unrealized Losses | 0 | -2 |
Estimated Fair Value | 11,104 | 11,445 |
Other-than-temporary Impairments | $0 | $0 |
Fair_Value_Measurements_Contra
Fair Value Measurements (Contractual Maturities Of Available For Sale Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Maturing in one year or less | $3,296 | $1,846 |
Maturing after one year through three years | 6,065 | 7,113 |
Maturing after three years | 1,743 | 2,486 |
Total debt securities | $11,104 | $11,445 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 12, 2011 | |
Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | |||
offering | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock reserved for future issuance | 4,963,000 | ' | ' | ' | ' | ' |
Shares available for future grant | 2,280,000 | ' | ' | ' | 2,476,000 | ' |
Maximum term of grants | '10 years | ' | ' | ' | ' | ' |
Options vested and exercisable, period | '5 years | ' | ' | ' | ' | ' |
Weighted average grant-date fair value of stock options granted (in dollars per share) | $8.24 | $6.81 | ' | ' | ' | ' |
Restricted stock granted | ' | ' | 14,000 | 6,000 | ' | ' |
Weighted average grant date fair value of restricted stock granted | ' | ' | $28.02 | $23.50 | ' | ' |
Requisite service period for plan participation eligibility | ' | ' | ' | ' | '2 years | ' |
Number of additional offerings | ' | ' | ' | ' | ' | 5 |
Stock options authorized to issue to employees | ' | ' | ' | ' | 4,050,000 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Total pre-tax stock-based compensation expense charged against income | $1,531 | [1] | $1,196 | [1] |
Stock Options [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Total pre-tax stock-based compensation expense charged against income | 1,296 | 997 | ||
Restricted Stock [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Total pre-tax stock-based compensation expense charged against income | 54 | 14 | ||
Employee Stock Purchase Plan (ESPP) [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Total pre-tax stock-based compensation expense charged against income | $181 | $185 | ||
[1] | Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income. |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Stock Award Activity) (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Number of Shares | ' |
Number of Shares, December 31, 2013 | 2,483 |
Granted, Number of Shares | 535 |
Cancelled, Number of Shares | -65 |
Exercised, Number of Shares | -270 |
Number of Shares, June 30, 2014 | 2,683 |
Weighted Average Exercise Price | ' |
Weighted Average price, December 31, 2013 (in dollars per share) | $16.05 |
Granted, Weighted Average price (in dollars per share) | $28.02 |
Cancelled, Weighted Average price (in dollars per share) | $21.47 |
Exercised, Weighted Average price (in dollars per share) | $14.35 |
Weighted Average price, June 30, 2014 (in dollars per share) | $18.48 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary of Nonvested Share Activity) (Details) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Number of Non-vested Shares | ' | ' |
December 31, 2013 (in shares) | 1,561 | ' |
Granted (in shares) | 535 | ' |
Vested (in shares) | -511 | ' |
Forfeited (in shares) | -64 | ' |
June 30, 2014 (in shares) | 1,521 | ' |
Weighted Average Grant Date Fair Value | ' | ' |
December 31, 2013 (in dollars per share) | $4.78 | ' |
Granted (in dollars per share) | $8.24 | $6.81 |
Vested (in dollars per share) | $4.38 | ' |
Forfeited (in dollars per share) | $5.98 | ' |
June 30, 2014 (in dollars per share) | $6.27 | ' |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summarized Information About Stock Awards) (Details) ($6.07 - $28.02 [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
$6.07 - $28.02 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price range - lower limit (in dollars per share) | $6.07 |
Exercise price range - upper limit (in dollars per share) | $28.02 |
Weighted average remaining contractual life of stock options outstanding | '6 years 8 months 12 days |
Aggregate intrinsic value of outstanding stock options | $29,418 |
Number of stock options exercisable (in shares) | 1,161 |
Weighted average remaining contractual life of stock options exercisable | '4 years 9 months 18 days |
Aggregate intrinsic value of options exercisable | 18,569 |
Aggregate intrinsic value of stock options exercised | $3,769 |
ShareBased_Compensation_Assump
Share-Based Compensation (Assumption For Fair Value Of Options Granted) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Risk-free interest rate | 1.90% | 1.50% |
Weighted average expected life in years | '5 years 10 months 24 days | '6 years |
Expected volatility | 36.90% | 38.90% |
Dividend yield | 2.40% | 2.80% |
ShareBased_Compensation_Summar3
Share-Based Compensation (Summary Of Other Information Of Stock Awards) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Total grant-date fair value of stock options granted | $4,268 | $3,412 |
Total fair value of options vested during period | 2,051 | 1,897 |
Total unrecognized compensation expense related to non-vested stock awards | $7,847 | $5,982 |
ShareBased_Compensation_Assump1
Share-Based Compensation (Assumptions For Employee Stock Purchase Plan) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 1.90% | 1.50% |
Weighted average expected life in years | '5 years 10 months 24 days | '6 years |
Expected volatility | 36.90% | 38.90% |
Dividend yield | 2.40% | 2.80% |
Employee Stock Purchase Plan (ESPP) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 0.10% | 0.24% |
Weighted average expected life in years | '1 year | '1 year |
Expected volatility | 21.90% | 27.60% |
Dividend yield | 2.40% | 2.80% |
Dividends_Dividend_Payments_De
Dividends - Dividend Payments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Dividends [Abstract] | ' | ' | ' | ' |
Cash dividend paid per common share (in dollars per share) | $0.17 | $0.17 | ' | ' |
Total cash dividends paid | $12,186 | $12,077 | $24,263 | $22,931 |
Record date | 23-May-14 | 21-Feb-14 | ' | ' |
Payment date | 27-Jun-14 | 28-Mar-14 | ' | ' |
Dividends_Narrative_Details
Dividends - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 08, 2014 |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Aggregate cash dividends paid | $12,186 | $12,077 | $24,263 | $22,931 | ' |
Dividend declared date | ' | ' | ' | ' | 8-Jul-14 |
Dividend declared per common share (in dollars per share) | ' | ' | ' | ' | $0.17 |
Dividend payable date | 27-Jun-14 | 28-Mar-14 | ' | ' | 26-Sep-14 |
Dividend record date | 23-May-14 | 21-Feb-14 | ' | ' | 22-Aug-14 |
Dividends_Cash_Dividends_per_C
Dividends - Cash Dividends per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Cash dividends per common share (in dollars per share) | $0.17 | $0.17 | $0.34 | $0.33 |
Income_Taxes_Details
Income Taxes (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Forecast [Member] | ||||
Income Tax [Line Items] | ' | ' | ' | ' |
Effective tax rate | 37.00% | 28.00% | 29.00% | 37.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Maximum [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Maximum [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Fees paid to related party firm, maximum | $120,000 | $120,000 |
Percentage of fee paid to related party in relation to related party's total revenue, maximum | 5.00% | 5.00% |
Segment_Information_Schedule_O
Segment Information (Schedule Of Information Of Reportable Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
segment | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Number of reportable segments | ' | ' | 2 | ' | ||||
Percentage of revenue and income earned in one geographic segment | ' | ' | 99.00% | ' | ||||
Revenues | $319,295 | $273,604 | $631,460 | $547,508 | ||||
Income before income taxes | 22,043 | 19,858 | 45,172 | 38,815 | ||||
Operating Segments [Member] | Housekeeping Services [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 211,357 | 183,754 | 416,098 | 371,384 | ||||
Income before income taxes | 17,883 | 17,632 | 36,635 | 36,438 | ||||
Operating Segments [Member] | Dietary Services [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 107,938 | 89,850 | 215,362 | 176,124 | ||||
Income before income taxes | 6,518 | 5,341 | 13,298 | 10,465 | ||||
Corporate And Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ||||
Income before income taxes | ($2,358) | [1] | ($3,115) | [1] | ($4,761) | [1] | ($8,088) | [1] |
[1] | Represents primarily corporate office cost and related overhead, recording of transactions at the reportable segment level which use methods other than U.S. GAAP, as well as consolidated subsidiaries’ operating expenses that are not allocated to the reportable segments, net of investment and interest income. |
Segment_Information_Revenues_B
Segment Information (Revenues By Client Services) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $319,295 | $273,604 | $631,460 | $547,508 |
Housekeeping Services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 148,606 | 123,351 | 289,546 | 248,944 |
Laundry and Linen Services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 62,255 | 59,404 | 125,525 | 120,302 |
Dietary Services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 107,938 | 89,850 | 215,362 | 176,124 |
Maintenance Services and Other [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $496 | $999 | $1,027 | $2,138 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share (Computation Of Basic And Diluted Net Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $13,921 | $12,933 | $28,560 | $27,887 |
Basic earnings per common share, Income (Numerator) | 13,921 | 12,933 | 28,560 | 27,887 |
Basic earnings per common share, Shares (Denominator) | 70,440 | 68,599 | 70,381 | 68,531 |
Basic earnings per common share (dollars per share) | $0.20 | $0.19 | $0.41 | $0.41 |
Effect of dilutive securities, Options, Shares | 766 | 771 | 759 | 835 |
Effect of dilutive securities, Options, (dollars per share) | $0 | $0 | ($0.01) | ($0.01) |
Diluted earnings per common share, Income (Numerator) | $13,921 | $12,933 | $28,560 | $27,887 |
Diluted earnings per common share, Shares (Denominator) | 71,206 | 69,370 | 71,140 | 69,366 |
Diluted earnings per common share (dollars per share) | $0.20 | $0.19 | $0.40 | $0.40 |
Options outstanding to purchase common stock excluded from computation of diluted earnings per common share, Shares | 578 | 552 | 785 | 548 |
Antidilutive securities excluded from earnings per share, average exercise price (dollars per share) | $27.56 | $23.50 | $26.49 | $23.50 |
Other_Contingencies_Details
Other Contingencies (Details) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | |
Jul. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2013 | |
financial_covenant | Standby Letter Of Credit [Member] | Maximum [Member] | ||
state | ||||
Short-term Debt [Line Items] | ' | ' | ' | ' |
Bank line of credit | ' | $125,000,000 | ' | ' |
Borrowings under line of credit | ' | 0 | ' | ' |
Irrevocable standby letter of credit, outstanding | ' | ' | 51,520,000 | ' |
Reduction of bank line of credit | ' | $51,520,000 | ' | ' |
Number of financial covenants | ' | 1 | ' | ' |
Credit line, term | ' | '5 years | ' | ' |
Line of credit expiration date | ' | 18-Dec-18 | ' | ' |
Number of states in which entity operates | ' | 48 | ' | ' |
Percentage of reduction to Medicare payments to nursing centers | 11.10% | ' | ' | ' |
Percentage of reduction of Medicare payments to plans and providers | ' | ' | ' | 2.00% |