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Contingent Earnout Liabilities | 6 Months Ended
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Jun. 30, 2015
Contingent Earnout Liabilities |
Contingent Earnout Liabilities | Note 12 — Contingent Earnout Liabilities In March 2014, the Company paid $5,000 to the sellers of Q3C based on achievement of the 2013 operating performance targets. The sellers were paid an additional $5,000 in March 2015 based on achieving an operating performance target for the calendar year 2014. In June 2014, the Company acquired the assets of Vadnais Company for $6,354 in cash plus an earnout of $900, with $450 payable in 2015 and $450 payable in 2016, contingent upon meeting a certain performance targets for each of the two years. The estimated fair value of the contingent consideration on the acquisition date was $679 and $755 at June 30, 2015. During the third quarter 2014, the Company made three small purchases totaling $8.2 million in cash for the net assets of Surber Roustabout, LLC, Ram-Fab, LLC and Williams Testing, LLC. The Surber purchase provided a contingent earnout amount of up to $1.4 million over a 3-year period, which had an estimated fair value of $1.0 million on the acquisition date and $1,057 as of June 30, 2015. The Ram-Fab purchase included a $0.2 million contingent earnout based on estimated earnings of a six-month operating project. Because the operating results for the Ram-Fab project were not met during the acquisition measurement period, the contingent earnout liability was reduced and the value of intangible assets of the acquisition was reduced by the same amount.

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