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Equity Method Investments | 6 Months Ended
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Jun. 30, 2013
Equity Method Investments |
Equity Method Investments | Note 7—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. WesPac develops pipeline and terminal projects in the United States, Canada and Mexico. 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 broadens its exposure to construction opportunities across North America. The following is a summary of the financial position and results as of and for the periods ended:
|  | June 30, 2013 |  | December 31, 2012 |
WesPac Energy, LLC |  |  |  |  |
Balance sheet data |  |  |  |  |
Assets |  | $ | 16,176 |  | $ | 16,896 |
Liabilities |  | 773 |  | 1,063 |
Net assets |  | $ | 15,403 |  | $ | 15,833 |
Company’s equity investment |  | $ | 11,248 |  | $ | 11,463 |
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Earnings data: |  |  |  |  |  |  |  |  |
Revenue |  | $ | 50 |  | $ | 111 |  | $ | 89 |  | $ | 511 |
Expenses |  | $ | 288 |  | $ | 428 |  | $ | 519 |  | $ | 644 |
Earnings before taxes |  | $ | (238 | ) | $ | (317 | ) | $ | (430 | ) | $ | (133 | )
Company’s equity in earnings |  | $ | (119 | ) | $ | (159 | ) | $ | (215 | ) | $ | (67 | )
St.—Bernard Levee Partners The Company purchased a 30% interest in St.—Bernard Levee Partners (“Bernard”) in the fourth quarter 2009 for $300 and accounts for this investment under the equity method. Bernard engaged in construction activities in Louisiana, and all work was completed January 2013. Bernard distributed $490 and $4,200 to its equity holders during the six months ended June 30, 2013 and 2012, respectively, of which, the Company’s share, as calculated under the joint venture agreement, was $145 and $1,260 for the same periods in 2013 and 2012, respectively. The following is a summary of the financial position and results as of and for the periods ended:
|  | June 30, 2013 |  | December 31, 2012 |
St. — Bernard Levee Partners |  |  |  |  |
Balance sheet data |  |  |  |  |
Assets |  | $ | 22 |  | $ | 592 |
Liabilities |  | 22 |  | 86 |
Net assets |  | $ | — |  | $ | 506 |
Company’s equity investment |  | $ | — |  | $ | 150 |
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Earnings data: |  |  |  |  |  |  |  |  |
Revenue |  | $ | — |  | $ | 499 |  | $ | — |  | $ | 3,934 |
Expenses |  | $ | 16 |  | $ | 126 |  | $ | 16 |  | $ | 198 |
Earnings before taxes |  | $ | (16 | ) | $ | 373 |  | $ | (16 | ) | $ | 3,736 |
Company’s equity in earnings |  | $ | (5 | ) | $ | 112 |  | $ | (5 | ) | $ | 1,121 |
Alvah, Inc. As part of the acquisition of Q3C, the Company acquired a 49% membership interest in Alvah, Inc., a California corporation (“Alvah”). Alvah is engaged in electrical contracting activities, primarily in Northern California and worked as a subcontractor for ARB prior to the Q3C acquisition. Alvah has continued to work for ARB subsequent to the acquisition. In December 2012, Alvah distributed $200, of which the Company’s share was $98. During the three and six months ending June 30, 2013, payments made by ARB to Alvah were $1,423 and $2,909, respectively, and payments made by Q3C were $0 and $212, respectively. For the same periods in the prior year, ARB made payments of $908 and $2,153, respectively and Q3C made payments of $115 and $233, respectively. The following is a summary of the financial position and results as of and for the period ended:
|  | June 30, 2013 |  | December 31, 2012 |
Balance sheet data |  |  |  |  |
Assets |  | $ | 3,009 |  | $ | 2,177 |
Liabilities |  | 1,477 |  | 1,208 |
Net assets |  | $ | 1,532 |  | $ | 969 |
Company’s equity investment in venture |  | $ | 1,476 |  | $ | 1,200 |
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Earnings data: |  |  |  |  |  |  |  |  |
Revenue |  | $ | 3,292 |  | $ | — |  | $ | 6,008 |  | $ | — |
Expenses |  | $ | 3,474 |  | $ | — |  | $ | 5,445 |  | $ | — |
Earnings before taxes |  | $ | (182 | ) | $ | — |  | $ | 563 |  | $ | — |
Company’s equity in earnings |  | $ | (89 | ) | $ | — |  | $ | 276 |  | $ | — |
Because Alvah was not acquired until November 2012, there was no activity in the prior year.

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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 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 2: 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 3: 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 Reference 4: 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 5: 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. + Details
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