Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'MYR GROUP INC. | ' | ' |
Entity Central Index Key | '0000700923 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
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 | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $398.50 |
Entity Common Stock, Shares Outstanding | ' | 21,251,078 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $76,454 | $19,825 |
Accounts receivable, net of allowances of $1,132 and $1,305, respectively | 173,468 | 167,241 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 40,519 | 61,773 |
Deferred income tax assets | 14,550 | 12,742 |
Receivable for insurance claims in excess of deductibles | 11,389 | 11,379 |
Refundable income taxes | 1,286 | 1,044 |
Other current assets | 6,283 | 4,396 |
Total current assets | 323,949 | 278,400 |
Property and equipment, net of accumulated depreciation of $115,679 and $88,042, respectively | 142,931 | 128,911 |
Goodwill | 46,599 | 46,599 |
Intangible assets, net of accumulated amortization of $2,893 and $2,558, respectively | 10,199 | 10,534 |
Other assets | 1,744 | 1,904 |
Total assets | 525,422 | 466,348 |
Current liabilities | ' | ' |
Accounts payable | 79,605 | 84,481 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 52,952 | 32,589 |
Accrued self insurance | 39,111 | 39,583 |
Other current liabilities | 32,711 | 32,240 |
Total current liabilities | 204,379 | 188,893 |
Deferred income tax liabilities | 23,719 | 21,530 |
Other liabilities | 1,233 | 1,235 |
Total liabilities | 229,331 | 211,658 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock-$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2013 and 2012 | ' | ' |
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 21,223,076 and 20,747,161 shares issued and outstanding at December 31, 2013 and 2012, respectively | 210 | 206 |
Additional paid-in capital | 161,202 | 154,564 |
Retained earnings | 134,679 | 99,920 |
Total stockholders' equity | 296,091 | 254,690 |
Total liabilities and stockholders' equity | $525,422 | $466,348 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, except Share data, unless otherwise specified | ||||
CONSOLIDATED BALANCE SHEETS | ' | ' | ' | ' |
Accounts receivable, allowances (in dollars) | $1,132 | $1,305 | ' | ' |
Property and equipment, accumulated depreciation (in dollars) | 115,679 | 88,042 | ' | ' |
Intangible assets, accumulated amortization (in dollars) | $2,893 | $2,558 | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Preferred stock, authorized shares | 4,000,000 | 4,000,000 | ' | ' |
Preferred stock, issued shares | 0 | 0 | ' | ' |
Preferred stock, outstanding shares | 0 | 0 | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Common stock, authorized shares | 100,000,000 | 100,000,000 | ' | ' |
Common stock, issued shares | 21,223,076 | 20,747,161 | ' | ' |
Common stock, outstanding shares | 21,223,076 | 20,747,161 | 20,405,000 | 20,007,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Contract revenues | $902,729 | $998,959 | $780,356 |
Contract costs | 777,852 | 880,306 | 694,790 |
Gross profit | 124,877 | 118,653 | 85,566 |
Selling, general and administrative expenses | 69,818 | 63,575 | 56,776 |
Amortization of intangible assets | 335 | 335 | 335 |
Gain on sale of property and equipment | -893 | -1,019 | -1,174 |
Income from operations | 55,617 | 55,762 | 29,629 |
Other income (expense): | ' | ' | ' |
Interest income | 9 | 2 | 53 |
Interest expense | -727 | -852 | -544 |
Other, net | -27 | -222 | -81 |
Income before provision for income taxes | 54,872 | 54,690 | 29,057 |
Income tax expense | 20,113 | 20,428 | 10,759 |
Net income | $34,759 | $34,262 | $18,298 |
Income per common share: | ' | ' | ' |
-Basic (in dollars per share) | $1.65 | $1.67 | $0.90 |
-Diluted (in dollars per share) | $1.61 | $1.60 | $0.87 |
Weighted average number of common shares and potential common shares outstanding: | ' | ' | ' |
-Basic (in shares) | 20,821 | 20,391 | 20,151 |
-Diluted (in shares) | 21,431 | 21,172 | 20,993 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2010 | $192,709 | $200 | $145,149 | $47,360 |
Balance (in shares) at Dec. 31, 2010 | ' | 20,007,000 | ' | ' |
Increase (Decrease) in Stockholders Equity | ' | ' | ' | ' |
Net income | 18,298 | ' | ' | 18,298 |
Stock issued under compensation plans, net | 1,290 | 3 | 1,287 | ' |
Stock issued under compensation plans, net (in shares) | ' | 396,000 | ' | ' |
Tax benefit from stock-based awards | 1,266 | ' | 1,266 | ' |
Stock-based compensation expense | 2,130 | ' | 2,130 | ' |
Stock issued - other | 45 | ' | 45 | ' |
Stock issued - other (in shares) | ' | 2,000 | ' | ' |
Balance at Dec. 31, 2011 | 215,738 | 203 | 149,877 | 65,658 |
Balance (in shares) at Dec. 31, 2011 | ' | 20,405,000 | ' | ' |
Increase (Decrease) in Stockholders Equity | ' | ' | ' | ' |
Net income | 34,262 | ' | ' | 34,262 |
Stock issued under compensation plans, net | 1,309 | 3 | 1,306 | ' |
Stock issued under compensation plans, net (in shares) | ' | 340,000 | ' | ' |
Tax benefit from stock-based awards | 419 | ' | 419 | ' |
Stock-based compensation expense | 2,924 | ' | 2,924 | ' |
Stock issued - other | 38 | ' | 38 | ' |
Stock issued - other (in shares) | ' | 2,000 | ' | ' |
Balance at Dec. 31, 2012 | 254,690 | 206 | 154,564 | 99,920 |
Balance (in shares) at Dec. 31, 2012 | 20,747,161 | 20,747,000 | ' | ' |
Increase (Decrease) in Stockholders Equity | ' | ' | ' | ' |
Net income | 34,759 | ' | ' | 34,759 |
Stock issued under compensation plans, net | 1,762 | 4 | 1,758 | ' |
Stock issued under compensation plans, net (in shares) | ' | 473,000 | ' | ' |
Tax benefit from stock-based awards | 1,305 | ' | 1,305 | ' |
Stock-based compensation expense | 3,519 | ' | 3,519 | ' |
Stock issued - other | 56 | ' | 56 | ' |
Stock issued - other (in shares) | ' | 3,000 | ' | ' |
Balance at Dec. 31, 2013 | $296,091 | $210 | $161,202 | $134,679 |
Balance (in shares) at Dec. 31, 2013 | 21,223,076 | 21,223,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $34,759 | $34,262 | $18,298 |
Adjustments to reconcile net income to net cash flows provided by operating activities - | ' | ' | ' |
Depreciation and amortization of property and equipment | 28,860 | 24,821 | 19,176 |
Amortization of intangible assets | 335 | 335 | 335 |
Stock-based compensation expense | 3,519 | 2,923 | 2,130 |
Deferred income taxes | 381 | 2,687 | -1,326 |
Gain on sale of property and equipment | -893 | -1,019 | -1,174 |
Other non-cash items | 151 | 110 | 44 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable, net | -6,227 | -40,330 | -19,739 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 21,254 | -18,079 | -14,395 |
Construction materials inventory | ' | 4,003 | -4,003 |
Receivable for insurance claims in excess of deductibles | -10 | -1,257 | -1,700 |
Other assets | -2,138 | -1,619 | 2,293 |
Accounts payable | -5,289 | 11,067 | 35,062 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 20,363 | 7,644 | -20,560 |
Accrued self insurance | -472 | 733 | 4,806 |
Other liabilities | 469 | 3,718 | 11,147 |
Net cash flows provided by operating activities | 95,062 | 29,999 | 30,394 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of property and equipment | 1,151 | 1,204 | 1,306 |
Purchases of property and equipment | -42,725 | -37,249 | -42,342 |
Net cash flows used in investing activities | -41,574 | -36,045 | -41,036 |
Cash flows from financing activities: | ' | ' | ' |
Repayments on term loan | ' | ' | -30,000 |
Net borrowings (repayments) on revolving credit facility | ' | -10,000 | 10,000 |
Employee stock option transactions | 1,762 | 1,309 | 1,290 |
Excess tax benefit from stock-based awards | 1,323 | 524 | 1,266 |
Debt issuance costs | ' | -13 | -569 |
Other financing activities | 56 | 38 | 45 |
Net cash flows provided by (used in) financing activities | 3,141 | -8,142 | -17,968 |
Net increase (decrease) in cash and cash equivalents | 56,629 | -14,188 | -28,610 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of period | 19,825 | 34,013 | 62,623 |
End of period | $76,454 | $19,825 | $34,013 |
Organization_Business_and_Sign
Organization, Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Business and Significant Accounting Policies | ' |
Organization, Business and Significant Accounting Policies | ' |
1. Organization, Business and Significant Accounting Policies | |
Organization and Business | |
MYR Group Inc. ("the Company") is a holding company of specialty electrical construction service providers and is currently conducting operations through wholly-owned subsidiaries including: The L. E. Myers Co., a Delaware corporation; Harlan Electric Company, a Michigan corporation; Hawkeye Construction, Inc., an Oregon corporation; Great Southwestern Construction, Inc., a Colorado corporation; Sturgeon Electric Company, Inc., a Michigan corporation; and MYR Transmission Services, Inc., a Delaware corporation. | |
The Company performs construction services in two business segments: Transmission and Distribution ("T&D"), and Commercial and Industrial ("C&I"). T&D customers include electric utilities, cooperatives, municipalities and private developers. The Company provides a broad range of services, which include design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. The Company also provides C&I electrical contracting services to property owners and general contractors in the western United States. | |
Significant Accounting Policies | |
Consolidation | |
The accompanying consolidated financial statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. | |
Revenue Recognition | |
Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting. Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term based on either input (e.g., costs incurred under the cost-to-cost method which is typically used for development effort) or output (e.g., units delivered under the units-of-delivery method, which is used for production effort), as appropriate under the circumstances. | |
Revenues from the Company's construction services are performed under fixed-price, time-and-equipment, time-and-materials, unit-price, and cost-plus fee contracts. For fixed-price contracts, the Company uses the ratio of cost incurred to date on the contract (excluding uninstalled direct materials) to management's estimate of the contract's total cost, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract cost includes all direct costs on contracts, including labor and material, subcontractor costs and those indirect costs related to contract performance, such as supplies, fuel, tool repairs and depreciation. The Company recognizes revenues from construction services with fees based on time-and-materials, unit prices, or cost-plus fee as the services are performed and amounts are earned. | |
Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions and final contract settlements are factors that influence management's assessment of total contract value and the total estimated costs to complete those contracts and therefore, the Company's profit recognition. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized in contract costs in the period in which the revisions are determined. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the possible loss was identified. | |
The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. | |
Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax collected from customers is included in other current liabilities on our consolidated balance sheets. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. | |
The most significant estimates are related to estimates to complete on contracts, insurance reserves, the accounts receivable reserve, the recoverability of goodwill and intangibles and estimates surrounding stock-based compensation. Actual results could differ from these estimates. | |
During the twelve-month period ended December 31, 2013, the Company revised its cost estimates on several large transmission projects, which resulted in the recognition of approximately 0.8% of additional gross margin. | |
Advertising | |
Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $0.3 million, $0.5 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. | |
Interest and penalties related to uncertain income tax positions are included in income tax expense in the accompanying consolidated statements of operations. Interest and penalties actually incurred are charged to interest expense and other expense, respectively. | |
Stock-Based Compensation | |
The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognizes the related compensation expense over the vesting period. The Company uses the straight-line attribution method to recognize compensation expense related to stock-based awards that have graded vesting and only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. Stock-based compensation expense is adjusted for changes in estimated and actual forfeitures. The Company uses historical data to estimate the forfeiture rate that it uses; however, these estimates are subject to change and may impact the value that will ultimately be recognized as stock compensation expense. The Company recognizes stock-based compensation expense related to performance awards based upon its determination of the potential achievement of the performance target at each reporting date, net of estimated forfeitures. | |
Earnings Per Share | |
The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the Treasury method. The Company's unvested grants of restricted stock contain non-forfeitable rights to dividends and are treated as participating securities and included in the computation of basic earnings per share. The Company calculates basic earnings per share by dividing net income available to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted earnings per share is computed similarly, except that it reflects the potential dilutive impact that would occur if dilutive securities were exercised into common shares. Potential common shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive or performance conditions are not met. | |
Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2013 and 2012, the Company held its cash in checking accounts or in highly liquid money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
The Company does not charge interest to its customers and carries its customer receivables at their face amounts, less an allowance for doubtful accounts. Included in accounts receivable are balances billed to customers pursuant to retainage provisions in certain contracts that are due upon completion of the contract and acceptance by the customer, or earlier as provided by the contract. Based on the Company's experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable, including retainage, as current assets. The contracting cycle for certain long-term contracts may extend beyond one year, and accordingly, collection of retainage on those contracts may extend beyond one year. The Company estimates that approximately 90% of retainage recorded at December 31, 2013 will be collected within one year. | |
The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible the account balance is written-off against the allowance for doubtful accounts. | |
Classification of Construction Contract-related Assets and Liabilities | |
Costs and estimated earnings in excess of billings on uncompleted contracts are presented as an asset in the accompanying consolidated balance sheets, and billings in excess of costs and estimated earnings on uncompleted contracts are presented as a liability in the accompanying consolidated balance sheets. The Company's contracts vary in duration, with the duration of some larger contracts exceeding one year. Consistent with industry practices, the Company includes in current assets and current liabilities amounts realizable and payable under contracts, which may extend beyond one year; however, the vast majority of these balances are settled within one year. | |
Construction Materials Inventory | |
When required, the Company provides construction materials for projects. Construction materials which have not yet been installed are included in construction materials inventory. Construction materials inventories are stated at the lower of cost or market, as determined by the specific identification method. As of December 31, 2013 and 2012 the Company did not carry any construction materials inventory. | |
Property and Equipment | |
Property and equipment is carried at cost. Depreciation for buildings and improvements, including land improvements, is computed using the straight-line method over estimated useful lives ranging from three years to thirty-nine years. Depreciation for construction equipment, including large tool purchases, is computed using the straight-line method over estimated useful lives ranging from two years to twelve years. Depreciation for office equipment is computed using the straight-line method over the estimated useful lives ranging from three years to eight years. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized into income from operations. The cost of maintenance and repairs is charged to expense as incurred. | |
The Company leases certain real estate, construction equipment and office equipment. Real estate is generally leased for terms up to ten years in duration. No new construction equipment leases have been entered into since 2010, although the Company continues to rent some equipment under short-term, cancelable agreements. The terms and conditions of material leases are reviewed at inception to determine the classification (operating or capital) of the lease. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with Accounting Standards Codification ("ASC") Topic 840-10-25. | |
Insurance | |
The Company carries insurance policies, which are subject to certain deductibles, for workers' compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is $1.0 million. Certain of the Company's health insurance benefit plans are subject to a $0.1 million deductible for qualified individuals. Losses up to the stop loss amounts are accrued based upon the Company's estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. | |
The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the stop loss deductible, a corresponding receivable for amounts in excess of the stop loss deductible is included in current assets in the consolidated balance sheets. | |
Goodwill and Intangible Assets | |
Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company reviews goodwill and intangible assets with indefinite lives for impairment on an annual basis at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. The Company performs a qualitative assessment to determine whether it is necessary to perform a two-step goodwill impairment test. The qualitative assessment considers financial, industry, segment and macroeconomic factors. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. The two-step method begins with a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. The company also performs a qualitative assessment on intangible assets with indefinite lives. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. If the carrying value of goodwill or other indefinite lived assets exceeds its implied fair value, an impairment charge is recorded in the statement of operations. | |
The qualitative assessment performed in 2013 determined it was not necessary to perform a two-step goodwill impairment test. As a result of the Company's annual impairment review process, no impairment charges to goodwill or intangible assets were recorded during 2013, 2012 or 2011. | |
Concentrations | |
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. | |
The Company grants trade credit under normal payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2013, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate of approximately 14.4% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). As of December 31, 2012, two customers individually exceeded 10.0% of consolidated accounts receivable with an aggregate of approximately 24.6% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. | |
The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company's top ten customers accounted for approximately 57.8%, 59.6% and 58.1% of consolidated revenues for the years ended December 31, 2013, 2012 and 2011, respectively. One T&D customer, Cross Texas Transmission, LLC, accounted for 15.1% of our revenues for the year ended December 31, 2012. No other customer accounted for more than 10.0% of revenues for the years ended December 31, 2013, 2012 and 2011. | |
As of December 31, 2013, approximately 92% of the Company's craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future. | |
Recent Accounting Pronouncements | |
Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or have minimal impact on our consolidated financial statements. | |
Recently Issued Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. Obligations within the scope of this update include debt arrangements, other contractual obligations and settled litigation and judicial rulings. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company believes that this update will not have a material impact on its financial statements. | |
Recently Adopted Accounting Pronouncements | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This update was intended to simplify how entities test impairment of indefinite-lived intangible assets other than goodwill. The new guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount as a basis for determining whether it is necessary to perform certain additional impairment tests. The Company adopted this ASU in January 2013 and there was no effect on the Company's financial position, results of operations or cash flows. | |
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The update requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The Company adopted this ASU in January 2013 and there was no effect on the Company's financial position, results of operations or cash flows. | |
In September 2011, the FASB issued ASU No. 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment. This update was intended to simplify how entities test goodwill for impairment. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is "more-likely-than-not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC 350. The "more-likely-than-not" threshold is defined as having a likelihood of more than 50%. ASU 2011-08 was effective for annual and interim goodwill impairment tests performed for reporting periods beginning after December 15, 2011. The Company adopted the provisions of ASU 2011-08 in January 2012 and there was no effect on the Company's financial position, results of operations or cash flows. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Measurements | ' |
Fair Value Measurements | ' |
2. Fair Value Measurements | |
The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |
As of December 31, 2013 and 2012, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. | |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ' | |||||||
3. Accounts Receivable | ||||||||
Accounts receivable consisted of the following at December 31: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Contract receivables | $ | 113,572 | $ | 112,316 | ||||
Contract retainages | 60,694 | 56,053 | ||||||
Other | 334 | 177 | ||||||
| | | | | | | | |
174,600 | 168,546 | |||||||
Less: Allowance for doubtful accounts | (1,132 | ) | (1,305 | ) | ||||
| | | | | | | | |
$ | 173,468 | $ | 167,241 | |||||
| | | | | | | | |
| | | | | | | | |
The roll-forward activity of allowance for doubtful accounts was as follows for the years ended December 31: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | (1,305 | ) | $ | (1,078 | ) | ||
Reduction in (provision for) allowances | 159 | (383 | ) | |||||
Write offs, net of recoveries | 14 | 156 | ||||||
| | | | | | | | |
Balance at end of period | $ | (1,132 | ) | $ | (1,305 | ) | ||
| | | | | | | | |
| | | | | | | | |
Contracts_in_Process
Contracts in Process | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contracts in Process | ' | |||||||
Contracts in Process | ' | |||||||
4. Contracts in Process | ||||||||
The net asset (liability)position for contracts in process consisted of the following at December 31: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Costs and estimated earnings on uncompleted contracts | $ | 1,748,204 | $ | 1,439,455 | ||||
Less: Billings to date | 1,760,637 | 1,410,271 | ||||||
| | | | | | | | |
$ | (12,433 | ) | $ | 29,184 | ||||
| | | | | | | | |
| | | | | | | | |
The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows at December 31: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 40,519 | $ | 61,773 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (52,952 | ) | (32,589 | ) | ||||
| | | | | | | | |
$ | (12,433 | ) | $ | 29,184 | ||||
| | | | | | | | |
| | | | | | | | |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property and Equipment | ' | |||||||||
Property and Equipment | ' | |||||||||
5. Property and Equipment | ||||||||||
Property and equipment consisted of the following at December 31: | ||||||||||
(dollars in thousands) | Estimated | 2013 | 2012 | |||||||
Useful Life | ||||||||||
in Years | ||||||||||
Land | — | $ | 4,360 | $ | 3,990 | |||||
Buildings and improvements | 3 to 39 | 16,082 | 13,096 | |||||||
Construction equipment | 2 to 12 | 233,051 | 195,085 | |||||||
Office equipment | 3 to 8 | 5,117 | 4,782 | |||||||
| | | | | | | | | | |
258,610 | 216,953 | |||||||||
Less: Accumulated depreciation and amortization | (115,679 | ) | (88,042 | ) | ||||||
| | | | | | | | | | |
$ | 142,931 | $ | 128,911 | |||||||
| | | | | | | | | | |
| | | | | | | | | | |
Depreciation and amortization expense of property and equipment for the years ended December 31, 2013, 2012 and 2011were $28.9 million, $24.8 million, and $19.2 million, respectively. | ||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||
6. Goodwill and Intangible Assets | ||||||||||||||||||||
Goodwill and intangible assets consisted of the following at December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||
Goodwill | ||||||||||||||||||||
T&D | $ | 40,042 | $ | — | $ | 40,042 | $ | 40,042 | $ | — | $ | 40,042 | ||||||||
C&I | 6,557 | — | 6,557 | 6,557 | — | 6,557 | ||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||
Backlog | 521 | 521 | — | 521 | 521 | — | ||||||||||||||
Customer relationships | 4,015 | 2,372 | 1,643 | 4,015 | 2,037 | 1,978 | ||||||||||||||
Indefinite-lived Intangible Assets | ||||||||||||||||||||
Trade names | 8,556 | — | 8,556 | 8,556 | — | 8,556 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$ | 59,691 | $ | 2,893 | $ | 56,798 | $ | 59,691 | $ | 2,558 | $ | 57,133 | |||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Customer relationships are being amortized on a straight-line method over an estimated useful life of 12 years, with 4.9 years remaining, and have been determined to have no residual value. Trade names have been determined to have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $0.3 million for each of the years ended December 31, 2013, 2012 and 2011. Intangible asset amortization expense for the years subsequent to December 31, 2013 is expected to be approximately $0.3 million for each of the years from 2014 to 2018. | ||||||||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ' | |||||||
7. Accrued Liabilities | ||||||||
Other current liabilities consisted of the following at December 31: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Payroll and incentive compensation | $ | 10,647 | $ | 10,695 | ||||
Union dues and benefits | 7,122 | 6,210 | ||||||
Profit sharing and thrift plan | 2,862 | 4,679 | ||||||
Taxes, other than income taxes | 4,286 | 5,771 | ||||||
Legal settlements | 2,869 | — | ||||||
Other | 4,925 | 4,885 | ||||||
| | | | | | | | |
$ | 32,711 | $ | 32,240 | |||||
| | | | | | | | |
| | | | | | | | |
Debt_and_Borrowing_Arrangement
Debt and Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2013 | |
Debt and Borrowing Arrangements | ' |
Debt and Borrowing Arrangements | ' |
8. Debt and Borrowing Arrangements | |
On December 21, 2011, the Company entered into a five-year syndicated credit agreement (the "Credit Agreement") for an initial facility of $175.0 million. The entire facility is available for revolving loans and the issuance of letters of credit and up to $25.0 million of the facility is available for swingline loans. The Company has the option to increase the commitments under the Credit Agreement or enter into incremental term loans, subject to certain conditions, by up to an additional $75.0 million upon receipt of additional commitments from new or existing lenders. | |
Revolving loans under the Credit Agreement bear interest, at the Company's option, at either (1) the ABR, which is the greatest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or LIBOR plus 1.00%, plus in each case an applicable margin ranging from 0.00% to 1.00%; or (2) LIBOR plus an applicable margin ranging from 1.00% to 2.00%. The applicable margin is determined based on the Company's leverage ratio. Letters of credit issued under the Credit Agreement are subject to a letter of credit fee of 1.00% to 2.00%, based on the Company's leverage ratio and a facing fee of 0.125%. Swingline loans bear interest at the ABR rate. The Company is currently required to pay a 0.2% commitment fee on the unused portion of the credit facility. | |
Subject to certain exceptions, the Credit Agreement is secured by substantially all of the assets of the Company and its subsidiaries and by a pledge of all of the capital stock of the Company's subsidiaries. The Company's subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. The Credit Agreement provides for customary events of default. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Credit Agreement may be accelerated and may become or be declared immediately due and payable. | |
Under the Credit Agreement, the Company is subject to certain financial covenants and must maintain a maximum leveraged debt ratio of 3.0 and a minimum interest coverage ratio of 3.0. The Company was in compliance with the financial covenants at December 31, 2013, as well as in all previous quarters. The Credit Agreement also contains a number of covenants including limitations on asset sales, investments, indebtedness and liens. | |
The Company had no revolving loans outstanding under the credit agreement as of December 31, 2013 and 2012. As of December 31, 2013 and 2012, the Company had approximately $18.4 million and $19.7 million, respectively, in irrevocable standby letters of credit outstanding under the facility at an interest rate of 1.125%. The Company had $156.6 million available for borrowing under the Credit Agreement as of December 31, 2013. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
9. Income Taxes | |||||||||||
The income tax provision consisted of the following for the years ended December 31: | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Current | |||||||||||
Federal | $ | 16,812 | $ | 14,856 | $ | 10,047 | |||||
State | 2,920 | 2,885 | 2,038 | ||||||||
| | | | | | | | | | | |
19,732 | 17,741 | 12,085 | |||||||||
| | | | | | | | | | | |
Deferred | |||||||||||
Federal | 218 | 2,396 | (1,039 | ) | |||||||
State | 163 | 291 | (287 | ) | |||||||
| | | | | | | | | | | |
381 | 2,687 | (1,326 | ) | ||||||||
| | | | | | | | | | | |
Income tax expense | $ | 20,113 | $ | 20,428 | $ | 10,759 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The differences between the U.S. federal statutory tax rate and the Company's effective tax rate for continuing operations were as follows for the years ended December 31: | |||||||||||
2013 | 2012 | 2011 | |||||||||
U.S federal statutory rate | 35 | % | 35 | % | 35 | % | |||||
State income taxes, net of U.S. federal income tax expense | 3.5 | 3.8 | 4.5 | ||||||||
Provision to return adjustments, net | (0.3 | ) | (0.2 | ) | (0.3 | ) | |||||
Deferred tax adjustments, net | — | — | (0.1 | ) | |||||||
Domestic production/manufacturing deduction | (2.0 | ) | (2.0 | ) | (2.7 | ) | |||||
Non-deductible meals and entertainment | 0.4 | 0.4 | 0.7 | ||||||||
Research and development credit | — | (0.1 | ) | (0.1 | ) | ||||||
Other, net | 0.1 | 0.5 | — | ||||||||
| | | | | | | | | | | |
36.7 | % | 37.4 | % | 37 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31: | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Deferred income tax assets: | |||||||||||
Self insurance reserves | $ | 8,643 | $ | 9,439 | |||||||
Contract loss reserves | 435 | 49 | |||||||||
Stock-based awards | 4,245 | 5,099 | |||||||||
Bonus | 2,884 | 1,931 | |||||||||
Other | 2,588 | 1,322 | |||||||||
| | | | | | | | ||||
Total deferred income tax assets | 18,795 | 17,840 | |||||||||
| | | | | | | | ||||
Deferred income tax liabilities: | |||||||||||
Property and equipment—tax over book depreciation | (24,037 | ) | (22,572 | ) | |||||||
Intangible assets—tax over book amortization | (3,927 | ) | (4,056 | ) | |||||||
| | | | | | | | ||||
Total deferred income tax liabilities | (27,964 | ) | (26,628 | ) | |||||||
| | | | | | | | ||||
Net deferred income taxes | $ | (9,169 | ) | $ | (8,788 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
The balance sheet classification of deferred income taxes is as follows: | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Current deferred income tax assets | $ | 14,550 | $ | 12,742 | |||||||
Non-current deferred income tax liabilities | (23,719 | ) | (21,530 | ) | |||||||
| | | | | | | | ||||
$ | (9,169 | ) | $ | (8,788 | ) | ||||||
| | | | | | | | ||||
| | | | | | | | ||||
The Company is subject to taxation in various jurisdictions. The Company's federal tax returns for 2009 and 2010 are currently under examination by the Internal Revenue Service. The Company remains subject to examination by U.S. federal authorities for the remaining open tax years (2011 and 2012) and by various state authorities for the years 2009 through 2012. | |||||||||||
The Company has recorded a liability for unrecognized tax benefits related to tax positions taken on its various income tax returns. If recognized, the entire amount of unrecognized tax benefits would favorably impact the effective tax rate that is reported in future periods. The Company anticipates that total unrecognized tax benefits will be reduced within the next 12 months due to the lapses in the applicable statutes of limitations, as well as pending federal tax settlements for the two years under examination. The adjustment related to these items is estimated at approximately $0.3 million. | |||||||||||
The following is a reconciliation of the beginning and ending liabilities for unrecognized tax benefits at December 31: | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 655 | $ | 567 | |||||||
Gross increases in current period tax positions | 132 | 186 | |||||||||
Gross increases in prior period tax positions | 55 | 134 | |||||||||
Gross decreases in prior period tax positions | (185 | ) | (232 | ) | |||||||
| | | | | | | | ||||
Balance at end of period | 657 | 655 | |||||||||
Accrued interest and penalties at end of period | 189 | 185 | |||||||||
| | | | | | | | ||||
Total liability for unrecognized tax benefits | $ | 846 | $ | 840 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
The liability for unrecognized tax benefits, including accrued interest and penalties, were included in other liabilities in the accompanying consolidated balance sheets. The amount of interest and penalties charged or credited to income tax expense as a result of the unrecognized tax benefits was $0.0, $0.2 and $0.1 million for the year ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ' | |||||||
10. Commitments and Contingencies | ||||||||
Letters of Credit | ||||||||
As of December 31, 2013, the Company had irrevocable standby letters of credit outstanding of approximately $18.4 million, including one for $17.5 million related to the Company's payment obligation under its insurance programs and another for approximately $0.9 million related to contract performance obligations. As of December 31, 2012, the Company had approximately $19.7 million in outstanding irrevocable standby letters of credit, including one for $17.5 million related to the Company's payment obligation under its insurance programs and another for approximately $2.2 million related to contract performance obligations. | ||||||||
Leases | ||||||||
The Company leases real estate, construction equipment and office equipment under operating leases with remaining lease terms ranging from one to seven years. As of December 31, 2013, future minimum lease payments for these operating leases were as follows: $1.9 million for 2014, $0.9 million for 2015, $0.4 million for 2016, $0.2 million for 2017, $0.2 million for 2018 and $0.2 million thereafter. The Company had no leases in effect in 2013 or 2012 that included guaranteed residual values. | ||||||||
Rent expense includes lease payments as well as rent on items that are rented under cancellable rental agreements. Total rent expense for the years ended December 31, 2013, 2012 and 2011, was $51.2 million, $43.1 million and $32.2 million, respectively. | ||||||||
Purchase Commitments for Construction Equipment | ||||||||
As of December 31, 2013, the Company had approximately $6.1 million in outstanding purchase obligations for certain construction equipment, with most of the cash outlay scheduled to occur during the next five months. | ||||||||
Insurance and Claims Accruals | ||||||||
The Company carries insurance policies, which are subject to certain deductibles, for workers' compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is $1.0 million. Certain of the Company's health insurance benefit plans are subject to a $0.1million deductible for qualified individuals. Losses up to the stop loss amounts are accrued based upon the Company's estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. | ||||||||
The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the stop loss deductible, a corresponding receivable for amounts in excess of the stop loss deductible is included in current assets in the consolidated balance sheets: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 39,583 | $ | 38,850 | ||||
Net increases in reserves | 16,861 | 19,743 | ||||||
Net payments made | (17,333 | ) | (19,010 | ) | ||||
| | | | | | | | |
Balance at end of period | $ | 39,111 | $ | 39,583 | ||||
| | | | | | | | |
| | | | | | | | |
Insurance expense, including premiums, for workers' compensation, general liability, automobile liability, employee health benefits, and other coverages for the years ended December 31, 2013, 2012 and 2011 was $20.1 million, $20.9 million and $21.5 million, respectively. | ||||||||
Performance and Payment Bonds | ||||||||
In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on contractual commitments. The Company has indemnified its sureties for any expenses paid out under these bonds. As of December 31, 2013, an aggregate of approximately $889.1 million in original face amount of bonds issued by the surety were outstanding. Our estimated remaining cost to complete these bonded projects was approximately $147.6 million as of December 31, 2013. | ||||||||
Collective Bargaining Agreements | ||||||||
Many of the Company's subsidiaries' craft labor employees are covered by collective bargaining agreements. The agreements require the subsidiaries to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If a subsidiary withdraws from one or more multi- employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could be assessed liabilities for additional contributions related to the underfunding of these plans. Although we have been informed that several of the multi-employer pension plans to which our subsidiaries contribute have been labeled with a "critical" status, we are not currently aware of any potential significant liabilities related to this issue. See Note 12 for further information related to the Company's participation in multi-employer plans. | ||||||||
Litigation and Other Legal Matters | ||||||||
The Company is from time-to-time party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company's financial position, results of operation or cash flows. | ||||||||
The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our present business as well as in respect of our divested businesses. Some of these claims and litigations include claims related to the Company's current services and operations, and asbestos-related claims concerning historic operations of a predecessor affiliate. The Company believes that it has strong defenses to these claims as well as adequate insurance coverage in the event any asbestos-related claim is not resolved in our favor. These claims have not had a material impact on the Company to date, and the Company believes that the likelihood that a future material adverse outcome will result from these claims is remote. However, if facts and circumstances change in the future, the Company cannot be certain that an adverse outcome of one or more of these claims would not have a material adverse effect on the Company's financial condition, results of operations or cash flows. | ||||||||
In November 2009, a subcontractor working for The L. E. Myers Co. ("L. E. Myers"), a subsidiary of the Company, was involved in a vehicular traffic accident in Manatee County, Florida. In May 2011, Allen Young, and subsequently his estate, brought suit against named defendants, including L. E. Myers. Following a jury trial in the Circuit Court of the Twelfth Circuit of the State of Florida for the Manatee County Circuit Civil Division in September 2013, a verdict was entered against named defendants, including L. E. Myers, in favor of the estate of Allen Young, which included compensatory and punitive damages. The trial court subsequently issued a judgment against L. E. Myers for approximately $0.7 million in compensatory damages and $3.6 million in punitive damages. The compensatory damages will be covered under L. E. Myers' insurance. As a result of the punitive damages judgment and L. E. Myers' belief regarding the applicability of the limitations on punitive damages under Florida law, L. E. Myers recorded a legal reserve of $2.3 million during the third quarter of 2013, which represents estimated punitive damages, interest, and the cost of an appeal bond. L. E. Myers has appealed this judgment and intends to continue to defend its position through the appeal process. | ||||||||
In January 2013, L. E. Myers was joined as a defendant in Northern States Power Company (Wisconsin) v. The City of Ashland, Wisconsin et al., filed in the U.S. District Court for the Western District of Wisconsin. Northern States Power Company alleges that named defendants, including L. E. Myers, contributed to contamination at the Ashland Lakefront Superfund site in Ashland, Wisconsin. Specifically, the lawsuit alleges that L. E. Myers operated a manufactured gas plant at the site for 6 to 12 years of the plant's operation during the time frame from 1885 to 1947. Plaintiff alleges damages of up to $140 million as payment for certain costs it has incurred in connection with contamination at the site. If L. E. Myers is held liable, it would be responsible for a court-determined "equitable" share of the total costs, and possibly a portion of any liability attributable to entities that no longer exist or cannot pay their share of costs. At this time, the extent, if any, of L.E. Myers' involvement with the Ashland Site is unknown and, therefore, potential liability, if any, from being added to this lawsuit cannot be assessed. | ||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
11. Stock-Based Compensation | ||||||||||||||||
The Company maintains two award plans under which stock-based compensation has been granted, the 2006 Stock Option Plan (the "2006 Plan") and the 2007 Long-Term Incentive Plan (Amended and Restated as of May 5, 2011) (the "LTIP"). Upon the adoption of the LTIP, awards were no longer granted under the 2006 Plan. The LTIP was approved by our stockholders and provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) performance awards, (f) phantom stock, (g) stock bonuses, (h) dividend equivalents, or (i) any combination of such awards. The LTIP permits the granting of up to 3,000,000 shares to directors, officers and other employees of the Company. Grants of awards to employees are approved by the Compensation Committee of the Board of Directors and grants to independent members of the Board of Directors are approved by the Board of Directors. All awards are made with an exercise price or base price, as the case may be, that is not less than the full fair market value per share on the date of grant. No stock option or stock appreciation right may be exercised more than 10 years from the date of grant. | ||||||||||||||||
Shares issued as a result of stock option exercises or stock grants may be made available from authorized unissued shares of Common Stock or treasury stock. The Company believes that it currently has adequate authorized unissued shares to meet any requirements to issue shares during 2014. | ||||||||||||||||
Stock Options | ||||||||||||||||
Stock options granted to employees vest ratably over a three- or four-year vesting period. Options are granted with an exercise price equal to the market price of the Company's stock on the date of grant. The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of each stock option grant as of the date of grant. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award. The expected term of awards granted under the LTIP was determined using the simplified method as outlined in the applicable guidance because the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term due to the limited period of time its equity shares had been publicly traded. The expected volatility was determined based on the historical volatility of the Company's stock over its approximately four-year trading history. The risk-free interest rate was based on U.S. Treasury zero-coupon issues with a remaining term commensurate with the expected term of the award. The expected dividend yield is based on the Company's current intent to not issue cash dividends. | ||||||||||||||||
The following summarizes the assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Risk-free interest rate | 1.00% | 1.2% - 1.4% | 2.40% | |||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||
Weighted average expected volatility | 50% | 50% | 49% | |||||||||||||
Expected term | 6.0 years | 6.0 - 6.3 years | 6.0 years | |||||||||||||
Weighted average grant-date fair value | $11.74 | $8.57 | $11.88 | |||||||||||||
A summary of the activity relating to the options outstanding under the Company's plans for the years ended December 31, 2013, 2012 and 2011 is presented below: | ||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
Outstanding at January 1, 2011 | 1,766,253 | $ | 7.18 | |||||||||||||
Granted | 90,080 | $ | 24.18 | |||||||||||||
Exercised | (332,099 | ) | $ | 4.12 | ||||||||||||
Forfeited | (8,850 | ) | $ | 14.89 | ||||||||||||
Expired | (500 | ) | $ | 13 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2011 | 1,514,884 | $ | 8.82 | 5.5 years | $ | 16,083 | ||||||||||
| | | | | | | | | | | | | ||||
Granted | 169,088 | $ | 17.76 | |||||||||||||
Exercised | (245,054 | ) | $ | 5.78 | ||||||||||||
Forfeited | (4,680 | ) | $ | 19.19 | ||||||||||||
Expired | (2,010 | ) | $ | 18.85 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2012 | 1,432,228 | $ | 10.34 | 5.1 years | $ | 17,220 | ||||||||||
| | | | | | | | | | | | | ||||
Granted | 111,147 | $ | 24.68 | |||||||||||||
Exercised | (390,652 | ) | $ | 5.9 | ||||||||||||
Forfeited | (4,003 | ) | $ | 20.28 | ||||||||||||
Expired | (1,400 | ) | $ | 15.96 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2013 | 1,147,320 | $ | 13.21 | 5.1 years | $ | 13,623 | ||||||||||
| | | | | | | | | | | | | ||||
| | | | | | | | | | | | | ||||
Exercisable at December 31, 2013 | 899,406 | $ | 10.91 | 4.1 years | $ | 12,742 | ||||||||||
| | | | | | | | | | | | | ||||
| | | | | | | | | | | | | ||||
Other data relating to option activity for the years ended December 31 are as follows: | ||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Intrinsic value of options exercised | $ | 6,878 | $ | 3,421 | $ | 6,637 | ||||||||||
Fair value of options vested | 1,047 | 725 | 1,163 | |||||||||||||
The following table summarizes information with respect to stock options outstanding and exercisable under the Company's plans at December 31, 2013: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price Ranges | Number Of | Weighted- | Weighted- | Number Of | Weighted- | |||||||||||
Options | Average | Average | Options | Average | ||||||||||||
Exercise | Remaining | Exercise | ||||||||||||||
Price | Contractual | Price | ||||||||||||||
Term | ||||||||||||||||
$3.65 - $9.00 | 340,522 | $ | 3.72 | 2.5 years | 340,522 | $ | 3.72 | |||||||||
$9.01 - $18.00 | 586,817 | $ | 14.69 | 5.3 years | 492,929 | $ | 14.16 | |||||||||
$18.01 - $24.68 | 219,981 | $ | 23.92 | 8.3 years | 65,955 | $ | 23.76 | |||||||||
| | | | | | | | | | | | | | | | |
1,147,320 | $ | 13.21 | 5.1 years | 899,406 | $ | 10.91 | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Restricted Stock | ||||||||||||||||
Restricted stock awards granted to employees vest over three to five years. Restricted stock awards granted to eligible members of the Board of Directors vest ratably, on an annual basis, over a three-year period. The grant date fair value of the restricted stock was equal to the closing market price of the Company's common stock on the date of grant. During the restriction period, the restricted stockholders are entitled to the same rights as a common stockholder with respect to the shares, including the right to vote and receive dividends. Restricted stock awards are also subject to certain claw-back provisions, as defined in the grant agreements. | ||||||||||||||||
Following is a summary of restricted stock activity for the three-year period ending December 31, 2013: | ||||||||||||||||
Shares | Per Share | |||||||||||||||
Weighted- | ||||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 53,945 | $ | 17.15 | |||||||||||||
Granted | 65,285 | $ | 24.23 | |||||||||||||
Vested | (11,128 | ) | $ | 17.13 | ||||||||||||
Forfeited | (1,264 | ) | $ | 17.74 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2011 | 106,838 | $ | 21.47 | |||||||||||||
Granted | 106,289 | $ | 17.95 | |||||||||||||
Vested | (25,248 | ) | $ | 21.07 | ||||||||||||
Forfeited | (2,115 | ) | $ | 18.91 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2012 | 185,764 | $ | 19.54 | |||||||||||||
Granted | 76,590 | $ | 24.48 | |||||||||||||
Vested | (48,513 | ) | $ | 19.5 | ||||||||||||
Forfeited | (2,125 | ) | $ | 20.03 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2013 | 211,716 | $ | 21.33 | |||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Performance Awards | ||||||||||||||||
The grant date fair value of performance stock awarded was equal to the closing market price of the Company's common stock on the date of grant. Performance stock awards cliff vest on December 31st of the third year of the performance period, subject to the achievement of certain specified levels of the Company's average return-on-equity ("ROE") over the performance period. ROE is defined as net income divided by stockholders' equity at the beginning of the period. If the Company achieves an ROE that is equal to or greater than the threshold ROE, as defined in the grant agreements, the payment of the performance stock awards will vary depending upon the actual ROE that the Company achieves over the performance period, with the potential payout ranging from a minimum of 50% to a maximum of 200% of the target award. However, if the Company were to achieve an ROE that is less than the threshold ROE, there would not be any payout under these awards and the awards would be forfeited. Additionally, these performance stock awards are subject to certain claw-back provisions, as defined in the grant agreements. | ||||||||||||||||
Following is a summary of performance stock award activity for the three-year period ending December 31, 2013: | ||||||||||||||||
Shares | Per Share | |||||||||||||||
Weighted- | ||||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at December 31, 2010 | 40,256 | $ | 17.18 | |||||||||||||
Granted at target | 34,179 | $ | 24.18 | |||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2011 | 74,435 | $ | 20.39 | |||||||||||||
Granted at target | 41,755 | $ | 17.48 | |||||||||||||
Forfeited for performance below target | (9,401 | ) | $ | 17.18 | ||||||||||||
Vested | (30,855 | ) | $ | 17.18 | ||||||||||||
Forfeited | (1,011 | ) | $ | 19.76 | ||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2012 | 74,923 | $ | 20.51 | |||||||||||||
Granted at target | 46,106 | $ | 24.68 | |||||||||||||
Earned for performance above target | 11,281 | $ | 24.18 | |||||||||||||
Vested | (45,116 | ) | $ | 24.18 | ||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2013 | 87,194 | $ | 21.29 | |||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
A total of 45,116 shares, or 133.3% of the target number of shares, were earned by the participants for the performance period ending December 31, 2013. A total of 30,855 shares, or 76.6% of the target number of shares, were earned by the participants for the performance period ending December 31, 2012. | ||||||||||||||||
Stock-based Compensation Expense | ||||||||||||||||
The Company recognized stock-based compensation expense of approximately $3.5 million, $2.9 million and $2.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, in selling, general and administrative expenses. As of December 31, 2013, there was approximately $6.0 million of total unrecognized stock-based compensation expense related to awards granted under the LTIP, net of estimated forfeitures. This included $1.5 million of unrecognized compensation cost related to non-vested stock options to be recognized over a remaining weighted average vesting period of approximately 1.6 years, $3.4 million of unrecognized compensation cost related to non-vested restricted stock expected to be recognized over a remaining weighted average vesting period of approximately 2.8 years and $1.1 million of unrecognized compensation cost related to non-vested performance awards, expected to be recognized over a remaining weighted average vesting period of approximately 1.5 years. | ||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
12. Employee Benefit Plans | |||||||||||||||||||||||||
The Company has a profit sharing and thrift employee benefit plan in effect for all eligible salaried employees. Company contributions under this defined contribution plan are based upon a percentage of income with limitations as defined by the plan. Contributions for the years ended December 31, 2013, 2012 and 2011 amounted to $4.9 million, $5.9 million, and $3.9 million, respectively. The Company also has an employee benefit plan in effect for certain non-union employees. Company contributions under this defined contribution plan are based upon a percentage of income with limitations as defined by the plan. Contributions for the years ended December 31, 2013, 2012 and 2011 amounted to $0.6 million, $0.6 million and $0.5 million, respectively. | |||||||||||||||||||||||||
The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. A defined benefit pension plan promises an employee a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service, age or other data, rather than depending on investment returns. The Company's employees that are covered under the multiemployer defined benefit plans are represented by over 100 local unions. The related collective bargaining agreements between those organizations and the Company expire at different times between 2014 and 2016. | |||||||||||||||||||||||||
The risks of participating in these multiemployer defined benefit plans are different from single-employer plans in the following aspects: | |||||||||||||||||||||||||
1) | |||||||||||||||||||||||||
Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||||
2) | |||||||||||||||||||||||||
If a participating employer stops contributing to a plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||||||
3) | |||||||||||||||||||||||||
If the Company chooses to stop participating in some of its multiemployer plans, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||
The Company has no plans to withdraw from any multiemployer defined benefit plans in which it currently participates. The plans do not maintain information on the net assets and actuarial present value of the plans' unfunded vested benefits allocable to the Company, and the amounts, if any, for which the Company may be contingently liable, could be material but are not ascertainable at this time. The Company's participation in significant multiemployer defined benefit plans for the annual periods ended December 31, 2011 through December 31, 2013 is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. The most recent Pension Protection Act (PPA) zone status available in 2012 and 2011 is for the plan's year-end indicated in the table. The zone status is based on information that the Company received from the plan. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "Funding Plan" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. | |||||||||||||||||||||||||
Listed in the table below are the significant multiemployer defined contribution plans to which the Company contributes. Defined contribution plans are retirement plans to which the Company contributes a fixed amount each pay period as long as the Company has employees covered under the plan. Future benefits to the employee from defined contribution plans are not guaranteed and fluctuate on the basis of investment earnings, and therefore the Company is not obligated to make payments other than current contributions for employees currently employed. | |||||||||||||||||||||||||
Pension Protection Act Zone Status | Contributions to Plan | ||||||||||||||||||||||||
EIN/Pension | Plan Year | Plan Year | (in thousands) | Funding | Min | ||||||||||||||||||||
Plan Number | End | End | Plan | Future | |||||||||||||||||||||
Pension Fund | Status | Status | 2013 | 2012 | 2011 | Contrib | |||||||||||||||||||
Defined Benefit Plans: | |||||||||||||||||||||||||
National Electrical Benefit Fund | 53-0181657 001 | Green | 12/31/12 | Green | 12/31/11 | $ | 6,048 | $ | 5,731 | $ | 5,138 | No | 3% of wages | ||||||||||||
Eighth District Electrical Pension Fund | 84-6100393 001 | Green | 3/31/13 | Green | 3/31/12 | 5,672 | 3,733 | 3,752 | No | $1.71/hr | |||||||||||||||
IBEW Local 1249 Pension Plan | 15-6035161 001 | Yellow | 12/31/12 | Red | 12/31/11 | 3,147 | 3,679 | 2,749 | Yes | $9.60/hr | |||||||||||||||
Defined Contribution Plans: | |||||||||||||||||||||||||
National Electrical Annuity Plan | 52-6132372 001 | n/a | n/a | 21,002 | 17,081 | 14,564 | n/a | n/a | |||||||||||||||||
Eighth District Electrical Pension Fund Annuity Plan | 84-6100393 002 | n/a | n/a | 2,427 | 2,560 | 2,429 | n/a | n/a | |||||||||||||||||
All other plans: | 5,591 | 6,979 | 4,508 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Contributions: | $ | 43,887 | $ | 39,763 | $ | 33,140 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
The data presented in the table above represents data available to us for the two most recent plan years. The changes in contributions between periods to the multiemployer plans were primarily due to the increase in the number of Company employees covered by the plans and the number of hours that those employees worked, which was caused by the increase in our business activity. The National Electrical Benefit Fund requires contributions totaling 3% of all wages paid to the Company's employees who are represented by the IBEW and the changes in contributions to that fund are solely due to the changes in the amount of wages paid between those periods. | |||||||||||||||||||||||||
One of the company's subsidiaries was listed in the Eighth District Electrical Pension Fund's Form 5500 as providing more than 5 percent of the total contributions to that plan for the plan years ending March 31, 2012 and 2011. Another of the company's subsidiaries was listed in the IBEW Local 1249 Pension Plan's Form 5500 as providing more than 5 percent of the total contributions to that plan for the plan year ending December 31, 2012. | |||||||||||||||||||||||||
Supplemental_Cash_Flows
Supplemental Cash Flows | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Cash Flows | ' | ||||||||||
Supplemental Cash Flows | ' | ||||||||||
13. Supplemental Cash Flows | |||||||||||
Supplemental disclosures of cash flow information are as follows for the years ended December 31: | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Cash paid during the period for: | |||||||||||
Income taxes | $ | 18,115 | $ | 16,926 | $ | 9,151 | |||||
Interest expense | 571 | 670 | 524 | ||||||||
Noncash investing activities: | |||||||||||
Acquisition of property and equipment for which payment is pending | 804 | 390 | 901 |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Segment Information | ' | ||||||||||
14. Segment Information | |||||||||||
MYR Group is a specialty contractor serving the U.S. electrical infrastructure market. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Performance measurement and resource allocation for the reporting segments are based on many factors. The primary financial measures used to evaluate the segment information are contract revenues and income from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which includes safety, professional fees, management fees, and intangible amortization. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. | |||||||||||
Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems. The T&D segment also provides emergency restoration services in response to hurricane, ice or other storm-related damage. T&D customers include electric utilities, private developers, cooperatives, municipalities and other transmission owners. | |||||||||||
Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, installation of traffic networks and the installation of bridge, roadway and tunnel lighting. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, convention centers, manufacturing plants, processing facilities, waste-water treatment facilities, mining facilities and transportation control and management systems. C&I segment services are generally focused on the Arizona and Colorado regional markets. | |||||||||||
The information in the following table for the years ended December 31, 2013, 2012 and 2011 is derived from the segment's internal financial reports used for corporate management purposes: | |||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Contract revenues: | |||||||||||
T&D | $ | 722,387 | $ | 828,711 | $ | 622,000 | |||||
C&I | 180,342 | 170,248 | 158,356 | ||||||||
| | | | | | | | | | | |
$ | 902,729 | $ | 998,959 | $ | 780,356 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income from operations: | |||||||||||
T&D | $ | 81,413 | $ | 80,460 | $ | 52,053 | |||||
C&I | 10,423 | 7,647 | 5,833 | ||||||||
General Corporate | (36,219 | ) | (32,345 | ) | (28,257 | ) | |||||
| | | | | | | | | | | |
$ | 55,617 | $ | 55,762 | $ | 29,629 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31: | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
T&D | $ | 208,777 | $ | 223,719 | |||||||
C&I | 62,805 | 63,554 | |||||||||
Other | 253,840 | 179,075 | |||||||||
| | | | | | | | ||||
$ | 525,422 | $ | 466,348 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Depreciation and amortization | |||||||||||
T&D | $ | 27,545 | $ | 23,758 | $ | 18,426 | |||||
C&I | 1,650 | 1,398 | 1,085 | ||||||||
| | | | | | | | | | | |
$ | 29,195 | $ | 25,156 | $ | 19,511 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
15. Earnings Per Share | |||||||||||
The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the Treasury method. The Company's unvested grants of restricted stock contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share. | |||||||||||
Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||
Numerator: | |||||||||||
Net income | $ | 34,759 | $ | 34,262 | $ | 18,298 | |||||
Less: Net income allocated to participating securities | (336 | ) | (282 | ) | (97 | ) | |||||
| | | | | | | | | | | |
Net income available to common shareholders | $ | 34,423 | $ | 33,980 | $ | 18,201 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator: | |||||||||||
Weighted average common shares outstanding | 20,821 | 20,391 | 20,151 | ||||||||
Weighted average dilutive securities | 610 | 781 | 842 | ||||||||
| | | | | | | | | | | |
Weighted average common shares outstanding, diluted | 21,431 | 21,172 | 20,993 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income per common share, basic | $ | 1.65 | $ | 1.67 | $ | 0.9 | |||||
Income per common share, diluted | $ | 1.61 | $ | 1.6 | $ | 0.87 | |||||
For the years ended December 31, 2013, 2012 and 2011, common equivalents related to 219,981, 229,128, and 89,240, respectively, of outstanding stock options were excluded from the diluted earnings per share calculation because the inclusion of such shares would either be anti-dilutive or the exercise prices of those stock options were greater than the average market price of the Company's common stock for the period. Additionally, for the years ended December 31, 2013, 2012 and 2011, common equivalents related to 0, 9,718 and 51,879, respectively, of outstanding performance shares were excluded from the diluted earnings per share calculation because the underlying performance obligation was not met as of the end of the period. | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
16. Quarterly Financial Data (Unaudited) | ||||||||||||||
The following table presents the unaudited consolidated operating results by quarter for the years ended December 31, 2013 and 2012: | ||||||||||||||
For the Three Months Ended | ||||||||||||||
(in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | ||||||||||
2013:00:00 | ||||||||||||||
Revenues | $ | 201,342 | $ | 213,916 | $ | 232,890 | $ | 254,581 | ||||||
Gross profit | 27,303 | 31,253 | 32,483 | 33,838 | ||||||||||
Net income | 6,960 | 9,462 | 8,315 | 10,022 | ||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.45 | $ | 0.39 | $ | 0.47 | ||||||
Diluted earnings per share | $ | 0.32 | $ | 0.44 | $ | 0.38 | $ | 0.46 | ||||||
2012:00:00 | ||||||||||||||
Revenues | $ | 240,228 | $ | 260,410 | $ | 250,558 | $ | 247,763 | ||||||
Gross profit | 26,103 | 30,062 | 29,572 | 32,916 | ||||||||||
Net income | 6,210 | 9,535 | 8,746 | 9,771 | ||||||||||
Basic earnings per share | $ | 0.3 | $ | 0.46 | $ | 0.42 | $ | 0.47 | ||||||
Diluted earnings per share | $ | 0.29 | $ | 0.45 | $ | 0.41 | $ | 0.46 | ||||||
Earnings per share amounts for each quarter are required to be computed independently using the weighted average number of shares outstanding during the period. As a result, the sum of the individual quarterly earnings per share amounts may not agree to the earnings per share calculated for the year. | ||||||||||||||
Organization_Business_and_Sign1
Organization, Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Business and Significant Accounting Policies | ' |
Consolidation | ' |
Consolidation | |
The accompanying consolidated financial statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting. Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term based on either input (e.g., costs incurred under the cost-to-cost method which is typically used for development effort) or output (e.g., units delivered under the units-of-delivery method, which is used for production effort), as appropriate under the circumstances. | |
Revenues from the Company's construction services are performed under fixed-price, time-and-equipment, time-and-materials, unit-price, and cost-plus fee contracts. For fixed-price contracts, the Company uses the ratio of cost incurred to date on the contract (excluding uninstalled direct materials) to management's estimate of the contract's total cost, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract cost includes all direct costs on contracts, including labor and material, subcontractor costs and those indirect costs related to contract performance, such as supplies, fuel, tool repairs and depreciation. The Company recognizes revenues from construction services with fees based on time-and-materials, unit prices, or cost-plus fee as the services are performed and amounts are earned. | |
Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions and final contract settlements are factors that influence management's assessment of total contract value and the total estimated costs to complete those contracts and therefore, the Company's profit recognition. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized in contract costs in the period in which the revisions are determined. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the possible loss was identified. | |
The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. | |
Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax collected from customers is included in other current liabilities on our consolidated balance sheets. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. | |
The most significant estimates are related to estimates to complete on contracts, insurance reserves, the accounts receivable reserve, the recoverability of goodwill and intangibles and estimates surrounding stock-based compensation. Actual results could differ from these estimates. | |
During the twelve-month period ended December 31, 2013, the Company revised its cost estimates on several large transmission projects, which resulted in the recognition of approximately 0.8% of additional gross margin. | |
Advertising | ' |
Advertising | |
Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $0.3 million, $0.5 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | ' |
Income Taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. | |
Interest and penalties related to uncertain income tax positions are included in income tax expense in the accompanying consolidated statements of operations. Interest and penalties actually incurred are charged to interest expense and other expense, respectively. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognizes the related compensation expense over the vesting period. The Company uses the straight-line attribution method to recognize compensation expense related to stock-based awards that have graded vesting and only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. Stock-based compensation expense is adjusted for changes in estimated and actual forfeitures. The Company uses historical data to estimate the forfeiture rate that it uses; however, these estimates are subject to change and may impact the value that will ultimately be recognized as stock compensation expense. The Company recognizes stock-based compensation expense related to performance awards based upon its determination of the potential achievement of the performance target at each reporting date, net of estimated forfeitures. | |
Earnings Per Share | ' |
Earnings Per Share | |
The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the Treasury method. The Company's unvested grants of restricted stock contain non-forfeitable rights to dividends and are treated as participating securities and included in the computation of basic earnings per share. The Company calculates basic earnings per share by dividing net income available to common shareholders by the weighted average number of shares outstanding for the reporting period. Diluted earnings per share is computed similarly, except that it reflects the potential dilutive impact that would occur if dilutive securities were exercised into common shares. Potential common shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive or performance conditions are not met. | |
Cash Equivalents | ' |
Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2013 and 2012, the Company held its cash in checking accounts or in highly liquid money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
The Company does not charge interest to its customers and carries its customer receivables at their face amounts, less an allowance for doubtful accounts. Included in accounts receivable are balances billed to customers pursuant to retainage provisions in certain contracts that are due upon completion of the contract and acceptance by the customer, or earlier as provided by the contract. Based on the Company's experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable, including retainage, as current assets. The contracting cycle for certain long-term contracts may extend beyond one year, and accordingly, collection of retainage on those contracts may extend beyond one year. The Company estimates that approximately 90% of retainage recorded at December 31, 2013 will be collected within one year. | |
The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible the account balance is written-off against the allowance for doubtful accounts. | |
Classification of Construction Contract-related Assets and Liabilities | ' |
Classification of Construction Contract-related Assets and Liabilities | |
Costs and estimated earnings in excess of billings on uncompleted contracts are presented as an asset in the accompanying consolidated balance sheets, and billings in excess of costs and estimated earnings on uncompleted contracts are presented as a liability in the accompanying consolidated balance sheets. The Company's contracts vary in duration, with the duration of some larger contracts exceeding one year. Consistent with industry practices, the Company includes in current assets and current liabilities amounts realizable and payable under contracts, which may extend beyond one year; however, the vast majority of these balances are settled within one year. | |
Construction Materials Inventory | ' |
Construction Materials Inventory | |
When required, the Company provides construction materials for projects. Construction materials which have not yet been installed are included in construction materials inventory. Construction materials inventories are stated at the lower of cost or market, as determined by the specific identification method. As of December 31, 2013 and 2012 the Company did not carry any construction materials inventory. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment is carried at cost. Depreciation for buildings and improvements, including land improvements, is computed using the straight-line method over estimated useful lives ranging from three years to thirty-nine years. Depreciation for construction equipment, including large tool purchases, is computed using the straight-line method over estimated useful lives ranging from two years to twelve years. Depreciation for office equipment is computed using the straight-line method over the estimated useful lives ranging from three years to eight years. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized into income from operations. The cost of maintenance and repairs is charged to expense as incurred. | |
The Company leases certain real estate, construction equipment and office equipment. Real estate is generally leased for terms up to ten years in duration. No new construction equipment leases have been entered into since 2010, although the Company continues to rent some equipment under short-term, cancelable agreements. The terms and conditions of material leases are reviewed at inception to determine the classification (operating or capital) of the lease. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with Accounting Standards Codification ("ASC") Topic 840-10-25. | |
Insurance | ' |
Insurance | |
The Company carries insurance policies, which are subject to certain deductibles, for workers' compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is $1.0 million. Certain of the Company's health insurance benefit plans are subject to a $0.1 million deductible for qualified individuals. Losses up to the stop loss amounts are accrued based upon the Company's estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. | |
The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the stop loss deductible, a corresponding receivable for amounts in excess of the stop loss deductible is included in current assets in the consolidated balance sheets. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company reviews goodwill and intangible assets with indefinite lives for impairment on an annual basis at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. The Company performs a qualitative assessment to determine whether it is necessary to perform a two-step goodwill impairment test. The qualitative assessment considers financial, industry, segment and macroeconomic factors. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. The two-step method begins with a comparison of the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the implied fair value and carrying value of the goodwill of that reporting unit. The company also performs a qualitative assessment on intangible assets with indefinite lives. If the qualitative assessment indicates a potential for impairment, the two-step method is used to determine if impairment exists. If the carrying value of goodwill or other indefinite lived assets exceeds its implied fair value, an impairment charge is recorded in the statement of operations. | |
The qualitative assessment performed in 2013 determined it was not necessary to perform a two-step goodwill impairment test. As a result of the Company's annual impairment review process, no impairment charges to goodwill or intangible assets were recorded during 2013, 2012 or 2011. | |
Concentrations | ' |
Concentrations | |
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. | |
The Company grants trade credit under normal payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2013, one customer individually exceeded 10.0% of consolidated accounts receivable with an aggregate of approximately 14.4% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). As of December 31, 2012, two customers individually exceeded 10.0% of consolidated accounts receivable with an aggregate of approximately 24.6% of the total consolidated accounts receivable amount (excluding the impact of allowance for doubtful accounts). The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. | |
The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company's top ten customers accounted for approximately 57.8%, 59.6% and 58.1% of consolidated revenues for the years ended December 31, 2013, 2012 and 2011, respectively. One T&D customer, Cross Texas Transmission, LLC, accounted for 15.1% of our revenues for the year ended December 31, 2012. No other customer accounted for more than 10.0% of revenues for the years ended December 31, 2013, 2012 and 2011. | |
As of December 31, 2013, approximately 92% of the Company's craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or have minimal impact on our consolidated financial statements. | |
Recently Issued Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. Obligations within the scope of this update include debt arrangements, other contractual obligations and settled litigation and judicial rulings. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company believes that this update will not have a material impact on its financial statements. | |
Recently Adopted Accounting Pronouncements | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This update was intended to simplify how entities test impairment of indefinite-lived intangible assets other than goodwill. The new guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount as a basis for determining whether it is necessary to perform certain additional impairment tests. The Company adopted this ASU in January 2013 and there was no effect on the Company's financial position, results of operations or cash flows. | |
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The update requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The Company adopted this ASU in January 2013 and there was no effect on the Company's financial position, results of operations or cash flows. | |
In September 2011, the FASB issued ASU No. 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment. This update was intended to simplify how entities test goodwill for impairment. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is "more-likely-than-not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC 350. The "more-likely-than-not" threshold is defined as having a likelihood of more than 50%. ASU 2011-08 was effective for annual and interim goodwill impairment tests performed for reporting periods beginning after December 15, 2011. The Company adopted the provisions of ASU 2011-08 in January 2012 and there was no effect on the Company's financial position, results of operations or cash flows. | |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable | ' | |||||||
Schedule of accounts receivable | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Contract receivables | $ | 113,572 | $ | 112,316 | ||||
Contract retainages | 60,694 | 56,053 | ||||||
Other | 334 | 177 | ||||||
| | | | | | | | |
174,600 | 168,546 | |||||||
Less: Allowance for doubtful accounts | (1,132 | ) | (1,305 | ) | ||||
| | | | | | | | |
$ | 173,468 | $ | 167,241 | |||||
| | | | | | | | |
| | | | | | | | |
Schedule of roll-forward activity of allowance for doubtful accounts | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | (1,305 | ) | $ | (1,078 | ) | ||
Reduction in (provision for) allowances | 159 | (383 | ) | |||||
Write offs, net of recoveries | 14 | 156 | ||||||
| | | | | | | | |
Balance at end of period | $ | (1,132 | ) | $ | (1,305 | ) | ||
| | | | | | | | |
| | | | | | | | |
Contracts_in_Process_Tables
Contracts in Process (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contracts in Process | ' | |||||||
Schedule of net asset (liability) position for contracts in process | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Costs and estimated earnings on uncompleted contracts | $ | 1,748,204 | $ | 1,439,455 | ||||
Less: Billings to date | 1,760,637 | 1,410,271 | ||||||
| | | | | | | | |
$ | (12,433 | ) | $ | 29,184 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of net asset (liability) position for contracts in process included in consolidated balance sheet | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 40,519 | $ | 61,773 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (52,952 | ) | (32,589 | ) | ||||
| | | | | | | | |
$ | (12,433 | ) | $ | 29,184 | ||||
| | | | | | | | |
| | | | | | | | |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property and Equipment | ' | |||||||||
Schedule of property and equipment | ' | |||||||||
(dollars in thousands) | Estimated | 2013 | 2012 | |||||||
Useful Life | ||||||||||
in Years | ||||||||||
Land | — | $ | 4,360 | $ | 3,990 | |||||
Buildings and improvements | 3 to 39 | 16,082 | 13,096 | |||||||
Construction equipment | 2 to 12 | 233,051 | 195,085 | |||||||
Office equipment | 3 to 8 | 5,117 | 4,782 | |||||||
| | | | | | | | | | |
258,610 | 216,953 | |||||||||
Less: Accumulated depreciation and amortization | (115,679 | ) | (88,042 | ) | ||||||
| | | | | | | | | | |
$ | 142,931 | $ | 128,911 | |||||||
| | | | | | | | | | |
| | | | | | | | | | |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||
Schedule of goodwill and intangible assets | ' | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||
Goodwill | ||||||||||||||||||||
T&D | $ | 40,042 | $ | — | $ | 40,042 | $ | 40,042 | $ | — | $ | 40,042 | ||||||||
C&I | 6,557 | — | 6,557 | 6,557 | — | 6,557 | ||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||
Backlog | 521 | 521 | — | 521 | 521 | — | ||||||||||||||
Customer relationships | 4,015 | 2,372 | 1,643 | 4,015 | 2,037 | 1,978 | ||||||||||||||
Indefinite-lived Intangible Assets | ||||||||||||||||||||
Trade names | 8,556 | — | 8,556 | 8,556 | — | 8,556 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
$ | 59,691 | $ | 2,893 | $ | 56,798 | $ | 59,691 | $ | 2,558 | $ | 57,133 | |||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Schedule of other current liabilities | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Payroll and incentive compensation | $ | 10,647 | $ | 10,695 | ||||
Union dues and benefits | 7,122 | 6,210 | ||||||
Profit sharing and thrift plan | 2,862 | 4,679 | ||||||
Taxes, other than income taxes | 4,286 | 5,771 | ||||||
Legal settlements | 2,869 | — | ||||||
Other | 4,925 | 4,885 | ||||||
| | | | | | | | |
$ | 32,711 | $ | 32,240 | |||||
| | | | | | | | |
| | | | | | | | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of income tax provision from continuing operations | ' | ||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Current | |||||||||||
Federal | $ | 16,812 | $ | 14,856 | $ | 10,047 | |||||
State | 2,920 | 2,885 | 2,038 | ||||||||
| | | | | | | | | | | |
19,732 | 17,741 | 12,085 | |||||||||
| | | | | | | | | | | |
Deferred | |||||||||||
Federal | 218 | 2,396 | (1,039 | ) | |||||||
State | 163 | 291 | (287 | ) | |||||||
| | | | | | | | | | | |
381 | 2,687 | (1,326 | ) | ||||||||
| | | | | | | | | | | |
Income tax expense | $ | 20,113 | $ | 20,428 | $ | 10,759 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of differences between the U.S. federal statutory tax rate and the Company's effective tax rate for continuing operations | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
U.S federal statutory rate | 35 | % | 35 | % | 35 | % | |||||
State income taxes, net of U.S. federal income tax expense | 3.5 | 3.8 | 4.5 | ||||||||
Provision to return adjustments, net | (0.3 | ) | (0.2 | ) | (0.3 | ) | |||||
Deferred tax adjustments, net | — | — | (0.1 | ) | |||||||
Domestic production/manufacturing deduction | (2.0 | ) | (2.0 | ) | (2.7 | ) | |||||
Non-deductible meals and entertainment | 0.4 | 0.4 | 0.7 | ||||||||
Research and development credit | — | (0.1 | ) | (0.1 | ) | ||||||
Other, net | 0.1 | 0.5 | — | ||||||||
| | | | | | | | | | | |
36.7 | % | 37.4 | % | 37 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of net deferred tax assets and (liabilities) | ' | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Deferred income tax assets: | |||||||||||
Self insurance reserves | $ | 8,643 | $ | 9,439 | |||||||
Contract loss reserves | 435 | 49 | |||||||||
Stock-based awards | 4,245 | 5,099 | |||||||||
Bonus | 2,884 | 1,931 | |||||||||
Other | 2,588 | 1,322 | |||||||||
| | | | | | | | ||||
Total deferred income tax assets | 18,795 | 17,840 | |||||||||
| | | | | | | | ||||
Deferred income tax liabilities: | |||||||||||
Property and equipment—tax over book depreciation | (24,037 | ) | (22,572 | ) | |||||||
Intangible assets—tax over book amortization | (3,927 | ) | (4,056 | ) | |||||||
| | | | | | | | ||||
Total deferred income tax liabilities | (27,964 | ) | (26,628 | ) | |||||||
| | | | | | | | ||||
Net deferred income taxes | $ | (9,169 | ) | $ | (8,788 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of balance sheet classification of deferred income taxes | ' | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Current deferred income tax assets | $ | 14,550 | $ | 12,742 | |||||||
Non-current deferred income tax liabilities | (23,719 | ) | (21,530 | ) | |||||||
| | | | | | | | ||||
$ | (9,169 | ) | $ | (8,788 | ) | ||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of reconciliation of the beginning and ending liabilities for unrecognized tax benefits | ' | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 655 | $ | 567 | |||||||
Gross increases in current period tax positions | 132 | 186 | |||||||||
Gross increases in prior period tax positions | 55 | 134 | |||||||||
Gross decreases in prior period tax positions | (185 | ) | (232 | ) | |||||||
| | | | | | | | ||||
Balance at end of period | 657 | 655 | |||||||||
Accrued interest and penalties at end of period | 189 | 185 | |||||||||
| | | | | | | | ||||
Total liability for unrecognized tax benefits | $ | 846 | $ | 840 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies | ' | |||||||
Schedule of roll forward activity in the insurance reserve | ' | |||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 39,583 | $ | 38,850 | ||||
Net increases in reserves | 16,861 | 19,743 | ||||||
Net payments made | (17,333 | ) | (19,010 | ) | ||||
| | | | | | | | |
Balance at end of period | $ | 39,111 | $ | 39,583 | ||||
| | | | | | | | |
| | | | | | | | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Schedule of the assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | |||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Risk-free interest rate | 1.00% | 1.2% - 1.4% | 2.40% | |||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||
Weighted average expected volatility | 50% | 50% | 49% | |||||||||||||
Expected term | 6.0 years | 6.0 - 6.3 years | 6.0 years | |||||||||||||
Weighted average grant-date fair value | $11.74 | $8.57 | $11.88 | |||||||||||||
Schedule of the activity relating to the options outstanding under the Company's plans | ' | |||||||||||||||
Options | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
Outstanding at January 1, 2011 | 1,766,253 | $ | 7.18 | |||||||||||||
Granted | 90,080 | $ | 24.18 | |||||||||||||
Exercised | (332,099 | ) | $ | 4.12 | ||||||||||||
Forfeited | (8,850 | ) | $ | 14.89 | ||||||||||||
Expired | (500 | ) | $ | 13 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2011 | 1,514,884 | $ | 8.82 | 5.5 years | $ | 16,083 | ||||||||||
| | | | | | | | | | | | | ||||
Granted | 169,088 | $ | 17.76 | |||||||||||||
Exercised | (245,054 | ) | $ | 5.78 | ||||||||||||
Forfeited | (4,680 | ) | $ | 19.19 | ||||||||||||
Expired | (2,010 | ) | $ | 18.85 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2012 | 1,432,228 | $ | 10.34 | 5.1 years | $ | 17,220 | ||||||||||
| | | | | | | | | | | | | ||||
Granted | 111,147 | $ | 24.68 | |||||||||||||
Exercised | (390,652 | ) | $ | 5.9 | ||||||||||||
Forfeited | (4,003 | ) | $ | 20.28 | ||||||||||||
Expired | (1,400 | ) | $ | 15.96 | ||||||||||||
| | | | | | | | | | | | | ||||
Outstanding at December 31, 2013 | 1,147,320 | $ | 13.21 | 5.1 years | $ | 13,623 | ||||||||||
| | | | | | | | | | | | | ||||
| | | | | | | | | | | | | ||||
Exercisable at December 31, 2013 | 899,406 | $ | 10.91 | 4.1 years | $ | 12,742 | ||||||||||
| | | | | | | | | | | | | ||||
| | | | | | | | | | | | | ||||
Schedule of other data relating to option activity | ' | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Intrinsic value of options exercised | $ | 6,878 | $ | 3,421 | $ | 6,637 | ||||||||||
Fair value of options vested | 1,047 | 725 | 1,163 | |||||||||||||
Schedule of information with respect to stock options outstanding and exercisable | ' | |||||||||||||||
The following table summarizes information with respect to stock options outstanding and exercisable under the Company's plans at December 31, 2013: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price Ranges | Number Of | Weighted- | Weighted- | Number Of | Weighted- | |||||||||||
Options | Average | Average | Options | Average | ||||||||||||
Exercise | Remaining | Exercise | ||||||||||||||
Price | Contractual | Price | ||||||||||||||
Term | ||||||||||||||||
$3.65 - $9.00 | 340,522 | $ | 3.72 | 2.5 years | 340,522 | $ | 3.72 | |||||||||
$9.01 - $18.00 | 586,817 | $ | 14.69 | 5.3 years | 492,929 | $ | 14.16 | |||||||||
$18.01 - $24.68 | 219,981 | $ | 23.92 | 8.3 years | 65,955 | $ | 23.76 | |||||||||
| | | | | | | | | | | | | | | | |
1,147,320 | $ | 13.21 | 5.1 years | 899,406 | $ | 10.91 | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Schedule of restricted stock activity | ' | |||||||||||||||
Shares | Per Share | |||||||||||||||
Weighted- | ||||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 53,945 | $ | 17.15 | |||||||||||||
Granted | 65,285 | $ | 24.23 | |||||||||||||
Vested | (11,128 | ) | $ | 17.13 | ||||||||||||
Forfeited | (1,264 | ) | $ | 17.74 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2011 | 106,838 | $ | 21.47 | |||||||||||||
Granted | 106,289 | $ | 17.95 | |||||||||||||
Vested | (25,248 | ) | $ | 21.07 | ||||||||||||
Forfeited | (2,115 | ) | $ | 18.91 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2012 | 185,764 | $ | 19.54 | |||||||||||||
Granted | 76,590 | $ | 24.48 | |||||||||||||
Vested | (48,513 | ) | $ | 19.5 | ||||||||||||
Forfeited | (2,125 | ) | $ | 20.03 | ||||||||||||
| | | | | | | | |||||||||
Outstanding unvested at December 31, 2013 | 211,716 | $ | 21.33 | |||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Schedule of performance stock award activity | ' | |||||||||||||||
Shares | Per Share | |||||||||||||||
Weighted- | ||||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at December 31, 2010 | 40,256 | $ | 17.18 | |||||||||||||
Granted at target | 34,179 | $ | 24.18 | |||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2011 | 74,435 | $ | 20.39 | |||||||||||||
Granted at target | 41,755 | $ | 17.48 | |||||||||||||
Forfeited for performance below target | (9,401 | ) | $ | 17.18 | ||||||||||||
Vested | (30,855 | ) | $ | 17.18 | ||||||||||||
Forfeited | (1,011 | ) | $ | 19.76 | ||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2012 | 74,923 | $ | 20.51 | |||||||||||||
Granted at target | 46,106 | $ | 24.68 | |||||||||||||
Earned for performance above target | 11,281 | $ | 24.18 | |||||||||||||
Vested | (45,116 | ) | $ | 24.18 | ||||||||||||
| | | | | | | | |||||||||
Outstanding at December 31, 2013 | 87,194 | $ | 21.29 | |||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Schedule of significant multiemployer plans | ' | ||||||||||||||||||||||||
Pension Protection Act Zone Status | Contributions to Plan | ||||||||||||||||||||||||
EIN/Pension | Plan Year | Plan Year | (in thousands) | Funding | Min | ||||||||||||||||||||
Plan Number | End | End | Plan | Future | |||||||||||||||||||||
Pension Fund | Status | Status | 2013 | 2012 | 2011 | Contrib | |||||||||||||||||||
Defined Benefit Plans: | |||||||||||||||||||||||||
National Electrical Benefit Fund | 53-0181657 001 | Green | 12/31/12 | Green | 12/31/11 | $ | 6,048 | $ | 5,731 | $ | 5,138 | No | 3% of wages | ||||||||||||
Eighth District Electrical Pension Fund | 84-6100393 001 | Green | 3/31/13 | Green | 3/31/12 | 5,672 | 3,733 | 3,752 | No | $1.71/hr | |||||||||||||||
IBEW Local 1249 Pension Plan | 15-6035161 001 | Yellow | 12/31/12 | Red | 12/31/11 | 3,147 | 3,679 | 2,749 | Yes | $9.60/hr | |||||||||||||||
Defined Contribution Plans: | |||||||||||||||||||||||||
National Electrical Annuity Plan | 52-6132372 001 | n/a | n/a | 21,002 | 17,081 | 14,564 | n/a | n/a | |||||||||||||||||
Eighth District Electrical Pension Fund Annuity Plan | 84-6100393 002 | n/a | n/a | 2,427 | 2,560 | 2,429 | n/a | n/a | |||||||||||||||||
All other plans: | 5,591 | 6,979 | 4,508 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Contributions: | $ | 43,887 | $ | 39,763 | $ | 33,140 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental_Cash_Flows_Tables
Supplemental Cash Flows (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Cash Flows | ' | ||||||||||
Schedule of supplemental disclosures of cash flow information | ' | ||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Cash paid during the period for: | |||||||||||
Income taxes | $ | 18,115 | $ | 16,926 | $ | 9,151 | |||||
Interest expense | 571 | 670 | 524 | ||||||||
Noncash investing activities: | |||||||||||
Acquisition of property and equipment for which payment is pending | 804 | 390 | 901 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Segment contract revenues and operating income (loss) | ' | ||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Contract revenues: | |||||||||||
T&D | $ | 722,387 | $ | 828,711 | $ | 622,000 | |||||
C&I | 180,342 | 170,248 | 158,356 | ||||||||
| | | | | | | | | | | |
$ | 902,729 | $ | 998,959 | $ | 780,356 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income from operations: | |||||||||||
T&D | $ | 81,413 | $ | 80,460 | $ | 52,053 | |||||
C&I | 10,423 | 7,647 | 5,833 | ||||||||
General Corporate | (36,219 | ) | (32,345 | ) | (28,257 | ) | |||||
| | | | | | | | | | | |
$ | 55,617 | $ | 55,762 | $ | 29,629 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of identifiable assets for each segment | ' | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
T&D | $ | 208,777 | $ | 223,719 | |||||||
C&I | 62,805 | 63,554 | |||||||||
Other | 253,840 | 179,075 | |||||||||
| | | | | | | | ||||
$ | 525,422 | $ | 466,348 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of an allocation of total depreciation, including depreciation of shared construction equipment, and amortization | ' | ||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Depreciation and amortization | |||||||||||
T&D | $ | 27,545 | $ | 23,758 | $ | 18,426 | |||||
C&I | 1,650 | 1,398 | 1,085 | ||||||||
| | | | | | | | | | | |
$ | 29,195 | $ | 25,156 | $ | 19,511 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share | ' | ||||||||||
For the Year Ended December 31, | |||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||
Numerator: | |||||||||||
Net income | $ | 34,759 | $ | 34,262 | $ | 18,298 | |||||
Less: Net income allocated to participating securities | (336 | ) | (282 | ) | (97 | ) | |||||
| | | | | | | | | | | |
Net income available to common shareholders | $ | 34,423 | $ | 33,980 | $ | 18,201 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator: | |||||||||||
Weighted average common shares outstanding | 20,821 | 20,391 | 20,151 | ||||||||
Weighted average dilutive securities | 610 | 781 | 842 | ||||||||
| | | | | | | | | | | |
Weighted average common shares outstanding, diluted | 21,431 | 21,172 | 20,993 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income per common share, basic | $ | 1.65 | $ | 1.67 | $ | 0.9 | |||||
Income per common share, diluted | $ | 1.61 | $ | 1.6 | $ | 0.87 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Schedule of unaudited consolidated operating results by quarter | ' | |||||||||||||
For the Three Months Ended | ||||||||||||||
(in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | ||||||||||
2013:00:00 | ||||||||||||||
Revenues | $ | 201,342 | $ | 213,916 | $ | 232,890 | $ | 254,581 | ||||||
Gross profit | 27,303 | 31,253 | 32,483 | 33,838 | ||||||||||
Net income | 6,960 | 9,462 | 8,315 | 10,022 | ||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.45 | $ | 0.39 | $ | 0.47 | ||||||
Diluted earnings per share | $ | 0.32 | $ | 0.44 | $ | 0.38 | $ | 0.46 | ||||||
2012:00:00 | ||||||||||||||
Revenues | $ | 240,228 | $ | 260,410 | $ | 250,558 | $ | 247,763 | ||||||
Gross profit | 26,103 | 30,062 | 29,572 | 32,916 | ||||||||||
Net income | 6,210 | 9,535 | 8,746 | 9,771 | ||||||||||
Basic earnings per share | $ | 0.3 | $ | 0.46 | $ | 0.42 | $ | 0.47 | ||||||
Diluted earnings per share | $ | 0.29 | $ | 0.45 | $ | 0.41 | $ | 0.46 |
Organization_Business_and_Sign2
Organization, Business and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Organization, Business and Significant Accounting Policies | ' | ' | ' |
Number of business segments | 2 | ' | ' |
Revenue Recognition | ' | ' | ' |
Warranty period, maximum | '1 year | ' | ' |
Use of Estimates | ' | ' | ' |
Additional gross margin recognized as the result of revised cost estimates on transmission projects (as a percent) | 0.80% | ' | ' |
Advertising | ' | ' | ' |
Advertising costs | $0.30 | $0.50 | $0.40 |
Accounts Receivable and Allowance for Doubtful Accounts | ' | ' | ' |
Maximum collection period of majority of customer balances | '12 months | ' | ' |
Minimum extended period of contracting cycle for long-term contracts | '1 year | ' | ' |
Minimum extended period for collection of retainage on certain long-term contracts | '1 year | ' | ' |
Percentage of retainage recorded and expected to be collected within one year | 90.00% | ' | ' |
Classification of Construction Contract-related Assets and Liabilities | ' | ' | ' |
Minimum term of some larger contracts | '1 year | ' | ' |
Maximum period for settlement of majority of balances under construction contract | '1 year | ' | ' |
Organization_Business_and_Sign3
Organization, Business and Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
Property and Equipment | ' |
Number of new construction equipment leases entered | 0 |
Maximum | ' |
Property and Equipment | ' |
Real estate lease term | '10 years |
Buildings and improvements, including land improvements | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Buildings and improvements, including land improvements | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '39 years |
Construction equipment | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '2 years |
Construction equipment | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '12 years |
Office equipment | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Office equipment | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '8 years |
Organization_Business_and_Sign4
Organization, Business and Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Insurance | ' | ' | ' |
Deductible for each line of coverage | $1 | ' | ' |
Deductible under health insurance benefits for qualified individuals | 0.1 | ' | ' |
Goodwill and Intangible Assets | ' | ' | ' |
Impairment charges | $0 | $0 | $0 |
Organization_Business_and_Sign5
Organization, Business and Significant Accounting Policies (Details 4) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts receivable | Concentrations of credit risk | One customer | ' | ' | ' |
Concentrations | ' | ' | ' |
Number of customers individually exceeding 10.0% of consolidated accounts receivable | 1 | ' | ' |
Percentage of concentration risk | 14.40% | ' | ' |
Accounts receivable | Concentrations of credit risk | Two customers | ' | ' | ' |
Concentrations | ' | ' | ' |
Number of customers individually exceeding 10.0% of consolidated accounts receivable | ' | 2 | ' |
Percentage of concentration risk | ' | 24.60% | ' |
Revenues | Customer concentration risk | One customer | ' | ' | ' |
Concentrations | ' | ' | ' |
Number of customers individually exceeding 10.0% of consolidated contract revenue | ' | 1 | ' |
Percentage of concentration risk | ' | 15.10% | ' |
Revenues | Customer concentration risk | Ten customers | ' | ' | ' |
Concentrations | ' | ' | ' |
Percentage of concentration risk | 57.80% | 59.60% | 58.10% |
Labor employees covered by collective bargaining agreements | Craft labor employees | ' | ' | ' |
Concentrations | ' | ' | ' |
Percentage of concentration risk | 92.00% | ' | ' |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable | ' | ' |
Contract receivables | $113,572 | $112,316 |
Contract retainages | 60,694 | 56,053 |
Other | 334 | 177 |
Accounts receivable, gross current | 174,600 | 168,546 |
Less: Allowance for doubtful accounts | -1,132 | -1,305 |
Accounts receivable, net current | 173,468 | 167,241 |
Roll-forward activity of allowance for doubtful accounts | ' | ' |
Balance at beginning of period | -1,305 | -1,078 |
Reduction in (provision for) allowances | 159 | -383 |
Write offs, net of recoveries | 14 | 156 |
Balance at end of period | ($1,132) | ($1,305) |
Contracts_in_Process_Details
Contracts in Process (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net asset (liability) position for contracts in process | ' | ' |
Costs and estimated earnings on uncompleted contracts | $1,748,204 | $1,439,455 |
Less: Billings to date | 1,760,637 | 1,410,271 |
Net costs and estimated earnings in excess of billings | -12,433 | 29,184 |
Net asset (liability) position for contracts in process included in consolidated balance sheet | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | 40,519 | 61,773 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -52,952 | -32,589 |
Net costs and estimated earnings in excess of billings | ($12,433) | $29,184 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | $258,610 | $216,953 | ' |
Less: Accumulated depreciation and amortization | -115,679 | -88,042 | ' |
Property and equipment, net | 142,931 | 128,911 | ' |
Depreciation and amortization expense | 28,860 | 24,821 | 19,176 |
Land | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 4,360 | 3,990 | ' |
Buildings and improvements | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 16,082 | 13,096 | ' |
Buildings and improvements | Minimum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '3 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '39 years | ' | ' |
Construction equipment | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 233,051 | 195,085 | ' |
Construction equipment | Minimum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '2 years | ' | ' |
Construction equipment | Maximum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '12 years | ' | ' |
Office equipment | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | $5,117 | $4,782 | ' |
Office equipment | Minimum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '3 years | ' | ' |
Office equipment | Maximum | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Estimated Useful Life | '8 years | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Other Intangible Assets | ' | ' | ' |
Gross carrying amount of goodwill | $46,599,000 | $46,599,000 | ' |
Indefinite-lived intangible tradenames | 8,556,000 | 8,556,000 | ' |
Gross carrying amount of goodwill and other intangible assets | 59,691,000 | 59,691,000 | ' |
Accumulated Amortization | 2,893,000 | 2,558,000 | ' |
Net carrying amount of goodwill and other intangible assets | 56,798,000 | 57,133,000 | ' |
Additional information on intangible assets | ' | ' | ' |
Amortization expense | 335,000 | 335,000 | 335,000 |
Intangible asset amortization expense | ' | ' | ' |
2014 | 300,000 | ' | ' |
2015 | 300,000 | ' | ' |
2016 | 300,000 | ' | ' |
2017 | 300,000 | ' | ' |
2018 | 300,000 | ' | ' |
Backlog | ' | ' | ' |
Goodwill and Other Intangible Assets | ' | ' | ' |
Gross carrying amount of finite-lived intangible assets | 521,000 | 521,000 | ' |
Accumulated Amortization | 521,000 | 521,000 | ' |
Customer relationships | ' | ' | ' |
Goodwill and Other Intangible Assets | ' | ' | ' |
Gross carrying amount of finite-lived intangible assets | 4,015,000 | 4,015,000 | ' |
Accumulated Amortization | 2,372,000 | 2,037,000 | ' |
Net carrying amount of goodwill and other intangible assets | 1,643,000 | 1,978,000 | ' |
Additional information on intangible assets | ' | ' | ' |
Estimated useful life | '12 years | ' | ' |
Remaining amortization period | '4 years 10 months 24 days | ' | ' |
Residual value | 0 | ' | ' |
T&D | ' | ' | ' |
Goodwill and Other Intangible Assets | ' | ' | ' |
Gross carrying amount of goodwill | 40,042,000 | 40,042,000 | ' |
C&I | ' | ' | ' |
Goodwill and Other Intangible Assets | ' | ' | ' |
Gross carrying amount of goodwill | $6,557,000 | $6,557,000 | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other current liabilities | ' | ' |
Payroll and incentive compensation | $10,647 | $10,695 |
Union dues and benefits | 7,122 | 6,210 |
Profit sharing and thrift plan | 2,862 | 4,679 |
Taxes, other than income taxes | 4,286 | 5,771 |
Legal settlements | 2,869 | ' |
Other | 4,925 | 4,885 |
Other current liabilities, total | $32,711 | $32,240 |
Debt_and_Borrowing_Arrangement1
Debt and Borrowing Arrangements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Swingline loans | Letter of credit | Letter of credit | Standby letter of credit | Standby letter of credit | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | ||
Minimum | Maximum | ABR | Prime Rate | Federal Funds Effective Rate | LIBOR rate | LIBOR rate | LIBOR rate | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||
Minimum | Maximum | ||||||||||||||||||||
Debt and Borrowing Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of the credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | $175 | ' | ' | ' |
Option to increase borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | 'ABR | 'Prime Rate | 'Federal Funds Effective Rate | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | 0.00% | 1.00% | ' | ' | 0.50% | 1.00% | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' |
Facing fees (as a percent) | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on unused portion of facility (as a percent) | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leveraged debt ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Outstanding amount of credit agreement | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 18.4 | 19.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.4 | 19.7 | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.13% | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $156.60 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $16,812 | $14,856 | $10,047 |
State | 2,920 | 2,885 | 2,038 |
Current income tax expense (benefit), Total | 19,732 | 17,741 | 12,085 |
Deferred | ' | ' | ' |
Federal | 218 | 2,396 | -1,039 |
State | 163 | 291 | -287 |
Deferred income tax expense (benefit), Total | 381 | 2,687 | -1,326 |
Income tax expense | $20,113 | $20,428 | $10,759 |
Income_Taxes_Details_2
Income Taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Differences between the U.S. federal statutory rate and the Company's effective tax rate for continuing operations | ' | ' | ' |
U.S. federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of U.S. federal income tax expense (as a percent) | 3.50% | 3.80% | 4.50% |
Provision to return adjustments, net (as a percent) | -0.30% | -0.20% | -0.30% |
Deferred tax adjustments, net (as a percent) | ' | ' | -0.10% |
Domestic production/manufacturing deduction (as a percent) | -2.00% | -2.00% | -2.70% |
Non-deductible meals and entertainment (as a percent) | 0.40% | 0.40% | 0.70% |
Research and development credit (as a percent) | ' | -0.10% | -0.10% |
Other, net (as a percent) | 0.10% | 0.50% | ' |
Total (as a percent) | 36.70% | 37.40% | 37.00% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred income tax assets: | ' | ' |
Self insurance reserves | $8,643,000 | $9,439,000 |
Contract loss reserves | 435,000 | 49,000 |
Stock-based awards | 4,245,000 | 5,099,000 |
Bonus | 2,884,000 | 1,931,000 |
Other | 2,588,000 | 1,322,000 |
Total deferred income tax assets | 18,795,000 | 17,840,000 |
Deferred income tax liabilities: | ' | ' |
Property and equipment-tax over book depreciation | -24,037,000 | -22,572,000 |
Intangible assets-tax over book amortization | -3,927,000 | -4,056,000 |
Total deferred income tax liabilities | -27,964,000 | -26,628,000 |
Net deferred income taxes | -9,169,000 | -8,788,000 |
Balance sheet classification of deferred income taxes | ' | ' |
Current deferred income tax assets | 14,550,000 | 12,742,000 |
Non-current deferred income tax liabilities | -23,719,000 | -21,530,000 |
Net deferred income taxes | -9,169,000 | -8,788,000 |
Period under examination | '2 years | ' |
Estimated reduction in unrecognized tax benefit due to the lapses in the applicable statutes of limitations and pending federal tax settlements | $300,000 | ' |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of the beginning and ending liabilities for unrecognized tax benefits | ' | ' | ' |
Balance at beginning of period | $655,000 | $567,000 | ' |
Gross increases in current period tax positions | 132,000 | 186,000 | ' |
Gross increases in prior period tax positions | 55,000 | 134,000 | ' |
Gross decreases in prior period tax positions | -185,000 | -232,000 | ' |
Balance at end of period | 657,000 | 655,000 | 567,000 |
Accrued interest and penalties at end of period | 189,000 | 185,000 | ' |
Total liability for unrecognized tax benefits | 846,000 | 840,000 | ' |
Unrecognized tax benefits | ' | ' | ' |
Interest and penalties charged to income tax expense as a result of the unrecognized tax benefits | $0 | $200,000 | $100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | ||
Commitments and Contingencies | ' | ' | ' |
Irrevocable standby letters of credit outstanding | $18.40 | $19.70 | ' |
Number of letters of credit related to the payment obligation under insurance programs | 1 | 1 | ' |
Letters of credit outstanding related to the payment obligation under insurance programs | 17.5 | 17.5 | ' |
Letters of credit outstanding related to contract performance obligations | 0.9 | 2.2 | ' |
Leases | ' | ' | ' |
Number of leases that included guaranteed residual values | 0 | ' | ' |
Future minimum lease payments for operating leases | ' | ' | ' |
2014 | 1.9 | ' | ' |
2015 | 0.9 | ' | ' |
2016 | 0.4 | ' | ' |
2017 | 0.2 | ' | ' |
2018 | 0.2 | ' | ' |
Thereafter | 0.2 | ' | ' |
Operating lease, additional disclosure | ' | ' | ' |
Rent expense | 51.2 | 43.1 | 32.2 |
Purchase Commitments for Construction Equipment | ' | ' | ' |
Outstanding purchase orders for certain construction equipment | $6.10 | ' | ' |
Scheduled period of time for cash outlay | '5 months | ' | ' |
Minimum | ' | ' | ' |
Leases | ' | ' | ' |
Term of operating lease | '1 year | ' | ' |
Maximum | ' | ' | ' |
Leases | ' | ' | ' |
Term of operating lease | '7 years | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Vehicular traffic accident | L.E. Myers Co | L.E. Myers Co | L.E. Myers Co | Insurance and Claims Accruals | Insurance and Claims Accruals | Insurance and Claims Accruals | Surety bonds | |||
Vehicular traffic accident | Northern States Power Company (Wisconsin) v. The City of Ashland, Wisconsin | Northern States Power Company (Wisconsin) v. The City of Ashland, Wisconsin | ||||||||
item | Minimum | Maximum | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deductible per claim for each line of coverage, until claim aggregate is reached | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deductible under health insurance benefits for qualified individuals | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate original face amount of outstanding bonds issued by the surety | ' | ' | ' | ' | ' | ' | ' | ' | ' | 889,100,000 |
Estimated remaining cost to complete bonded projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,600,000 |
Roll forward of activity in the insurance reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 39,583,000 | 38,850,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net increases in reserves | 16,861,000 | 19,743,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net payments made | -17,333,000 | -19,010,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 39,111,000 | 39,583,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance expense | ' | ' | ' | ' | ' | ' | 20,100,000 | 20,900,000 | 21,500,000 | ' |
Compensatory damages | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' |
Punitive damages | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' |
Maximum number of times of compensatory damages for estimated punitive damages | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Reserve for legal settlements | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' |
Period during which the defendant operated a manufactured gas plant | ' | ' | ' | ' | '6 years | '12 years | ' | ' | ' | ' |
Damages alleged | ' | ' | ' | ' | ' | $140,000,000 | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation | ' | ' | ' |
Number of stock-based compensation plans | 2 | ' | ' |
LTIP | Maximum | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Maximum grants of awards (in shares) | 3,000,000 | ' | ' |
Stock Option | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Exercisable period from date of grant | '10 years | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Volatility period over which the entity's common stock was traded | '4 years | ' | ' |
Risk-free interest rate (as a percent) | 1.00% | ' | 2.40% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Weighted average expected volatility (as a percent) | 50.00% | 50.00% | 49.00% |
Expected term | '6 years | ' | '6 years |
Weighted average grant date fair value (in dollars per share) | $11.74 | $8.57 | $11.88 |
Options | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,432,228 | 1,514,884 | 1,766,253 |
Granted (in shares) | 111,147 | 169,088 | 90,080 |
Exercised (in shares) | -390,652 | -245,054 | -332,099 |
Forfeited (in shares) | -4,003 | -4,680 | -8,850 |
Expired (in shares) | -1,400 | -2,010 | -500 |
Outstanding at the end of the period (in shares) | 1,147,320 | 1,432,228 | 1,514,884 |
Exercisable at the end of the period (in shares) | 899,406 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $10.34 | $8.82 | $7.18 |
Granted (in dollars per share) | $24.68 | $17.76 | $24.18 |
Exercised (in dollars per share) | $5.90 | $5.78 | $4.12 |
Forfeited (in dollars per share) | $20.28 | $19.19 | $14.89 |
Expired (in dollars per share) | $15.96 | $18.85 | $13 |
Outstanding at the end of the period (in dollars per share) | $13.21 | $10.34 | $8.82 |
Exercisable at the end of the period (in dollars per share) | $10.91 | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' |
Outstanding at the end of the period | '5 years 1 month 6 days | '5 years 1 month 6 days | '5 years 6 months |
Exercisable at the end of the period | '4 years 1 month 6 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at the end of the period | $13,623 | $17,220 | $16,083 |
Exercisable at the end of the period | $12,742 | ' | ' |
Stock Option | Minimum | ' | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Risk-free interest rate (as a percent) | ' | 1.20% | ' |
Expected term | ' | '6 years | ' |
Stock Option | Maximum | ' | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Risk-free interest rate (as a percent) | ' | 1.40% | ' |
Expected term | ' | '6 years 3 months 18 days | ' |
Restricted Stock | Eligible members of the Board of Directors | ' | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock | Minimum | Various employees | ' | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock | Maximum | Various employees | ' | ' | ' |
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ' | ' | ' |
Vesting period | '5 years | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock Option, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Intrinsic value of options exercised | $6,878 | $3,421 | $6,637 |
Fair value of options vested | $1,047 | $725 | $1,163 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Options Outstanding | ' |
Number Of Options (in shares) | 1,147,320 |
Weighted-Average Exercise Price (in dollars per share) | $13.21 |
Weighted-Average Remaining Contractual Term | '5 years 1 month 6 days |
Options Exercisable | ' |
Number Of Options (in shares) | 899,406 |
Weighted-Average Exercise Price (in dollars per share) | $10.91 |
Exercise Price Ranges, $3.65-$9.00 | ' |
Stock options outstanding | ' |
Exercise price, low end of range (in dollars per share) | $3.65 |
Exercise price, high end of range (in dollars per share) | $9 |
Options Outstanding | ' |
Number Of Options (in shares) | 340,522 |
Weighted-Average Exercise Price (in dollars per share) | $3.72 |
Weighted-Average Remaining Contractual Term | '2 years 6 months |
Options Exercisable | ' |
Number Of Options (in shares) | 340,522 |
Weighted-Average Exercise Price (in dollars per share) | $3.72 |
Exercise Price Ranges, $9.01-$18.00 | ' |
Stock options outstanding | ' |
Exercise price, low end of range (in dollars per share) | $9.01 |
Exercise price, high end of range (in dollars per share) | $18 |
Options Outstanding | ' |
Number Of Options (in shares) | 586,817 |
Weighted-Average Exercise Price (in dollars per share) | $14.69 |
Weighted-Average Remaining Contractual Term | '5 years 3 months 18 days |
Options Exercisable | ' |
Number Of Options (in shares) | 492,929 |
Weighted-Average Exercise Price (in dollars per share) | $14.16 |
Exercise Price Ranges, $18.01-$24.68 | ' |
Stock options outstanding | ' |
Exercise price, low end of range (in dollars per share) | $18.01 |
Exercise price, high end of range (in dollars per share) | $24.68 |
Options Outstanding | ' |
Number Of Options (in shares) | 219,981 |
Weighted-Average Exercise Price (in dollars per share) | $23.92 |
Weighted-Average Remaining Contractual Term | '8 years 3 months 18 days |
Options Exercisable | ' |
Number Of Options (in shares) | 65,955 |
Weighted-Average Exercise Price (in dollars per share) | $23.76 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock | ' | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 185,764 | 106,838 | 53,945 |
Granted (in shares) | 76,590 | 106,289 | 65,285 |
Vested (in shares) | -48,513 | -25,248 | -11,128 |
Forfeited (in shares) | -2,125 | -2,115 | -1,264 |
Outstanding unvested at the end of the period (in shares) | 211,716 | 185,764 | 106,838 |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $19.54 | $21.47 | $17.15 |
Granted (in dollars per share) | $24.48 | $17.95 | $24.23 |
Vested (in dollars per share) | $19.50 | $21.07 | $17.13 |
Forfeited (in dollars per share) | $20.03 | $18.91 | $17.74 |
Outstanding unvested at the end of the period (in dollars per share) | $21.33 | $19.54 | $21.47 |
Restricted Stock | Various employees | Minimum | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock | Various employees | Maximum | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Vesting period | '5 years | ' | ' |
Restricted Stock | Eligible members of the Board of Directors | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Performance Awards | ' | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 74,923 | 74,435 | 40,256 |
Granted at target (in shares) | 46,106 | 41,755 | 34,179 |
Earned for performance above target (in shares) | 11,281 | ' | ' |
Forfeited for performance below target (in shares) | ' | -9,401 | ' |
Vested (in shares) | -45,116 | -30,855 | ' |
Forfeited (in shares) | ' | -1,011 | ' |
Outstanding unvested at the end of the period (in shares) | 87,194 | 74,923 | 74,435 |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $20.51 | $20.39 | $17.18 |
Granted at target (in dollars per share) | $24.68 | $17.48 | $24.18 |
Earned for performance above target (in dollars per share) | $24.18 | ' | ' |
Forfeited for performance below target (in dollars per share) | ' | $17.18 | ' |
Vested (in dollars per share) | $24.18 | $17.18 | ' |
Forfeited (in dollars per share) | ' | $19.76 | ' |
Outstanding unvested at the end of the period (in dollars per share) | $21.29 | $20.51 | $20.39 |
Shares earned by the participants | 45,116 | 30,855 | ' |
Target awards earned during the performance period (as a percent) | 133.30% | 76.60% | ' |
Performance Awards | Minimum | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Potential payout as a percentage of target shares | 50.00% | ' | ' |
Performance Awards | Maximum | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Potential payout as a percentage of target shares | 200.00% | ' | ' |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other information | ' | ' | ' |
Stock-based compensation expense recognized | $3.50 | $2.90 | $2.10 |
Stock Option | ' | ' | ' |
Other information | ' | ' | ' |
Total unrecognized stock-based compensation expense, net of estimated forfeitures | 1.5 | ' | ' |
Weighted average vesting period | '1 year 7 months 6 days | ' | ' |
Restricted Stock | ' | ' | ' |
Other information | ' | ' | ' |
Total unrecognized stock-based compensation expense, net of estimated forfeitures | 3.4 | ' | ' |
Weighted average vesting period | '2 years 9 months 18 days | ' | ' |
Performance Awards | ' | ' | ' |
Other information | ' | ' | ' |
Total unrecognized stock-based compensation expense, net of estimated forfeitures | 1.1 | ' | ' |
Weighted average vesting period | '1 year 6 months | ' | ' |
LTIP | ' | ' | ' |
Other information | ' | ' | ' |
Total unrecognized stock-based compensation expense, net of estimated forfeitures | $6 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Profit sharing and thrift employee benefit plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Contributions | $4.90 | $5.90 | $3.90 |
Employee benefit plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Contributions | $0.60 | $0.60 | $0.50 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2012 | |
National Electrical Benefit Fund | National Electrical Benefit Fund | National Electrical Benefit Fund | National Electrical Annuity Plan | National Electrical Annuity Plan | National Electrical Annuity Plan | Eighth District Electrical Pension Fund | Eighth District Electrical Pension Fund | Eighth District Electrical Pension Fund | IBEW Local 1249 Pension Plan | IBEW Local 1249 Pension Plan | IBEW Local 1249 Pension Plan | Eighth District Electrical Pension Fund Annuity Plan | Eighth District Electrical Pension Fund Annuity Plan | Eighth District Electrical Pension Fund Annuity Plan | All other funds: | All other funds: | All other funds: | Multiemployer pension plans | Multiemployer pension plans | Multiemployer pension plans | Multiemployer pension plans | Multiemployer pension plans | ||||
Maximum | Minimum | Minimum | Minimum | Minimum | ||||||||||||||||||||||
item | Eighth District Electrical Pension Fund | Eighth District Electrical Pension Fund | IBEW Local 1249 Pension Plan | |||||||||||||||||||||||
Multiemployer pension plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of local unions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' |
Percentage funded for red zone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' |
Percentage funded for yellow zone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' |
Percentage funded for green zone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Significant multiemployer plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions to Plan | $43,887,000 | $39,763,000 | $33,140,000 | $6,048,000 | $5,731,000 | $5,138,000 | $21,002,000 | $17,081,000 | $14,564,000 | $5,672,000 | $3,733,000 | $3,752,000 | $3,147,000 | $3,679,000 | $2,749,000 | $2,427,000 | $2,560,000 | $2,429,000 | $5,591,000 | $6,979,000 | $4,508,000 | ' | ' | ' | ' | ' |
Minimum future contributions (as a percent) | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future contributions (in dollars per hour) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.71 | ' | ' | $9.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total contribution to the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% |
Supplemental_Cash_Flows_Detail
Supplemental Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flows | ' | ' | ' |
Income taxes | $18,115 | $16,926 | $9,151 |
Interest expense | 571 | 670 | 524 |
Noncash investing activities: | ' | ' | ' |
Acquisition of property and equipment for which payment is pending | $804 | $390 | $901 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | $254,581 | $232,890 | $213,916 | $201,342 | $247,763 | $250,558 | $260,410 | $240,228 | $902,729 | $998,959 | $780,356 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 55,617 | 55,762 | 29,629 |
General Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -36,219 | -32,345 | -28,257 |
T&D | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 722,387 | 828,711 | 622,000 |
T&D | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 81,413 | 80,460 | 52,053 |
C&I | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 180,342 | 170,248 | 158,356 |
C&I | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment contract revenues and operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | $10,423 | $7,647 | $5,833 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment | ' | ' |
Assets | $525,422 | $466,348 |
T&D | ' | ' |
Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment | ' | ' |
Assets | 208,777 | 223,719 |
C&I | ' | ' |
Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment | ' | ' |
Assets | 62,805 | 63,554 |
Other | ' | ' |
Identifiable assets, consisting of contract receivables, costs and estimated earnings in excess of billings on uncompleted contracts, construction materials inventory, goodwill and intangibles for each segment | ' | ' |
Assets | $253,840 | $179,075 |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization | ' | ' | ' |
Depreciation and amortization | $29,195 | $25,156 | $19,511 |
T&D | ' | ' | ' |
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization | ' | ' | ' |
Depreciation and amortization | 27,545 | 23,758 | 18,426 |
C&I | ' | ' | ' |
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization | ' | ' | ' |
Depreciation and amortization | $1,650 | $1,398 | $1,085 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $10,022 | $8,315 | $9,462 | $6,960 | $9,771 | $8,746 | $9,535 | $6,210 | $34,759 | $34,262 | $18,298 |
Less: Net income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -336 | -282 | -97 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $34,423 | $33,980 | $18,201 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 20,821,000 | 20,391,000 | 20,151,000 |
Weighted average dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 610,000 | 781,000 | 842,000 |
Weighted average common shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 21,431,000 | 21,172,000 | 20,993,000 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income per common share, basic (in dollars per share) | $0.47 | $0.39 | $0.45 | $0.33 | $0.47 | $0.42 | $0.46 | $0.30 | $1.65 | $1.67 | $0.90 |
Income per common share, diluted (in dollars per share) | $0.46 | $0.38 | $0.44 | $0.32 | $0.46 | $0.41 | $0.45 | $0.29 | $1.61 | $1.60 | $0.87 |
Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common equivalents excluded from the diluted earnings per share calculation | ' | ' | ' | ' | ' | ' | ' | ' | 219,981 | 229,128 | 89,240 |
Nonvested performance shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common equivalents excluded from the diluted earnings per share calculation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 9,718 | 51,879 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $254,581 | $232,890 | $213,916 | $201,342 | $247,763 | $250,558 | $260,410 | $240,228 | $902,729 | $998,959 | $780,356 |
Gross profit | 33,838 | 32,483 | 31,253 | 27,303 | 32,916 | 29,572 | 30,062 | 26,103 | 124,877 | 118,653 | 85,566 |
Net income | $10,022 | $8,315 | $9,462 | $6,960 | $9,771 | $8,746 | $9,535 | $6,210 | $34,759 | $34,262 | $18,298 |
Basic earnings per share (in dollars per share) | $0.47 | $0.39 | $0.45 | $0.33 | $0.47 | $0.42 | $0.46 | $0.30 | $1.65 | $1.67 | $0.90 |
Diluted earnings per share (in dollars per share) | $0.46 | $0.38 | $0.44 | $0.32 | $0.46 | $0.41 | $0.45 | $0.29 | $1.61 | $1.60 | $0.87 |