Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MYR GROUP INC. | |
Entity Central Index Key | 700,923 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | MYRG | |
Entity Common Stock, Shares Outstanding | 16,064,682 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 584 | $ 39,797 |
Accounts receivable, net of allowances of $362 and $376, respectively | 185,454 | 187,235 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 80,305 | 51,486 |
Receivable for insurance claims in excess of deductibles | 12,930 | 11,290 |
Refundable income taxes | 1,296 | 5,617 |
Other current assets | 5,383 | 7,942 |
Total current assets | 285,952 | 303,367 |
Property and equipment, net of accumulated depreciation of $203,786 and $181,575, respectively | 153,009 | 160,678 |
Goodwill | 46,781 | 47,124 |
Intangible assets, net of accumulated amortization of $4,489 and $3,798, respectively | 11,017 | 11,362 |
Other assets | 2,850 | 2,394 |
Total assets | 499,609 | 524,925 |
Current liabilities: | ||
Current maturities of long-term debt, including capital leases | 1,062 | 0 |
Accounts payable | 85,867 | 73,300 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 46,052 | 40,614 |
Accrued self insurance | 37,267 | 36,967 |
Other current liabilities | 28,101 | 28,856 |
Total current liabilities | 198,349 | 179,737 |
Deferred income tax liabilities | 14,242 | 14,382 |
Long-term debt, including capital leases, net of current maturities | 37,500 | 0 |
Other liabilities | 845 | 926 |
Total liabilities | 250,936 | 195,045 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at September 30, 2016 and December 31, 2015 | 0 | 0 |
Common stock$0.01 par value per share; 100,000,000 authorized shares; 16,064,682 and 19,969,347 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 158 | 198 |
Additional paid-in capital | 132,917 | 161,342 |
Accumulated other comprehensive income | 51 | 116 |
Retained earnings | 115,547 | 168,224 |
Total stockholders' equity | 248,673 | 329,880 |
Total liabilities and stockholders' equity | $ 499,609 | $ 524,925 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 362 | $ 376 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 203,786 | 181,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,489 | $ 3,798 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 16,064,682 | 19,969,347 |
Common Stock, Shares, Outstanding | 16,064,682 | 19,969,347 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Contract revenues | $ 283,259 | $ 269,861 | $ 798,827 | $ 790,497 |
Contract costs | 249,196 | 241,241 | 706,048 | 700,767 |
Gross profit | 34,063 | 28,620 | 92,779 | 89,730 |
Selling, general and administrative expenses | 23,203 | 18,974 | 69,579 | 56,513 |
Amortization of intangible assets | 188 | 84 | 691 | 251 |
Gain on sale of property and equipment | (467) | (357) | (1,079) | (1,574) |
Income from operations | 11,139 | 9,919 | 23,588 | 34,540 |
Other income (expense) | ||||
Interest income | 0 | 8 | 5 | 23 |
Interest expense | (408) | (180) | (833) | (546) |
Other, net | (417) | 438 | (361) | 349 |
Income before provision for income taxes | 10,314 | 10,185 | 22,399 | 34,366 |
Income tax expense | 4,168 | 4,010 | 8,766 | 12,945 |
Net income | $ 6,146 | $ 6,175 | $ 13,633 | $ 21,421 |
Income per common share: | ||||
- Basic (in dollars per share) | $ 0.39 | $ 0.3 | $ 0.78 | $ 1.03 |
- Diluted (in dollars per share) | $ 0.38 | $ 0.29 | $ 0.77 | $ 1.01 |
Weighted average number of common shares and potential common shares outstanding: | ||||
- Basic (in shares) | 15,805 | 20,788 | 17,489 | 20,662 |
- Diluted (in shares) | 16,177 | 21,214 | 17,817 | 21,113 |
Net income | $ 6,146 | $ 6,175 | $ 13,633 | $ 21,421 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 19 | 50 | (65) | 69 |
Other comprehensive income (loss) | 19 | 50 | (65) | 69 |
Total comprehensive income | $ 6,165 | $ 6,225 | $ 13,568 | $ 21,490 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 13,633 | $ 21,421 |
Adjustments to reconcile net income to net cash flows provided by operating activities | ||
Depreciation and amortization of property and equipment | 28,747 | 27,767 |
Amortization of intangible assets | 691 | 251 |
Stock-based compensation expense | 3,488 | 3,843 |
Deferred income taxes | (116) | (186) |
Gain on sale of property and equipment | (1,079) | (1,574) |
Other non-cash items | (38) | 175 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 1,770 | (24,301) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (28,774) | (31,319) |
Receivable for insurance claims in excess of deductibles | (1,640) | 920 |
Other assets | 7,008 | (1,234) |
Accounts payable | 11,022 | 17,014 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,454 | 6,079 |
Accrued self insurance | 299 | (3,387) |
Other liabilities | 32 | (4,774) |
Net cash flows provided by operating activities | 40,497 | 10,695 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 2,544 | 1,980 |
Cash paid for acquired business | 0 | (11,374) |
Purchases of property and equipment | (17,948) | (42,795) |
Net cash flows used in investing activities | (15,404) | (52,189) |
Cash flows from financing activities: | ||
Net borrowings under revolving lines of credit | 33,407 | 0 |
Payment of principal obligations under capital leases | (442) | 0 |
Increase in outstanding checks | 2,540 | 0 |
Proceeds from exercise of stock options | 2,080 | 1,823 |
Debt issuance costs | (1,006) | 0 |
Excess tax benefit from stock-based awards | 480 | 1,676 |
Repurchase of common shares | (101,483) | (9,240) |
Other financing activities | 63 | 28 |
Net cash flows used in financing activities | (64,361) | (5,713) |
Effect of exchange rate changes on cash | 55 | 0 |
Net decrease in cash and cash equivalents | (39,213) | (47,207) |
Cash and cash equivalents: | ||
Beginning of period | 39,797 | 77,636 |
End of period | 584 | 30,429 |
Noncash investing activities: | ||
Acquisition of property and equipment acquired under capital lease arrangements | 5,580 | 0 |
Noncash financing activities: | ||
Capital lease obligations initiated | $ 5,580 | $ 0 |
Organization, Business and Basi
Organization, Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization, Business and Basis of Presentation MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers that conducts operations through a number of wholly-owned subsidiaries including: The L. E. Myers Co., a Delaware corporation; Harlan Electric Company, a Michigan corporation; Great Southwestern Construction, Inc., a Colorado corporation; Sturgeon Electric Company, Inc., a Michigan corporation; Sturgeon Electric California, LLC, a Delaware limited liability company; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada corporation; MYR Group Construction Canada, Ltd., a British Columbia corporation; MYR Transmission Services Canada, Ltd., a British Columbia corporation; and Northern Transmission Services, Ltd., a British Columbia 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim consolidated financial statements have been included. The consolidated balance sheet as of December 31, 2015 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2015, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 3, 2016. The 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 the estimates of costs to complete on our contracts, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three months ended September 30, 2016, changes in estimates pertaining to certain projects resulted in a net increased consolidated gross margin of 0.7 2.0 1.2 0.07 0.12 0.5 3.5 2.2 0.10 The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of September 30, 2016 and December 31, 2015, the Company held its cash in checking accounts or in highly liquid money market funds. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balances overdrafts during the same business day. Checks issued and outstanding in excess of bank balance are recorded in accounts payable in the Consolidated Balance Sheets and are reflected as a financing activity in the Consolidated Statements of Cash Flows. As of September 30, 2016 the Company had checks issued and outstanding in excess of our bank balance of $ 2.5 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 adoption will have minimal impact on our consolidated financial statements. Recently Adopted Accounting Pronouncements In April 2015, FASB issued ASU No. 2015-03, InterestImputation of Interest (Topic 835), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Topic 835), Recently Issued Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In August 2014, the FASB issued ASU No. 2014-09, Presentation of Financial StatementsGoing Concern (Topic 205). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions On November 24, 2015, the Company acquired all of the outstanding common stock of High Country Line Construction, Inc. (“HCL”). The acquisition of HCL expands the Company’s T&D construction services, predominantly in the western United States. The acquisition date fair value of consideration transferred was $ 1.7 0.3 0.2 0.2 On April 13, 2015, the Company acquired substantially all of the assets of E.S. Boulos Company (“ESB”). The total consideration paid was approximately $ 11.4 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. 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 September 30, 2016 and December 31, 2015, the carrying value of the Company’s cash and cash equivalents approximated fair value based on Level 1 inputs. As of September 30, 2016, the fair value of the Company’s long-term debt including capital leases, was based on variable and fixed interest rates at September 30, 2016, for new issues with similar remaining maturities and approximated carrying value based on Level 2 inputs. |
Contracts in Process
Contracts in Process | 9 Months Ended |
Sep. 30, 2016 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 4. Contracts in Process September 30, December 31, (In thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 1,713,230 $ 2,153,085 Less: Billings to date 1,678,977 2,142,213 $ 34,253 $ 10,872 September 30, December 31, (In thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 80,305 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (46,052) (40,614) $ 34,253 $ 10,872 |
Lease Obligations
Lease Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 5. Lease Obligations From time to time, the Company enters into leasing arrangements for real estate, vehicles and construction equipment. In 2016 the Company entered into master leasing arrangements for vehicles and construction equipment. Some of the leases entered into under these agreements were recorded as capital leases while others were treated as operating leases. As of September 30, 2016, the Company had no outstanding commitments to enter into future leases under its master lease agreements. Capital Leases The Company leases vehicles and certain equipment under capital leases. The economic substance of the leases is a financing transaction for acquisition of the vehicles and equipment and, accordingly, the leases are included in the balance sheets in property and equipment, net of accumulated depreciation, with a corresponding amount recorded in current and long term debt. The capital lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight line basis and included in depreciation expense in the statements of operations. The interest associated with capital leases is included in interest expense in the statements of operations. As of September 30, 2016, $ 5.2 Operating Leases The Company leases real estate, construction equipment and office equipment under operating leases with remaining terms ranging from one to five years. Capital Operating (In thousands) Lease Obligations Lease Obligations Remainder of 2016 $ 301 $ 653 2017 1,203 2,104 2018 1,203 1,776 2019 1,203 1,501 2020 1,203 942 2021 401 583 Total minimum lease payments $ 5,514 $ 7,559 Interest (376) Net present value of minimum lease payments 5,138 Less: Current portion of capital lease obligations (1,062) Long-term capital lease obligations $ 4,076 |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | 6. Debt and Capital Lease Obligations On June 30, 2016, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”) with a facility of $ 250 50 100 65 Amounts borrowed under the Credit Agreement in U.S. dollars bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.00 1.00 1.00 2.00 1.00 2.00 1.125 2.125 0.625 1.125 0.20 0.375 2.25 1.69 Under the Credit Agreement, the Company is subject to certain financial covenants and must maintain a maximum consolidated Leverage Ratio of 3.0 3.0 50 3.5 Prior to the amendment and restatement of the Credit Agreement, the Company had a five-year syndicated credit agreement with a facility of $ 175.0 25.0 The amount outstanding on the 2016 Facility was $ 33.4 As of September 30, 2016, the Company had irrevocable standby letters of credit outstanding under the 2016 Facility of approximately $ 24.3 17.6 6.7 19.3 17.5 1.8 The Company has remaining deferred debt issuance costs totaling $ 1.0 As of September 30, 2016, the Company had approximately $ 5.1 1.1 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. Income Taxes The difference between the U.S. federal statutory tax rate of 35 The Company had unrecognized tax benefits of approximately $ 0.6 The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense because of the unrecognized tax benefits was not significant for the three and nine months ended September 30, 2016 and 2015. The Company is subject to taxation in various jurisdictions. The Company’s tax returns for 2012 through 2014 are currently under examination by U.S. federal authorities and the 2015 tax return is subject to examination. The Company’s tax returns are subject to examination by various state authorities for the years 2012 through 2015. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | 8. Commitments and Contingencies Purchase Commitments As of September 30, 2016, the Company had approximately $ 1.1 Insurance and Claims Accruals The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverage. The deductible per occurrence for each line of coverage is up to $ 1.0 0.1 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 deductible, a corresponding receivable for amounts in excess of the deductible is included in current assets in the consolidated balance sheets. Performance and Payment Bonds In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on certain contractual commitments. The Company has indemnified its surety for any expenses paid out under these bonds. As of September 30, 2016, an aggregate of approximately $ 910.1 71.6 Indemnities From time to time, pursuant to its service arrangements, the Company indemnifies its customers for claims related to the services it provides under those service arrangements. These indemnification obligations may subject the Company to indemnity claims and liabilities and related litigation. The Company is not aware of any material unrecorded liabilities for asserted claims in connection with these indemnification obligations. 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 any of the multi-employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could incur additional liabilities related to these plans. Although the Company has been informed that some of the multi-employer pension plans to which its subsidiaries contribute have been classified as “critical” status, the Company is not currently aware of any significant liabilities related to this issue. 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. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our business as well as in respect of our divested businesses. These claims, lawsuits and other proceedings include claims related to the Company’s current services and operations, as well as our historic operations. 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 operations or cash flows. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted; the 2006 Stock Option Plan (the “2006 Plan”) and the 2007 Long-Term Incentive Plan, as amended (the “LTIP”). Upon the adoption of the LTIP in 2007, awards were no longer granted under the 2006 Plan. The LTIP 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, and (i) any combination of such awards. All awards were made with an exercise price or base price, as the case may be, that was not less than the fair market value per share on the grant date. The grant date fair value of restricted stock awards and performance share awards with performance conditions not based on market conditions was equal to the closing market price of the Company’s common stock on the date of grant. The grant date fair value of performance share awards with performance conditions based on market conditions was measured using a Monte Carlo simulation model. During the nine months ended September 30, 2016, plan participants exercised 174,826 11.90 During the nine months ended September 30, 2016, the Company granted 106,968 three 24.63 84,061 25.11 During the nine months ended September 30, 2016, the Company granted 5,944 three 25.23 1,268 29.57 During the nine months ended September 30, 2016, the Company granted 79,661 The Company granted 45,940 24.50 The Company granted 33,721 20 20 33.35 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 10. Segment Information MYR Group is a specialty contractor serving the electrical infrastructure market in the United States and parts of Canada. 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 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Transmission and Distribution: Commercial and Industrial: Three months ended Nine months ended September 30, September 30, (In thousands) 2016 2015 2016 2015 Contract revenues: T&D $ 206,441 $ 203,864 $ 568,044 $ 593,670 C&I 76,818 65,997 230,783 196,827 $ 283,259 $ 269,861 $ 798,827 $ 790,497 Income from operations: T&D $ 14,550 $ 13,929 $ 40,804 $ 47,476 C&I 5,043 2,780 9,633 9,540 General Corporate (8,454) (6,790) (26,849) (22,476) $ 11,139 $ 9,919 $ 23,588 $ 34,540 For the three and nine months ended September 30, 2016, contract revenues attributable to the Company’s Canadian operations were $ 9.4 15.9 0.3 0.6 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 11. Earnings Per Share The Company computes earnings per share using the treasury stock method unless the two-class method is more dilutive. The Company computed earnings per share for the three and nine months ended September 30, 2016 using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive. For the three and nine months ended September 30, 2015, the Company computed earnings per share using the two-class method because that method resulted in a more dilutive effect than the treasury stock method. The two-class method is 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. Under the two-class method, the Company’s unvested grants of restricted stock that contained non-forfeitable rights to dividends were treated as participating securities and were excluded from the computation of basic and diluted earnings per share. All shares of restricted stock granted since 2013 are not participating because the grant agreements contain provisions that dividends, if declared, will be forfeited if the grantee leaves the Company before the stock is vested. Three months ended Nine months ended September 30, September 30, (In thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income $ 6,146 $ 6,175 $ 13,633 $ 21,421 Less: Net income allocated to participating securities (25) (103) Net income available to common shareholders $ 6,146 $ 6,150 $ 13,633 $ 21,318 Denominator: Weighted average common shares outstanding 15,805 20,788 17,489 20,662 Weighted average dilutive securities 372 426 328 451 Weighted average common shares outstanding, diluted 16,177 21,214 17,817 21,113 Income per common share, basic $ 0.39 $ 0.30 $ 0.78 $ 1.03 Income per common share, diluted $ 0.38 $ 0.29 $ 0.77 $ 1.01 For the three and nine months ended September 30, 2016 and 2015, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. Three months ended Nine months ended September 30, September 30, (In thousands) 2016 2015 2016 2015 Stock options 4 86 2 Restricted stock 6 6 Performance awards 2 35 83 35 Share Repurchases During 2016, the Company’s Board of Directors approved two amendments to the share repurchase program (“Repurchase Program”), which increased the Repurchase Program from $ 67.5 162.5 4,227,541 23.79 4,189,858 99.8 37,683 0.9 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. Subsequent Events On October 28, 2016, the Company completed the acquisition of substantially all of the assets of Western Pacific Enterprises GP and of Western Pacific Enterprises Ltd., except for certain real estate owned by Western Pacific Enterprises Ltd., which conducted business as Western Pacific Enterprises GP (“WPE”), an electrical contracting firm in western Canada. Headquartered in Coquitlam, British Columbia, WPE will provide a wide range of commercial and industrial electrical construction capabilities under the Company’s C&I segment. WPE will also provide substation construction capabilities under the Company’s T&D segment. The total consideration paid was approximately $ 16.1 0.1 |
Organization, Business and Ba18
Organization, Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business [Policy Text Block] | Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers that conducts operations through a number of wholly-owned subsidiaries including: The L. E. Myers Co., a Delaware corporation; Harlan Electric Company, a Michigan corporation; Great Southwestern Construction, Inc., a Colorado corporation; Sturgeon Electric Company, Inc., a Michigan corporation; Sturgeon Electric California, LLC, a Delaware limited liability company; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada corporation; MYR Group Construction Canada, Ltd., a British Columbia corporation; MYR Transmission Services Canada, Ltd., a British Columbia corporation; and Northern Transmission Services, Ltd., a British Columbia 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States. |
Consolidation, Policy [Policy Text Block] | Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim consolidated financial statements have been included. The consolidated balance sheet as of December 31, 2015 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2015, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 3, 2016. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The |
Use of Estimates, Policy [Policy Text Block] | 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 the estimates of costs to complete on our contracts, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three months ended September 30, 2016, changes in estimates pertaining to certain projects resulted in a net increased consolidated gross margin of 0.7 2.0 1.2 0.07 0.12 0.5 3.5 2.2 0.10 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and 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 September 30, 2016 and December 31, 2015, the Company held its cash in checking accounts or in highly liquid money market funds. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balances overdrafts during the same business day. Checks issued and outstanding in excess of bank balance are recorded in accounts payable in the Consolidated Balance Sheets and are reflected as a financing activity in the Consolidated Statements of Cash Flows. As of September 30, 2016 the Company had checks issued and outstanding in excess of our bank balance of $ 2.5 |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 adoption will have minimal impact on our consolidated financial statements. Recently Adopted Accounting Pronouncements In April 2015, FASB issued ASU No. 2015-03, InterestImputation of Interest (Topic 835), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Topic 835), Recently Issued Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In August 2014, the FASB issued ASU No. 2014-09, Presentation of Financial StatementsGoing Concern (Topic 205). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Contracts in Process (Tables)
Contracts in Process (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Long Term Contracts Or Programs [Table Text Block] | September 30, December 31, (In thousands) 2016 2015 Costs and estimated earnings on uncompleted contracts $ 1,713,230 $ 2,153,085 Less: Billings to date 1,678,977 2,142,213 $ 34,253 $ 10,872 September 30, December 31, (In thousands) 2016 2015 Costs and estimated earnings in excess of billings on uncompleted contracts $ 80,305 $ 51,486 Billings in excess of costs and estimated earnings on uncompleted contracts (46,052) (40,614) $ 34,253 $ 10,872 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] | The future minimum lease payments required under capital leases and operating leases, together with the present value of capital leases, as of September 30, 2016 were as follows: Capital Operating (In thousands) Lease Lease Remainder of 2016 $ 506 $ 1,232 2017 1,013 1,980 2018 1,013 1,672 2019 1,013 1,397 2020 1,013 838 2021 343 426 Total minimum lease payments $ 4,901 $ 7,545 Interest (348) Net present value of minimum lease payments 4,553 Less: Current portion of capital lease obligations (888) Long-term capital lease obligations $ 3,665 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The information in the following table was derived from internal financial reports used for corporate management purposes: Three months ended Nine months ended September 30, September 30, (In thousands) 2016 2015 2016 2015 Contract revenues: T&D $ 206,441 $ 203,864 $ 568,044 $ 593,670 C&I 76,818 65,997 230,783 196,827 $ 283,259 $ 269,861 $ 798,827 $ 790,497 Income from operations: T&D $ 14,550 $ 13,929 $ 40,804 $ 47,476 C&I 5,043 2,780 9,633 9,540 General Corporate (8,454) (6,790) (26,849) (22,476) $ 11,139 $ 9,919 $ 23,588 $ 34,540 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows: Three months ended Nine months ended September 30, September 30, (In thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income $ 6,146 $ 6,175 $ 13,633 $ 21,421 Less: Net income allocated to participating securities (25) (103) Net income available to common shareholders $ 6,146 $ 6,150 $ 13,633 $ 21,318 Denominator: Weighted average common shares outstanding 15,805 20,788 17,489 20,662 Weighted average dilutive securities 372 426 328 451 Weighted average common shares outstanding, diluted 16,177 21,214 17,817 21,113 Income per common share, basic $ 0.39 $ 0.30 $ 0.78 $ 1.03 Income per common share, diluted $ 0.38 $ 0.29 $ 0.77 $ 1.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities: Three months ended Nine months ended September 30, September 30, (In thousands) 2016 2015 2016 2015 Stock options 4 86 2 Restricted stock 6 6 Performance awards 2 35 83 35 |
Organization, Business and Ba23
Organization, Business and Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss) | $ 11,139 | $ 9,919 | $ 23,588 | $ 34,540 |
Net Income (Loss) Attributable to Parent | $ 6,146 | $ 6,175 | $ 13,633 | $ 21,421 |
Earnings Per Share, Diluted | $ 0.38 | $ 0.29 | $ 0.77 | $ 1.01 |
Foreign Currency Transaction Gain (Loss), Realized | $ (300) | $ (100) | ||
Bank Overdrafts | $ 2,500 | $ 2,500 | ||
Contracts Accounted for under Percentage of Completion [Member] | Cost Estimate Revision [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Cost Estimate Revision Gross Margin Increase (Decrease) Percentage | 0.70% | (0.50%) | (0.50%) | 0.50% |
Estimate Adjustment [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss) | $ 2,000 | $ (1,300) | $ (3,600) | $ 3,500 |
Net Income (Loss) Attributable to Parent | $ 1,200 | $ (800) | $ (2,200) | $ 2,200 |
Earnings Per Share, Diluted | $ 0.07 | $ (0.04) | $ (0.12) | $ 0.10 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Millions | Apr. 13, 2015 | Nov. 24, 2015 |
E.S. Boulos Company [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred, Total | $ 11.4 | |
High Country Line Construction Inc [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred, Total | $ 1.7 | |
Business Acquisition, Transaction Costs | 0.2 | |
Goodwill, Acquired During Period | 0.2 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0.3 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings on uncompleted contracts | $ 1,713,230 | $ 2,153,085 |
Less: Billings to date | 1,678,977 | 2,142,213 |
Net asset position for contracts in process | $ 34,253 | $ 10,872 |
Contracts in Process (Details 1
Contracts in Process (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 80,305 | $ 51,486 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (46,052) | (40,614) |
Net asset position for contracts in process | $ 34,253 | $ 10,872 |
Lease Obligations (Details)
Lease Obligations (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Capital Lease Obligations | |
Remainder of 2016 | $ 301 |
2,017 | 1,203 |
2,018 | 1,203 |
2,019 | 1,203 |
2,020 | 1,203 |
2,021 | 401 |
Total minimum lease payments | 5,514 |
Interest | (376) |
Net present value of minimum lease payments | 5,138 |
Less: Current portion of capital lease obligations | (1,062) |
Long-term capital lease obligations | 4,076 |
Operating Lease Obligations | |
Remainder of 2016 | 653 |
2,017 | 2,104 |
2,018 | 1,776 |
2,019 | 1,501 |
2,020 | 942 |
2,021 | 583 |
Total minimum lease payments | $ 7,559 |
Lease Obligations (Details Text
Lease Obligations (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 5.2 |
Master Lease Obligations | $ 0 |
Maximum [Member] | |
Operating Lease Remaining Term | 5 years |
Minimum [Member] | |
Operating Lease Remaining Term | 1 year |
Debt and Capital Lease Obliga29
Debt and Capital Lease Obligations (Details Textual) $ in Thousands | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 21, 2011USD ($) | |
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 24,300 | $ 19,300 | ||
Capital Lease Obligations | 5,100 | |||
Capital Lease Obligations, Current | 1,062 | |||
Debt Issuance Costs, Net | $ 1,000 | |||
Debt Instrument Covenant Leveraged Debt Ratio Restriction | 2.25 | |||
Insurance Programe Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 17,600 | 17,500 | ||
Contract Performance Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 6,700 | $ 1,800 | ||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Covenant Adjusted Leveraged Debt Ratio | 3.5 | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Maximum [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 2.125% | |||
Maximum [Member] | Performance letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 1.125% | |||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 2.00% | |||
Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest coverage ratio | 3 | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Minimum [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 1.125% | |||
Minimum [Member] | Performance letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit fee (as a percent) | 0.625% | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 0.00% | |||
Swing line Loans [Member] | 2011 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 25,000 | |||
Foreign Revolving Loans and Letters of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 2.00% | |||
Foreign Revolving Loans and Letters of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 1.00% | |||
Syndicated Credit Agreement [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Option to increase borrowing capacity | $ 100,000 | |||
Maximum borrowing capacity | 250,000 | |||
Long-term Line of Credit | $ 33,400 | |||
Syndicated Credit Agreement [Member] | 2011 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 175,000 | |||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.69% | |||
Credit Agreement [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of Capital Stock From Direct Foreign Subsidiaries | 65.00% | |||
Maximum Acquisition Consideration Under Credit Agreement | $ 50,000 | |||
Credit Agreement [Member] | Foreign Revolving Loans and Letters of Credit [Member] | 2016 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||
U.S. federal statutory tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% | |
Unrecognized Tax Benefits | $ 0.6 | $ 0.6 | $ 0.6 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual 1) $ in Millions | Sep. 30, 2016USD ($) |
Purchase Commitments for Construction Equipment | |
Outstanding purchase orders for certain construction equipment | $ 1.1 |
Commitments and Contingencies32
Commitments and Contingencies (Details Textual 2) $ in Millions | Sep. 30, 2016USD ($) |
Other Commitments [Line Items] | |
Loss Contingency Insurance Policy Deductible for Each Line of Coverage Excluding Health | $ 1 |
Loss Contingency Health Insurance Deductible For Qualified Individuals | 0.1 |
Outstanding Performance Bonds | 910.1 |
Estimated Cost to Complete Bonded Projects | $ 71.6 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - $ / shares | 1 Months Ended | 9 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 174,826 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 11.90 | |
Total Shareholder Return [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.35 | |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 33,721 | |
Total Shareholder Return [Member] | Performance Period Prior To March 24 2016 [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Period | 20 days | |
Total Shareholder Return [Member] | Prior to December 31 2018 [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Period | 20 days | |
Return On Invested Capital [Member] | ||
Weighted-Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 24.50 | |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 45,940 | |
Restricted Stock [Member] | ||
Other information | ||
Weighted average vesting period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 106,968 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 24.63 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 84,061 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 25.11 | |
Performance awards [Member] | ||
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 79,661 | |
Phantom Share Units (PSUs) [Member] | ||
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ||
Vesting period | 3 years | |
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,944 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.23 | |
Phantom Share Units (PSUs) [Member] | Additional Issue Of Phantom Stock [Member] | ||
Other information | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,268 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 29.57 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Contract revenues: | $ 283,259 | $ 269,861 | $ 798,827 | $ 790,497 |
Income from operations: | 11,139 | 9,919 | 23,588 | 34,540 |
T&D [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues: | 206,441 | 203,864 | 568,044 | 593,670 |
Income from operations: | 14,550 | 13,929 | 40,804 | 47,476 |
C&I [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues: | 76,818 | 65,997 | 230,783 | 196,827 |
Income from operations: | 5,043 | 2,780 | 9,633 | 9,540 |
General Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations: | $ (8,454) | $ (6,790) | $ (26,849) | $ (22,476) |
Segment Information (Details Te
Segment Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Services, Net | $ 283,259 | $ 269,861 | $ 798,827 | $ 790,497 |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Services, Net | $ 9,400 | $ 300 | $ 15,900 | $ 600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income | $ 6,146 | $ 6,175 | $ 13,633 | $ 21,421 |
Less: Net income allocated to participating securities | 0 | (25) | 0 | (103) |
Net income available to common shareholders | $ 6,146 | $ 6,150 | $ 13,633 | $ 21,318 |
Denominator: | ||||
Weighted average common shares outstanding | 15,805 | 20,788 | 17,489 | 20,662 |
Weighted average dilutive securities | 372 | 426 | 328 | 451 |
Weighted average common shares outstanding, diluted | 16,177 | 21,214 | 17,817 | 21,113 |
Income per common share, basic (in dollars per share) | $ 0.39 | $ 0.3 | $ 0.78 | $ 1.03 |
Income per common share, diluted (in dollars per share) | $ 0.38 | $ 0.29 | $ 0.77 | $ 1.01 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 4 | 86 | 2 |
Restricted stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6 | 0 | 6 | 0 |
Performance awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 35 | 83 | 35 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 4,227,541 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 23.79 | ||
Payments for Repurchase of Common Stock | $ 101,483 | $ 9,240 | |
Share Repurchase Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 4,189,858 | ||
Stock Repurchase Program, Authorized Amount | $ 162,500 | $ 67,500 | |
Payments for Repurchase of Common Stock | $ 99,800 | ||
Shares Repurchased Under Stock Compensation Program [Member] | |||
Earnings Per Share [Line Items] | |||
Stock Repurchased During Period, Shares | 37,683 | ||
Stock Repurchased During Period, Value | $ 900 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - 1 months ended Oct. 28, 2016 - Western Pacific Enterprise [Member] - Subsequent Event [Member] CAD in Millions, $ in Millions | CAD | USD ($) |
Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | CAD | CAD 16.1 | |
Business Acquisition, Transaction Costs | $ | $ 0.1 |