Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'STERLING CONSTRUCTION CO INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 16,670,372 | ' |
Entity Public Float | ' | ' | $139,688,910 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000874238 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $1,872,000 | $3,142,000 |
Short-term investments | 0 | 49,211,000 |
Contracts receivable, including retainage | 77,245,000 | 70,815,000 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 11,684,000 | 20,592,000 |
Inventories | 6,189,000 | 3,731,000 |
Deferred tax asset, net | ' | 1,803,000 |
Receivables from and equity in construction joint ventures | 6,118,000 | 11,005,000 |
Other current assets | 11,377,000 | 4,459,000 |
Total current assets | 114,485,000 | 164,758,000 |
Property and equipment, net | 93,683,000 | 102,308,000 |
Goodwill | 54,820,000 | 54,820,000 |
Long-term deferred tax, asset, net | ' | 2,973,000 |
Other assets, net | 10,030,000 | 6,651,000 |
Total assets | 273,018,000 | 331,510,000 |
Current liabilities: | ' | ' |
Accounts payable | 61,599,000 | 47,796,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 31,576,000 | 18,918,000 |
Current maturities of long-term debt | 134,000 | 73,000 |
Income taxes payable | 2,035,000 | ' |
Accrued compensation | 5,755,000 | 4,909,000 |
Current obligation for noncontrolling owners’ interest in subsidiaries and joint ventures | 196,000 | 2,887,000 |
Other current liabilities | 4,504,000 | 2,691,000 |
Total current liabilities | 105,799,000 | 77,274,000 |
Long-term liabilities: | ' | ' |
Long-term debt, net of current maturities | 8,331,000 | 24,201,000 |
Member’s interest subject to mandatory redemption and undistributed earnings | 23,989,000 | ' |
Other long-term liabilities | 2,105,000 | 2,728,000 |
Total long-term liabilities | 34,425,000 | 26,929,000 |
Obligations for noncontrolling owners’ interests in subsidiaries and joint ventures | ' | 14,721,000 |
Sterling stockholders’ equity: | ' | ' |
Common stock, par value $0.01 per share; 19,000,000 shares authorized, 16,657,754 and 16,495,216 shares issued | 167,000 | 165,000 |
Additional paid in capital | 190,926,000 | 197,067,000 |
Retained earnings (deficit) | -62,317,000 | 12,220,000 |
Accumulated other comprehensive income | 117,000 | 696,000 |
Total Sterling common stockholders’ equity | 128,893,000 | 210,148,000 |
Noncontrolling interests | 3,901,000 | 2,438,000 |
Total equity | 132,794,000 | 212,586,000 |
Total liabilities and equity | $273,018,000 | $331,510,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 19,000,000 | 19,000,000 |
Common stock, shares issued | 16,657,754 | 16,495,216 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $556,236 | $630,507 | $501,156 |
Cost of revenues | -586,180 | -583,035 | -461,319 |
Gross profit (loss) | -29,944 | 47,472 | 39,837 |
General and administrative expenses | -40,951 | -35,187 | -24,785 |
Direct costs of acquisitions | ' | -202 | -456 |
Provision for loss on lawsuit | ' | -309 | -220 |
Goodwill impairment | ' | ' | -67,000 |
Other operating income, net | 1,306 | 3,205 | 390 |
Operating income (loss) | -69,589 | 14,979 | -52,234 |
Gain on sale of securities and other | 522 | 1,797 | 94 |
Interest income | 879 | 1,301 | 1,655 |
Interest expense | -616 | -944 | -1,231 |
Income (loss) before income taxes and earnings attributable to noncontrolling interests | -68,804 | 17,133 | -51,716 |
Income tax (expense) benefit | -1,222 | 579 | 17,012 |
Net income (loss) | -70,026 | 17,712 | -34,704 |
Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures | -3,903 | -18,009 | -1,196 |
Net loss attributable to Sterling common stockholders | ($73,929) | ($297) | ($35,900) |
Net loss per share attributable to Sterling common stockholders: | ' | ' | ' |
Basic (in Dollars per share) | ($4.91) | ($0.26) | ($2.24) |
Diluted (in Dollars per share) | ($4.91) | ($0.26) | ($2.24) |
Weighted average number of common shares outstanding used in computing per share amounts: | ' | ' | ' |
Basic (in Shares) | 16,635,179 | 16,420,886 | 16,395,739 |
Diluted (in Shares) | 16,635,179 | 16,420,886 | 16,395,739 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net loss attributable to Sterling common stockholders | ($73,929) | ($297) | ($35,900) |
Net income attributable to noncontrolling interest included in equity | 1,879 | 1,068 | 261 |
Net income attributable to noncontrolling interest included in liabilities | 2,024 | 16,941 | 935 |
Add /(deduct) other comprehensive income, net of tax: | ' | ' | ' |
Realized gain from available-for-sale securities | -90 | -510 | -1 |
Change in unrealized holding gain (loss) on available-for-sale securities | -601 | 560 | 779 |
Realized (gain) loss from settlement of derivatives | -48 | 43 | 72 |
Change in the effective portion of unrealized gain (loss) in fair market value of derivatives | 160 | 107 | -217 |
Comprehensive income (loss) | ($70,605) | $17,912 | ($34,071) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Unappropriated [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2010 | $164 | ' | $198,849 | $51,553 | ($137) | ' | $250,429 |
Balance (in Shares) at Dec. 31, 2010 | 16,468,000 | -3,000 | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | 30 | ' | ' | ' | 30 |
Revaluation of noncontrolling interest RHB put/call liability | ' | ' | ' | -1,268 | ' | ' | -1,268 |
Tax benefit related to the exercise of RHB’s put/call liability | ' | ' | ' | 2,292 | ' | ' | 2,292 |
Equity attributable to noncontrolling interest in acquired companies | ' | ' | ' | ' | ' | 1,266 | 1,266 |
Net income (loss) | ' | ' | ' | -35,900 | ' | 261 | -35,639 |
Other comprehensive income (loss) | ' | ' | ' | ' | 633 | ' | 633 |
Purchases of treasury shares | ' | -3,592 | ' | ' | ' | ' | -3,592 |
Purchases of treasury shares (in Shares) | ' | -286,000 | ' | ' | ' | ' | -286,000 |
Cancellation of treasury shares | -2 | 3,592 | -3,422 | -168 | ' | ' | ' |
Cancellation of treasury shares (in Shares) | -289,000 | 289,000 | ' | ' | ' | ' | ' |
Stock issued upon option and warrant exercises | 1 | ' | 155 | ' | ' | ' | 156 |
Stock issued upon option and warrant exercises (in Shares) | 95,000 | ' | ' | ' | ' | ' | ' |
Excess tax benefits from exercise of stock options | ' | ' | 58 | ' | ' | ' | 58 |
Issuance and amortization of restricted stock | ' | ' | 473 | ' | ' | ' | 473 |
Issuance and amortization of restricted stock (in Shares) | 47,000 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 163 | ' | 196,143 | 16,509 | 496 | 1,527 | 214,838 |
Balance (in Shares) at Dec. 31, 2011 | 16,321,000 | ' | ' | ' | ' | ' | ' |
Revaluation of noncontrolling interest RHB put/call liability | ' | ' | 243 | -3,992 | ' | -40 | -3,789 |
Distribution to owners | ' | ' | ' | ' | ' | -117 | -117 |
Net income (loss) | ' | ' | ' | -297 | ' | 1,068 | 771 |
Other comprehensive income (loss) | ' | ' | ' | ' | 200 | ' | 200 |
Purchases of treasury shares (in Shares) | ' | ' | ' | ' | ' | ' | 0 |
Stock issued upon option and warrant exercises | ' | ' | 66 | ' | ' | ' | 66 |
Stock issued upon option and warrant exercises (in Shares) | 24,000 | ' | ' | ' | ' | ' | ' |
Excess tax benefits from exercise of stock options | ' | ' | -79 | ' | ' | ' | -79 |
Issuance and amortization of restricted stock | 2 | ' | 694 | ' | ' | ' | 696 |
Issuance and amortization of restricted stock (in Shares) | 150,000 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 165 | ' | 197,067 | 12,220 | 696 | 2,438 | 212,586 |
Balance (in Shares) at Dec. 31, 2012 | 16,495,000 | ' | ' | ' | ' | ' | ' |
Revaluation of noncontrolling interest RHB put/call liability | ' | ' | -7,078 | -608 | ' | ' | -7,686 |
Distribution to owners | ' | ' | ' | ' | ' | -416 | -416 |
Net income (loss) | ' | ' | ' | -73,929 | ' | 1,879 | -72,050 |
Other comprehensive income (loss) | ' | ' | ' | ' | -579 | ' | -579 |
Purchases of treasury shares (in Shares) | ' | ' | ' | ' | ' | ' | 0 |
Stock issued upon option and warrant exercises | ' | ' | 26 | ' | ' | ' | 26 |
Stock issued upon option and warrant exercises (in Shares) | 9,000 | ' | ' | ' | ' | ' | ' |
Excess tax benefits from exercise of stock options | ' | ' | -15 | ' | ' | ' | -15 |
Issuance and amortization of restricted stock | 2 | ' | 926 | ' | ' | ' | 928 |
Issuance and amortization of restricted stock (in Shares) | 154,000 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $167 | ' | $190,926 | ($62,317) | $117 | $3,901 | $132,794 |
Balance (in Shares) at Dec. 31, 2013 | 16,658,000 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net loss attributable to Sterling common stockholders | ($73,929) | ($297) | ($35,900) |
Plus: Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures | 3,903 | 18,009 | 1,196 |
Net income (loss) | -70,026 | 17,712 | -34,704 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Goodwill impairment | ' | ' | 67,000 |
Depreciation and amortization | 18,650 | 18,997 | 17,322 |
Gain on disposal of property and equipment | -1,837 | -3,184 | -390 |
Deferred tax expense (benefit) | 5,150 | -1,167 | -18,651 |
Interest expense accreted on noncontrolling interests | ' | 993 | 881 |
Stock-based compensation expense | 928 | 694 | 503 |
Gain on sale of securities and other | -85 | -918 | -3 |
Tax impact from exercise of stock options and restricted stock | 15 | 79 | -58 |
Changes in operating assets and liabilities: | ' | ' | ' |
Contracts receivable | -6,430 | 4,060 | 1,933 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,908 | -4,083 | -5,921 |
Receivables from and equity in construction joint ventures | 4,887 | -4,948 | 687 |
Income tax receivable | -6,011 | ' | ' |
Other current assets | -6,717 | -9,234 | -538 |
Accounts payables | 13,794 | 7,730 | -7,942 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 12,658 | 335 | -539 |
Accrued compensation and other liabilities | 4,554 | -2,277 | 1,408 |
Net cash provided by (used in) operating activities | -21,562 | 24,789 | 20,988 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of noncontrolling interests | ' | -23,144 | -8,205 |
Net assets of acquired companies, net of cash acquired | ' | ' | -3,911 |
Additions to property and equipment | -14,900 | -37,359 | -23,989 |
Proceeds from sale of property and equipment | 6,787 | 12,464 | 1,296 |
Purchases of short-term securities, available-for-sale | -1,638 | -30,154 | -109,312 |
Sales of short-term securities, available-for-sale | 49,874 | 26,661 | 101,415 |
Net cash provided by (used in) investing activities | 40,123 | -51,532 | -42,706 |
Cash flows from financing activities: | ' | ' | ' |
Cumulative daily drawdowns – Credit Facility | 219,026 | 75,012 | 18,500 |
Cumulative daily repayments – Credit Facility | -235,230 | -51,000 | -18,500 |
Distributions to noncontrolling interest owners | -3,565 | -10,185 | -7,809 |
Purchases of treasury stock | ' | ' | -3,592 |
Issuance of common stock pursuant to warrants and options exercised | 26 | 68 | 156 |
Tax impact from exercise of stock options | -15 | -79 | 58 |
Other | -73 | -302 | -165 |
Net cash provided by (used in) financing activities | -19,831 | 13,514 | -11,352 |
Net decrease in cash and cash equivalents | -1,270 | -13,229 | -33,070 |
Cash and cash equivalents at beginning of period | 3,142 | 16,371 | 49,441 |
Cash and cash equivalents at end of period | 1,872 | 3,142 | 16,371 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the period for interest | 595 | 88 | 299 |
Cash paid during the period for income taxes | 170 | 2,990 | 1,444 |
Non-cash items: | ' | ' | ' |
Reclassification of amounts payable to noncontrolling interest owner | ' | ' | 1,054 |
Tax benefit related to the exercise of RHB’s liability | ' | ' | 2,292 |
Net liabilities assumed in connection with acquisitions | ' | ' | 1,961 |
Revaluation of noncontrolling interests | -7,686 | 3,992 | -1,268 |
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies | ' | 9,767 | ' |
Goodwill adjustments | ' | $410 | ' |
Note_1_Summary_of_Business_and
Note 1 - Summary of Business and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||
1 | Summary of Business and Significant Accounting Policies | ||||||||||||
Basis of Presentation | |||||||||||||
Sterling Construction Company, Inc. (“Sterling” or “the Company”), a Delaware corporation, is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii and other states in which there are construction opportunities. Our transportation infrastructure projects include highways, roads, bridges and light rail, and our water infrastructure projects include water, wastewater and storm drainage systems. We perform the majority of the work required by our contracts with our own crews and equipment. | |||||||||||||
Sterling owns equity interests in the following subsidiaries: Texas Sterling Construction Co. (“TSC”); Road and Highway Builders, LLC (“RHB”); Road and Highway Builders Inc. (“RHB Inc”); Road and Highway Builders of California, Inc. (“RHBCa”); RHB Properties, LLC (“RHBP”); Ralph L. Wadsworth Construction Company, LLC (“RLW”); Ralph L. Wadsworth Construction Co., LP (“RLWLP”); J. Banicki Construction, Inc.(“JBC”); Myers & Sons Construction, L.P. (“Myers”); and Sterling Hawaii Asphalt (“SHA”). TSC, RHB, RHB Ca, RLW, JBC and Myers perform construction contracts, RHB Inc produces aggregates from a leased quarry, primarily for use by RHB, and SHA produces asphalt for use by RHB and has minimal sales to third parties. RHBP and RLWLP are dormant entities. | |||||||||||||
The accompanying consolidated financial statements include the accounts of subsidiaries and construction joint ventures in which the Company has a greater than 50% ownership interest or otherwise controls such entities, and all significant intercompany accounts and transactions have been eliminated in consolidation. For all years presented, the Company had no subsidiaries where its ownership interests were less than 50%. | |||||||||||||
Under accounting principles generally accepted in the United States (“GAAP”), the Company must determine whether each entity, including joint ventures in which it participates, is a variable interest entity. This determination focuses on identifying which owner or joint venture partner, if any, has the power to direct the activities of the entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity disproportionate to its interest in the entity, which could have the effect of requiring us to consolidate the entity in which we have a non-majority variable interest. | |||||||||||||
We determined that Myers is a variable interest entity. As discussed further in Note 3, the Company determined that it exercises primary control over activities of the partnership and it is exposed to more than 50% of potential losses from the partnership. Therefore, the Company consolidates this partnership in the consolidated financial statements and includes the other partners’ interests in the equity and net income of the partnership in the balance sheet line item “Noncontrolling interests” in “Equity” and the statement of operations line item “Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures,” respectively. | |||||||||||||
Where the Company is a noncontrolling joint venture partner, its share of the operations of such construction joint venture is accounted for on a pro rata basis in the consolidated statements of operations and as a single line item (“Receivables from and equity in construction joint ventures”) in the consolidated balance sheets. Refer to Note 6 for further information regarding the Company’s construction joint ventures, including those where the Company does not have a controlling ownership interest. | |||||||||||||
Significant Accounting Policies | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Certain of the Company’s accounting policies require higher degrees of judgment than others in their application. These include the recognition of revenue and earnings from construction contracts under the percentage-of-completion method, the valuation of long-term assets (including goodwill), and income taxes. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual amounts could differ from those estimates. | |||||||||||||
Construction Revenue Recognition | |||||||||||||
The Company is a general contractor which engages in various types of heavy civil construction projects principally for public (government) owners. Credit risk is minimal with public owners since the Company ascertains that funds have been appropriated by the governmental project owner prior to commencing work on such projects. While most public contracts are subject to termination at the election of the government entity, in the event of termination the Company is entitled to receive the contract price for completed work and reimbursement of termination-related costs. Credit risk with private owners is minimized because of statutory mechanics liens, which give the Company high priority in the event of lien foreclosures following financial difficulties of private owners. | |||||||||||||
Revenues are recognized on the percentage-of-completion method, measured by the ratio of costs incurred up to a given date to estimated total costs for each contract. Our contracts generally take 12 to 36 months to complete. | |||||||||||||
Contract costs include all direct material, labor, subcontract and other costs and those indirect costs related to contract performance, such as indirect salaries and wages, equipment repairs and depreciation, insurance and payroll taxes. Administrative and general expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Changes in estimated revenues and gross margin during the year ended December 31, 2013 resulted in a net charge of $57.6 million included in operating loss, or $3.46 per diluted share attributable to Sterling common stockholders, included in net loss attributable to Sterling common stockholders. Changes in estimated revenues and gross margin during the year ended December 31, 2012 resulted in a net charge of $4.9 million included in operating loss and a $5.3 million after-tax charge, or $0.32 per diluted share attributable to Sterling common stockholders, included in net income attributable to Sterling common stockholders. An amount attributable to contract claims is included in revenues when realization is probable and the amount can be reasonably estimated. There were no costs and estimated earnings in excess of billings at December 31, 2013 and 2012, respectively, for contract claims not approved by the customer (which includes out-of-scope work, potential or actual disputes, and claims). The Company generally provides a one to two-year warranty for workmanship under its contracts. Warranty claims historically have been insignificant. | |||||||||||||
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed on these contracts. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized on these contracts. | |||||||||||||
Financial Instruments | |||||||||||||
The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company’s financial instruments are cash and cash equivalents, short-term investments, short-term and long-term contracts receivable, derivatives, accounts payable, mortgage and notes payable, a credit facility with Comerica Bank (“Credit Facility”), the buy/sell agreement related to certain noncontrolling owners’ interests in subsidiaries and an earn-out liability related to the acquisition of J. Banicki Construction, Inc. (“JBC”). The recorded values of cash and cash equivalents, short-term investments, short-term contracts receivable and accounts payable approximate their fair values based on their short-term nature. The recorded value of long-term contracts receivable is based on the amount of future cash flows discounted using the creditor’s borrowing rate and such recorded value approximates fair value. The recorded value of the Credit Facility debt approximates its fair value, as interest approximates market rates. Refer to Note 9 regarding the fair value of derivatives and Note 2 regarding the fair value of the put and the earn-out liability along with the current amendments. The Company had one mortgage outstanding at December 31, 2013 and December 31, 2012 with a remaining balance of $189,000 and $262,000, respectively. The mortgage was accruing interest at 3.50% at both December 31, 2013 and December 31, 2012 and contains pre-payment penalties. At December 31, 2013 and December 31, 2012 the fair value of the mortgage approximated its book value. The Company also has long-term notes payable of $468,000 related to machinery and equipment purchased which have payment terms ranging from 3 to 5 years and associated interest rates ranging from 4.24% to 6.29%. The fair value of the notes payable approximates their book value. The Company does not have any off-balance sheet financial instruments other than operating leases (Refer to Note 14). | |||||||||||||
Contracts Receivable | |||||||||||||
Contracts receivable are generally based on amounts billed to the customer. At December 31, 2013 and 2012, contracts receivable included $18.3 million and $18.1 million of retainage, respectively, discussed below, which is being withheld by customers until completion of the contracts, and at December 31, 2013, there were no unbilled receivables on contracts completed or substantially complete at that date. All contracts receivable include only balances approved for payment by the customer. | |||||||||||||
Many of the contracts under which the Company performs work contain retainage provisions. Retainage refers to that portion of billings made by the Company but held for payment by the customer pending satisfactory completion of the project. Unless reserved, the Company assumes that all amounts retained by customers under such provisions are fully collectible. Retainage on active contracts is classified as a current asset regardless of the term of the contract and is generally collected within one year of the completion of a contract. | |||||||||||||
There are certain contracts that are completed in advance of full payment. When the receivable will not be collected within our normal operating cycle, we consider it a long-term contract receivable and it is recorded in “Other assets, net” in our balance sheet. At December 2013 and 2012, there was $7.8 million and $4.6 million recorded, respectively. We consider the credit quality of the borrower to assess the appropriate discount rate to apply and continuously monitor the borrower’s credit quality. | |||||||||||||
Contracts receivable are written off based on individual credit evaluation and specific circumstances of the customer, when such treatment is warranted. In 2013, the Company wrote off $1.8 million of contracts receivable to bad debt expense which was recorded in “Other operating income.” There was no bad debt expense recorded in 2012 or 2011. | |||||||||||||
Based upon a review of outstanding contracts receivable, historical collection information and existing economic conditions, management has determined that all contracts receivable at December 31, 2013 are fully collectible, and accordingly, no allowance for doubtful accounts against contracts receivable is necessary. | |||||||||||||
Inventories | |||||||||||||
The Company’s inventories are stated at the lower of cost or market as determined by the average cost method. Inventories at December 31, 2013 and 2012 consist primarily of concrete, aggregate and millings which are expected to be utilized on construction projects in the future. The cost of inventory includes labor, trucking and other equipment costs. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method. The estimated useful lives used for computing depreciation and amortizations are as follows: | |||||||||||||
Buildings (years) | 39 | ||||||||||||
Construction equipment (years) | 5 | - | 15 | ||||||||||
Land improvements (years) | 5 | - | 15 | ||||||||||
Office furniture and fixtures (years) | 3 | - | 10 | ||||||||||
Leasehold improvements (years or lease period, if shorter) | 3 | - | 10 | ||||||||||
Transportation equipment (years) | 5 | ||||||||||||
Depreciation expense was $18.6 million, $19.0 million and $16.9 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Leases | |||||||||||||
We lease property and equipment in the ordinary course of our business. Our leases have varying terms. Some may include renewal options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. | |||||||||||||
Equipment under Capital Leases | |||||||||||||
The Company’s policy is to account for capital leases, which transfer substantially all the benefits and risks incident to the ownership of the leased property to the Company, as the acquisition of an asset and the incurrence of an obligation. Under this method of accounting, the recorded value of the leased asset is amortized principally using the straight-line method over its estimated useful life and the obligation, including interest thereon, is reduced through payments over the life of the lease. Depreciation expense on equipment subject to capital leases and the related accumulated depreciation is included with that of owned equipment. The Company had no capital leases during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Deferred Loan Costs | |||||||||||||
Deferred loan costs represent loan origination fees paid to the lender and related professional fees such as legal fees related to drafting of loan agreements. These fees are amortized over the term of the loan. Unamortized costs are $212,000 and $289,000 at December 31, 2013 and 2012, respectively, and are attributable to the Credit Facility (Refer to Note 11). Loan cost amortization expense for fiscal years 2013, 2012 and 2011 was $77,000, $32,000 and $326,000, respectively. | |||||||||||||
Goodwill and Intangibles | |||||||||||||
Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the dates of acquisition. GAAP requires that: (1) goodwill and indefinite lived intangible assets not be amortized, (2) goodwill is to be tested for impairment at least annually at the reporting unit level and (3) intangible assets deemed to have an indefinite life are to be tested for impairment at least annually by comparing the fair value of these assets with their recorded amounts. Refer to Note 8 for our disclosure regarding goodwill impairment. | |||||||||||||
Evaluating Impairment of Long-Lived Assets | |||||||||||||
When events or changes in circumstances indicate that long-lived assets may be impaired, an evaluation is performed. The evaluation would be based on estimated undiscounted cash flow associated with the assets as compared to the asset’s carrying amount to determine if a write-down to fair value is required. As described in Note 8, the testing under step one of the goodwill impairment test in 2011 indicated the adjusted fair value of the Company’s stock was less than its book value. Management then determined the fair value of its assets and liabilities, and found that no long-lived assets were impaired except for goodwill in 2011. There was no impairment in 2012 and for 2013 management believes that there are no events or changes in circumstances which have indicated that long-lived assets may be impaired. | |||||||||||||
Segment reporting | |||||||||||||
We operate in one segment and have only one reportable segment and one reporting unit component: heavy civil construction. In making this determination, the Company considered the discrete financial information used by our Chief Operating Decision Maker (“CODM”). Based on this approach, the Company noted that the CODM organizes, evaluates and manages the financial information around each heavy civil construction project when making operating decisions and assessing the Company’s overall performance. The service provided by the Company, in all instances of our construction projects, is heavy civil construction. Furthermore, we considered that each heavy civil construction project has similar characteristics, includes similar services, has similar types of customers and is subject to similar economic and regulatory environments which would allow aggregation of individual operating segments into one reportable segment if multiple operating segments existed. | |||||||||||||
The Company noted that even if our local offices were to be considered separate components of our heavy civil construction operating segment, those components could be aggregated into a single reporting unit for purposes of testing goodwill for impairment under Accounting Standards Codification 280 and EITF D-101 because our local offices all have similar economic characteristics and are similar in all of the following areas: | |||||||||||||
· | The nature of the products and services — each of our local offices perform similar construction projects — they build, reconstruct and repair roads, highways, bridges, light rail and water, waste water and storm drainage systems. | ||||||||||||
· | The nature of the production processes — our heavy civil construction services rendered in the construction process for each of our construction projects performed by each local office is the same — they excavate dirt, remove existing pavement and pipe, lay aggregate or concrete pavement, pipe and rail and build bridges and similar large structures in order to complete our projects. | ||||||||||||
· | The type or class of customer for products and services — substantially all of our customers are federal and state departments of transportation, cities, counties, and regional water, rail and toll-road authorities. A substantial portion of the funding for the state departments of transportation to finance the projects we construct is furnished by the federal government. | ||||||||||||
· | The methods used to distribute products or provide services — the heavy civil construction services rendered on our projects are performed primarily with our own field work crews (laborers, equipment operators and supervisors) and equipment (backhoes, loaders, dozers, graders, cranes, pug mills, crushers, and concrete and asphalt plants). | ||||||||||||
· | The nature of the regulatory environment — we perform substantially all of our projects for federal, state and municipal governmental agencies, and all of the projects that we perform are subject to substantially similar regulation under U.S. and state department of transportation rules, including prevailing wage and hour laws; codes established by the federal government and municipalities regarding water and waste water systems installation; and laws and regulations relating to workplace safety and worker health of the U.S. Occupational Safety and Health Administration and to the employment of immigrants of the U.S. Department of Homeland Security. | ||||||||||||
While profit margin objectives included in contract bids have some variability from contract to contract, our profit margin objectives are not differentiated by our CODM or our office management based on local office location. Instead, the projects undertaken by each local office are primarily competitively-bid, fixed unit or negotiated lump sum price contracts, all of which are bid based on achieving gross margin objectives that reflect the relevant skills required, the contract size and duration, the availability of our personnel and equipment, the makeup and level of our existing backlog, our competitive advantages and disadvantages, prior experience, the contracting agency or customer, the source of contract funding, anticipated start and completion dates, construction risks, penalties or incentives and general economic conditions. | |||||||||||||
Federal and State Income Taxes | |||||||||||||
We determine deferred income tax assets and liabilities using the balance sheet method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company’s stock-based incentive plan is administered by the Compensation Committee of the Board of Directors. The Compensation Committee may reward employees and non-employees with various types of awards including but not limited to warrants, stock options, common stock, and unvested common stock (or restricted stock) vesting on service or performance criteria. The Company recognizes expense based on the grant-date fair value of the award and amortizes the award based on accelerated or straight line methods. Awards based on performance vesting are subsequently remeasured at each reporting date through the settlement date. | |||||||||||||
Upon the vesting of unvested common stock the Company may withhold shares, based on the employee’s election, in order to satisfy federal tax withholdings. The shares held by the Company are considered constructively retired and are retired shortly after withholding. The Company then remits the withholding taxes required. Refer to Note 15 for further information regarding the stock-based incentive plans. | |||||||||||||
Net Loss Per Share Attributable to Sterling Common Stockholders | |||||||||||||
Basic net loss per share attributable to Sterling common stockholders is computed by dividing net loss attributable to Sterling common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share attributable to Sterling common stockholders is the same as basic net loss per share attributable to Sterling common stockholders but assumes the exercise of any convertible subordinated debt securities and includes dilutive stock options and warrants using the treasury stock method. The following table reconciles the numerators and denominators of the basic and diluted per common share computations for net loss attributable to Sterling common stockholders for 2013, 2012 and 2011 (in thousands, except per share data): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to Sterling common stockholders | $ | (73,929 | ) | $ | (297 | ) | $ | (35,900 | ) | ||||
Revaluation of noncontrolling interest put/call liability reflected in additional paid in capital or retained earnings, net of tax | (7,686 | ) | (3,992 | ) | (824 | ) | |||||||
$ | (81,615 | ) | $ | (4,289 | ) | $ | (36,724 | ) | |||||
Denominator: | |||||||||||||
Weighted average common shares outstanding — basic | 16,635 | 16,421 | 16,396 | ||||||||||
Shares for dilutive stock options and warrants | - | - | - | ||||||||||
Weighted average common shares outstanding and assumed conversions— diluted | 16,635 | 16,421 | 16,396 | ||||||||||
Basic net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) | ||||
Diluted net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) | ||||
Options outstanding but considered antidilutive as the option exercise price exceeded the average share market price were: zero in 2013 and 2012 and 53,900 in 2011. In addition, 160,206, 109,424 and 88,426 shares for stock options and warrants were excluded from the diluted weighted average common shares outstanding in 2013, 2012 and 2011, respectively, as the Company incurred a loss in these years and the impact of such shares would have been antidilutive. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU clarifies the financial statement presentation of unrecognized tax benefits in certain circumstances. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the Company's consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date," which addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-04 to have a material impact on the Company's consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued amended authoritative guidance associated with comprehensive income which requires companies to provide information about the amounts that are reclassified out of accumulated other comprehensive income by component. Additionally, companies are required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendment was effective for the Company on January 1, 2013. The impact of the adoption of this guidance on the Company’s consolidated financial statements was limited to providing the additional disclosures. We have presented the disclosures required by this amendment in Note 10. | |||||||||||||
In July 2012, the FASB amended authoritative guidance associated with indefinite-lived intangible assets. This amended guidance states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not that the indefinite-lived intangible asset is impaired. The amendments to this authoritative guidance became effective for the Company after September 15, 2012. The Company does not currently have indefinite-lived intangible assets, other than goodwill; therefore, this guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Note_2_Acquisitions_and_Subsid
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | ||||||||||||
2 | Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners’ Interests | ||||||||||||
In January 2012, RHB, a wholly owned subsidiary, assumed six construction contracts with $25.0 million of unearned revenues from Aggregate Industries―SWR, Inc. (“AI”), an unrelated third party. In addition, Aggregate South West Holdings, LLC (“ASWH”) and RHB Properties, LLC (“RHBP”), newly formed entities owned by Richard Buenting, the President and Chief Executive Officer of RHB, acquired construction related machinery and equipment and land with quarries from AI. AI entered into a two-year non-compete agreement with respect to Utah, Idaho and Montana as well as certain areas of Nevada. On April 27, 2012, RHB merged with ASWH and acquired RHBP. In exchange, RHB granted Mr. Buenting a 50% member interest in RHB. These transactions allowed RHB to expand its operations in Nevada. | |||||||||||||
These transactions were accounted for as a business combination. In December 2012, the Company finalized its valuation of the assets acquired, the membership interest granted and the tax related impact of the transaction. The purchase price for the transaction was $9.8 million for the assets acquired net of a contract liability. In addition, the Company recorded a credit of $233,000 to “Additional paid in capital” resulting from the excess of the post-merger member capital over the Company’s book value of the 50% investment in RHB issued to Mr. Buenting. As a result of the merger, an additional difference between the Company’s tax basis related to RHB and its book basis was created. Accordingly, the Company recorded an additional deferred tax liability of $360,000 with an offset to goodwill. | |||||||||||||
Revenues and earnings related to the contracts assumed and the acquired companies for 2012 were $26.1 million and $152,000, respectively. In connection with this transaction, AI did not agree to provide us with historical information related to the earnings from the acquired operations except for information related to the specific contracts being assumed. Furthermore, we determined that such information was not needed in order to evaluate the transaction based on our knowledge of the assets acquired and the Nevada road and highway construction market. Therefore, we are not able to present pro forma financial information as if the transactions had occurred on January 1, 2011. | |||||||||||||
The Company also agreed with Mr. Buenting to amend and restate the operating and management agreements for RHB. The amended agreements provide that the Company is the Manager of RHB and retains full, exclusive and complete power, authority and discretion to manage, supervise, operate and control RHB; therefore, the Company consolidates RHB with its other subsidiaries. Under the amendments, the Company will provide RHB with access to a $5 million line of credit. The Company also entered into a buy/sell and management agreement with Mr. Buenting. Under this agreement, the Company or Mr. Buenting may annually elect to make offers to buy the other owner’s 50% interest in RHB and sell their 50% interest in RHB at a price which they specify. Upon receipt of the offers, the other owner must elect either to sell their interest or purchase the interest from the owner making the offers. The agreement also requires that the Company acquire Mr. Buenting’s interest in the event of his termination without cause, death, or disability. To the extent that the redemption value under the buy/sell and management agreement exceeds the initial valuation of Mr. Buenting’s noncontrolling interest, the Company records a charge to retained earnings, or in the absence of retained earnings, additional paid-in capital (“APIC”). Any related benefit as a result of a lower valuation of Mr. Buenting’s noncontrolling interest compared to previous valuations shall be offset to retained earnings up to the amounts previously charged to retained earnings. The calculation used in the buy/sell and management agreement is the higher of the trailing twelve months of earnings before interest, taxes and depreciation and amortization (“EBITDA”) times a multiple of 4.5 or the orderly liquidation value of RHB. The valuation of the orderly liquidation value is classified as a Level 2 fair value measurement. These values have been updated based on recent sales and dispositions of assets and liabilities to obtain a current estimate of the orderly liquidation value. Based on the Company’s calculation on December 31, 2013, the trailing twelve months EBITDA times the multiple of 4.5 provided the higher result of the two methods. As such, the total charge resulted in a net pre-tax charge of $1.9 million and $2.5 million, for the periods ending December 31, 2013 and 2012, respectively. | |||||||||||||
On December 30, 2013, the Company and Mr. Buenting revised the Second Amended and Restated Operating Agreement entered into on April 27, 2012 and their Management Agreement entered into on February 1, 2012. The Third Amended and Restated Operating Agreement and the amended Management Agreement eliminated the buy/sell option and instead included the obligation for the Company to purchase Mr. Buenting’s interest upon his death or permanent disability for $20 million or $18 million, respectively. In the event of Mr. Buenting’s death or permanent disability, his estate representative, trustee or designee shall become the selling representative and sell his 50% interest to the Company. In order to fund the purchase of Mr. Buenting’s interest, the Company has purchased term life insurance with a payout of $20 million in the event of Mr. Buenting death. The Company will be the beneficiary and will also pay the premiums related to this life insurance contract. The life insurance proceeds of $20 million shall be used as full payment for Mr. Buenting’s interest in the occurrence of his death. In the event of Mr. Buenting’s permanent disability, the $18 million payment will be made by using the Company’s available cash on hand, and/or to the extent necessary, the Company’s line of credit. No other transfer of Member’s interest is permitted other than to the selling representative in the event of Mr. Buenting’s death or permanent disability. In the event that Mr. Buenting resigns or is terminated without cause (i.e., termination other than through permanent disability or death) RHB shall be dissolved unless both members agree otherwise. The amended agreements were entered into in order to eliminate the earnings per share volatility caused by the buy/sell option. | |||||||||||||
The amended agreements resulted in an obligation that the Company is certain to incur, either through Mr. Buenting’s permanent disability or death for Mr. Buenting’s 50% members interest; therefore, the Company has classified the noncontrolling interest as mandatorily redeemable and has recorded a liability in “Member’s interest subject to mandatory redemption” on the consolidated balance sheet. The liability consists of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Member’s interest subject to mandatory redemption | $ | 20,000 | $ | - | |||||||||
Undistributed earnings attributable to this interest | 3,989 | - | |||||||||||
Total liability | $ | 23,989 | $ | - | |||||||||
At September 30, 2013, the total Obligation for noncontrolling owners’ interests in subsidiaries and joint ventures was $17.8 million which included $14.1 million as the fair value in the noncontrolling interest and $3.7 million in undistributed earnings. During the fourth quarter of 2013, the Company made a final entry of $5.9 million to adjust the member’s interest to its final payout value of $20.0 million. The adjustment was made to APIC as there was a retained deficit on the Company’s consolidated balance sheet. Undistributed earnings increased by $344,000 during the fourth quarter. | |||||||||||||
In connection with the August 1, 2011, acquisition of J. Banicki Construction, Inc. (“JBC”) by Ralph L. Wadsworth Construction Company, LLC (“RLW”), RLW agreed to additional purchase price payments of up to $5 million to be paid over a five-year period. The additional purchase price is in the form of an earn-out is classified as a Level 3 fair value measurement and will be made to a related party as the former owner is the Chief Executive Officer. In making this valuation, the unobservable input consisted of forecasted EBITDA for the periods after the period being reported on through July 31, 2016. The additional purchase price is calculated generally as 50% of the amount by which EBITDA exceeds $2.0 million for each of the calendar years 2011 through 2015 and $1.2 million for the seven months ended July 31, 2016. | |||||||||||||
The following table summarizes the initial allocation of the purchase price for JBC (in thousands): | |||||||||||||
Assets acquired and liabilities assumed: | |||||||||||||
Current assets, including cash of $4,662 | $ | 8,839 | |||||||||||
Current liabilities | (5,708 | ) | |||||||||||
Working capital acquired | 3,131 | ||||||||||||
Property and equipment | 2,018 | ||||||||||||
Other | 9 | ||||||||||||
Total tangible net assets acquired at fair value | 5,158 | ||||||||||||
Goodwill | 4,803 | ||||||||||||
Total consideration | 9,961 | ||||||||||||
Fair value of earn-out | (2,370 | ) | |||||||||||
Cash paid, net of $409 receivable from seller | $ | 7,591 | |||||||||||
The purchase price allocation has been finalized, and our analysis of the assets acquired indicates that there are no material separately identifiable intangible assets. The goodwill attributable to the acquisition is deductible for tax purposes over 15 years. | |||||||||||||
Acquisition related costs of $328,000 are included in direct costs of acquisitions in the Company’s consolidated statements of operations for the twelve months ended December 31, 2011. | |||||||||||||
The fair value of the financial assets acquired includes receivables with a fair value of $3.8 million, which are deemed fully collectible. | |||||||||||||
On January 23, 2014, RLW, JBC and the Company agreed to amend the above mentioned earn-out agreement. The amendment reduced the amount of the current earn-out liability to $1.4 million from $2.0 million that was recorded in the third quarter of 2013; however it increases the total available earn-out to $10.0 million if certain EBITDA thresholds are met. The amendment extends the earn-out period through December 31, 2017 and reduces the benchmark EBITDA for 2014 and 2015 to $1.5 million and increases it to $2.0 million in 2016 and 2017. The yearly excess forecasted EBITDA in our calculation ranged from 0% to 36.8% of the minimum EBITDA threshold for the years 2014 through 2017. The discounted present value of the additional purchase price was estimated to be $2.4 million as of August 1, 2011, the acquisition date, and $1.4 million as of December 31, 2013. The undiscounted earn-out liability as of December 31, 2013 is estimated at $1.5 million and could increase by $8.5 million if EBITDA during the earn-out period increases $17.0 million or more and could decrease by the full amount of the liability for the year if EBITDA does not exceed the minimum threshold for that year. Each year is considered a discrete earnings period and future losses by JBC, if any, would not reduce the Company’s liability in years in which JBC has exceeded its earnings benchmark. Any significant increase or decrease in actual EBITDA compared to the forecasted amounts would result in a significantly higher or lower fair value measurement of the additional purchase price. This liability is included in other long-term liabilities on the accompanying consolidated balance sheets. | |||||||||||||
On August 1, 2011, the Company purchased a 50% limited partner interest in Myers. Myers is a construction limited partnership located in California and was acquired in order to expand the geographic scope of the Company’s operations into California. | |||||||||||||
The following table summarizes the initial allocation of the purchase price for Myers (in thousands): | |||||||||||||
Assets acquired and liabilities assumed: | |||||||||||||
Current assets, including cash of $654 | $ | 3,207 | |||||||||||
Current liabilities | (2,464 | ) | |||||||||||
Working capital acquired | 743 | ||||||||||||
Property and equipment | 708 | ||||||||||||
Debt due to noncontrolling interest owner | (500 | ) | |||||||||||
Total tangible net assets acquired at fair value | 951 | ||||||||||||
Goodwill | 1,502 | ||||||||||||
Total consideration | 2,453 | ||||||||||||
Fair value of noncontrolling owners’ interest in Myers | (1,226 | ) | |||||||||||
Cash paid | $ | 1,227 | |||||||||||
The fair value of the noncontrolling interests was determined based on the negotiated price at which the Company purchased its 50% interest which was based in part on expectations of future earnings. The purchase price allocation has been finalized, and our analysis of the assets acquired indicates that there are no material separately identifiable intangible assets. The goodwill attributable to the acquisition is deductible for tax purposes over 15 years. | |||||||||||||
Acquisition related costs of $128,000 are included in direct costs of acquisitions in the Company’s consolidated statements of operations for the year ended December 31, 2011. The fair value of the financial assets acquired includes receivables with a fair value of $2.1 million, which are expected to be fully collectible. | |||||||||||||
Refer to Note 3 regarding the determination that Myers’ is a variable interest entity and the resulting impact on the consolidated financial statements. | |||||||||||||
In connection with the December 3, 2009 acquisition of RLW, the noncontrolling interest owners of RLW, who are related and also its executive management, had the right to require the Company to buy their remaining 20.0% interest in RLW in 2013, and concurrently, the Company had the right to require those owners to sell their 20.0% interest to the Company by July 2013 (the “RLW put/call”). The purchase price in each case was 20% of the product of the simple average of RLW’s EBITDA for the calendar years 2010, 2011 and 2012 times a multiple of a minimum of 4 and a maximum of 4.5. | |||||||||||||
Annual interest was accreted for the RLW put/call obligation based on the Company’s borrowing rate under its Credit Facility plus two percent. Such accretion amounted to $993,000, and $881,000 for the years ended December 31, 2012 and 2011, respectively, and is recorded in “Interest expense” in the accompanying consolidated statement of operations. In addition, based on the estimated average of RLW’s EBITDA for the calendar years 2010, 2011 and 2012 and the expected multiple, the estimated fair value of the RLW put/call was increased by approximately $3.8 million and $1.3 million during the years ended December 31, 2012 and 2011, respectively, and this change, net of tax of $1.3 million and $0.5 million, respectively, was reported as a charge to retained earnings. | |||||||||||||
Under the agreement with the noncontrolling interest owners of RLW, the Company purchased the 20% interest in RLW on December 31, 2012 subject to a final determination of RLW’s EBITDA for the period from January 1, 2010 through December 31, 2012. A payment of $23.1 million was made on December 31, 2012, and the Company made a final payment of $509,000 in April 2013. In addition, $2.3 million of undistributed earnings was also paid in April 2013. | |||||||||||||
Changes in noncontrolling interests | |||||||||||||
The following table summarizes the changes in the noncontrolling owners’ interests in subsidiaries and consolidated joint ventures for the years ended December 31, 2011 through 2013 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of period | $ | 20,046 | $ | 18,375 | $ | 28,724 | |||||||
Net income attributable to noncontrolling interest included in liabilities | 2,024 | 16,941 | 935 | ||||||||||
Net income attributable to noncontrolling interest included in equity | 1,879 | 1,068 | 261 | ||||||||||
Accretion of interest on puts | - | 993 | 881 | ||||||||||
Change in fair value of RLW put/call | (59 | ) | 3,797 | 1,268 | |||||||||
Change in fair value of RHB put/call | 1,875 | 2,473 | 1,054 | ||||||||||
Change due to the RHB amendment | (18,103 | ) | - | - | |||||||||
Acquisition by Sterling of RHB noncontrolling interest | - | - | (8,205 | ) | |||||||||
Noncontrolling interest associated with Myers acquisition | - | - | 1,227 | ||||||||||
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies | - | 9,767 | - | ||||||||||
Distributions to noncontrolling interests owners | (3,056 | ) | (10,185 | ) | (7,809 | ) | |||||||
Acquisition of RLW noncontrolling interest | (509 | ) | (23,144 | ) | - | ||||||||
Other | - | (39 | ) | 39 | |||||||||
Balance, end of period | $ | 4,097 | $ | 20,046 | $ | 18,375 | |||||||
Noncontrolling owners’ interest in earnings of subsidiaries and joint ventures for the year ended December 31, 2013 shown in the accompanying consolidated statement of operations of $3.9 million includes income of $2.0 million attributable to noncontrolling interest owners which the Company includes in liabilities and $1.9 million which the Company includes in equity. Of the $2.0 million included in liabilities, $68,000 of net loss is reflected in “Current obligations for noncontrolling owners’ interests in subsidiaries and joint ventures,” and $2.1 million of net income has been reclassified from “Obligations for noncontrolling owners’ interests in subsidiaries and joint ventures” to “Member’s interest subject to mandatory redemption” in the accompanying consolidated balance sheet. The remaining $1.9 million is attributable to noncontrolling interest owners which the Company includes in equity and is reflected in equity in “Noncontrolling interests” in the accompanying consolidated balance sheet. | |||||||||||||
In 2012, the Company agreed to amend RLW’s operating agreement effective January 1, 2012 to provide that any goodwill impairment, including the 2011 fourth quarter goodwill impairment, is not to be allocated to RLW for the purpose of calculating the distributions to be made to the RLW noncontrolling interest owners. This amendment resulted in an increase in the net income attributable to RLW’s noncontrolling interests of $6.7 million during the year ended December 31, 2012. This increase is included in “Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures” in the accompanying consolidated statement of operations with an increase in the “Current obligation for noncontrolling owners’ interests in subsidiaries and joint ventures” in the consolidated balance sheet. This increase has a related tax impacted of $2.4 million which increased the tax benefit for the period. | |||||||||||||
Note_3_Variable_Interest_Entit
Note 3 - Variable Interest Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Variable Interest Entities [Abstract] | ' | ||||||||||||
Variable Interest Entities [Text Block] | ' | ||||||||||||
3 | Variable Interest Entities | ||||||||||||
Under GAAP, the Company must determine whether each entity, including joint ventures in which it participates, is a variable interest entity. This determination focuses on identifying which owner or joint venture partner, if any, has the power to direct the activities of the entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity disproportionate to its interest in the entity, which could have the effect of requiring us to consolidate the entity in which we have a non-majority variable interest. Where the Company has determined that it is appropriate to consolidate a variable interest entity in which it owns a 50% or less interest, the remaining owners’ interests in the equity and net income of the entity are included in the balance sheet line item: “Noncontrolling interests.” | |||||||||||||
The Company owns a 50% interest in Myers of which it is the primary beneficiary and has consolidated Myers into these financial statements. Further Refer to Note 2 above for additional information on the acquisition of this limited partnership. The partnership agreement requires that Sterling provide a $3 million line of credit to the limited partnership. In addition the partnership is relying on the Company’s surety bonding capacity in order to bid and perform large construction jobs resulting in the Company having joint and several liability for completion of such jobs, and the Company will provide management to the partnership to oversee bidding and management of larger projects. Although the Company will receive 50% of the income from the partnership, it may suffer more than 50% of any losses as a result of its obligation to provide the $3 million line of credit and its obligations under the surety bonds. Because the Company exercises primary control over activities of the partnership and it is exposed to the majority of potential losses of the partnership, the Company consolidated Myers within the Company’s financial statements from August 1, 2011, the date of acquisition. | |||||||||||||
The financial information of Myers which is reflected in our consolidated balance sheets and statements of operations is as follows (in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 566 | $ | 7,164 | |||||||||
Contracts receivable, including retainage | 6,475 | 2,866 | |||||||||||
Other current assets | 7,964 | 1,214 | |||||||||||
Total current assets | 15,005 | 11,244 | |||||||||||
Property and equipment, net | 6,869 | 3,041 | |||||||||||
Other assets, net | 5 | - | |||||||||||
Goodwill | 1,501 | 1,501 | |||||||||||
Total assets | $ | 23,380 | $ | 15,786 | |||||||||
Liabilities: | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 8,361 | $ | 4,627 | |||||||||
Other current liabilities | 7,080 | 6,283 | |||||||||||
Total current liabilities | 15,441 | 10,910 | |||||||||||
Long-term liabilities: | |||||||||||||
Other long-term liabilities | 137 | - | |||||||||||
Total long-term liabilities | 137 | - | |||||||||||
Total liabilities | $ | 15,578 | $ | 10,910 | |||||||||
Year Ended | Year Ended | Period from | |||||||||||
December 31, | December 31, | 1-Aug-11 | |||||||||||
2013 | 2012 | (the acquisition | |||||||||||
date) to | |||||||||||||
December 31, | |||||||||||||
2011 | |||||||||||||
Revenues | $ | 82,421 | $ | 84,877 | $ | 7,153 | |||||||
Operating income | 3,764 | 2,152 | 531 | ||||||||||
Net income attributable to Sterling common stockholders | 1,879 | 694 | 170 | ||||||||||
Note_4_Cash_and_Cash_Equivalen
Note 4 - Cash and Cash Equivalents and Short-term Investments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Text Block] | ' | ||||||||||||||||||||
4 | Cash and Cash Equivalents and Short-term Investments | ||||||||||||||||||||
The Company considers all highly liquid investments with original or remaining maturities of three months or less at the time of purchase to be cash equivalents. At December 31, 2013, approximately $1.7 million of cash and cash equivalents were fully insured by the FDIC under its standard maximum deposit insurance amount guidelines. At December 31, 2013, cash and cash equivalents included $374,000 belonging to majority-owned joint ventures that are consolidated in these financial statements which generally cannot be used for purposes outside such joint ventures. | |||||||||||||||||||||
Short-term investments included mutual funds and government bonds which are considered available-for-sale securities. At December 31, 2013, the Company had no short-term investments. As of December 31, 2012, the Company had short-term investments as follows (in thousands): | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Gross | Gross | |||||||||||||||||
Value | Unrealized | Unrealized | |||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
(pre-tax) | (pre-tax) | ||||||||||||||||||||
Mutual funds | $ | 27,582 | $ | 27,582 | $ | - | $ | 337 | $ | 9 | |||||||||||
Municipal bonds | 21,629 | - | 21,629 | 862 | 128 | ||||||||||||||||
Total securities available-for-sale | $ | 49,211 | $ | 27,582 | $ | 21,629 | $ | 1,199 | $ | 137 | |||||||||||
The amortized cost basis of the above securities at December 31, 2012 was $48.1 million. Municipal bond securities are the only securities held by the Company where fair value does not equal amortized cost. The amortized cost for municipal bond securities was $20.5 million as of December 31, 2012. | |||||||||||||||||||||
The valuation inputs for Levels 1, 2 and 3 are as follows: | |||||||||||||||||||||
Level 1 Inputs - Based upon quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. | |||||||||||||||||||||
Level 2 Inputs – Based upon quoted prices (other than Level 1) in active markets for similar assets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset such as interest rates, yield curves, volatilities and default rates and inputs that are derived principally from or corroborated by observable market data. | |||||||||||||||||||||
Level 3 Inputs – Based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset based on the best information available. | |||||||||||||||||||||
The Company had no short-term investments valued with Level 3 inputs at either of the balance sheet dates. | |||||||||||||||||||||
Gains and losses realized on short-term investment securities are included in “Gains on sale of securities and other” in the accompanying statements of operations. Unrealized gains (losses) on short-term investments are included in accumulated other comprehensive income in stockholders’ equity, net of tax, as the gains and losses may be temporary. For the year ended December 31, 2013 and 2012, total proceeds from sales of short-term investments were $49.9 million and $26.7 million, respectively, with gross realized gains of $706,000 and $785,000, respectively, and gross realized losses of $609,000 and $0, respectively. Accumulated other comprehensive income at December 31, 2013 and 2012 included unrealized gains on short-term investments of $0 and $1.1 million, respectively. Upon the sale of short-term investments, the cost basis used to determine the gain or loss is based on the specific identification of the security sold. All items included in accumulated other comprehensive income are at the corporate level, and no portion is attributable to noncontrolling interests. | |||||||||||||||||||||
At each reporting date, the Company performs separate evaluations of impaired debt and equity securities to determine if the unrealized losses are other-than-temporary. The evaluations include a number of factors, including but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and management’s ability and intent to hold the securities until fair value recovers. The assessment of the ability and intent to hold these securities to recovery focuses primarily on liquidity needs and securities portfolio objectives. At December 31, 2013, the Company had no short-term investments; thus no evaluation was required. At December 31, 2012, the Company concluded that the unrealized losses related to these securities were temporary. | |||||||||||||||||||||
The Company earned interest income of $558,000, $1.5 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively, on its cash, cash equivalents and short-term investments. These amounts are recorded in “interest income” in the Company’s consolidated statement of operations. | |||||||||||||||||||||
Note_5_Costs_and_Estimated_Ear
Note 5 - Costs and Estimated Earnings and Billings on Uncompleted Contracts | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contractors [Abstract] | ' | ||||||||
Long-term Contracts or Programs Disclosure [Text Block] | ' | ||||||||
5 | Costs and Estimated Earnings and Billings on Uncompleted Contracts | ||||||||
Billing practices for our contracts are governed by the contract terms of each project based on progress toward completion approved by the owner, achievement of milestones or pre-agreed schedules. Billings do not necessarily correlate with revenue recognized under the percentage-of-completion method of accounting. The current liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of revenues recognized. The current asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed to the customer, which are usually billed during normal billing processes following achievement of contractual requirements. | |||||||||
The two tables below set forth the costs incurred and earnings accrued on uncompleted contracts (revenues) compared with the billings on those contracts through December 31, 2013 and 2012 and reconcile the net excess billings to the amounts included in the consolidated balance sheets at those dates (in thousands). | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Costs incurred and estimated earnings on uncompleted contracts | $ | 1,334,322 | $ | 1,361,973 | |||||
Billings on uncompleted contracts | (1,354,214 | ) | (1,360,299 | ) | |||||
Excess of costs incurred and estimated earnings over billings (excess of billings over costs incurred and estimated earnings) on uncompleted contracts | $ | (19,892 | ) | $ | 1,674 | ||||
Included in the accompanying balance sheets under the following captions: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 11,684 | $ | 20,592 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (31,576 | ) | (18,918 | ) | |||||
Net amount of costs and estimated earnings on uncompleted contracts above (below) billings | $ | (19,892 | ) | $ | 1,674 | ||||
Revenues recognized and billings on uncompleted contracts include cumulative amounts recognized as revenues and billings in prior years. | |||||||||
Note_6_Construction_Joint_Vent
Note 6 - Construction Joint Ventures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||
6 | Construction Joint Ventures | ||||||||||||
We participate in various construction joint venture partnerships. Generally, each construction joint venture is formed to accomplish a specific project and is jointly controlled by the joint venture partners. The joint venture agreements typically provide that our interests in any profits and assets, and our respective share in any losses and liabilities that may result from the performance of the contract are limited to our stated percentage interest in the venture. We have no significant commitments beyond completion of the contract with the customer. | |||||||||||||
Our agreements with our joint venture partners provide that each venture partner will receive its share of net income and assume and pay its share of any losses resulting from a project. If one of our venture partners is unable to pay its share of losses, we would be fully liable for those losses under our contract with the project owner. Circumstances that could lead to a loss under our joint venture arrangements beyond our ownership interest include a venture partner’s inability to contribute additional funds required by the venture or additional costs that we could incur should a venture partner fail to provide the services and resources toward project completion that it committed to in the joint venture agreement and the contract with the customer. | |||||||||||||
Under GAAP, the Company must determine whether each joint venture in which it participates is a variable interest entity. This determination focuses on identifying which joint venture partner, if any, has the power to direct the activities of a joint venture and the obligation to absorb losses of the joint venture or the right to receive benefits from the joint venture in excess of their ownership interests and could have the effect of requiring us to consolidate joint ventures in which we have a non-majority variable interest. At December 31, 2013, we had no participation in a joint venture where we had a material non-majority variable interest. | |||||||||||||
Where we are a noncontrolling venture partner, we account for our share of the operations of such construction joint ventures on a pro rata basis using proportionate consolidation on our consolidated statements of operations and as a single line item (“Receivables from and equity in construction joint ventures”) in the consolidated balance sheets. Combined financial amounts of joint ventures in which the Company has a noncontrolling interest and the Company’s share of such amounts which are included in the Company’s consolidated financial statements are shown below (in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total combined: | |||||||||||||
Current assets | $ | 51,329 | $ | 92,102 | |||||||||
Less current liabilities | (64,531 | ) | (48,002 | ) | |||||||||
Net assets | $ | (13,202 | ) | $ | 44,100 | ||||||||
Backlog | $ | 101,014 | $ | 213,924 | |||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total combined: | |||||||||||||
Revenues | $ | 135,699 | $ | 438,756 | $ | 440,085 | |||||||
Income before tax | $ | (20,758 | ) | $ | 95,765 | $ | 46,683 | ||||||
Sterling’s noncontrolling interest: | |||||||||||||
Share of revenues | $ | 54,096 | $ | 82,519 | $ | 62,763 | |||||||
Share of income before tax | $ | (11,088 | ) | $ | 12,424 | $ | 6,417 | ||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Sterling’s noncontrolling interest in backlog | $ | 30,652 | $ | 77,222 | |||||||||
Sterling’s receivables from and equity in construction joint ventures | $ | 6,118 | $ | 11,005 | |||||||||
Note_7_Property_and_Equipment
Note 7 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
7 | Property and Equipment | ||||||||
Property and equipment are summarized as follows (in thousands): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Construction equipment | $ | 127,199 | $ | 130,014 | |||||
Transportation equipment | 19,132 | 19,266 | |||||||
Buildings | 10,512 | 10,176 | |||||||
Office equipment | 2,025 | 1,279 | |||||||
Leasehold Improvement | 816 | - | |||||||
Land | 5,309 | 4,916 | |||||||
Water rights | 200 | 200 | |||||||
165,193 | 165,851 | ||||||||
Less accumulated depreciation | (71,510 | ) | (63,543 | ) | |||||
$ | 93,683 | $ | 102,308 | ||||||
Note_8_Goodwill
Note 8 - Goodwill | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Goodwill Disclosure [Text Block] | ' | ||||
8 | Goodwill | ||||
Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the dates of acquisition. GAAP requires that goodwill not be amortized and that goodwill is to be tested for impairment at least annually at the reporting unit level. The Company tests for goodwill impairment during the last quarter of each calendar year. The first step compares the book value of the Company’s stock (stockholders’ equity or net assets) to the adjusted fair market value of those shares. To determine the fair value of the Company’s net assets, the Company used the weighted average of the following valuation techniques: market capitalization plus control premium approach (market) approach and a discounted cash flow (income) approach. If the adjusted fair value of the stock is greater than the calculated book value of the stock, goodwill is deemed not to be impaired and no further testing is required. If the adjusted fair value is less than the calculated book value, additional steps of determining the fair value of net assets must be taken to determine impairment. Testing under step one in 2013 and 2012 did not indicate that the adjusted fair value of the Company’s stock was less than its book value. However, this was not the case in 2011. | |||||
As a result, in 2011 the Company performed the second-step test to determine the fair value of the Company’s net assets and the amount of implied goodwill. The majority of the Company’s assets and liabilities are current in nature and, therefore, approximate fair value. The Company engaged a third party to conduct an independent appraisal of its property, plant and equipment. In addition, the Company performed a fair market assessment of interest bearing debt, deferred tax assets and liabilities and other intangible assets. The results of the second-step test indicated a goodwill impairment of approximately $67.0 million which was recorded in the fourth quarter of 2011. | |||||
The following table details changes in recorded goodwill (in thousands): | |||||
Balance at January 1, 2011 | $ | 114,745 | |||
Additional goodwill related to 2011 acquisitions | 6,305 | ||||
Goodwill impairment in 2011 | (67,000 | ) | |||
Balance at December 31, 2011 | 54,050 | ||||
Additional goodwill related to acquisitions | 360 | ||||
Goodwill adjustments | 410 | ||||
Balance at December 31, 2012 and 2013 | $ | 54,820 | |||
Note_9_Derivative_Financial_In
Note 9 - Derivative Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||
9 | Derivative Financial Instruments | ||||||||||||
The Company enters into various fixed rate commodity swap contracts in an effort to manage its exposure to price volatility of diesel fuel. Historically, fuel prices have been volatile because of supply and demand factors, worldwide political factors and general economic conditions. The objective of the Company in executing the hedge is to mitigate the fuel price volatility that could adversely affect forecasted cash flows and earnings related to construction contracts. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for off-road ultra-low sulfur diesel (“ULSD”). The Company has designated its commodity derivative contracts as cash flow hedges designed to achieve more predictable cash flows, as well as to reduce its exposure to price volatility. While the use of derivative instruments limits the downside risk of adverse price movements, they also limit future benefits from reductions in costs as a result of favorable market price movements. | |||||||||||||
All of the Company’s outstanding derivative financial instruments are recognized in the balance sheet at their fair values. All changes in the fair value of outstanding derivatives, except any ineffective portion, are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items affect earnings or the anticipated transactions are no longer probable. All items included in accumulated other comprehensive income are at the corporate level, and no portion is attributable to noncontrolling interests. | |||||||||||||
At December 31, 2013 and 2012, the accumulated other comprehensive income, excluding taxes of $0 and $2,800, respectively, consisted of unrecognized gains of $117,000 and $8,000, respectively, representing the unrealized change in fair value of the effective portion of the Company’s commodity contracts, designated as cash flow hedges, as of the balance sheet date. For the years ended December 31, 2013, 2012 and 2011, the Company recognized pre-tax net realized cash settlement gains on commodity contracts of $48,000 and losses of $66,000 and $111,000, respectively. | |||||||||||||
At December 31, 2013, the Company had hedged its exposure to the variability in future cash flows from forecasted diesel fuel purchases totaling 1.1 million gallons. The monthly volumes hedged range from 10,000 gallons to 50,000 gallons over the period from January 2014 to August 2015 at fixed prices per gallon ranging from $2.75 to $2.93. | |||||||||||||
The derivative instruments are recorded on the consolidated balance sheet at fair value as follows (in thousands): | |||||||||||||
As of December 31, | |||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||
Derivative assets: | |||||||||||||
Deposits and other current assets | $ | 109 | $ | 7 | |||||||||
Other assets, net | 8 | 1 | |||||||||||
$ | 117 | $ | 8 | ||||||||||
The following table summarizes the effects of commodity derivative instruments on the consolidated statements of operations and comprehensive income (loss) (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Increase (decrease) in fair value of derivatives included in other comprehensive income (loss) (effective portion) | $ | 109 | $ | 231 | $ | (223 | ) | ||||||
Realized gain (loss) included in cost of revenues (effective portion) | 48 | (66 | ) | (111 | ) | ||||||||
Increase (decrease) in fair value of derivatives included in cost of revenues (ineffective portion) | - | - | - | ||||||||||
The Company’s derivative instruments contain certain credit-risk-related contingent features which apply both to the Company and to the counterparties. The counterparty to the Company’s derivative contracts is a high credit quality financial institution. | |||||||||||||
Fair Value | |||||||||||||
The Company’s swaps are valued based on a discounted future cash flow model. The primary input for the model is the forecasted prices for ULSD. The Company’s model is validated by the counterparty’s fair value statements. The swaps are designated as Level 2 within the valuation hierarchy. Refer to Note 4 for a description of the inputs used to value the information shown above. | |||||||||||||
At December 31, 2013 and 2012, the Company did not have any derivative assets or liabilities measured at fair value on a recurring basis that meet the definition of Level 1 or Level 3. | |||||||||||||
Note_10_Changes_in_Accumulated
Note 10 - Changes in Accumulated Other Comprehensive Income by Component | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||
10 | Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||
The changes in the balances of each component of accumulated other comprehensive income, net of tax, which is included as a component of stockholders’ equity, are as follows (amounts in thousands): | ||||||||||||||
Twelve Months Ended December 31, 2013 (*) | ||||||||||||||
Unrealized | Unrealized | Total | ||||||||||||
Gain and | Gain and | |||||||||||||
Loss on | Loss on | |||||||||||||
Available- | Cash Flow | |||||||||||||
for-sale | Hedges | |||||||||||||
Securities | ||||||||||||||
Beginning Balance | $ | 691 | $ | 5 | $ | 696 | ||||||||
Other comprehensive loss before reclassification | (601 | ) | 157 | (444 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (90 | ) | (48 | ) | (138 | ) | ||||||||
Tax valuation allowance | - | 3 | 3 | |||||||||||
Net current-period other comprehensive loss | (691 | ) | 112 | (579 | ) | |||||||||
Ending Balance | $ | - | $ | 117 | $ | 117 | ||||||||
(*) Amounts in parentheses represent reductions to accumulated other comprehensive income. | ||||||||||||||
The significant amounts reclassified out of each component of accumulated other comprehensive income are as follows (amounts in thousands): | ||||||||||||||
Amount Reclassified From | ||||||||||||||
Accumulated Other | ||||||||||||||
Comprehensive Income (*) | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
Details About Accumulated Other | 2013 | 2012 | 2011 | Statement of | ||||||||||
Comprehensive Income Components | Operations | |||||||||||||
Classification | ||||||||||||||
Realized gains on available-for sale securities | $ | 90 | $ | 785 | $ | 44 | Gain on sale of securities and other | |||||||
Less: Income tax expense | (33 | ) | (275 | ) | (15 | ) | Income tax (expense) benefit | |||||||
Tax valuation allowance | 33 | - | - | |||||||||||
Total reclassification related to available-for-sale securities | $ | 90 | $ | 510 | $ | 29 | Net income (loss) | |||||||
Realized gains (losses) on cash flow hedges | $ | 48 | $ | (66 | ) | $ | (111 | ) | Cost of revenues | |||||
Less: Income tax (expense) benefit | (17 | ) | 23 | 39 | Income tax (expense) benefit | |||||||||
Tax valuation allowance | 17 | - | - | |||||||||||
Total reclassification related to cash flow hedges | $ | 48 | $ | (43 | ) | $ | (72 | ) | Net income (loss) | |||||
(*) Amounts in parentheses represent reductions to earnings in the statement of operations. | ||||||||||||||
Note_11_Line_of_Credit_and_Lon
Note 11 - Line of Credit and Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
11 | Line of Credit and Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Credit facility | $ | 7,808 | $ | 24,012 | |||||
Mortgage due monthly through June 2016 | 189 | 262 | |||||||
Notes payable for transportation and construction equipment | 468 | - | |||||||
8,465 | 24,274 | ||||||||
Less current maturities of long-term debt | (134 | ) | (73 | ) | |||||
Total long-term debt | $ | 8,331 | $ | 24,201 | |||||
Line of Credit Facility | |||||||||
On October 31, 2007, the Company and its subsidiaries entered into a new credit facility (“Credit Facility”) with Comerica Bank with a maturity date of October 31, 2012. In December 2009, the Credit Facility was amended to permit the acquisition of RLW and in November 2011, the Credit Facility was amended to extend the maturity date to September 30, 2016. The Credit Facility is secured by all assets of the Company, other than proceeds and other rights under our construction contracts, which are pledged to our bond surety. | |||||||||
The Credit Facility is subject to our compliance with certain covenants, including financial covenants relating to fixed charges, leverage, tangible net worth and asset coverage. The Credit Facility contains restrictions on the Company’s ability to: | |||||||||
· | Make distributions and dividends; | ||||||||
· | Incur liens and encumbrances; | ||||||||
· | Incur further indebtedness; | ||||||||
· | Guarantee obligations; | ||||||||
· | Dispose of a material portion of assets or merge with a third party; | ||||||||
· | Make acquisitions; | ||||||||
· | Make investments in securities. | ||||||||
At the end of the second quarter of 2013, the Company was not in compliance with the leverage ratio financial covenant. On August 8, 2013, the Company obtained a Waiver and Third Amendment to Credit Agreement with its lender which waived the noncompliance with the leverage ratio financial covenant as of June 30, 2013 and provided a less restrictive leverage ratio covenant requirement. In addition, the waiver amended the existing borrowing interest fee schedule and increased borrowing rates by 100 basis points to 4.25% effective June 30, 2013. | |||||||||
At the end of the fourth quarter of 2013, the Company was not in compliance with the minimum tangible net worth and the leverage ratio financial covenants. As a result, subsequent to year end, the Company obtained a Waiver and Fourth Amendment to Credit Agreement (the “Fourth Amendment”) with its lender which waived the noncompliance with the financial covenants as of December 31, 2013 and provided less restrictive covenant requirements. The Fourth Amendment also imposed liquidity thresholds that the Company is required to meet in 2014. The Company believes that it will be able to maintain compliance with all covenants and meet the liquidity thresholds required under the Fourth Amendment through at least the next twelve months. | |||||||||
Among other things, the Fourth Amendment reduced the borrowings available to $40 million from the previously available $50 million and has eliminated the option to increase the Credit Facility by an additional $50 million. The Fourth Amendment also modified the existing borrowing interest fee schedule and increased borrowing rates by 50 basis points to 4.75% effective December 31, 2013. In addition, if certain liquidity thresholds are not met in 2014, the interest rate may increase 200 basis points and continue to increase 100 basis points every quarter after 2015 until such thresholds are met. Furthermore, the Fourth Amendment requires the payment of a quarterly commitment fee of 0.75% per annum, which is an increase of 25 basis points, on unused availability. | |||||||||
At December 31, 2013 and 2012, the Company had $7.8 million and $24.0 million outstanding under the Credit Facility, respectively, and the aggregate amount of letters of credit outstanding under the Credit Facility was $2.0 million and $1.8 million, respectively, which reduces availability under the Credit Facility. Availability under the Credit Facility was, therefore, $30.2 million and $24.2 million at December 31, 2013 and 2012, respectively. | |||||||||
Mortgage | |||||||||
In 2001, TSC completed the construction of a headquarters building and financed it principally through a mortgage of $1.1 million on the land and facilities, at a floating interest rate, which at December 31, 2013 was 3.5% per annum, repayable over 15 years with a prepayment penalty. The outstanding balance on this mortgage was $189,000 at December 31, 2013. | |||||||||
Notes Payable for transportation and construction equipment | |||||||||
The Company purchased and financed various transportation and construction equipment to enhance the Company’s fleet of equipment. The notes have terms which range from three to five years in length. | |||||||||
Maturities of Debt | |||||||||
The Company’s long-term obligations mature in future years as follows (in thousands): | |||||||||
Years Ending December 31, | Amount | ||||||||
2014 | $ | 134 | |||||||
2015 | 264 | ||||||||
2016 | 7,926 | ||||||||
2017 | 69 | ||||||||
2018 | 72 | ||||||||
Thereafter | - | ||||||||
$ | 8,465 | ||||||||
Note_12_Income_Taxes_and_Defer
Note 12 - Income Taxes and Deferred Tax Asset/Liability | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||||||
12 | Income Taxes and Deferred Tax Asset/Liability | ||||||||||||||||||||||||
The Company’s policy is to recognize interest related to any underpayment of taxes as interest expense, and penalties as administrative expenses. No interest or penalties have been accrued at December 31, 2013, and interest and penalties for the years ended December 31, 2012 and 2011 were not significant. The Company’s U.S. federal income tax returns for 2010 and later years are open and subject to examination by the I.R.S. In addition, the Company’s state income tax returns for 2009 and later years are open and subject to examination by the state. | |||||||||||||||||||||||||
Current income tax expense represents federal and state income tax paid or expected to be payable for the years shown in the statements of operations. The income tax expense (benefit) in the accompanying consolidated financial statements consists of the following (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current tax expense (benefit) | $ | (3,928 | ) | $ | 588 | $ | 1,639 | ||||||||||||||||||
Deferred tax expense (benefit) | 5,150 | (1,167 | ) | (18,651 | ) | ||||||||||||||||||||
Total tax expense (benefit) | $ | 1,222 | $ | (579 | ) | $ | (17,012 | ) | |||||||||||||||||
Deferred tax assets and liabilities consist of the following (in thousands): | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current | Long Term | Current | Long Term | ||||||||||||||||||||||
Assets related to: | |||||||||||||||||||||||||
Accrued compensation and other | $ | 265 | $ | 451 | $ | 1,803 | $ | - | |||||||||||||||||
Amortization and impairment of goodwill | - | 11,108 | - | 13,181 | |||||||||||||||||||||
Accreted interest to put | - | 985 | - | 939 | |||||||||||||||||||||
Contingency on lawsuit | - | 106 | - | 130 | |||||||||||||||||||||
Noncontrolling interest | - | 1,439 | - | 915 | |||||||||||||||||||||
Deferred revenue | 6,993 | - | - | - | |||||||||||||||||||||
Revaluation of put/call liabilities | - | 5,127 | - | 2,194 | |||||||||||||||||||||
Net operating loss carryforwards | - | 18,302 | - | - | |||||||||||||||||||||
Valuation allowance for deferred tax assets | (7,258 | ) | (23,773 | ) | - | - | |||||||||||||||||||
Liabilities related to: | |||||||||||||||||||||||||
Depreciation of property and equipment | - | (12,669 | ) | - | (13,615 | ) | |||||||||||||||||||
Noncontrolling interest | - | - | - | - | |||||||||||||||||||||
Other | - | (1,076 | ) | - | (771 | ) | |||||||||||||||||||
Net asset | $ | - | $ | - | $ | 1,803 | $ | 2,973 | |||||||||||||||||
The income tax provision (benefit) differs from the amount using the statutory federal income tax rate of 35% for the following reasons (amounts in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Tax expense (benefit) at the U.S. federal statutory rate | $ | (24,081 | ) | 35 | % | $ | 5,997 | 35 | % | $ | (18,101 | ) | 35 | % | |||||||||||
State tax based on income, net of refunds and federal benefits | (1,280 | ) | 1.8 | (58 | ) | (0.3 | ) | (573 | ) | 1.1 | |||||||||||||||
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling interests owners | (1,375 | ) | 2 | (5,938 | ) | (34.7 | ) | (444 | ) | 0.9 | |||||||||||||||
Tax benefits of Domestic Production Activities Deduction | - | - | (84 | ) | (0.5 | ) | (202 | ) | 0.4 | ||||||||||||||||
Impairment associated with goodwill that is not amortizable for tax | - | - | - | - | 2,603 | (5.0 | ) | ||||||||||||||||||
Valuation Allowance | 28,215 | (41.0 | ) | - | - | - | - | ||||||||||||||||||
Non-taxable interest income | (195 | ) | 0.3 | (529 | ) | (3.1 | ) | (376 | ) | 0.7 | |||||||||||||||
Other permanent differences | (62 | ) | 0.1 | 33 | 0.2 | 81 | (0.2 | ) | |||||||||||||||||
Income tax expense (benefit) | $ | 1,222 | (1.8 | )% | $ | (579 | ) | (3.4 | )% | $ | (17,012 | ) | 32.9 | % | |||||||||||
We have federal and state income tax net operating loss (“NOL”) carryforwards of $49.1 million and $28.7 million, which will expire at various dates in the next 20 years for U.S. federal income tax and in the next 7 to 20 years for the various state jurisdictions where we operate. Such NOL carryforwards expire as follows (in thousands): | |||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||
2020 | $ | 963 | |||||||||||||||||||||||
2028 | 14,141 | ||||||||||||||||||||||||
2033 | 62,686 | ||||||||||||||||||||||||
Total | $ | 77,790 | |||||||||||||||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2013. The cumulative three-year period loss that occurred in the fourth quarter was the result of the significant write-downs recorded during the quarter which significantly increased our deferred tax assets. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. On the basis of this evaluation, as of December 31, 2013, a valuation allowance of $28.2 million has been recorded on the net deferred tax assets including federal and state net operating losses as they are not likely to be realized based on the objective negative evidence. The amount of the deferred tax asset considered realizable, however, could be adjusted if objective negative evidence or cumulative losses are no longer present and additional weight may be given to subjective evidence such as our projections for growth. | |||||||||||||||||||||||||
If our assumptions change and we determine we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets as of December 31, 2013, will be accounted for as follows: approximately $28.4 million will be recognized as a reduction of income tax expense and $2.6 million will be recorded as an increase in equity. | |||||||||||||||||||||||||
As a result of certain realization requirements by GAAP, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2013, and December 31, 2012, that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $16,000 if and when such deferred tax assets are ultimately realized. On September 13, 2013, the U.S. Treasury Department and the I.R.S. issued final regulations that address costs incurred in acquiring, producing, or improving tangible property (the "tangible property regulations"). The tangible property regulations are generally effective for tax years beginning on or after January 1, 2014, and may be adopted in earlier years. The Company intends to adopt the tax treatment of expenditures to improve tangible property and the capitalization of inherently facilitative costs to acquire tangible property as of January 1, 2014. The tangible property regulations will require the Company to make additional tax accounting method changes as of January 1, 2014; however, management does not anticipate the impact of these changes to be material to the Company’s consolidated financial position, its results of operations, or both. | |||||||||||||||||||||||||
As a result of the Company’s analysis, management has determined that the Company does not have any material uncertain tax positions. | |||||||||||||||||||||||||
Note_13_Commitments_and_Contin
Note 13 - Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ||
13 | Commitments and Contingencies | ||
Employment Agreements | |||
The Company’s Chief Executive Officer, its Executive Vice Presidents and certain executive officers of its subsidiaries have employment agreements which provide for payments of annual salary, deferred salary, incentive compensation and certain benefits if their employment is terminated without cause. The Company has also entered into change of control agreements with certain officers providing for additional payments in the event that their employment is terminated without cause just before or within two years after a change of control of the Company. | |||
Self-Insurance | |||
The Company is self-insured for employee health claims. Its policy is to accrue the estimated liability for known claims and for estimated claims that have been incurred but not reported as of each reporting date. The Company has obtained reinsurance coverage for the policy period as follows: | |||
· | Specific excess reinsurance coverage for medical and prescription drug claims per insured person in excess of $55,000 for RLW and JBC, and $95,000 for all other entities within a plan year. | ||
· | Aggregate reinsurance coverage for medical and prescription drug claims within a plan year with a maximum of $1.0 million in excess of an aggregate deductible of $2.5 million. | ||
For the years ended December 31, 2013, 2012 and 2011, the Company incurred $2.4 million, $2.0 million, and $1.2 million, respectively, in expenses related to this plan. | |||
The Company and its subsidiaries are also self-insured for workers’ compensation, general liability, and auto claims up to $250,000, $100,000 and $50,000 per occurrence, respectively, with a maximum aggregate liability of $3.7 million combined casualty losses per year. | |||
The Company’s policy is to accrue the estimated liability for known claims and for estimated workers compensation, employee health, general liability and other claims that have been incurred but not reported as of each reporting date. At December 31, 2013 and 2012, the Company had recorded an estimated liability of $1.7 million and $1.4 million, respectively, which it believes is adequate for such claims based on its claims history and actuarial studies. The Company has a safety and training program in place to help prevent accidents and injuries and works closely with its employees and the insurance company to monitor all claims. The Company obtains bonding on construction contracts through Travelers Casualty and Surety Company of America. As is customary in the construction industry, the Company indemnifies Travelers for any losses incurred by it in connection with bonds that are issued. The Company has granted Travelers a security interest in accounts receivable and contract rights for that obligation. | |||
Guarantees | |||
The Company typically indemnifies contract owners for claims arising during the construction process and carries insurance coverage for such claims, which in the past have not been material. | |||
The Company’s Certificate of Incorporation provides for indemnification of its officers and directors. The Company has a directors and officers insurance policy that limits their exposure to litigation against them in their capacities as such. | |||
Litigation | |||
In January 2010, a jury trial was held to resolve a dispute between RHB and a subcontractor. The jury rendered a verdict of $1.0 million against RHB, exclusive of interest, court costs and attorney’s fees. The Company recorded this verdict as an expense in the year ended December 31, 2009, but appealed this judgment. The appeal was heard by the Nevada Supreme Court, and during the quarter ended September 30, 2012, the Court upheld the original verdict against RHB. The Company recorded additional expense of $156,000 during that same period to cover court costs and attorney’s fees. Payment for the total judgment, court costs and attorney’s fees was made in October 2012, and this matter is now resolved in its entirety. There were no significant unresolved legal issues for the year ended December 31, 2013. | |||
The Company is the subject of certain other claims and lawsuits occurring in the normal course of business. Management, after consultation with legal counsel, does not believe that the outcome of these other actions will have a material impact on the financial statements of the Company. | |||
Purchase Commitments | |||
To manage the risk of changes in material prices and subcontracting costs used in tendering bids for construction contracts, most of the time, we obtain firm quotations from suppliers and subcontractors before submitting a bid. These quotations do not include any quantity guarantees. As soon as we are advised that our bid is the lowest, we enter into firm contracts with most of our materials suppliers and sub-contractors, thereby mitigating the risk of future price variations affecting the contract costs. | |||
Note_14_Operating_Leases
Note 14 - Operating Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
14 | Operating Leases | ||||
The Company leases certain property and equipment under cancelable and non-cancelable agreements including office space. | |||||
Minimum annual rentals for all operating leases having initial non-cancelable lease terms in excess of one year are as follows (in thousands): | |||||
Years Ending December 31, | Amount | ||||
2014 | $ | 1,167 | |||
2015 | 1,219 | ||||
2016 | 1,062 | ||||
2017 | 1,008 | ||||
2018 | 1,056 | ||||
Thereafter | 4,065 | ||||
Total future minimum rental payments | $ | 9,577 | |||
Total rent expense for all operating leases amounted to approximately $883,000, $1.2 million and $1.4 million in fiscal years 2013, 2012 and 2011, respectively. | |||||
Note_15_Stockholders_Equity
Note 15 - Stockholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||
15 | Stockholders’ Equity | ||||||||||||||
Holders of common stock are entitled to one vote for each share on all matters voted upon by the stockholders, including the election of directors, and do not have cumulative voting rights. Subject to the rights of holders of any then outstanding shares of preferred stock, common stockholders are entitled to receive ratably any dividends that may be declared by the Board of Directors out of funds legally available for that purpose. Holders of common stock are entitled to share ratably in net assets upon any dissolution or liquidation after payment of provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Common stock shares are not subject to any redemption provisions and are not convertible into any other shares of capital stock. The rights, preferences and privileges of holders of common stock are subject to those of the holders of any shares of preferred stock that may be issued in the future. | |||||||||||||||
The Board of Directors may authorize the issuance of one or more classes or series of preferred stock without stockholder approval and may establish the voting powers, designations, preferences and rights and restrictions of such shares. No preferred shares have been issued. | |||||||||||||||
Treasury and Forfeited Shares | |||||||||||||||
In October 2008, the Company announced a share-repurchase program to purchase up to $5 million in shares of common stock. In August 2010, the Company announced an increase to the share-repurchase program to purchase an additional $5 million in shares of common stock, for a total up to $10 million. The specific timing and amount of repurchase will vary based on market conditions, securities law limitations and other factors. During 2011, 286,000 shares were repurchased. There were no shares repurchases in 2013 or 2012. | |||||||||||||||
The Company accounts for the repurchase of treasury shares under the cost method. When shares are repurchased, cash is paid and the treasury stock account is debited for the price paid. Under the cost method, retirement of treasury stock would result in a debit to the common stock account for the original par value, a debit to additional paid-in capital for the excess between the par value and the original sales price, a debit to retained earnings for any excess amounts paid above the original sales price and a credit to the treasury stock account for the price paid. | |||||||||||||||
During 2011, one employee left the Company and forfeited 395 shares of restricted common stock. There were no forfeitures in 2012 and during 2013 there were 8,944 shares forfeited. Such stock was held as treasury stock and canceled during the year. At December 31, 2013 and 2012, there was no treasury stock held by the Company. | |||||||||||||||
Upon the vesting of unvested common stock (or restricted stock) the Company may withhold shares, based on the employee’s election, in order to satisfy federal tax withholdings. The shares held by the Company are considered constructively retired and are retired shortly after withholding. The Company then remits the withholding taxes required by the taxing agencies. During 2013, there were 6,652 shares withheld for tax purposes and retired. | |||||||||||||||
Stock-based Compensation and Grants | |||||||||||||||
The Company has a stock-based incentive plan that is administered by the Compensation Committee of the Board of Directors (the “2001 Plan”). The 2001 Plan is in effect until May 2021 as a result of a May 2011 amendment to extend its term for an additional ten years. The 2001 Plan provides for the issuance of stock awards for up to 1,000,000 shares of the Company’s common stock. The Compensation Committee may reward employees and non-employees with various types of awards including but not limited to warrants, stock options, common stock, and unvested common stock (or restricted stock) vesting on service or performance criteria. | |||||||||||||||
At December 31, 2013 there were 131,251 shares of common stock available under the 2001 Plan. The 2001 Plan has 123,751 shares available for issuance pursuant to future stock option and share grants and an additional 7,500 shares authorized for issuance to satisfy the future exercise of previously awarded stock options. | |||||||||||||||
No options are outstanding and no shares are or will be available for grant under the Company’s other option plans, all of which have been terminated. | |||||||||||||||
Common Stock Awards | |||||||||||||||
The 2001 plan provides for unvested (or restricted) and vested common stock grants, and pursuant to non-employee director compensation arrangements, non-employee directors of the Company were awarded unvested stock with one-year vesting as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Shares awarded to each non-employee director | 4,975 | 5,155 | 3,418 | ||||||||||||
Total shares awarded | 34,825 | 30,930 | 20,508 | ||||||||||||
Average grant-date market price per share | $ | 10.06 | $ | 9.7 | $ | 14.46 | |||||||||
Total compensation cost attributable to shares awarded | $ | 350,000 | $ | 300,000 | $ | 297,000 | |||||||||
Compensation cost recognized related to current and prior year awards | $ | 333,499 | $ | 283,333 | $ | 194,667 | |||||||||
In 2013, 2012 and 2011, several key employees were granted an aggregate total of 25,207, 149,704 and 25,815 shares of unvested common stock, respectively, with a market value of $9.30, $9.70 and $12.67 per share, respectively, resulting in compensation expense of $234,000, $1.5 million and $327,000, respectively, to be recognized ratably over the five-year restriction periods. | |||||||||||||||
In 2013, the Company issued 100,000 shares of unvested common stock to the Company’s CEO. These shares will vest on March 31, 2018 subject to the satisfaction of a performance condition. In order to recognize this compensation expense, the Company must assess, at each reporting period, whether it is probable that the performance condition will be met. These shares must also be re-valued at each reporting period until they vest. At December 31, 2013, the Company assessed that it would not be probable that the performance condition would be met and reversed the entire previously recorded compensation expense of $223,000. | |||||||||||||||
At December 31, 2013, total unrecognized compensation cost related to unvested common stock was $1.1 million. This cost is expected to be recognized over a weighted average period of 1.6 years. Pre-tax compensation expense for stock options and restricted stock grants was $809,000 (with no tax benefit due to tax valuation allowance), $694,000 ($451,000 after tax benefit of 35.0%) and $503,000 ($327,000 after tax benefit of 35.0%), in 2013, 2012 and 2011, respectively. Proceeds received by the Company from the exercise of options in 2013, 2012 and 2011 were $26,000, $66,000 and $43,000, respectively. In 2013, the Company also awarded common stock of $119,000 which had no service or performance vesting requirements which was treated as compensation expense in 2013. | |||||||||||||||
Stock Option Awards | |||||||||||||||
The following tables summarize the stock option activity under the 2001 Plan and previously active plans: | |||||||||||||||
2001 Plan | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Exercise | |||||||||||||||
Price | |||||||||||||||
Outstanding at December 31, 2011 | 53,900 | $ | 3.77 | ||||||||||||
Exercised | (24,400 | ) | 3.04 | ||||||||||||
Expired/forfeited | (7,300 | ) | 9.35 | ||||||||||||
Outstanding at December 31, 2012 | 22,200 | 3.08 | |||||||||||||
Exercised | (8,500 | ) | 3.08 | ||||||||||||
Expired/forfeited | (6,200 | ) | 3.07 | ||||||||||||
Outstanding at December 31, 2013 | 7,500 | 3.1 | |||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Price per Share | Number of Shares | Weighted Average Remaining Contractual Life (Yrs.) | Weighted Average Exercise Price per Share | Number of Shares | Weighted Average Exercise Price per Share | ||||||||||
$ | 3.1 | 7,500 | 0.61 | $ | 3.1 | 7,500 | $ | 3.1 | |||||||
Number of | Aggregate | ||||||||||||||
Shares | Intrinsic Value | ||||||||||||||
Total outstanding and vested in-the-money options at December 31, 2013 | 7,500 | $ | 53,879 | ||||||||||||
Total options exercised during 2013 | 8,500 | $ | 56,600 | ||||||||||||
For unexercised options, aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on December 31, 2013 and the exercise price, multiplied by the number of in-the-money option shares) that would have been received by the option holders had all option holders exercised their options and sold them on December 31, 2013. For options exercised during 2013, aggregate intrinsic value represents the total pre-tax intrinsic value based on the Company’s closing stock price on the day of exercise. | |||||||||||||||
At December 31, 2013, there was no unrecognized stock-based compensation expense related to stock options. | |||||||||||||||
Warrants | |||||||||||||||
Warrants attached to zero coupon notes were issued to certain members of management and to certain stockholders in 2001. These ten-year warrants to purchase shares of the Company’s common stock at $1.50 per share became exercisable 54 months from the July 2001 issue date, except that one warrant covering 322,661 shares by amendment became exercisable forty-two months from the issue date. These warrants were fully exercised prior to their 2011 expiration date. The following table shows the warrant shares outstanding and the proceeds that have been received by the Company from exercises during the three years ended December 31, 2013. | |||||||||||||||
Warrants Exercised | |||||||||||||||
Shares | Company’s | Year-End | |||||||||||||
Proceeds | Warrant | ||||||||||||||
from | Share | ||||||||||||||
Exercise | Balance | ||||||||||||||
Warrants exercised in 2011 | 75,431 | $ | 113,147 | - | |||||||||||
Warrants exercised in 2012 and 2013 | - | $ | - | - | |||||||||||
Note_16_Employee_Benefit_Plans
Note 16 - Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||||||
16 | Employee Benefit Plans | |||||||||||||||||||||
The Company maintains two defined contribution profit-sharing plan (401(k) plans) covering substantially all non-union persons employed by the Company, whereby employees may contribute a percentage of compensation, limited to maximum allowed amounts under the Internal Revenue Code. The Plans provide for discretionary employer contributions, the level of which, if any, may vary by subsidiary and is determined annually by each company’s board of directors. The Company made aggregate matching contributions of $1.1 million, $1.3 million and $1.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||||||
· | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||
· | If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||
The following table presents our participation in these plans (dollars in thousands): | ||||||||||||||||||||||
Pension Trust Fund | Pension Plan Employer Identification Number | Pension Protection Act (“PPA”) Certified Zone Status1 | FIP / RP Status Pending / Implemented2 | Contributions | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement3 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||
Pension Trust Fund for Operating Engineers Pension Plan | 94-6090764 | Red | Orange | Yes | $ | 1,654 | $ | 508 | $ | 246 | No | 6/30/14 | ||||||||||
Carpenter Funds Administrative Office | 94-6050970 | Red | Red | Yes | 759 | 47 | - | No | 6/30/14 | |||||||||||||
Laborers Pension Trust for Northern California | 94-6277608 | Yellow | Yellow | Yes | 897 | 431 | 64 | No | 6/30/14 | |||||||||||||
Cement Mason Pension Trust Fund For Northern California | 94-6277669 | Yellow | Yellow | Yes | 517 | 265 | 46 | No | 6/30/14 | |||||||||||||
All other funds (84)4 | 2,608 | 4,290 | 2,186 | Various | ||||||||||||||||||
Total Contributions: | $ | 6,435 | $ | 5,541 | $ | 2,542 | ||||||||||||||||
1The most recent PPA zone status available in 2013 and 2012 is for the plan’s year-end during 2012 and 2011, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | ||||||||||||||||||||||
2Indicates whether the plan has a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) which is either pending or has been implemented. | ||||||||||||||||||||||
3Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. | ||||||||||||||||||||||
4These funds include multiemployer plans for pensions and other employee benefits. The total individually insignificant multiemployer pension costs contributed were $603,000, $466,000 and $299,000 for 2013, 2012 and 2011, respectively, and are included in the contributions to all other funds along with contributions to other types of benefit plans. Other employee benefits include certain coverage for medical, prescription drug, dental, vision, life and accidental death and dismemberment, disability and other benefit costs. Due to our 2011 acquisitions (Refer to Note 2) there has been an increase in the number of Sterling employees that participate in multiemployer plans affecting the comparability between 2013, 2012 and 2011 years. The acquisitions occurred August 1, 2011 and resulted in five months of pension and other retirement expenses in that year. During 2012, the Company incurred the entire year of expenses. | ||||||||||||||||||||||
We currently have no intention of withdrawing from any of the multi-employer pension plans in which we participate. | ||||||||||||||||||||||
Note_17_Customers
Note 17 - Customers | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
17 | Customers | ||||||||||||||||||||||||
The following table shows contract revenues generated from the Company’s customers that accounted for more than 10% of revenues (dollars in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Texas Department of Transportation (“TxDOT”) | $ | * | * | % | $ | * | * | % | $ | 75,818 | 15.1 | % | |||||||||||||
Utah Department of Transportation (“UDOT”) | * | * | 100,658 | 16 | 144,398 | 28.8 | |||||||||||||||||||
California Department of Transportation (“Caltrans”) | 92,159 | 16.6 | 94,171 | 15 | * | * | |||||||||||||||||||
*Represents less than 10% of revenues | |||||||||||||||||||||||||
At December 31, 2013, Central Texas Mobility Constructors (“CTMC”) owed $16.3 million, Foursquare Properties Inc. owed $11.4 million and City of Honolulu owed $10.0 million to the Company, which is greater than 10% of contract receivables. At December 31, 2012, North Texas Tollway Authority (“NTTA”) owed $8.8 million to the Company, which is greater than 10% of contract receivables. At December 31, 2011, UDOT owed $8.8 million to the Company, which is greater than 10% of contract receivables. | |||||||||||||||||||||||||
Note_18_Related_Party_Transact
Note 18 - Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
18 | Related Party Transactions | |
The Company has limited related party transactions. The most material transactions relate to the Company’s RLW subsidiary and its executive management who own or have an ownership interest in certain real estate and other companies. RLW has historically performed construction contracts, leased properties, or has provided professional and other services for entities owned by the executive managers of RLW. The total RLW related party revenue related to construction contracts totaled $197,000, $78,000 and $284,000 in 2013, 2012 and 2011, respectively. The total RLW related party billings for professional and other services, which include accounting, payroll, reimbursement for computer and postage usage, provided by RLW was $870,000, $1.0 million and $655,000 in 2013, 2012 and 2011, respectively. RLW leases its main office and equipment maintenance shop for its Utah operations for $228,500 and $178,300 annually, respectively, plus common area maintenance charges of $80,800 and $71,700 per year, respectively. The office and shop leases expire in 2022. RLW had other miscellaneous related party transactions which aggregated to less than $152,000, $136,000 and $119,000 in 2013, 2012 and 2011, respectively. | ||
The Company had individually immaterial miscellaneous transactions with related parties that totaled $362,000, $416,000 and $314,000 in 2013, 2012 and 2011, respectively. | ||
During 2012, the Company entered into a business combination with Richard Buenting, the President and Chief Executive Officer of RHB. Refer to Note 2 for a description of the related party transaction. | ||
During 2011, the Company acquired JBC and agreed to pay an additional purchase price in the form of an earn-out which will be made to a related party as the former owner is the Chief Executive Officer. Refer to Note 2 for a description of the related party transaction. | ||
An independent member of senior management of the Company reviewed all related party purchases before they were transacted. | ||
Note_19_Quarterly_Financial_In
Note 19 - Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
19 | Quarterly Financial Information (amounts in thousands, except per share data) | ||||||||||||||||||||
The following table summarizes the unaudited quarterly results of operations for 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||
2013 Quarters Ended (unaudited) | |||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | |||||||||||||||||
Revenues | $ | 111,035 | $ | 133,350 | $ | 185,935 | $ | 125,916 | $ | 556,236 | |||||||||||
Gross profit (loss) | 1,385 | (16,635 | ) | 8,359 | (23,053 | ) | (29,944 | ) | |||||||||||||
Income (loss) before income taxes and earnings attributable to noncontrolling interests | (7,219 | ) | (25,967 | ) | 1,715 | (37,333 | ) | (68,804 | ) | ||||||||||||
Net loss attributable to Sterling common stockholders | (4,580 | ) | (17,025 | ) | (189 | ) | (52,135 | ) | (73,929 | ) | |||||||||||
Net loss per share attributable to Sterling common stockholders: | |||||||||||||||||||||
Basic | $ | (0.39 | ) | $ | (0.93 | ) | $ | (0.06 | ) | $ | (3.52 | ) | $ | (4.91 | ) | ||||||
Diluted | (0.39 | ) | (0.93 | ) | (0.06 | ) | (3.52 | ) | (4.91 | ) | |||||||||||
2012 Quarters Ended (unaudited) | |||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | |||||||||||||||||
Revenues | $ | 98,425 | $ | 168,709 | $ | 205,284 | $ | 158,089 | $ | 630,507 | |||||||||||
Gross profit | 1,873 | 15,159 | 14,170 | 16,270 | 47,472 | ||||||||||||||||
Income (loss) before income taxes and earnings attributable to noncontrolling interests | (3,781 | ) | 8,652 | 4,915 | 7,347 | 17,133 | |||||||||||||||
Net income (loss) attributable to Sterling common stockholders | (7,500 | ) | 3,287 | 990 | 2,926 | (297 | ) | ||||||||||||||
Net income (loss) per share attributable to Sterling common stockholders: | |||||||||||||||||||||
Basic | $ | (0.44 | ) | $ | 0.15 | $ | 0.01 | $ | 0.01 | $ | (0.26 | ) | |||||||||
Diluted | (0.44 | ) | 0.15 | 0.01 | 0.01 | (0.26 | ) | ||||||||||||||
The Company’s operating revenues tend to be somewhat higher in the summer months which are typically due to warmer and dryer weather conditions. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. However, from time to time, the Company’s operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. | |||||||||||||||||||||
During the first, second and fourth quarters of 2013, the Company recorded changes in estimated revenues and gross margin which resulted in net charges of $4.3 million, $20.6 million and $37.7 million, respectively. A significant portion of these revisions were attributable to three projects. Furthermore, during the fourth quarter, management recorded a valuation allowance of $28.2 million on the net deferred tax assets as a result of the fourth quarter revisions mentioned above. Refer to Note 12 for our disclosure regarding income taxes and deferred assets and liabilities. | |||||||||||||||||||||
During the first quarter of 2012, the Company recorded a $4.4 million after-tax charge, or $0.27 per diluted share attributable to Sterling common shareholders, related to an agreement with the noncontrolling interest owners of RLW to exclude the impact of any goodwill impairment from earning attributable to such owners. | |||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Certain of the Company’s accounting policies require higher degrees of judgment than others in their application. These include the recognition of revenue and earnings from construction contracts under the percentage-of-completion method, the valuation of long-term assets (including goodwill), and income taxes. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual amounts could differ from those estimates. | |||||||||||||
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block] | ' | ||||||||||||
Construction Revenue Recognition | |||||||||||||
The Company is a general contractor which engages in various types of heavy civil construction projects principally for public (government) owners. Credit risk is minimal with public owners since the Company ascertains that funds have been appropriated by the governmental project owner prior to commencing work on such projects. While most public contracts are subject to termination at the election of the government entity, in the event of termination the Company is entitled to receive the contract price for completed work and reimbursement of termination-related costs. Credit risk with private owners is minimized because of statutory mechanics liens, which give the Company high priority in the event of lien foreclosures following financial difficulties of private owners. | |||||||||||||
Revenues are recognized on the percentage-of-completion method, measured by the ratio of costs incurred up to a given date to estimated total costs for each contract. Our contracts generally take 12 to 36 months to complete. | |||||||||||||
Contract costs include all direct material, labor, subcontract and other costs and those indirect costs related to contract performance, such as indirect salaries and wages, equipment repairs and depreciation, insurance and payroll taxes. Administrative and general expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Changes in estimated revenues and gross margin during the year ended December 31, 2013 resulted in a net charge of $57.6 million included in operating loss, or $3.46 per diluted share attributable to Sterling common stockholders, included in net loss attributable to Sterling common stockholders. Changes in estimated revenues and gross margin during the year ended December 31, 2012 resulted in a net charge of $4.9 million included in operating loss and a $5.3 million after-tax charge, or $0.32 per diluted share attributable to Sterling common stockholders, included in net income attributable to Sterling common stockholders. An amount attributable to contract claims is included in revenues when realization is probable and the amount can be reasonably estimated. There were no costs and estimated earnings in excess of billings at December 31, 2013 and 2012, respectively, for contract claims not approved by the customer (which includes out-of-scope work, potential or actual disputes, and claims). The Company generally provides a one to two-year warranty for workmanship under its contracts. Warranty claims historically have been insignificant. | |||||||||||||
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed on these contracts. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized on these contracts. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Financial Instruments | |||||||||||||
The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company’s financial instruments are cash and cash equivalents, short-term investments, short-term and long-term contracts receivable, derivatives, accounts payable, mortgage and notes payable, a credit facility with Comerica Bank (“Credit Facility”), the buy/sell agreement related to certain noncontrolling owners’ interests in subsidiaries and an earn-out liability related to the acquisition of J. Banicki Construction, Inc. (“JBC”). The recorded values of cash and cash equivalents, short-term investments, short-term contracts receivable and accounts payable approximate their fair values based on their short-term nature. The recorded value of long-term contracts receivable is based on the amount of future cash flows discounted using the creditor’s borrowing rate and such recorded value approximates fair value. The recorded value of the Credit Facility debt approximates its fair value, as interest approximates market rates. Refer to Note 9 regarding the fair value of derivatives and Note 2 regarding the fair value of the put and the earn-out liability along with the current amendments. The Company had one mortgage outstanding at December 31, 2013 and December 31, 2012 with a remaining balance of $189,000 and $262,000, respectively. The mortgage was accruing interest at 3.50% at both December 31, 2013 and December 31, 2012 and contains pre-payment penalties. At December 31, 2013 and December 31, 2012 the fair value of the mortgage approximated its book value. The Company also has long-term notes payable of $468,000 related to machinery and equipment purchased which have payment terms ranging from 3 to 5 years and associated interest rates ranging from 4.24% to 6.29%. The fair value of the notes payable approximates their book value. The Company does not have any off-balance sheet financial instruments other than operating leases (Refer to Note 14) | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Contracts Receivable | |||||||||||||
Contracts receivable are generally based on amounts billed to the customer. At December 31, 2013 and 2012, contracts receivable included $18.3 million and $18.1 million of retainage, respectively, discussed below, which is being withheld by customers until completion of the contracts, and at December 31, 2013, there were no unbilled receivables on contracts completed or substantially complete at that date. All contracts receivable include only balances approved for payment by the customer. | |||||||||||||
Many of the contracts under which the Company performs work contain retainage provisions. Retainage refers to that portion of billings made by the Company but held for payment by the customer pending satisfactory completion of the project. Unless reserved, the Company assumes that all amounts retained by customers under such provisions are fully collectible. Retainage on active contracts is classified as a current asset regardless of the term of the contract and is generally collected within one year of the completion of a contract. | |||||||||||||
There are certain contracts that are completed in advance of full payment. When the receivable will not be collected within our normal operating cycle, we consider it a long-term contract receivable and it is recorded in “Other assets, net” in our balance sheet. At December 2013 and 2012, there was $7.8 million and $4.6 million recorded, respectively. We consider the credit quality of the borrower to assess the appropriate discount rate to apply and continuously monitor the borrower’s credit quality. | |||||||||||||
Contracts receivable are written off based on individual credit evaluation and specific circumstances of the customer, when such treatment is warranted. In 2013, the Company wrote off $1.8 million of contracts receivable to bad debt expense which was recorded in “Other operating income.” There was no bad debt expense recorded in 2012 or 2011. | |||||||||||||
Based upon a review of outstanding contracts receivable, historical collection information and existing economic conditions, management has determined that all contracts receivable at December 31, 2013 are fully collectible, and accordingly, no allowance for doubtful accounts against contracts receivable is necessary | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventories | |||||||||||||
The Company’s inventories are stated at the lower of cost or market as determined by the average cost method. Inventories at December 31, 2013 and 2012 consist primarily of concrete, aggregate and millings which are expected to be utilized on construction projects in the future. The cost of inventory includes labor, trucking and other equipment costs. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method. The estimated useful lives used for computing depreciation and amortizations are as follows: | |||||||||||||
Buildings (years) | 39 | ||||||||||||
Construction equipment (years) | 5 | - | 15 | ||||||||||
Land improvements (years) | 5 | - | 15 | ||||||||||
Office furniture and fixtures (years) | 3 | - | 10 | ||||||||||
Leasehold improvements (years or lease period, if shorter) | 3 | - | 10 | ||||||||||
Transportation equipment (years) | 5 | ||||||||||||
Depreciation expense was $18.6 million, $19.0 million and $16.9 million in 2013, 2012 and 2011, respectively | |||||||||||||
Lease, Policy [Policy Text Block] | ' | ||||||||||||
Leases | |||||||||||||
We lease property and equipment in the ordinary course of our business. Our leases have varying terms. Some may include renewal options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. | |||||||||||||
Equipment under Capital Leases | |||||||||||||
The Company’s policy is to account for capital leases, which transfer substantially all the benefits and risks incident to the ownership of the leased property to the Company, as the acquisition of an asset and the incurrence of an obligation. Under this method of accounting, the recorded value of the leased asset is amortized principally using the straight-line method over its estimated useful life and the obligation, including interest thereon, is reduced through payments over the life of the lease. Depreciation expense on equipment subject to capital leases and the related accumulated depreciation is included with that of owned equipment. The Company had no capital leases during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||
Deferred Loan Costs | |||||||||||||
Deferred loan costs represent loan origination fees paid to the lender and related professional fees such as legal fees related to drafting of loan agreements. These fees are amortized over the term of the loan. Unamortized costs are $212,000 and $289,000 at December 31, 2013 and 2012, respectively, and are attributable to the Credit Facility (Refer to Note 11). Loan cost amortization expense for fiscal years 2013, 2012 and 2011 was $77,000, $32,000 and $326,000, respectively. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill and Intangibles | |||||||||||||
Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the dates of acquisition. GAAP requires that: (1) goodwill and indefinite lived intangible assets not be amortized, (2) goodwill is to be tested for impairment at least annually at the reporting unit level and (3) intangible assets deemed to have an indefinite life are to be tested for impairment at least annually by comparing the fair value of these assets with their recorded amounts. Refer to Note 8 for our disclosure regarding goodwill impairment. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
Evaluating Impairment of Long-Lived Assets | |||||||||||||
When events or changes in circumstances indicate that long-lived assets may be impaired, an evaluation is performed. The evaluation would be based on estimated undiscounted cash flow associated with the assets as compared to the asset’s carrying amount to determine if a write-down to fair value is required. As described in Note 8, the testing under step one of the goodwill impairment test in 2011 indicated the adjusted fair value of the Company’s stock was less than its book value. Management then determined the fair value of its assets and liabilities, and found that no long-lived assets were impaired except for goodwill in 2011. There was no impairment in 2012 and for 2013 management believes that there are no events or changes in circumstances which have indicated that long-lived assets may be impaired. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
Segment reporting | |||||||||||||
We operate in one segment and have only one reportable segment and one reporting unit component: heavy civil construction. In making this determination, the Company considered the discrete financial information used by our Chief Operating Decision Maker (“CODM”). Based on this approach, the Company noted that the CODM organizes, evaluates and manages the financial information around each heavy civil construction project when making operating decisions and assessing the Company’s overall performance. The service provided by the Company, in all instances of our construction projects, is heavy civil construction. Furthermore, we considered that each heavy civil construction project has similar characteristics, includes similar services, has similar types of customers and is subject to similar economic and regulatory environments which would allow aggregation of individual operating segments into one reportable segment if multiple operating segments existed. | |||||||||||||
The Company noted that even if our local offices were to be considered separate components of our heavy civil construction operating segment, those components could be aggregated into a single reporting unit for purposes of testing goodwill for impairment under Accounting Standards Codification 280 and EITF D-101 because our local offices all have similar economic characteristics and are similar in all of the following areas: | |||||||||||||
· | The nature of the products and services — each of our local offices perform similar construction projects — they build, reconstruct and repair roads, highways, bridges, light rail and water, waste water and storm drainage systems. | ||||||||||||
· | The nature of the production processes — our heavy civil construction services rendered in the construction process for each of our construction projects performed by each local office is the same — they excavate dirt, remove existing pavement and pipe, lay aggregate or concrete pavement, pipe and rail and build bridges and similar large structures in order to complete our projects. | ||||||||||||
· | The type or class of customer for products and services — substantially all of our customers are federal and state departments of transportation, cities, counties, and regional water, rail and toll-road authorities. A substantial portion of the funding for the state departments of transportation to finance the projects we construct is furnished by the federal government. | ||||||||||||
· | The methods used to distribute products or provide services — the heavy civil construction services rendered on our projects are performed primarily with our own field work crews (laborers, equipment operators and supervisors) and equipment (backhoes, loaders, dozers, graders, cranes, pug mills, crushers, and concrete and asphalt plants). | ||||||||||||
· | The nature of the regulatory environment — we perform substantially all of our projects for federal, state and municipal governmental agencies, and all of the projects that we perform are subject to substantially similar regulation under U.S. and state department of transportation rules, including prevailing wage and hour laws; codes established by the federal government and municipalities regarding water and waste water systems installation; and laws and regulations relating to workplace safety and worker health of the U.S. Occupational Safety and Health Administration and to the employment of immigrants of the U.S. Department of Homeland Security. | ||||||||||||
While profit margin objectives included in contract bids have some variability from contract to contract, our profit margin objectives are not differentiated by our CODM or our office management based on local office location. Instead, the projects undertaken by each local office are primarily competitively-bid, fixed unit or negotiated lump sum price contracts, all of which are bid based on achieving gross margin objectives that reflect the relevant skills required, the contract size and duration, the availability of our personnel and equipment, the makeup and level of our existing backlog, our competitive advantages and disadvantages, prior experience, the contracting agency or customer, the source of contract funding, anticipated start and completion dates, construction risks, penalties or incentives and general economic conditions. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Federal and State Income Taxes | |||||||||||||
We determine deferred income tax assets and liabilities using the balance sheet method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company’s stock-based incentive plan is administered by the Compensation Committee of the Board of Directors. The Compensation Committee may reward employees and non-employees with various types of awards including but not limited to warrants, stock options, common stock, and unvested common stock (or restricted stock) vesting on service or performance criteria. The Company recognizes expense based on the grant-date fair value of the award and amortizes the award based on accelerated or straight line methods. Awards based on performance vesting are subsequently remeasured at each reporting date through the settlement date. | |||||||||||||
Upon the vesting of unvested common stock the Company may withhold shares, based on the employee’s election, in order to satisfy federal tax withholdings. The shares held by the Company are considered constructively retired and are retired shortly after withholding. The Company then remits the withholding taxes required. Refer to Note 15 for further information regarding the stock-based incentive plans. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Net Loss Per Share Attributable to Sterling Common Stockholders | |||||||||||||
Basic net loss per share attributable to Sterling common stockholders is computed by dividing net loss attributable to Sterling common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share attributable to Sterling common stockholders is the same as basic net loss per share attributable to Sterling common stockholders but assumes the exercise of any convertible subordinated debt securities and includes dilutive stock options and warrants using the treasury stock method. The following table reconciles the numerators and denominators of the basic and diluted per common share computations for net loss attributable to Sterling common stockholders for 2013, 2012 and 2011 (in thousands, except per share data): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to Sterling common stockholders | $ | (73,929 | ) | $ | (297 | ) | $ | (35,900 | ) | ||||
Revaluation of noncontrolling interest put/call liability reflected in additional paid in capital or retained earnings, net of tax | (7,686 | ) | (3,992 | ) | (824 | ) | |||||||
$ | (81,615 | ) | $ | (4,289 | ) | $ | (36,724 | ) | |||||
Denominator: | |||||||||||||
Weighted average common shares outstanding — basic | 16,635 | 16,421 | 16,396 | ||||||||||
Shares for dilutive stock options and warrants | - | - | - | ||||||||||
Weighted average common shares outstanding and assumed conversions— diluted | 16,635 | 16,421 | 16,396 | ||||||||||
Basic net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) | ||||
Diluted net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) | ||||
Options outstanding but considered antidilutive as the option exercise price exceeded the average share market price were: zero in 2013 and 2012 and 53,900 in 2011. In addition, 160,206, 109,424 and 88,426 shares for stock options and warrants were excluded from the diluted weighted average common shares outstanding in 2013, 2012 and 2011, respectively, as the Company incurred a loss in these years and the impact of such shares would have been antidilutive. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU clarifies the financial statement presentation of unrecognized tax benefits in certain circumstances. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the Company's consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date," which addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-04 to have a material impact on the Company's consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued amended authoritative guidance associated with comprehensive income which requires companies to provide information about the amounts that are reclassified out of accumulated other comprehensive income by component. Additionally, companies are required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendment was effective for the Company on January 1, 2013. The impact of the adoption of this guidance on the Company’s consolidated financial statements was limited to providing the additional disclosures. We have presented the disclosures required by this amendment in Note 10. | |||||||||||||
In July 2012, the FASB amended authoritative guidance associated with indefinite-lived intangible assets. This amended guidance states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not that the indefinite-lived intangible asset is impaired. The amendments to this authoritative guidance became effective for the Company after September 15, 2012. The Company does not currently have indefinite-lived intangible assets, other than goodwill; therefore, this guidance did not have a material impact on the Company’s consolidated financial statements. |
Note_1_Summary_of_Business_and1
Note 1 - Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Property, Plant, and Equipment Useful Lives [Table Text Block] | ' | ||||||||||||
Buildings (years) | 39 | ||||||||||||
Construction equipment (years) | 5 | - | 15 | ||||||||||
Land improvements (years) | 5 | - | 15 | ||||||||||
Office furniture and fixtures (years) | 3 | - | 10 | ||||||||||
Leasehold improvements (years or lease period, if shorter) | 3 | - | 10 | ||||||||||
Transportation equipment (years) | 5 | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to Sterling common stockholders | $ | (73,929 | ) | $ | (297 | ) | $ | (35,900 | ) | ||||
Revaluation of noncontrolling interest put/call liability reflected in additional paid in capital or retained earnings, net of tax | (7,686 | ) | (3,992 | ) | (824 | ) | |||||||
$ | (81,615 | ) | $ | (4,289 | ) | $ | (36,724 | ) | |||||
Denominator: | |||||||||||||
Weighted average common shares outstanding — basic | 16,635 | 16,421 | 16,396 | ||||||||||
Shares for dilutive stock options and warrants | - | - | - | ||||||||||
Weighted average common shares outstanding and assumed conversions— diluted | 16,635 | 16,421 | 16,396 | ||||||||||
Basic net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) | ||||
Diluted net loss per share attributable to Sterling common stockholders | $ | (4.91 | ) | $ | (0.26 | ) | $ | (2.24 | ) |
Note_2_Acquisitions_and_Subsid1
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
Schedule of Components of Agreement Obligation [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Member’s interest subject to mandatory redemption | $ | 20,000 | $ | - | |||||||||
Undistributed earnings attributable to this interest | 3,989 | - | |||||||||||
Total liability | $ | 23,989 | $ | - | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||
Assets acquired and liabilities assumed: | |||||||||||||
Current assets, including cash of $4,662 | $ | 8,839 | |||||||||||
Current liabilities | (5,708 | ) | |||||||||||
Working capital acquired | 3,131 | ||||||||||||
Property and equipment | 2,018 | ||||||||||||
Other | 9 | ||||||||||||
Total tangible net assets acquired at fair value | 5,158 | ||||||||||||
Goodwill | 4,803 | ||||||||||||
Total consideration | 9,961 | ||||||||||||
Fair value of earn-out | (2,370 | ) | |||||||||||
Cash paid, net of $409 receivable from seller | $ | 7,591 | |||||||||||
Assets acquired and liabilities assumed: | |||||||||||||
Current assets, including cash of $654 | $ | 3,207 | |||||||||||
Current liabilities | (2,464 | ) | |||||||||||
Working capital acquired | 743 | ||||||||||||
Property and equipment | 708 | ||||||||||||
Debt due to noncontrolling interest owner | (500 | ) | |||||||||||
Total tangible net assets acquired at fair value | 951 | ||||||||||||
Goodwill | 1,502 | ||||||||||||
Total consideration | 2,453 | ||||||||||||
Fair value of noncontrolling owners’ interest in Myers | (1,226 | ) | |||||||||||
Cash paid | $ | 1,227 | |||||||||||
Schedule of Changes in Noncontrolling Interests and Joint Ventures [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of period | $ | 20,046 | $ | 18,375 | $ | 28,724 | |||||||
Net income attributable to noncontrolling interest included in liabilities | 2,024 | 16,941 | 935 | ||||||||||
Net income attributable to noncontrolling interest included in equity | 1,879 | 1,068 | 261 | ||||||||||
Accretion of interest on puts | - | 993 | 881 | ||||||||||
Change in fair value of RLW put/call | (59 | ) | 3,797 | 1,268 | |||||||||
Change in fair value of RHB put/call | 1,875 | 2,473 | 1,054 | ||||||||||
Change due to the RHB amendment | (18,103 | ) | - | - | |||||||||
Acquisition by Sterling of RHB noncontrolling interest | - | - | (8,205 | ) | |||||||||
Noncontrolling interest associated with Myers acquisition | - | - | 1,227 | ||||||||||
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies | - | 9,767 | - | ||||||||||
Distributions to noncontrolling interests owners | (3,056 | ) | (10,185 | ) | (7,809 | ) | |||||||
Acquisition of RLW noncontrolling interest | (509 | ) | (23,144 | ) | - | ||||||||
Other | - | (39 | ) | 39 | |||||||||
Balance, end of period | $ | 4,097 | $ | 20,046 | $ | 18,375 |
Note_3_Variable_Interest_Entit1
Note 3 - Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 3 - Variable Interest Entities (Tables) [Line Items] | ' | ||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 566 | $ | 7,164 | |||||||||
Contracts receivable, including retainage | 6,475 | 2,866 | |||||||||||
Other current assets | 7,964 | 1,214 | |||||||||||
Total current assets | 15,005 | 11,244 | |||||||||||
Property and equipment, net | 6,869 | 3,041 | |||||||||||
Other assets, net | 5 | - | |||||||||||
Goodwill | 1,501 | 1,501 | |||||||||||
Total assets | $ | 23,380 | $ | 15,786 | |||||||||
Liabilities: | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 8,361 | $ | 4,627 | |||||||||
Other current liabilities | 7,080 | 6,283 | |||||||||||
Total current liabilities | 15,441 | 10,910 | |||||||||||
Long-term liabilities: | |||||||||||||
Other long-term liabilities | 137 | - | |||||||||||
Total long-term liabilities | 137 | - | |||||||||||
Total liabilities | $ | 15,578 | $ | 10,910 | |||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total combined: | |||||||||||||
Revenues | $ | 135,699 | $ | 438,756 | $ | 440,085 | |||||||
Income before tax | $ | (20,758 | ) | $ | 95,765 | $ | 46,683 | ||||||
Sterling’s noncontrolling interest: | |||||||||||||
Share of revenues | $ | 54,096 | $ | 82,519 | $ | 62,763 | |||||||
Share of income before tax | $ | (11,088 | ) | $ | 12,424 | $ | 6,417 | ||||||
Myers [Member] | ' | ||||||||||||
Note 3 - Variable Interest Entities (Tables) [Line Items] | ' | ||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||
Year Ended | Year Ended | Period from | |||||||||||
December 31, | December 31, | 1-Aug-11 | |||||||||||
2013 | 2012 | (the acquisition | |||||||||||
date) to | |||||||||||||
December 31, | |||||||||||||
2011 | |||||||||||||
Revenues | $ | 82,421 | $ | 84,877 | $ | 7,153 | |||||||
Operating income | 3,764 | 2,152 | 531 | ||||||||||
Net income attributable to Sterling common stockholders | 1,879 | 694 | 170 |
Note_4_Cash_and_Cash_Equivalen1
Note 4 - Cash and Cash Equivalents and Short-term Investments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Cash, Cash Equivalents and Investments [Table Text Block] | ' | ||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Gross | Gross | |||||||||||||||||
Value | Unrealized | Unrealized | |||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
(pre-tax) | (pre-tax) | ||||||||||||||||||||
Mutual funds | $ | 27,582 | $ | 27,582 | $ | - | $ | 337 | $ | 9 | |||||||||||
Municipal bonds | 21,629 | - | 21,629 | 862 | 128 | ||||||||||||||||
Total securities available-for-sale | $ | 49,211 | $ | 27,582 | $ | 21,629 | $ | 1,199 | $ | 137 |
Note_5_Costs_and_Estimated_Ear1
Note 5 - Costs and Estimated Earnings and Billings on Uncompleted Contracts (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contractors [Abstract] | ' | ||||||||
Schedule of Excess Billings Over Earnings [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Costs incurred and estimated earnings on uncompleted contracts | $ | 1,334,322 | $ | 1,361,973 | |||||
Billings on uncompleted contracts | (1,354,214 | ) | (1,360,299 | ) | |||||
Excess of costs incurred and estimated earnings over billings (excess of billings over costs incurred and estimated earnings) on uncompleted contracts | $ | (19,892 | ) | $ | 1,674 | ||||
Schedule of Net Amount of Costs And Earnings on Uncompleted Contracts [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 11,684 | $ | 20,592 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (31,576 | ) | (18,918 | ) | |||||
Net amount of costs and estimated earnings on uncompleted contracts above (below) billings | $ | (19,892 | ) | $ | 1,674 |
Note_6_Construction_Joint_Vent1
Note 6 - Construction Joint Ventures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total combined: | |||||||||||||
Current assets | $ | 51,329 | $ | 92,102 | |||||||||
Less current liabilities | (64,531 | ) | (48,002 | ) | |||||||||
Net assets | $ | (13,202 | ) | $ | 44,100 | ||||||||
Backlog | $ | 101,014 | $ | 213,924 | |||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Sterling’s noncontrolling interest in backlog | $ | 30,652 | $ | 77,222 | |||||||||
Sterling’s receivables from and equity in construction joint ventures | $ | 6,118 | $ | 11,005 | |||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total combined: | |||||||||||||
Revenues | $ | 135,699 | $ | 438,756 | $ | 440,085 | |||||||
Income before tax | $ | (20,758 | ) | $ | 95,765 | $ | 46,683 | ||||||
Sterling’s noncontrolling interest: | |||||||||||||
Share of revenues | $ | 54,096 | $ | 82,519 | $ | 62,763 | |||||||
Share of income before tax | $ | (11,088 | ) | $ | 12,424 | $ | 6,417 |
Note_7_Property_and_Equipment_
Note 7 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Construction equipment | $ | 127,199 | $ | 130,014 | |||||
Transportation equipment | 19,132 | 19,266 | |||||||
Buildings | 10,512 | 10,176 | |||||||
Office equipment | 2,025 | 1,279 | |||||||
Leasehold Improvement | 816 | - | |||||||
Land | 5,309 | 4,916 | |||||||
Water rights | 200 | 200 | |||||||
165,193 | 165,851 | ||||||||
Less accumulated depreciation | (71,510 | ) | (63,543 | ) | |||||
$ | 93,683 | $ | 102,308 |
Note_8_Goodwill_Tables
Note 8 - Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Schedule of Goodwill [Table Text Block] | ' | ||||
Balance at January 1, 2011 | $ | 114,745 | |||
Additional goodwill related to 2011 acquisitions | 6,305 | ||||
Goodwill impairment in 2011 | (67,000 | ) | |||
Balance at December 31, 2011 | 54,050 | ||||
Additional goodwill related to acquisitions | 360 | ||||
Goodwill adjustments | 410 | ||||
Balance at December 31, 2012 and 2013 | $ | 54,820 |
Note_9_Derivative_Financial_In1
Note 9 - Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||
Derivative assets: | |||||||||||||
Deposits and other current assets | $ | 109 | $ | 7 | |||||||||
Other assets, net | 8 | 1 | |||||||||||
$ | 117 | $ | 8 | ||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Increase (decrease) in fair value of derivatives included in other comprehensive income (loss) (effective portion) | $ | 109 | $ | 231 | $ | (223 | ) | ||||||
Realized gain (loss) included in cost of revenues (effective portion) | 48 | (66 | ) | (111 | ) | ||||||||
Increase (decrease) in fair value of derivatives included in cost of revenues (ineffective portion) | - | - | - |
Note_10_Changes_in_Accumulated1
Note 10 - Changes in Accumulated Other Comprehensive Income by Component (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Twelve Months Ended December 31, 2013 (*) | ||||||||||||||
Unrealized | Unrealized | Total | ||||||||||||
Gain and | Gain and | |||||||||||||
Loss on | Loss on | |||||||||||||
Available- | Cash Flow | |||||||||||||
for-sale | Hedges | |||||||||||||
Securities | ||||||||||||||
Beginning Balance | $ | 691 | $ | 5 | $ | 696 | ||||||||
Other comprehensive loss before reclassification | (601 | ) | 157 | (444 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (90 | ) | (48 | ) | (138 | ) | ||||||||
Tax valuation allowance | - | 3 | 3 | |||||||||||
Net current-period other comprehensive loss | (691 | ) | 112 | (579 | ) | |||||||||
Ending Balance | $ | - | $ | 117 | $ | 117 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||
Amount Reclassified From | ||||||||||||||
Accumulated Other | ||||||||||||||
Comprehensive Income (*) | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
Details About Accumulated Other | 2013 | 2012 | 2011 | Statement of | ||||||||||
Comprehensive Income Components | Operations | |||||||||||||
Classification | ||||||||||||||
Realized gains on available-for sale securities | $ | 90 | $ | 785 | $ | 44 | Gain on sale of securities and other | |||||||
Less: Income tax expense | (33 | ) | (275 | ) | (15 | ) | Income tax (expense) benefit | |||||||
Tax valuation allowance | 33 | - | - | |||||||||||
Total reclassification related to available-for-sale securities | $ | 90 | $ | 510 | $ | 29 | Net income (loss) | |||||||
Realized gains (losses) on cash flow hedges | $ | 48 | $ | (66 | ) | $ | (111 | ) | Cost of revenues | |||||
Less: Income tax (expense) benefit | (17 | ) | 23 | 39 | Income tax (expense) benefit | |||||||||
Tax valuation allowance | 17 | - | - | |||||||||||
Total reclassification related to cash flow hedges | $ | 48 | $ | (43 | ) | $ | (72 | ) | Net income (loss) |
Note_11_Line_of_Credit_and_Lon1
Note 11 - Line of Credit and Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Credit facility | $ | 7,808 | $ | 24,012 | |||||
Mortgage due monthly through June 2016 | 189 | 262 | |||||||
Notes payable for transportation and construction equipment | 468 | - | |||||||
8,465 | 24,274 | ||||||||
Less current maturities of long-term debt | (134 | ) | (73 | ) | |||||
Total long-term debt | $ | 8,331 | $ | 24,201 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Years Ending December 31, | Amount | ||||||||
2014 | $ | 134 | |||||||
2015 | 264 | ||||||||
2016 | 7,926 | ||||||||
2017 | 69 | ||||||||
2018 | 72 | ||||||||
Thereafter | - | ||||||||
$ | 8,465 |
Note_12_Income_Taxes_and_Defer1
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current tax expense (benefit) | $ | (3,928 | ) | $ | 588 | $ | 1,639 | ||||||||||||||||||
Deferred tax expense (benefit) | 5,150 | (1,167 | ) | (18,651 | ) | ||||||||||||||||||||
Total tax expense (benefit) | $ | 1,222 | $ | (579 | ) | $ | (17,012 | ) | |||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current | Long Term | Current | Long Term | ||||||||||||||||||||||
Assets related to: | |||||||||||||||||||||||||
Accrued compensation and other | $ | 265 | $ | 451 | $ | 1,803 | $ | - | |||||||||||||||||
Amortization and impairment of goodwill | - | 11,108 | - | 13,181 | |||||||||||||||||||||
Accreted interest to put | - | 985 | - | 939 | |||||||||||||||||||||
Contingency on lawsuit | - | 106 | - | 130 | |||||||||||||||||||||
Noncontrolling interest | - | 1,439 | - | 915 | |||||||||||||||||||||
Deferred revenue | 6,993 | - | - | - | |||||||||||||||||||||
Revaluation of put/call liabilities | - | 5,127 | - | 2,194 | |||||||||||||||||||||
Net operating loss carryforwards | - | 18,302 | - | - | |||||||||||||||||||||
Valuation allowance for deferred tax assets | (7,258 | ) | (23,773 | ) | - | - | |||||||||||||||||||
Liabilities related to: | |||||||||||||||||||||||||
Depreciation of property and equipment | - | (12,669 | ) | - | (13,615 | ) | |||||||||||||||||||
Noncontrolling interest | - | - | - | - | |||||||||||||||||||||
Other | - | (1,076 | ) | - | (771 | ) | |||||||||||||||||||
Net asset | $ | - | $ | - | $ | 1,803 | $ | 2,973 | |||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Tax expense (benefit) at the U.S. federal statutory rate | $ | (24,081 | ) | 35 | % | $ | 5,997 | 35 | % | $ | (18,101 | ) | 35 | % | |||||||||||
State tax based on income, net of refunds and federal benefits | (1,280 | ) | 1.8 | (58 | ) | (0.3 | ) | (573 | ) | 1.1 | |||||||||||||||
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling interests owners | (1,375 | ) | 2 | (5,938 | ) | (34.7 | ) | (444 | ) | 0.9 | |||||||||||||||
Tax benefits of Domestic Production Activities Deduction | - | - | (84 | ) | (0.5 | ) | (202 | ) | 0.4 | ||||||||||||||||
Impairment associated with goodwill that is not amortizable for tax | - | - | - | - | 2,603 | (5.0 | ) | ||||||||||||||||||
Valuation Allowance | 28,215 | (41.0 | ) | - | - | - | - | ||||||||||||||||||
Non-taxable interest income | (195 | ) | 0.3 | (529 | ) | (3.1 | ) | (376 | ) | 0.7 | |||||||||||||||
Other permanent differences | (62 | ) | 0.1 | 33 | 0.2 | 81 | (0.2 | ) | |||||||||||||||||
Income tax expense (benefit) | $ | 1,222 | (1.8 | )% | $ | (579 | ) | (3.4 | )% | $ | (17,012 | ) | 32.9 | % | |||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | ' | ||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||
2020 | $ | 963 | |||||||||||||||||||||||
2028 | 14,141 | ||||||||||||||||||||||||
2033 | 62,686 | ||||||||||||||||||||||||
Total | $ | 77,790 |
Note_14_Operating_Leases_Table
Note 14 - Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | ||||
Years Ending December 31, | Amount | ||||
2014 | $ | 1,167 | |||
2015 | 1,219 | ||||
2016 | 1,062 | ||||
2017 | 1,008 | ||||
2018 | 1,056 | ||||
Thereafter | 4,065 | ||||
Total future minimum rental payments | $ | 9,577 |
Note_15_Stockholders_Equity_Ta
Note 15 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Shares awarded to each non-employee director | 4,975 | 5,155 | 3,418 | ||||||||||||
Total shares awarded | 34,825 | 30,930 | 20,508 | ||||||||||||
Average grant-date market price per share | $ | 10.06 | $ | 9.7 | $ | 14.46 | |||||||||
Total compensation cost attributable to shares awarded | $ | 350,000 | $ | 300,000 | $ | 297,000 | |||||||||
Compensation cost recognized related to current and prior year awards | $ | 333,499 | $ | 283,333 | $ | 194,667 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||
2001 Plan | |||||||||||||||
Shares | Weighted | ||||||||||||||
Average | |||||||||||||||
Exercise | |||||||||||||||
Price | |||||||||||||||
Outstanding at December 31, 2011 | 53,900 | $ | 3.77 | ||||||||||||
Exercised | (24,400 | ) | 3.04 | ||||||||||||
Expired/forfeited | (7,300 | ) | 9.35 | ||||||||||||
Outstanding at December 31, 2012 | 22,200 | 3.08 | |||||||||||||
Exercised | (8,500 | ) | 3.08 | ||||||||||||
Expired/forfeited | (6,200 | ) | 3.07 | ||||||||||||
Outstanding at December 31, 2013 | 7,500 | 3.1 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Price per Share | Number of Shares | Weighted Average Remaining Contractual Life (Yrs.) | Weighted Average Exercise Price per Share | Number of Shares | Weighted Average Exercise Price per Share | ||||||||||
$ | 3.1 | 7,500 | 0.61 | $ | 3.1 | 7,500 | $ | 3.1 | |||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||
Number of | Aggregate | ||||||||||||||
Shares | Intrinsic Value | ||||||||||||||
Total outstanding and vested in-the-money options at December 31, 2013 | 7,500 | $ | 53,879 | ||||||||||||
Total options exercised during 2013 | 8,500 | $ | 56,600 | ||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||||||||
Warrants Exercised | |||||||||||||||
Shares | Company’s | Year-End | |||||||||||||
Proceeds | Warrant | ||||||||||||||
from | Share | ||||||||||||||
Exercise | Balance | ||||||||||||||
Warrants exercised in 2011 | 75,431 | $ | 113,147 | - | |||||||||||
Warrants exercised in 2012 and 2013 | - | $ | - | - |
Note_16_Employee_Benefit_Plans1
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Defined Contribution Plan [Table Text Block] | ' | |||||||||||||||||||||
Pension Trust Fund | Pension Plan Employer Identification Number | Pension Protection Act (“PPA”) Certified Zone Status1 | FIP / RP Status Pending / Implemented2 | Contributions | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement3 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||
Pension Trust Fund for Operating Engineers Pension Plan | 94-6090764 | Red | Orange | Yes | $ | 1,654 | $ | 508 | $ | 246 | No | 6/30/14 | ||||||||||
Carpenter Funds Administrative Office | 94-6050970 | Red | Red | Yes | 759 | 47 | - | No | 6/30/14 | |||||||||||||
Laborers Pension Trust for Northern California | 94-6277608 | Yellow | Yellow | Yes | 897 | 431 | 64 | No | 6/30/14 | |||||||||||||
Cement Mason Pension Trust Fund For Northern California | 94-6277669 | Yellow | Yellow | Yes | 517 | 265 | 46 | No | 6/30/14 | |||||||||||||
All other funds (84)4 | 2,608 | 4,290 | 2,186 | Various | ||||||||||||||||||
Total Contributions: | $ | 6,435 | $ | 5,541 | $ | 2,542 |
Note_17_Customers_Tables
Note 17 - Customers (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Texas Department of Transportation (“TxDOT”) | $ | * | * | % | $ | * | * | % | $ | 75,818 | 15.1 | % | |||||||||||||
Utah Department of Transportation (“UDOT”) | * | * | 100,658 | 16 | 144,398 | 28.8 | |||||||||||||||||||
California Department of Transportation (“Caltrans”) | 92,159 | 16.6 | 94,171 | 15 | * | * |
Note_19_Quarterly_Financial_In1
Note 19 - Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
2013 Quarters Ended (unaudited) | |||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | |||||||||||||||||
Revenues | $ | 111,035 | $ | 133,350 | $ | 185,935 | $ | 125,916 | $ | 556,236 | |||||||||||
Gross profit (loss) | 1,385 | (16,635 | ) | 8,359 | (23,053 | ) | (29,944 | ) | |||||||||||||
Income (loss) before income taxes and earnings attributable to noncontrolling interests | (7,219 | ) | (25,967 | ) | 1,715 | (37,333 | ) | (68,804 | ) | ||||||||||||
Net loss attributable to Sterling common stockholders | (4,580 | ) | (17,025 | ) | (189 | ) | (52,135 | ) | (73,929 | ) | |||||||||||
Net loss per share attributable to Sterling common stockholders: | |||||||||||||||||||||
Basic | $ | (0.39 | ) | $ | (0.93 | ) | $ | (0.06 | ) | $ | (3.52 | ) | $ | (4.91 | ) | ||||||
Diluted | (0.39 | ) | (0.93 | ) | (0.06 | ) | (3.52 | ) | (4.91 | ) | |||||||||||
2012 Quarters Ended (unaudited) | |||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | |||||||||||||||||
Revenues | $ | 98,425 | $ | 168,709 | $ | 205,284 | $ | 158,089 | $ | 630,507 | |||||||||||
Gross profit | 1,873 | 15,159 | 14,170 | 16,270 | 47,472 | ||||||||||||||||
Income (loss) before income taxes and earnings attributable to noncontrolling interests | (3,781 | ) | 8,652 | 4,915 | 7,347 | 17,133 | |||||||||||||||
Net income (loss) attributable to Sterling common stockholders | (7,500 | ) | 3,287 | 990 | 2,926 | (297 | ) | ||||||||||||||
Net income (loss) per share attributable to Sterling common stockholders: | |||||||||||||||||||||
Basic | $ | (0.44 | ) | $ | 0.15 | $ | 0.01 | $ | 0.01 | $ | (0.26 | ) | |||||||||
Diluted | (0.44 | ) | 0.15 | 0.01 | 0.01 | (0.26 | ) |
Note_1_Summary_of_Business_and2
Note 1 - Summary of Business and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Ownership Interest In Subsidiary | 50.00% | ' | ' |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Percentage | 50.00% | ' | ' |
Estimated Construction Revenues, Before Tax | $57,600,000 | $4,900,000 | ' |
Estimated Construction Revenue Per Diluted Share (in Dollars per share) | $3.46 | $0.32 | ' |
Estimated Construction Revenue, Net Of Tax | ' | 5,300,000 | ' |
Mortgage Loans on Real Estate, Number of Loans | 1 | 1 | ' |
Mortgage Loans on Real Estate | 189,000 | 262,000 | ' |
Mortgage Loans on Real Estate, Interest Rate | 3.50% | 3.50% | ' |
Notes Payable, Noncurrent | 468,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.24% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.29% | ' | ' |
Contract Receivable Retainage | 18,300,000 | 18,100,000 | ' |
Contract Receivable | 7,800,000 | 4,600,000 | ' |
Allowance for Doubtful Accounts Receivable, Write-offs | ' | 0 | 0 |
Depreciation | 18,600,000 | 19,000,000 | 16,900,000 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 212,000 | ' | ' |
Amortization of Financing Costs | 77,000 | 32,000 | 326,000 |
Number of Operating Segments | 1 | ' | ' |
Number of Reportable Segments | 1 | ' | ' |
Number of Reporting Units | 1 | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 0 | 0 | 53,900 |
Options And Warrants [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 160,206 | 109,424 | 88,426 |
Other Operating Income [Member] | Contracts Assumed [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Write-offs | 1,800,000 | ' | ' |
Myers & Sons Construction L.P. [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Percentage | 50.00% | ' | ' |
Amended Facility [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | ' | $289,000 | ' |
Greater Than [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Ownership Interest In Joint Venture | 50.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Revenue Recognition Percentage of Completion Range | '12 months | ' | ' |
Debt Instrument Payment Term | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Revenue Recognition Percentage of Completion Range | '36 months | ' | ' |
Warranty Period | '2 years | ' | ' |
Debt Instrument Payment Term | '5 years | ' | ' |
Note_1_Summary_of_Business_and3
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Building [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | ' | '39 |
Equipment [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | '5 | '15 |
Land Improvements [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | '5 | '15 |
Furniture and Fixtures [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | '3 | '10 |
Leasehold Improvements [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | '3 | '10 |
Other Transportation Equipment [Member] | ' | ' |
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Summary of Useful Lives Used in Computing Depreciation and Amortization [Line Items] | ' | ' |
Property, plant, and equipment useful lives | ' | '5 |
Note_1_Summary_of_Business_and4
Note 1 - Summary of Business and Significant Accounting Policies (Details) - Reconciliation of Numerators and Denominators of Basic and Diluted per Common Share Computations for Net Income (Loss): (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to Sterling common stockholders | ($52,135) | ($189) | ($17,025) | ($4,580) | $2,926 | $990 | $3,287 | ($7,500) | ($73,929) | ($297) | ($35,900) |
Revaluation of noncontrolling interest put/call liability reflected in additional paid in capital or retained earnings, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -7,686 | -3,992 | -824 |
' | ' | ' | ' | ' | ' | ' | ' | ($81,615) | ($4,289) | ($36,724) | |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding — basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 16,635,179 | 16,420,886 | 16,395,739 |
Weighted average common shares outstanding and assumed conversions— diluted (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 16,635,179 | 16,420,886 | 16,395,739 |
Basic net loss per share attributable to Sterling common stockholders (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($4.91) | ($0.26) | ($2.24) |
Diluted net loss per share attributable to Sterling common stockholders (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.27 | ($4.91) | ($0.26) | ($2.24) |
Note_2_Acquisitions_and_Subsid2
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 36 Months Ended | 36 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2011 | Aug. 31, 2011 | Jan. 23, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 27, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 23, 2014 | Sep. 30, 2013 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | |
Upon Death [Member] | Upon Permanent Disability [Member] | Years 2011 to 2015 [Member] | JBC [Member] | If certain EBITDA thresholds are met [Member] | For 2014 and 2015 [Member] | For 2016 and 2017 [Member] | For the Years 2014 Through 2017 [Member] | For the Years 2014 Through 2017 [Member] | Current obligations for noncontrolling owners [Member] | Member’s interest subject to mandatory redemption [Member] | RHB [Member] | RHB [Member] | RHB [Member] | RLW [Member] | RLW [Member] | SWR, Inc. [Member[ | CEO of RHB [Member] | RHBP [Member] | Contracts Assumed [Member] | JBC [Member] | JBC [Member] | JBC [Member] | JBC [Member] | JBC [Member] | Myers [Member] | Myers [Member] | Myers [Member] | RLW [Member] | RLW [Member] | RLW [Member] | RLW [Member] | RLW [Member] | RLW [Member] | Minimum [Member] | Maximum [Member] | ||||||
CEO of RHB [Member] | CEO of RHB [Member] | JBC [Member] | JBC [Member] | JBC [Member] | JBC [Member] | Minimum [Member] | Maximum [Member] | RLW [Member] | RLW [Member] | ||||||||||||||||||||||||||||||||
JBC [Member] | JBC [Member] | ||||||||||||||||||||||||||||||||||||||||
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Assumed Construction Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Compete Agreement Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | 3,131,000 | ' | ' | ' | ' | 743,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | 362,000 | 416,000 | 314,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interests Offer To Buy Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interests Offer To Sell Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation Value Multiplier | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revaluation Pre-Tax Charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to Purchase Member Interest | ' | ' | ' | ' | ' | 20,000,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Surrender Value of Life Insurance | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation For Noncontrolling Owners Interest In Subsidiaries And Joint Ventures | ' | ' | 14,721,000 | ' | 17,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest, Equity, Fair Value | ' | ' | ' | ' | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed Earnings of Domestic Subsidiaries | 3,989,000 | 3,989,000 | 0 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to Member's Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Undistributed Earnings | 344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Additional Price Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 509,000 | ' | 23,100,000 | ' | ' | ' | ' | ' |
Business Acquisition Additional Price Payments Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Earn-Out Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Earn-Out Calculated Floor | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,200,000 | ' | 1,500,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BusinessAcquisitionPurchasePriceAllocBusinessAcquisitionPurchasePriceAllocationGoodwillDBusiness Acquisition Purchase Price Allocation Goodwill Deductible TermeductibleTermationGoodwillDeductibleTerm | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328,000 | ' | ' | ' | ' | 128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Undiscounted Earn-Out Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,400,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forcasted EBITDA Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 36.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Discounted Present Value of Additional Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Undiscounted Earn-Out Liability Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA Earn-Out Increase Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Remaining Percentage Of Voting Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Business Acquisition Purchase Price Multiplier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4.5 |
Derivative, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Accretion Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 993,000 | 881,000 | ' | ' | ' | ' |
Increase (Decrease) in Put/Call Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' |
Business Acquisition, Payments of Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | 3,903,000 | 18,009,000 | 1,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable To Noncontrolling Interest Included In Liabilities | ' | 2,024,000 | 16,941,000 | 935,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable To Noncontrolling Interest Included In Equity | ' | 1,879,000 | 1,068,000 | 261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,400,000) | ' | ' | ' | ' | ' |
Note_2_Acquisitions_and_Subsid3
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Components of Noncontrolling Interest Subject to Mandatory Redemption (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Components of Noncontrolling Interest Subject to Mandatory Redemption [Abstract] | ' | ' | ' |
Member’s interest subject to mandatory redemption | $20,000 | ' | $0 |
Undistributed earnings attributable to this interest | 3,989 | 3,700 | 0 |
Total liability | $23,989 | ' | $0 |
Note_2_Acquisitions_and_Subsid4
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Purchase Price Allocation (USD $) | 12 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
JBC [Member] | Myers [Member] | |||||
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Purchase Price Allocation [Line Items] | ' | ' | ' | ' | ' | ' |
Current assets, | ' | ' | ' | ' | $8,839 | $3,207 |
Current liabilities | ' | ' | ' | ' | -5,708 | -2,464 |
Working capital acquired | ' | ' | ' | ' | 3,131 | 743 |
Property and equipment | ' | ' | ' | ' | 2,018 | 708 |
Debt due to noncontrolling interest owner | ' | ' | ' | ' | ' | -500 |
Fair value of noncontrolling owners’ interest in Myers | ' | ' | ' | ' | ' | -1,226 |
Other | ' | ' | ' | ' | 9 | ' |
Total tangible net assets acquired at fair value | ' | ' | ' | ' | 5,158 | 951 |
Goodwill | 54,050 | 54,820 | 54,820 | 114,745 | 4,803 | 1,502 |
Total consideration | ' | ' | ' | ' | 9,961 | 2,453 |
Fair value of earn-out | ' | ' | ' | ' | -2,370 | ' |
Cash paid | $3,911 | ' | ' | ' | $7,591 | $1,227 |
Note_2_Acquisitions_and_Subsid5
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Purchase Price Allocation (Parentheticals) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
JBC [Member] | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Purchase Price Allocation (Parentheticals) [Line Items] | ' |
Current assets, including cash | $4,662 |
Cash paid | 409 |
Myers [Member] | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Purchase Price Allocation (Parentheticals) [Line Items] | ' |
Current assets, including cash | $654 |
Note_2_Acquisitions_and_Subsid6
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Net income attributable to noncontrolling interest included in liabilities | $2,024,000 | $16,941,000 | $935,000 |
Distributions to noncontrolling interests owners | -416,000 | -117,000 | ' |
RLW [Member] | Subsidiaries [Member] | ' | ' | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Change in fair value or due to amendment | -59,000 | 3,797,000 | 1,268,000 |
RHB [Member] | Subsidiaries [Member] | ' | ' | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Change in fair value or due to amendment | 1,875,000 | 2,473,000 | 1,054,000 |
Noncontrolling interest associated with acquisition | ' | ' | -8,205,000 |
RHB Amendment [Member] | Subsidiaries [Member] | ' | ' | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Change in fair value or due to amendment | -18,103,000 | ' | ' |
Myers [Member] | Subsidiaries [Member] | ' | ' | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Noncontrolling interest associated with acquisition | ' | ' | 1,227,000 |
Subsidiaries [Member] | ' | ' | ' |
Note 2 - Acquisitions and Subsidiaries and Joint Ventures with Noncontrolling Owners' Interests (Details) - Changes in Noncontrolling Owners’ Interests in Subsidiaries and Consolidated Joint Ventures [Line Items] | ' | ' | ' |
Balance, beginning of period | 20,046,000 | 18,375,000 | 28,724,000 |
Net income attributable to noncontrolling interest included in liabilities | 2,024,000 | 16,941,000 | 935,000 |
Net income attributable to noncontrolling interest included in equity | 1,879,000 | 1,068,000 | 261,000 |
Accretion of interest on puts | ' | 993,000 | 881,000 |
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies | ' | 9,767,000 | ' |
Distributions to noncontrolling interests owners | -3,056,000 | -10,185,000 | -7,809,000 |
Acquisition of RLW noncontrolling interest | -509,000 | -23,144,000 | ' |
Other | ' | -39,000 | 39,000 |
Balance, end of period | $4,097,000 | $20,046,000 | $18,375,000 |
Note_3_Variable_Interest_Entit2
Note 3 - Variable Interest Entities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Variable Interest Entities (Details) [Line Items] | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ' |
Long-term Line of Credit, Noncurrent (in Dollars) | $7,808 | $24,012 |
Variable Interest Entity Income Percentage | 50.00% | ' |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Percentage | 50.00% | ' |
Myers [Member] | ' | ' |
Note 3 - Variable Interest Entities (Details) [Line Items] | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ' |
Long-term Line of Credit, Noncurrent (in Dollars) | $3,000 | ' |
Note_3_Variable_Interest_Entit3
Note 3 - Variable Interest Entities (Details) - Consolidated Balance Sheet-Myers (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,872 | $3,142 | $16,371 | $49,441 |
Contracts receivable, including retainage | 77,245 | 70,815 | ' | ' |
Other current assets | 11,377 | 4,459 | ' | ' |
Total current assets | 114,485 | 164,758 | ' | ' |
Property and equipment, net | 93,683 | 102,308 | ' | ' |
Other assets, net | 10,030 | 6,651 | ' | ' |
Goodwill | 54,820 | 54,820 | 54,050 | 114,745 |
Total assets | 273,018 | 331,510 | ' | ' |
Accounts payable | 61,599 | 47,796 | ' | ' |
Total current liabilities | 105,799 | 77,274 | ' | ' |
Total long-term liabilities | 34,425 | 26,929 | ' | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 566 | 7,164 | ' | ' |
Contracts receivable, including retainage | 6,475 | 2,866 | ' | ' |
Other current assets | 7,964 | 1,214 | ' | ' |
Total current assets | 15,005 | 11,244 | ' | ' |
Property and equipment, net | 6,869 | 3,041 | ' | ' |
Other assets, net | 5 | ' | ' | ' |
Goodwill | 1,501 | 1,501 | ' | ' |
Total assets | 23,380 | 15,786 | ' | ' |
Accounts payable | 8,361 | 4,627 | ' | ' |
Other current liabilities | 7,080 | 6,283 | ' | ' |
Total current liabilities | 15,441 | 10,910 | ' | ' |
Other long-term liabilities | 137 | ' | ' | ' |
Total long-term liabilities | 137 | ' | ' | ' |
Total liabilities | $15,578 | $10,910 | ' | ' |
Note_3_Variable_Interest_Entit4
Note 3 - Variable Interest Entities (Details) - Consolidated Statements of Operations-Myers (USD $) | 3 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $125,916 | $185,935 | $133,350 | $111,035 | $158,089 | $205,284 | $168,709 | $98,425 | $556,236 | $630,507 | $501,156 | $7,153 | $82,421 | $84,877 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -69,589 | 14,979 | -52,234 | 531 | 3,764 | 2,152 |
Net income attributable to Sterling common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170 | $1,879 | $694 |
Note_4_Cash_and_Cash_Equivalen2
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) [Line Items] | ' | ' | ' |
Cash, FDIC Insured Amount | $1,700,000 | ' | ' |
Short-term Investments | 0 | 49,211,000 | ' |
Available-for-sale Equity Securities, Amortized Cost Basis | ' | 48,100,000 | ' |
Proceeds from Sale of Available-for-sale Securities | 49,874,000 | 26,661,000 | 101,415,000 |
Available-for-sale Securities, Gross Realized Gains | 706,000 | ' | ' |
Available-for-sale Securities, Gross Realized Losses | 609,000 | 0 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 0 | 1,100,000 | ' |
Investment Income, Interest | 558,000 | 1,500,000 | 1,500,000 |
Municipal Bond Securities [Member] | ' | ' | ' |
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) [Line Items] | ' | ' | ' |
Available-for-sale Equity Securities, Amortized Cost Basis | ' | 20,500,000 | ' |
Majority Owned Joint Ventures [Member] | ' | ' | ' |
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) [Line Items] | ' | ' | ' |
Restricted Cash and Cash Equivalents | 374,000 | ' | ' |
Cash Equivalents [Member] | ' | ' | ' |
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) [Line Items] | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | ' | 785,000 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) [Line Items] | ' | ' | ' |
Short-term Investments | $0 | $0 | $0 |
Note_4_Cash_and_Cash_Equivalen3
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) - Short-term Investments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Mutual Funds [Member] | Mutual Funds [Member] | Mutual Funds [Member] | Municipal Bond Securities [Member] | Municipal Bond Securities [Member] | Municipal Bond Securities [Member] | Total Available For Sale Securities [Member] | Total Available For Sale Securities [Member] | Total Available For Sale Securities [Member] | Total Available For Sale Securities [Member] | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Note 4 - Cash and Cash Equivalents and Short-term Investments (Details) - Short-term Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Fair Value | $0 | $49,211,000 | $27,582,000 | $27,582,000 | ' | $21,629,000 | $21,629,000 | ' | $49,211,000 | $27,582,000 | $21,629,000 | ' |
Gross Unrealized Gains (pre-tax) | ' | ' | ' | ' | 337,000 | ' | ' | 862,000 | ' | ' | ' | 1,199,000 |
Gross Unrealized Losses (pre-tax) | ' | ' | ' | ' | $9,000 | ' | ' | $128,000 | ' | ' | ' | $137,000 |
Note_5_Costs_and_Estimated_Ear2
Note 5 - Costs and Estimated Earnings and Billings on Uncompleted Contracts (Details) - Excess Billings Over Costs and Estimated Earnings on Uncompleted Contracts (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Excess Billings Over Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ' | ' |
Costs incurred and estimated earnings on uncompleted contracts | $1,334,322 | $1,361,973 |
Billings on uncompleted contracts | -1,354,214 | -1,360,299 |
Excess of costs incurred and estimated earnings over billings (excess of billings over costs incurred and estimated earnings) on uncompleted contracts | ($19,892) | $1,674 |
Note_5_Costs_and_Estimated_Ear3
Note 5 - Costs and Estimated Earnings and Billings on Uncompleted Contracts (Details) - Net Amount of Costs and Estimated Earning on Uncompleted Contracts Above (Below) Billings (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net Amount of Costs and Estimated Earning on Uncompleted Contracts Above (Below) Billings [Abstract] | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | $11,684 | $20,592 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -31,576 | -18,918 |
Net amount of costs and estimated earnings on uncompleted contracts above (below) billings | ($19,892) | $1,674 |
Note_6_Construction_Joint_Vent2
Note 6 - Construction Joint Ventures (Details) - Noncontrolling Venture Partner Share (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current assets | $114,485 | $164,758 |
Less current liabilities | -105,799 | -77,274 |
Sterling’s receivables from and equity in construction joint ventures | 6,118 | 11,005 |
Corporate Joint Venture [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current assets | 51,329 | 92,102 |
Less current liabilities | -64,531 | -48,002 |
Net assets | -13,202 | 44,100 |
Backlog | 101,014 | 213,924 |
Sterling’s noncontrolling interest in backlog | 30,652 | 77,222 |
Sterling’s receivables from and equity in construction joint ventures | $6,118 | $11,005 |
Note_6_Construction_Joint_Vent3
Note 6 - Construction Joint Ventures (Details) - Noncontrolling Venture Partner Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $125,916 | $185,935 | $133,350 | $111,035 | $158,089 | $205,284 | $168,709 | $98,425 | $556,236 | $630,507 | $501,156 |
Income before tax | -37,333 | 1,715 | -25,967 | -7,219 | 7,347 | 4,915 | 8,652 | -3,781 | -68,804 | 17,133 | ' |
Corporate Joint Venture [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 135,699 | 438,756 | 440,085 |
Income before tax | ' | ' | ' | ' | ' | ' | ' | ' | -20,758 | 95,765 | 46,683 |
Share of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 54,096 | 82,519 | 62,763 |
Share of income before tax | ' | ' | ' | ' | ' | ' | ' | ' | ($11,088) | $12,424 | $6,417 |
Note_7_Property_and_Equipment_1
Note 7 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $165,193 | $165,851 |
Less accumulated depreciation | -71,510 | -63,543 |
93,683 | 102,308 | |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 127,199 | 130,014 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 19,132 | 19,266 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 10,512 | 10,176 |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 2,025 | 1,279 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 816 | ' |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 5,309 | 4,916 |
Water Rights [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $200 | $200 |
Note_8_Goodwill_Details
Note 8 - Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2011 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Goodwill, Impairment Loss | $67,000 | $67,000 |
Note_8_Goodwill_Details_Goodwi
Note 8 - Goodwill (Details) - Goodwill (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Goodwill [Abstract] | ' | ' | ' | ' |
Balance | ' | $54,050 | $114,745 | $54,820 |
Additional goodwill related to acquisitions | ' | 360 | 6,305 | ' |
Goodwill adjustments | ' | 410 | ' | ' |
Goodwill impairment in 2011 | -67,000 | ' | -67,000 | ' |
Balance | $54,050 | $54,820 | $54,050 | $54,820 |
Note_9_Derivative_Financial_In2
Note 9 - Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
gal | |||
Note 9 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Tax | $0 | $2,800 | ' |
Unrealized Gain on Price Risk Cash Flow Derivatives, before Tax | 117,000 | 8,000 | ' |
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $48,000 | $66,000 | $111,000 |
Derivative, Nonmonetary Notional Amount, Gallons (in US Gallons) | 1,100,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 9 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' |
Derivative, Nonmonetary, Number of Gallons Range (in US Gallons) | 10,000 | ' | ' |
Underlying, Derivative Volume (in Dollars per US Gallon) | 2.75 | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 9 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' |
Derivative, Nonmonetary, Number of Gallons Range (in US Gallons) | 50,000 | ' | ' |
Underlying, Derivative Volume (in Dollars per US Gallon) | 2.93 | ' | ' |
Note_9_Derivative_Financial_In3
Note 9 - Derivative Financial Instruments (Details) - Summary of Derivative Instruments: (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative assets: | ' | ' |
Derivative Assets | $117 | $8 |
Other Current Assets [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative Assets | 109 | 7 |
Other Noncurrent Assets [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative Assets | $8 | $1 |
Note_9_Derivative_Financial_In4
Note 9 - Derivative Financial Instruments (Details) - Summary of Effects of Commodity Derivative Instruments on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss): (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Effects of Commodity Derivative Instruments on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss): [Abstract] | ' | ' | ' |
Increase (decrease) in fair value of derivatives included in other comprehensive income (loss) (effective portion) | $109 | $231 | ($223) |
Realized gain (loss) included in cost of revenues (effective portion) | $48 | ($66) | ($111) |
Note_10_Changes_in_Accumulated2
Note 10 - Changes in Accumulated Other Comprehensive Income by Component (Details) - Changes in Accumulated Other Comprehensive Income, Net of Tax (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | $696 |
Net current-period other comprehensive loss | -579 |
Ending Balance | 117 |
Other comprehensive loss before reclassification | -444 |
Amounts reclassified from accumulated other comprehensive income | -138 |
Tax valuation allowance | 3 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | 691 |
Net current-period other comprehensive loss | -691 |
Other comprehensive loss before reclassification | -601 |
Amounts reclassified from accumulated other comprehensive income | -90 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | 5 |
Net current-period other comprehensive loss | 112 |
Ending Balance | 117 |
Other comprehensive loss before reclassification | 157 |
Amounts reclassified from accumulated other comprehensive income | -48 |
Tax valuation allowance | $3 |
Note_10_Changes_in_Accumulated3
Note 10 - Changes in Accumulated Other Comprehensive Income by Component (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Income tax (expense) benefit | ($1,222) | $579 | $17,012 | |||
Tax valuation allowance | 3 | ' | ' | |||
Net income (loss) | -70,026 | 17,712 | -34,704 | |||
Realized gains (losses) on cash flow hedges | 586,180 | 583,035 | 461,319 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Realized gains on available-for sale securities | 90 | [1] | 785 | [1] | 44 | [1] |
Income tax (expense) benefit | -33 | [1] | -275 | [1] | -15 | [1] |
Tax valuation allowance | 33 | [1] | ' | [1] | ' | [1] |
Net income (loss) | 90 | [1] | 510 | [1] | 29 | [1] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Income tax (expense) benefit | -17 | [1] | 23 | [1] | 39 | [1] |
Tax valuation allowance | 17 | [1] | ' | [1] | ' | [1] |
Net income (loss) | 48 | [1] | -43 | [1] | -72 | [1] |
Realized gains (losses) on cash flow hedges | 48 | [1] | -66 | [1] | -111 | [1] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Tax valuation allowance | $3 | ' | ' | |||
[1] | Amounts in parentheses represent reductions to earnings in the statement of operations. |
Note_11_Line_of_Credit_and_Lon2
Note 11 - Line of Credit and Long-Term Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Liquidity Not Met In 2014 [Member] | Additional Increase By Quarter After 2015 [Member] | Secured Debt [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | |||
Credit Facility [Member] | Credit Facility [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | |||||||||
Note 11 - Line of Credit and Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase (Decrease) in Basis Spread on Variable Rate | ' | ' | 2.00% | 1.00% | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 4.75% | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $40,000,000 | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase (Decrease) in Basis Spread on Unused Capacity | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 7,800,000 | 24,000,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,800,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 30,200,000 | 24,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | '3 years | '5 years |
Secured Long-term Debt, Noncurrent | $189,000 | $262,000 | ' | ' | $189,000 | ' | ' | ' | ' | ' | ' | ' |
Note_11_Line_of_Credit_and_Lon3
Note 11 - Line of Credit and Long-Term Debt (Details) - Long-term Debt: (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt: [Abstract] | ' | ' |
Credit facility | $7,808 | $24,012 |
Mortgage due monthly through June 2016 | 189 | 262 |
Notes payable for transportation and construction equipment | 468 | ' |
8,465 | 24,274 | |
Less current maturities of long-term debt | -134 | -73 |
Total long-term debt | $8,331 | $24,201 |
Note_11_Line_of_Credit_and_Lon4
Note 11 - Line of Credit and Long-Term Debt (Details) - Maturities of Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of Debt [Abstract] | ' | ' |
2014 | $134 | ' |
2015 | 264 | ' |
2016 | 7,926 | ' |
2017 | 69 | ' |
2018 | 72 | ' |
$8,465 | $24,274 |
Note_12_Income_Taxes_and_Defer2
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Operating Loss Carryforwards | 77,790,000 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 28,200,000 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 16,000 | ' | ' |
Will be Recognized as Reduction of Income Tax Expense [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 28,400,000 | ' | ' |
Will be Recorded as Increase in Equity [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 2,600,000 | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 49,100,000 | ' | ' |
Operating Loss Carryforwards, Expiration Period | '20 years | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $28,700,000 | ' | ' |
State and Local Jurisdiction [Member] | Minimum [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Period | '7 years | ' | ' |
State and Local Jurisdiction [Member] | Maximum [Member] | ' | ' | ' |
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Period | '20 years | ' | ' |
Note_12_Income_Taxes_and_Defer3
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) - Income Tax Expense (Benefit) Componants (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit) Componants [Abstract] | ' | ' | ' |
Current tax expense (benefit) | ($3,928) | $588 | $1,639 |
Deferred tax expense (benefit) | 5,150 | -1,167 | -18,651 |
Total tax expense (benefit) | $1,222 | ($579) | ($17,012) |
Note_12_Income_Taxes_and_Defer4
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets related to: | ' | ' |
Valuation allowance for deferred tax assets | ($28,200) | ' |
Liabilities related to: | ' | ' |
Net asset | ' | 1,803 |
Net asset | ' | 2,973 |
Current [Member] | ' | ' |
Assets related to: | ' | ' |
Accrued compensation and other | 265 | 1,803 |
Deferred revenue | 6,993 | ' |
Valuation allowance for deferred tax assets | -7,258 | ' |
Liabilities related to: | ' | ' |
Net asset | ' | 1,803 |
Long-Term [Member] | ' | ' |
Assets related to: | ' | ' |
Accrued compensation and other | 451 | 0 |
Amortization and impairment of goodwill | 11,108 | 13,181 |
Accreted interest to put | 985 | 939 |
Contingency on lawsuit | 106 | 130 |
Noncontrolling interest | 1,439 | 915 |
Revaluation of put/call liabilities | 5,127 | 2,194 |
Net operating loss carryforwards | 18,302 | ' |
Valuation allowance for deferred tax assets | -23,773 | ' |
Liabilities related to: | ' | ' |
Depreciation of property and equipment | -12,669 | -13,615 |
Other | -1,076 | -771 |
Net asset | ' | $2,973 |
Note_12_Income_Taxes_and_Defer5
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) - Summary Reconciliation Reported Amount of Income Tax Expense to the Amount of Income Tax Expense Under Federal Statutory Tax Rates (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Reconciliation Reported Amount of Income Tax Expense to the Amount of Income Tax Expense Under Federal Statutory Tax Rates [Abstract] | ' | ' | ' |
Tax expense (benefit) at the U.S. federal statutory rate | ($24,081) | $5,997 | ($18,101) |
Tax expense (benefit) at the U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State tax based on income, net of refunds and federal benefits | -1,280 | -58 | -573 |
State tax based on income, net of refunds and federal benefits | 1.80% | -0.30% | 1.10% |
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling interests owners | -1,375 | -5,938 | -444 |
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling interests owners | 2.00% | -34.70% | 0.90% |
Tax benefits of Domestic Production Activities Deduction | ' | -84 | -202 |
Tax benefits of Domestic Production Activities Deduction | ' | -0.50% | 0.40% |
Impairment associated with goodwill that is not amortizable for tax | ' | ' | 2,603 |
Impairment associated with goodwill that is not amortizable for tax | ' | ' | -5.00% |
Valuation Allowance | 28,215 | ' | ' |
Valuation Allowance | -41.00% | ' | ' |
Non-taxable interest income | -195 | -529 | -376 |
Non-taxable interest income | 0.30% | -3.10% | 0.70% |
Other permanent differences | -62 | 33 | 81 |
Other permanent differences | 0.10% | 0.20% | -0.20% |
Income tax expense (benefit) | $1,222 | ($579) | ($17,012) |
Income tax expense (benefit) | -1.80% | -3.40% | 32.90% |
Note_12_Income_Taxes_and_Defer6
Note 12 - Income Taxes and Deferred Tax Asset/Liability (Details) - Federal and State Income Tax Net Operating Loss Carryforwards (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward | $77,790 |
Expires in 2020 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward | 963 |
Expires in 2028 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward | 14,141 |
Expires in 2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward | $62,686 |
Note_13_Commitments_and_Contin1
Note 13 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2010 | |
RLW and JBC [Member] | Other Entities [Member] | RHB [Member] | ||||
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Self Insurance Excess Reinsurance | ' | ' | ' | $55,000 | $95,000 | ' |
Self Insurance Excess Reinsurance Medical and Prescription Drug | 1,000,000 | ' | ' | ' | ' | ' |
Self Insurance Excess Reinsurance Aggregate Deductible | 2,500,000 | ' | ' | ' | ' | ' |
Self Insurance Plan Expenses | 2,400,000 | 2,000,000 | 1,200,000 | ' | ' | ' |
Self Insurance Workers' Compensation Claims Amount Per Occurrence | 250,000 | ' | ' | ' | ' | ' |
Self Insurance, General Liability Amount per Occurrence | 100,000 | ' | ' | ' | ' | ' |
Self Insurance, Auto Claims Amount per Occurrence | 50,000 | ' | ' | ' | ' | ' |
Self Insurance Workers' Compensation Claims Maximum Liability | 3,700,000 | ' | ' | ' | ' | ' |
Liability for Unpaid Claims and Claims Adjustment Expense, Reported and Incurred but Not Reported (IBNR) Claims | 1,700,000 | 1,400,000 | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | 1,000,000 |
Litigation Settlement, Expense | ' | ' | ' | ' | ' | $156,000 |
Note_14_Operating_Leases_Detai
Note 14 - Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $883,000 | $1,200,000 | $1,400,000 |
Note_14_Operating_Leases_Detai1
Note 14 - Operating Leases (Details) - Minimum Annual Rentals for Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Annual Rentals for Operating Leases [Abstract] | ' |
2014 | $1,167 |
2015 | 1,219 |
2016 | 1,062 |
2017 | 1,008 |
2018 | 1,056 |
Thereafter | 4,065 |
Total future minimum rental payments | $9,577 |
Note_15_Stockholders_Equity_De
Note 15 - Stockholders' Equity (Details) (USD $) | 1 Months Ended | 10 Months Ended | 12 Months Ended | ||
Aug. 31, 2010 | Oct. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | 0 | 0 | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | $10,000,000 | $5,000,000 | ' | ' | ' |
Stock Repurchase Program, Additional Authorized Amount (in Dollars) | 5,000,000 | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | 0 | 0 | 286,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | 8,944 | 0 | 395 |
Treasury Stock, Shares | ' | ' | 0 | 0 | ' |
Stock Repurchased and Retired During Period, Shares | ' | ' | 6,652 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '222 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 7,500 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | 1,100,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 219 days | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | 809,000 | 694,000 | 503,000 |
Allocated Share-based Compensation Expense, Net of Tax (in Dollars) | ' | ' | ' | 451,000 | 327,000 |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | ' | 35.00% | 35.00% |
Proceeds from Stock Options Exercised (in Dollars) | ' | ' | 26,000 | 66,000 | 43,000 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | ' | ' | 119,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | ' | ' | 0 | ' | ' |
Pursuant to Future Stock Option and Share Grants [Member] | 2001 Plan [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 123,751 | ' | ' |
To Satisfy Future Exercise of Previously Awarded Stock Options [Member] | 2001 Plan [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | 7,500 | ' | ' |
Restricted Stock [Member] | Key Employees [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 25,207 | 149,704 | 25,815 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $9.30 | $9.70 | $12.67 |
Restricted Stock [Member] | Chief Executive Officer [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 100,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | 223,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $10.06 | $9.70 | $14.46 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | 234,000 | 1,500,000 | 327,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '5 years | '5 years | '5 years |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | $350,000 | $300,000 | $297,000 |
Warrant [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Term Of Warrants Or Rights | ' | ' | '10 years | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | 1.5 | ' | ' |
Class Of Warrant Or Rights, Period From Which Warrants Or Rights Exercisable | ' | ' | ' | '54 months | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | 1 | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | 322,661 | ' |
One Warrant [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Class Of Warrant Or Rights, Period From Which Warrants Or Rights Exercisable | ' | ' | '42 months | ' | ' |
2001 Plan [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | 1,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 131,251 | ' | ' |
Other Option Plans [Member] | ' | ' | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 0 | ' | ' |
Note_15_Stockholders_Equity_De1
Note 15 - Stockholders' Equity (Details) - Summary of 2001 Plan for Restricted Stock Grants (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Stockholders' Equity (Details) - Summary of 2001 Plan for Restricted Stock Grants [Line Items] | ' | ' | ' |
Total compensation cost attributable to shares awarded | $809,000 | $694,000 | $503,000 |
Restricted Stock [Member] | Non-Employee Director [Member] | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) - Summary of 2001 Plan for Restricted Stock Grants [Line Items] | ' | ' | ' |
Shares awarded to each non-employee director | 4,975 | 5,155 | 3,418 |
Restricted Stock [Member] | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) - Summary of 2001 Plan for Restricted Stock Grants [Line Items] | ' | ' | ' |
Shares awarded to each non-employee director | 34,825 | 30,930 | 20,508 |
Average grant-date market price per share | $10.06 | $9.70 | $14.46 |
Total compensation cost attributable to shares awarded | 350,000 | 300,000 | 297,000 |
Compensation cost recognized related to current and prior year awards | $333,499 | $283,333 | $194,667 |
Note_15_Stockholders_Equity_De2
Note 15 - Stockholders' Equity (Details) - Summary of 2011 Plan Stock Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Stockholders' Equity (Details) - Summary of 2011 Plan Stock Option Activity [Line Items] | ' | ' | ' |
Shares | 7,500 | ' | ' |
Weighted Average Exercise Price | $3.10 | ' | ' |
2001 Plan [Member] | ' | ' | ' |
Note 15 - Stockholders' Equity (Details) - Summary of 2011 Plan Stock Option Activity [Line Items] | ' | ' | ' |
Shares | 7,500 | 22,200 | 53,900 |
Weighted Average Exercise Price | $3.10 | $3.08 | $3.77 |
Shares - exercised | -8,500 | -24,400 | ' |
Weighted Average Exercise Price - exercised | $3.08 | $3.04 | ' |
Shares - expired/forfeited | -6,200 | -7,300 | ' |
Weighted Average Exercise Price - expired/forfeited | $3.07 | $9.35 | ' |
Note_15_Stockholders_Equity_De3
Note 15 - Stockholders' Equity (Details) - Stock Options Outstanding and Exercisable (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options Outstanding and Exercisable [Abstract] | ' |
$3.10 | |
'222 days | |
$3.10 | |
(in Shares) | 7,500 |
(in Shares) | 7,500 |
Note_15_Stockholders_Equity_De4
Note 15 - Stockholders' Equity (Details) - Summary of In-the-Money Options (In the Money Options [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
In the Money Options [Member] | ' |
Note 15 - Stockholders' Equity (Details) - Summary of In-the-Money Options [Line Items] | ' |
Total outstanding and vested in-the-money options at December 31, 2013 | 7,500 |
Total outstanding and vested in-the-money options at December 31, 2013 | $53,879 |
Total options exercised during 2013 | 8,500 |
Total options exercised during 2013 | $56,600 |
Note_15_Stockholders_Equity_De5
Note 15 - Stockholders' Equity (Details) - Summary of Warrant Shares Outstanding and Exercised (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | |
Warrants Exercised In 2011 [Member] | Warrants Exercised in 2012 and 2013 [Member] | |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants Exercised Shares | 75,431 | 0 |
Warrants Exercised Company's Proceeds from Exercise (in Dollars) | $113,147 | $0 |
Year-End Warrant Share Balance | ' | 0 |
Note_16_Employee_Benefit_Plans2
Note 16 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $1,100,000 | $1,300,000 | $1,300,000 |
Multiemployer Plan, Period Contributions | 6,435,000 | 5,541,000 | 2,542,000 |
Individually Insignificant Multiemployer Pension Costs [Member] | ' | ' | ' |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | $603,000 | $466,000 | $299,000 |
Red Zone [Member] | ' | ' | ' |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Contributions | 65.00% | ' | ' |
Orange Zone [Member] | ' | ' | ' |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Contributions | 80.00% | ' | ' |
Yellow Zone [Member] | ' | ' | ' |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Contributions | 80.00% | ' | ' |
Green Zone [Member] | Minimum [Member] | ' | ' | ' |
Note 16 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Contributions | 80.00% | ' | ' |
Note_16_Employee_Benefit_Plans3
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
FIP/RP Status Pending/ Implemented | 'Total Contributions: | [1] | ' | ' | ||
Contributions | $6,435,000 | $5,541,000 | $2,542,000 | |||
Pension Trust Fund for Operating Engineers Pension Plan [Member] | ' | ' | ' | |||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
Certified Zone Status | 'Red | [2] | 'Orange | [2] | ' | |
FIP/RP Status Pending/ Implemented | 'Yes | [1] | ' | ' | ||
Contributions | 1,654,000 | 508,000 | 246,000 | |||
Surcharge Imposed | 'No | ' | ' | |||
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 | [3] | ' | ' | ||
Carpenter Funds Administrative Office [Member] | ' | ' | ' | |||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
Certified Zone Status | 'Red | [2] | 'Red | [2] | ' | |
FIP/RP Status Pending/ Implemented | 'Yes | [1] | ' | ' | ||
Contributions | 759,000 | 47,000 | ' | |||
Surcharge Imposed | 'No | ' | ' | |||
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 | [3] | ' | ' | ||
Laborers Pension Trust for Northern California [Member] | ' | ' | ' | |||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
Certified Zone Status | 'Yellow | [2] | 'Yellow | [2] | ' | |
FIP/RP Status Pending/ Implemented | 'Yes | [1] | ' | ' | ||
Contributions | 897,000 | 431,000 | 64,000 | |||
Surcharge Imposed | 'No | ' | ' | |||
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 | [3] | ' | ' | ||
Cement Mason Pension Trust Fund For Northern California [Member] | ' | ' | ' | |||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
Certified Zone Status | 'Yellow | [2] | 'Yellow | [2] | ' | |
FIP/RP Status Pending/ Implemented | 'Yes | [1] | ' | ' | ||
Contributions | 517,000 | 265,000 | 46,000 | |||
Surcharge Imposed | 'No | ' | ' | |||
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 | [3] | ' | ' | ||
All Other Funds [Member] | ' | ' | ' | |||
Note 16 - Employee Benefit Plans (Details) - Participation in Multiemployer Defined Benefit Pension Plan [Line Items] | ' | ' | ' | |||
Contributions | $2,608,000 | [4] | $4,290,000 | [4] | $2,186,000 | [4] |
[1] | Indicates whether the plan has a financial improvement plan ("FIP") or a rehabilitation plan ("RP") which is either pending or has been implemented. | |||||
[2] | The most recent PPA zone status available in 2013 and 2012 is for the plan's year-end during 2012 and 2011, respectively. The zone status is based on information that we received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | |||||
[3] | Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. | |||||
[4] | 4These funds include multiemployer plans for pensions and other employee benefits. The total individually insignificant multiemployer pension costs contributed were $603,000, $466,000 and $299,000 for 2013, 2012 and 2011, respectively, and are included in the contributions to all other funds along with contributions to other types of benefit plans. Other employee benefits include certain coverage for medical, prescription drug, dental, vision, life and accidental death and dismemberment, disability and other benefit costs. Due to our 2011 acquisitions (Refer to Note 2) there has been an increase in the number of Sterling employees that participate in multiemployer plans affecting the comparability between 2013, 2012 and 2011 years. The acquisitions occurred August 1, 2011 and resulted in five months of pension and other retirement expenses in that year. During 2012, the Company incurred the entire year of expenses. |
Note_17_Customers_Details
Note 17 - Customers (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Concentration Risk, Customer | '10% | ' | ' | |
Receivables, Long-term Contracts or Programs | 77,245 | 70,815 | ' | |
CTMC [Member] | Customer Concentration Risk [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Receivables, Long-term Contracts or Programs | 16,300 | ' | ' | |
Foursquare Properties Inc [Member] | Customer Concentration Risk [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Receivables, Long-term Contracts or Programs | 11,400 | ' | ' | |
City of Honolulu [Member] | Customer Concentration Risk [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Receivables, Long-term Contracts or Programs | 10,000 | ' | ' | |
NTTA [Member] | Customer Concentration Risk [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Receivables, Long-term Contracts or Programs | ' | 8,800 | ' | |
UDOT [Member] | Customer Concentration Risk [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Receivables, Long-term Contracts or Programs | ' | ' | 8,800 | |
UDOT [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Concentration Risk, Percentage | ' | [1] | 16.00% | 28.80% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
Less Than [Member] | ' | ' | ' | |
Note 17 - Customers (Details) [Line Items] | ' | ' | ' | |
Concentration Risk, Percentage | 10.00% | ' | ' | |
[1] | Represents less than 10% of revenues |
Note_17_Customers_Details_Cont
Note 17 - Customers (Details) - Contract Revenues by Customers (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
TxDOT [Member] | ' | ' | ' | |||
Revenue, Major Customer [Line Items] | ' | ' | ' | |||
Amount | ' | [1] | ' | [1] | $75,818 | |
Customer % | ' | [1] | ' | [1] | 15.10% | |
UDOT [Member] | ' | ' | ' | |||
Revenue, Major Customer [Line Items] | ' | ' | ' | |||
Amount | ' | [1] | 100,658 | 144,398 | ||
Customer % | ' | [1] | 16.00% | 28.80% | ||
Caltrans [Member] | ' | ' | ' | |||
Revenue, Major Customer [Line Items] | ' | ' | ' | |||
Amount | $92,159 | $94,171 | ' | [1] | ||
Customer % | 16.60% | 15.00% | ' | [1] | ||
[1] | Represents less than 10% of revenues |
Note_18_Related_Party_Transact1
Note 18 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 18 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $362,000 | $416,000 | $314,000 |
Operating Leases, Rent Expense | 883,000 | 1,200,000 | 1,400,000 |
RLW [Member] | Main Office [Member] | ' | ' | ' |
Note 18 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 80,800 | ' | ' |
Operating Leases, Rent Expense | 228,500 | ' | ' |
RLW [Member] | Equipment Maintenance Shop [Member] | ' | ' | ' |
Note 18 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 71,700 | ' | ' |
Operating Leases, Rent Expense | 178,300 | ' | ' |
RLW [Member] | ' | ' | ' |
Note 18 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Revenue from Related Parties | 197,000 | 78,000 | 284,000 |
Related Party Transaction, Amounts of Transaction | 870,000 | 1,000,000 | 655,000 |
RLW [Member] | Less Than [Member] | ' | ' | ' |
Note 18 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $152,000 | $136,000 | $119,000 |
Note_19_Quarterly_Financial_In2
Note 19 - Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Charges to Estimated Revenues | $37.70 | $20.60 | $4.30 | ' | ' | ' | ' |
Valuation Allowances and Reserves, Adjustments | $28.20 | ' | ' | ' | ' | ' | ' |
Income (Loss) from Extraordinary Items, Net of Tax, Per Diluted Share (in Dollars per share) | ' | ' | ' | $4,400,000 | ' | ' | ' |
Earnings Per Share, Diluted (in Dollars per share) | ' | ' | ' | $0.27 | ($4.91) | ($0.26) | ($2.24) |
Note_19_Quarterly_Financial_In3
Note 19 - Quarterly Financial Information (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $125,916 | $185,935 | $133,350 | $111,035 | $158,089 | $205,284 | $168,709 | $98,425 | $556,236 | $630,507 | $501,156 |
Gross profit (loss) | -23,053 | 8,359 | -16,635 | 1,385 | 16,270 | 14,170 | 15,159 | 1,873 | -29,944 | 47,472 | 39,837 |
Income (loss) before income taxes and earnings attributable to noncontrolling interests | -37,333 | 1,715 | -25,967 | -7,219 | 7,347 | 4,915 | 8,652 | -3,781 | -68,804 | 17,133 | ' |
Net loss attributable to Sterling common stockholders | ($52,135) | ($189) | ($17,025) | ($4,580) | $2,926 | $990 | $3,287 | ($7,500) | ($73,929) | ($297) | ($35,900) |
Basic (in Dollars per share) | ($3.52) | ($0.06) | ($0.93) | ($0.39) | $0.01 | $0.01 | $0.15 | ($0.44) | ($4.91) | ($0.26) | ' |
Diluted (in Dollars per share) | ($3.52) | ($0.06) | ($0.93) | ($0.39) | $0.01 | $0.01 | $0.15 | ($0.44) | ($4.91) | ($0.26) | ' |