Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KFRC | |
Entity Registrant Name | KFORCE INC | |
Entity Central Index Key | 930420 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,726,786 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Net service revenues | $299,652 | $270,161 | $848,968 | $812,640 |
Direct costs of services | 202,340 | 181,399 | 575,473 | 553,287 |
Gross profit | 97,312 | 88,762 | 273,495 | 259,353 |
Selling, general and administrative expenses | 79,275 | 70,367 | 233,471 | 249,896 |
Goodwill impairment | 65,300 | |||
Depreciation and amortization | 2,536 | 2,659 | 7,395 | 8,418 |
Income (loss) from operations | 15,501 | 15,736 | 32,629 | -64,261 |
Other expense, net | 409 | 288 | 870 | 945 |
Income (loss) from continuing operations before income taxes | 15,092 | 15,448 | 31,759 | -65,206 |
Income tax expense (benefit) | 6,113 | 6,173 | 12,738 | -23,572 |
Income (loss) from continuing operations | 8,979 | 9,275 | 19,021 | -41,634 |
(Loss) income from discontinued operations, net of taxes | -7 | 21,811 | ||
Net income (loss) | 8,979 | 9,268 | 19,021 | -19,823 |
Other comprehensive income: | ||||
Defined benefit pension and postretirement plans, net of tax | 33 | 84 | 101 | 211 |
Comprehensive income (loss) | $9,012 | $9,352 | $19,122 | ($19,612) |
Earnings (loss) per share - basic: | ||||
From continuing operations | $0.27 | $0.26 | $0.56 | ($1.16) |
From discontinued operations | $0 | $0.61 | ||
Earnings (loss) per share - basic | $0.27 | $0.26 | $0.56 | ($0.55) |
Earnings (loss) per share diluted: | ||||
From continuing operations | $0.27 | $0.26 | $0.56 | ($1.16) |
From discontinued operations | $0 | $0.61 | ||
Earnings (loss) per share - diluted | $0.27 | $0.26 | $0.56 | ($0.55) |
Weighted average shares outstanding - basic | 32,985 | 36,204 | 33,705 | 36,026 |
Weighted average shares outstanding - diluted | 33,130 | 36,243 | 33,820 | 36,026 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $803 | $1,381 |
Trade receivables, net of allowances of $2,063 and $2,153, respectively | 181,934 | 151,570 |
Income tax refund receivable | 4,180 | 1,750 |
Deferred tax assets, net | 8,462 | 9,494 |
Prepaid expenses and other current assets | 10,095 | 7,364 |
Total current assets | 205,474 | 171,559 |
Fixed assets, net | 36,533 | 34,883 |
Other assets, net | 30,686 | 28,038 |
Deferred tax assets, net | 21,039 | 21,523 |
Intangible assets, net | 5,160 | 5,736 |
Goodwill | 63,410 | 63,410 |
Total assets | 362,302 | 325,149 |
Current Liabilities: | ||
Accounts payable and other accrued liabilities | 31,206 | 36,205 |
Accrued payroll costs | 56,436 | 50,063 |
Other current liabilities | 11,796 | 11,564 |
Income taxes payable | 3,456 | 1,042 |
Total current liabilities | 102,894 | 98,874 |
Long-term debt - credit facility | 53,411 | 21,000 |
Long-term debt - other | 1,692 | 1,144 |
Other long-term liabilities | 40,067 | 34,285 |
Total liabilities | 198,064 | 155,303 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par; 15,000 shares authorized, none issued and outstanding | ||
Common stock, $0.01 par; 250,000 shares authorized, 68,912 and 68,531 issued, respectively | 689 | 685 |
Additional paid-in capital | 402,250 | 400,688 |
Accumulated other comprehensive loss | -2,612 | -2,713 |
Retained earnings | 59,224 | 40,203 |
Treasury stock, at cost; 35,722 and 33,980 shares, respectively | -295,313 | -269,017 |
Total stockholders' equity | 164,238 | 169,846 |
Total liabilities and stockholders' equity | $362,302 | $325,149 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Trade receivables, allowances | $2,063 | $2,153 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000 | 15,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000 | 250,000 |
Common stock, shares issued | 68,912 | 68,531 |
Treasury stock, shares | 35,722 | 33,980 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at beginning of period at Dec. 31, 2012 | $169,846 | $685 | $400,688 | ($2,713) | $40,203 | ($269,017) |
Shares at beginning of period at Dec. 31, 2012 | 68,531 | 33,980 | ||||
Issuance of restricted stock, net of forfeitures, shares | 343 | |||||
Repurchases of common stock, shares | 1,774 | |||||
Exercise of stock options, shares | 37 | 38 | ||||
Employee stock purchase plan, shares | -32 | |||||
Issuance of restricted stock, net of forfeitures | 4 | -4 | ||||
Repurchases of common stock | -26,555 | |||||
Pension and postretirement plans, net of tax | 101 | 101 | ||||
Net income | 19,021 | 19,021 | ||||
Exercise of stock options | 0 | 321 | ||||
Income tax benefit from stock-based compensation | 105 | |||||
Employee stock purchase plan | 462 | 203 | 259 | |||
Stock-based compensation expense | 937 | |||||
Balance at end of period at Sep. 30, 2013 | $164,238 | $689 | $402,250 | ($2,612) | $59,224 | ($295,313) |
Shares at end of period at Sep. 30, 2013 | 68,912 | 35,722 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income (loss) | $19,021 | ($19,823) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
Gain on sale of discontinued operations | -36,533 | |
Goodwill impairment | 65,300 | |
Deferred income tax provision, net | 1,451 | -16,578 |
Depreciation and amortization | 7,395 | 8,491 |
Stock-based compensation | 937 | 25,687 |
Provision for bad debts on accounts receivable and other accounts receivable reserves | 969 | 2,170 |
Pension and postretirement benefit plans expense | 2,844 | 3,389 |
Deferred compensation liability increase, net | 2,554 | 1,924 |
Tax benefit attributable to stock-based compensation | 104 | 1,809 |
Excess tax benefit attributable to stock-based compensation | -42 | -1,789 |
Gain on cash surrender value of Company-owned life insurance policies | -2,599 | -1,468 |
Other | 105 | 113 |
(Increase) decrease in operating assets: | ||
Trade receivables, net | -31,334 | -13,396 |
Income tax receivable | -2,430 | -28 |
Prepaid expenses and other current assets | -2,731 | -2,742 |
Other assets, net | 139 | 128 |
Increase (decrease) in operating liabilities: | ||
Accounts payable and other current liabilities | -2,413 | 8,474 |
Accrued payroll costs | 6,835 | 4,628 |
Income taxes payable | 2,414 | -54 |
Other long-term liabilities | 553 | -1,859 |
Cash provided by operating activities | 3,772 | 27,843 |
Cash flows from investing activities: | ||
Capital expenditures | -6,043 | -4,541 |
Proceeds from disposition of business | 55,561 | |
Proceeds from the sale of assets held within the Rabbi Trust | 1,845 | 1,388 |
Purchase of assets held within the Rabbi Trust | -2,611 | -984 |
Other | 17 | |
Cash (used in) provided by investing activities | -6,792 | 51,424 |
Cash flows from financing activities: | ||
Proceeds from bank line of credit | 433,122 | 220,973 |
Payments on bank line of credit | -400,711 | -270,499 |
Short-term vendor financing | -150 | -376 |
Proceeds from exercise of stock options, net of shares tendered in payment of the exercise price of stock options | 321 | 148 |
Excess tax benefit attributable to stock-based compensation | 42 | 1,789 |
Repurchases of common stock | -29,053 | -25,416 |
Payments of capital expenditure financing | -1,129 | -1,407 |
Cash provided by (used in) financing activities | 2,442 | -74,788 |
(Decrease) increase in cash and cash equivalents | -578 | 4,479 |
Cash and cash equivalents at beginning of period | 1,381 | 939 |
Cash and cash equivalents at end of period | 803 | 5,418 |
Cash paid during the period for: | ||
Income taxes, net | 11,290 | 8,863 |
Interest, net | 558 | 260 |
Non-Cash Transaction Information: | ||
Employee stock purchase plan | 462 | 503 |
Equipment acquired under capital leases | 1,957 | 505 |
Shares tendered in payment of the exercise of stock options | $161 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Organization and Nature of Operations | |||||||||||||||||
Kforce Inc. and subsidiaries (collectively, “Kforce”) provide professional staffing services and solutions to customers in the following segments: Technology (“Tech”), Finance and Accounting (“FA”), Health Information Management (“HIM”) and Government Solutions (“GS”). Kforce provides flexible staffing services and solutions on both a temporary and full-time basis. References in this document to “Kforce,” “the Company,” “we,” “the Firm,” “our” or “us” refer to Kforce Inc. and its subsidiaries, except where the context indicates otherwise. | |||||||||||||||||
Kforce operates through its corporate headquarters in Tampa, Florida and 61 field offices located throughout the United States (the “U.S.”). Additionally, one of our subsidiaries, Kforce Global Solutions, Inc. (“Global”), provides information technology outsourcing services internationally through an office in Manila, Philippines. Our international operations constituted approximately 2% of net service revenues for both the nine months ended September 30, 2013 and 2012 and are included in our Tech segment. Kforce serves clients from the Fortune 1000, the Federal Government, state and local governments, local and regional companies and small to mid-sized companies. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnotes normally required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to those rules and regulations, although Kforce believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of September 30, 2013, our results of operations for the three and nine months ended September 30, 2013 and our cash flows for the nine months ended September 30, 2013. The condensed consolidated balance sheet as of December 31, 2012 was derived from our audited consolidated balance sheet as of December 31, 2012, as presented in our 2012 Annual Report on Form 10-K. | |||||||||||||||||
Our quarterly operating results are affected by the number of billing days in a quarter and the seasonality of our customers’ businesses. In addition, we experience an increase in direct costs of services and a corresponding decrease in gross profit in the first fiscal quarter of each year as a result of certain U.S. state and federal employment tax resets. Thus, the results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for a full year. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of Kforce Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
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 and 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. The most important of these estimates and assumptions relate to the following: accounting for goodwill and identifiable intangible assets and any related impairment; stock-based compensation; obligations for pension and postretirement benefit plans; expected annual commission rates; self-insured liabilities for workers’ compensation and health insurance; allowance for doubtful accounts, fallouts and other accounts receivable reserves and accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
Basic earnings (loss) per share is computed as earnings divided by the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding exclude unvested shares of restricted stock (“RS”) and performance-accelerated restricted stock (“PARS”). Diluted earnings (loss) per common share is computed by dividing the earnings attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period plus the dilutive effect of stock options and other potentially dilutive securities such as unvested shares of RS and PARS using the treasury stock method, except where the effect of including potential common shares would be anti-dilutive. | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 8,979 | $ | 9,275 | $ | 19,021 | $ | (41,634 | ) | ||||||||
Income (loss) from discontinued operations, net of tax | — | (7 | ) | — | 21,811 | ||||||||||||
Net income (loss) | $ | 8,979 | $ | 9,268 | $ | 19,021 | $ | (19,823 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding – basic | 32,985 | 36,204 | 33,705 | 36,026 | |||||||||||||
Common stock equivalents | 145 | 39 | 115 | — | |||||||||||||
Weighted average shares outstanding – diluted | 33,130 | 36,243 | 33,820 | 36,026 | |||||||||||||
Earnings (loss) per share – basic: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – basic | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
Earnings (loss) per share – diluted: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – diluted | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
For both the three months and nine months ended September 30, 2013, there were no shares of common stock excluded from the computation of dilutive earnings (loss) per share because their inclusion would have had an anti-dilutive effect on earnings per share. For the three months ended September 30, 2012, there were 63 shares of common stock excluded from the computation of dilutive earnings per share because their inclusion would have had an anti-dilutive effect on earnings per share. Given that Kforce had a loss from continuing operations for nine months ended September 30, 2012, the calculations of diluted earnings (loss) per share from continuing operations, discontinued operations and net (loss) income is computed using basic weighted average common shares outstanding. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Discontinued Operations | Note B – Discontinued Operations | ||||||||
On March 17, 2012, Kforce entered into a Stock Purchase Agreement (the “SPA”) to sell all of the issued and outstanding stock of Kforce Clinical Research, Inc. (“KCR”) to inVentiv Health, Inc. (“Purchaser”). On March 31, 2012 (“Closing Date”), the Firm closed the sale of KCR to the Purchaser for a total cash purchase price of $57,335, after giving effect to a $7,335 post-closing working capital adjustment. | |||||||||
In connection with the closing of the sale, Kforce entered into a Transition Services Agreement (“TSA”) with the Purchaser to provide certain post-closing transitional services for a period not to exceed 18 months from the Closing Date. Services provided by Kforce under the TSA ceased during the three months ended June 30, 2013. The fees for a significant majority of the services under the TSA were generally equivalent to Kforce’s cost. | |||||||||
In accordance with the SPA, Kforce is obligated to indemnify the Purchaser for certain losses, as defined, in excess of $375 although this deductible does not apply to certain losses. Kforce’s obligations under the indemnification provisions of the SPA, with the exception of certain items, cease 18 months from the Closing Date and are limited to an aggregate of $5,000 although this cap does not apply to certain losses. While it cannot be certain, Kforce believes any exposure under the indemnification provisions is remote, particularly given that the 18 month time period from the Closing Date for general indemnification claims has now passed, and, as a result, has not recorded a liability as of September 30, 2013. | |||||||||
The financial results of KCR have been presented as discontinued operations in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). The following summarizes the results from discontinued operations for the three and nine months ended September 30, 2012: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2012 | September 30, 2012 | ||||||||
Net service revenues | $ | — | $ | 29,649 | |||||
Direct costs of services and operating expenses | (5 | ) | 26,330 | ||||||
5 | 3,319 | ||||||||
(Loss) gain on sale of discontinued operations | (18 | ) | 36,533 | ||||||
(Loss) income from discontinued operations, before income taxes | (13 | ) | 39,852 | ||||||
Income tax (benefit) expense | (6 | ) | 18,041 | ||||||
(Loss) income from discontinued operations, net of income taxes | $ | (7 | ) | $ | 21,811 | ||||
Additionally, in connection with the servicing of the TSA, as of December 31, 2012, approximately $2,658 was due to the Purchaser from Kforce and is classified within accounts payable and other accrued liabilities in the unaudited condensed consolidated balance sheet. | |||||||||
Acceleration of Equity Awards | |||||||||
In connection with the disposition of KCR as described above, the Board exercised its discretion, as permitted within the Kforce Inc. 2006 Stock Incentive Plan, to accelerate the vesting for tax planning purposes of substantially all of the outstanding and unvested RS, PARS and alternative long-term incentive awards (“ALTI”) effective March 31, 2012. Kforce recognized a tax benefit from the acceleration of the vesting of RS, PARS and ALTI. The acceleration resulted in the recognition of previously unrecognized compensation expense during the quarter ended March 31, 2012 of $31,297, which includes $784 of payroll taxes. This expense has been classified in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note C – Commitments and Contingencies |
Litigation | |
On June 18, 2013, Kforce, along with other staffing firms, was named as a defendant in a class action lawsuit filed in the Orange County Superior Court of the State of California. The Plaintiff alleges that a class of current and former Kforce employees working in California was denied compensation for the time they spent interviewing with current and potential clients of Kforce, over a period covering four years prior to the filing of the complaint. The plaintiff seeks recovery in an unspecified amount for this alleged unpaid compensation, the alleged failure of Kforce to provide them with accurate wage statements, the alleged improper use of debit cards as an employee payment mechanism in certain circumstances, alleged unfair competition, and statutory penalties, attorney’s fees and other damages. On August 30, 2013, Kforce removed the matter to the U.S. District Court of the Central District of California, Case No. 8:13cv1356. At this stage of the litigation, it is not reasonable to estimate the outcome or a range of loss, should a loss occur. Accordingly, no amounts have been provided for in Kforce’s Financial Statements. Kforce believes it has meritorious defenses to the allegations and intends to vigorously defend the matter. | |
In the ordinary course of its business, Kforce is from time to time threatened with litigation or named as a defendant in various lawsuits and administrative proceedings. While management does not expect any of these other matters to have a material adverse effect on the Company’s results of operations, financial position or cash flows, litigation is subject to certain inherent uncertainties. Kforce maintains liability insurance in such amounts and with such coverage and deductibles as management believes is reasonable. The principal liability risks that Kforce insures against are workers’ compensation, personal injury, bodily injury, property damage, directors’ and officers’ liability, errors and omissions, employment practices liability and fidelity losses. There can be no assurance that Kforce’s liability insurance will cover all events or that the limits of coverage will be sufficient to fully cover all liabilities. | |
Kforce is not aware of any litigation that would reasonably be expected to have a material effect on its unaudited results of operations, its cash flows or its financial condition. | |
Employment Agreements | |
Kforce has entered into employment agreements with certain executives that provide for minimum compensation, salary and continuation of certain benefits for a six-month to a three-year period under certain circumstances. Certain of the agreements also provide for a severance payment of one to three times annual salary and one half to three times average annual bonus if such an agreement is terminated without good cause by the employer or for good reason by the employee. These agreements contain certain post-employment restrictive covenants. Kforce’s liability at September 30, 2013 would be approximately $43,852 if all of the employees under contract were terminated without good cause by the employer or if the employees resigned for good reason following a change in control. Kforce’s liability at September 30, 2013 would be approximately $12,732 if all of the employees under contract were terminated by Kforce without good cause or if the employees resigned for good reason in the absence of a change of control. | |
Kforce has not recorded any liability related to the employment agreements as no events have occurred that would require payment under the agreements. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||
Employee Benefit Plans | Note D – Employee Benefit Plans | ||||||||||||||||
Alternative Long-Term Incentive | |||||||||||||||||
On January 3, 2012, Kforce granted to certain executive officers an ALTI as the result of certain performance criteria established in 2011 being met, which was to be initially measured over three tranches having periods of 12, 24, and 36 months. The terms of the grants specified that the ultimate annual payouts will be based on: (a) Kforce’s common stock price changes each year relative to its peer group, or (b) based upon the achievement of other market conditions contained in the terms of the award. | |||||||||||||||||
As discussed within Note B “Discontinued Operations,” the Board approved the acceleration of all outstanding and unvested long-term incentives, including the ALTI, effective March 31, 2012. During the three and nine months ended September 30, 2012, Kforce recognized total compensation expense related to the ALTI of $0 and $9,805, respectively, which approximated the grant date fair value. There was no compensation expense related to the ALTI recognized during the three or nine months ended September 30, 2013. | |||||||||||||||||
Foreign Pension Plan | |||||||||||||||||
Kforce maintains a foreign defined benefit pension plan for eligible employees of the Philippine branch of Global that is required by Philippine labor law. The plan defines retirement as those employees who have attained the age of 60 and have completed at least five years of credited service. Benefits payable under the plan equate to one-half month’s salary for each year of credited service. Benefits under the plan are paid out as a lump sum to eligible employees at retirement. | |||||||||||||||||
The net periodic benefit cost recognized for the three and nine months ended September 30, 2013 and 2012 was based upon the actuarial valuation at the beginning of the respective fiscal year. The significant assumptions used by Kforce in the actuarial valuation include the discount rate, the estimated rate of future annual compensation increases and the estimated turnover rate. As of December 31, 2012 and 2011, the discount rate used to determine the actuarial present value of the projected benefit obligation and pension expense was 6.0% and 7.4%, respectively. The discount rate was determined based on long-term Philippine government securities yields commensurate with the expected payout of the benefit obligation. The estimated rate of future annual compensation increases as of both December 31, 2012 and 2011 was 3.0 % and 5.0%, respectively, and was based on historical compensation increases as well as future expectations. Kforce applies a turnover rate to the specific age of each group of employees, which ranges from 20 to 64 years of age. For the three and nine months ended September 30, 2013, net periodic benefit cost was $53 and $164, respectively. For the three and nine months ended September 30, 2012, net periodic benefit cost was $86 and $276, respectively. | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, the projected benefit obligation associated with our foreign defined benefit pension plan was $1,260 and $1,187, respectively, which is classified in other long-term liabilities. There is no requirement for Kforce to fund the Foreign Pension Plan and, as a result, no contributions were made to the Foreign Pension Plan during the nine months ended September 30, 2013. Kforce does not currently anticipate funding the Foreign Pension Plan during the year ending December 31, 2013. | |||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||
Kforce maintains a Supplemental Executive Retirement Plan (the “SERP”) for the benefit of certain executive officers. The primary goals of the SERP are to create an additional wealth accumulation opportunity, restore lost qualified pension benefits due to government limitations and retain our covered executive officers. The SERP is a non-qualified benefit plan and does not include elective deferrals of covered executive officers’ compensation. | |||||||||||||||||
Normal retirement age under the SERP is defined as age 65; however, certain conditions allow for early retirement as early as age 55 or upon a change in control. Vesting under the plan is defined as 100% upon a participant’s attainment of age 55 and 10 years of service and 0% prior to a participant’s attainment of age 55 and 10 years of service. Full vesting also occurs if a participant with five years or more of service is involuntarily terminated by Kforce without cause or upon death, disability or a change in control. The SERP is funded entirely by Kforce, and benefits are taxable to the covered executive officer upon receipt and deductible by Kforce when paid. Benefits payable under the SERP upon the occurrence of a qualifying distribution event, as defined, are targeted at 45% of the covered executive officers’ average salary and bonus, as defined, from the three years in which the executive officer earned the highest salary and bonus during the last 10 years of employment, which is subject to adjustment for retirement prior to the normal retirement age and the participant’s vesting percentage. The benefits under the SERP are reduced for a participant that has not reached age 62 with 10 years of service or age 55 with 25 years of service with a percentage reduction up to the normal retirement age. | |||||||||||||||||
Benefits under the SERP are normally paid based on the lump sum present value but may be paid over the life of the covered executive or 10-year annuity, as elected by the covered executive officer upon commencement of participation in the SERP. None of the benefits earned pursuant to the SERP are attributable to services provided prior to the effective date of the plan. For purposes of the measurement of the benefit obligation, Kforce has assumed that all participants will elect to take the lump sum present value option. | |||||||||||||||||
The following represents the components of net periodic benefit cost for the three and nine months ended September 30: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 544 | $ | 522 | $ | 1,634 | $ | 1,565 | |||||||||
Interest cost | 118 | 140 | 352 | 420 | |||||||||||||
Amortization of actuarial loss | 29 | 41 | 87 | 123 | |||||||||||||
Net periodic benefit cost | $ | 691 | $ | 703 | $ | 2,073 | $ | 2,108 | |||||||||
The net periodic benefit cost recognized for the three and nine months ended September 30, 2013 was based upon the actuarial valuation at the beginning of the year, which utilized the assumptions noted in our Annual Report on Form 10-K for the year ended December 31, 2012. There is no requirement for Kforce to fund the SERP and, as a result, no contributions were made to the SERP during the nine months ended September 30, 2013. Kforce does not currently anticipate funding the SERP during the year ending December 31, 2013. | |||||||||||||||||
The Firm previously announced the retirement of a participant in the SERP. The Firm anticipates making a lump-sum payment to the participant on or about December 1, 2013 due to the participant’s separation from service on June 1, 2013. Accordingly, the current portion of the present value of the projected benefit obligation of $10,682 as of September 30, 2013 and December 31, 2012, is recorded in other current liabilities in the accompanying unaudited condensed consolidated balance sheets. The long-term portion of the present value of the projected benefit obligation as of September 30, 2013 and December 31, 2012 is $10,963 and $8,976, respectively, and is recorded in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. During the nine months ended September 30, 2013, there have been no payments made under the SERP. | |||||||||||||||||
Supplemental Executive Retirement Health Plan | |||||||||||||||||
Kforce maintains a Supplemental Executive Retirement Health Plan (“SERHP”) to provide postretirement health and welfare benefits to certain executives. The vesting and eligibility requirements mirror that of the SERP, and no advance funding is required by Kforce or the participants. Consistent with the SERP, none of the benefits earned are attributable to services provided prior to the effective date of the plan. | |||||||||||||||||
The following represents the components of net periodic postretirement benefit cost for the three and nine months ended September 30: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 173 | $ | 229 | $ | 518 | $ | 689 | |||||||||
Interest cost | 33 | 38 | 100 | 113 | |||||||||||||
Amortization of actuarial loss | 26 | 68 | 77 | 204 | |||||||||||||
Net periodic benefit cost | $ | 232 | $ | 335 | $ | 695 | $ | 1,006 | |||||||||
The net periodic post-retirement benefit cost recognized for the three and nine months ended September 30, 2013 was based upon the actuarial valuation at the beginning of the year, which utilized the assumptions noted in our Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
The long-term portion of the accumulated postretirement benefit obligation as of September 30, 2013 and December 31, 2012 is $4,172 and $3,554, respectively, and is recorded in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. During the nine months ending September 30, 2013, there have been no payments made under the SERHP. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note E – Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy and a framework which requires categorizing assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. Level 1 inputs are unadjusted, quoted market prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 inputs include unobservable inputs that are supported by little, infrequent, or no market activity and reflect management’s own assumptions about inputs used in pricing the asset or liability. The Company uses the following valuation techniques to measure fair value. | |||||||||||||||||
The underlying investments within Kforce’s deferred compensation plans have included money market funds and bond mutual funds. The assets previously invested in bond mutual funds as of December 31, 2012 are now held in a money market fund as of September 30, 2013. Assets held within the money market funds and bond mutual funds are measured on a recurring basis and are recorded at fair value based on each fund’s quoted market value per share in an active market, which is considered a Level 1 input. | |||||||||||||||||
Certain assets, in specific circumstances, are measured at fair value on a non-recurring basis utilizing Level 3 inputs such as goodwill, other intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition would be applicable if one or more of these assets were determined to be impaired. | |||||||||||||||||
There were no transfers into or out of Level 1, 2 or 3 assets during the nine months ended September 30, 2013. Kforce’s measurements at fair value as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Assets/(Liabilities) Measured at Fair Value: | Asset/(Liability) | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Recurring basis: | |||||||||||||||||
Money market funds | $ | 2,302 | $ | 2,302 | $ | — | $ | — | |||||||||
Credit Facility (1) | $ | (53,411 | ) | $ | — | $ | (53,411 | ) | $ | — | |||||||
As of December 31, 2012: | |||||||||||||||||
Recurring basis: | |||||||||||||||||
Bond mutual funds | $ | 4,124 | $ | 4,124 | $ | — | $ | — | |||||||||
Credit Facility (1) | $ | (21,000 | ) | $ | — | $ | (21,000 | ) | $ | — | |||||||
-1 | The estimated fair value of our Credit Facility is determined using a discounted cash flow analysis, considered a level 2 input. |
Stock_Incentive_Plans
Stock Incentive Plans | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||
Stock Incentive Plans | Note F – Stock Incentive Plans | ||||||||||||||||||||
On April 5, 2013, the shareholders approved the 2013 Stock Incentive Plan, which was previously adopted by the Board of Directors on March 1, 2013, subject to shareholder approval. The aggregate number of shares of common stock that are subject to awards under the 2013 Stock Incentive Plan, subject to adjustment upon a change in capitalization, is 4,000. On June 20, 2006, the shareholders approved the 2006 Stock Incentive Plan and, as amended, the aggregate number of shares of common stock that are subject to awards is 7,850. | |||||||||||||||||||||
The 2013 Stock Incentive Plan and 2006 Stock Incentive Plan allow for the issuance of stock options, stock appreciation rights (“SARs”), PARS and RS, subject to share availability. Vesting of equity instruments is determined on a grant-by-grant basis. Options expire at the end of 10 years from the date of grant, and Kforce issues new shares upon exercise of options. | |||||||||||||||||||||
The 2013 Stock Incentive Plan terminates on April 5, 2023 and the 2006 Stock Incentive Plan terminates on April 28, 2016. The Incentive Stock Option Plan expired in 2005. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The following table presents stock option activity during the nine months ended September 30, 2013: | |||||||||||||||||||||
Incentive | 2006 | Total | Weighted | Total | |||||||||||||||||
Stock Option | Stock | Average Exercise | Intrinsic | ||||||||||||||||||
Plan | Incentive | Price per Share | Value of | ||||||||||||||||||
Plan | Options | ||||||||||||||||||||
Exercised | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 154 | 93 | 247 | $ | 10.87 | ||||||||||||||||
Exercised | (27 | ) | (10 | ) | (37 | ) | $ | 8.56 | $ | 269 | |||||||||||
Outstanding and Exercisable as of September 30, 2013 | 127 | 83 | 210 | $ | 11.29 | ||||||||||||||||
No compensation expense was recorded during the three or nine months ended September 30, 2013 or 2012. As of September 30, 2013, there was no unrecognized compensation cost related to non-vested options. | |||||||||||||||||||||
Restricted Stock and Performance-Accelerated Restricted Stock | |||||||||||||||||||||
RS and PARS are periodically granted to certain Kforce executives and are generally based on the extent by which annual long-term incentive performance goals, which are established by Kforce’s Compensation Committee during the first quarter of the year of performance, are certified by the Compensation Committee as having been met. RS granted during the nine months ended September 30, 2013 will vest over a period of two to five years, with equal vesting annually. There were no PARS outstanding as of September 30, 2013 or December 31, 2012 and there have been no PARS granted subsequent to the acceleration of substantially all equity awards on March 31, 2012, as discussed below. | |||||||||||||||||||||
RS contain voting rights and are included in the number of shares of common stock issued and outstanding. RS contain a non-forfeitable right to dividends or dividend equivalents in the form of additional shares of restricted stock containing the same vesting provisions as the underlying award. The following table presents the RS activity for the nine months ended September 30, 2013: | |||||||||||||||||||||
# of RS | Weighted Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 38 | $ | 12.11 | ||||||||||||||||||
Granted | 349 | $ | 14.59 | ||||||||||||||||||
Forfeited/Cancelled | (6 | ) | $ | 14.58 | |||||||||||||||||
Vested | (19 | ) | $ | 12.09 | |||||||||||||||||
Outstanding as of September 30, 2013 | 362 | $ | 14.46 | ||||||||||||||||||
The fair market value of restricted stock is determined based on the closing stock price of Kforce’s common stock at the date of grant, and is amortized on a straight-line basis over the service period. | |||||||||||||||||||||
As discussed within Note B “Discontinued Operations,” the Board approved the vesting acceleration of substantially all of the outstanding and unvested long-term incentives, including the RS, effective March 31, 2012. As a result, Kforce accelerated all of the previously unrecognized compensation expense associated with these awards of $1,994 during the three months ended March 31, 2012. Kforce recognized total compensation expense related to RS of $336 and $937 during the three and nine months ended September 30, 2013, respectively. During the three and nine months ended September 30, 2012, Kforce recognized total compensation expense related to RS of $38 and $2,846, respectively. As of September 30, 2013, total unrecognized compensation expense related to RS was $4,400, which will be recognized over a weighted average remaining period of 3.9 years. | |||||||||||||||||||||
During the three and nine months ended September 30, 2012, Kforce recognized total compensation expense related to PARS of $0 and $23,344, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | Note G – Goodwill and Other Intangible Assets | ||||||||||||
The following table sets forth the activity in goodwill and other intangible assets during the nine months ended September 30, 2013: | |||||||||||||
Goodwill | Other | Total | |||||||||||
Intangible | |||||||||||||
Assets, Net | |||||||||||||
Balance as of December 31, 2012 | $ | 63,410 | $ | 5,736 | $ | 69,146 | |||||||
Amortization of intangible assets | — | (578 | ) | (578 | ) | ||||||||
Other | — | 2 | 2 | ||||||||||
Balance as of September 30, 2013 | $ | 63,410 | $ | 5,160 | $ | 68,570 | |||||||
As of September 30, 2013 and December 31, 2012, other intangible assets, net in the accompanying unaudited condensed consolidated balance sheets consisted of customer relationships and trademarks. Indefinite-lived intangible assets, which consist of trade names and trademarks, amounted to $2,240 as of September 30, 2013 and December 31, 2012. All of the other intangible assets, net represented less than 5% of total assets. | |||||||||||||
As of September 30, 2013 and December 31, 2012, accumulated amortization for intangible assets was $25,018 and $24,440, respectively. The estimated remaining amortization expense is $169 for 2013, $634 for 2014, $634 for 2015, $457 for 2016 and $209 for 2017. | |||||||||||||
As of June 30, 2012, Kforce performed an interim goodwill impairment test for its GS reporting unit, which resulted in Kforce recording an estimated impairment charge of $65,300 and a related tax benefit of $23,265 during the three months ended June 30, 2012. During the three months ended September 30, 2013, Kforce considered factors, including economic developments and the overall macro-economic environment, and determined that no trigging events necessitated an interim review of the carrying value of our goodwill or that of any of our reporting units. As a result, there were no goodwill impairment charges recorded during the three months ended September 30, 2013. Kforce will perform its annual review of goodwill during the fourth quarter of 2013. |
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Reportable Segments | Note H – Reportable Segments | ||||||||||||||||||||
Kforce’s reportable segments are: (i) Tech; (ii) FA; (iii) HIM and (iv) GS. This determination is supported by, among other factors: the existence of segment presidents responsible for the operations of each segment and who also report directly to our chief operating decision maker (“CODM”), the nature of the segment’s operations and information presented to the Board of Directors and our CODM. Kforce also reports Flexible billings and Search fees separately by segment, which has been incorporated into the table below. | |||||||||||||||||||||
Historically, and for the three and nine months ended September 30, 2013, Kforce has generated only sales and gross profit information on a segment basis. Substantially all operations and long-lived assets are located in the United States. We do not report total assets separately by segment as our operations are largely combined. | |||||||||||||||||||||
As described in Note B “Discontinued Operations,” all revenues and gross profit associated with KCR have been recorded within income from discontinued operations, net of tax, in the unaudited condensed consolidated statements of operations and comprehensive income (loss). The following table provides information concerning the continuing operations of our segments for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
Tech | FA | HIM | GS | Total | |||||||||||||||||
Three Months Ended September 30: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 188,888 | $ | 54,791 | $ | 19,602 | $ | 24,127 | $ | 287,408 | |||||||||||
Search fees | 4,694 | 7,456 | 94 | — | 12,244 | ||||||||||||||||
Total net service revenues | $ | 193,582 | $ | 62,247 | $ | 19,696 | $ | 24,127 | $ | 299,652 | |||||||||||
Gross profit | $ | 58,287 | $ | 24,064 | $ | 6,257 | $ | 8,704 | $ | 97,312 | |||||||||||
2012 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 165,342 | $ | 51,661 | $ | 18,089 | $ | 22,698 | $ | 257,790 | |||||||||||
Search fees | 5,235 | 7,068 | 68 | — | 12,371 | ||||||||||||||||
Total net service revenues | $ | 170,577 | $ | 58,729 | $ | 18,157 | $ | 22,698 | $ | 270,161 | |||||||||||
Gross profit | $ | 52,262 | $ | 23,022 | $ | 6,559 | $ | 6,919 | $ | 88,762 | |||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 526,941 | $ | 157,606 | $ | 57,067 | $ | 70,254 | $ | 811,868 | |||||||||||
Search fees | 14,845 | 22,021 | 234 | — | 37,100 | ||||||||||||||||
Total net service revenues | $ | 541,786 | $ | 179,627 | $ | 57,301 | $ | 70,254 | $ | 848,968 | |||||||||||
Gross profit | $ | 161,181 | $ | 69,607 | $ | 18,490 | $ | 24,217 | $ | 273,495 | |||||||||||
2012 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 491,780 | $ | 159,861 | $ | 57,185 | $ | 67,231 | $ | 776,057 | |||||||||||
Search fees | 16,191 | 19,991 | 401 | — | 36,583 | ||||||||||||||||
Total net service revenues | $ | 507,971 | $ | 179,852 | $ | 57,586 | $ | 67,231 | $ | 812,640 | |||||||||||
Gross profit | $ | 150,006 | $ | 68,456 | $ | 20,472 | $ | 20,419 | $ | 259,353 |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note I – Subsequent Events |
During October 2013, the Firm commenced a plan to streamline its leadership and support-related structure to better align a higher percentage of personnel in roles that are closest to the customer (the “Plan”). The new organizational design will provide improved accountability and deliver better results for our clients, consultants and core personnel. As a result of the Plan, the Firm expects to incur a pre-tax charge in the range of $6.0 million to $7.0 million during the fourth quarter of 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Organization and Nature of Operations | Organization and Nature of Operations | ||||||||||||||||
Kforce Inc. and subsidiaries (collectively, “Kforce”) provide professional staffing services and solutions to customers in the following segments: Technology (“Tech”), Finance and Accounting (“FA”), Health Information Management (“HIM”) and Government Solutions (“GS”). Kforce provides flexible staffing services and solutions on both a temporary and full-time basis. References in this document to “Kforce,” “the Company,” “we,” “the Firm,” “our” or “us” refer to Kforce Inc. and its subsidiaries, except where the context indicates otherwise. | |||||||||||||||||
Kforce operates through its corporate headquarters in Tampa, Florida and 61 field offices located throughout the United States (the “U.S.”). Additionally, one of our subsidiaries, Kforce Global Solutions, Inc. (“Global”), provides information technology outsourcing services internationally through an office in Manila, Philippines. Our international operations constituted approximately 2% of net service revenues for both the nine months ended September 30, 2013 and 2012 and are included in our Tech segment. Kforce serves clients from the Fortune 1000, the Federal Government, state and local governments, local and regional companies and small to mid-sized companies. | |||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnotes normally required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to those rules and regulations, although Kforce believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation of our financial condition as of September 30, 2013, our results of operations for the three and nine months ended September 30, 2013 and our cash flows for the nine months ended September 30, 2013. The condensed consolidated balance sheet as of December 31, 2012 was derived from our audited consolidated balance sheet as of December 31, 2012, as presented in our 2012 Annual Report on Form 10-K. | |||||||||||||||||
Our quarterly operating results are affected by the number of billing days in a quarter and the seasonality of our customers’ businesses. In addition, we experience an increase in direct costs of services and a corresponding decrease in gross profit in the first fiscal quarter of each year as a result of certain U.S. state and federal employment tax resets. Thus, the results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for a full year. | |||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||
The condensed consolidated financial statements include the accounts of Kforce Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | 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 and 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. The most important of these estimates and assumptions relate to the following: accounting for goodwill and identifiable intangible assets and any related impairment; stock-based compensation; obligations for pension and postretirement benefit plans; expected annual commission rates; self-insured liabilities for workers’ compensation and health insurance; allowance for doubtful accounts, fallouts and other accounts receivable reserves and accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. | |||||||||||||||||
Earnings Per Share | Earnings per Share | ||||||||||||||||
Basic earnings (loss) per share is computed as earnings divided by the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding exclude unvested shares of restricted stock (“RS”) and performance-accelerated restricted stock (“PARS”). Diluted earnings (loss) per common share is computed by dividing the earnings attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period plus the dilutive effect of stock options and other potentially dilutive securities such as unvested shares of RS and PARS using the treasury stock method, except where the effect of including potential common shares would be anti-dilutive. | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 8,979 | $ | 9,275 | $ | 19,021 | $ | (41,634 | ) | ||||||||
Income (loss) from discontinued operations, net of tax | — | (7 | ) | — | 21,811 | ||||||||||||
Net income (loss) | $ | 8,979 | $ | 9,268 | $ | 19,021 | $ | (19,823 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding – basic | 32,985 | 36,204 | 33,705 | 36,026 | |||||||||||||
Common stock equivalents | 145 | 39 | 115 | — | |||||||||||||
Weighted average shares outstanding – diluted | 33,130 | 36,243 | 33,820 | 36,026 | |||||||||||||
Earnings (loss) per share – basic: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – basic | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
Earnings (loss) per share – diluted: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – diluted | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
For both the three months and nine months ended September 30, 2013, there were no shares of common stock excluded from the computation of dilutive earnings (loss) per share because their inclusion would have had an anti-dilutive effect on earnings per share. For the three months ended September 30, 2012, there were 63 shares of common stock excluded from the computation of dilutive earnings per share because their inclusion would have had an anti-dilutive effect on earnings per share. Given that Kforce had a loss from continuing operations for nine months ended September 30, 2012, the calculations of diluted earnings (loss) per share from continuing operations, discontinued operations and net (loss) income is computed using basic weighted average common shares outstanding. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30: | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 8,979 | $ | 9,275 | $ | 19,021 | $ | (41,634 | ) | ||||||||
Income (loss) from discontinued operations, net of tax | — | (7 | ) | — | 21,811 | ||||||||||||
Net income (loss) | $ | 8,979 | $ | 9,268 | $ | 19,021 | $ | (19,823 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding – basic | 32,985 | 36,204 | 33,705 | 36,026 | |||||||||||||
Common stock equivalents | 145 | 39 | 115 | — | |||||||||||||
Weighted average shares outstanding – diluted | 33,130 | 36,243 | 33,820 | 36,026 | |||||||||||||
Earnings (loss) per share – basic: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – basic | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
Earnings (loss) per share – diluted: | |||||||||||||||||
From continuing operations | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (1.16 | ) | ||||||||
From discontinued operations | — | 0 | — | 0.61 | |||||||||||||
Earnings (loss) per share – diluted | $ | 0.27 | $ | 0.26 | $ | 0.56 | $ | (0.55 | ) | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Summary of Results from Discontinued Operations | The following summarizes the results from discontinued operations for the three and nine months ended September 30, 2012: | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2012 | September 30, 2012 | ||||||||
Net service revenues | $ | — | $ | 29,649 | |||||
Direct costs of services and operating expenses | (5 | ) | 26,330 | ||||||
5 | 3,319 | ||||||||
(Loss) gain on sale of discontinued operations | (18 | ) | 36,533 | ||||||
(Loss) income from discontinued operations, before income taxes | (13 | ) | 39,852 | ||||||
Income tax (benefit) expense | (6 | ) | 18,041 | ||||||
(Loss) income from discontinued operations, net of income taxes | $ | (7 | ) | $ | 21,811 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Supplemental Executive Retirement Plan [Member] | |||||||||||||||||
Components of Net Periodic Benefit Cost | The following represents the components of net periodic benefit cost for the three and nine months ended September 30: | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 544 | $ | 522 | $ | 1,634 | $ | 1,565 | |||||||||
Interest cost | 118 | 140 | 352 | 420 | |||||||||||||
Amortization of actuarial loss | 29 | 41 | 87 | 123 | |||||||||||||
Net periodic benefit cost | $ | 691 | $ | 703 | $ | 2,073 | $ | 2,108 | |||||||||
Supplemental Executive Retirement Health Plan [Member] | |||||||||||||||||
Components of Net Periodic Benefit Cost | The following represents the components of net periodic postretirement benefit cost for the three and nine months ended September 30: | ||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 173 | $ | 229 | $ | 518 | $ | 689 | |||||||||
Interest cost | 33 | 38 | 100 | 113 | |||||||||||||
Amortization of actuarial loss | 26 | 68 | 77 | 204 | |||||||||||||
Net periodic benefit cost | $ | 232 | $ | 335 | $ | 695 | $ | 1,006 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements on a Recurring and Non-Recurring Basis | There were no transfers into or out of Level 1, 2 or 3 assets during the nine months ended September 30, 2013. Kforce’s measurements at fair value as of September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||||
Assets/(Liabilities) Measured at Fair Value: | Asset/(Liability) | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Recurring basis: | |||||||||||||||||
Money market funds | $ | 2,302 | $ | 2,302 | $ | — | $ | — | |||||||||
Credit Facility (1) | $ | (53,411 | ) | $ | — | $ | (53,411 | ) | $ | — | |||||||
As of December 31, 2012: | |||||||||||||||||
Recurring basis: | |||||||||||||||||
Bond mutual funds | $ | 4,124 | $ | 4,124 | $ | — | $ | — | |||||||||
Credit Facility (1) | $ | (21,000 | ) | $ | — | $ | (21,000 | ) | $ | — | |||||||
-1 | The estimated fair value of our Credit Facility is determined using a discounted cash flow analysis, considered a level 2 input. |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||
Summary of Stock Option Activity | The following table presents stock option activity during the nine months ended September 30, 2013: | ||||||||||||||||||||
Incentive | 2006 | Total | Weighted | Total | |||||||||||||||||
Stock Option | Stock | Average Exercise | Intrinsic | ||||||||||||||||||
Plan | Incentive | Price per Share | Value of | ||||||||||||||||||
Plan | Options | ||||||||||||||||||||
Exercised | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 154 | 93 | 247 | $ | 10.87 | ||||||||||||||||
Exercised | (27 | ) | (10 | ) | (37 | ) | $ | 8.56 | $ | 269 | |||||||||||
Outstanding and Exercisable as of September 30, 2013 | 127 | 83 | 210 | $ | 11.29 | ||||||||||||||||
Summary of Restricted Stock Activity | The following table presents the RS activity for the nine months ended September 30, 2013: | ||||||||||||||||||||
# of RS | Weighted Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 38 | $ | 12.11 | ||||||||||||||||||
Granted | 349 | $ | 14.59 | ||||||||||||||||||
Forfeited/Cancelled | (6 | ) | $ | 14.58 | |||||||||||||||||
Vested | (19 | ) | $ | 12.09 | |||||||||||||||||
Outstanding as of September 30, 2013 | 362 | $ | 14.46 | ||||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||
Activity in Goodwill and Other Intangible Assets | The following table sets forth the activity in goodwill and other intangible assets during the nine months ended September 30, 2013: | ||||||||||||
Goodwill | Other | Total | |||||||||||
Intangible | |||||||||||||
Assets, Net | |||||||||||||
Balance as of December 31, 2012 | $ | 63,410 | $ | 5,736 | $ | 69,146 | |||||||
Amortization of intangible assets | — | (578 | ) | (578 | ) | ||||||||
Other | — | 2 | 2 | ||||||||||
Balance as of September 30, 2013 | $ | 63,410 | $ | 5,160 | $ | 68,570 | |||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Operations of Segments | The following table provides information concerning the continuing operations of our segments for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Tech | FA | HIM | GS | Total | |||||||||||||||||
Three Months Ended September 30: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 188,888 | $ | 54,791 | $ | 19,602 | $ | 24,127 | $ | 287,408 | |||||||||||
Search fees | 4,694 | 7,456 | 94 | — | 12,244 | ||||||||||||||||
Total net service revenues | $ | 193,582 | $ | 62,247 | $ | 19,696 | $ | 24,127 | $ | 299,652 | |||||||||||
Gross profit | $ | 58,287 | $ | 24,064 | $ | 6,257 | $ | 8,704 | $ | 97,312 | |||||||||||
2012 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 165,342 | $ | 51,661 | $ | 18,089 | $ | 22,698 | $ | 257,790 | |||||||||||
Search fees | 5,235 | 7,068 | 68 | — | 12,371 | ||||||||||||||||
Total net service revenues | $ | 170,577 | $ | 58,729 | $ | 18,157 | $ | 22,698 | $ | 270,161 | |||||||||||
Gross profit | $ | 52,262 | $ | 23,022 | $ | 6,559 | $ | 6,919 | $ | 88,762 | |||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 526,941 | $ | 157,606 | $ | 57,067 | $ | 70,254 | $ | 811,868 | |||||||||||
Search fees | 14,845 | 22,021 | 234 | — | 37,100 | ||||||||||||||||
Total net service revenues | $ | 541,786 | $ | 179,627 | $ | 57,301 | $ | 70,254 | $ | 848,968 | |||||||||||
Gross profit | $ | 161,181 | $ | 69,607 | $ | 18,490 | $ | 24,217 | $ | 273,495 | |||||||||||
2012 | |||||||||||||||||||||
Net service revenues: | |||||||||||||||||||||
Flexible billings | $ | 491,780 | $ | 159,861 | $ | 57,185 | $ | 67,231 | $ | 776,057 | |||||||||||
Search fees | 16,191 | 19,991 | 401 | — | 36,583 | ||||||||||||||||
Total net service revenues | $ | 507,971 | $ | 179,852 | $ | 57,586 | $ | 67,231 | $ | 812,640 | |||||||||||
Gross profit | $ | 150,006 | $ | 68,456 | $ | 20,472 | $ | 20,419 | $ | 259,353 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Office | ||||
Accounting Policies [Abstract] | ||||
Number of domestic field offices of parent company | 61 | |||
Percentage of net service revenue from international operations | 2.00% | 2.00% | ||
Common stock excluded from the computation of dilutive earnings per share | 0 | 63 | 0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ||||
Income (loss) from continuing operations | $8,979 | $9,275 | $19,021 | ($41,634) |
Income (loss) from discontinued operations, net of tax | -7 | 21,811 | ||
Net income (loss) | $8,979 | $9,268 | $19,021 | ($19,823) |
Denominator: | ||||
Weighted average shares outstanding - basic | 32,985 | 36,204 | 33,705 | 36,026 |
Common stock equivalents | 145 | 39 | 115 | |
Weighted average shares outstanding - diluted | 33,130 | 36,243 | 33,820 | 36,026 |
Earnings (loss) per share - basic: | ||||
From continuing operations | $0.27 | $0.26 | $0.56 | ($1.16) |
From discontinued operations | $0 | $0.61 | ||
Earnings (loss) per share - basic | $0.27 | $0.26 | $0.56 | ($0.55) |
Earnings (loss) per share - diluted: | ||||
From continuing operations | $0.27 | $0.26 | $0.56 | ($1.16) |
From discontinued operations | $0 | $0.61 | ||
Earnings (loss) per share - diluted | $0.27 | $0.26 | $0.56 | ($0.55) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of Discontinued Operations [Line Items] | |||||
Proceeds from sale of operation | $57,335 | $55,561 | |||
Post closing working capital adjustment | 7,335 | ||||
Indemnification obligations period | 18 months | ||||
Payable due to purchaser, net of receivables from purchaser | 2,658 | ||||
Recognized compensation expense | 31,297 | ||||
Payroll taxes | 784 | 784 | |||
Maximum [Member] | |||||
Schedule of Discontinued Operations [Line Items] | |||||
Post-closing transitional services period | 18 months | ||||
Indemnification obligations | 5,000 | ||||
Minimum [Member] | |||||
Schedule of Discontinued Operations [Line Items] | |||||
Indemnification obligations | $375 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net service revenues | $29,649 | |
Direct costs of services and operating expenses | -5 | 26,330 |
(Loss) income from discontinued operations, before gain on sale of discontinued operations and income taxes | 5 | 3,319 |
(Loss) gain on sale of discontinued operations | -18 | 36,533 |
(Loss) income from discontinued operations, before income taxes | -13 | 39,852 |
Income tax (benefit) expense | -6 | 18,041 |
(Loss) income from discontinued operations, net of income taxes | ($7) | $21,811 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Other Commitments [Line Items] | |
Severance payment under agreement description | Certain of the agreements also provide for a severance payment of one to three times annual salary and one half to three times average annual bonus if such an agreement is terminated without good cause by the employer or for good reason by the employee. |
Employees under contract terminated by employer without good cause or change in control | $43,852 |
Employees under contract terminated by employer without good cause or in absence of change in control | $12,732 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Period for providing minimum compensation salary and continuation of certain benefits to executives under employment agreements | 3 years |
Minimum [Member] | |
Other Commitments [Line Items] | |
Period for providing minimum compensation salary and continuation of certain benefits to executives under employment agreements | 6 months |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 03, 2012 | Jan. 03, 2012 | Jan. 03, 2012 |
Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Foreign Pension Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Health Plan [Member] | Supplemental Executive Retirement Health Plan [Member] | Supplemental Executive Retirement Health Plan [Member] | Supplemental Executive Retirement Health Plan [Member] | Supplemental Executive Retirement Health Plan [Member] | Alternative Long-Term Incentive [Member] | Alternative Long-Term Incentive [Member] | Alternative Long-Term Incentive [Member] | Alternative Long-Term Incentive [Member] | Tranche One [Member] | Tranche Two [Member] | Tranche Three [Member] | |
Age | Minimum [Member] | Maximum [Member] | Age | Alternative Long-Term Incentive [Member] | Alternative Long-Term Incentive [Member] | Alternative Long-Term Incentive [Member] | |||||||||||||||||||
Age | Age | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||
Alternative measurement periods | 12 months | 24 months | 36 months | ||||||||||||||||||||||
Alternative long term incentive expense | $0 | $0 | $0 | $9,805 | |||||||||||||||||||||
Age of employee covered under plan | 60 | ||||||||||||||||||||||||
Completed at least credited service period | 5 years | ||||||||||||||||||||||||
Benefits payable calculation under plan description | One-half month's salary for each year of credited service | ||||||||||||||||||||||||
Benefits payable under the plan equate | 1 month 15 days | ||||||||||||||||||||||||
Discount rate used to determine the actuarial present value of the projected benefit obligation and pension expense | 6.00% | 7.40% | |||||||||||||||||||||||
Estimated rate of future annual compensation increases | 3.00% | 5.00% | |||||||||||||||||||||||
Age group of employees for company turnover rate | 20 | 64 | |||||||||||||||||||||||
Net periodic benefit cost | 53 | 86 | 164 | 276 | 691 | 703 | 2,073 | 2,108 | 232 | 335 | 695 | 1,006 | |||||||||||||
Foreign defined benefit plan obligation | 1,260 | 1,260 | 1,187 | ||||||||||||||||||||||
Contributions towards foreign pension plan | 0 | ||||||||||||||||||||||||
Normal retirement age under the SERP | 65 | ||||||||||||||||||||||||
Certain conditions allow for early retirement | 55 | ||||||||||||||||||||||||
Vesting percentage under plan between age 55 to 10 years | 100.00% | ||||||||||||||||||||||||
Vesting percentage under plan prior to age between 55 to 10 years | 0.00% | ||||||||||||||||||||||||
Define benefit plan employees minimum requisition period | 10 years | ||||||||||||||||||||||||
Define benefit plan employees minimum requisition period under specific conditions | 5 years | ||||||||||||||||||||||||
Share based payment benefits payable targeted percentage | 45.00% | ||||||||||||||||||||||||
Period in which the executive officer earned the highest salary and bonus | 3 years | ||||||||||||||||||||||||
Period of employment of officer | 10 years | ||||||||||||||||||||||||
Eligible age under condition one for reduced benefits under the plan | 62 | ||||||||||||||||||||||||
Employee service period under condition one | 10 years | ||||||||||||||||||||||||
Normal retirement age | 55 | ||||||||||||||||||||||||
Service period reduction up to the retirement age | 25 years | ||||||||||||||||||||||||
Lump sum payment period | 10 years | ||||||||||||||||||||||||
Contributions made to the SERP | 0 | ||||||||||||||||||||||||
Present value of the accumulated benefit obligation | 10,682 | 10,682 | 10,682 | ||||||||||||||||||||||
Defined benefit plan accumulated benefit obligation non-current | 10,963 | 10,963 | 8,976 | 4,172 | 4,172 | 3,554 | |||||||||||||||||||
Payments made under the SERP, SERHP | $0 | $0 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (Supplemental Executive Retirement Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $544 | $522 | $1,634 | $1,565 |
Interest cost | 118 | 140 | 352 | 420 |
Amortization of actuarial loss | 29 | 41 | 87 | 123 |
Net periodic benefit cost | $691 | $703 | $2,073 | $2,108 |
Employee_Benefit_Plans_Compone1
Employee Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Detail) (Supplemental Executive Retirement Health Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Executive Retirement Health Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $173 | $229 | $518 | $689 |
Interest cost | 33 | 38 | 100 | 113 |
Amortization of actuarial loss | 26 | 68 | 77 | 204 |
Net periodic benefit cost | $232 | $335 | $695 | $1,006 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | |
Transfers into or out of Level 1, 2 or 3 assets | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements on a Recurring and Non-Recurring Basis (Detail) (Recurring Basis [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Money Market Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value | $2,302 | |
Credit Facility [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Credit Facility | -53,411 | -21,000 |
Bond Mutual Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value | 4,124 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value | 2,302 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Bond Mutual Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value | 4,124 | |
Significant Other Observable Inputs (Level 2) [Member] | Credit Facility [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Credit Facility | -53,411 | -21,000 |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value | ||
Significant Unobservable Inputs (Level 3) [Member] | Credit Facility [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Credit Facility | ||
Significant Unobservable Inputs (Level 3) [Member] | Bond Mutual Funds [Member] | ||
Fair value measurements on a recurring and non-recurring basis | ||
Assets Measured at Fair Value |
Stock_Incentive_Plans_Addition
Stock Incentive Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Sep. 30, 2013 | Jun. 20, 2006 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Minimum [Member] | Maximum [Member] | 2013 Stock Incentive Plan [Member] | 2013 Stock Incentive Plan [Member] | 2006 Stock Incentive Plan [Member] | 2006 Stock Incentive Plan [Member] | Stock Options Outstanding [Member] | Incentive Stock Option Plan [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance Accelerated Restricted Stock [Member] | Performance Accelerated Restricted Stock [Member] | Performance Accelerated Restricted Stock [Member] | Performance Accelerated Restricted Stock [Member] | Performance Accelerated Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
Authorized awards | 4,000 | 7,850 | |||||||||||||||||||||||
Option expiration period from grant date | 10 years | ||||||||||||||||||||||||
Equity plan expiration date | 5-Apr-23 | 28-Apr-16 | |||||||||||||||||||||||
Equity plan ceased year | 2005 | ||||||||||||||||||||||||
Stock-based compensation expense | $937 | $25,687 | $0 | $0 | $0 | $0 | $0 | $23,344 | $336 | $38 | $937 | $2,846 | |||||||||||||
Unrecognized compensation cost | 0 | 0 | |||||||||||||||||||||||
Restricted stock granted, vesting period | 2 years | 5 years | |||||||||||||||||||||||
Performance accelerated restricted stock outstanding | 0 | 0 | 362 | 362 | 38 | ||||||||||||||||||||
PARS granted subsequent to the acceleration of all equity awards | 0 | 349 | |||||||||||||||||||||||
Accelerated unrecognized compensation expenses | 1,994 | ||||||||||||||||||||||||
Total unrecognized compensation expenses | $4,400 | $4,400 | |||||||||||||||||||||||
Weighted average period expected to be recognized | 3 years 10 months 24 days |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2012 | 247 |
Exercised | -37 |
Outstanding and Exercisable as of September 30, 2013 | 210 |
Outstanding as of December 31, 2012, Weighted Average Exercise Price per Share | $10.87 |
Exercised, Weighted Average Exercise Price per Share | $8.56 |
Outstanding and Exercisable as of September 30, 2013, Weighted Average Exercise Price per Share | $11.29 |
Exercised, Total Intrinsic Value of Options Exercised | $269 |
Incentive Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2012 | 154 |
Exercised | -27 |
Outstanding and Exercisable as of September 30, 2013 | 127 |
2006 Stock Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2012 | 93 |
Exercised | -10 |
Outstanding and Exercisable as of September 30, 2013 | 83 |
Stock_Incentive_Plans_Summary_1
Stock Incentive Plans - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2012 | 38 |
Granted | 349 |
Forfeited/Cancelled | -6 |
Vested | -19 |
Outstanding as of September 30, 2013 | 362 |
Outstanding as of December 31, 2012, Weighted Average Grant Date Fair Value | $12.11 |
Granted, Weighted Average Grant Date Fair Value | $14.59 |
Forfeited/Cancelled, Weighted Average Grant Date Fair Value | $14.58 |
Vested, Weighted Average Grant Date Fair Value | $12.09 |
Outstanding as of September 30,2013, Weighted Average Grant Date Fair Value | $14.46 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Activity in Goodwill and Other Intangible Assets (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Goodwill [Member] | Goodwill [Member] | Other Intangible Assets, Net [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||||
Balance as of December 31, 2012 | $69,146 | $63,410 | $63,410 | $5,736 |
Amortization of intangible assets | -578 | -578 | ||
Other | 2 | 2 | ||
Balance as of September 30, 2013 | $68,570 | $63,410 | $63,410 | $5,160 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2012 |
GS [Member] | GS [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $2,240 | $2,240 | |||
Other intangible assets as percentage of assets | 5.00% | 5.00% | |||
Accumulated amortization of intangible assets | 25,018 | 24,440 | |||
Estimated remaining amortization expense, 2013 | 169 | ||||
Estimated remaining amortization expense, 2014 | 634 | ||||
Estimated remaining amortization expense, 2015 | 634 | ||||
Estimated remaining amortization expense, 2016 | 457 | ||||
Estimated remaining amortization expense, 2017 | 209 | ||||
Goodwill impairment | 65,300 | 0 | 65,300 | ||
Goodwill related tax benefit | $23,265 |
Reportable_Segments_Operations
Reportable Segments - Operations of Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Net service revenues | $299,652 | $270,161 | $848,968 | $812,640 |
Gross profit | 97,312 | 88,762 | 273,495 | 259,353 |
Flexible Billings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 287,408 | 257,790 | 811,868 | 776,057 |
Search Fees [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 12,244 | 12,371 | 37,100 | 36,583 |
Tech [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 193,582 | 170,577 | 541,786 | 507,971 |
Gross profit | 58,287 | 52,262 | 161,181 | 150,006 |
Tech [Member] | Flexible Billings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 188,888 | 165,342 | 526,941 | 491,780 |
Tech [Member] | Search Fees [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 4,694 | 5,235 | 14,845 | 16,191 |
FA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 62,247 | 58,729 | 179,627 | 179,852 |
Gross profit | 24,064 | 23,022 | 69,607 | 68,456 |
FA [Member] | Flexible Billings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 54,791 | 51,661 | 157,606 | 159,861 |
FA [Member] | Search Fees [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 7,456 | 7,068 | 22,021 | 19,991 |
HIM [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 19,696 | 18,157 | 57,301 | 57,586 |
Gross profit | 6,257 | 6,559 | 18,490 | 20,472 |
HIM [Member] | Flexible Billings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 19,602 | 18,089 | 57,067 | 57,185 |
HIM [Member] | Search Fees [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 94 | 68 | 234 | 401 |
GS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 24,127 | 22,698 | 70,254 | 67,231 |
Gross profit | 8,704 | 6,919 | 24,217 | 20,419 |
GS [Member] | Flexible Billings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | $24,127 | $22,698 | $70,254 | $67,231 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Firm expects to incur a pre-tax charge | $6 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Firm expects to incur a pre-tax charge | $7 |