Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Components of Balance Sheet Accounts Classified as Assets and Liabilities of Discontinued Operations

The table below presents the components of the balance sheet accounts associated with the OCTG business as of December 31, 2013 (in thousands). All sold assets and liabilities were transferred to the buyer as of March 30, 2014.


	December 31, 2013
Assets:
Trade and other receivables, net	$	11,673
Inventories		44,668
Prepaid expenses and other		206

Total current assets		56,547
Property and equipment, net		11,509

Total assets		68,056


Liabilities:
Current portion of capital lease obligations		1,289
Accounts payable		3,013
Accrued liabilities		1,466
Deferred revenue		4,505

Total current liabilities		10,273
Capital lease obligations, less current portion		4,075

Total liabilities	$	14,348

Summary of Operating Results for Company's Discontinued Operations

The table below presents the operating results for the Company’s discontinued operations (in thousands). These operating results for 2014, 2013 and 2012 do not necessarily reflect what they would have been had the OCTG business not been classified as a discontinued operation.


	Year Ended December 31,
	2014			2013			2012
Net sales	$	22,225		$	116,111			135,601
Cost of sales		23,881			123,888			138,511

Gross loss		(1,656	)		(7,777	)		(2,910	)
Selling, general, and administrative		396			1,509			816
Impairment of fixed assets		—			27,500			—

Operating loss		(2,052	)		(36,786	)		(3,726	)

Loss on sale of business		(13,497	)		—			—
Interest income		—			47			13
Interest expense		(99	)		(344	)		(411	)

Loss before income taxes		(15,648	)		(37,083	)		(4,124	)
Income tax benefit		(3,934	)		(14,484	)		(2,867	)

Net loss	$	(11,714	)	$	(22,599	)	$	(1,257	)

Summary of Earnings (Loss) per Basic and Diluted Weighted Average Common Shares Outstanding

Earnings (loss) per basic and diluted weighted average common shares outstanding was calculated as follows for the years ended December 31 (in thousands, except per share data):


	2014			2013			2012
Income (loss) from continuing operations	$	(6,173	)	$	21,676		$	17,501
Loss from discontinued operations		(11,714	)		(22,599	)		(1,257	)

Net income (loss)	$	(17,887	)	$	(923	)	$	16,244

Basic weighted-average common shares outstanding		9,515			9,445			9,377
Effect of potentially dilutive common shares(1)		—			89			68

Diluted weighted-average common shares outstanding		9,515			9,534			9,445

Earnings (loss) per basic common share:
Continuing operations	$	(0.65	)	$	2.29		$	1.87
Discontinued operations		(1.23	)		(2.39	)		(0.14	)

Total	$	(1.88	)	$	(0.10	)	$	1.73

Earnings (loss) per diluted common share:
Continuing operations	$	(0.65	)	$	2.27		$	1.85
Discontinued operations		(1.23	)		(2.37	)		(0.13	)

Total	$	(1.88	)	$	(0.10	)	$	1.72

Antidilutive shares excluded from net earnings per diluted common share calculation		65			93			92

(1)	Represents the effect of the assumed exercise of stock options and the vesting of restricted stock units and performance stock awards, based on the treasury stock method.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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