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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Jul. 25, 2012	Dec. 31, 2011
Document and Entity Information
Entity Registrant Name	COMFORT SYSTEMS USA INC
Entity Central Index Key	0001035983
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,341,400
Treasury Stock, Shares	3,781,965	3,781,965	3,714,506
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 28,811	$ 51,237
Accounts receivable, less allowance for doubtful accounts of $7,271 and $5,341, respectively	285,333	267,060
Other receivables	5,981	6,527
Inventories	10,465	10,631
Prepaid expenses and other	28,572	24,664
Costs and estimated earnings in excess of billings	31,079	27,163
Total current assets	390,241	387,282
PROPERTY AND EQUIPMENT, NET	42,251	42,013
GOODWILL	114,593	107,093
IDENTIFIABLE INTANGIBLE ASSETS, NET	49,206	48,349
OTHER NONCURRENT ASSETS	8,330	6,329
Total assets	604,621	591,066
CURRENT LIABILITIES:
Current maturities of long-term debt	300	300
Current maturities of notes to former owners	332	332
Accounts payable	109,833	114,255
Accrued compensation and benefits	36,623	36,474
Billings in excess of costs and estimated earnings	73,686	71,730
Accrued self-insurance expense	27,293	27,408
Other current liabilities	27,779	27,472
Total current liabilities	275,846	277,971
LONG-TERM DEBT, NET OF CURRENT MATURITIES	20,400	2,400
NOTES TO FORMER OWNERS, NET OF CURRENT MATURITIES	8,249	12,349
DEFERRED INCOME TAX LIABILITIES	6,485	4,541
OTHER LONG-TERM LIABILITIES	12,796	10,699
Total liabilities	323,776	307,960
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par, 5,000,000 shares authorized, none issued and outstanding
Common stock, $.01 par, 102,969,912 shares authorized, 41,123,365 and 41,123,365 shares issued, respectively	411	411
Treasury stock, at cost, 3,781,965 and 3,714,506 shares, respectively	(40,054)	(39,437)
Additional paid-in capital	320,585	323,608
Retained earnings (deficit)	(16,552)	(19,991)
Comfort Systems USA, Inc. stockholders' equity	264,390	264,591
Noncontrolling interests	16,455	18,515
Total stockholders' equity	280,845	283,106
Total liabilities and stockholders' equity	$ 604,621	$ 591,066

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 7,271	$ 5,341
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	102,969,912	102,969,912
Common stock, shares issued	41,123,365	41,123,365
Treasury stock, shares	3,781,965	3,714,506

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
REVENUE	$ 354,750	$ 312,148	$ 684,160	$ 594,207
COST OF SERVICES	300,238	264,638	586,904	512,488
Gross profit	54,512	47,510	97,256	81,719
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	47,090	41,928	93,453	84,550
GAIN ON SALE OF ASSETS	(239)	(19)	(455)	(104)
Operating income (loss)	7,661	5,601	4,258	(2,727)
OTHER INCOME (EXPENSE):
Interest income	4	23	8	49
Interest expense	(428)	(466)	(825)	(953)
Changes in the fair value of contingent earn-out obligations	(37)	584	(67)	489
Other	18	(67)	70	(52)
Other income (expense)	(443)	74	(814)	(467)
INCOME (LOSS) BEFORE INCOME TAXES	7,218	5,675	3,444	(3,194)
INCOME TAX EXPENSE (BENEFIT)	3,171	2,513	2,065	(1,186)
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	4,047	3,162	1,379	(2,008)
Less: Net loss attributable to noncontrolling interests	(421)		(2,060)
NET INCOME (LOSS) ATTRIBUTABLE TO COMFORT SYSTEMS USA, INC.	$ 4,468	$ 3,162	$ 3,439	$ (2,008)
INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMFORT SYSTEMS USA, INC.:
Basic (in dollars per share)	$ 0.12	$ 0.08	$ 0.09	$ (0.05)
Diluted (in dollars per share)	$ 0.12	$ 0.08	$ 0.09	$ (0.05)
SHARES USED IN COMPUTING INCOME (LOSS) PER SHARE:
Basic (in shares)	37,166	37,630	37,111	37,584
Diluted (in shares)	37,247	37,742	37,232	37,584
DIVIDENDS PER SHARE (in dollars per share)	$ 0.05	$ 0.05	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Non-Controlling Interests
BALANCE at Dec. 31, 2010	$ 312,784	$ 411	$ (34,714)	$ 326,467	$ 20,620
BALANCE (in shares) at Dec. 31, 2010		41,123,365	(3,221,775)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(36,492)				(36,830)	$ 338
Issuance of Stock:
Issuance of shares for options exercised including tax benefit	449		$ 707	(258)
Issuance of shares for options exercised including tax benefit			65,950
Issuance of restricted stock			$ 2,488	(2,488)
Issuance of restricted stock (in shares)			230,702
Shares received in lieu of tax withholding payment on vested restricted stock	(662)		$ (662)
Shares received in lieu of tax withholding payment on vested restricted stock			(50,793)
Tax benefit from vesting of restricted stock	54			54
Stock-based compensation expense	3,604			3,604
Dividends	(7,552)			(3,771)	(3,781)
Share repurchase	(7,256)		$ (7,256)
Share repurchase			(738,590)
Acquisition of EAS	17,377					17,377
Contribution from noncontrolling interest	800					800
BALANCE at Dec. 31, 2011	283,106	$ 411	$ (39,437)	323,608	(19,991)	18,515
BALANCE (in shares) at Dec. 31, 2011		41,123,365	(3,714,506)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	1,379				3,439	(2,060)
Issuance of Stock:
Issuance of shares for options exercised including tax benefit	55		$ 96	(41)
Issuance of shares for options exercised including tax benefit			9,000
Issuance of restricted stock			$ 742	(742)
Issuance of restricted stock (in shares)			70,000
Shares received in lieu of tax withholding payment on vested restricted stock	(543)		$ (543)
Shares received in lieu of tax withholding payment on vested restricted stock			(50,625)
Tax benefit from vesting of restricted stock	(145)			(145)
Stock-based compensation expense	1,644			1,644
Dividends	(3,739)			(3,739)
Share repurchase	$ (912)		$ (912)
Share repurchase	(100,000)		(95,834)
BALANCE at Jun. 30, 2012	$ 280,845	$ 411	$ (40,054)	$ 320,585	$ (16,552)	$ 16,455
BALANCE (in shares) at Jun. 30, 2012		41,123,365	(3,781,965)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	$ 4,047	$ 3,162	$ 1,379	$ (2,008)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities-
Amortization of identifiable intangible assets	2,066	1,700	4,146	3,358
Depreciation expense	2,946	3,013	6,003	6,174
Bad debt expense	1,745	(128)	2,486	711
Deferred tax expense (benefit)	676	794	(845)	(1,316)
Amortization of debt financing costs	58	56	115	112
Gain on sale of assets	(239)	(19)	(455)	(104)
Changes in the fair value of contingent earn-out obligations	37	(584)	67	(489)
Stock-based compensation expense	1,067	1,094	1,644	2,332
(Increase) decrease in-
Receivables, net	(19,001)	(20,835)	(19,906)	(22,555)
Inventories	436	(322)	368	(519)
Prepaid expenses and other current assets	1,434	972	579	2,203
Costs and estimated earnings in excess of billings	3,170	(724)	(3,239)	225
Other noncurrent assets	135	(1,533)	(1,942)	(2,323)
Increase (decrease) in-
Accounts payable and accrued liabilities	4,649	9,546	(5,700)	(7,846)
Billings in excess of costs and estimated earnings	3,269	(908)	1,648	(1,864)
Other long-term liabilities	298	339	629	466
Net cash provided by (used in) operating activities	6,793	(4,377)	(13,023)	(23,443)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(4,494)	(1,544)	(6,588)	(3,904)
Proceeds from sales of property and equipment	342	134	762	381
Proceeds from businesses sold	39	39	78	78
Sale of marketable securities				2,000
Cash paid for acquisitions, earn-outs and intangible assets, net of cash acquired	(12,213)	(521)	(12,228)	(2,321)
Net cash used in investing activities	(16,326)	(1,892)	(17,976)	(3,766)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on revolving line of credit	18,000		18,000
Payments on other long-term debt	(4,000)	(1,289)	(4,100)	(1,289)
Payments of dividends to shareholders	(1,929)	(1,923)	(3,782)	(3,803)
Share repurchase program	(912)	(3,712)	(912)	(3,712)
Shares received in lieu of tax withholding	(543)	(654)	(543)	(654)
Excess tax benefit of stock-based compensation	(145)	217	(126)	204
Proceeds from exercise of options		95	36	218
Net cash provided by (used in) financing activities	10,471	(7,266)	8,573	(9,036)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	938	(13,535)	(22,426)	(36,245)
CASH AND CASH EQUIVALENTS, beginning of period	27,873	63,636	51,237	86,346
CASH AND CASH EQUIVALENTS, end of period	$ 28,811	$ 50,101	$ 28,811	$ 50,101

Business and Organization

6 Months Ended

Jun. 30, 2012

Business and Organization

Business and Organization

1. Business and Organization

Comfort Systems USA, Inc., a Delaware corporation, provides comprehensive heating, ventilation and air conditioning ("HVAC") installation, maintenance, repair and replacement services within the mechanical services industry. We operate primarily in the commercial, industrial and institutional HVAC markets and perform most of our services within office buildings, retail centers, apartment complexes, manufacturing plants and healthcare, education and government facilities. In addition to standard HVAC services, we provide specialized applications such as building automation control systems, fire protection, process cooling, electronic monitoring and process piping. Certain locations also perform related activities such as electrical service and plumbing. Approximately 49% of our consolidated 2012 revenue is attributable to installation of systems in newly constructed facilities, with the remaining 51% attributable to maintenance, repair and replacement services. The following service activities account for our consolidated 2012 revenue: HVAC 74%, plumbing 18%, building automation control systems 5% and other 3%. These service activities are within the mechanical services industry which is the single industry segment we serve.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

These interim statements should be read in conjunction with the historical Consolidated Financial Statements and related notes of Comfort Systems included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2011 (the "Form 10-K").

The accompanying unaudited consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the SEC. Accordingly, these financial statements do not include all the footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Form 10-K. We believe all adjustments necessary for a fair presentation of these interim statements have been included and are of a normal and recurring nature. The results of operations for interim periods are not necessarily indicative of the results for the full fiscal year.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, revenue and expenses and disclosures regarding contingent assets and liabilities. Actual results could differ from those estimates. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, self-insurance accruals, deferred tax assets, warranty accruals, fair value accounting for acquisitions and the quantification of fair value for reporting units in connection with our goodwill impairment testing.

Cash Flow Information

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Cash paid (in thousands) for:

	Three Months Ended June 30,				Six Months Ended June 30,

	2012		2011		2012		2011
Interest	$	617	$	411	$	664	$	810
Income taxes		222		344		1,534		998

Total	$	839	$	755	$	2,198	$	1,808

Income Taxes

We are subject to income tax in the United States and Puerto Rico and we file a consolidated return for federal income tax purposes. Income taxes are provided for under the liability method, which takes into account differences between financial statement treatment and tax treatment of certain transactions.

Deferred income taxes are based on the difference between the financial reporting and tax basis of assets and liabilities. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and deferred tax liabilities, net of the effect of acquisitions and dispositions. Deferred tax assets include tax loss and credit carry-forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We regularly evaluate valuation allowances established for deferred tax assets for which future realization is uncertain. We perform this evaluation each quarter. Estimations of required valuation allowances include estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the activity underlying these assets becomes deductible. We consider projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is less than the estimates, we may not realize all or a portion of the recorded deferred tax assets.

Significant judgment is required in assessing the timing and amounts of deductible and taxable items. We establish reserves when, despite our belief that our tax return positions are fully supportable, we believe that certain positions may be challenged and potentially disallowed. When facts and circumstances change, we adjust these reserves through our provision for income taxes.

To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, such amounts have been accrued and are classified as a component of income tax expense in our consolidated statements of operations.

For the six months ended June 30, 2012 our tax expense is $2.1 million with an effective tax rate of 60.0% as compared to tax benefit of $1.2 million with an effective tax rate of 37.1% for the six months ended June 30, 2011. The increase in the effective rate for 2012 is primarily due to the impact of increases in tax reserves. Tax reserves are analyzed and adjusted quarterly as events occur to warrant such changes. Adjustments to tax reserves are a component of the effective tax rate.

Financial Instruments

Our financial instruments consist of cash and cash equivalents, accounts receivable, other receivables, accounts payable, notes to former owners and a revolving credit facility. We believe that the carrying values of these instruments on the accompanying balance sheets approximate their fair values.

Segment Disclosure

Our activities are within the mechanical services industry which is the single industry segment we serve. Each operating subsidiary represents an operating segment and these segments have been aggregated, as the operating units meet all of the aggregation criteria.

Reclassifications

Certain reclassifications have been made in prior period financial statements to conform to current period presentation. These reclassifications are of a normal and recurring nature and have not resulted in any changes to previously reported net income for any periods.

Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

We classify and disclose assets and liabilities carried at fair value in one of the following three categories:

•

Level 1—quoted prices in active markets for identical assets and liabilities;

•

Level 2—observable market based inputs or unobservable inputs that are corroborated by market data; and

•

Level 3—significant unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table summarizes the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis as of June 30, 2012 (in thousands):

			Fair Value Measurements at Reporting Date Using

	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	28,811	$	28,811	$	—	$	—
Contingent earn-out obligations	$	2,695	$	—	$	—	$	2,695

Cash and cash equivalents consist primarily of highly rated money market funds at a variety of well-known institutions with original maturities of three months or less. The original cost of these assets approximates fair value due to their short term maturity.

The valuation of the Company's contingent earn-out obligations is determined using a probability weighted discounted cash flow method. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. This analysis reflects the contractual terms of the purchase agreements (e.g., minimum and maximum payments, length of earn-out periods, manner of calculating any amounts due, etc.) and utilizes assumptions with regard to future cash flows, probabilities of achieving such future cash flows and a discount rate. The contingent earn-out obligations are measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.

The table below presents a reconciliation of the fair value of our contingent earn-out obligations that use significant unobservable inputs (Level 3) (in thousands).


Balance at beginning of year	$	2,488
Issuances		140
Settlements		—
Adjustments to fair value		67

Balance at end of period	$	2,695

We measure certain assets at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. We did not recognize any impairments on those assets required to be measured at fair value on a nonrecurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Acquisitions

6 Months Ended

Jun. 30, 2012

Acquisitions

Acquisitions

4. Acquisitions

Acquisition of EAS

On November 2, 2011, we acquired a 60% majority interest in Environmental Air Systems, LLC ("EAS"). EAS is a regional mechanical contractor with principal offices in Greensboro and Raleigh, North Carolina. EAS engages in a broad range of mechanical contracting projects, HVAC service and controls, and sophisticated prefabrication of mechanical systems, in North Carolina, South Carolina and throughout the Atlantic region. The acquisition date fair value of consideration transferred was $30.4 million, of which $15.7 million was allocated to goodwill. See Note 5 "Goodwill and Identifiable Intangible Assets, Net." Our consolidated balance sheets include preliminary allocations of the purchase price to the assets acquired and liabilities assumed based on estimates of fair value, pending completion of final valuation and purchase price adjustments.

Other Acquisitions

We completed two acquisitions in the second quarter of 2012 and one acquisition in the first quarter of 2012. In 2011, during the same period, we completed one acquisition in the first quarter. These acquisitions were not material, individually or in the aggregate, and were "tucked-in" with existing operations. Our consolidated balance sheet includes preliminary allocations of the purchase price to the assets acquired and liabilities assumed based on estimates of fair value, pending completion of final valuation and purchase price adjustments. The results of operations of acquisitions are included in our consolidated financial statements from their respective acquisition dates. Additional contingent purchase price ("earn-out") has been or will be paid if certain acquisitions achieve predetermined profitability targets.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
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-Appendix F

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+ Details

Goodwill and Identifiable Intangible Assets, Net

6 Months Ended

Jun. 30, 2012

Goodwill and Identifiable Intangible Assets, Net

Goodwill and Identifiable Intangible Assets, Net

5. Goodwill and Identifiable Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

	June 30, 2012		December 31, 2011

Balance at beginning of year	$	107,093	$	147,818
Additions		7,500		16,629
Impairment adjustment		—		(57,354	)

Balance at end of period	$	114,593	$	107,093

The November 2011 EAS acquisition resulted in goodwill of approximately $15.7 million. We recorded a goodwill impairment charge of $55.1 million during the third quarter of 2011 and an impairment charge for $2.2 million in the fourth quarter of 2011. Based on market activity declines and write-downs incurred on several jobs, we determined that the operating environment, conditions and performance at four reporting units serving the Virginia, Maryland and North Carolina markets could no longer support the related goodwill balance. When the carrying value of a given reporting unit exceeds its fair value, an impairment loss is recorded to the extent that the implied fair value of the goodwill of the reporting unit is less than its carrying value. The fair value was estimated using a discounted cash flow model combined with market valuation approaches.

Identifiable Intangible Assets, Net

Identifiable intangible assets consist of the following (dollars in thousands):

		June 30, 2012					December 31, 2011

	Estimated Useful Lives in Years	Gross Book Value		Accumulated Amortization			Gross Book Value		Accumulated Amortization
Customer relationships	1 - 15	$	40,404	$	(12,715	)	$	36,351	$	(9,880	)
Backlog	1 - 2		6,515		(5,430	)		5,890		(4,999	)
Noncompete agreements	2 - 7		2,890		(2,159	)		2,890		(1,932	)
Tradenames	2 - 25		23,695		(3,994	)		23,370		(3,341	)

Total		$	73,504	$	(24,298	)	$	68,501	$	(20,152	)

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt Obligations

6 Months Ended

Jun. 30, 2012

Long-Term Debt Obligations

Long-Term Debt Obligations

6. Long-Term Debt Obligations

Long-term debt obligations consist of the following (in thousands):

	June 30, 2012			December 31, 2011

Revolving credit facility	$	18,000		$	—
Other debt		2,700			2,700
Notes to former owners		8,581			12,681

Total debt		29,281			15,381
Less—current portion		(632	)		(632	)

Total long-term portion of debt	$	28,649		$	14,749

Revolving Credit Facility

On September 23, 2011, we amended our $125.0 million senior credit facility (the "Facility") provided by a syndicate of banks. The Facility, which is available for borrowings and letters of credit, expires in September 2016 and is secured by the capital stock of our current and future subsidiaries. As of June 30, 2012, we had $18.0 million in outstanding borrowings, $45.5 million in letters of credit outstanding and $61.5 million of credit available.

There are two interest rate options for borrowings under the Facility, the Base Rate Loan Option and the Eurodollar Rate Loan Option. These rates are floating rates determined by the broad financial markets, meaning they can and do move up and down from time to time. Additional margins are then added to these two rates.

The following is a summary of the additional margins:

	Consolidated Total Indebtedness to Credit Facility Adjusted EBITDA

	Less than 0.75			0.75 to 1.25			1.25 to 2.00			2.00 to 2.50			2.50 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option		0.75	%		1.00	%		1.25	%		1.50	%		1.75	%
Eurodollar Rate Loan Option		1.75	%		2.00	%		2.25	%		2.50	%		2.75	%

The weighted average interest rate applicable to the borrowings under the Facility was approximately 2.0% as of June 30, 2012.

We have used letters of credit to guarantee performance under our contracts and to ensure payment to our subcontractors and vendors under those contracts. Our lenders issue such letters of credit through the Facility for a fee. We have never had a claim made against a letter of credit that resulted in payments by a lender or by us and believe such claims are unlikely in the foreseeable future. The letter of credit fees range from 1.30% to 2.10% per annum, based on the ratio of Consolidated Total Indebtedness to Credit Facility Adjusted EBITDA, as defined in the credit agreement.

Commitment fees are payable on the portion of the revolving loan capacity not in use for borrowings or letters of credit at any given time. These fees range from 0.25% to 0.50% per annum, based on the ratio of Consolidated Total Indebtedness to Credit Facility Adjusted EBITDA, as defined in the credit agreement.

The Facility contains financial covenants defining various financial measures and the levels of these measures with which we must comply. Covenant compliance is assessed as of each quarter end.

The Facility's principal financial covenants include:

Leverage Ratio—The Facility requires that the ratio of our Consolidated Total Indebtedness to our Credit Facility Adjusted EBITDA not exceed 3.00 through December 31, 2013, 2.75 through June 30, 2014 and 2.50 through maturity. The leverage ratio as of June 30, 2012 was 0.49.

Fixed Charge Coverage Ratio—The Facility requires that the ratio of Credit Facility Adjusted EBITDA, less non-financed capital expenditures, tax provision, dividends and amounts used to repurchase stock to the sum of interest expense and scheduled principal payments of indebtedness be at least 2.00; provided that the calculation of the fixed charge coverage ratio excludes stock repurchases and the payment of dividends at any time that the Company's Net Leverage Ratio does not exceed 2.00 through December 31, 2013, 1.50 through June 30, 2014 and 1.00 through maturity. Capital expenditures, tax provision, dividends and stock repurchase payments are defined under the Facility for purposes of this covenant to be amounts for the four quarters ending as of any given quarterly covenant compliance measurement date. The fixed charge coverage ratio as of June 30, 2012 was 19.28.

Other Restrictions—The Facility permits acquisitions of up to $15.0 million per transaction, provided that the aggregate purchase price of such an acquisition and of acquisitions in the preceding 12 month period does not exceed $30.0 million. However, these limitations only apply when the Company's Net Leverage Ratio is equal to or greater than 2.00.

While the Facility's financial covenants do not specifically govern capacity under the Facility, if our debt level under the Facility at a quarter-end covenant compliance measurement date were to cause us to violate the Facility's leverage ratio covenant, our borrowing capacity under the Facility and the favorable terms that we currently have could be negatively impacted by the lenders.

We are in compliance with all of our financial covenants as of June 30, 2012.

Notes to Former Owners

We issued subordinated notes to the former owners of acquired companies as part of the consideration used to acquire these companies. These notes had an outstanding balance of $8.6 million as of June 30, 2012, of which $0.3 million is current, and bear interest, payable annually, at a weighted average interest rate of 3.23%.

Other Debt

In conjunction with our acquisition of ColonialWebb in 2010, we acquired long-term debt related to an industrial revenue bond associated with its office building and warehouse. The outstanding balance as of June 30, 2012 was $2.7 million, of which $0.3 million is current. The weighted average interest rate on this variable rate debt as of June 30, 2012 was approximately 0.29%.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

Claims and Lawsuits

We are subject to certain legal and regulatory claims, including lawsuits arising in the normal course of business. We maintain various insurance coverages to minimize financial risk associated with these claims. We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in the accompanying consolidated financial statements. While we cannot predict the outcome of these proceedings, in management's opinion and based on reports of counsel, any liability arising from these matters individually and in the aggregate will not have a material effect on our operating results or financial condition, after giving effect to provisions already recorded.

In December 2011, we received a letter from Ferguson Enterprises, Inc. ("Ferguson"), a distributor of plumbing supplies and pipe, in which Ferguson stated that it had unintentionally supplied us with gaskets that were mislabeled by a former supplier as being non-asbestos. Ferguson currently states that we bought approximately 29,000 gaskets that might have been mislabeled. Ferguson further disclosed that four Ferguson customers had found asbestos in gaskets above the 1% level at which they can be classified as non-asbestos. No reasonable estimate of liability, if any, is possible at this time.

Surety

Many customers, particularly in connection with new construction, require us to post performance and payment bonds issued by a financial institution known as a surety. If we fail to perform under the terms of a contract or to pay subcontractors and vendors who provided goods or services under a contract, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the surety for any expenses or outlays it incurs. To date, we are not aware of any losses to our sureties in connection with bonds the sureties have posted on our behalf, and do not expect such losses to be incurred in the foreseeable future.

Surety market conditions remain challenging as a result of significant losses incurred by many sureties in recent periods, both in the construction industry as well as in certain larger corporate bankruptcies. As a result, less bonding capacity is available in the market and terms have become more restrictive. Further, under standard terms in the surety market, sureties issue bonds on a project-by-project basis, and can decline to issue bonds at any time. Historically, approximately 25% to 35% of our business has required bonds. While we have strong surety relationships to support our bonding needs, current market conditions as well as changes in the sureties' assessment of our operating and financial risk could cause the sureties to decline to issue bonds for our work. If that were to occur, the alternatives include doing more business that does not require bonds, posting other forms of collateral for project performance such as letters of credit or cash, and seeking bonding capacity from other sureties. We would likely also encounter concerns from customers, suppliers and other market participants as to our creditworthiness. While we believe our general operating and financial characteristics, including a significant amount of cash on our balance sheet, would enable us to ultimately respond effectively to an interruption in the availability of bonding capacity, such an interruption would likely cause our revenue and profits to decline in the near term.

Self-Insurance

We are substantially self-insured for workers' compensation, employer's liability, auto liability, general liability and employee group health claims, in view of the relatively high per-incident deductibles we absorb under our insurance arrangements for these risks. Losses up to deductible amounts are estimated and accrued based upon known facts, historical trends and industry averages. Loss estimates associated with the larger and longer-developing risks, such as workers' compensation, auto liability and general liability, are reviewed by a third-party actuary quarterly.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Name FASB Interpretation (FIN)
-Number 14
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity

Stockholders' Equity

8. Stockholders' Equity

Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options and contingently issuable restricted stock.

There were approximately 1.0 million and 0.7 million of anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended June 30, 2012 and 2011, respectively. There were approximately 1.0 million of anti-dilutive stock options that were excluded from the calculation of diluted EPS for the six months ended June 30, 2012. Assuming dilution, there were approximately 0.5 million anti-dilutive stock options excluded from the calculation of diluted EPS for the six months ended June 30, 2011. The effect of 0.3 million of common stock equivalents have been excluded from the calculation of diluted EPS for the six months ended June 30, 2011, due to our net loss position during that period.

The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,

	2012		2011		2012			2011
Common shares outstanding, end of period(a)		37,163		37,414		37,163			37,414
Effect of using weighted average common shares outstanding		3		216		(52	)		170

Shares used in computing earnings per share—basic		37,166		37,630		37,111			37,584
Effect of shares issuable under stock option plans based on the treasury stock method		81		110		92			—
Effect of contingently issuable restricted stock		—		2		29			—

Shares used in computing earnings per share—diluted		37,247		37,742		37,232			37,584

(a): Excludes 0.2 million and 0.4 million shares of unvested contingently issuable restricted stock outstanding as of June 30, 2012 and 2011, respectively.

Share Repurchase Program

On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. As of June 30, 2012, the Board approved extensions of the program to acquire up to 6.6 million shares.

The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. We repurchased 0.1 million shares during the six months ended June 30, 2012 at an average price of $9.51 per share. Since the inception of the program in 2007 and as of June 30, 2012, we have repurchased a cumulative total of 5.7 million shares at an average price of $10.95 per share.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Publisher AICPA
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash Flow Information

Cash Flow Information

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Cash paid (in thousands) for:

	Three Months Ended June 30,				Six Months Ended June 30,

	2012		2011		2012		2011
Interest	$	617	$	411	$	664	$	810
Income taxes		222		344		1,534		998

Total	$	839	$	755	$	2,198	$	1,808

Income Taxes

Income Taxes

Financial Instruments

Financial Instruments

Segment Disclosure

Segment Disclosure

Reclassifications

Reclassifications

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 305
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122427

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 203
-Paragraph 02-03

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Technical Practice Aid (TPA)
-Number 2110
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 8, 9, 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2144749

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/subtopic&trid=2144681

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 6-34, 43, 47, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 4
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Schedule of cash paid

Cash paid (in thousands) for:

	Three Months Ended June 30,				Six Months Ended June 30,

	2012		2011		2012		2011
Interest	$	617	$	411	$	664	$	810
Income taxes		222		344		1,534		998

Total	$	839	$	755	$	2,198	$	1,808

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements

Summary of fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis

			Fair Value Measurements at Reporting Date Using

	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	28,811	$	28,811	$	—	$	—
Contingent earn-out obligations	$	2,695	$	—	$	—	$	2,695

Schedule of reconciliation of the fair value of contingent earn-out obligations that use significant unobservable inputs (Level 3)

The table below presents a reconciliation of the fair value of our contingent earn-out obligations that use significant unobservable inputs (Level 3) (in thousands).


Balance at beginning of year	$	2,488
Issuances		140
Settlements		—
Adjustments to fair value		67

Balance at end of period	$	2,695

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Goodwill and Identifiable Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2012

Goodwill and Identifiable Intangible Assets, Net

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

	June 30, 2012		December 31, 2011

Balance at beginning of year	$	107,093	$	147,818
Additions		7,500		16,629
Impairment adjustment		—		(57,354	)

Balance at end of period	$	114,593	$	107,093

Schedule of components of identifiable intangible assets

Identifiable intangible assets consist of the following (dollars in thousands):

		June 30, 2012					December 31, 2011

	Estimated Useful Lives in Years	Gross Book Value		Accumulated Amortization			Gross Book Value		Accumulated Amortization
Customer relationships	1 - 15	$	40,404	$	(12,715	)	$	36,351	$	(9,880	)
Backlog	1 - 2		6,515		(5,430	)		5,890		(4,999	)
Noncompete agreements	2 - 7		2,890		(2,159	)		2,890		(1,932	)
Tradenames	2 - 25		23,695		(3,994	)		23,370		(3,341	)

Total		$	73,504	$	(24,298	)	$	68,501	$	(20,152	)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References + Details

Long-Term Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2012

Long-Term Debt Obligations

Schedule of components of long-term debt obligations

Long-term debt obligations consist of the following (in thousands):

	June 30, 2012			December 31, 2011

Revolving credit facility	$	18,000		$	—
Other debt		2,700			2,700
Notes to former owners		8,581			12,681

Total debt		29,281			15,381
Less—current portion		(632	)		(632	)

Total long-term portion of debt	$	28,649		$	14,749

Summary of additional margins

The following is a summary of the additional margins:

	Consolidated Total Indebtedness to Credit Facility Adjusted EBITDA

	Less than 0.75			0.75 to 1.25			1.25 to 2.00			2.00 to 2.50			2.50 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option		0.75	%		1.00	%		1.25	%		1.50	%		1.75	%
Eurodollar Rate Loan Option		1.75	%		2.00	%		2.25	%		2.50	%		2.75	%

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2012

Stockholders' Equity

Reconciliation of number of shares outstanding with the number of shares used in computing basic and diluted earnings per share

The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,

	2012		2011		2012			2011
Common shares outstanding, end of period(a)		37,163		37,414		37,163			37,414
Effect of using weighted average common shares outstanding		3		216		(52	)		170

Shares used in computing earnings per share—basic		37,166		37,630		37,111			37,584
Effect of shares issuable under stock option plans based on the treasury stock method		81		110		92			—
Effect of contingently issuable restricted stock		—		2		29			—

Shares used in computing earnings per share—diluted		37,247		37,742		37,232			37,584

(a): Excludes 0.2 million and 0.4 million shares of unvested contingently issuable restricted stock outstanding as of June 30, 2012 and 2011, respectively.

Business and Organization (Details)	6 Months Ended
Business and Organization (Details)	Jun. 30, 2012
Installation of systems in newly constructed facilities
Business and Organization
Percentage of revenue attributable to services	49.00%
Maintenance, repair and replacement service
Business and Organization
Percentage of revenue attributable to services	51.00%
HVAC
Business and Organization
Percentage of revenue attributable to services	74.00%
Plumbing
Business and Organization
Percentage of revenue attributable to services	18.00%
Building automation control systems
Business and Organization
Percentage of revenue attributable to services	5.00%
Other
Business and Organization
Percentage of revenue attributable to services	3.00%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Cash paid for:
Interest	$ 617	$ 411	$ 664	$ 810
Income taxes	222	344	1,534	998
Total	839	755	2,198	1,808
Income Taxes
Tax expense(benefit)	$ 3,171	$ 2,513	$ 2,065	$ (1,186)
Effective tax rate (as a percent)			60.00%	37.10%

Fair Value Measurements (Details) $ in Thousands	6 Months Ended
Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2012 USD ($)
Contingent earn-out obligation
Reconciliation of the fair value of contingent earn-out obligations that use significant unobservable inputs (Level 3)
Balance at beginning of year	$ 2,488
Issuances	140
Adjustments to fair value	67
Balance at end of period	2,695
Recurring basis \| Total
Fair Value Measurements
Cash and cash equivalents	28,811
Contingent earn-out obligations	2,695
Recurring basis \| Quoted Market Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurements
Cash and cash equivalents	28,811
Recurring basis \| Significant Unobservable Inputs (Level 3)
Fair Value Measurements
Contingent earn-out obligations	$ 2,695

Acquisitions (Details) $ in Millions	3 Months Ended
Acquisitions (Details) $ in Millions	Jun. 30, 2012 item	Mar. 31, 2012 item	Nov. 02, 2011 USD ($)
EAS
Acquisitions
Interest acquired (as a percent)			60.00%
Fair value of consideration transferred			$ 30.4
Goodwill			$ 15.7
Other Acquisitions
Acquisitions
Number of acquisitions \| item	2	1

Goodwill and Identifiable Intangible Assets, Net (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Nov. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) item	Dec. 31, 2011 USD ($)
Changes in the carrying amount of goodwill
Balance at the beginning of period				$ 107,093	$ 147,818
Additions				7,500	16,629
Impairment adjustment		$ 2,200	$ 55,100		57,354
Balance at the end of period		$ 107,093		$ 114,593	$ 107,093
Number of reporting units serving the Virginia, Maryland and North Carolina markets, which could no longer support the related goodwill balance \| item				4
EAS
Changes in the carrying amount of goodwill
Additions	$ 15,700

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267

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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 350
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill and Identifiable Intangible Assets, Net (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Identifiable Intangible Assets, Net
Gross Book Value	$ 73,504	$ 68,501
Accumulated Amortization	(24,298)	(20,152)
Customer relationships
Identifiable Intangible Assets, Net
Gross Book Value	40,404	36,351
Accumulated Amortization	$ (12,715)	$ (9,880)
Customer relationships \| Minimum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	1 year	1 year
Customer relationships \| Maximum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	15 years	15 years
Backlog
Identifiable Intangible Assets, Net
Gross Book Value	$ 6,515	$ 5,890
Accumulated Amortization	$ (5,430)	$ (4,999)
Backlog \| Minimum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	1 year	1 year
Backlog \| Maximum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	2 years	2 years
Noncompete agreements
Identifiable Intangible Assets, Net
Gross Book Value	$ 2,890	$ 2,890
Accumulated Amortization	$ (2,159)	$ (1,932)
Noncompete agreements \| Minimum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	2 years	2 years
Noncompete agreements \| Maximum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	7 years	7 years
Tradenames
Identifiable Intangible Assets, Net
Gross Book Value	$ 23,695	$ 23,370
Accumulated Amortization	$ (3,994)	$ (3,341)
Tradenames \| Minimum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	2 years	2 years
Tradenames \| Maximum
Identifiable Intangible Assets, Net
Estimated Useful Lives in Years	25 years	25 years

Long-Term Debt Obligations (Details) $ in Thousands	6 Months Ended
Long-Term Debt Obligations (Details) $ in Thousands	Jun. 30, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Sep. 23, 2011 USD ($)
Long-Term Debt Obligations
Total debt	$ 29,281	$ 15,381
Less - current portion	(632)	(632)
Total long-term portion of debt	28,649	14,749
Revolving credit facility
Long-Term Debt Obligations
Total debt	18,000
Borrowing capacity			$ 125,000
Outstanding borrowings	18,000
Letter of credit amount outstanding	45,500
Credit available	$ 61,500
Number of interest rate options \| item	2
Additional per annum interest margin added under:
Number of quarters used as basis for calculation of net earning per terms of the financial covenants \| item	4
Principal financial covenants
Number of quarters of capital expenditures, tax provision, dividends and stock repurchase payments used for calculation of fixed charge coverage ratio \| item	4
Permitted amount of acquisitions per transaction	$ 15,000
Period prior to acquisition for which aggregate purchase price is considered for determining permitted amount of acquisitions per transaction	12 months
Other disclosures
Weighted average interest rate (as a percent)	2.00%
Revolving credit facility \| Actual
Principal financial covenants
Leverage ratio	0.49
Fixed charge coverage ratio	19.28
Revolving credit facility \| Minimum
Additional per annum interest margin added under:
Letter of credit fees (as a percent)	1.30%
Commitment fees payable on unused portion of the facility (as a percent)	0.25%
Revolving credit facility \| Minimum \| Covenant Requirement
Principal financial covenants
Fixed charge coverage ratio	2.00
Net leverage ratio used as basis for other restrictions	2.00
Revolving credit facility \| Maximum
Additional per annum interest margin added under:
Letter of credit fees (as a percent)	2.10%
Commitment fees payable on unused portion of the facility (as a percent)	0.50%
Principal financial covenants
Aggregate purchase price of current acquisition and acquisitions in the preceding 12 month period for determining permitted amount of acquisition per transaction	$ 30,000
Revolving credit facility \| Maximum \| Covenant Requirement \| Through December 31, 2013
Principal financial covenants
Leverage ratio	3.00
Net leverage ratio used to determine exclusion of stock repurchases and the payment of dividends for calculation of the fixed charge coverage ratio	2.00
Revolving credit facility \| Maximum \| Covenant Requirement \| Through June 30, 2014
Principal financial covenants
Leverage ratio	2.75
Net leverage ratio used to determine exclusion of stock repurchases and the payment of dividends for calculation of the fixed charge coverage ratio	1.50
Revolving credit facility \| Maximum \| Covenant Requirement \| Through maturity
Principal financial covenants
Leverage ratio	2.50
Net leverage ratio used to determine exclusion of stock repurchases and the payment of dividends for calculation of the fixed charge coverage ratio	1.00
Revolving credit facility \| Base rate \| Adjusted EBITDA ratio, Less than 0.75
Additional per annum interest margin added under:
Variable rate basis	Base rate
Additional per annum interest margin (as a percent)	0.75%
Revolving credit facility \| Base rate \| Adjusted EBITDA ratio, 0.75 to 1.25
Additional per annum interest margin added under:
Variable rate basis	Base rate
Additional per annum interest margin (as a percent)	1.00%
Revolving credit facility \| Base rate \| Adjusted EBITDA ratio, 1.25 to 2.00
Additional per annum interest margin added under:
Variable rate basis	Base rate
Additional per annum interest margin (as a percent)	1.25%
Revolving credit facility \| Base rate \| Adjusted EBITDA ratio, 2.00 to 2.50
Additional per annum interest margin added under:
Variable rate basis	Base rate
Additional per annum interest margin (as a percent)	1.50%
Revolving credit facility \| Base rate \| Adjusted EBITDA ratio, 2.50 or greater
Additional per annum interest margin added under:
Variable rate basis	Base rate
Additional per annum interest margin (as a percent)	1.75%
Revolving credit facility \| Eurodollar rate \| Adjusted EBITDA ratio, Less than 0.75
Additional per annum interest margin added under:
Variable rate basis	Eurodollar rate
Additional per annum interest margin (as a percent)	1.75%
Revolving credit facility \| Eurodollar rate \| Adjusted EBITDA ratio, 0.75 to 1.25
Additional per annum interest margin added under:
Variable rate basis	Eurodollar rate
Additional per annum interest margin (as a percent)	2.00%
Revolving credit facility \| Eurodollar rate \| Adjusted EBITDA ratio, 1.25 to 2.00
Additional per annum interest margin added under:
Variable rate basis	Eurodollar rate
Additional per annum interest margin (as a percent)	2.25%
Revolving credit facility \| Eurodollar rate \| Adjusted EBITDA ratio, 2.00 to 2.50
Additional per annum interest margin added under:
Variable rate basis	Eurodollar rate
Additional per annum interest margin (as a percent)	2.50%
Revolving credit facility \| Eurodollar rate \| Adjusted EBITDA ratio, 2.50 or greater
Additional per annum interest margin added under:
Variable rate basis	Eurodollar rate
Additional per annum interest margin (as a percent)	2.75%
Other debt
Long-Term Debt Obligations
Total debt	$ 2,700	2,700
Less - current portion	$ (300)
Other disclosures
Weighted average interest rate (as a percent)	0.29%
Notes to former owners
Long-Term Debt Obligations
Total debt	$ 8,581	$ 12,681
Less - current portion	$ (300)
Other disclosures
Weighted average interest rate (as a percent)	3.23%

Commitments and Contingencies (Details)	6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2012 item
Gaskets mislabeled as being non-asbestos
Commitments and Contingencies
Number of gaskets bought, that might have been mislabeled	29,000
Number of Ferguson customers who have found asbestos in gaskets above the 1% level	4
Gaskets mislabeled as being non-asbestos \| Maximum
Commitments and Contingencies
Percentage of asbestos in to be classified as non-asbestos	1.00%
Surety \| Minimum
Commitments and Contingencies
Percentage of business which has required bonds	25.00%
Surety \| Maximum
Commitments and Contingencies
Percentage of business which has required bonds	35.00%

Stockholders' Equity (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - shares shares in Millions	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Common stock equivalents
Earnings Per Share
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)				0.3
Stock options
Earnings Per Share
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)	1.0	0.7	1.0	0.5

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stockholders' Equity (Details 2) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended		64 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Mar. 29, 2007
Reconciliation of the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share
Common shares outstanding, end of period	37,163	37,414	37,163	37,414
Effect of using weighted average common shares outstanding	3	216	(52)	170
Shares used in computing earnings per share - basic	37,166	37,630	37,111	37,584
Effect of shares issuable under stock option plans based on the treasury stock method	81	110	92
Effect of contingently issuable restricted shares		2	29
Shares used in computing earnings per share - diluted	37,247	37,742	37,232	37,584
Number of shares of unvested contingently issuable restricted stock outstanding	200	400	200	400	200
Share Repurchase Program
Number of shares of outstanding common stock authorized to be acquired under a stock repurchase program	6,600		6,600		6,600	1,000
Number of shares of common stock repurchased			100		5,700
Average price (in dollars per share)			$ 9.51		$ 10.95