Document and Entity Information
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Jun. 30, 2013
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Jul. 26, 2013
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Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Mastech Holdings, Inc. | |
Entity Central Index Key | 0001437226 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,345,545 |
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Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Income Statement [Abstract] | ||||
Revenues | $ 28,935 | $ 25,312 | $ 55,940 | $ 49,766 |
Cost of revenues | 23,479 | 20,483 | 45,601 | 40,477 |
Gross profit | 5,456 | 4,829 | 10,339 | 9,289 |
Selling, general and administrative expenses | 4,190 | 4,058 | 8,136 | 7,922 |
Income from operations | 1,266 | 771 | 2,203 | 1,367 |
Interest income (expense), net | (29) | (17) | (54) | (33) |
Other income (expense), net | 33 | (16) | 45 | (23) |
Income before income taxes | 1,270 | 738 | 2,194 | 1,311 |
Income tax expense | 481 | 280 | 830 | 501 |
Net income | $ 789 | $ 458 | $ 1,364 | $ 810 |
Earnings per share: | ||||
Basic | $ 0.24 | $ 0.14 | $ 0.41 | $ 0.24 |
Diluted | $ 0.23 | $ 0.14 | $ 0.40 | $ 0.24 |
Weighted average common shares outstanding: | ||||
Basic | 3,344 | 3,158 | 3,343 | 3,320 |
Diluted | 3,431 | 3,269 | 3,427 | 3,427 |
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Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||||
Net income | $ 789 | $ 458 | $ 1,364 | $ 810 |
Other comprehensive income (loss): | ||||
Net unrealized gain/(loss) on cash flow hedges | (109) | 4 | (95) | 4 |
Income tax (expense)/benefit | 42 | (2) | 37 | (2) |
Total other comprehensive income (loss),net of taxes | (67) | 2 | (58) | 2 |
Total comprehensive income (loss) | $ 722 | $ 460 | $ 1,306 | $ 812 |
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for uncollectible accounts | $ 368 | $ 438 |
Preferred Stock, par value | ||
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares outstanding | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,931,912 | 3,925,395 |
Treasury stock, shares | 586,367 | 584,172 |
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Description of Business and Basis of Presentation
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Jun. 30, 2013
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Accounting Policies [Abstract] | |||
Description of Business and Basis of Presentation |
References in this Quarterly Report on 10-Q to “we”, “our”, “Mastech” or “the Company” refer collectively to Mastech Holdings, Inc. and its wholly-owned operating subsidiaries, which are included in these Condensed Consolidated Financial Statements. Description of Business We are a provider of IT and specialized healthcare staffing services. Our IT staffing business combines technical expertise with business process experience to deliver a broad range of services within business intelligence / data warehousing; web services; enterprise resource planning & customer resource management; and eBusiness solutions. We work with businesses and institutions with significant IT spending and recurring staffing needs. We also support smaller organizations with their “project focused” temporary IT staffing requirements. Our services span a broad range of industry verticals including: automotive; consumer products; education; financial services; government; healthcare; manufacturing; retail; technology; telecommunications; transportation; and utilities. Our healthcare staffing business provides specialized healthcare professionals, including surgical nurses and therapists to hospitals and other healthcare facilities. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements (the “Financial Statements”) have been prepared by management in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting principally of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2012, included in our Annual Report on Form 10-K filed with the SEC on March 22, 2013. Additionally, our operating results for the three months and six months ended June 30, 2013 are not necessarily indicative of the results that can be expected for the year ending December 31, 2013 or for any other period. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company utilizes the equity method of accounting, as prescribed by ASC Topic 323 “The Equity Method of Accounting for Investments in Common Stock”, when it is able to exercise significant management influence over the entity’s operations, which generally occurs when Mastech has an ownership interest of between 20% and 50% in an entity. The cost method of accounting is used when the Company does not exercise significant management influence, generally when Mastech has an ownership interest of less than 20%. Critical Accounting Polices Please refer to Note 1 “Summary of Significant Accounting Policies” of the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2012 for a more detailed discussion of our significant accounting policies and critical accounting estimates. Segment Reporting The Company, which aggregates its IT and healthcare operating segments based on the nature of services, has one reportable segment in accordance with ASC Topic 280 “Disclosures About Segments of an Enterprise and Related Information”. |
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Goodwill
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6 Months Ended | ||
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Jun. 30, 2013
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Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill |
As of June 30, 2013, the Company had $405,000 of goodwill recorded on its balance sheet related to the January 2, 2010 acquisition of Curastat, Inc. There was no activity in our goodwill account during the three and six months ended June 30, 2013 and June 30, 2012. |
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Intangible Assets
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Jun. 30, 2013
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Intangible Assets |
Intangible assets consist of customer relationships, trade name and non-compete covenants related to the acquisition of Curastat, Inc. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 2 to 5 years. Intangible assets were comprised of the following as of June 30, 2013:
Amortization expense for the six months ended June 30, 2013 and 2012 was $6,000 and $15,000 respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. |
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Commitments and Contingencies
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6 Months Ended | ||
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Jun. 30, 2013
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Commitments And Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies |
Lease Commitments The Company rents certain office space and equipment under non-cancelable leases which provides for future minimum rental payments. Total lease commitments have not materially changed from the amounts disclosed in the Company’s 2012 Annual Report on Form 10-K. Contingencies In the ordinary course of our business, the Company is involved in a number of lawsuits and administrative proceedings. While uncertainties are inherent in the final outcome of these matters, the Company’s management believes, after consultation with legal counsel, that the disposition of these proceedings should not have a material adverse effect on our financial position, results of operations or cash flows. |
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Employee Benefit Plan
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6 Months Ended | ||
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Jun. 30, 2013
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Compensation And Retirement Disclosure [Abstract] | |||
Employee Benefit Plan |
The Company provides an Employee Retirement Savings Plan (the “Retirement Plan”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”) that covers substantially all U.S. based salaried employees. Employees may contribute a percentage of eligible compensation to the Plan, subject to certain limits under the Code. For the six months ended June 30, 2013 and June 30, 2012, the Company did not provide for any matching contributions. |
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Mastech Stock Incentive Plan
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6 Months Ended | ||
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Jun. 30, 2013
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Mastech Stock Incentive Plan |
In 2008, the Company adopted a Stock Incentive Plan (the “Plan”) which provides that up to 800,000 shares of the Company’s common stock shall be allocated for issuance to directors, officers and key personnel. Grants under the Plan can be made in the form of stock options, stock appreciation rights, performance shares or stock awards. During the three and six months ended June 30, 2013, there were -0- and 50,000 performance share grants made under this Plan. For the three and six months ended June 30, 2012, there were no grants made under this Plan. As of June 30, 2013, there were 18,133 shares available for grant under the Plan. |
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Stock-Based Compensation
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6 Months Ended | ||
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Jun. 30, 2013
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock-Based Compensation |
Stock-based compensation expense for the three months ended June 30, 2013 and 2012 was $92,000 and $39,000, respectively, and for the six months ended June 30, 2013 and 2012 was $187,000 and $77,000, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2013, the Company issued 4,445 shares and 6,517 shares related to the exercise of stock options and vesting of restricted stock grants. During the three and six months ended June 30, 2012, the Company issued 25,524 and 30,633 shares related to exercise of stock options and vesting of restricted stock grants. |
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Income Taxes
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Jun. 30, 2013
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
The components of income before income taxes, as shown in the accompanying Condensed Consolidated Financial Statements, consisted of the following for the three and six months ended June 30, 2013 and 2012:
The provision for income taxes, as shown in the accompanying Condensed Consolidated Financial Statements, consisted of the following for the three and six months ended June 30, 2013 and 2012:
The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes for the three and six months ended June 30, 2013 and 2012 were as follows (amounts in thousands):
A reconciliation of the beginning and ending amounts of unrecognized tax benefits related to uncertain tax positions, including interest and penalties, are as follows:
Although it is difficult to anticipate the final outcome of these uncertain tax positions, the Company believes that the total amount of unrecognized tax benefits could be reduced by approximately $32,000 during the next twelve months due to the expiration of the statute of limitations. |
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Derivative Instruments and Hedging Activities
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities |
Commencing in June 2012, the Company entered into foreign currency forward contracts (“derivative contracts”) to mitigate and manage the risk of changes in foreign exchange rates related to highly probable expenditures in support of its Indian-based global recruitment operations. These forward contracts have been designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. All derivatives are recognized on the balance sheet at fair value. The effective portion of the changes in fair value on these instruments are recorded in other comprehensive income (loss) and are reclassified into the Consolidated Statement of Operations on the same line item and in the same period in which the underlying hedge transaction affects earnings. Changes in the fair value of these instruments deemed ineffective are recognized in the Consolidated Statement of Operations as foreign exchange gains (losses). Hedge effectiveness is assessed based on changes in the fair value of the forward contracts related to the difference between the spot price and the forward price. Forward points (premiums/discounts) are excluded from the assessment of hedge effectiveness and are recognized in the Consolidated Statement of Operations as foreign exchange gains/(losses). As of June 30, 2013, the Company’s outstanding contracts mature in six monthly installments of 10 million rupees per month through December 2013, meet the qualifying criteria for hedge accounting and have been deemed to be effective. Accordingly, the Company has recorded other comprehensive pretax (losses) of ($82,000) as of June 30, 2013. The following table presents information related to foreign currency forward contracts held by the Company: Outstanding hedge transactions qualifying for hedge accounting as of June 30, 2013 (amounts in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2013 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2013 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2012 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2012 (in thousands):
Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets (in thousands):
The estimated amount of pretax losses as of June 30, 2013 that is expected to be reclassified from other comprehensive (loss) into earnings within the next 12 months is ($82,000). |
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Fair Value Measurements
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
The Company has adopted the provisions of ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) related to certain financial and nonfinancial assets and liabilities. ASC 820 establishes the authoritative definition of fair value; sets out a framework for measuring fair value; and expands the required disclosures about fair value measurements. The valuation techniques required by ASC 820 are based on observable and unobservable inputs using the following three-tier hierarchy:
At June 30, 2013, the Company carried the following financial assets and (liabilities) at fair value measured on a recurring basis (in thousands):
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No authoritative reference available. No definition available.
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Shareholders' Equity
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Jun. 30, 2013
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Equity [Abstract] | |||
Shareholders' Equity |
As of June 30, 2013, the Company had 413,633 shares available for purchase under its existing share repurchase program. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable securities laws through December 22, 2014. During the three and six months ended June 30, 2013, 2,195 shares were purchased under this program. |
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Revenue Concentration
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Jun. 30, 2013
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Segment Reporting [Abstract] | |||
Revenue Concentration |
For the three months ended June 30, 2013, the Company had one client that exceeded 10% of total revenue (Accenture = 10.1%). For the three months ended June 30, 2012, the Company had three clients that exceeded 10% of total revenue (TEK Systems = 11.2%, IBM = 11.1%, and Kaiser Permanente = 11.1%). For the six months ended June 30, 2013, the Company had no clients that exceeded 10% of total revenue. For the six months ended June 30, 2012, the Company had three clients that exceeded 10% of total revenue (IBM = 12.9%, TEK Systems = 10.9% and Kaiser Permanente = 10.8%). The Company’s top ten clients represented approximately 51% and 56% of total revenues for the three months ended June 30, 2013 and 2012, respectively. For the six months ended June 30, 2013 and 2012, the Company’s top ten clients represented approximately 51% and 56% of total revenues, respectively |
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Earnings Per Share
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||
Earnings Per Share |
The computation of basic earnings per share (“EPS”) is based on the Company’s net income divided by the weighted average number of common shares outstanding. Diluted earnings per share, reflects the potential dilution that could occur if outstanding stock options were exercised. The dilutive effect of stock options was calculated using the treasury stock method. For the three months ended June 30, 2013 and 2012, the computation of diluted earnings per share does not include 18,000 and 50,000 stock options, respectively, as the effect of their inclusion would have been anti-dilutive. For the six months ended June 30, 2013 and 2012, 18,000 and 50,000 stock options, respectively, were not included in the computation of earnings per share. |
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Severance Charges
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Jun. 30, 2013
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Text Block [Abstract] | |||
Severance Charges |
The Company incurred severance costs of $0 and $120,000 during the three and six months ended June 30, 2012, related to a change in executive leadership. These costs are included as selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Operations. No severance costs were incurred during the six months ended June 30, 2013. |
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Severance charges. No definition available.
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Subsequent Events
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6 Months Ended | ||
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Jun. 30, 2013
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Subsequent Events [Abstract] | |||
Subsequent Events |
On July 26, 2013, the Company entered into a definitive Asset Purchase Agreement to sell substantially all of the assets of its Healthcare Staffing segment to Accountable Healthcare Staffing, Inc. The total consideration to be paid is $1.15 million and consist of cash at closing of approximately $1.0 million, plus the assumption of certain liabilities. The assets to be sold exclude cash balances on hand, accounts receivables and other current assets, which totaled approximately $1.5 million as of June 30, 2013, net of current liabilities retained by the Company. The closing is subject to customary closing conditions and is expected to close in the third quarter of 2013. |
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No authoritative reference available. No definition available.
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Recently Issued Accounting Standards
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6 Months Ended | ||
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Jun. 30, 2013
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Accounting Changes And Error Corrections [Abstract] | |||
Recently Issued Accounting Standards |
In January 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the scope and disclosures about Offsetting Assets and Liabilities. The main objective in developing this Update is to address implementation issues about the scope of Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Stakeholders have told the Board that because the scope in Update 2011-11 is unclear, diversity in practice may result. Recent feedback from stakeholders is that standard commercial provisions of many contracts would equate to a master netting arrangement. Stakeholders questioned whether it was the Board’s intent to require disclosures for such a broad scope, which would significantly increase the cost of compliance. The objective of this Update is to clarify the scope of the offsetting disclosures and address any unintended consequences. The amendments clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amendments clarify the intended scope of the disclosures required by Section 210-20-50. The Board concluded that the clarified scope will reduce significantly the operability concerns expressed by preparers while still providing decision-useful information about certain transactions involving master netting arrangements. The amendments provide a user of financial statements with comparable information as it relates to certain reconciling differences between financial statements prepared in accordance with U.S. GAAP and those financial statements prepared in accordance with International Financial Reporting Standards (IFRS). An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of Update 2011-11. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments of this update do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments in this Update apply to all entities that issue financial statements that are presented in conformity with U.S. GAAP and that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods presented, including interim periods. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. |
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Description of Business and Basis of Presentation (Policies)
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Description of Business | Description of Business We are a provider of IT and specialized healthcare staffing services. Our IT staffing business combines technical expertise with business process experience to deliver a broad range of services within business intelligence / data warehousing; web services; enterprise resource planning & customer resource management; and eBusiness solutions. We work with businesses and institutions with significant IT spending and recurring staffing needs. We also support smaller organizations with their “project focused” temporary IT staffing requirements. Our services span a broad range of industry verticals including: automotive; consumer products; education; financial services; government; healthcare; manufacturing; retail; technology; telecommunications; transportation; and utilities. Our healthcare staffing business provides specialized healthcare professionals, including surgical nurses and therapists to hospitals and other healthcare facilities. |
Basis of Presentation | Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements (the “Financial Statements”) have been prepared by management in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting principally of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2012, included in our Annual Report on Form 10-K filed with the SEC on March 22, 2013. Additionally, our operating results for the three months and six months ended June 30, 2013 are not necessarily indicative of the results that can be expected for the year ending December 31, 2013 or for any other period. |
Principles of Consolidation | Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company utilizes the equity method of accounting, as prescribed by ASC Topic 323 “The Equity Method of Accounting for Investments in Common Stock”, when it is able to exercise significant management influence over the entity’s operations, which generally occurs when Mastech has an ownership interest of between 20% and 50% in an entity. The cost method of accounting is used when the Company does not exercise significant management influence, generally when Mastech has an ownership interest of less than 20%. |
Critical Accounting Polices | Critical Accounting Polices Please refer to Note 1 “Summary of Significant Accounting Policies” of the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2012 for a more detailed discussion of our significant accounting policies and critical accounting estimates. |
Segment Reporting | Segment Reporting The Company, which aggregates its IT and healthcare operating segments based on the nature of services, has one reportable segment in accordance with ASC Topic 280 “Disclosures About Segments of an Enterprise and Related Information”. |
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Significant accounting policies. No definition available.
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Intangible Assets (Tables)
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Jun. 30, 2013
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets were comprised of the following as of June 30, 2013:
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Income Taxes (Tables)
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Jun. 30, 2013
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Before Income Taxes | The components of income before income taxes, as shown in the accompanying Condensed Consolidated Financial Statements, consisted of the following for the three and six months ended June 30, 2013 and 2012:
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Provision for Income Taxes | The provision for income taxes, as shown in the accompanying Condensed Consolidated Financial Statements, consisted of the following for the three and six months ended June 30, 2013 and 2012:
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Reconciliation of Income Taxes | The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes for the three and six months ended June 30, 2013 and 2012 were as follows (amounts in thousands):
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Unrecognized Tax Benefits Related to Uncertain Tax Positions | A reconciliation of the beginning and ending amounts of unrecognized tax benefits related to uncertain tax positions, including interest and penalties, are as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Hedge Transactions Qualifying for Hedge Accounting | Outstanding hedge transactions qualifying for hedge accounting as of June 30, 2013 (amounts in thousands):
|
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Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income | The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2013 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2013 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2012 (in thousands):
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2012 (in thousands):
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Information on Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets | Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value Measurements (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities at Fair Value | At June 30, 2013, the Company carried the following financial assets and (liabilities) at fair value measured on a recurring basis (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Description of Business and Basis of Presentation - Additional Information (Detail)
|
6 Months Ended |
---|---|
Jun. 30, 2013
Segment
|
|
Description Of Business And Basis Of Presentation [Line Items] | |
Cost method ownership interest | 20.00% |
Number of reportable segments | 1 |
Maximum [Member]
|
|
Description Of Business And Basis Of Presentation [Line Items] | |
Ownership interest percentage to consider significant management influence | 50.00% |
Minimum [Member]
|
|
Description Of Business And Basis Of Presentation [Line Items] | |
Ownership interest percentage to consider significant management influence | 20.00% |
X | ||||||||||
- Definition
Cost method investment ownership percentage threshold. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 405,000 | $ 405,000 | $ 405,000 | ||
Increase (Decrease) in goodwill during period | $ 0 | $ 0 | $ 0 | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Intangible Assets - Additional Information (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 6,000 | $ 15,000 |
Maximum [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets, in years | 5 years | |
Minimum [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets, in years | 2 years |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Value | $ 150 | |
Intangible assets, Accumulated Amortization | 132 | |
Intangible assets, Net Carrying Value | 18 | 24 |
Customer Relationships [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Value | 60 | |
Intangible assets, Accumulated Amortization | 42 | |
Intangible assets, Net Carrying Value | 18 | |
Trade Name [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Value | 50 | |
Intangible assets, Accumulated Amortization | 50 | |
Non-Compete Covenants [Member]
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Value | 40 | |
Intangible assets, Accumulated Amortization | $ 40 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Employee Benefit Plan - Additional Information (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Compensation And Retirement Disclosure [Abstract] | ||
Matching contributions | $ 0 | $ 0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Mastech Stock Incentive Plan - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2008
|
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Shares allocated for issuance to directors, officers and key personnel | 800,000 | ||||
Number of stock options granted | 0 | 0 | 50,000 | 0 | |
Number of shares available for grant | 18,133 | 18,133 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock-Based Compensation - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Stock-based compensation expense | $ 92 | $ 39 | $ 187 | $ 77 |
Number of shares issued related to exercise of stock options | 4,445 | 25,524 | 6,517 | 30,633 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Components of Income Before Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Income before income taxes: | ||||
Domestic | $ 1,270 | $ 738 | $ 2,194 | $ 1,311 |
Foreign | ||||
Income before income taxes | $ 1,270 | $ 738 | $ 2,194 | $ 1,311 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Provision for Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Current provision: | ||||
Federal | $ 417 | $ 196 | $ 805 | $ 386 |
State | 36 | 15 | 74 | 34 |
Total current provision | 453 | 211 | 879 | 420 |
Deferred provision (benefit): | ||||
Federal | 21 | 60 | (48) | 70 |
State | 7 | 9 | (1) | 11 |
Total deferred provision (benefit) | 28 | 69 | (49) | 81 |
Total provision for income taxes | $ 481 | $ 280 | $ 830 | $ 501 |
X | ||||||||||
- Definition
Deferred provision. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Reconciliation of Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Income Tax Disclosure [Abstract] | ||||
Income taxes computed at the federal statutory rate, Value | $ 432 | $ 251 | $ 746 | $ 446 |
State income taxes, net of federal tax benefit, Value | 43 | 24 | 73 | 45 |
Other - net | 6 | 5 | 11 | 10 |
Total provision for income taxes | $ 481 | $ 280 | $ 830 | $ 501 |
Income taxes computed at the federal statutory rate, Rate | 34.00% | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal tax benefit, Rate | 3.40% | 3.30% | 3.30% | 3.40% |
Other - net | 0.50% | 0.60% | 0.50% | 0.80% |
Effective for income tax rate, Total | 37.90% | 37.90% | 37.80% | 38.20% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Unrecognized Tax Benefits Related to Uncertain Tax Positions (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits, beginning balance | $ 78 |
Additions related to current period | 16 |
Additions related to prior periods | |
Reductions related to prior periods | |
Unrecognized tax benefits, ending balance | $ 94 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes - Additional Information (Detail) (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Income Tax Disclosure [Abstract] | |
Total amount of unrecognized tax benefits | $ 32,000 |
X | ||||||||||
- Definition
Unrecognized tax benefits expected reductions resulting from lapse of applicable statute of limitations. No definition available.
|
X | ||||||||||
- Details
|
Derivative Instruments and Hedging Activities - Additional Information (Detail)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
USD ($)
M
|
Jun. 30, 2013
Maximum [Member]
INR
|
|
Derivative [Line Items] | ||
Number of equal monthly installments | 6 | |
Derivative instrument and hedging activities outstanding contract monthly installments amount | 10,000,000 | |
Contract maturity period | 2013-12 | |
Comprehensive pretax loss recorded | (82,000) | |
Estimated amount of net losses from other comprehensive loss | $ (82,000) |
X | ||||||||||
- Definition
Contract maturity period. No definition available.
|
X | ||||||||||
- Definition
Derivative instrument and hedging activities outstanding contract installments amount. No definition available.
|
X | ||||||||||
- Definition
Number of equal monthly installments. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities - Schedule of Outstanding Hedge Transactions Qualifying for Hedge Accounting (Detail) (Currency Forward Contracts [Member], USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Derivative [Line Items] | |
Maturity Date From | Jul. 22, 2013 |
Maturity Date To | Dec. 20, 2013 |
Amount | $ 1,044 |
Unrealized Gain/(Loss) Accumulated OCI | $ (82) |
Maximum [Member]
|
|
Derivative [Line Items] | |
Rupee Strike Price Ranges | 56.85 |
Minimum [Member]
|
|
Derivative [Line Items] | |
Rupee Strike Price Ranges | 58.06 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income (Detail) (Currency Forward Contracts [Member], Cash Flow Hedging Relationship [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain/(Loss) recognized in OCI on Derivatives | $ (109) | $ 4 | $ (95) | $ 4 |
SG&A [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain/(Loss) reclassified from Accumulated OCI to Income (Expense) | (1) | 0 | 4 | 0 |
Other Income/(Expense) [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain/(Loss) recognized in Income (Expense) on Derivatives | $ 30 | $ 1 | $ 41 | $ 1 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments and Hedging Activities - Information on Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Detail) (Currency Forward Contracts [Member], Prepaid and Other Current Assets [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Currency Forward Contracts [Member] | Prepaid and Other Current Assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset / (Liability) | $ (56) | $ 41 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Fair Value Measurements - Summary of Financial Assets and Liabilities at Fair Value (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
---|---|
Level 1 [Member]
|
|
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Currency Forward Contracts | $ 0 |
Level 2 [Member]
|
|
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Currency Forward Contracts | (56) |
Level 3 [Member]
|
|
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Currency Forward Contracts | $ 0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Shareholders' Equity - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
|
Equity [Abstract] | ||
Number of shares authorized to be repurchased | 413,633 | 413,633 |
Shares purchased during period | 2,195 | 2,195 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Revenue Concentration - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
Clients
|
Jun. 30, 2012
Clients
|
Jun. 30, 2013
Clients
|
Jun. 30, 2012
Clients
|
|
Revenue, Major Customer [Line Items] | ||||
Number of clients | 1 | 3 | 0 | 3 |
Minimum [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Concentration of revenues by client | 10.00% | 10.00% | 10.00% | 10.00% |
Top Ten Clients [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Entity Wide Revenue Major Customer Percentage | 51.00% | 56.00% | 51.00% | 56.00% |
IBM [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Entity Wide Revenue Major Customer Percentage | 11.10% | 12.90% | ||
Accenture [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Entity Wide Revenue Major Customer Percentage | 10.10% | |||
TEK Systems [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Entity Wide Revenue Major Customer Percentage | 11.20% | 10.90% | ||
Kaiser Permanente [Member]
|
||||
Revenue, Major Customer [Line Items] | ||||
Entity Wide Revenue Major Customer Percentage | 11.10% | 10.80% |
X | ||||||||||
- Definition
Concentration revenue percentage by client. No definition available.
|
X | ||||||||||
- Definition
Number of clients No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Earnings Per Share - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities not included in computation of earnings per share | 18,000 | 50,000 | 18,000 | 50,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Severance Charges - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Severance Charges [Abstract] | |||
Severance cost | $ 0 | $ 0 | $ 120,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified |
Jul. 26, 2013
|
---|---|
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | |
Total consideration to be paid | $ 1.15 |
Cash consideration | 1.0 |
Sale of assets | $ 1.5 |
X | ||||||||||
- Definition
Disposal Group, Cash Consideration Receivable For Assets Of Business Transferred Under Contractual Arrangement No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Consideration Receivable For Assets Of Business Transferred Under Contractual Arrangement No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Net Assets of Business Not Transferred under Contractual Arrangement No definition available.
|
X | ||||||||||
- Details
|