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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2014
Basis of Presentation and Summary of Significant Accounting Policies |
Summary of net income attributable to Exterran common stockholders used in the calculation of basic and diluted income per common share | The following table summarizes net income attributable to Exterran common stockholders used in the calculation of basic and diluted income per common share (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Income from continuing operations attributable to Exterran stockholders |  | $ | 16,047 |  | $ | 25,856 |  | $ | 24,524 |  | $ | 52,986 |
Income from discontinued operations, net of tax |  | 18,003 |  | 15,121 |  | 54,499 |  | 47,531 |
Less: Net income attributable to participating securities |  | (448 | ) | (754 | ) | (1,157 | ) | (2,793 | )
Net income attributable to Exterran common stockholders |  | $ | 33,602 |  | $ | 40,223 |  | $ | 77,866 |  | $ | 97,724 |
Schedule of potential shares of common stock that were included in computing diluted income attributable to Exterran common stockholders per common share | The following table shows the potential shares of common stock that were included in computing diluted income attributable to Exterran common stockholders per common share (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Weighted average common shares outstanding including participating securities |  | 67,347 |  | 65,780 |  | 66,820 |  | 66,218 |
Less: Weighted average participating securities outstanding |  | (915 | ) | (1,211 | ) | (959 | ) | (1,840 | )
Weighted average common shares outstanding — used in basic income per common share |  | 66,432 |  | 64,569 |  | 65,861 |  | 64,378 |
Net dilutive potential common shares issuable: |  |  |  |  |  |  |  |  |
On exercise of options and vesting of restricted stock units |  | 468 |  | 565 |  | 527 |  | 537 |
On settlement of employee stock purchase plan shares |  | — |  | 2 |  | — |  | 2 |
On exercise of warrants |  | 3,506 |  | ** |  | 2,929 |  | ** |
On conversion of 4.25% convertible senior notes due 2014 |  | * |  | ** |  | ** |  | ** |
On conversion of 4.75% convertible senior notes due 2014 |  | * |  | * |  | * |  | ** |
Weighted average common shares outstanding — used in diluted income per common share |  | 70,406 |  | 65,136 |  | 69,317 |  | 64,917 |
* Not applicable as the debt instrument was not outstanding during the period. ** Excluded from diluted income per common share as their inclusion would have been anti-dilutive.
Schedule of potential shares of common stock issuable, excluded from computation of diluted income attributable to Exterran common stockholders per common share | The following table shows the potential shares of common stock issuable that were excluded from computing diluted income attributable to Exterran common stockholders per common share as their inclusion would have been anti-dilutive (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net dilutive potential common shares issuable: |  |  |  |  |  |  |  |  |
On exercise of options where exercise price is greater than average market value for the period |  | 326 |  | 681 |  | 470 |  | 783 |
On exercise of options and vesting of restricted stock units |  | — |  | — |  | — |  | — |
On settlement of employee stock purchase plan shares |  | — |  | — |  | — |  | — |
On exercise of warrants |  | — |  | 12,426 |  | — |  | 12,426 |
On conversion of 4.25% convertible senior notes due 2014 |  | — |  | 15,334 |  | 9,431 |  | 15,334 |
On conversion of 4.75% convertible senior notes due 2014 |  | — |  | — |  | — |  | 160 |
Net dilutive potential common shares issuable |  | 326 |  | 28,441 |  | 9,901 |  | 28,703 |
Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax, excluding noncontrolling interest | The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax, and excluding noncontrolling interest, during the nine months ended September 30, 2013 and 2014 (in thousands):
|  | Derivatives Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total |
Accumulated other comprehensive income (loss), January 1, 2013 |  | $ | (2,984 | ) | $ | 26,893 |  | $ | 23,909 |
Loss recognized in other comprehensive income (loss), net of tax |  | (633 | )(1) | (3,640 | )(3) | (4,273 | )
Loss reclassified from accumulated other comprehensive income (loss), net of tax |  | 1,643 | (2) | 7,491 | (4) | 9,134 |
Other comprehensive income attributable to Exterran stockholders |  | 1,010 |  | 3,851 |  | 4,861 |
Accumulated other comprehensive income (loss), September 30, 2013 |  | $ | (1,974 | ) | $ | 30,744 |  | $ | 28,770 |
Accumulated other comprehensive income (loss), January 1, 2014 |  | $ | (1,346 | ) | $ | 31,424 |  | $ | 30,078 |
Loss recognized in other comprehensive income (loss), net of tax |  | (439 | )(5) | (6,519 | )(7) | (6,958 | )
Loss reclassified from accumulated other comprehensive income (loss), net of tax |  | 1,243 | (6) | — |  | 1,243 |
Other comprehensive income (loss) attributable to Exterran stockholders |  | 804 |  | (6,519 | ) | (5,715 | )
Accumulated other comprehensive income (loss), September 30, 2014 |  | $ | (542 | ) | $ | 24,905 |  | $ | 24,363 |
(1) During the three months ended September 30, 2013, we recognized a loss of $0.9 million and a tax benefit of $0.3 million, in other comprehensive income (loss), net of tax, related to changes in the fair value of derivative financial instruments. During the nine months ended September 30, 2013, we recognized a loss of $0.8 million and a tax benefit of $0.2 million, in other comprehensive income (loss), net of tax, related to changes in the fair value of derivative financial instruments. (2) During the three months ended September 30, 2013, we reclassified a $0.8 million loss to interest expense and a tax benefit of $0.3 million to provision for income taxes in our condensed consolidated statements of operations from accumulated other comprehensive income (loss). During the nine months ended September 30, 2013, we reclassified a $2.5 million loss to interest expense and a tax benefit of $0.9 million to provision for income taxes in our condensed consolidated statements of operations from accumulated other comprehensive income (loss). (3) During the three and nine months ended September 30, 2013, we recognized a gain of $2.5 million and a loss of $3.6 million, respectively, in other comprehensive income (loss), net of tax, related to changes in foreign currency translation adjustment. (4) During the three months ended September 30, 2013, we reclassified a loss of $5.1 million related to foreign currency translation adjustment to income from discontinued operations, net of tax, in our condensed consolidated statement of operations. During the nine months ended September 30, 2013, we reclassified losses of $5.1 million and $2.4 million related to foreign currency translation adjustments to income from discontinued operations, net of tax, and long-lived asset impairment, respectively, in our condensed consolidated statements of operations. These amounts represent cumulative foreign currency translation adjustments associated with our contract operations and aftermarket services businesses in Canada (“Canadian Operations”) and a United Kingdom entity that previously had been recognized in accumulated other comprehensive income (loss). See Note 2 for further discussion of the sale of our Canadian Operations. Additionally, as discussed in Note 10, we sold the entity that owned our fabrication facility in the United Kingdom in July 2013 and, we recognized an impairment during the nine months ended September 30, 2013 based on the net transaction value set forth in our agreement to sell this entity. (5) During the three months ended September 30, 2014, we recognized a gain of $0.3 million and a tax provision of $0.1 million, in other comprehensive income (loss), net of tax, related to changes in the fair value of derivative financial instruments. During the nine months ended September 30, 2014, we recognized a loss of $0.7 million and a tax benefit of $0.3 million, in other comprehensive income (loss), net of tax, related to changes in the fair value of derivative financial instruments. (6) During the three months ended September 30, 2014, we reclassified a $0.7 million loss to interest expense and a tax benefit of $0.3 million to provision for income taxes in our condensed consolidated statements of operations from accumulated other comprehensive income (loss). During the nine months ended September 30, 2014, we reclassified a $1.9 million loss to interest expense and a tax benefit of $0.7 million to provision for income taxes in our condensed consolidated statements of operations from accumulated other comprehensive income (loss). (7) During the three and nine months ended September 30, 2014, we recognized a loss of $6.3 million and $6.5 million, respectively, in other comprehensive income (loss), net of tax, related to changes in foreign currency translation adjustment.
Summary of carrying amount and fair value of debt | The following table summarizes the carrying amount and fair value of our debt as of September 30, 2014 and December 31, 2013 (in thousands):
|  | September 30, 2014 |  | December 31, 2013 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Fixed rate debt |  | $ | 1,041,233 |  | $ | 1,049,000 |  | $ | 1,040,155 |  | $ | 1,070,000 |
Floating rate debt |  | 916,500 |  | 917,000 |  | 462,000 |  | 462,000 |
Total debt |  | $ | 1,957,733 |  | $ | 1,966,000 |  | $ | 1,502,155 |  | $ | 1,532,000 |

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