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Equity Method Investments | 12 Months Ended
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Dec. 31, 2012
Equity Method Investments |
Equity Method Investments | Note 8—Equity Method Investments WesPac Energy LLC On July 1, 2010, the Company acquired a 50% membership interest in WesPac Energy LLC, a Nevada limited liability company (“WesPac”), from Kealine Holdings, LLC (“Kealine”), a Nevada limited liability company. Kealine holds the remaining 50% membership interest in WesPac. We have no future obligation to make any additional investments into WesPac. All key investment, management and operating decisions of WesPac require unanimous approval from a management committee equally represented by Kealine and us. The Company believes the ownership interest in WesPac will broaden our exposure to a variety of pipeline, terminal and energy-related infrastructure opportunities across North America. The following is a summary of the financial position and results as of and for the period ended December 31:
|  | 2012 |  | 2011 |
WesPac Energy, LLC |  |  |  |  |
Balance sheet data: |  |  |  |  |
Assets |  | $ | 16,896 |  | $ | 20,147 |
Liabilities |  | 1,063 |  | 1,820 |
Net assets |  | $ | 15,833 |  | $ | 18,327 |
Company’s equity investment in affiliate |  | $ | 11,463 |  | $ | 12,415 |
Earnings data: |  |  |  |  |
Revenue |  | $ | 552 |  | $ | 1,717 |
Expenses |  | 2,455 |  | 9,303 |
Earnings before taxes |  | $ | (1,903 | ) | $ | (7,586 | )
Company’s equity in earnings |  | $ | (952 | ) | $ | (3,793 | )
In December 2012, WesPac expensed $1,100 for three abandoned projects and the Company recorded its 50% share of the expense. At the end of 2011, a major oil refining third party terminated two potential projects. WesPac expensed $5,400 in 2011. In December 2011, the Company recorded its 50% share of expenses required by the equity method of accounting and reduced its $5,000 basis difference by $1,700 to recognize an estimate for an other than temporary decrease in the value of its basis difference between the Company’s original investment and its pro-rata share of the WesPac equity. St. — Bernard Levee Partners The Company acquired a 30% interest in St. — Bernard Levee Partners (“Bernard”) in the fourth quarter 2009 and accounts for this investment under the equity method. Bernard engages in construction activities in Louisiana. Bernard distributed $4,200 and $36,955 to its equity holders during the twelve months ended December 31, 2012 and 2011, respectively, of which the Company’s share, as calculated under the joint venture agreement, was $1,260 and $10,022 for the same periods in 2012 and 2011, respectively. The following is a summary of the financial position and results as of and for the years ended December 31:
|  | 2012 |  | 2011 |
St. Bernard Levee Partners |  |  |  |  |
Balance sheet data: |  |  |  |  |
Assets |  | $ | 592 |  | $ | 5,677 |
Liabilities |  | 86 |  | 4,771 |
Net assets |  | $ | 506 |  | $ | 906 |
Company’s equity investment in affiliate |  | $ | 150 |  | $ | 272 |
Earnings data: |  |  |  |  |
Revenue |  | $ | 4,026 |  | $ | 72,822 |
Expenses |  | 227 |  | 39,650 |
Earnings before taxes |  | $ | 3,799 |  | $ | 33,172 |
Company’s equity in earnings |  | $ | 1,138 |  | $ | 9,415 |
Alvah, Inc. On November 17, 2012, the Company acquired a 49% membership interest in Alvah, Inc., a California corporation (“Alvah”), as part of the acquisition of Q3 Contracting, Inc. Alvah is engaged in electrical contracting activities, primarily in Northern California and worked as a subcontractor for ARB prior to and after the acquisition. In December 2012, Alvah distributed $200, of which the Company’s share was $98. During 2012, payments made to Alvah as a subcontractor by ARB and Q3C amounted to $6,377 and $537, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 + Details
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