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Note 2 - Revision of Previously Issued Financial Statements | 3 Months Ended
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Mar. 31, 2018
Notes to Financial Statements |
Accounting Changes and Error Corrections [Text Block] |
2. | REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
As previously disclosed in note 2 to the Company’s consolidated financial statements included in the 2017 Form 10 -K, the Company changed its accounting for the capitalization of certain internal labor and related costs associated with construction and customer installation activities commencing in the first quarter of 2017. The Company initially classified the entire change as a change in accounting estimate. During the fourth quarter of 2017, the Company determined that a portion of what had previously been reflected as a change in estimate should have been categorized as a change in accounting principle, a portion was determined to be the correction of an error and a portion remained a change in estimate. The changes determined to be a change in estimate or change in accounting principle were applied prospectively for all of 2017. The Company estimates that the change in principle resulted in a decrease in operating expenses (excluding depreciation and amortization) of approximately $3.8 million and $3.9 million, a decrease in selling, general and administrative expenses of approximately $0.1 million and $0.1 million and an increase in depreciation and amortization expense of $0.2 million and $0.7 million for the three months ended March 31, 2017 and March 31, 2018, respectively, compared to the results under the prior principle. Although the Company determined the error to be immaterial to its previously issued financial statements, the cumulative effect of the error would have been material if corrected in 2017. Therefore, as disclosed in the 2017 Form 10 -K, the Company revised its historical financial statements to properly reflect the impact of the labor capitalization, including the related impact to depreciation expense and income taxes. In connection with this revision, the Company also corrected for other previously identified immaterial errors. The financial statements for the three months ended March 31, 2017 included in this Quarterly Report on Form 10 -Q have been similarly revised to reflect the correction of these errors and should be read in conjunction with note 2 and note 17 in the 2017 Form 10 -K. The following tables present the effect of the revision on the condensed consolidated financial statements for the three months ended March 31, 2017 ( in thousands, except per share data):
|  | Three Months Ended March 31, 2017 |
|  | As Reported |  |  | Adjustment |  |  | As Re vised |
Condensed Consolidated Statement of Operations and Comprehensive Income Information |
Selling, general and administrative |  | $ | 45,733 |  |  | $ | 523 |  |  | $ | 46,256 |
Depreciation and amortization |  |  | 38,404 |  |  |  | 1,132 |  |  |  | 39,536 |
Total costs and expenses |  |  | 147,074 |  |  |  | 1,655 |  |  |  | 148,729 |
Income from operations |  |  | 60,353 |  |  |  | (1,655 | ) |  |  | 58,698 |
Income before income taxes |  |  | 53,034 |  |  |  | (1,655 | ) |  |  | 51,379 |
Income tax provision |  |  | 19,819 |  |  |  | (629 | ) |  |  | 19,190 |
Net income |  |  | 33,215 |  |  |  | (1,026 | ) |  |  | 32,189 |
Comprehensive income |  | $ | 33,217 |  |  | $ | (1,026 | ) |  | $ | 32,191 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 5.86 |  |  | $ | (0.18 | ) |  | $ | 5.68 |
Diluted |  | $ | 5.80 |  |  | $ | (0.18 | ) |  | $ | 5.62 |
Condensed Consolidated Statement of Cash Flows Information |
Net income |  | $ | 33,215 |  |  | $ | (1,026 | ) |  | $ | 32,189 |
Depreciation and amortization |  |  | 38,404 |  |  |  | 1,132 |  |  |  | 39,536 |
Accounts receivable, net |  |  | 6,034 |  |  |  | 523 |  |  |  | 6,557 |
Change in deferred income taxes |  |  | 472 |  |  |  | (629 | ) |  |  | (157 | )
Net cash provided by operating activities |  | $ | 78,260 |  |  | $ | - |  |  | $ | 78,260 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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