Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SHENANDOAH TELECOMMUNICATIONS CO/VA/ | ||
Entity Central Index Key | 354,963 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 760,000,000 | ||
Entity Common Stock, Shares Outstanding | 48,536,793 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 76,812 | $ 68,917 |
Accounts receivable, net | 29,778 | 30,371 |
Income taxes receivable | 7,694 | 14,752 |
Materials and supplies | 4,183 | 8,794 |
Prepaid expenses and other | 8,573 | 4,279 |
Deferred income taxes | 907 | 1,211 |
Total current assets | 127,947 | 128,324 |
Investments, including $2,654 and $2,661 carried at fair value | 10,679 | 10,089 |
Property, plant and equipment, net | 410,018 | 405,907 |
Other Assets | ||
Intangible assets, net | 66,993 | 68,260 |
Deferred charges and other assets, net | 13,103 | 6,662 |
Other assets, net | 80,096 | 74,922 |
Total assets | 628,740 | 619,242 |
Current Liabilities | ||
Current maturities of long-term debt | 23,000 | 23,000 |
Accounts payable | 13,009 | 11,151 |
Advanced billings and customer deposits | 11,674 | 12,375 |
Accrued compensation | 5,915 | 5,466 |
Accrued liabilities and other | 7,639 | 7,162 |
Total current liabilities | 61,237 | 59,154 |
Long-term debt, less current maturities | 178,250 | 201,250 |
Other Long-Term Liabilities | ||
Deferred income taxes | 74,868 | 76,777 |
Deferred lease payable | 8,142 | 7,180 |
Asset retirement obligations | 7,266 | 6,928 |
Other liabilities | 9,039 | 9,607 |
Total other liabilities | $ 99,315 | $ 100,492 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Common stock, no par value, authorized 96,000 shares; issued and outstanding 48,475 shares in 2015 and 48,265 shares in 2014 | $ 32,776 | $ 29,712 |
Accumulated other comprehensive income, net of taxes | 415 | 1,122 |
Retained earnings | 256,747 | 227,512 |
Total shareholders' equity | 289,938 | 258,346 |
Total liabilities and shareholders' equity | $ 628,740 | $ 619,242 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Investments at fair value | $ 2,654 | $ 2,661 |
Shareholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 96,000 | 96,000 |
Common stock, shares issued (in shares) | 48,475 | 48,265 |
Common stock, shares outstanding (in shares) | 48,475 | 48,265 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME [Abstract] | |||
Operating revenues | $ 342,485 | $ 326,946 | $ 308,942 |
Operating expenses | |||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 121,330 | 129,743 | 125,140 |
Selling, general and administrative, exclusive of depreciation and amortization shown below | 76,367 | 69,370 | 67,673 |
Depreciation and amortization | 70,702 | 65,890 | 60,722 |
Total operating expenses | 268,399 | 265,003 | 253,535 |
Operating income | 74,086 | 61,943 | 55,407 |
Other income (expense) | |||
Interest expense | (7,355) | (8,148) | (8,468) |
Gain on investments, net | 105 | 208 | 756 |
Non-operating income, net | 1,754 | 2,031 | 1,769 |
Income before income taxes | 68,590 | 56,034 | 49,464 |
Income tax expense | 27,726 | 22,151 | 19,878 |
Net income | 40,864 | 33,883 | 29,586 |
Other comprehensive income: | |||
Unrealized gain (loss) on interest rate hedge, net of tax | (707) | (1,472) | 3,457 |
Comprehensive income | $ 40,157 | $ 32,411 | $ 33,043 |
Earning per share: | |||
Basic (in dollars per share) | $ 0.84 | $ 0.70 | $ 0.62 |
Diluted (in dollars per share) | $ 0.83 | $ 0.70 | $ 0.61 |
Weighted average shares outstanding, basic (in shares) | 48,388 | 48,198 | 48,002 |
Weighted average shares outstanding, diluted (in shares) | 49,024 | 48,720 | 48,230 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $ 24,688 | $ 184,023 | $ (863) | $ 207,848 |
Balance (in shares) at Dec. 31, 2012 | 47,924 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 29,586 | 0 | 29,586 |
Other comprehensive income (loss), net of tax | 0 | 0 | 3,457 | 3,457 |
Dividends declared | 0 | (8,647) | 0 | (8,647) |
Dividends reinvested in common stock | $ 475 | 0 | 0 | 475 |
Dividends reinvested in common stock (in shares) | 40 | |||
Stock based compensation | $ 1,938 | 0 | 0 | 1,938 |
Common stock issued through exercise of incentive stock options | $ 1,186 | 0 | 0 | 1,186 |
Common stock issued through exercise of incentive stock options (in shares) | 132 | |||
Common stock issued for share awards | $ 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 136 | |||
Common stock issued | $ 10 | 0 | 0 | 10 |
Common stock issued (in shares) | 2 | |||
Common stock repurchased | $ (1,600) | 0 | 0 | (1,600) |
Common stock repurchased (in shares) | (154) | |||
Net excess tax benefit from stock options exercised | $ 62 | 0 | 0 | 62 |
Balance at Dec. 31, 2013 | $ 26,759 | 204,962 | 2,594 | 234,315 |
Balance (in shares) at Dec. 31, 2013 | 48,080 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 33,883 | 0 | 33,883 |
Other comprehensive income (loss), net of tax | 0 | 0 | (1,472) | (1,472) |
Dividends declared | 0 | (11,333) | 0 | (11,333) |
Dividends reinvested in common stock | $ 572 | 0 | 0 | 572 |
Dividends reinvested in common stock (in shares) | 39 | |||
Stock based compensation | $ 2,624 | 0 | 0 | 2,624 |
Common stock issued through exercise of incentive stock options | $ 1,141 | 0 | 0 | 1,141 |
Common stock issued through exercise of incentive stock options (in shares) | 102 | |||
Common stock issued for share awards | $ 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 162 | |||
Common stock issued | $ 6 | 0 | 0 | 6 |
Common stock issued (in shares) | 2 | |||
Common stock repurchased | $ (1,785) | 0 | 0 | (1,785) |
Common stock repurchased (in shares) | (120) | |||
Net excess tax benefit from stock options exercised | $ 395 | 0 | 0 | 395 |
Balance at Dec. 31, 2014 | $ 29,712 | 227,512 | 1,122 | $ 258,346 |
Balance (in shares) at Dec. 31, 2014 | 48,265 | 48,265 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 0 | 40,864 | 0 | $ 40,864 |
Other comprehensive income (loss), net of tax | 0 | 0 | (707) | (707) |
Dividends declared | 0 | (11,629) | 0 | (11,629) |
Dividends reinvested in common stock | $ 544 | 0 | 0 | 544 |
Dividends reinvested in common stock (in shares) | 22 | |||
Stock based compensation | $ 2,719 | 0 | 0 | 2,719 |
Common stock issued through exercise of incentive stock options | $ 996 | 0 | 0 | 996 |
Common stock issued through exercise of incentive stock options (in shares) | 87 | |||
Common stock issued for share awards | $ 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 212 | |||
Common stock issued | $ 11 | 0 | 0 | 11 |
Common stock issued (in shares) | 1 | |||
Common stock repurchased | $ (1,885) | 0 | 0 | (1,885) |
Common stock repurchased (in shares) | (111) | |||
Net excess tax benefit from stock options exercised | $ 679 | 0 | 0 | 679 |
Balance at Dec. 31, 2015 | $ 32,776 | $ 256,747 | $ 415 | $ 289,938 |
Balance (in shares) at Dec. 31, 2015 | 48,475 | 48,475 |
CONSOLIDATED STATEMENTS OF SHA6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | |||
Dividends declared per share (in dollars per share) | $ 0.24 | $ 0.235 | $ 0.18 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 40,864 | $ 33,883 | $ 29,586 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 69,287 | 63,324 | 56,583 |
Amortization | 1,415 | 2,566 | 4,139 |
Provision for bad debt | 1,640 | 1,678 | 2,019 |
Stock based compensation expense | 2,333 | 2,624 | 1,938 |
Excess tax benefits on stock option exercises | (679) | (395) | (101) |
Deferred income taxes | (451) | 2,975 | 14,266 |
Net loss on disposal of equipment | 235 | 1,975 | 753 |
Realized loss on disposal of investments | 20 | 0 | 1 |
Unrealized (gains) loss on investments | 141 | 51 | (391) |
Net gains from patronage and equity investments | (805) | (852) | (837) |
Amortization of long term debt issuance costs | 567 | 605 | 609 |
Other | 93 | 1,515 | 1,663 |
(Increase) decrease in: | |||
Accounts receivable | (1,047) | (6,225) | (2,594) |
Materials and supplies | 492 | 1,921 | (927) |
Income taxes receivable | 7,058 | 1,824 | (11,871) |
Other assets | (6,368) | 1,055 | (1,034) |
Increase (decrease) in: | |||
Accounts payable | 2,753 | 5,040 | (2,145) |
Deferred lease payable | 962 | 1,024 | 1,253 |
Other deferrals and accruals | 811 | 405 | 1,354 |
Net cash provided by operating activities | 119,321 | 114,993 | 94,264 |
Cash Flows from Investing Activities | |||
Acquisition of property, plant and equipment | (69,679) | (68,232) | (117,028) |
Proceeds from sale of equipment | 363 | 551 | 331 |
Proceeds from sales of assets | 0 | 0 | 25 |
Purchase of investment securities | 0 | 0 | (12) |
Cash distributions from investments | 54 | 43 | 121 |
Net cash used in investing activities | (69,262) | (67,638) | (116,563) |
Cash Flows From Financing Activities | |||
Principal payments on long-term debt | (23,000) | (5,750) | (1,977) |
Cash paid for debt issuance costs | (7,880) | 0 | 0 |
Dividends paid, net of dividends reinvested | (11,085) | (10,761) | (8,191) |
Excess tax benefits on stock option exercises | 679 | 395 | 101 |
Repurchases of common stock | (1,885) | (1,785) | (1,600) |
Proceeds from issuances of common stock | 1,007 | 1,147 | 1,196 |
Net cash used in financing activities | (42,164) | (16,754) | (10,471) |
Net increase (decrease) in cash and cash equivalents | 7,895 | 30,601 | (32,770) |
Cash and cash equivalents: | |||
Beginning | 68,917 | 38,316 | 71,086 |
Ending | 76,812 | 68,917 | 38,316 |
Cash payments for: | |||
Interest, net of capitalized interest of $436 in 2015, $373 in 2014, and $396 in 2013 | 6,784 | 7,548 | 8,077 |
Income taxes paid, net | $ 21,119 | $ 17,233 | $ 17,483 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosures of Cash Flow Information Cash payments for: | |||
Interest, net of capitalized interest | $ 436 | $ 373 | $ 396 |
Other cash flow information: | |||
Exchange of equipment for new equipment purchase | 711 | 863 | 14,533 |
Increase (Decrease) in accounts payable | $ 5,597 | $ 6,492 | $ 7,635 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Description of business: Shenandoah Telecommunications Company and its subsidiaries (collectively, the “Company”) provide wireless personal communications service (“PCS”) under the Sprint brand, and telephone service, cable television, unregulated communications equipment sales and services, and Internet access under the Shentel brand. In addition, the Company leases towers and operates and maintains an interstate fiber optic network. Pursuant to a management agreement with Sprint and its related parties (collectively, “Sprint”), the Company is the exclusive Sprint PCS Affiliate providing wireless mobility communications network products and services on the spectrum ranges in the geographic area extending from Altoona, Harrisburg and York, Pennsylvania, south through Western Maryland and the panhandle of West Virginia to Harrisonburg, Virginia. The Company is licensed to use the Sprint brand name in this territory, and operates its network under the Sprint radio spectrum license (See Note 6). The Company's other operations are located in the four-state region surrounding the Northern Shenandoah Valley of Virginia. A summary of the Company's significant accounting policies follows: Principles of consolidation: The consolidated financial statements include the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. On October 19, 2015, the Board of Directors declared a two-for-one stock split, effective for shareholders of record as of the close of business on December 31, 2015. Shareholders received one additional share of common stock of the Company for each share held on the record date. All share and per share data presented herein for prior periods have been retroactively amended to reflect the effect of the additional shares issued and outstanding as a result of the stock split. Use of estimates: Cash and cash equivalents: Accounts receivable: 2015 2014 2013 Balance at beginning of year $ 762 $ 924 $ 1,113 Bad debt expense 1,640 1,678 2,019 Losses charged to allowance (2,586 ) (2,218 ) (2,390 ) Recoveries added to allowance 602 378 182 Balance at end of year $ 418 $ 762 $ 924 Investments: Investments Carried at Fair Value: Fair Value Measurement Investments Carried at Cost: Equity Method Investments: Property, plant and equipment: Valuation of long-lived assets: Fair value : . Financial instruments presented on the consolidated balance sheets for which the carrying value approximates fair value include: cash and cash equivalents, receivables, investments carried at fair value, payables, accrued liabilities, interest rate swaps and variable-rate long-term debt. The Company measures its interest rate swaps at fair value and recognizes such derivative instruments as either assets or liabilities on the Company’s consolidated balance sheet. Changes in the fair value of the swap acquired in 2012 are recognized in other comprehensive income, as this swap was designated as a cash flow hedge for accounting purposes. Changes in the fair value of the swap acquired in 2010 were recognized in interest expense, as the Company did not designate this swap agreement as a cash flow hedge for accounting purposes. This swap expired in 2013. The Company entered into these swaps to manage a portion of its exposure to interest rate movements by converting a portion of its variable rate long-term debt to fixed rate debt. Asset retirement obligations: The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from acquisition, construction, development and/or normal use of the assets. The Company also records a corresponding asset, which is depreciated over the life of the tangible long-lived asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. During the third quarter of 2015, new information was received regarding the cost to remove tower site improvements. The Company recorded an adjustment to the wireless segment asset retirement obligation liabilities to reflect changes in the estimated future cash flows underlying the obligation to remove tower site improvements. Changes in the liability for asset removal obligations for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands): 2015 2014 2013 Balance at beginning of year $ 6,928 $ 6,485 $ 5,896 Additional liabilities accrued 490 403 1,189 Changes to prior estimates (467 ) - - Payments made (77 ) (334 ) (909 ) Accretion expense 392 374 309 Balance at end of year $ 7,266 $ 6,928 $ 6,485 Goodwill and intangible assets: In connection with the acquisition of a business, a portion of the purchase price may be allocated to identifiable intangible assets with indefinite lives, such as franchise rights, and goodwill, which is . The Company carries an immaterial amount of goodwill in the Wireline segment. Intangible assets with indefinite lives, primarily cable franchise rights, are assessed annually, at November 30, for impairment and in interim periods if certain triggering events occur indicating that the carrying value may be impaired. The Company determined that no impairment of Cable segment franchise rights was required for the years ended December 31, 2015, 2014 and 2013. The fair value of cable franchise rights, which is determined by a “greenfield” analysis (Level 3 fair value), was determined to exceed its $64.1 million carrying value by approximately $11.3 million at December 31, 2015, and $5.3 million at December 31, 2014. Intangible assets consist of the following at December 31, 2015 and 2014 (in thousands): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets subject to amortization: Business contracts $ 1,938 $ (564 ) $ 1,374 $ 1,898 $ (495 ) $ 1,403 Cable franchise rights - - - 122 (122 ) - Acquired subscriber base 25,326 (23,805 ) 1,521 32,315 (29,556 ) 2,759 $ 27,264 $ (24,369 ) $ 2,895 34,335 $ (30,173 ) $ 4,162 Non-amortizing intangible assets: Cable franchise rights $ 64,059 $ - $ 64,059 $ 64,059 $ - $ 64,059 Railroad crossing rights 39 - 39 39 - 39 $ 64,098 $ - $ 64,098 $ 64,098 $ - $ 64,098 Total intangibles $ 91,362 $ (24,369 ) $ 66,993 $ 98,433 $ (30,173 ) $ 68,260 For the years ended December 31, 2015, 2014 and 2013, amortization expense related to intangible assets was approximately $1.4 million, $2.6 million and $4.1 million, respectively. Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: Year Ending December 31, Amount (in thousands) 2016 $ 969 2017 540 2018 221 2019 116 2020 115 Deferred charges and other assets: Retirement plans: The Company maintains a defined contribution 401(k) plan under which substantially all employees may defer a portion of their earnings on a pretax basis, up to the allowable federal maximum annual contribution amount. The Company may make matching and discretionary contributions to this plan. Neither the rabbi trust nor the defined contribution 401(k) plan directly holds Company common stock in the plan’s investment portfolio. Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the recoverability of tax assets generated on a state-by-state basis from net operating losses apportioned to that state. Management uses a more likely than not threshold to make that determination and has concluded that at December 31, 2015 and 2014, a valuation allowance against certain state deferred tax assets is necessary, as discussed in Note 5. . Revenue recognition: Under the Sprint Management Agreement, postpaid wireless service revenues are reported net of an 8% Management Fee and, since August 2013, a 14% Net Service Fee (increased from 12%), retained by Sprint. Prepaid wireless service revenues are reported net of a 6% Management Fee retained by Sprint. Earnings per share: The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Basic income per share (in thousands, except per share amounts) Net income $ 40,864 $ 33,883 $ 29,586 Weighted average shares outstanding 48,388 48,198 48,002 Basic income per share $ 0.84 $ 0.70 $ 0.62 Effect of stock options outstanding: Weighted average shares outstanding 48,388 48,198 48,002 Assumed exercise, at the strike price at the beginning of year 1,302 1,410 970 Assumed repurchase of shares under treasury stock method (666 ) (888 ) (742 ) Diluted weighted average shares 49,024 48,720 48,230 Diluted income per share $ 0.83 $ 0.70 $ 0.61 Contingencies: Recently Issued Accounting Standards: In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, delaying the effective date of ASU 2014-09. As amended, the new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis”. The ASU provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after September 1, 2016 (fiscal 2017). The Company is still evaluating what impact, if any, this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, “ In November 2015, the FASB issued ASU No. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | Note 2. Investments The Company has three classifications of investments: investments carried at fair value, investments carried at cost, and equity method investments. See Note 1 for definitions of each classification of investment. At December 31, 2015 and 2014, investments carried at fair value consisted of: 2015 2014 (in thousands) Taxable bond funds $ 24 $ 10 Domestic equity funds 2,564 2,553 International equity funds 66 98 $ 2,654 $ 2,661 Investments carried at fair value were acquired under a rabbi trust arrangement related to the Company’s SERP. The Company purchases investments in the trust to mirror the investment elections of participants in the SERP; gains and losses on the investments in the trust are reflected as increases or decreases in the liability owed to the participants. The Company recorded unrealized losses of $141 thousand and $51 thousand in 2015 and 2014, respectively, and unrealized gains of $391 thousand during 2013. Dividends received from the investment totaled $134 thousand, $184 thousand, and $74 thousand during 2015, 2014 and 2013, respectively. Fair values for these investments are determined by quoted market prices (“Level 1 fair values”) for the underlying mutual funds, which may be based upon net asset value. At December 31, 2015 and 2014, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following: 2015 2014 Cost method: (in thousands) CoBank $ 4,137 $ 3,749 Other – Equity in other telecommunications partners 760 755 4,897 4,504 Equity method: Private equity limited partnerships 2,624 2,419 Other 504 505 3,128 2,924 Total other investments $ 8,025 $ 7,428 The Company’s investment in CoBank increased $388 thousand and $406 thousand in the years ended December 31, 2015 and 2014, respectively, due to the ongoing patronage earned from the outstanding investment and loan balances the Company has with CoBank. In the year ended December 31, 2015, the Company received distributions from its investments totaling $30 thousand in cash. Equity method investments had a net gain of $266 thousand in the year ended December 31, 2015. During 2015, the Company accepted an offer for the sale of the remaining shares of VA Capital, LLC, an equity method investment. As a result of the transaction, the Company received $24 thousand in proceeds from the sale and recorded a loss totaling $20 thousand on the remaining investment. There were no sales of investments during 2014 while sales in 2013 resulted in a $1 thousand realized loss. The Company’s ownership interests in the remaining equity method investees were unchanged during 2015. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 3. Property, Plant and Equipment Property, plant and equipment consisted of the following at December 31, 2015 and 2014: Estimated Useful Lives 2015 2014 (in thousands) Land $ 4,181 $ 3,700 Buildings and structures 10 – 40 years 108,341 103,341 Cable and wire 4 – 40 years 214,721 201,938 Equipment and software 2 – years 391,260 366,342 Plant in service $ 718,503 $ 675,321 Plant under construction 36,600 18,078 Total property, plant and equipment 755,103 693,399 Less accumulated amortization and depreciation 345,085 287,492 Property, plant and equipment, net $ 410,018 $ 405,907 The Company traded in certain base station PCS equipment for 4G LTE base station equipment in 2015 and 2014, and received credits of $711 thousand and $863 thousand, respectively, against the fair value purchase price of the new equipment. The Company adjusted depreciation on equipment to be traded in so that the net book value at trade-in approximated the credit to be received. |
Long-Term Debt and Revolving Li
Long-Term Debt and Revolving Lines of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt and Revolving Lines of Credit [Abstract] | |
Long-Term Debt and Revolving Lines of Credit | Note 4. Long-Term Debt and Revolving Lines of Credit Total debt consists of the following at December 31, 2015 and 2014: Interest Rate 2015 2014 (in thousands) CoBank Term Loan Variable 2.67 % 201,250 224,250 Current maturities 23,000 23,000 Total long-term debt $ 178,250 $ 201,250 On September 14, 2012, the Company executed an Amended and Restated Credit Agreement with CoBank and with the participation of 16 additional Farm Credit institutions, for the purpose of refinancing the Company’s existing outstanding debt, funding capital expenditures to upgrade the Company’s wireless network in conjunction with Sprint’s wireless network upgrade project known as Network Vision, and other corporate needs. The Amended and Restated Credit Agreement provides for three facilities, a Term Loan Facility, a Revolver Facility, and an Incremental Term Loan Facility. The Term Loan Facility requires quarterly principal repayments of $5.75 million which began on December 31, 2014, with the remaining expected balance of approximately $120.75 million due at maturity on September 30, 2019. The Term Loan Facility bears interest at 30-day LIBOR, currently 0.42%, plus a spread determined by the Company’s Total Leverage Ratio, currently 2.25%. The Company may elect to use rates other than the 30-day LIBOR as the base, but does not currently expect to do so. The Revolver Facility provides for $50 million in immediate availability for future capital expenditures and general corporate needs. In addition, the Amended and Restated Credit Agreement permits the Company to enter into one or more Incremental Term Loan Facilities, or to increase the Revolver Facility, in the aggregate principal amount not to exceed $100 million subject to compliance with certain covenants. No draw has been made or is currently contemplated under either of these facilities. When and if a draw is made, the maturity date and interest rate options would be substantially identical to the Term Loan Facility. Repayment provisions would be agreed to at the time of each draw under the Incremental Term Loan Facility. The Amended and Restated Credit Agreement contains affirmative and negative covenants customary to secured credit facilities, including covenants restricting the ability of the Company and its subsidiaries, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions, dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments, and change the nature of the Company’s and its subsidiaries’ businesses. Indebtedness outstanding under any of the facilities may be accelerated by an Event of Default, as defined in the Amended and Restated Credit Agreement. The Facilities are secured by a pledge by the Company of its stock in its subsidiaries, a guarantee by the Company’s subsidiaries other than Shenandoah Telephone Company, and a security interest in all of the assets of the guarantors. The Company is subject to certain financial covenants to be measured on a trailing twelve month basis each calendar quarter unless otherwise specified. These covenants include: · a limitation on the Company’s total leverage ratio, defined as indebtedness divided by earnings before interest, taxes, depreciation and amortization, or EBITDA, of less than or equal to 2.00 to 1.00 thereafter; · a minimum debt service coverage ratio, defined as EBITDA divided by the sum of all scheduled principal payments on the Term Loans and regularly scheduled principal payments on other indebtedness plus cash interest expense, greater than 2.50 to 1.00 at all times; · a minimum equity to assets ratio, defined as consolidated total assets minus consolidated total liabilities, divided by consolidated total assets, of at least 0.35 to 1.00 thereafter, measured at each fiscal quarter end; As shown below, as of December 31, 2015, the Company was in compliance with the financial covenants in its credit agreements. Actual Covenant Requirement Total Leverage Ratio 1.35 2.00 or Lower Debt Service Coverage Ratio 4.24 2.50 or Higher Equity to Assets Ratio 46.1 % 35.0% or Higher The Amended and Restated Credit Agreement required the Company to obtain interest rate protection within 90 days of the amendment date for at least 33% of the aggregate principal balance of the Term Loan then outstanding, for not less than three years after such date. In September 2012, the Company entered into a pay fixed, receive variable interest rate swap (the 2012 swap) agreement covering approximately 76% of the outstanding principal of the Term Loan balance through its maturity. The 2012 swap fixes the effective rate on this portion of the debt at 1.13% over our margin, currently 2.25%, for an effective fixed rate of 3.38% at December 31, 2015. The Company has applied hedge accounting to this swap agreement. See Note 13 for additional information on hedging transactions. The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2015 are as follows: Year Amount (in thousands) 2016 $ 23,000 2017 23,000 2018 23,000 2019 132,250 2020 - $ 201,250 The Company has no fixed rate debt instruments as of December 31, 2015. The estimated fair value of the variable rate debt approximates its carrying value. The fair value of the Company’s interest rate swap was an asset of $688 thousand and $1.9 million at December 31, 2015 and 2014, respectively. The Company receives patronage credits from CoBank and certain of its affiliated Farm Credit institutions, which are not reflected in the stated rates shown above. Patronage credits are a distribution of profits of CoBank as approved by its Board of Directors. Merger-Related Financing Transaction In connection with the Merger and the Sprint Transactions (as defined in Note 16), on December 18, 2015, the Company entered into a credit agreement (the “New Credit Agreement”) with various banks and other financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders. The Credit Agreement provides for three facilities: (i) a five-year revolving credit facility of up to $75 million, (ii) a five-year term loan facility of up to $485 million and (iii) a seven-year term loan facility (with two years of interest-only payments) of up to $400 million (collectively, the “Facilities”), which the Company expects to use to pay the Merger Consideration (as defined in Note 16), to finance the network upgrades required by the Sprint Transactions, to refinance, in full, all indebtedness outstanding under the Company’s existing credit agreement, to repay all existing indebtedness of nTelos (as defined in Note 16), to pay fees and expenses in connection with the Merger and for working capital, capital expenditures and other corporate purposes of the Company and its subsidiaries (and, following the consummation of the Merger, of nTelos and its subsidiaries). The Company will be the borrower under the New Credit Agreement. The availability of the Facilities is subject to the satisfaction or waiver of certain conditions set forth in the New Credit Agreement, including, among other things, the consummation of the Merger on or before June 28, 2016. The commitments of the Lenders with respect to the Facilities will terminate if the consummation of the Merger and the initial funding of the Facilities does not occur on or prior to June 28, 2016. Subsequent to the closing of the nTelos transaction, the Company’s future requirements for debt service will increase, due to incremental interest on the larger outstanding loan balances, and increased amortization requirements to pay down the loan balances, compared to the terms of our existing debt arrangements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5. Income Taxes Total income taxes for the years ended December 31, 2015, 2014 and 2013 were allocated as follows: 2015 2014 2013 (in thousands) Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 Shareholders’ equity, for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes (679 ) (395 ) (101 ) Other comprehensive income for changes in cash flow hedge (476 ) (993 ) 2,315 $ 26,571 $ 20,763 $ 22,092 The Company and its subsidiaries file income tax returns in several jurisdictions. The provision for the federal and state income taxes attributable to income from continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 (in thousands) Current expense Federal taxes $ 23,579 $ 16,592 $ 3,404 State taxes 5,275 2,562 2,305 Total current provision 28,854 19,154 5,709 Deferred expense (benefit) Federal taxes (744 ) 1,636 12,317 State taxes (384 ) 1,361 1,852 Total deferred provision (1,128 ) 2,997 14,169 Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 Effective tax rate 40.4 % 39.5 % 40.2 % A reconciliation of income taxes determined by applying the federal and state tax rates to income from continuing operations is as follows for the years ended December 31, 2015, 2014 and 2013: Years Ended December 31, 2015 2014 2013 (in thousands) Computed “expected” tax expense (35%) $ 24,007 $ 19,612 $ 17,312 State income taxes, net of federal tax effect 3,179 2,550 2,702 Other, net 540 (11 ) (136 ) Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 The effective rates vary among the years presented primarily due to state income taxes. Changes in the mix of income and/or losses among the Company’s subsidiaries, which file separate state returns for various states, result in variations in the effective tax rates. Net deferred tax assets and liabilities consist of the following temporary differences at December 31, 2015 and 2014: 2015 2014 (in thousands) Deferred tax assets: Lease obligations $ 3,109 $ 2,733 Deferred activation charges 78 108 Allowance for doubtful accounts 168 306 Inventory reserves 53 189 State net operating loss carry-forwards, net of federal tax 717 717 Accrued pension costs 1,023 1,086 Transaction costs 538 -- Accrued compensation costs 1,915 1,550 Asset retirement obligations 2,922 2,790 Intangible assets 7,525 7,921 Goodwill 2,196 2,434 Deferred revenues 2,289 2,691 Total gross deferred tax assets 22,533 22,525 Less valuation allowance (709 ) (709 ) Net deferred tax assets 21,824 21,816 Deferred tax liabilities: Plant and equipment $ 85,503 $ 87,941 Franchise rights 9,396 7,686 Section 481a deferred revenues - 246 Deferred financing costs 84 106 Prepaid insurance 125 116 Gain on investments, net 401 409 Other, net 276 878 Total gross deferred tax liabilities 95,785 97,382 Net deferred tax liabilities $ 73,961 $ 75,566 In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods for which the deferred tax assets are deductible, management believes it more likely than not that the state net operating loss carry-forwards from Converged Services will not be realized. The Company has a deferred tax asset of $717 thousand related to various state net operating losses, and carries this asset at $8 thousand, net of the valuation allowance of $709 thousand. As of December 31, 2015 and 2014, the Company had no unrecognized tax benefits. It is the Company’s policy to record interest and penalties related to unrecognized tax benefits in income before taxes. The Company files U.S. federal income tax returns and various state and local income tax returns. With few exceptions, years prior to 2012 are no longer subject to examination. The Company is not currently subject to state or federal income tax audits as of December 31, 2015. |
Significant Contractual Relatio
Significant Contractual Relationship | 12 Months Ended |
Dec. 31, 2015 | |
Significant Contractual Relationship [Abstract] | |
Significant Contractual Relationship | Note 6. Significant Contractual Relationship In 1999, the Company executed a Management Agreement (the “Agreement”) with Sprint whereby the Company committed to construct and operate a PCS network using CDMA air interface technology. Under the Agreement, the Company was the exclusive PCS Affiliate of Sprint providing wireless mobility communications network products and services on the 1900 MHz band in its territory which extends from Altoona, York and Harrisburg, Pennsylvania, and south along the Interstate 81 corridor through Western Maryland, the panhandle of West Virginia, to Harrisonburg, Virginia. The Company is authorized to use the Sprint brand in its territory, and operate its network under Sprint’s radio spectrum licenses. As an exclusive PCS Affiliate of Sprint, the Company has the exclusive right to build, own and maintain its portion of Sprint’s nationwide PCS network, in the aforementioned areas, to Sprint’s specifications. The term of the Agreement was initially set for 20 years and was automatically renewable for three 10-year options, unless terminated by either party under provisions outlined in the Agreement. Upon non-renewal by either party, the Company has either the right or the obligation to sell the business at 80% of “Entire Business Value” (“EBV”) as defined in the Agreement. EBV is defined as i) the fair market value of a going concern paid by a willing buyer to a willing seller; ii) valued as if the business will continue to utilize existing brands and operate under existing agreements; and, iii) valued as if Manager (Shentel) owns the spectrum. Determination of EBV is made by an independent appraisal process. The Agreement has been amended numerous times, most recently during 2015. During 2012, the Company During 2013, the Company amended its Agreement with Sprint in order to allow Sprint to recover the capital costs incurred in providing the Company hardware and software components of the network. These components control and direct LTE traffic between LTE devices in the Company’s service area and the internet, in order to assure interoperability of the Company’s network with Sprint’s PCS network. The Company pays a one-time fee of $9.23 per incremental LTE device activated in the Company’s service area. The Company incurred $1.1 million, $1.1 million and $1.3 million of these fees during 2015, 2014 and 2013, respectively. During 2014, the Company amended its Agreement with Sprint in order to allow the Company’s PCS stores to begin participating in Sprint’s handset financing programs, whereby Sprint enters into a financing agreement with the subscriber and the subscriber receives a handset from Sprint. The equipment revenue from the subscriber, the handset expense and any related bad debt are Sprint’s responsibility and are not recorded by the Company. During 2015, effective January 1, 2016, the Company amended its Agreement with Sprint in order to better allocate certain costs covered by the Net Service Fee and extended the initial term to 2029. The Net Service Fee was reduced to 8.6%, and certain costs and revenues previously included within the Net Service Fee were broken out of the Net Service Fee and will be separately settled in the future. Separately settled revenues primarily consist of revenues associated with Sprint’s wholesale subscribers using the Company’s network and net travel revenue. In addition, the Company will be charged for the costs of subsidized handsets sold through Sprint’s national channels as well as commissions paid by Sprint to third-party resellers in our service territory. The Company does not expect this treatment to result in a significant change in wireless postpaid results, though it will increase total revenue and total operating expenses. Under the Sprint agreements, Sprint provides the Company significant support services such as customer service, billing, collections, long distance, national network operations support, inventory logistics support, use of the Sprint brand names, national advertising, national distribution and product development. Cost of equipment transactions between the Company and Sprint relate to inventory purchased and subsidized costs of handsets. These costs also included transactions related to subsidized costs on handsets and commissions paid to Sprint for sales of handsets through Sprint’s national distribution programs. The Company's PCS subsidiary is dependent upon Sprint’s ability to execute certain functions such as billing, customer care, collections and other operating activities under the Company's agreements with Sprint. Due to the high degree of integration within many of the Sprint systems, and the Company’s dependency on these systems, in many cases it would be difficult for the Company to perform these services in-house or to outsource the services to another provider. If Sprint is unable to perform any such service, the change could result in increased operating expenses and have an adverse impact on the Company's operating results and cash flow. In addition, the Company's ability to attract and maintain a sufficient customer base is critical to generating positive cash flow from operations and profits for its PCS operation. Changes in technology, increased competition, or economic conditions in the wireless industry or the economy in general, individually and/or collectively, could have an adverse effect on the Company's financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7. Related Party Transactions ValleyNet, an equity method investee of the Company, resells capacity on the Company’s fiber network under an operating lease agreement. Facility lease revenue from ValleyNet was approximately $2.7 million, $3.0 million and $3.0 million in the years ended December 31, 2015, 2014 and 2013, respectively. At both December 31, 2015 and 2014, the Company had accounts receivable from ValleyNet of approximately $0.2 million. The Company's PCS operating subsidiary leases capacity through ValleyNet. Payment for usage of these facilities was $2.4 million, $2.3 million and $1.7 million in the years ended December 31, 2015, 2014 and 2013, respectively. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 8. Retirement Plans The Company maintains a defined contribution 401(k) plan. The Company's matching and employer discretionary contributions to the defined contribution 401(k) plan were approximately $2.6 million, $2.5 million and $2.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company maintains an unfunded, nonqualified Supplemental Executive Retirement Plan (the “SERP”) for named executives. In 2010, the Company curtailed future participation in the SERP. Current participants may remain in the SERP and continue to earn returns (either gains or losses) on invested balances, but the Company will make no further contributions to the SERP and no new participants will be eligible to join the SERP. In order to provide some protection to the participants, the Company created a rabbi trust to hold assets sufficient to pay obligations under the SERP. Assets within the trust were invested to mirror participant elections as to investment options (a mix of stock and bond mutual funds); investment income, gains and losses in the trust were used to determine investment returns on the participants’ balances in the SERP. At December 31, 2015 and 2014, the total liability due to participants in the SERP was $2.7 million and $2.7 million, respectively. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | Note 9. Stock Incentive Plans The Company maintains two shareholder-approved Company Stock Incentive Plans allowing for the grant of equity based incentive compensation to essentially all employees. The 2005 Plan authorized grants of up to 2,880,000 shares over a ten-year period beginning in 2005. The term of the 2005 Plan expired in February 2014; outstanding awards will continue to vest and options may continue to be exercised, but no additional awards will be granted under the 2005 Plan. The 2014 Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period beginning in 2014. Under these Plans, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights, and other forms of equity based compensation; both options to acquire stock and stock awards were granted. The option price for all grants has been the current market price at the time of the grant. Option Awards The Company did not grant stock options during 2015 or 2014. During 2013, the Company granted stock options to certain management employees. These grants consisted of incentive and non-qualified stock options, vesting 25% annually on the first through fourth anniversaries of the grant date, and having a maximum ten year life. In addition, during 2013 the Company granted stock options to a then recently hired officer. This grant consisted of both incentive and non-qualified stock options, vesting 25% annually on the third, fourth, fifth and sixth anniversaries of the grant date, and having a maximum seven year life. These grants were accounted for as equity-classified stock options. The fair values of these grants were estimated at the respective grant dates using a Black-Scholes option-pricing model with the following weighted-average assumptions: 2013 Dividend rate 2.38% Risk-free interest rate 1.15% Expected lives of options 6.14 years Price volatility 40.66% Volatility is based on the historical volatility of the price of the Company’s stock over the expected term of the options. The expected term represents the period of time that the options granted are expected to be outstanding. The risk free rate is based on the U.S. Treasury yield curve, in effect at the date the fair value of the options is calculated, with an equivalent term. Management has made an estimate of expected forfeitures and recognizes compensation costs only for those awards expected to vest. Compensation cost recognized in 2015, 2014 and 2013 totaled $ thousand, $ thousand and $612 thousand, respectively, and the income tax benefit for option-based compensation arrangements recognized in 2015, 2014 and 2013 was $ thousand, $ thousand and $134 thousand, respectively. A summary of outstanding options at December 31, 2015, 2014 and 2013, and changes during the years ended on those dates, is as follows: Number of Options Weighted Average Grant Price Per Option Fair Value Per Option Outstanding December 31, 2012 989,376 $ 8.91 Granted 266,096 6.92 $ 2.16 Cancelled (21,182 ) 12.63 Exercised (133,276 ) 8.41 Outstanding December 31, 2013 1,101,014 $ 8.35 Granted - - $ N/A Cancelled (2,146 ) 12.63 Exercised (101,516 ) 11.21 Outstanding December 31, 2014 997,352 $ 8.05 Granted - - $ N/A Cancelled (6,252 ) 12.63 Exercised (86,942 ) 11.46 Outstanding December 31, 2015 904,158 $ 7.70 There were options for 904,158 shares outstanding at December 31, 2015 at a weighted average price of $7.70 per share, an aggregate intrinsic value of $12.5 million and a weighted-average remaining contractual life of 5.2 years. There were options for 665,340 shares exercisable at December 31, 2015 at a weighted average exercise price of $8.15 per share, an aggregate intrinsic value of $8.9 million and a weighted-average remaining contractual life of 4.6 years. The aggregate intrinsic value represents the total pretax intrinsic value of in-the-money options, based on the Company’s closing stock price of $21.53 as of December 31, 2015. During 2015, the total fair value of options vested ; the total intrinsic value of options exercised was . As of December 31, 2015, the total compensation cost related to . Stock Awards In September 2007, the Company granted 136,260 performance shares to all members of the Board of Directors and essentially all employees during 2007. Directors and senior management in the aggregate were granted 46,808 performance shares (“management shares”); all other employees in the aggregate were granted 89,452 performance shares (“employee shares”). Management shares can vest at the fifth, sixth, seventh or eighth anniversary of the grant date if, for the thirty day period ending on the day prior to the respective anniversary date, the average closing price of a share of the Company’s common stock exceeds a defined target price. The target price for each anniversary date is equal to the grant date market price ($10.25 per share) plus $0.82 for each year since the grant date. Shares will vest only if the target price is achieved and the recipient has remained employed through, or reached normal retirement age before, the anniversary date that the target price is achieved on. No shares have vested under these awards. In September 2013, employee shares expired without vesting and were cancelled. The Company estimated expected forfeitures of 40% for management shares and 35% for employee shares. During 2011, the Company revised its estimate of management share forfeitures to 15%, adding $48 thousand to recorded compensation expense. During 2013, the Company finalized its adjustment for employee share forfeitures to 39%, which lowered recorded compensation expense by $40 thousand. In September 2015, the management shares vested, and 37,826 shares were distributed and a final adjustment for management share forfeitures was posted, which reduced compensation expense by $37 thousand. In February 2013, 2014 and 2015, the Company made grants of 124,566, 135,562 and 79,946 non-vested shares to 18, 22 and 21 management employees, respectively. The 2013 shares vest 25% annually. The 2014 and 2015 shares vest 25% annually; however, if an employee reaches the age of 55, has achieved 10 years of service with the Company and retires, the unvested shares are not forfeited. The first year of vesting for the 2015 shares is on the one-year anniversary of the issue date. The awards were valued at the market price of the Company’s common stock on the date of grant ($6.92, $13.00 and $15.01 per share, respectively). The Company also made grants of non-vested shares to the non-employee members of the Company’s Board of Directors. The Company granted 23,120, 12,304 and 31,984 shares in 2013, 2014 and 2015, respectively, valued at the market price of the Company’s common stock on the grant date ($6.92, $13.00 and $15.01 per share, respectively). The 2013 and 2014 shares vest 33% annually, while the 2015 shares fully vest after one year. In February 2015, the Company made grants of 48,576 non-vested share units to eight management employees. These grants were made under a Relative Total Shareholder Return (“RTSR”) plan structure. Under this structure, the Company’s stock performance over a three year period ended December 31, 2017, will be compared to a group of 38 peer companies, and a payout will be determined based upon the Company’s performance relative to the performance of the peer group. The payout could range anywhere from zero shares awarded, up to 150% of the granted share units, or 72,858 shares. The fair value of the grant ($15.66) was determined as of the grant date using a Monte Carlo simulation. The following assumptions were utilized in the valuation: Stock price (closing price on issue date) $ 15.01 Risk-free interest rate (interpolated rate between 2-year and 3-year U.S. treasury rates) 0.95% Dividend yield 1.57% Performance period 2.87 years In May 2013, 2014 and 2015, the Company made grants of non-vested shares to select other employees. In May 2013, the Company granted 49,686 shares, of which 19,134 were vested and distributed immediately. In May 2014, the Company granted 33,664 shares, of which 9,390 were vested and distributed immediately. In May 2015, the Company granted 29,752 shares, of which 10,180 were vested and distributed immediately. The remaining shares in each award vest in various schedules over four years. Beginning with the 2015 shares, if an employee reaches the age of 55, has achieved 10 years of service with the Company and retires, the unvested shares are not forfeited. The awards were valued at the market price of the Company’s common stock on the date of grant ($8.74, $12.83 and $17.23 per share in 2013, 2014 and 2015, respectively). A summary of outstanding share grants at December 31, 2015, 2014, and 2013, and changes during the years ended on those dates, is as follows: Shares Outstanding December 31, 2012 426,708 Granted 197,372 Cancelled (61,988 ) Vested and issued (135,912 ) Outstanding December 31, 2013 426,180 Granted 181,530 Cancelled (10,764 ) Vested and issued (161,674 ) Outstanding December 31, 2014 435,272 Granted 190,258 Cancelled (6,736 ) Vested and issued (211,498 ) Outstanding December 31, 2015 407,296 Compensation cost recognized for share awards during 2015, 2014 and 2013, was $2.6 million, $2.2 million and $1.3 million, respectively. The income tax benefit for share-based compensation arrangements million, $0.9 million, and $0.5 million for 2015, 2014 and 2013, respectively. As of December 31, 2015, the total compensation cost related to non-vested share awards not yet recognized is $1.5 million which will be recognized over a weighted-average period . |
Major Customer
Major Customer | 12 Months Ended |
Dec. 31, 2015 | |
Major Customer [Abstract] | |
Major Customer | Note 10. Major Customer The Company has one major customer relationship with Sprint that is a significant source of revenue. Approximately % of total operating revenues for the year ended December 31, 2015, % of total operating revenues for the year ended December 31, 2014, and 59% of total operating revenues for the year ended December 31, 2013, were generated by or through Sprint and its customers using the Company's portion of Sprint’s nationwide PCS network. No other customer relationship generated more than of the Company’s total operating revenues for the years ended December 31, 2015, 2014 or 2013. |
Shareholder Rights Plan
Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2015 | |
Shareholder Rights Plan [Abstract] | |
Shareholder Rights Plan | Note 11. Shareholder Rights Plan Effective as of February 8, 2008, the Board of Directors adopted a Shareholder Rights Plan (the “Plan”) to replace an expiring plan which was adopted in 1998. Under certain circumstances, holders of each right (granted at one right per share of outstanding common stock) will be entitled to purchase for $20 one half a share of the Company’s common stock (or, in certain circumstances, $40 worth of cash, property or other securities of the Company for $20). The rights are neither exercisable nor traded separately from the Company’s common stock. The rights are only exercisable if a person or group becomes or attempts to become, the beneficial owner of 15% or more of the Company’s common stock. Under the terms of the Plan, such a person or group would not be entitled to the benefits of the rights. The Plan provides that the Board of Directors may redeem the outstanding rights at any time for $.0005 per right, and except with respect to the redemption price of the rights, any of the provisions of the Rights Agreement may be amended by the Board of Directors of the Company. The Plan provides for the Board of Directors to appoint a committee (the “TIDE Committee”) that is comprised of independent directors of the Company to review and evaluate the Shareholder Rights Plan in order to consider whether it continues to be in the interest of the Company and its shareholders at least every three years. Following each such review, the TIDE Committee will communicate its conclusions to the full Board of Directors, including any recommendation as to whether the Plan should be modified or the Rights should be redeemed. In January 2014, the TIDE Committee recommended to the full Board of Directors, and the Board of Directors approved, that the Plan be maintained as originally adopted. The purchase price applicable to each right and the redemption price have been adjusted under the terms of the Plan to reflect the two-for-one stock split implemented by the Company. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Lease Commitments | Note 12. Lease Commitments The Company leases land, buildings and tower space under various non-cancelable agreements, which expire between the years 2016 and 2040 and require various minimum annual rental payments. The other leases generally contain certain renewal options for periods ranging from five to twenty years. Future minimum lease payments under non-cancelable operating leases, including renewals that are reasonably assured at the inception of the lease, with initial variable lease terms in excess of one year as of December 31, 2015, are as follows: Year Ending Amount (in thousands) 2016 $ 14,605 2017 14,767 2018 14,557 2019 14,187 2020 13,554 2021 and beyond 71,732 $ 143,402 The Company’s total rent expense was $16.9 million, $ million, and $15.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. As lessor, the Company has leased buildings, tower space and telecommunications equipment to other entities under various non-cancelable agreements, which require various minimum annual payments. The total minimum rental receipts at December 31, 2015 are as follows: Year Ending Amount (in thousands) 2016 $ 4,954 2017 4,186 2018 3,289 2019 2,636 2020 1,858 2021 and beyond 2,102 $ 19,025 The Company’s total rent income was $6.3 million, $6.0 million, and $5.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. Total rent income includes month-to-month leases which are excluded from the table above. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Note 13. The Company’s objectives in using interest rate derivatives are to add stability to cash flows and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps (both those designated as cash flow hedges as well as those not designated as cash flow hedges) involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In August 2010, the Company entered into a pay fixed, receive variable interest rate swap of $63.3 million of notional principal. This interest rate swap was not designated as a cash flow hedge. Changes in the fair value of interest rate swaps not designated as cash flow hedges were recorded in interest expense each reporting period. This swap expired in July 2013. Changes in fair value recorded in interest expense for the year ended December 31, 2013 was a decrease of $239 thousand. The Company entered into a pay fixed, receive variable interest rate swap of $174.6 million of initial notional principal in September 2012. This interest rate swap was designated as a cash flow hedge. The total outstanding notional amount of cash flow hedges was $152.8 million and $170.3 million as of December 31, 2015 and 2014, respectively. The outstanding notional amount decreases as the Company makes scheduled principal payments on the debt. The effective portion of changes in the fair value of interest rate swaps designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses its derivatives to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings through interest expense. No hedge ineffectiveness was recognized during any of the periods presented. Amounts reported in accumulated other comprehensive income related to the interest rate swap designated and that qualify as cash flow hedges are reclassified to interest expense as interest payments are accrued on the Company’s variable-rate debt. As of December 31, 2015, the Company estimates that $0.7 million will be reclassified as an increase to interest expense during the next twelve months due to the interest rate swap since the hedge interest rate exceeds the variable interest rate on the debt. The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheet as of December 31, 2015 and 2014 (in thousands): Fair Value as of Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swaps Accrued liabilities and other $ (682 ) $ (1,309 ) Deferred charges and other assets, net 1,370 3,180 Total derivatives designated as hedging instruments $ 688 $ 1,871 The fair value of interest rate swaps is determined using a pricing model with inputs that are observable in the market (Level 2 fair value inputs). The table below presents changes in accumulated other comprehensive income by component for the twelve months ended December 31, 2015 (in thousands): Gains and (Losses) on Cash Flow Hedges Income Tax (Expense) Benefit Accumulated Other Comprehensive Income Balance as of December 31, 2014 $ 1,871 $ (749 ) $ 1,122 Other comprehensive income (loss) before reclassifications (2,732 ) 1,095 (1,637 ) Amounts reclassified from accumulated other comprehensive income (to interest expense) 1,549 (619 ) 930 Net current period other comprehensive income (loss) (1,183 ) 476 (707 ) Balance as of December 31, 2015 $ 688 $ (273 ) $ 415 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 14. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker. The Company has three reportable segments, which the Company operates and manages as strategic business units organized by lines of business: (1) Wireless, (2) Cable, and (3) Wireline. A fourth segment, Other, primarily includes Shenandoah Telecommunications Company, the parent holding company. The Wireless segment provides digital wireless service to a portion of a four-state area covering the region from Harrisburg, York and Altoona, Pennsylvania, to Harrisonburg, Virginia, as a Sprint PCS Affiliate. This segment also owns cell site towers built on leased land, and leases space on these towers to both affiliates and non-affiliated service providers. The Cable segment provides video, internet and voice services in Virginia, West Virginia and Maryland, and leases fiber optic facilities throughout southern Virginia and West Virginia. It does not include video, internet and voice services provided to customers in Shenandoah County, Virginia. The Wireline segment provides regulated and unregulated voice services, DSL internet access, and long distance access services throughout Shenandoah County and portions of Rockingham, Frederick, Warren and Augusta counties, Virginia. The segment also provides video services in portions of Shenandoah County, and leases fiber optic facilities throughout the northern Shenandoah Valley of Virginia, northern Virginia and adjacent areas along the Interstate 81 corridor through West Virginia, Maryland and portions of Pennsylvania. Prior year service and other revenue amounts in the Cable segment have been recast to conform to the current year presentation of video and internet equipment revenues being included in service revenue rather than other revenue. For the Wireline segment, prior year categories of access revenue, facilities lease revenue and equipment revenue have been combined into the new category of carrier access and fiber revenue to conform to current year presentation. Additionally, set-top box revenues included in other revenue in the prior year are now presented within service revenue. Year ended December 31, 2015 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 192,752 $ 88,980 $ 19,386 - - $ 301,118 Other revenues 11,609 7,793 21,965 - - 41,367 Total external revenues 204,361 96,773 41,351 - - 342,485 Internal revenues 4,440 849 26,069 - (31,358 ) - Total operating revenues 208,801 97,622 67,420 - (31,358 ) 342,485 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 63,570 54,611 31,668 - (28,519 ) 121,330 Selling, general and administrative, exclusive of depreciation and amortization shown below 35,792 19,412 6,612 17,390 (2,839 ) 76,367 Depreciation and amortization 34,416 23,097 12,736 453 - 70,702 Total operating expenses 133,778 97,120 51,016 17,843 (31,358 ) 268,399 Operating income (loss) $ 75,023 $ 502 $ 16,404 $ (17,843 ) $ - $ 74,086 Year ended December 31, 2014 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 191,147 $ 77,179 $ 18,919 - - $ 287,245 Other revenues 11,867 7,224 20,610 - - 39,701 Total external revenues 203,014 84,403 39,529 - - 326,946 Internal revenues 4,440 150 23,506 - (28,096 ) - Total operating revenues 207,454 84,553 63,035 - (28,096 ) 326,946 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 73,290 51,982 30,088 - (25,617 ) 129,743 Selling, general and administrative, exclusive of depreciation and amortization shown below 33,171 19,521 6,009 13,148 (2,479 ) 69,370 Depreciation and amortization 31,111 23,148 11,224 407 - 65,890 Total operating expenses 137,572 94,651 47,321 13,555 (28,096 ) 265,003 Operating income (loss) $ 69,882 $ (10,098 ) $ 15,714 $ (13,555 ) $ - $ 61,943 Year ended December 31, 2013 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 182,955 $ 69,782 $ 20,244 - - $ 273,902 Other revenues 10,842 5,967 19,152 - - 35,040 Total external revenues 193,797 75,749 39,396 - - 308,942 Internal revenues 4,328 123 20,074 - (24,525 ) - Total operating revenues 198,125 75,872 59,470 - (24,525 ) 308,942 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 72,995 45,767 28,603 - (22,225 ) 125,140 Selling, general and administrative, exclusive of depreciation and amortization shown below 32,812 19,052 5,344 12,765 (2,300 ) 67,673 Depreciation and amortization 28,177 21,202 11,308 35 - 60,722 Total operating expenses 133,984 86,021 45,255 12,800 (24,525 ) 253,535 Operating income (loss) $ 64,141 $ (10,149 ) $ 14,215 $ (12,800 ) $ - $ 55,407 A reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before income taxes is as follows: Years Ended December 31, (In thousands) 2015 2014 2013 Total consolidated operating income $ 74,086 $ 61,943 $ 55,407 Interest expense (7,355 ) (8,148 ) (8,468 ) Non-operating income, net 1,859 2,239 2,525 Income from continuing operations before income taxes $ 68,590 $ 56,034 $ 49,464 The Company’s assets by segment are as follows: (In thousands) December 31, 2015 December 31, 2014 Wireless $ 205,718 $ 218,887 Cable 209,132 201,232 Wireline 105,369 98,081 Other 464,979 446,028 Combined totals 985,198 964,228 Inter-segment eliminations (356,458 ) (344,986 ) Consolidated totals $ 628,740 $ 619,242 |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (unaudited) [Abstract] | |
Quarterly Results (unaudited) | Note 15. Quarterly Results (unaudited) The following table shows selected quarterly results for the Company. (in thousands except per share data) For the year ended December 31, 2015 First Second Third Fourth Total Operating revenues $ 84,287 $ 85,701 $ 85,212 $ 87,285 $ 342,485 Operating income 18,526 18,750 15,089 21,721 74,086 Net income 10,286 10,474 7,996 12,108 40,864 Net income per share – basic 0.21 0.22 0.17 0.24 0.84 Net income per share – diluted 0.21 0.21 0.17 0.24 0.83 For the year ended December 31, 2014 First Second Third Fourth Total Operating revenues $ 80,452 $ 81,416 $ 82,268 $ 82,810 $ 326,946 Operating income 15,680 15,793 14,144 16,326 61,943 Net income 8,616 8,615 8,003 8,649 33,883 Net income per share - basic 0.18 0.18 0.16 0.18 0.70 Net income per share - diluted 0.18 0.18 0.16 0.18 0.70 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events Pending Acquisition of nTelos On August 10, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gridiron Merger Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”), and NTELOS Holdings Corp. (“nTelos”), pursuant to which, subject to certain conditions, at the effective time of the Merger (as defined below), Merger Sub will merge with and into nTelos, with nTelos surviving the merger as the Company’s wholly-owned subsidiary (the “Merger”). Under the terms of the Merger Agreement, which has been approved by the stockholders of nTelos and unanimously approved by the boards of directors of the Company and nTelos, at the effective time of the Merger, each share of common stock, par value $0.01 per share, of nTelos (“nTelos Common Stock”) issued and outstanding immediately prior to the effective time of the Merger (other than shares held by the Company, nTelos and any subsidiaries (which will be cancelled) and shares owned by stockholders who properly exercised and perfected a demand for appraisal rights under Delaware law), will be converted into the right to receive $9.25 in cash, without interest (the “Merger Consideration”). This results in a total equity value of nTelos of approximately $208 million, after including shares and other equity-based awards expected to vest on change of control. In accordance with the Merger Agreement, the Company will repay all existing indebtedness of nTelos as of the closing of the Merger, which was approximately $520 million as of December 31, 2015. The completion of the Merger is subject to the satisfaction or waiver of certain conditions, including the approval of the transaction by the Federal Communications Commission and the consummation of the Sprint Transactions (as defined below). The Company expects the Merger to close at the end of the first quarter, or the early part of the second quarter, of 2016. On February 26, 2016, the Company entered into a letter agreement with nTelos pursuant to which the parties agreed to extend the date after which either the Company or nTelos may terminate the Merger Agreement, from February 29, 2016 to June 28, 2016, as permitted by the Merger Agreement. While the parties believe that closing will occur at the end of the first quarter or early in the second quarter, the purpose of the extension is to allow the parties additional time to satisfy certain conditions in order to complete the Merger, which would not have been satisfied by the end of February 29, 2016. The Company expects to use a portion of the net proceeds from the Facilities (as defined in Note 4) to fund the Merger Consideration, refinance, in full, all indebtedness outstanding under the Company’s existing credit agreement, repay all existing indebtedness of nTelos and pay fees and expenses in connection with the Merger. Operating results for the year ended December 31, 2015 included transaction costs totaling $2.7 million and financing costs totaling $7.9 million related to the Merger. Transaction costs were recorded to general and administrative expenses and financing costs were recorded to deferred charges and other assets as deferred financing costs. Pending Sprint Transactions In connection with the execution of the Merger Agreement, on August 10, 2015, Shenandoah Personal Communications, LLC, a subsidiary of the Company, and SprintCom, Inc. (“SprintCom”), an affiliate of Sprint Corporation, entered into a Master Agreement (the “Master Agreement”) and, along with certain affiliates of Sprint Corporation, entered into Addendum XVIII to the Sprint PCS Management Agreement (the “Affiliate Addendum”). The closing of the transactions contemplated by the Master Agreement and the effectiveness of certain provisions of the Affiliate Addendum (the “Sprint Transactions”) will occur simultaneously with, and are conditioned upon, the consummation of the Merger. These transactions include transferring all acquired spectrum assets and customers to Sprint, immediately cancelling nTelos’ wholesale services agreement with Sprint, expanding the Company’s affiliate service territory to include virtually all of nTelos’ western markets, transferring certain leases for Sprint’s retail stores located in the expanded territory to us, and incorporating all of nTelos’ and Sprint’s customers in this expanded territory into the Company’s wireless subscriber base. Operating results for the year ended December 31, 2015 included transaction costs totaling $0.8 million related to the Sprint Transactions. Transaction costs were recorded to general and administrative expenses. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of consolidation: | Principles of consolidation: The consolidated financial statements include the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. On October 19, 2015, the Board of Directors declared a two-for-one stock split, effective for shareholders of record as of the close of business on December 31, 2015. Shareholders received one additional share of common stock of the Company for each share held on the record date. All share and per share data presented herein for prior periods have been retroactively amended to reflect the effect of the additional shares issued and outstanding as a result of the stock split. |
Use of estimates: | Use of estimates: |
Cash and cash equivalents: | Cash and cash equivalents: |
Accounts receivable: | Accounts receivable: 2015 2014 2013 Balance at beginning of year $ 762 $ 924 $ 1,113 Bad debt expense 1,640 1,678 2,019 Losses charged to allowance (2,586 ) (2,218 ) (2,390 ) Recoveries added to allowance 602 378 182 Balance at end of year $ 418 $ 762 $ 924 |
Investments: | Investments: Investments Carried at Fair Value: Fair Value Measurement Investments Carried at Cost: Equity Method Investments: |
Property, plant and equipment: | Property, plant and equipment: |
Valuation of long-lived assets: | Valuation of long-lived assets: |
Fair value: | Fair value : . Financial instruments presented on the consolidated balance sheets for which the carrying value approximates fair value include: cash and cash equivalents, receivables, investments carried at fair value, payables, accrued liabilities, interest rate swaps and variable-rate long-term debt. The Company measures its interest rate swaps at fair value and recognizes such derivative instruments as either assets or liabilities on the Company’s consolidated balance sheet. Changes in the fair value of the swap acquired in 2012 are recognized in other comprehensive income, as this swap was designated as a cash flow hedge for accounting purposes. Changes in the fair value of the swap acquired in 2010 were recognized in interest expense, as the Company did not designate this swap agreement as a cash flow hedge for accounting purposes. This swap expired in 2013. The Company entered into these swaps to manage a portion of its exposure to interest rate movements by converting a portion of its variable rate long-term debt to fixed rate debt. |
Asset retirement obligations: | Asset retirement obligations: The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from acquisition, construction, development and/or normal use of the assets. The Company also records a corresponding asset, which is depreciated over the life of the tangible long-lived asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. During the third quarter of 2015, new information was received regarding the cost to remove tower site improvements. The Company recorded an adjustment to the wireless segment asset retirement obligation liabilities to reflect changes in the estimated future cash flows underlying the obligation to remove tower site improvements. Changes in the liability for asset removal obligations for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands): 2015 2014 2013 Balance at beginning of year $ 6,928 $ 6,485 $ 5,896 Additional liabilities accrued 490 403 1,189 Changes to prior estimates (467 ) - - Payments made (77 ) (334 ) (909 ) Accretion expense 392 374 309 Balance at end of year $ 7,266 $ 6,928 $ 6,485 |
Goodwill and intangible assets: | Goodwill and intangible assets: In connection with the acquisition of a business, a portion of the purchase price may be allocated to identifiable intangible assets with indefinite lives, such as franchise rights, and goodwill, which is . The Company carries an immaterial amount of goodwill in the Wireline segment. Intangible assets with indefinite lives, primarily cable franchise rights, are assessed annually, at November 30, for impairment and in interim periods if certain triggering events occur indicating that the carrying value may be impaired. The Company determined that no impairment of Cable segment franchise rights was required for the years ended December 31, 2015, 2014 and 2013. The fair value of cable franchise rights, which is determined by a “greenfield” analysis (Level 3 fair value), was determined to exceed its $64.1 million carrying value by approximately $11.3 million at December 31, 2015, and $5.3 million at December 31, 2014. Intangible assets consist of the following at December 31, 2015 and 2014 (in thousands): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets subject to amortization: Business contracts $ 1,938 $ (564 ) $ 1,374 $ 1,898 $ (495 ) $ 1,403 Cable franchise rights - - - 122 (122 ) - Acquired subscriber base 25,326 (23,805 ) 1,521 32,315 (29,556 ) 2,759 $ 27,264 $ (24,369 ) $ 2,895 34,335 $ (30,173 ) $ 4,162 Non-amortizing intangible assets: Cable franchise rights $ 64,059 $ - $ 64,059 $ 64,059 $ - $ 64,059 Railroad crossing rights 39 - 39 39 - 39 $ 64,098 $ - $ 64,098 $ 64,098 $ - $ 64,098 Total intangibles $ 91,362 $ (24,369 ) $ 66,993 $ 98,433 $ (30,173 ) $ 68,260 For the years ended December 31, 2015, 2014 and 2013, amortization expense related to intangible assets was approximately $1.4 million, $2.6 million and $4.1 million, respectively. Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: Year Ending December 31, Amount (in thousands) 2016 $ 969 2017 540 2018 221 2019 116 2020 115 |
Deferred charges and other assets: | Deferred charges and other assets: |
Retirement plans: | Retirement plans: The Company maintains a defined contribution 401(k) plan under which substantially all employees may defer a portion of their earnings on a pretax basis, up to the allowable federal maximum annual contribution amount. The Company may make matching and discretionary contributions to this plan. Neither the rabbi trust nor the defined contribution 401(k) plan directly holds Company common stock in the plan’s investment portfolio. |
Income taxes: | Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the recoverability of tax assets generated on a state-by-state basis from net operating losses apportioned to that state. Management uses a more likely than not threshold to make that determination and has concluded that at December 31, 2015 and 2014, a valuation allowance against certain state deferred tax assets is necessary, as discussed in Note 5. . |
Revenue recognition: | Revenue recognition: Under the Sprint Management Agreement, postpaid wireless service revenues are reported net of an 8% Management Fee and, since August 2013, a 14% Net Service Fee (increased from 12%), retained by Sprint. Prepaid wireless service revenues are reported net of a 6% Management Fee retained by Sprint. |
Earnings per share: | Earnings per share: The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Basic income per share (in thousands, except per share amounts) Net income $ 40,864 $ 33,883 $ 29,586 Weighted average shares outstanding 48,388 48,198 48,002 Basic income per share $ 0.84 $ 0.70 $ 0.62 Effect of stock options outstanding: Weighted average shares outstanding 48,388 48,198 48,002 Assumed exercise, at the strike price at the beginning of year 1,302 1,410 970 Assumed repurchase of shares under treasury stock method (666 ) (888 ) (742 ) Diluted weighted average shares 49,024 48,720 48,230 Diluted income per share $ 0.83 $ 0.70 $ 0.61 |
Contingencies: | Contingencies: |
Recently Issued Accounting Standards: | Recently Issued Accounting Standards: In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, delaying the effective date of ASU 2014-09. As amended, the new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis”. The ASU provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after September 1, 2016 (fiscal 2017). The Company is still evaluating what impact, if any, this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, “ In November 2015, the FASB issued ASU No. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Changes in Allowance for Doubtful Accounts for Trade Accounts Receivable | Changes in the allowance for doubtful accounts for trade accounts receivable for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands): 2015 2014 2013 Balance at beginning of year $ 762 $ 924 $ 1,113 Bad debt expense 1,640 1,678 2,019 Losses charged to allowance (2,586 ) (2,218 ) (2,390 ) Recoveries added to allowance 602 378 182 Balance at end of year $ 418 $ 762 $ 924 |
Changes in Liability for Asset Removal Obligations | Changes in the liability for asset removal obligations for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands): 2015 2014 2013 Balance at beginning of year $ 6,928 $ 6,485 $ 5,896 Additional liabilities accrued 490 403 1,189 Changes to prior estimates (467 ) - - Payments made (77 ) (334 ) (909 ) Accretion expense 392 374 309 Balance at end of year $ 7,266 $ 6,928 $ 6,485 |
Intangible Assets | Intangible assets consist of the following at December 31, 2015 and 2014 (in thousands): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets subject to amortization: Business contracts $ 1,938 $ (564 ) $ 1,374 $ 1,898 $ (495 ) $ 1,403 Cable franchise rights - - - 122 (122 ) - Acquired subscriber base 25,326 (23,805 ) 1,521 32,315 (29,556 ) 2,759 $ 27,264 $ (24,369 ) $ 2,895 34,335 $ (30,173 ) $ 4,162 Non-amortizing intangible assets: Cable franchise rights $ 64,059 $ - $ 64,059 $ 64,059 $ - $ 64,059 Railroad crossing rights 39 - 39 39 - 39 $ 64,098 $ - $ 64,098 $ 64,098 $ - $ 64,098 Total intangibles $ 91,362 $ (24,369 ) $ 66,993 $ 98,433 $ (30,173 ) $ 68,260 |
Amortization Expense for Intangible Assets | Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: Year Ending December 31, Amount (in thousands) 2016 $ 969 2017 540 2018 221 2019 116 2020 115 |
Computation of Basic and Diluted Earnings per Share | The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Basic income per share (in thousands, except per share amounts) Net income $ 40,864 $ 33,883 $ 29,586 Weighted average shares outstanding 48,388 48,198 48,002 Basic income per share $ 0.84 $ 0.70 $ 0.62 Effect of stock options outstanding: Weighted average shares outstanding 48,388 48,198 48,002 Assumed exercise, at the strike price at the beginning of year 1,302 1,410 970 Assumed repurchase of shares under treasury stock method (666 ) (888 ) (742 ) Diluted weighted average shares 49,024 48,720 48,230 Diluted income per share $ 0.83 $ 0.70 $ 0.61 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments Carried at Fair Value | At December 31, 2015 and 2014, investments carried at fair value consisted of: 2015 2014 (in thousands) Taxable bond funds $ 24 $ 10 Domestic equity funds 2,564 2,553 International equity funds 66 98 $ 2,654 $ 2,661 |
Other Investments | At December 31, 2015 and 2014, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following: 2015 2014 Cost method: (in thousands) CoBank $ 4,137 $ 3,749 Other – Equity in other telecommunications partners 760 755 4,897 4,504 Equity method: Private equity limited partnerships 2,624 2,419 Other 504 505 3,128 2,924 Total other investments $ 8,025 $ 7,428 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31, 2015 and 2014: Estimated Useful Lives 2015 2014 (in thousands) Land $ 4,181 $ 3,700 Buildings and structures 10 – 40 years 108,341 103,341 Cable and wire 4 – 40 years 214,721 201,938 Equipment and software 2 – years 391,260 366,342 Plant in service $ 718,503 $ 675,321 Plant under construction 36,600 18,078 Total property, plant and equipment 755,103 693,399 Less accumulated amortization and depreciation 345,085 287,492 Property, plant and equipment, net $ 410,018 $ 405,907 |
Long-Term Debt and Revolving 29
Long-Term Debt and Revolving Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt and Revolving Lines of Credit [Abstract] | |
Long-term Debt | Total debt consists of the following at December 31, 2015 and 2014: Interest Rate 2015 2014 (in thousands) CoBank Term Loan Variable 2.67 % 201,250 224,250 Current maturities 23,000 23,000 Total long-term debt $ 178,250 $ 201,250 |
Financial Covenants in Credit Agreements | As shown below, as of December 31, 2015, the Company was in compliance with the financial covenants in its credit agreements. Actual Covenant Requirement Total Leverage Ratio 1.35 2.00 or Lower Debt Service Coverage Ratio 4.24 2.50 or Higher Equity to Assets Ratio 46.1 % 35.0% or Higher |
Maturities of Long-term Debt | The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2015 are as follows: Year Amount (in thousands) 2016 $ 23,000 2017 23,000 2018 23,000 2019 132,250 2020 - $ 201,250 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Allocation of Income Tax Expense | Total income taxes for the years ended December 31, 2015, 2014 and 2013 were allocated as follows: 2015 2014 2013 (in thousands) Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 Shareholders’ equity, for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes (679 ) (395 ) (101 ) Other comprehensive income for changes in cash flow hedge (476 ) (993 ) 2,315 $ 26,571 $ 20,763 $ 22,092 |
Components of Federal and State Income Taxes | The provision for the federal and state income taxes attributable to income from continuing operations consists of the following components: Years Ended December 31, 2015 2014 2013 (in thousands) Current expense Federal taxes $ 23,579 $ 16,592 $ 3,404 State taxes 5,275 2,562 2,305 Total current provision 28,854 19,154 5,709 Deferred expense (benefit) Federal taxes (744 ) 1,636 12,317 State taxes (384 ) 1,361 1,852 Total deferred provision (1,128 ) 2,997 14,169 Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 Effective tax rate 40.4 % 39.5 % 40.2 % |
Reconciliation of Income Taxes | A reconciliation of income taxes determined by applying the federal and state tax rates to income from continuing operations is as follows for the years ended December 31, 2015, 2014 and 2013: Years Ended December 31, 2015 2014 2013 (in thousands) Computed “expected” tax expense (35%) $ 24,007 $ 19,612 $ 17,312 State income taxes, net of federal tax effect 3,179 2,550 2,702 Other, net 540 (11 ) (136 ) Income tax expense on continuing operations $ 27,726 $ 22,151 $ 19,878 |
Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following temporary differences at December 31, 2015 and 2014: 2015 2014 (in thousands) Deferred tax assets: Lease obligations $ 3,109 $ 2,733 Deferred activation charges 78 108 Allowance for doubtful accounts 168 306 Inventory reserves 53 189 State net operating loss carry-forwards, net of federal tax 717 717 Accrued pension costs 1,023 1,086 Transaction costs 538 -- Accrued compensation costs 1,915 1,550 Asset retirement obligations 2,922 2,790 Intangible assets 7,525 7,921 Goodwill 2,196 2,434 Deferred revenues 2,289 2,691 Total gross deferred tax assets 22,533 22,525 Less valuation allowance (709 ) (709 ) Net deferred tax assets 21,824 21,816 Deferred tax liabilities: Plant and equipment $ 85,503 $ 87,941 Franchise rights 9,396 7,686 Section 481a deferred revenues - 246 Deferred financing costs 84 106 Prepaid insurance 125 116 Gain on investments, net 401 409 Other, net 276 878 Total gross deferred tax liabilities 95,785 97,382 Net deferred tax liabilities $ 73,961 $ 75,566 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Payment Award [Line Items] | |
Summary of Outstanding Options | A summary of outstanding options at December 31, 2015, 2014 and 2013, and changes during the years ended on those dates, is as follows: Number of Options Weighted Average Grant Price Per Option Fair Value Per Option Outstanding December 31, 2012 989,376 $ 8.91 Granted 266,096 6.92 $ 2.16 Cancelled (21,182 ) 12.63 Exercised (133,276 ) 8.41 Outstanding December 31, 2013 1,101,014 $ 8.35 Granted - - $ N/A Cancelled (2,146 ) 12.63 Exercised (101,516 ) 11.21 Outstanding December 31, 2014 997,352 $ 8.05 Granted - - $ N/A Cancelled (6,252 ) 12.63 Exercised (86,942 ) 11.46 Outstanding December 31, 2015 904,158 $ 7.70 |
Share Grant Activity | A summary of outstanding share grants at December 31, 2015, 2014, and 2013, and changes during the years ended on those dates, is as follows: Shares Outstanding December 31, 2012 426,708 Granted 197,372 Cancelled (61,988 ) Vested and issued (135,912 ) Outstanding December 31, 2013 426,180 Granted 181,530 Cancelled (10,764 ) Vested and issued (161,674 ) Outstanding December 31, 2014 435,272 Granted 190,258 Cancelled (6,736 ) Vested and issued (211,498 ) Outstanding December 31, 2015 407,296 |
Stock Options [Member] | |
Share-based Payment Award [Line Items] | |
Stock Options Valuation Assumptions | The fair values of these grants were estimated at the respective grant dates using a Black-Scholes option-pricing model with the following weighted-average assumptions: 2013 Dividend rate 2.38% Risk-free interest rate 1.15% Expected lives of options 6.14 years Price volatility 40.66% |
Non Vested Shares [Member] | |
Share-based Payment Award [Line Items] | |
Stock Options Valuation Assumptions | The following assumptions were utilized in the valuation: Stock price (closing price on issue date) $ 15.01 Risk-free interest rate (interpolated rate between 2-year and 3-year U.S. treasury rates) 0.95% Dividend yield 1.57% Performance period 2.87 years |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments under non-cancelable operating leases, including renewals that are reasonably assured at the inception of the lease, with initial variable lease terms in excess of one year as of December 31, 2015, are as follows: Year Ending Amount (in thousands) 2016 $ 14,605 2017 14,767 2018 14,557 2019 14,187 2020 13,554 2021 and beyond 71,732 $ 143,402 |
Future Minimum Payments Receivable | The total minimum rental receipts at December 31, 2015 are as follows: Year Ending Amount (in thousands) 2016 $ 4,954 2017 4,186 2018 3,289 2019 2,636 2020 1,858 2021 and beyond 2,102 $ 19,025 |
Derivative Instruments and He33
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Financial Instruments as well as its Classification on the Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheet as of December 31, 2015 and 2014 (in thousands): Fair Value as of Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swaps Accrued liabilities and other $ (682 ) $ (1,309 ) Deferred charges and other assets, net 1,370 3,180 Total derivatives designated as hedging instruments $ 688 $ 1,871 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in accumulated other comprehensive income by component for the twelve months ended December 31, 2015 (in thousands): Gains and (Losses) on Cash Flow Hedges Income Tax (Expense) Benefit Accumulated Other Comprehensive Income Balance as of December 31, 2014 $ 1,871 $ (749 ) $ 1,122 Other comprehensive income (loss) before reclassifications (2,732 ) 1,095 (1,637 ) Amounts reclassified from accumulated other comprehensive income (to interest expense) 1,549 (619 ) 930 Net current period other comprehensive income (loss) (1,183 ) 476 (707 ) Balance as of December 31, 2015 $ 688 $ (273 ) $ 415 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Selected Financial Data for Segments | For the Wireline segment, prior year categories of access revenue, facilities lease revenue and equipment revenue have been combined into the new category of carrier access and fiber revenue to conform to current year presentation. Additionally, set-top box revenues included in other revenue in the prior year are now presented within service revenue. Year ended December 31, 2015 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 192,752 $ 88,980 $ 19,386 - - $ 301,118 Other revenues 11,609 7,793 21,965 - - 41,367 Total external revenues 204,361 96,773 41,351 - - 342,485 Internal revenues 4,440 849 26,069 - (31,358 ) - Total operating revenues 208,801 97,622 67,420 - (31,358 ) 342,485 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 63,570 54,611 31,668 - (28,519 ) 121,330 Selling, general and administrative, exclusive of depreciation and amortization shown below 35,792 19,412 6,612 17,390 (2,839 ) 76,367 Depreciation and amortization 34,416 23,097 12,736 453 - 70,702 Total operating expenses 133,778 97,120 51,016 17,843 (31,358 ) 268,399 Operating income (loss) $ 75,023 $ 502 $ 16,404 $ (17,843 ) $ - $ 74,086 Year ended December 31, 2014 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 191,147 $ 77,179 $ 18,919 - - $ 287,245 Other revenues 11,867 7,224 20,610 - - 39,701 Total external revenues 203,014 84,403 39,529 - - 326,946 Internal revenues 4,440 150 23,506 - (28,096 ) - Total operating revenues 207,454 84,553 63,035 - (28,096 ) 326,946 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 73,290 51,982 30,088 - (25,617 ) 129,743 Selling, general and administrative, exclusive of depreciation and amortization shown below 33,171 19,521 6,009 13,148 (2,479 ) 69,370 Depreciation and amortization 31,111 23,148 11,224 407 - 65,890 Total operating expenses 137,572 94,651 47,321 13,555 (28,096 ) 265,003 Operating income (loss) $ 69,882 $ (10,098 ) $ 15,714 $ (13,555 ) $ - $ 61,943 Year ended December 31, 2013 (In thousands) Wireless Cable Wireline Other Eliminations Consolidated Totals External revenues Service revenues $ 182,955 $ 69,782 $ 20,244 - - $ 273,902 Other revenues 10,842 5,967 19,152 - - 35,040 Total external revenues 193,797 75,749 39,396 - - 308,942 Internal revenues 4,328 123 20,074 - (24,525 ) - Total operating revenues 198,125 75,872 59,470 - (24,525 ) 308,942 Operating expenses Costs of goods and services, exclusive of depreciation and amortization shown separately below 72,995 45,767 28,603 - (22,225 ) 125,140 Selling, general and administrative, exclusive of depreciation and amortization shown below 32,812 19,052 5,344 12,765 (2,300 ) 67,673 Depreciation and amortization 28,177 21,202 11,308 35 - 60,722 Total operating expenses 133,984 86,021 45,255 12,800 (24,525 ) 253,535 Operating income (loss) $ 64,141 $ (10,149 ) $ 14,215 $ (12,800 ) $ - $ 55,407 |
Reconciliation of Income from Continuing Operations from Segments to Consolidated | A reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before income taxes is as follows: Years Ended December 31, (In thousands) 2015 2014 2013 Total consolidated operating income $ 74,086 $ 61,943 $ 55,407 Interest expense (7,355 ) (8,148 ) (8,468 ) Non-operating income, net 1,859 2,239 2,525 Income from continuing operations before income taxes $ 68,590 $ 56,034 $ 49,464 |
Assets by Segment | The Company’s assets by segment are as follows: (In thousands) December 31, 2015 December 31, 2014 Wireless $ 205,718 $ 218,887 Cable 209,132 201,232 Wireline 105,369 98,081 Other 464,979 446,028 Combined totals 985,198 964,228 Inter-segment eliminations (356,458 ) (344,986 ) Consolidated totals $ 628,740 $ 619,242 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | The following table shows selected quarterly results for the Company. (in thousands except per share data) For the year ended December 31, 2015 First Second Third Fourth Total Operating revenues $ 84,287 $ 85,701 $ 85,212 $ 87,285 $ 342,485 Operating income 18,526 18,750 15,089 21,721 74,086 Net income 10,286 10,474 7,996 12,108 40,864 Net income per share – basic 0.21 0.22 0.17 0.24 0.84 Net income per share – diluted 0.21 0.21 0.17 0.24 0.83 For the year ended December 31, 2014 First Second Third Fourth Total Operating revenues $ 80,452 $ 81,416 $ 82,268 $ 82,810 $ 326,946 Operating income 15,680 15,793 14,144 16,326 61,943 Net income 8,616 8,615 8,003 8,649 33,883 Net income per share - basic 0.18 0.18 0.16 0.18 0.70 Net income per share - diluted 0.18 0.18 0.16 0.18 0.70 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Details) $ in Thousands | Oct. 19, 2015 | Dec. 31, 2015USD ($)GigahertzMegahertzState | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Description of business [Abstract] | ||||
Spectrum range 1 used | Megahertz | 800 | |||
Spectrum range 2 used | Megahertz | 1,900 | |||
Spectrum range 3 used | Gigahertz | 2.5 | |||
Non Sprint operations, number of states | State | 4 | |||
Stock split ratio | 2 | 2 | ||
Cash and cash equivalents: | ||||
Cash equivalents | $ 40,100 | $ 40,000 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at beginning of year | 762 | 924 | $ 1,113 | |
Bad debt expense | 1,640 | 1,678 | 2,019 | |
Losses charged to allowance | (2,586) | (2,218) | (2,390) | |
Recoveries added to allowance | 602 | 378 | 182 | |
Balance at end of year | 418 | 762 | 924 | |
Asset Retirement Obligation [Roll Forward] | ||||
Balance at beginning of year | 6,928 | 6,485 | 5,896 | |
Additional liabilities accrued | 490 | 403 | 1,189 | |
Changes to prior estimates | (467) | 0 | 0 | |
Payments made | (77) | (334) | (909) | |
Accretion expense | 392 | 374 | 309 | |
Balance at end of year | $ 7,266 | $ 6,928 | $ 6,485 | |
Minimum [Member] | ||||
Investments: [Abstract] | ||||
Ownership percentage to consider Investments Carried at Equity Method Investments | 20.00% | |||
Maximum [Member] | ||||
Investments: [Abstract] | ||||
Ownership percentage to consider Investments Carried at Cost | 20.00% | |||
Ownership percentage to consider Investments Carried at Equity Method Investments | 50.00% |
Summary of Significant Accoun37
Summary of Significant Accounting Policies, Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 27,264 | $ 34,335 | |
Accumulated amortization | (24,369) | (30,173) | |
Net | 2,895 | 4,162 | |
Amortization expense | 1,400 | 2,600 | $ 4,100 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 64,098 | 64,098 | |
Net | 64,098 | 64,098 | |
Total intangibles, gross carrying amount | 91,362 | 98,433 | |
Total net | 66,993 | $ 68,260 | |
Amortization expense for intangible assets [Abstract] | |||
2,016 | 969 | ||
2,017 | 540 | ||
2,018 | 221 | ||
2,019 | 116 | ||
2,020 | $ 115 | ||
Management Fee [Abstract] | |||
Management fee | 8.00% | ||
Net service fee | 14.00% | 12.00% | |
Management fee retained | 6.00% | ||
Cable Franchise Rights [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | $ 64,059 | $ 64,059 | |
Net | 64,059 | 64,059 | |
Fair value amount exceeding the carrying amount | 11,300 | 5,300 | |
Railroad Crossing Rights [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 39 | 39 | |
Net | 39 | 39 | |
Business Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,938 | 1,898 | |
Accumulated amortization | (564) | (495) | |
Net | 1,374 | 1,403 | |
Cable Franchise Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 0 | 122 | |
Accumulated amortization | 0 | (122) | |
Net | 0 | 0 | |
Acquired Subscriber Base [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 25,326 | 32,315 | |
Accumulated amortization | (23,805) | (29,556) | |
Net | $ 1,521 | $ 2,759 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies, Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Stock options outstanding (in shares) | 1,312 | 1,394 | 1,312 | 1,394 | 1,496 | ||||||
Antidilutive shares and options excluded from computation of earnings per share (in shares) | 92 | 92 | 258 | ||||||||
Net income | $ 12,108 | $ 7,996 | $ 10,474 | $ 10,286 | $ 8,649 | $ 8,003 | $ 8,615 | $ 8,616 | $ 40,864 | $ 33,883 | $ 29,586 |
Weighted average shares outstanding (in shares) | 48,388 | 48,198 | 48,002 | ||||||||
Basic income per share (in dollars per share) | $ 0.24 | $ 0.17 | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.16 | $ 0.18 | $ 0.18 | $ 0.84 | $ 0.70 | $ 0.62 |
Effect of stock options outstanding [Abstract] | |||||||||||
Assumed exercise, at the strike price at the beginning of year (in shares) | 1,302 | 1,410 | 970 | ||||||||
Assumed repurchase of shares under treasury stock method (in shares) | (666) | (888) | (742) | ||||||||
Diluted weighted average shares (in shares) | 49,024 | 48,720 | 48,230 | ||||||||
Diluted income per share (in dollars per share) | $ 0.24 | $ 0.17 | $ 0.21 | $ 0.21 | $ 0.18 | $ 0.16 | $ 0.18 | $ 0.18 | $ 0.83 | $ 0.70 | $ 0.61 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Investments at fair value | $ 2,654 | $ 2,661 | |
Unrealized losses | 141 | 51 | |
Unrealized gains | $ 391 | ||
Dividend and interest income from investments | 134 | 184 | 74 |
Investments [Line Items] | |||
Cost method investments | 4,897 | 4,504 | |
Equity method investments | 3,128 | 2,924 | |
Total other investments | 8,025 | 7,428 | |
Increase in cost method investments | 388 | 406 | |
Distributions from investments | 30 | ||
Gain on equity method investment | 266 | ||
Proceeds from sale of equity method investments | 24 | ||
Loss on sale of equity method investments | (20) | $ (1) | |
Private Equity Limited Partnerships [Member] | |||
Investments [Line Items] | |||
Equity method investments | 2,624 | 2,419 | |
Other [Member] | |||
Investments [Line Items] | |||
Equity method investments | 504 | 505 | |
Taxable Bond Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments at fair value | 24 | 10 | |
Domestic Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments at fair value | 2,564 | 2,553 | |
International Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments at fair value | 66 | 98 | |
CoBank [Member] | |||
Investments [Line Items] | |||
Cost method investments | 4,137 | 3,749 | |
Other [Member] | |||
Investments [Line Items] | |||
Cost method investments | $ 760 | $ 755 |
Property, Plant and Equipment40
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 755,103 | $ 693,399 | |
Less accumulated amortization and depreciation | 345,085 | 287,492 | |
Property, plant and equipment, net | 410,018 | 405,907 | |
Equipment exchange credit for new equipment purchase | 711 | 863 | $ 14,533 |
Land [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | 4,181 | 3,700 | |
Building and Structures [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 108,341 | 103,341 | |
Building and Structures [Member] | Minimum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Building and Structures [Member] | Maximum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 40 years | ||
Cable and Wire [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 214,721 | 201,938 | |
Cable and Wire [Member] | Minimum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 4 years | ||
Cable and Wire [Member] | Maximum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 40 years | ||
Equipment and Software [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 391,260 | 366,342 | |
Equipment and Software [Member] | Minimum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 2 years | ||
Equipment and Software [Member] | Maximum [Member] | |||
Property, plant and equipment [Abstract] | |||
Estimated useful lives | 16 years 8 months 12 days | ||
Plant in Service [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 718,503 | 675,321 | |
Plant under Construction [Member] | |||
Property, plant and equipment [Abstract] | |||
Total property, plant and equipment | $ 36,600 | $ 18,078 |
Long-Term Debt and Revolving 41
Long-Term Debt and Revolving Lines of Credit (Details) $ in Thousands | Dec. 18, 2015USD ($) | Dec. 31, 2015USD ($)FacilityInstitution | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||
Long term debt | $ 201,250 | ||
Current maturities | 23,000 | $ 23,000 | |
Total long-term debt | $ 178,250 | 201,250 | |
Minimum percentage of aggregate principal balance on which entity must obtain interest rate protection | 33.00% | ||
Minimum days to obtain interest rate protection | 90 days | ||
Minimum time to maintain interest rate protection | 3 years | ||
Number of credit facilities | Facility | 3 | ||
Number of years of interest-only payments | 2 years | ||
Number of additional farm credit institutions | Institution | 16 | ||
Number of facilities included in credit agreement | Facility | 3 | ||
Aggregate principal amount of incremental term loan facilities, maximum | $ 100,000 | ||
Derivative asset, fair value | $ 688 | 1,900 | |
Percentage of principal amount of loan on which entity entered in pay fixed receive variable interest rate swap | 76.00% | ||
Derivative effective interest rate | 2.25% | ||
Derivative fixed interest rate | 3.38% | ||
Percentage of effective interest rate on portion of debt | 1.13% | ||
Compliance with financial covenants [Abstract] | |||
Total Leverage Ratio, Actual | 1.35 | ||
Debt Service Coverage Ratio, Actual | 4.24 | ||
Equity to Assets Ratio, Actual | 46.1 | ||
Total Leverage Ratio, Covenant Requirement | 2 | ||
Debt Service Coverage Ratio, Covenant Requirement | 2.50 | ||
Equity to Assets Ratio, Covenant Requirement | 35 | ||
Aggregate maturities of long-term debt [Abstract] | |||
2,016 | $ 23,000 | ||
2,017 | 23,000 | ||
2,018 | 23,000 | ||
2,019 | 132,250 | ||
2,020 | 0 | ||
Long term debt, Total | 201,250 | ||
Accrued in anticipation of early 2014 distribution of patronage credit | $ 1,500 | ||
Percentage of patronage credit paid in cash | 75.00% | ||
Percentage of patronage credit paid in shares | 25.00% | ||
Credit Facility One [Member] | |||
Debt Instrument [Line Items] | |||
Term of credit facility | 5 years | ||
Maximum borrowing capacity | $ 75,000 | ||
CoBank Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 201,250 | 224,250 | |
Interest rate | 2.67% | ||
Basis spread on variable rate | 2.25% | ||
Required periodic installments | $ 5,750 | ||
Expected final payment | $ 120,750 | ||
Maturity date | Sep. 30, 2019 | ||
Debt instrument, description of variable rate basis | 30-day LIBOR | ||
Trailing month basis of financial covenants | 12 months | ||
Compliance with financial covenants [Abstract] | |||
Debt Service Coverage Ratio, Actual | 2.50 | ||
Equity to Assets Ratio, Actual | 0.35 | ||
Total Leverage Ratio, Covenant Requirement | 2 | ||
Aggregate maturities of long-term debt [Abstract] | |||
Long term debt, Total | $ 201,250 | $ 224,250 | |
CoBank Term Loan [Member] | Amendment date through December 31, 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.42% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50,000 | ||
Term Loan [Member] | Credit Facility Two [Member] | |||
Debt Instrument [Line Items] | |||
Term of credit facility | 5 years | ||
Maximum borrowing capacity | $ 485,000 | ||
Term Loan [Member] | Credit Facility Three [Member] | |||
Debt Instrument [Line Items] | |||
Term of credit facility | 7 years | ||
Maximum borrowing capacity | $ 400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax allocation [Abstract] | |||
Income tax expense on continuing operations | $ 27,726 | $ 22,151 | $ 19,878 |
Shareholder's equity, for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (679) | (395) | (101) |
Other comprehensive income for changes in cash flow hedge | (476) | (993) | 2,315 |
Income tax expense continuing operations and discontinued operations | 26,571 | 20,763 | 22,092 |
Current expense | |||
Federal taxes | 23,579 | 16,592 | 3,404 |
State taxes | 5,275 | 2,562 | 2,305 |
Total current provision | 28,854 | 19,154 | 5,709 |
Deferred expense (benefit) | |||
Federal taxes | (744) | 1,636 | 12,317 |
State taxes | (384) | 1,361 | 1,852 |
Total deferred provision | (1,128) | 2,997 | 14,169 |
Income tax expense on continuing operations | $ 27,726 | $ 22,151 | $ 19,878 |
Effective tax rate | 40.40% | 39.50% | 40.20% |
Reconciliation of income taxes [Abstract] | |||
Computed "expected" tax expense at (35%) | $ 24,007 | $ 19,612 | $ 17,312 |
State income taxes, net of federal tax effect | 3,179 | 2,550 | 2,702 |
Other, net | 540 | (11) | (136) |
Income tax expense on continuing operations | $ 27,726 | 22,151 | $ 19,878 |
Federal statutory income tax rate | 35.00% | ||
Deferred tax assets [Abstract] | |||
Lease obligations | $ 3,109 | 2,733 | |
Deferred activation charges | 78 | 108 | |
Allowance for doubtful accounts | 168 | 306 | |
Inventory reserves | 53 | 189 | |
State net operating loss carry-forwards, net of federal tax | 717 | 717 | |
Accrued pension costs | 1,023 | 1,086 | |
Transaction costs | 538 | 0 | |
Accrued compensation costs | 1,915 | 1,550 | |
Asset retirement obligations | 2,922 | 2,790 | |
Intangible assets | 7,525 | 7,921 | |
Goodwill | 2,196 | 2,434 | |
Deferred revenues | 2,289 | 2,691 | |
Total gross deferred tax assets | 22,533 | 22,525 | |
Less valuation allowance | (709) | (709) | |
Net deferred tax assets | 21,824 | 21,816 | |
Deferred tax liabilities [Abstract] | |||
Plant and equipment | 85,503 | 87,941 | |
Franchise rights | 9,396 | 7,686 | |
Section 481a deferred revenues | 0 | 246 | |
Deferred financing costs | 84 | 106 | |
Prepaid insurance | 125 | 116 | |
Gain on investments, net | 401 | 409 | |
Other, net | 276 | 878 | |
Total gross deferred tax liabilities | 95,785 | 97,382 | |
Net deferred tax liabilities | 73,961 | 75,566 | |
Deferred tax asset related to various state net operating losses net of valuation allowance | 8 | ||
Increase in valuation allowance | 709 | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Significant Contractual Relat43
Significant Contractual Relationship (Details) $ in Millions | 12 Months Ended | 29 Months Ended | ||
Dec. 31, 2015USD ($)MegahertzRenewal$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015Megahertz | |
Significant Contractual Relationship [Line Items] | ||||
Additional term of contract | 5 years | |||
Initial term of contract | 20 years | |||
Number of contract renewals | Renewal | 3 | |||
Length of renewals | 10 years | |||
Right or obligation to sell business | 80.00% | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Expected future net service fee | 8.60% | 14.00% | ||
One-time fee per device for the amended Sprint agreement | $ / shares | 9.23 | |||
Service fees incurred during the period | $ | $ 1.1 | $ 1.1 | $ 1.3 | |
Management fee on post paid services | 8.00% | |||
Minimum [Member] | ||||
Significant Contractual Relationship [Line Items] | ||||
Megahertz spectrum used | 800 | 800 | ||
Maximum [Member] | ||||
Significant Contractual Relationship [Line Items] | ||||
Megahertz spectrum used | 1,900 | 1,900 | ||
Additional term of contract | 45 years |
Related Party Transactions (Det
Related Party Transactions (Details) - ValleyNet [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 2.7 | $ 3 | $ 3 |
Accounts receivable from related parties | 0.2 | 0.2 | |
Expenses from transactions with related party | $ 2.4 | $ 2.3 | $ 1.7 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
401 (k) Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Contribution to plan | $ 2.6 | $ 2.5 | $ 2.3 |
SERP [Member] | |||
Defined Contribution Plans [Line Items] | |||
Liability due to participants | $ 2.7 | $ 2.7 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015USD ($)shares | May. 31, 2015$ / sharesshares | Feb. 28, 2015EmployeeCompany$ / sharesshares | May. 31, 2014$ / sharesshares | Feb. 28, 2014Employee$ / sharesshares | May. 31, 2013$ / sharesshares | Feb. 28, 2013Employee$ / sharesshares | Sep. 30, 2007$ / sharesshares | Dec. 31, 2015USD ($)Plan$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2011USD ($) | |
Share-based Payment Award [Line Items] | ||||||||||||
Number of stock incentive plans | Plan | 2 | |||||||||||
Options, Outstanding [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in shares) | 1,394,000 | 1,496,000 | ||||||||||
Outstanding at end of period (in shares) | 1,312,000 | 1,394,000 | 1,496,000 | |||||||||
The 2005 Plan [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for issuance (in shares) | 2,880,000 | |||||||||||
Additional number of shares authorized for issuance (in shares) | 3,000,000 | |||||||||||
Life of award | P10Y | |||||||||||
The 2005 Plan [Member] | Stock Options [Member] | ||||||||||||
Fair Value Assumptions [Abstract] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 21.53 | |||||||||||
Dividend rate | 2.38% | |||||||||||
Risk free interest rate | 1.15% | |||||||||||
Expected lives of options | 6 years 1 month 20 days | |||||||||||
Price volatility | 40.66% | |||||||||||
Share-based compensation expense | $ | $ 142 | $ 452 | $ 612 | |||||||||
Share based compensation income tax benefit | $ | 29 | $ 78 | $ 134 | |||||||||
Compensation cost related to non-vested | $ | $ 100 | |||||||||||
Weighted-average period | 2 years | |||||||||||
Options, Outstanding [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in shares) | 997,352 | 1,101,014 | 989,376 | |||||||||
Granted (in shares) | 0 | 0 | 266,096 | |||||||||
Cancelled (in shares) | (6,252) | (2,146) | (21,182) | |||||||||
Exercised (in shares) | (86,942) | (101,516) | (133,276) | |||||||||
Outstanding at end of period (in shares) | 904,158 | 997,352 | 1,101,014 | |||||||||
Options, weighted average grant price per option [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 8.05 | $ 8.35 | $ 8.91 | |||||||||
Granted (in dollars per share) | $ / shares | 0 | 0 | 6.92 | |||||||||
Cancelled (in dollars per share) | $ / shares | 12.63 | 12.63 | 12.63 | |||||||||
Exercised (in dollars per share) | $ / shares | 11.46 | 11.21 | 8.41 | |||||||||
Outstanding at end of period (in dollars per share) | $ / shares | $ 7.70 | $ 8.05 | 8.35 | |||||||||
Options, Additional Disclosures [Abstract] | ||||||||||||
Fair value per option (in dollars per share) | $ / shares | $ 2.16 | |||||||||||
Intrinsic value of outstanding options | $ | $ 12,500 | |||||||||||
Weighted average remaining contractual life | 5 years 2 months 12 days | |||||||||||
Number of options exercisable (in shares) | 665,340 | |||||||||||
Weighted average exercise price, options exercisable (in dollars per share) | $ / shares | $ 8.15 | |||||||||||
Intrinsic value, options exercisable | $ | $ 8,900 | |||||||||||
Options exercisable, weighted average remaining contractual term | 4 years 7 months 6 days | |||||||||||
Fair value of options vested | $ | $ 300 | |||||||||||
Intrinsic value of options exercised | $ | 700 | |||||||||||
Proceeds from stock options exercised | $ | 1,000 | |||||||||||
Tax benefit realized from exercise of stock options | $ | 200 | |||||||||||
Compensation, nonvested awards, compensation cost not yet recognized | $ | $ 100 | |||||||||||
Compensation, nonvested awards, cost not yet recognized, period for recognition | 2 years | |||||||||||
The 2005 Plan [Member] | Stock Options [Member] | Management Shares [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Stock options annual vesting percentage | 25.00% | |||||||||||
The 2005 Plan [Member] | Stock Options [Member] | Management Shares [Member] | Maximum [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Life of award | P10Y | |||||||||||
The 2005 Plan [Member] | Stock Options [Member] | Officer [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Stock options annual vesting percentage | 25.00% | |||||||||||
The 2005 Plan [Member] | Stock Options [Member] | Officer [Member] | Maximum [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Life of award | P7Y | |||||||||||
The 2005 Plan [Member] | Performance Shares [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for issuance (in shares) | 136,260 | |||||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Fair value per share (in dollars per share) | $ / shares | $ 10.25 | |||||||||||
Premium on grant date fair value (in dollars per share) | $ / shares | $ 0.82 | |||||||||||
The 2005 Plan [Member] | Performance Shares [Member] | Management Shares [Member] | ||||||||||||
Fair Value Assumptions [Abstract] | ||||||||||||
Share-based compensation expense | $ | $ 37 | |||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Vested and issued (in shares) | (37,826) | |||||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Period stock awards can vest | 30 days | |||||||||||
Estimated expected forfeitures | 40.00% | |||||||||||
Estimated forfeiture rate of awards | 15.00% | |||||||||||
Additional compensation expense | $ | $ 48 | |||||||||||
The 2005 Plan [Member] | Performance Shares [Member] | Directors and Senior Management [Member] | ||||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 46,808 | |||||||||||
The 2005 Plan [Member] | Performance Shares [Member] | Employee Shares [Member] | ||||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 89,452 | |||||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Estimated expected forfeitures | 35.00% | 39.00% | ||||||||||
Additional compensation expense | $ | $ 40 | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | ||||||||||||
Fair Value Assumptions [Abstract] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 15.01 | |||||||||||
Dividend rate | 1.57% | |||||||||||
Risk free interest rate | 0.95% | |||||||||||
Expected lives of options | 2 years 10 months 13 days | |||||||||||
Share-based compensation expense | $ | $ 2,600 | $ 2,200 | 1,300 | |||||||||
Share based compensation income tax benefit | $ | 1,300 | $ 900 | $ 500 | |||||||||
Compensation cost related to non-vested | $ | $ 1,500 | |||||||||||
Weighted-average period | 2 years | |||||||||||
Options, Additional Disclosures [Abstract] | ||||||||||||
Compensation, nonvested awards, compensation cost not yet recognized | $ | $ 1,500 | |||||||||||
Compensation, nonvested awards, cost not yet recognized, period for recognition | 2 years | |||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Nonvested number, at beginning of year (in shares) | 435,272 | 426,180 | 426,708 | |||||||||
Granted (in shares) | 190,258 | 181,530 | 197,372 | |||||||||
Cancelled (in shares) | (6,736) | (10,764) | (61,988) | |||||||||
Vested and issued (in shares) | (211,498) | (161,674) | (135,912) | |||||||||
Nonvested number at end of year (in shares) | 407,296 | 435,272 | 426,180 | |||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | US Treasury Rate [Member] | Minimum [Member] | ||||||||||||
Fair Value Assumptions [Abstract] | ||||||||||||
Expected lives of options | 2 years | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | US Treasury Rate [Member] | Maximum [Member] | ||||||||||||
Fair Value Assumptions [Abstract] | ||||||||||||
Expected lives of options | 3 years | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Management Shares [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Stock options annual vesting percentage | 25.00% | 25.00% | 25.00% | |||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 79,946 | 135,562 | 124,566 | |||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Fair value per share (in dollars per share) | $ / shares | $ 15.01 | $ 13 | $ 6.92 | |||||||||
Number of employees participating in grants of non vested shares | Employee | 21 | 22 | 18 | |||||||||
Number of years of service with the company | 10 years | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Employee Shares [Member] | ||||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 29,752 | 33,664 | 49,686 | |||||||||
Vested and issued (in shares) | (10,180) | (9,390) | (19,134) | |||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Fair value per share (in dollars per share) | $ / shares | $ 17.23 | $ 12.83 | $ 8.74 | |||||||||
Number of years of service with the company | 10 years | |||||||||||
Vested period for remaining shares | 4 years | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Non Employee Director Shares [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Stock options annual vesting percentage | 33.00% | 33.00% | ||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 31,984 | 12,304 | 23,120 | |||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Fair value per share (in dollars per share) | $ / shares | $ 15.01 | $ 13 | $ 6.92 | |||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Eight Management Employees [Member] | ||||||||||||
Share-based Payment Award [Line Items] | ||||||||||||
Life of award | 3 | |||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 48,576 | |||||||||||
Stock Awards Additional Disclosures [Abstract] | ||||||||||||
Fair value per share (in dollars per share) | $ / shares | $ 15.66 | |||||||||||
Number of employees participating in grants of non vested shares | Employee | 8 | |||||||||||
Maximum percentage for granted share units | 150.00% | |||||||||||
Number of peer companies | Company | 38 | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Eight Management Employees [Member] | Minimum [Member] | ||||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 0 | |||||||||||
The 2005 Plan [Member] | Non Vested Shares [Member] | Eight Management Employees [Member] | Maximum [Member] | ||||||||||||
Nonvested Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 72,858 |
Major Customer (Details)
Major Customer (Details) - Operating Revenues [Member] - Sprint Nextel [Member] - Customer | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Number of major customers | 1 | ||
Concentration risk | 56.00% | 58.00% | 59.00% |
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 1.00% | 1.00% | 1.00% |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) | Oct. 19, 2015 | Dec. 31, 2015 | Feb. 08, 2008$ / sharesshares |
Shareholder Rights Plan [Abstract] | |||
Number of rights granted per share owned (in shares) | shares | 1 | ||
Price per half share of common stock (in dollars per share) | $ 20 | ||
Alternate price per half share of common stock (in dollars per share) | $ 40 | ||
Beneficial ownership that triggers the shareholder rights, Minimum | 15.00% | ||
Redemption price of rights (in dollars per right) | $ 0.005 | ||
Time period for independent directors to review the Shareholders' Rights Plan | 3 years | ||
Stock split ratio | 2 | 2 |
Lease Commitments (Details)
Lease Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Renewal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Future minimum payments under non-cancelable agreements [Abstract] | |||
2,016 | $ 14,605 | ||
2,017 | 14,767 | ||
2,018 | 14,557 | ||
2,019 | 14,187 | ||
2,020 | 13,554 | ||
2021 and beyond | 71,732 | ||
Total future lease payments | 143,402 | ||
Rent expense | 16,900 | $ 16,100 | $ 15,600 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,016 | 4,954 | ||
2,017 | 4,186 | ||
2,018 | 3,289 | ||
2,019 | 2,636 | ||
2,020 | 1,858 | ||
2021 and beyond | 2,102 | ||
Total minimum rental receipts | 19,025 | ||
Rent income | $ 6,300 | $ 6,000 | $ 5,600 |
Towers [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of renewals | Renewal | 4 | ||
Term of renewals | 5 years | ||
Towers [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Terms of leases | 5 years | ||
Towers [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Terms of leases | 10 years | ||
Other [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Terms of leases | 5 years | ||
Other [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Terms of leases | 20 years |
Derivative Instruments and He50
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2012 | Aug. 31, 2010 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 1,122 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 415 | ||||
Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, expiry date | Jul. 31, 2013 | ||||
Amount of notional principal interest rate swap | $ 174,600 | $ 63,300 | |||
Notional amount of interest rate swaps | $ 152,800 | $ 170,300 | |||
Gains and (Losses) on Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), before Tax | 1,871 | ||||
Other comprehensive income (loss) before reclassifications, before Tax | (2,732) | ||||
Amounts reclassified from accumulated other comprehensive income (to interest expense), before tax | 1,549 | ||||
Net current period other comprehensive income (loss), before tax | (1,183) | ||||
Accumulated Other Comprehensive Income (Loss), before Tax | 688 | ||||
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Tax | (749) | ||||
Other comprehensive income (loss) before reclassifications, tax | 1,095 | ||||
Amounts reclassified From accumulated other comprehensive income tax (to interest expense) | (619) | ||||
Net current period other comprehensive income (loss), tax | 476 | ||||
Accumulated Other Comprehensive Income (Loss), Tax | (273) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 1,122 | ||||
Other comprehensive income (loss) before reclassifications, net of tax | (1,637) | ||||
Amounts reclassified from accumulated other comprehensive income (to interest expense), net of tax | 930 | ||||
Net current period other comprehensive income (loss), net of tax | (707) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 415 | ||||
Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Changes in fair value recorded in interest expense | $ (239) | ||||
Amount reclassified as an increase to interest expense during next twelve months | 700 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 688 | 1,871 | |||
Designated as Hedging Instrument [Member] | Accrued liabilities and other [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivatives Liabilities, Fair Value | (682) | (1,309) | |||
Designated as Hedging Instrument [Member] | Deferred charges and other assets, net [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Assets, Fair Value | $ 1,370 | $ 3,180 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)State | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)StateSegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Non Sprint operations, number of states | State | 4 | 4 | |||||||||
External revenues [Abstract] | |||||||||||
Service revenues | $ 301,118 | $ 287,245 | $ 273,902 | ||||||||
Other revenues | 41,367 | 39,701 | 35,040 | ||||||||
Total external revenues | 342,485 | 326,946 | 308,942 | ||||||||
Internal revenues | 0 | 0 | 0 | ||||||||
Total operating revenues | $ 87,285 | $ 85,212 | $ 85,701 | $ 84,287 | $ 82,810 | $ 82,268 | $ 81,416 | $ 80,452 | 342,485 | 326,946 | 308,942 |
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 121,330 | 129,743 | 125,140 | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | 76,367 | 69,370 | 67,673 | ||||||||
Depreciation and amortization | 70,702 | 65,890 | 60,722 | ||||||||
Total operating expenses | 268,399 | 265,003 | 253,535 | ||||||||
Operating income | 21,721 | 15,089 | 18,750 | 18,526 | 16,326 | 14,144 | 15,793 | 15,680 | 74,086 | 61,943 | 55,407 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | 21,721 | $ 15,089 | $ 18,750 | $ 18,526 | 16,326 | $ 14,144 | $ 15,793 | $ 15,680 | 74,086 | 61,943 | 55,407 |
Interest expense | (7,355) | (8,148) | (8,468) | ||||||||
Non-operating income, net | 1,859 | 2,239 | 2,525 | ||||||||
Income before income taxes | 68,590 | 56,034 | 49,464 | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 628,740 | 619,242 | 628,740 | 619,242 | |||||||
Other [Member] | |||||||||||
External revenues [Abstract] | |||||||||||
Service revenues | 0 | 0 | 0 | ||||||||
Other revenues | 0 | 0 | 0 | ||||||||
Total external revenues | 0 | 0 | 0 | ||||||||
Internal revenues | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 0 | 0 | 0 | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | 17,390 | 13,148 | 12,765 | ||||||||
Depreciation and amortization | 453 | 407 | 35 | ||||||||
Total operating expenses | 17,843 | 13,555 | 12,800 | ||||||||
Operating income | (17,843) | (13,555) | (12,800) | ||||||||
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | (17,843) | (13,555) | (12,800) | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 464,979 | 446,028 | 464,979 | 446,028 | |||||||
Total Segments [Member] | |||||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 985,198 | 964,228 | 985,198 | 964,228 | |||||||
Reportable Segments [Member] | Wireless [Member] | |||||||||||
External revenues [Abstract] | |||||||||||
Service revenues | 192,752 | 191,147 | 182,955 | ||||||||
Other revenues | 11,609 | 11,867 | 10,842 | ||||||||
Total external revenues | 204,361 | 203,014 | 193,797 | ||||||||
Internal revenues | 4,440 | 4,440 | 4,328 | ||||||||
Total operating revenues | 208,801 | 207,454 | 198,125 | ||||||||
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 63,570 | 73,290 | 72,995 | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | 35,792 | 33,171 | 32,812 | ||||||||
Depreciation and amortization | 34,416 | 31,111 | 28,177 | ||||||||
Total operating expenses | 133,778 | 137,572 | 133,984 | ||||||||
Operating income | 75,023 | 69,882 | 64,141 | ||||||||
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | 75,023 | 69,882 | 64,141 | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 205,718 | 218,887 | 205,718 | 218,887 | |||||||
Reportable Segments [Member] | Cable [Member] | |||||||||||
External revenues [Abstract] | |||||||||||
Service revenues | 88,980 | 77,179 | 69,782 | ||||||||
Other revenues | 7,793 | 7,224 | 5,967 | ||||||||
Total external revenues | 96,773 | 84,403 | 75,749 | ||||||||
Internal revenues | 849 | 150 | 123 | ||||||||
Total operating revenues | 97,622 | 84,553 | 75,872 | ||||||||
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 54,611 | 51,982 | 45,767 | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | 19,412 | 19,521 | 19,052 | ||||||||
Depreciation and amortization | 23,097 | 23,148 | 21,202 | ||||||||
Total operating expenses | 97,120 | 94,651 | 86,021 | ||||||||
Operating income | 502 | (10,098) | (10,149) | ||||||||
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | 502 | (10,098) | (10,149) | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 209,132 | 201,232 | 209,132 | 201,232 | |||||||
Reportable Segments [Member] | Wireline [Member] | |||||||||||
External revenues [Abstract] | |||||||||||
Service revenues | 19,386 | 18,919 | 20,244 | ||||||||
Other revenues | 21,965 | 20,610 | 19,152 | ||||||||
Total external revenues | 41,351 | 39,529 | 39,396 | ||||||||
Internal revenues | 26,069 | 23,506 | 20,074 | ||||||||
Total operating revenues | 67,420 | 63,035 | 59,470 | ||||||||
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 31,668 | 30,088 | 28,603 | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | 6,612 | 6,009 | 5,344 | ||||||||
Depreciation and amortization | 12,736 | 11,224 | 11,308 | ||||||||
Total operating expenses | 51,016 | 47,321 | 45,255 | ||||||||
Operating income | 16,404 | 15,714 | 14,215 | ||||||||
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | 16,404 | 15,714 | 14,215 | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | 105,369 | 98,081 | 105,369 | 98,081 | |||||||
Eliminations [Member] | |||||||||||
External revenues [Abstract] | |||||||||||
Service revenues | 0 | 0 | 0 | ||||||||
Other revenues | 0 | 0 | 0 | ||||||||
Total external revenues | 0 | 0 | 0 | ||||||||
Internal revenues | (31,358) | (28,096) | (24,525) | ||||||||
Total operating revenues | (31,358) | (28,096) | (24,525) | ||||||||
Operating expenses [Abstract] | |||||||||||
Cost of goods and services, exclusive of depreciation and amortization shown separately below | (28,519) | (25,617) | (22,225) | ||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown below | (2,839) | (2,479) | (2,300) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total operating expenses | (31,358) | (28,096) | (24,525) | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | |||||||||||
Total consolidated operating income | 0 | 0 | $ 0 | ||||||||
Assets by segment [Abstract] | |||||||||||
Assets | $ (356,458) | $ (344,986) | $ (356,458) | $ (344,986) |
Quarterly Results (unaudited)52
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Results (unaudited) [Abstract] | |||||||||||
Operating revenues | $ 87,285 | $ 85,212 | $ 85,701 | $ 84,287 | $ 82,810 | $ 82,268 | $ 81,416 | $ 80,452 | $ 342,485 | $ 326,946 | $ 308,942 |
Operating income | 21,721 | 15,089 | 18,750 | 18,526 | 16,326 | 14,144 | 15,793 | 15,680 | 74,086 | 61,943 | 55,407 |
Net income | $ 12,108 | $ 7,996 | $ 10,474 | $ 10,286 | $ 8,649 | $ 8,003 | $ 8,615 | $ 8,616 | $ 40,864 | $ 33,883 | $ 29,586 |
Net income per share - basic (in dollars per share) | $ 0.24 | $ 0.17 | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.16 | $ 0.18 | $ 0.18 | $ 0.84 | $ 0.70 | $ 0.62 |
Net income per share - diluted (in dollars per share) | $ 0.24 | $ 0.17 | $ 0.21 | $ 0.21 | $ 0.18 | $ 0.16 | $ 0.18 | $ 0.18 | $ 0.83 | $ 0.70 | $ 0.61 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 10, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | |
NTELOS Holdings Corporation [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Share price (in dollars per share) | $ 9.25 | ||
Total equity value | $ 208,000 | ||
Total debt outstanding | $ 520,000 | ||
Transaction cost | 2,700 | ||
Financing cost | 7,900 | ||
Sprint Com [Member] | General and Administrative Expenses [Member] | |||
Subsequent Event [Line Items] | |||
Transaction cost | $ 800 |