|
|
|
|
|
|
|
|
|
|
Buildings | 10-20 years | |
Leasehold improvements | 10-20 years or lease term, if shorter | |
Machinery and equipment | 3-7 years | |
Furniture and fixtures | 3-7 years |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Service Sales | |||||||||||
Onsite Services(1) | $ | 135,020 | $ | 121,550 | $ | 108,817 | |||||
Traditional Reprographics | 113,179 | 116,673 | 126,785 | ||||||||
Color | 90,310 | 83,601 | 79,080 | ||||||||
Digital | 33,375 | 33,534 | 35,578 | ||||||||
Total services sales | 371,884 | 355,358 | 350,260 | ||||||||
Equipment and Supplies Sales | 51,872 | 51,837 | 55,858 | ||||||||
Total net sales | $ | 423,756 | $ | 407,195 | $ | 406,118 |
(1) | Represents work done at the Company’s customer sites which includes Facilities Management (“FM”) and Managed Print Services (“MPS”). |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
U.S. | Foreign Countries | Total | U.S. | Foreign Countries | Total | U.S. | Foreign Countries | Total | ||||||||||||||||||||||||||||
Revenues from external customers | $ | 364,382 | $ | 59,374 | $ | 423,756 | $ | 354,995 | $ | 52,200 | $ | 407,195 | $ | 353,763 | $ | 52,355 | $ | 406,118 | ||||||||||||||||||
Long-lived assets, net, excluding intangible assets | $ | 51,826 | $ | 7,694 | $ | 59,520 | $ | 48,319 | $ | 7,862 | $ | 56,181 | $ | 48,486 | $ | 7,985 | $ | 56,471 |
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Weighted average assumptions used: | |||||||||
Risk free interest rate | 2.12 | % | 1.36 | % | 1.17 | % | |||
Expected volatility | 57.3 | % | 59.7 | % | 54.8 | % | |||
Expected dividend yield | — | % | — | % | — | % |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Weighted average common shares outstanding during the period — basic | 46,245 | 45,856 | 45,668 | |||||
Effect of dilutive stock options | 843 | — | — | |||||
Weighted average common shares outstanding during the period — diluted | 47,088 | 45,856 | 45,668 |
|
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Employee termination costs | $ | — | $ | 15 | $ | 784 | ||||
Estimated lease termination and obligation costs | 554 | 1,803 | 2,168 | |||||||
Other restructuring expenses | 223 | 726 | 368 | |||||||
Total restructuring expenses | $ | 777 | $ | 2,544 | $ | 3,320 |
Balance, December 31, 2012 | $ | 2,299 | |
Restructuring expenses | 2,544 | ||
Payments | (4,304 | ) | |
Balance, December 31, 2013 | $ | 539 | |
Restructuring expenses | 777 | ||
Payments | (1,203 | ) | |
Balance, December 31, 2014 | $ | 113 |
|
|
Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2013 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2013 | 405,558 | 192,950 | 212,608 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2014 | $ | 405,558 | $ | 192,950 | $ | 212,608 |
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,606 | $ | 76,298 | $ | 23,308 | $ | 97,775 | $ | 70,495 | $ | 27,280 | |||||||||||
Trade names and trademarks | 20,370 | 19,837 | 533 | 20,375 | 19,799 | 576 | |||||||||||||||||
$ | 119,976 | $ | 96,135 | $ | 23,841 | $ | 118,150 | $ | 90,294 | $ | 27,856 |
2015 | $ | 5,663 | |
2016 | 4,844 | ||
2017 | 4,279 | ||
2018 | 3,865 | ||
2019 | 3,145 | ||
Thereafter | 2,045 | ||
$ | 23,841 |
|
December 31, | |||||||
2014 | 2013 | ||||||
Machinery and equipment | $ | 254,206 | $ | 241,626 | |||
Buildings and leasehold improvements | 16,399 | 17,255 | |||||
Furniture and fixtures | 3,612 | 3,936 | |||||
274,217 | 262,817 | ||||||
Less accumulated depreciation | (214,697 | ) | (206,636 | ) | |||
$ | 59,520 | $ | 56,181 |
|
December 31, | |||||||
2014 | 2013 | ||||||
Term A loan facility maturing 2019; 2.74% interest rate at December 31, 2014 | $ | 173,000 | $ | — | |||
Term B loan facility maturing 2018, net of original issue discount of $4,000 (repaid); 6.25% interest rate at December 31, 2013 | — | 196,000 | |||||
Various capital leases; weighted average interest rate of 6.8% and 7.5% at December 31, 2014 and 2013; principal and interest payable monthly through November 2020 | 28,789 | 21,516 | |||||
Borrowings from foreign revolving credit facilities; 0.6% interest rate at December 31, 2014 and 2013 | 1,897 | 1,811 | |||||
Various other notes payable with a weighted average interest rate of 6.5% and 6.4% at December 31, 2014 and 2013, respectively; principal and interest payable monthly through June 2016 | 199 | 401 | |||||
203,885 | 219,728 | ||||||
Less current portion | (27,969 | ) | (21,500 | ) | |||
$ | 175,916 | $ | 198,228 |
Long-Term Debt | Capital Lease Obligations | ||||||
Year ending December 31: | |||||||
2015 | $ | 17,536 | $ | 10,433 | |||
2016 | 17,560 | 8,035 | |||||
2017 | 17,500 | 6,047 | |||||
2018 | 17,500 | 3,395 | |||||
2019 | 105,000 | 801 | |||||
Thereafter | — | 78 | |||||
$ | 175,096 | $ | 28,789 |
|
Year ending December 31: | ||||
2015 | $ | 16,925 | ||
2016 | 13,198 | |||
2017 | 10,415 | |||
2018 | 5,351 | |||
2019 | 2,681 | |||
Thereafter | 1,720 | |||
$ | 50,290 |
|
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 59 | ||||||
State | 86 | 264 | 370 | |||||||||
Foreign | 392 | 354 | 322 | |||||||||
478 | 618 | 751 | ||||||||||
Deferred: | ||||||||||||
Federal | 1,453 | 1,898 | 1,356 | |||||||||
State | 343 | 869 | 489 | |||||||||
Foreign | 74 | (399 | ) | 188 | ||||||||
1,870 | 2,368 | 2,033 | ||||||||||
Income tax provision | $ | 2,348 | $ | 2,986 | $ | 2,784 |
December 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Financial statement accruals not currently deductible | $ | 3,661 | $ | 3,217 | |||
Accrued vacation | 914 | 763 | |||||
Deferred revenue | 420 | 418 | |||||
State taxes | 62 | 162 | |||||
Fixed assets | 8,004 | 6,408 | |||||
Goodwill and other identifiable intangibles | 25,079 | 32,111 | |||||
Stock-based compensation | 5,098 | 6,061 | |||||
Federal tax net operating loss carryforward | 33,005 | 31,817 | |||||
State tax net operating loss carryforward, net | 5,179 | 4,584 | |||||
State tax credits, net | 994 | 942 | |||||
Foreign tax credit carryforward | 506 | 249 | |||||
Foreign tax net operating loss carryforward | 455 | 361 | |||||
Gross deferred tax assets | 83,377 | 87,093 | |||||
Less: valuation allowance | (81,989 | ) | (85,551 | ) | |||
Net deferred tax assets | 1,388 | 1,542 | |||||
Deferred tax liabilities: | |||||||
Goodwill and other identifiable intangibles | $ | (33,463 | ) | $ | (31,667 | ) | |
Net deferred tax liabilities | $ | (32,075 | ) | $ | (30,125 | ) |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||
State taxes, net of federal benefit | 4 | 3 | 1 | |||||
Foreign taxes | 1 | 4 | 2 | |||||
Goodwill impairment | — | — | (8 | ) | ||||
Valuation allowance | (36 | ) | (63 | ) | (34 | ) | ||
Non-deductible expenses and other | 3 | (1 | ) | (1 | ) | |||
Section 162(m) limitation | 4 | (2 | ) | — | ||||
Stock-based compensation | 16 | (8 | ) | (4 | ) | |||
Discrete item for state taxes | (4 | ) | 8 | — | ||||
Discrete items for other | 1 | (2 | ) | (1 | ) | |||
Effective income tax rate | 24 | % | (26 | )% | (10 | )% |
2014 | 2013 | 2012 | |||||||||
Beginning balance at January 1, | $ | 266 | $ | 266 | $ | — | |||||
Additions based on tax positions related to the current year | — | — | 266 | ||||||||
Reductions based on tax positions related to the prior year | (266 | ) | — | — | |||||||
Reductions for tax positions due to expiration of statute of limitations | — | — | — | ||||||||
Ending balance at December 31, | $ | — | $ | 266 | $ | 266 |
|
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Shares purchased | 13 | 6 | 6 | ||||||||
Average price per share | $ | 6.24 | $ | 4.90 | $ | 4.51 |
Year Ended December 31, 2014 | ||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Contractual Life (In years) | Aggregate Intrinsic Value (In thousands) | |||||||||
Outstanding at December 31, 2012 | 2,336 | $ | 7.64 | |||||||||
Granted | 1,508 | $ | 2.67 | |||||||||
Exercised | (11 | ) | $ | 5.62 | ||||||||
Forfeited/Cancelled | (220 | ) | $ | 7.61 | ||||||||
Outstanding at December 31, 2013 | 3,613 | $ | 5.57 | |||||||||
Granted | 579 | $ | 6.25 | |||||||||
Exercised | (223 | ) | $ | 5.53 | ||||||||
Forfeited/Cancelled | (288 | ) | $ | 7.86 | ||||||||
Outstanding at December 31, 2014 | 3,681 | $ | 5.50 | 7.15 | $ | 18,276 | ||||||
Vested or expected to vest at December 31, 2014 | 3,632 | $ | 5.51 | 7.13 | $ | 18,002 | ||||||
Exercisable at December 31, 2014 | 1,878 | $ | 6.78 | 5.89 | $ | 7,371 |
Weighted Average Grant Date | ||||||
Non-vested Options | Shares | Fair Market Value | ||||
Non-vested at December 31, 2013 | 1,942 | $ | 1.90 | |||
Granted | 579 | $ | 3.68 | |||
Vested | (701 | ) | $ | 3.03 | ||
Forfeited/Cancelled | (17 | ) | $ | 2.68 | ||
Non-vested at December 31, 2014 | 1,803 | $ | 2.43 |
Range of Exercise Price | Options Outstanding at December 31, 2014 | |
$2.37 – $3.99 | 1,488 | |
$5.37 – $7.19 | 1,167 | |
$8.20 – $9.03 | 976 | |
$23.85 – $35.42 | 50 | |
$2.37 – $35.42 | 3,681 |
Weighted Average Grant Date | ||||||
Non-vested Restricted Stock | Shares | Fair Market Value | ||||
Non-vested at December 31, 2013 | 345 | $ | 6.83 | |||
Granted | 201 | $ | 7.08 | |||
Vested | (255 | ) | $ | 6.16 | ||
Forfeited/Cancelled | (1 | ) | $ | 8.53 | ||
Non-vested at December 31, 2014 | 290 | $ | 7.57 |
|
|
Amount of Gain or (Loss) Reclassified from AOCL into Income | Amount of Gain or (Loss) Recognized in Income | ||||||||||||||||||||||
(effective portion) | (ineffective portion) | ||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Location of Loss Reclassified from AOCL into Income | |||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | 3,440 | $ | — | $ | — | $ | — |
|
Significant Other Unobservable Inputs December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 | Total Losses | Level 3 | Total Losses | |||||||||||||
Recurring Fair Value Measure | ||||||||||||||||
Contingent purchase price consideration for acquired businesses | $ | 1,768 | $ | — | $ | — | $ | — |
Balance, December 31, 2013 | $ | — | ||
Additions related to acquisitions | 2,110 | |||
Payments | (342 | ) | ||
Adjustments included in earnings | — | |||
Balance, December 31, 2014 | $ | 1,768 |
|
Balance at Beginning of Period | Charges to Cost and Expenses | Deductions (1) | Balance at End of Period | ||||||||||||
Year ended December 31, 2014 | |||||||||||||||
Allowance for accounts receivable | $ | 2,517 | $ | 546 | $ | (650 | ) | $ | 2,413 | ||||||
Year ended December 31, 2013 | |||||||||||||||
Allowance for accounts receivable | $ | 2,634 | $ | 636 | $ | (753 | ) | $ | 2,517 | ||||||
Year ended December 31, 2012 | |||||||||||||||
Allowance for accounts receivable | $ | 3,309 | $ | 456 | $ | (1,131 | ) | $ | 2,634 |
(1) | Deductions represent uncollectible accounts written-off net of recoveries. |
|
Buildings | 10-20 years | |
Leasehold improvements | 10-20 years or lease term, if shorter | |
Machinery and equipment | 3-7 years | |
Furniture and fixtures | 3-7 years |
|
Buildings | 10-20 years | |
Leasehold improvements | 10-20 years or lease term, if shorter | |
Machinery and equipment | 3-7 years | |
Furniture and fixtures | 3-7 years |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Service Sales | |||||||||||
Onsite Services(1) | $ | 135,020 | $ | 121,550 | $ | 108,817 | |||||
Traditional Reprographics | 113,179 | 116,673 | 126,785 | ||||||||
Color | 90,310 | 83,601 | 79,080 | ||||||||
Digital | 33,375 | 33,534 | 35,578 | ||||||||
Total services sales | 371,884 | 355,358 | 350,260 | ||||||||
Equipment and Supplies Sales | 51,872 | 51,837 | 55,858 | ||||||||
Total net sales | $ | 423,756 | $ | 407,195 | $ | 406,118 |
(1) | Represents work done at the Company’s customer sites which includes Facilities Management (“FM”) and Managed Print Services (“MPS”). |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
U.S. | Foreign Countries | Total | U.S. | Foreign Countries | Total | U.S. | Foreign Countries | Total | ||||||||||||||||||||||||||||
Revenues from external customers | $ | 364,382 | $ | 59,374 | $ | 423,756 | $ | 354,995 | $ | 52,200 | $ | 407,195 | $ | 353,763 | $ | 52,355 | $ | 406,118 | ||||||||||||||||||
Long-lived assets, net, excluding intangible assets | $ | 51,826 | $ | 7,694 | $ | 59,520 | $ | 48,319 | $ | 7,862 | $ | 56,181 | $ | 48,486 | $ | 7,985 | $ | 56,471 |
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Weighted average assumptions used: | |||||||||
Risk free interest rate | 2.12 | % | 1.36 | % | 1.17 | % | |||
Expected volatility | 57.3 | % | 59.7 | % | 54.8 | % | |||
Expected dividend yield | — | % | — | % | — | % |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Weighted average common shares outstanding during the period — basic | 46,245 | 45,856 | 45,668 | |||||
Effect of dilutive stock options | 843 | — | — | |||||
Weighted average common shares outstanding during the period — diluted | 47,088 | 45,856 | 45,668 |
|
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Employee termination costs | $ | — | $ | 15 | $ | 784 | ||||
Estimated lease termination and obligation costs | 554 | 1,803 | 2,168 | |||||||
Other restructuring expenses | 223 | 726 | 368 | |||||||
Total restructuring expenses | $ | 777 | $ | 2,544 | $ | 3,320 |
Balance, December 31, 2012 | $ | 2,299 | |
Restructuring expenses | 2,544 | ||
Payments | (4,304 | ) | |
Balance, December 31, 2013 | $ | 539 | |
Restructuring expenses | 777 | ||
Payments | (1,203 | ) | |
Balance, December 31, 2014 | $ | 113 |
|
Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2013 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2013 | 405,558 | 192,950 | 212,608 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2014 | $ | 405,558 | $ | 192,950 | $ | 212,608 |
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,606 | $ | 76,298 | $ | 23,308 | $ | 97,775 | $ | 70,495 | $ | 27,280 | |||||||||||
Trade names and trademarks | 20,370 | 19,837 | 533 | 20,375 | 19,799 | 576 | |||||||||||||||||
$ | 119,976 | $ | 96,135 | $ | 23,841 | $ | 118,150 | $ | 90,294 | $ | 27,856 |
2015 | $ | 5,663 | |
2016 | 4,844 | ||
2017 | 4,279 | ||
2018 | 3,865 | ||
2019 | 3,145 | ||
Thereafter | 2,045 | ||
$ | 23,841 |
|
December 31, | |||||||
2014 | 2013 | ||||||
Machinery and equipment | $ | 254,206 | $ | 241,626 | |||
Buildings and leasehold improvements | 16,399 | 17,255 | |||||
Furniture and fixtures | 3,612 | 3,936 | |||||
274,217 | 262,817 | ||||||
Less accumulated depreciation | (214,697 | ) | (206,636 | ) | |||
$ | 59,520 | $ | 56,181 |
|
December 31, | |||||||
2014 | 2013 | ||||||
Term A loan facility maturing 2019; 2.74% interest rate at December 31, 2014 | $ | 173,000 | $ | — | |||
Term B loan facility maturing 2018, net of original issue discount of $4,000 (repaid); 6.25% interest rate at December 31, 2013 | — | 196,000 | |||||
Various capital leases; weighted average interest rate of 6.8% and 7.5% at December 31, 2014 and 2013; principal and interest payable monthly through November 2020 | 28,789 | 21,516 | |||||
Borrowings from foreign revolving credit facilities; 0.6% interest rate at December 31, 2014 and 2013 | 1,897 | 1,811 | |||||
Various other notes payable with a weighted average interest rate of 6.5% and 6.4% at December 31, 2014 and 2013, respectively; principal and interest payable monthly through June 2016 | 199 | 401 | |||||
203,885 | 219,728 | ||||||
Less current portion | (27,969 | ) | (21,500 | ) | |||
$ | 175,916 | $ | 198,228 |
Long-Term Debt | Capital Lease Obligations | ||||||
Year ending December 31: | |||||||
2015 | $ | 17,536 | $ | 10,433 | |||
2016 | 17,560 | 8,035 | |||||
2017 | 17,500 | 6,047 | |||||
2018 | 17,500 | 3,395 | |||||
2019 | 105,000 | 801 | |||||
Thereafter | — | 78 | |||||
$ | 175,096 | $ | 28,789 |
|
Year ending December 31: | ||||
2015 | $ | 16,925 | ||
2016 | 13,198 | |||
2017 | 10,415 | |||
2018 | 5,351 | |||
2019 | 2,681 | |||
Thereafter | 1,720 | |||
$ | 50,290 |
|
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 59 | ||||||
State | 86 | 264 | 370 | |||||||||
Foreign | 392 | 354 | 322 | |||||||||
478 | 618 | 751 | ||||||||||
Deferred: | ||||||||||||
Federal | 1,453 | 1,898 | 1,356 | |||||||||
State | 343 | 869 | 489 | |||||||||
Foreign | 74 | (399 | ) | 188 | ||||||||
1,870 | 2,368 | 2,033 | ||||||||||
Income tax provision | $ | 2,348 | $ | 2,986 | $ | 2,784 |
December 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Financial statement accruals not currently deductible | $ | 3,661 | $ | 3,217 | |||
Accrued vacation | 914 | 763 | |||||
Deferred revenue | 420 | 418 | |||||
State taxes | 62 | 162 | |||||
Fixed assets | 8,004 | 6,408 | |||||
Goodwill and other identifiable intangibles | 25,079 | 32,111 | |||||
Stock-based compensation | 5,098 | 6,061 | |||||
Federal tax net operating loss carryforward | 33,005 | 31,817 | |||||
State tax net operating loss carryforward, net | 5,179 | 4,584 | |||||
State tax credits, net | 994 | 942 | |||||
Foreign tax credit carryforward | 506 | 249 | |||||
Foreign tax net operating loss carryforward | 455 | 361 | |||||
Gross deferred tax assets | 83,377 | 87,093 | |||||
Less: valuation allowance | (81,989 | ) | (85,551 | ) | |||
Net deferred tax assets | 1,388 | 1,542 | |||||
Deferred tax liabilities: | |||||||
Goodwill and other identifiable intangibles | $ | (33,463 | ) | $ | (31,667 | ) | |
Net deferred tax liabilities | $ | (32,075 | ) | $ | (30,125 | ) |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||
State taxes, net of federal benefit | 4 | 3 | 1 | |||||
Foreign taxes | 1 | 4 | 2 | |||||
Goodwill impairment | — | — | (8 | ) | ||||
Valuation allowance | (36 | ) | (63 | ) | (34 | ) | ||
Non-deductible expenses and other | 3 | (1 | ) | (1 | ) | |||
Section 162(m) limitation | 4 | (2 | ) | — | ||||
Stock-based compensation | 16 | (8 | ) | (4 | ) | |||
Discrete item for state taxes | (4 | ) | 8 | — | ||||
Discrete items for other | 1 | (2 | ) | (1 | ) | |||
Effective income tax rate | 24 | % | (26 | )% | (10 | )% |
2014 | 2013 | 2012 | |||||||||
Beginning balance at January 1, | $ | 266 | $ | 266 | $ | — | |||||
Additions based on tax positions related to the current year | — | — | 266 | ||||||||
Reductions based on tax positions related to the prior year | (266 | ) | — | — | |||||||
Reductions for tax positions due to expiration of statute of limitations | — | — | — | ||||||||
Ending balance at December 31, | $ | — | $ | 266 | $ | 266 |
|
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Shares purchased | 13 | 6 | 6 | ||||||||
Average price per share | $ | 6.24 | $ | 4.90 | $ | 4.51 |
Year Ended December 31, 2014 | ||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Contractual Life (In years) | Aggregate Intrinsic Value (In thousands) | |||||||||
Outstanding at December 31, 2012 | 2,336 | $ | 7.64 | |||||||||
Granted | 1,508 | $ | 2.67 | |||||||||
Exercised | (11 | ) | $ | 5.62 | ||||||||
Forfeited/Cancelled | (220 | ) | $ | 7.61 | ||||||||
Outstanding at December 31, 2013 | 3,613 | $ | 5.57 | |||||||||
Granted | 579 | $ | 6.25 | |||||||||
Exercised | (223 | ) | $ | 5.53 | ||||||||
Forfeited/Cancelled | (288 | ) | $ | 7.86 | ||||||||
Outstanding at December 31, 2014 | 3,681 | $ | 5.50 | 7.15 | $ | 18,276 | ||||||
Vested or expected to vest at December 31, 2014 | 3,632 | $ | 5.51 | 7.13 | $ | 18,002 | ||||||
Exercisable at December 31, 2014 | 1,878 | $ | 6.78 | 5.89 | $ | 7,371 |
Weighted Average Grant Date | ||||||
Non-vested Options | Shares | Fair Market Value | ||||
Non-vested at December 31, 2013 | 1,942 | $ | 1.90 | |||
Granted | 579 | $ | 3.68 | |||
Vested | (701 | ) | $ | 3.03 | ||
Forfeited/Cancelled | (17 | ) | $ | 2.68 | ||
Non-vested at December 31, 2014 | 1,803 | $ | 2.43 |
Range of Exercise Price | Options Outstanding at December 31, 2014 | |
$2.37 – $3.99 | 1,488 | |
$5.37 – $7.19 | 1,167 | |
$8.20 – $9.03 | 976 | |
$23.85 – $35.42 | 50 | |
$2.37 – $35.42 | 3,681 |
Weighted Average Grant Date | ||||||
Non-vested Restricted Stock | Shares | Fair Market Value | ||||
Non-vested at December 31, 2013 | 345 | $ | 6.83 | |||
Granted | 201 | $ | 7.08 | |||
Vested | (255 | ) | $ | 6.16 | ||
Forfeited/Cancelled | (1 | ) | $ | 8.53 | ||
Non-vested at December 31, 2014 | 290 | $ | 7.57 |
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Amount of Gain or (Loss) Reclassified from AOCL into Income | Amount of Gain or (Loss) Recognized in Income | ||||||||||||||||||||||
(effective portion) | (ineffective portion) | ||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Location of Loss Reclassified from AOCL into Income | |||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | 3,440 | $ | — | $ | — | $ | — |
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Significant Other Unobservable Inputs December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 | Total Losses | Level 3 | Total Losses | |||||||||||||
Recurring Fair Value Measure | ||||||||||||||||
Contingent purchase price consideration for acquired businesses | $ | 1,768 | $ | — | $ | — | $ | — |
Balance, December 31, 2013 | $ | — | ||
Additions related to acquisitions | 2,110 | |||
Payments | (342 | ) | ||
Adjustments included in earnings | — | |||
Balance, December 31, 2014 | $ | 1,768 |
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