Contingent Earnout Liabilities

3 Months Ended

Mar. 31, 2015

Contingent Earnout Liabilities

Contingent Earnout Liabilities

Note 13 — Contingent Earnout Liabilities

In March 2014, the Company paid $5,000 to the sellers of Q3C based on achievement of the 2013 operating performance targets. The sellers were paid an additional $5,000 in March 2015 based on achieving an operating performance target for the calendar year 2014.

In June 2014, the Company acquired the assets of Vadnais Company for $6,354 in cash plus an earnout of $900, with $450 payable in 2015 and $450 payable in 2016, contingent upon meeting a certain performance targets for each of the two years.  The estimated fair value of the contingent consideration on the acquisition date was $679.

During the third quarter 2014, the Company made three small purchases totaling $8.2 million in cash for the net assets of Surber Roustabout, LLC, Ram-Fab, LLC and Williams Testing, LLC.  The Surber purchase provided a contingent earnout amount of up to $1.8 million over a 3-year period, which had an estimated fair value of $1.0 million on the acquisition date.  The Ram-Fab purchase included a $0.2 million contingent earnout based on estimated earnings of a six-month operating project.