Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 14,940 $ 31,335
Receivables:    
Trade, net of allowance for doubtful accounts of $3,104 and $3,101 in 2014 and 2013, respectively 52,582 38,137
Accounts and Other Receivables, Net, Current 2,078  
Other, net of allowance for doubtful accounts of $437 in 2014 and 2013   4,374
Inventories, net 26,863 26,853
Deferred income taxes 1,991 2,347
Prepaid expenses and other 2,991 2,167
Escrow deposits 0 0
Total current assets 101,445 105,213
Property and equipment 1,116,678 1,066,958
Accumulated depreciation (284,547) (263,306)
Net property and equipment 832,131 803,652
Equity investments and advances 36,053 34,986
Goodwill 352 352
Other assets 15,868 14,380
Total assets 985,849 958,583
Current liabilities:    
Accounts payable and accrued expenses 23,129 13,293
Accrued wages and benefits 9,791 8,792
Accrued interest 950 772
Current portion of long-term debt 2,787 2,787
Derivatives 569 621
Accrued income taxes 236 613
Other current liabilities 4,258 3,267
Total current liabilities 41,720 30,145
Long-term debt 278,023 279,391
Deferred income taxes 214,117 209,574
Other liabilities 3,120 3,412
Total liabilities 536,980 522,522
Era Group Inc. stockholders’ equity:    
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,343,277 outstanding in 2014 and 20,189,895 outstanding in 2013, exclusive of treasury shares 204 202
Additional paid-in capital 425,010 421,310
Retained earnings 24,346 14,680
Treasury shares, at cost, 18,409 and 4,350 shares in 2014 and 2013, respectively (547) (113)
Accumulated other comprehensive income, net of tax 146 176
Stockholders' equity attributable to parent, total 449,159 436,255
Noncontrolling interest in subsidiary (290) (194)
Total equity 448,869 436,061
Total liabilities and stockholders’ equity $ 985,849 $ 958,583