XML 29 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income (loss) $ (6,316,041) $ 15,671,879 $ 10,833,215
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 24,644,190 25,502,597 19,214,069
Gain on disposal of property and equipment (676,422) (1,069,766) (441,524)
Stock-based compensation 972,711 601,059 483,769
Deferred income taxes (3,308,713) 359,535 2,469,953
Changes in operating assets and liabilities      
Trade accounts receivable 24,086,780 (16,021,574) (2,442,223)
Cost and estimated earnings in excess of billings on uncompleted contracts 3,950,483 (1,121,420) (589,429)
Prepaid expenses and other 3,230,777 2,820,516 2,326,499
Prepaid federal and state income tax (3,777,853) 78,268 1,145,437
Other assets 3,755 (17,991) (18,035)
Trade accounts payable (9,439,503) 4,328,707 2,763,004
Accrued liabilities (2,856,390) 2,911,755 823,278
Billings in excess of cost and estimated earnings on uncompleted contracts (3,068,487) 2,814,863 (4,550,293)
Federal and state income tax payable (4,475,945) 2,424,634 2,156,447
Net cash provided by operating activities 22,969,342 39,283,062 34,174,167
Cash flows from investing activities      
Capital expenditures (1,848,678) (31,970,418) (22,011,503)
Proceeds from sale of property and equipment 1,181,180 1,704,722 740,658
Net cash used in investing activities (667,498) (30,265,696) (21,270,845)
Cash flows from financing activities      
Principal payments on notes payable (13,342,462) (11,338,097) (9,006,101)
Principal payments on capital lease obligations (2,069,661) (2,081,176) (1,348,164)
Proceeds from exercise of stock options 416,390 377,381 181,505
Purchase of treasury shares     (71)
Payment of dividends (939) (3,099,014)  
Net cash used in financing activities (14,996,672) (16,140,906) (10,172,831)
Net increase (decrease) in cash and cash equivalents 7,305,172 (7,123,540) 2,730,491
Effect of exchange rates on cash 210,958 (7,775) (57,435)
Cash and cash equivalents at beginning of year 8,614,244 15,745,559 13,072,503
Cash and cash equivalents at end of year 16,130,374 8,614,244 15,745,559
Supplemental cash flow information      
Interest paid 1,129,581 1,222,454 784,425
Income taxes paid 9,474,481 7,022,640 774,136
Noncash investing and financing activities      
Capital lease obligations incurred 626,187 2,935,514 1,953,263
Financed equipment purchase   22,201,800 6,765,619
Financed insurance premiums 3,237,881 3,050,024 2,336,121
Restricted stock awards to employees, net of cancellations 25,440 1,334,014 101,475
Stock awards to employees     225,000
Treasury shares issued for stock options exercised $ 560,090 $ 433,615