McGrath RentCorp (MGRC) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	MGRC
Entity Registrant Name	MCGRATH RENTCORP
Entity Central Index Key	752,714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,885,220

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental	$ 70,195	$ 69,642	$ 203,002	$ 197,881
Rental related services	21,862	17,871	54,456	46,529
Rental operations	92,057	87,513	257,458	244,410
Sales	20,426	24,998	40,181	50,206
Other	565	514	1,623	1,714
Total revenues	113,048	113,025	299,262	296,330
Direct costs of rental operations:
Depreciation of rental equipment	18,809	18,298	56,507	54,119
Rental related services	15,802	13,506	40,602	35,179
Other	14,032	14,955	45,469	43,693
Total direct costs of rental operations	48,643	46,759	142,578	132,991
Costs of sales	14,259	16,968	26,533	33,324
Total costs of revenues	62,902	63,727	169,111	166,315
Gross profit	50,146	49,298	130,151	130,015
Selling and administrative expenses	24,996	24,200	74,661	71,451
Income from operations	25,150	25,098	55,490	58,564
Other income (expense):
Interest expense	(2,444)	(2,386)	(7,182)	(6,924)
Gain on sale of property, plant and equipment				812
Foreign currency exchange loss	(201)	(103)	(454)	(113)
Income before provision for income taxes	22,505	22,609	47,854	52,339
Provision for income taxes	8,889	8,863	18,902	20,517
Net income	$ 13,616	$ 13,746	$ 28,952	$ 31,822
Earnings per share:
Basic	$ 0.54	$ 0.53	$ 1.12	$ 1.23
Diluted	$ 0.54	$ 0.53	$ 1.12	$ 1.22
Shares used in per share calculation:
Basic	25,334	25,953	25,853	25,885
Diluted	25,408	26,152	25,954	26,177
Cash dividends declared per share	$ 0.250	$ 0.245	$ 0.750	$ 0.735

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 13,616	$ 13,746	$ 28,952	$ 31,822
Other comprehensive income (loss):
Foreign currency translation adjustment	(31)	(48)	58	(25)
Tax benefit (provision)	7	8	(23)	4
Comprehensive income	$ 13,592	$ 13,706	$ 28,987	$ 31,801

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash	$ 757	$ 1,167
Accounts receivable, net of allowance for doubtful accounts of $2,082 in 2015 and $2,038 in 2014	107,560	101,294
Rental equipment, at cost:
Relocatable modular buildings	717,892	664,340
Electronic test equipment	266,034	261,995
Liquid and solid containment tanks and boxes	309,779	303,303
Rental equipment, gross	1,293,705	1,229,638
Less accumulated depreciation	(429,428)	(403,888)
Rental equipment, net	864,277	825,750
Property, plant and equipment, net	110,530	108,628
Prepaid expenses and other assets	28,480	41,424
Intangible assets, net	9,683	10,336
Goodwill	27,808	27,808
Total assets	1,149,095	1,116,407
Liabilities:
Notes payable	382,113	322,478
Accounts payable and accrued liabilities	70,963	71,357
Deferred income	40,172	29,139
Deferred income taxes, net	266,383	268,902
Total liabilities	759,631	691,876
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,355 shares as of September 30, 2015 and 26,051 shares as of December 31, 2014	103,642	106,469
Retained earnings	285,889	318,164
Accumulated other comprehensive loss	(67)	(102)
Total shareholders’ equity	389,464	424,531
Total liabilities and shareholders’ equity	$ 1,149,095	$ 1,116,407

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,082	$ 2,038
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,355,000	26,051,000
Common Stock, shares outstanding	24,355,000	26,051,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities :
Net income	$ 28,952	$ 31,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63,303	60,383
Provision for doubtful accounts	1,179	1,480
Share-based compensation	2,863	3,010
Gain on sale of used rental equipment	(9,066)	(10,777)
Gain on sale of property, plant and equipment		(812)
Foreign currency exchange loss	454	113
Change in:
Accounts receivable	(7,445)	(17,400)
Prepaid expenses and other assets	12,944	(2,293)
Accounts payable and accrued liabilities	(1,055)	7,370
Deferred income	11,033	8,772
Deferred income taxes	(2,519)	3,295
Net cash provided by operating activities	100,643	84,963
Cash Flows from Investing Activities:
Purchase of rental equipment	(104,884)	(112,972)
Purchase of property, plant and equipment	(8,045)	(9,078)
Proceeds from sale of used rental equipment	19,681	22,864
Proceeds from sale of property, plant and equipment		2,501
Net cash used in investing activities	(93,248)	(96,685)
Cash Flows from Financing Activities:
Net borrowing under bank lines of credit	79,635	12,277
Borrowing under Series B senior notes		40,000
Principal payment on Series A senior notes	(20,000)	(20,000)
Proceeds from the exercise of stock options	1,458	318
Excess tax benefit from exercise and disqualifying disposition of stock options	349	1,314
Taxes paid related to net share settlement of stock awards	(729)	(3,777)
Repurchase of common stock	(48,785)
Payment of dividends	(19,728)	(19,189)
Net cash provided by (used in) financing activities	(7,800)	10,943
Effect of exchange rate changes on cash	(5)	(77)
Net decrease in cash	(410)	(856)
Cash balance, beginning of period	1,167	1,630
Cash balance, end of period	757	774
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	7,224	6,316
Net income taxes paid, during the period	2,240	15,694
Dividends accrued during the period, not yet paid	6,159	6,471
Rental equipment acquisitions, not yet paid	$ 5,707	$ 12,655

Condensed Consolidated Financia

Condensed Consolidated Financial Information	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the nine months ended September 30, 2015 should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 26, 2015 for the year ended December 31, 2014 (the “2014 Annual Report”).

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Imputation of Interest (Subtopic 835-30). The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. The amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued accounting guidance on the presentation of debt issuance costs in the balance sheet. This standard requires that certain debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The Company will apply this guidance prospectively beginning in the fiscal year ended December 31, 2017. The application of this guidance will result in a reclassification of debt financing costs from prepaid expenses and other assets to a reduction of the specific debt liability, and will not affect the Company’s statement of operations or cash flow. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 3. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Weighted-average number of shares of common stock for calculating basic earnings per share 25,334 25,953 25,853 25,885 Effect of potentially dilutive securities from equity-based compensation 74 199 101 292 Weighted-average number of shares of common stock for calculating diluted earnings per share 25,408 26,152 25,954 26,177 The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Options to purchase shares of common stock 1,326 9 746 9 In May 2008, the Company’s Board of Directors authorized the Company to repurchase an aggregate of 2,000,000 shares of the Company's outstanding common stock. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase an additional 2,000,000 shares of the Company's outstanding common stock. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the repurchase program may be modified, extended or terminated by the board of directors at any time. The following table presents share repurchase activities during the three and nine months ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2015 2014 2015 2014 Number of shares repurchased 1,754,636 — 1,856,289 — Aggregate purchase price $ 45,653 — $ 48,784 — Average price per repurchased shares $ 26.02 — $ 26.28 — As of September 30, 2015, 2,143,711 shares remain authorized for repurchase.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 4. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years September 2015 December 31, 2014 Trade name Indefinite $ 5,700 $ 5,700 Customer relationships 11 9,611 9,611 15,311 15,311 Less accumulated amortization (5,628 ) (4,975 ) $ 9,683 $ 10,336 The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company typically conducts its annual impairment analysis in the fourth quarter of its fiscal year. The impairment analysis did not result in an impairment charge for the fiscal year ended December 31, 2014. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Based on the carrying values at September 30, 2015 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.2 million for the remainder of fiscal year 2015 and $0.8 million in each of the fiscal years 2016 through 2020.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	NOTE 5. SEGMENT REPORTING The Company’s four reportable segments are (1) its modular building rental division (“Mobile Modular”); (2) its electronic test equipment rental division (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids division (“Adler Tanks”); and (4) its classroom manufacturing division selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 2 – Significant Accounting Policies” in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit, income from operations and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated among Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the nine months ended September 30, 2015 and 2014 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Nine Months Ended September 30, 2015 Rental revenues $ 84,242 $ 66,612 $ 52,148 $ — $ 203,002 Rental related services revenues 33,904 2,271 18,281 — 54,456 Sales and other revenues 15,971 16,385 1,082 8,366 41,804 Total revenues 134,117 85,268 71,511 8,366 299,262 Depreciation of rental equipment 14,218 30,335 11,954 — 56,507 Gross profit 56,263 35,293 36,383 2,212 130,151 Selling and administrative expenses 34,436 17,059 20,755 2,411 74,661 Income (loss) from operations 21,827 18,234 15,628 (199 ) 55,490 Interest (expense) income allocation (3,790 ) (1,580 ) (1,953 ) 141 (7,182 ) Income (loss) before provision for income taxes 18,037 16,200 13,675 (58 ) 47,854 Rental equipment acquisitions 59,501 37,822 8,328 — 105,651 Accounts receivable, net (period end) 60,132 23,649 20,312 3,467 107,560 Rental equipment, at cost (period end) 717,892 266,034 309,779 — 1,293,705 Rental equipment, net book value (period end) 515,207 107,801 241,269 — 864,277 Utilization (period end) 2 77.9 % 60.5 % 57.0 % Average utilization 2 75.3 % 60.2 % 59.9 % 2014 Rental revenues $ 69,644 $ 73,665 $ 54,572 $ — $ 197,881 Rental related services revenues 25,493 2,463 18,573 — 46,529 Sales and other revenues 22,057 18,369 893 10,601 51,920 Total revenues 117,194 94,497 74,038 10,601 296,330 Depreciation of rental equipment 12,114 30,709 11,296 — 54,119 Gross profit 43,296 43,916 39,779 3,024 130,015 Selling and administrative expenses 30,786 17,848 20,338 2,479 71,451 Income from operations 12,510 26,068 19,441 545 58,564 Interest (expense) income allocation 3,524 1,584 1,950 (134 ) 6,924 Gain on sale of property, plant and equipment 341 276 195 — 812 Income before provision for income taxes 9,327 24,647 17,686 679 52,339 Rental equipment acquisitions 65,100 32,903 19,088 — 117,091 Accounts receivable, net (period end) 55,525 22,228 21,190 4,627 103,570 Rental equipment, at cost (period end) 649,206 263,712 302,168 — 1,215,086 Rental equipment, net book value (period end) 462,722 106,460 248,716 — 817,898 Utilization (period end) 2 74.2 % 64.2 % 65.1 % Average utilization 2 71.4 % 59.6 % 62.2 % 1. Gross Enviroplex sales revenues were $9,077 and $12,133 for the nine months ended September 30, 2015 and 2014, respectively, which includes inter-segment sales to Mobile Modular of $711 and $1,532, respectively, which have been eliminated in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment . No single customer accounted for more than 10% of total revenues for the nine months ended September 30, 2015 and 2014. Revenues from foreign country customers accounted for 5% and 4% of the Company’s total revenues for the same periods, respectively.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Imputation of Interest (Subtopic 835-30). The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. The amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued accounting guidance on the presentation of debt issuance costs in the balance sheet. This standard requires that certain debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The Company will apply this guidance prospectively beginning in the fiscal year ended December 31, 2017. The application of this guidance will result in a reclassification of debt financing costs from prepaid expenses and other assets to a reduction of the specific debt liability, and will not affect the Company’s statement of operations or cash flow. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect the adoption of this accounting guidance to have a significant impact on its consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Weighted-average number of shares of common stock for calculating basic earnings per share 25,334 25,953 25,853 25,885 Effect of potentially dilutive securities from equity-based compensation 74 199 101 292 Weighted-average number of shares of common stock for calculating diluted earnings per share 25,408 26,152 25,954 26,177
Securities Not Included in Computation of Diluted Earnings Per Share	The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Options to purchase shares of common stock 1,326 9 746 9
Summary of Share Repurchase Activities	The following table presents share repurchase activities during the three and nine months ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2015 2014 2015 2014 Number of shares repurchased 1,754,636 — 1,856,289 — Aggregate purchase price $ 45,653 — $ 48,784 — Average price per repurchased shares $ 26.02 — $ 26.28 —

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years September 2015 December 31, 2014 Trade name Indefinite $ 5,700 $ 5,700 Customer relationships 11 9,611 9,611 15,311 15,311 Less accumulated amortization (5,628 ) (4,975 ) $ 9,683 $ 10,336

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the nine months ended September 30, 2015 and 2014 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Nine Months Ended September 30, 2015 Rental revenues $ 84,242 $ 66,612 $ 52,148 $ — $ 203,002 Rental related services revenues 33,904 2,271 18,281 — 54,456 Sales and other revenues 15,971 16,385 1,082 8,366 41,804 Total revenues 134,117 85,268 71,511 8,366 299,262 Depreciation of rental equipment 14,218 30,335 11,954 — 56,507 Gross profit 56,263 35,293 36,383 2,212 130,151 Selling and administrative expenses 34,436 17,059 20,755 2,411 74,661 Income (loss) from operations 21,827 18,234 15,628 (199 ) 55,490 Interest (expense) income allocation (3,790 ) (1,580 ) (1,953 ) 141 (7,182 ) Income (loss) before provision for income taxes 18,037 16,200 13,675 (58 ) 47,854 Rental equipment acquisitions 59,501 37,822 8,328 — 105,651 Accounts receivable, net (period end) 60,132 23,649 20,312 3,467 107,560 Rental equipment, at cost (period end) 717,892 266,034 309,779 — 1,293,705 Rental equipment, net book value (period end) 515,207 107,801 241,269 — 864,277 Utilization (period end) 2 77.9 % 60.5 % 57.0 % Average utilization 2 75.3 % 60.2 % 59.9 % 2014 Rental revenues $ 69,644 $ 73,665 $ 54,572 $ — $ 197,881 Rental related services revenues 25,493 2,463 18,573 — 46,529 Sales and other revenues 22,057 18,369 893 10,601 51,920 Total revenues 117,194 94,497 74,038 10,601 296,330 Depreciation of rental equipment 12,114 30,709 11,296 — 54,119 Gross profit 43,296 43,916 39,779 3,024 130,015 Selling and administrative expenses 30,786 17,848 20,338 2,479 71,451 Income from operations 12,510 26,068 19,441 545 58,564 Interest (expense) income allocation 3,524 1,584 1,950 (134 ) 6,924 Gain on sale of property, plant and equipment 341 276 195 — 812 Income before provision for income taxes 9,327 24,647 17,686 679 52,339 Rental equipment acquisitions 65,100 32,903 19,088 — 117,091 Accounts receivable, net (period end) 55,525 22,228 21,190 4,627 103,570 Rental equipment, at cost (period end) 649,206 263,712 302,168 — 1,215,086 Rental equipment, net book value (period end) 462,722 106,460 248,716 — 817,898 Utilization (period end) 2 74.2 % 64.2 % 65.1 % Average utilization 2 71.4 % 59.6 % 62.2 % 1. Gross Enviroplex sales revenues were $9,077 and $12,133 for the nine months ended September 30, 2015 and 2014, respectively, which includes inter-segment sales to Mobile Modular of $711 and $1,532, respectively, which have been eliminated in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment .

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	25,334	25,953	25,853	25,885
Effect of potentially dilutive securities from equity-based compensation	74	199	101	292
Weighted-average number of shares of common stock for calculating diluted earnings per share	25,408	26,152	25,954	26,177

Earnings Per Share - Securities

Earnings Per Share - Securities Not Included in Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Options to purchase shares of common stock	1,326	9	746	9

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Sep. 30, 2015	Aug. 31, 2015	May. 31, 2008
Equity [Abstract]
Common stock shares authorized for repurchase		2,000,000	2,000,000
Shares remain authorized for repurchase	2,143,711

Earnings Per Share - Summary of

Earnings Per Share - Summary of Share Repurchase Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Equity [Abstract]
Number of shares repurchased	1,754,636	1,856,289
Aggregate purchase price	$ 45,653	$ 48,784
Average price per repurchased shares	$ 26.02	$ 26.28

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Trade name	$ 5,700	$ 5,700
Customer relationships	9,611	9,611
Intangible Assets, gross	15,311	15,311
Less accumulated amortization	(5,628)	(4,975)
Intangible Assets, net	$ 9,683	$ 10,336
Estimated useful life (In years), Customer relationships	11 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment charge		$ 0
Subsequent impairment of the underlying assets	$ 0
Expected amortization expense for the remainder of 2015	200,000
Expected amortization expense for 2016	800,000
Expected amortization expense for 2017	800,000
Expected amortization expense for 2018	800,000
Expected amortization expense for 2019	800,000
Expected amortization expense for 2020	$ 800,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Number of reportable segments	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues from customers	10.00%	10.00%
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	5.00%	4.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Rental revenues		$ 70,195	$ 69,642	$ 203,002	$ 197,881
Rental related services revenues		21,862	17,871	54,456	46,529
Sales and other revenues				41,804	51,920
Total revenues		113,048	113,025	299,262	296,330
Depreciation of rental equipment		18,809	18,298	56,507	54,119
Gross profit		50,146	49,298	130,151	130,015
Selling and administrative expenses		24,996	24,200	74,661	71,451
Income (loss) from operations		25,150	25,098	55,490	58,564
Interest (expense) income allocation				(7,182)	6,924
Gain on sale of property, plant and equipment					812
Income (loss) before provision for income taxes		22,505	22,609	47,854	52,339
Rental equipment acquisitions				105,651	117,091
Accounts receivable, net (period end)		107,560	103,570	107,560	103,570	$ 101,294
Rental equipment, at cost (period end)		1,293,705	1,215,086	1,293,705	1,215,086	1,229,638
Rental equipment, net book value (period end)		864,277	817,898	864,277	817,898	$ 825,750
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				84,242	69,644
Rental related services revenues				33,904	25,493
Sales and other revenues				15,971	22,057
Total revenues				134,117	117,194
Depreciation of rental equipment				14,218	12,114
Gross profit				56,263	43,296
Selling and administrative expenses				34,436	30,786
Income (loss) from operations				21,827	12,510
Interest (expense) income allocation				(3,790)	3,524
Gain on sale of property, plant and equipment					341
Income (loss) before provision for income taxes				18,037	9,327
Rental equipment acquisitions				59,501	65,100
Accounts receivable, net (period end)		60,132	55,525	60,132	55,525
Rental equipment, at cost (period end)		717,892	649,206	717,892	649,206
Rental equipment, net book value (period end)		515,207	462,722	$ 515,207	$ 462,722
Utilization (period end)	[1]			77.90%	74.20%
Average utilization	[1]			75.30%	71.40%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 66,612	$ 73,665
Rental related services revenues				2,271	2,463
Sales and other revenues				16,385	18,369
Total revenues				85,268	94,497
Depreciation of rental equipment				30,335	30,709
Gross profit				35,293	43,916
Selling and administrative expenses				17,059	17,848
Income (loss) from operations				18,234	26,068
Interest (expense) income allocation				(1,580)	1,584
Gain on sale of property, plant and equipment					276
Income (loss) before provision for income taxes				16,200	24,647
Rental equipment acquisitions				37,822	32,903
Accounts receivable, net (period end)		23,649	22,228	23,649	22,228
Rental equipment, at cost (period end)		266,034	263,712	266,034	263,712
Rental equipment, net book value (period end)		107,801	106,460	$ 107,801	$ 106,460
Utilization (period end)	[1]			60.50%	64.20%
Average utilization	[1]			60.20%	59.60%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 52,148	$ 54,572
Rental related services revenues				18,281	18,573
Sales and other revenues				1,082	893
Total revenues				71,511	74,038
Depreciation of rental equipment				11,954	11,296
Gross profit				36,383	39,779
Selling and administrative expenses				20,755	20,338
Income (loss) from operations				15,628	19,441
Interest (expense) income allocation				(1,953)	1,950
Gain on sale of property, plant and equipment					195
Income (loss) before provision for income taxes				13,675	17,686
Rental equipment acquisitions				8,328	19,088
Accounts receivable, net (period end)		20,312	21,190	20,312	21,190
Rental equipment, at cost (period end)		309,779	302,168	309,779	302,168
Rental equipment, net book value (period end)		241,269	248,716	$ 241,269	$ 248,716
Utilization (period end)	[1]			57.00%	65.10%
Average utilization	[1]			59.90%	62.20%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 8,366	$ 10,601
Total revenues	[2]			8,366	10,601
Gross profit	[2]			2,212	3,024
Selling and administrative expenses	[2]			2,411	2,479
Income (loss) from operations	[2]			(199)	545
Interest (expense) income allocation	[2]			141	(134)
Income (loss) before provision for income taxes	[2]			(58)	679
Accounts receivable, net (period end)	[2]	$ 3,467	$ 4,627	$ 3,467	$ 4,627
[1]	Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment.
[2]	Gross Enviroplex sales revenues were $9,077 and $12,133 for the nine months ended September 30, 2015 and 2014, respectively, which includes inter-segment sales to Mobile Modular of $711 and $1,532, respectively, which have been eliminated in consolidation.

Segment Reporting - Summarize24

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues		$ 113,048	$ 113,025	$ 299,262	$ 296,330
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	[1]			8,366	10,601
Operating Segments [Member] | Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues				9,077	12,133
Inter-segment Eliminations [Member] | Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales revenues				$ 711	$ 1,532
[1]	Gross Enviroplex sales revenues were $9,077 and $12,133 for the nine months ended September 30, 2015 and 2014, respectively, which includes inter-segment sales to Mobile Modular of $711 and $1,532, respectively, which have been eliminated in consolidation.