Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 25, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 16,474,367 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,939 | $ 23,846 |
Accounts receivable, net of allowances of $442 and $432, respectively | 222,549 | 234,642 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 72,903 | 69,950 |
Receivable for insurance claims in excess of deductibles | 18,524 | 18,477 |
Refundable income taxes | 2,518 | 2,474 |
Other current assets | 7,275 | 8,202 |
Total current assets | 330,708 | 357,591 |
Property and equipment, net of accumulated depreciation of $215,968 and $209,466, respectively | 156,458 | 154,891 |
Goodwill | 46,781 | 46,781 |
Intangible assets, net of accumulated amortization of $4,872 and $4,684, respectively | 11,385 | 11,566 |
Other assets | 3,376 | 2,666 |
Total assets | 548,708 | 573,495 |
Current liabilities: | ||
Current portion of capital lease obligations | 1,093 | 1,085 |
Accounts payable | 91,048 | 99,942 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 49,448 | 42,321 |
Accrued self insurance | 44,419 | 42,584 |
Other current liabilities | 36,722 | 42,382 |
Total current liabilities | 222,730 | 228,314 |
Deferred income tax liabilities | 18,423 | 18,565 |
Long-term debt | 39,580 | 59,070 |
Capital lease obligations, net of current maturities | 3,556 | 3,833 |
Other liabilities | 525 | 539 |
Total liabilities | 284,814 | 310,321 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock$0.01 par value per share; 4,000,000 authorized shares;none issued and outstanding at March 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock$0.01 par value per share; 100,000,000 authorized shares;16,73,065 and 16,333,139 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 163 | 162 |
Additional paid-in capital | 140,386 | 140,100 |
Accumulated other comprehensive loss | (482) | (433) |
Retained earnings | 123,827 | 123,345 |
Total stockholders’ equity | 263,894 | 263,174 |
Total liabilities and stockholders’ equity | $ 548,708 | $ 573,495 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 442 | $ 432 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 215,968 | 209,466 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,872 | $ 4,684 |
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 | 16,473,065 | 16,333,139 |
Common Stock, Shares, Outstanding | 16,473,065 | 16,333,139 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Contract revenues | $ 300,129 | $ 253,634 |
Contract costs | 274,389 | 226,353 |
Gross profit | 25,740 | 27,281 |
Selling, general and administrative expenses | 25,779 | 23,859 |
Amortization of intangible assets | 188 | 211 |
Gain on sale of property and equipment | (707) | (96) |
Income from operations | 480 | 3,307 |
Other income (expense): | ||
Interest income | 1 | 4 |
Interest expense | (514) | (183) |
Other income, net | 874 | 108 |
Income before provision for income taxes | 841 | 3,236 |
Income tax expense (benefit) | (359) | 1,249 |
Net income | $ 1,200 | $ 1,987 |
Income per common share: | ||
- Basic (in dollars per share) | $ 0.07 | $ 0.1 |
- Diluted (in dollars per share) | $ 0.07 | $ 0.1 |
Weighted average number of common shares and potential common shares outstanding: | ||
- Basic (in shares) | 16,161 | 19,321 |
- Diluted (in shares) | 16,452 | 19,634 |
Net income | $ 1,200 | $ 1,987 |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (49) | (81) |
Other comprehensive loss | (49) | (81) |
Total comprehensive income | $ 1,151 | $ 1,906 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 1,200 | $ 1,987 |
Adjustments to reconcile net income to net cash flows provided by operating activities - | ||
Depreciation and amortization of property and equipment | 9,558 | 9,705 |
Amortization of intangible assets | 188 | 211 |
Stock-based compensation expense | 867 | 730 |
Deferred income taxes | (143) | (75) |
Gain on sale of property and equipment | (707) | (96) |
Other non-cash items | (93) | (61) |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 12,417 | 14,420 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (2,847) | (20,071) |
Receivable for insurance claims in excess of deductibles | (47) | 2,733 |
Other assets | (289) | 2,046 |
Accounts payable | (10,333) | 8,004 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 7,134 | 4,026 |
Accrued self insurance | 1,834 | (3,378) |
Other liabilities | (5,679) | (5,755) |
Net cash flows provided by operating activities | 13,060 | 14,426 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 937 | 1,032 |
Purchases of property and equipment | (10,002) | (3,769) |
Net cash flows used in investing activities | (9,065) | (2,737) |
Cash flows from financing activities: | ||
Net repayments under revolving lines of credit | (19,491) | 0 |
Payment of principal obligations under capital leases | (268) | 0 |
Proceeds from exercise of stock options | 911 | 104 |
Excess tax benefit from stock-based awards | 0 | 135 |
Repurchase of common shares | (2,208) | (25,686) |
Net cash flows used in financing activities | (21,056) | (25,447) |
Effect of exchange rate changes on cash | 154 | 0 |
Net decrease in cash and cash equivalents | (16,907) | (13,758) |
Cash and cash equivalents: | ||
Beginning of period | 23,846 | 39,797 |
End of period | 6,939 | 26,039 |
Noncash investing activities: | ||
Acquisition of property and equipment acquired under capital lease arrangements | 0 | 745 |
Noncash financing activities: | ||
Share repurchases not settled | 0 | 2,691 |
Capital lease obligations initiated | $ 0 | $ 745 |
Organization, Business and Basi
Organization, Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 and is currently conducting operations through 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; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada corporation; Sturgeon Electric California, LLC, a Delaware limited liability company; GSW Integrated Services, LLC, a Delaware limited liability company; MYR Transmission Services Canada, Ltd., a British Columbia corporation; Northern Transmission Services, Ltd., a British Columbia corporation; and Western Pacific Enterprises 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. T&D 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 and western Canada. 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, 2016 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, 2016, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 9, 2017. The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short term monetary assets and liabilities, are recorded in the “other income, net” line on the consolidated statements of operations. For the three months ended March 31, 2017, the Company recorded an insignificant amount of foreign currency gains compared to foreign currency gains of $ 0.2 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 of costs to complete on contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. Actual results could differ from these estimates. 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 March 31, 2017, changes in estimates pertaining to certain projects resulted in increased consolidated gross margin of 0.4 1.1 0.6 0.04 1.5 0.9 0.05 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 March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718) 0.8 0.2 Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, IntangiblesGoodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 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 February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions Western Pacific Enterprises Ltd. 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., with the company continuing operations under the name Western Pacific Enterprises Ltd. (“WPE”), an electrical contracting firm in western Canada. With its main headquarters in Coquitlam, British Columbia, WPE provides a wide range of commercial and industrial electrical construction capabilities under the Company’s C&I segment. WPE also provides substation construction capabilities under the Company’s T&D segment. The total consideration paid was approximately $ 12.1 2.2 0.8 The purchase agreement also includes contingent consideration provisions for margin guarantee adjustments based upon performance subsequent to the acquisition on certain contracts. Contingent consideration of approximately $ 0.9 0.2 The results of operations for WPE are included in the Company’s consolidated statement of operations and the C&I segment from the date of acquisition. Costs of approximately $ 0.4 (as of Adjusted acquisition date) Measurement acquisition October 28, Period amounts as of (in thousands) 2016 Adjustments March 31, 2017 Total consideration, net of net asset adjustments $ 11,283 $ $ 11,283 Accounts receivable, net $ 20,249 $ $ 20,249 Costs and estimated earnings in excess of billings on uncompleted contracts 1,610 1,610 Other current assets 8 8 Property and equipment 4,108 4,108 Accounts payable (10,125) (10,125) Billings in excess of costs and estimated earnings on uncompleted contracts (3,020) (3,020) Other current liabilities (2,294) (2,294) Net identifiable assets 10,536 10,536 Unallocated intangible assets $ 747 $ $ 747 The Company has developed preliminary estimates of fair value of the assets acquired and liabilities assumed for the purposes of allocating the purchase price. Further adjustments are expected to the allocation as third party valuations of identifiable intangible assets, including backlog, customer relationships, trade name and off-market component, are determined, and as net asset adjustments are finalized. A portion of the unallocated intangible assets are expected to be tax deductible per applicable Canadian Revenue Authority regulations. The Company expects to complete the purchase accounting in the second half of 2017. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of March 31, 2017 and December 31, 2016, the fair value of the Company’s long-term debt and capital lease obligations were based on Level 2 inputs. The Company’s long-term debt was based on variable and fixed interest rates at March 31, 2017 and December 31, 2016, for new issues with similar remaining maturities and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying values of the Company's capital lease obligations also approximated fair value. |
Contracts in Process
Contracts in Process | 3 Months Ended |
Mar. 31, 2017 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 4. Contracts in Process March 31, December 31, (In thousands) 2017 2016 Costs and estimated earnings on uncompleted contracts $ 1,643,901 $ 2,194,695 Less: Billings to date 1,620,446 2,167,066 $ 23,455 $ 27,629 March 31, December 31, (In thousands) 2017 2016 Costs and estimated earnings in excess of billings on uncompleted contracts $ 72,903 $ 69,950 Billings in excess of costs and estimated earnings on uncompleted contracts (49,448) (42,321) $ 23,455 $ 27,629 |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2017 | |
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. Some of the leases entered into under these agreements were recorded as capital leases while others were treated as operating leases. As of March 31, 2017, the Company had no outstanding commitments to enter into future leases under its master lease agreements. Capital Leases The Company leases some vehicles and equipment under capital leases. The economic substance of the leases is a financing transaction for acquisition of the vehicles and equipment and, accordingly, these leases are included in the balance sheets in property and equipment, net of accumulated depreciation, with a corresponding amount recorded in current portion of capital lease obligations or capital lease obligations, net of current maturities, as appropriate. 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 March 31, 2017, the Company had approximately $ 4.6 1.1 4.9 1.1 As of March 31, 2017 and December 31, 2016, $ 4.7 5.0 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 Lease Remainder of 2017 $ 915 $ 2,188 2018 1,220 2,646 2019 1,220 2,245 2020 1,219 1,659 2021 380 1,101 Thereafter 1,542 Total minimum lease payments $ 4,954 $ 11,381 Interest (305) Net present value of minimum lease payments 4,649 Less: Current portion of capital lease obligations 1,093 Long-term capital lease obligations $ 3,556 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | 6. Debt On June 30, 2016, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A. The Credit Agreement provides for 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 2.09 Under the Credit Agreement, the Company is subject to certain financial covenants and must maintain a maximum consolidated Leverage Ratio of 3.0 50 3.5 The amount outstanding under the Facility as of March 31, 2017 and December 31, 2016, was $ 39.6 59.1 As of March 31, 2017 and December 31, 2016, the Company had irrevocable standby letters of credit outstanding under the Facility of approximately $ 23.7 17.6 6.1 The Company has remaining deferred debt issuance costs totaling $ 0.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. Income Taxes The difference between the U.S. federal statutory tax rate of 35 CompensationStock Compensation (Topic 718) 0.8 42.7 38.6 The Company had unrecognized tax benefits of approximately $ 0.3 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 months ended March 31, 2017 and 2016. The Company is subject to taxation in various jurisdictions. The Company’s tax return for 2015 is subject to examination by U.S. federal authorities. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | 8. Commitments and Contingencies Purchase Commitments As of March 31, 2017, the Company had approximately $ 3.7 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 per occurrence for each line of coverage is up to $ 1.0 0.2 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 sureties for any expenses paid out under these bonds. As of March 31, 2017, an aggregate of approximately $ 526.8 56.7 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 liabilities for additional contributions related to these plans. Although the Company has been informed that the underfunding of 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 potential 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, 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 grants stock-based compensation under its 2007 Long-Term Incentive Plan, as amended (the “LTIP”). 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. During the three months ended March 31, 2017, the Company granted 43,972 39.52 76,831 24.80 During the three months ended March 31, 2017, the Company granted 47,454 200 The Company recognizes stock-based compensation expense related to restricted stock awards based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period of 3.0 2.8 2.8 During the three months ended March 31, 2017, plan participants exercised 55,995 16.27 The Company adopted ASU No. 2016-09, CompensationStock Compensation (Topic 718) 0.8 0.2 CompensationStock Compensation (Topic 718) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 10. Segment Information MYR Group is a specialty contractor serving the United States and Canadian electrical infrastructure markets. 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 costs, 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, 2016. 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 investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. 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 performed in the western and northeastern United States and in western Canada. Three months ended March 31, (In thousands) 2017 2016 Contract revenues: T&D $ 195,734 $ 182,974 C&I 104,395 70,660 $ 300,129 $ 253,634 Income from operations: T&D $ 5,142 $ 10,669 C&I 4,414 2,156 General Corporate (9,076) (9,518) $ 480 $ 3,307 For the three months ended March 31, 2017 and 2016, contract revenues attributable to the Company’s Canadian operations were $ 19.2 1.2 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 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. Three months ended March 31, (In thousands, except per share data) 2017 2016 Numerator: Net income $ 1,200 $ 1,987 Denominator: Weighted average common shares outstanding 16,161 19,321 Weighted average dilutive securities 291 313 Weighted average common shares outstanding, diluted 16,452 19,634 Income per common share, basic $ 0.07 $ 0.10 Income per common share, diluted $ 0.07 $ 0.10 For the three months ended March 31, 2017 and 2016, 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 March 31, (In thousands) 2017 2016 Stock options 151 Restricted stock 44 70 Performance awards 127 143 The Company adopted ASU No. 2016-09, CompensationStock Compensation (Topic 718) 0.1 CompensationStock Compensation (Topic 718) |
Organization, Business and Ba17
Organization, Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 and is currently conducting operations through 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; MYR Transmission Services, Inc., a Delaware corporation; E.S. Boulos Company, a Delaware corporation; High Country Line Construction, Inc., a Nevada corporation; Sturgeon Electric California, LLC, a Delaware limited liability company; GSW Integrated Services, LLC, a Delaware limited liability company; MYR Transmission Services Canada, Ltd., a British Columbia corporation; Northern Transmission Services, Ltd., a British Columbia corporation; and Western Pacific Enterprises 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. T&D 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 and western Canada. |
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, 2016 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, 2016, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 9, 2017. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short term monetary assets and liabilities, are recorded in the “other income, net” line on the consolidated statements of operations. For the three months ended March 31, 2017, the Company recorded an insignificant amount of foreign currency gains compared to foreign currency gains of $ 0.2 |
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 estimates of costs to complete on contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. Actual results could differ from these estimates. 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 March 31, 2017, changes in estimates pertaining to certain projects resulted in increased consolidated gross margin of 0.4 1.1 0.6 0.04 1.5 0.9 0.05 |
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 March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718) 0.8 0.2 Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, IntangiblesGoodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 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 February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of the opening balance sheet from the date of acquisition through March 31, 2017: (as of Adjusted acquisition date) Measurement acquisition October 28, Period amounts as of (in thousands) 2016 Adjustments March 31, 2017 Total consideration, net of net asset adjustments $ 11,283 $ $ 11,283 Accounts receivable, net $ 20,249 $ $ 20,249 Costs and estimated earnings in excess of billings on uncompleted contracts 1,610 1,610 Other current assets 8 8 Property and equipment 4,108 4,108 Accounts payable (10,125) (10,125) Billings in excess of costs and estimated earnings on uncompleted contracts (3,020) (3,020) Other current liabilities (2,294) (2,294) Net identifiable assets 10,536 10,536 Unallocated intangible assets $ 747 $ $ 747 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | The net asset position for contracts in process consisted of the following: March 31, December 31, (In thousands) 2017 2016 Costs and estimated earnings on uncompleted contracts $ 1,643,901 $ 2,194,695 Less: Billings to date 1,620,446 2,167,066 $ 23,455 $ 27,629 |
Consolidated Balance Sheet [Member] | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | The net asset position for contracts in process included in the accompanying consolidated balance sheets was as follows: March 31, December 31, (In thousands) 2017 2016 Costs and estimated earnings in excess of billings on uncompleted contracts $ 72,903 $ 69,950 Billings in excess of costs and estimated earnings on uncompleted contracts (49,448) (42,321) $ 23,455 $ 27,629 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 their present value of capital leases, as of March 31, 2017 were as follows: Capital Operating (In thousands) Lease Lease Remainder of 2017 $ 915 $ 2,188 2018 1,220 2,646 2019 1,220 2,245 2020 1,219 1,659 2021 380 1,101 Thereafter 1,542 Total minimum lease payments $ 4,954 $ 11,381 Interest (305) Net present value of minimum lease payments 4,649 Less: Current portion of capital lease obligations 1,093 Long-term capital lease obligations $ 3,556 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes: Three months ended March 31, (In thousands) 2017 2016 Contract revenues: T&D $ 195,734 $ 182,974 C&I 104,395 70,660 $ 300,129 $ 253,634 Income from operations: T&D $ 5,142 $ 10,669 C&I 4,414 2,156 General Corporate (9,076) (9,518) $ 480 $ 3,307 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, (In thousands, except per share data) 2017 2016 Numerator: Net income $ 1,200 $ 1,987 Denominator: Weighted average common shares outstanding 16,161 19,321 Weighted average dilutive securities 291 313 Weighted average common shares outstanding, diluted 16,452 19,634 Income per common share, basic $ 0.07 $ 0.10 Income per common share, diluted $ 0.07 $ 0.10 |
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 March 31, (In thousands) 2017 2016 Stock options 151 Restricted stock 44 70 Performance awards 127 143 |
Organization, Business and Sign
Organization, Business and Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Jan. 02, 2017 | Dec. 31, 2016 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss) | $ 480 | $ 3,307 | ||
Net Income (Loss) Attributable to Parent | $ 1,200 | $ 1,987 | ||
Earnings Per Share, Diluted | $ 0.07 | $ 0.1 | ||
Foreign Currency Transaction Gain (Loss), Realized | $ 200 | |||
Income Tax Expense (Benefit) | $ (359) | $ 1,249 | ||
Retained Earnings (Accumulated Deficit) | 123,827 | $ 123,345 | ||
Restatement Adjustment [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Income Tax Expense (Benefit) | $ 800 | |||
Retained Earnings (Accumulated Deficit) | $ 200 | |||
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 | 0.40% | (0.60%) | ||
Estimate Adjustment [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Operating Income (Loss) | $ 1,100 | $ (1,500) | ||
Net Income (Loss) Attributable to Parent | $ 600 | $ (900) | ||
Earnings Per Share, Diluted | $ 0.04 | $ (0.05) |
Acquisitions (Details)
Acquisitions (Details) - Western Pacific Enterprises [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Oct. 28, 2016 |
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | $ 11,283 | |
Accounts receivable, net | 20,249 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,610 | |
Other current assets | 8 | |
Property and equipment | 4,108 | |
Accounts payable | (10,125) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,020) | |
Other current liabilities | (2,294) | |
Net identifiable assets | 10,536 | |
Unallocated intangible assets | 747 | |
Scenario, Previously Reported [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | $ 11,283 | |
Accounts receivable, net | 20,249 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,610 | |
Other current assets | 8 | |
Property and equipment | 4,108 | |
Accounts payable | (10,125) | |
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,020) | |
Other current liabilities | (2,294) | |
Net identifiable assets | 10,536 | |
Unallocated intangible assets | $ 747 | |
Restatement Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration, net of net asset adjustments | 0 | |
Accounts receivable, net | 0 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 0 | |
Other current assets | 0 | |
Property and equipment | 0 | |
Accounts payable | 0 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | 0 | |
Other current liabilities | 0 | |
Net identifiable assets | 0 | |
Unallocated intangible assets | $ 0 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - Western Pacific Enterprises [Member] - USD ($) $ in Millions | 1 Months Ended | 5 Months Ended |
Oct. 28, 2016 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Transaction Costs | $ 0.4 | |
Business Combination Compensation Expenses On Contingent Payment | 0.2 | |
Business Combination, Contingent Consideration, Liability | 2.2 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0.8 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 12.1 | |
Other Income [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 0.9 |
Contracts in Process (Details)
Contracts in Process (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings on uncompleted contracts | $ 1,643,901 | $ 2,194,695 |
Less: Billings to date | 1,620,446 | 2,167,066 |
Net asset position for contracts in process | $ 23,455 | $ 27,629 |
Contracts in Process (Details 1
Contracts in Process (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Contracts in Process [Line Items] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 72,903 | $ 69,950 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (49,448) | (42,321) |
Net asset position for contracts in process | $ 23,455 | $ 27,629 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Capital Lease Obligations | ||
Remainder of 2017 | $ 915 | |
2,018 | 1,220 | |
2,019 | 1,220 | |
2,020 | 1,219 | |
2,021 | 380 | |
Thereafter | 0 | |
Total minimum lease payments | 4,954 | |
Interest | (305) | |
Net present value of minimum lease payments | 4,649 | |
Less: Current portion of capital lease obligations | (1,093) | $ (1,085) |
Long-term capital lease obligations | 3,556 | $ 3,833 |
Operating Lease Obligations | ||
Remainder of 2017 | 2,188 | |
2,018 | 2,646 | |
2,019 | 2,245 | |
2,020 | 1,659 | |
2,021 | 1,101 | |
Thereafter | 1,542 | |
Total minimum lease payments | $ 11,381 |
Lease Obligations (Details Text
Lease Obligations (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 4,700 | $ 5,000 |
Capital Lease Obligations, Current | 1,093 | 1,085 |
Capital Lease Obligations | $ 4,600 | $ 4,900 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 23.7 | $ 23.7 | |
Debt Instrument Covenant Leveraged Debt Ratio Restriction | 2.25 | ||
Debt Issuance Costs, Line of Credit Arrangements, Net | $ 0.9 | ||
Insurance Programe Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 17.6 | 17.6 | |
Contract Performance Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 6.1 | 6.1 | |
2016 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 59.1 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Leverage Coverage 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% | ||
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 | ||
Maximum borrowing capacity | $ 250 | ||
Long-term Line of Credit | $ 39.6 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.09% | ||
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 | ||
Credit Agreement [Member] | Foreign Revolving Loans and Letters of Credit [Member] | 2016 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
U.S. federal statutory tax rate (as a percent) | 35.00% | 35.00% | |
Unrecognized Tax Benefits | $ 0.3 | $ 0.3 | |
Restatement Adjustment [Member] | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 42.70% | 38.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2017USD ($) |
Other Commitments [Line Items] | |
Loss Contingency Insurance Policy Deductible for Each Line of Coverage Excluding Health | $ 1 |
Outstanding Performance Bonds | 526.8 |
Estimated Cost to Complete Bonded Projects | 56.7 |
Purchase Commitment, Remaining Minimum Amount Committed | 3.7 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Loss Contingency Health Insurance Deductible For Qualified Individuals | $ 0.2 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Jan. 02, 2017 | Dec. 31, 2016 | |
Other information | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 55,995 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 16.27 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Income Tax Expense (Benefit) | $ (359) | $ 1,249 | ||
Retained Earnings (Accumulated Deficit) | 123,827 | $ 123,345 | ||
Restatement Adjustment [Member] | ||||
Other information | ||||
Income Tax Expense (Benefit) | $ 800 | |||
Retained Earnings (Accumulated Deficit) | $ 200 | |||
Restricted Stock [Member] | ||||
Assumptions used in determining the fair value of stock options granted for fixed awards with graded vesting schedules | ||||
Vesting period | 3 years | |||
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 | $ 39.52 | |||
Other information | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 43,972 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 76,831 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 24.80 | |||
Performance awards [Member] | ||||
Other information | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 47,454 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.12 | |||
Performance awards [Member] | Maximum [Member] | ||||
Weighted-Average Grant Date Fair Value | ||||
Potential Payout As a Percentage of Target Shares | 200.00% | |||
Performance awards [Member] | Minimum [Member] | ||||
Weighted-Average Grant Date Fair Value | ||||
Potential Payout As a Percentage of Target Shares | 0.00% | |||
Market-Based Performance Awards [Member] | ||||
Other information | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years 9 months 18 days | |||
Internal Measure-Based Performance Awards [Member] | ||||
Other information | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years 9 months 18 days |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | $ 300,129 | $ 253,634 |
Income from operations: | 480 | 3,307 |
T&D [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | 195,734 | 182,974 |
Income from operations: | 5,142 | 10,669 |
C&I [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | 104,395 | 70,660 |
Income from operations: | 4,414 | 2,156 |
General Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Income from operations: | $ (9,076) | $ (9,518) |
Segment Information (Details Te
Segment Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | $ 300,129 | $ 253,634 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | $ 19,200 | $ 1,200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net income | $ 1,200 | $ 1,987 |
Denominator: | ||
Weighted average common shares outstanding | 16,161 | 19,321 |
Weighted average dilutive securities | 291 | 313 |
Weighted average common shares outstanding, diluted | 16,452 | 19,634 |
Income per common share, basic (in dollars per share) | $ 0.07 | $ 0.1 |
Income per common share, diluted (in dollars per share) | $ 0.07 | $ 0.1 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | 151 |
Restricted stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 44 | 70 |
Performance awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 127 | 143 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) shares in Millions | 3 Months Ended |
Mar. 31, 2017shares | |
Earnings Per Share [Line Items] | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0.1 |