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Related Party Transactions
 9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

We sell installation services to other companies related through common or affiliated ownership. We also purchase services and materials and pay rent to companies with common or related ownership.

 

We lease our headquarters and other facilities from certain related parties. See Note 10, Commitments and Contingencies, for future minimum lease payments to be paid to these related parties.

For the three and nine months ended September 30, 2014 and 2013, the amount of sales to common or related parties as well as the purchases from and rent expense paid to these common or related parties were as follows:

 

     Three months ended      Nine months ended  
     September 30,      September 30,  
     2014      2013      2014      2013  

Sales

    $ 1,577       $ 317       $ 3,885       $ 901   

Purchases

      513         2,908         2,836         9,622   

Rent

      162         173         446         518   

During the second quarter of 2014, we appointed a new member of our Board of Directors who is also the CEO of M/I Homes, Inc. (NYSE: MHO), one of our customers. As a result, we have included all sales to this customer in 2014 in the above table. We paid this director fees of $50 in the form of restricted stock awards and $13 in the form of cash compensation during the nine months ended September 30, 2014. See Note 7, Employee Benefits, “Share-Based Compensation,” for further information.

As a result of our acquisition of TCI Contracting, LLC (“TCI”) in 2012, one of our existing suppliers became classified as a related party until a change in ownership of the supplier during the three months ended September 30, 2014 resulted in an end to such classification. While still classified as a related party to us, purchases made from this supplier during the three months ended September 30, 2014 and 2013 were $439 and $2,845, respectively, and $2,572 and $9,504 for the nine months ended September 30, 2014 and 2013, respectively, and are included in total related party purchases in the preceding table.

The Company maintains a receivable from IBP Holding Company in the amount of approximately $600 as of September 30, 2014, included in other current assets on the Condensed Consolidated Balance Sheet. The receivable represents amounts owed to us for wages and related expenses paid by the Company during 2011 to former employees of IBP Holding Company. See Item 8. Financial Statements and Supplementary Data, Note 1, Organization and Recapitalization, within our Annual Report on Form 10-K for the year ended December 31, 2013, for further information on IBP Holding Company.