Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Accounting Policies [Abstract] |
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| Changes in Allowance for Doubtful Accounts |
Changes in the allowance for doubtful accounts are as follows:
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Nine Months Ended September 30, |
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2017 |
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2016 |
Allowance for doubtful accounts, beginning of period |
$ |
7,836 |
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$ |
3,729 |
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Charges to costs and expenses |
68 |
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|
4,057 |
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Account write-offs and other |
(4,088 |
) |
|
195 |
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Allowance for doubtful accounts, end of period |
$ |
3,816 |
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$ |
7,981 |
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| Estimated Useful Lives of Property and Equipment |
Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives:
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Asset Classification |
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Estimated Useful Life |
Furniture and office equipment |
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Five years |
Computer equipment and software costs |
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Three to five years |
Leasehold improvements |
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Lesser of term of lease or five years |
Automobiles |
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Five years |
Land |
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Unlimited |
Included in energy assets are capital lease assets and accumulated depreciation of capital lease assets. Capital lease assets consist of the following:
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As of September 30, |
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As of December 31, |
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2017 |
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2016 |
Capital lease assets |
$ |
30,430 |
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$ |
15,640 |
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Less - accumulated depreciation and amortization |
(1,630 |
) |
|
(744 |
) |
Capital lease assets, net |
$ |
28,800 |
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$ |
14,896 |
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| Schedule of Sale Leaseback Transactions |
See below for a summary of solar PV project sales by fiscal quarter under our sale-leaseback agreements:
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Quarter Ended |
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# Solar PV Projects Sold |
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Sale Price |
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Deferred Gain Recorded |
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Deferred Loss Recorded |
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Capital Lease Asset/Liability Recorded |
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Initial Lease Term |
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Periodic Minimum Lease Payment |
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Periodic Maximum Lease Payment |
September 30, 2016 |
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1 |
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6,037 |
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|
333 |
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— |
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3,158 |
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25 |
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2 |
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397 |
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September 30, 2017 |
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3 |
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9,157 |
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|
642 |
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— |
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4,114 |
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20 |
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13 |
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231 |
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A summary of amounts related to sale leasebacks in the Company’s consolidated balance sheets is as follows:
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September 30, |
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December 31, |
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2017 |
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2016 |
Capital lease assets, net |
$ |
28,800 |
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$ |
14,896 |
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Deferred loss, short-term, net |
109 |
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53 |
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Deferred loss, long-term, net |
1,943 |
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|
956 |
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Capital lease liabilities, short-term |
3,451 |
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2,185 |
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Capital lease liabilities, long-term |
24,857 |
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12,462 |
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Deferred gain, short-term, net |
195 |
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|
89 |
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Deferred gain, long-term, net |
$ |
3,195 |
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$ |
1,632 |
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| Schedule of Earnings Per Share, Basic and Diluted |
When the effects are not anti-dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
Net income attributable to common shareholders |
$ |
8,493 |
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$ |
5,715 |
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$ |
13,680 |
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$ |
8,763 |
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Basic weighted-average shares outstanding |
45,524,041 |
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46,360,575 |
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45,500,476 |
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46,606,494 |
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Effect of dilutive securities: |
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Stock options |
246,527 |
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69,588 |
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163,308 |
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62,542 |
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Diluted weighted-average shares outstanding |
45,770,568 |
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46,430,163 |
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45,663,784 |
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46,669,036 |
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