10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

	(Mark One)
☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2015.
☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Commission File Number: 001-34930

EXAMWORKS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	27-2909425
(State or other jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

3280 PEACHTREE ROAD, N.E., SUITE 2625

ATLANTA, GEORGIA 30305

(Address of principal executive offices)

Telephone Number (404) 952-2400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of July 28, 2015, ExamWorks Group, Inc. had 41,547,000 shares of Common Stock outstanding.

1

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

June 30, 2015

FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

		Page
PART I – Financial Information
Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of December 31, 2014 and June 30, 2015 (Unaudited)	3
	Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2015 (Unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2015 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43
Item 4.	Controls and Procedures	44
PART II – Other Information
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	45
Signatures		47

2

PART 1. FINANCIAL INFORMATION

        ITEM 1. FINANCIAL STATEMENTS

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

	December 31,			June 30,
	2014			2015
Assets
Current assets:
Cash and cash equivalents	$	9,751		$	105,093
Accounts receivable, net		203,189			223,903
Prepaid expenses		13,805			13,633
Deferred tax assets		3,776			4,034
Other current assets		1,437			1,179
Total current assets		231,958			347,842
Property, equipment and leasehold improvements, net		15,726			17,485
Goodwill		495,679			496,482
Intangible assets, net		102,583			84,196
Long-term accounts receivable, less current portion		46,401			52,109
Deferred tax assets, noncurrent		29,682			50,682
Deferred financing costs, net		6,169			10,096
Other assets		1,946			2,293
Total assets	$	930,144		$	1,061,185
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	57,033		$	57,257
Accrued expenses		53,978			51,881
Accrued interest expense		10,667			5,860
Deferred revenue		6,402			4,908
Current portion of contingent earnout obligation		4,473			4,567
Current portion of working capital facilities		40,396			—
Other current liabilities		6,950			9,250
Total current liabilities		179,899			133,723
Senior unsecured notes payable		250,000			500,000
Senior secured revolving credit facility and working capital facilities, less current portion		143,853			41,730
Long-term contingent earnout obligation, less current portion		2,114			—
Deferred tax liability, noncurrent		—			9,554
Other long-term liabilities		9,403			12,505
Total liabilities		585,269			697,512
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; Authorized 50,000 shares; no shares issued and outstanding at December 31, 2014 and June 30, 2015		—			—
Common stock, $0.0001 par value; Authorized 250,000 shares; issued and outstanding 40,371 and 41,537 shares at December 31, 2014 and June 30, 2015, respectively		4			4
Additional paid-in capital		403,945			432,645
Accumulated other comprehensive loss		(14,376	)		(18,439	)
Accumulated deficit		(36,210	)		(42,049	)
Treasury stock, at cost; Outstanding 905 shares at December 31, 2014 and June 30, 2015		(8,488	)		(8,488	)
Total stockholders’ equity		344,875			363,673
Total liabilities and stockholders' equity	$	930,144		$	1,061,185

The accompanying notes are an integral part of these consolidated financial statements.

3

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(In thousands, except per share amounts)

(Unaudited)

	For the three months ended June 30,					For the six months ended June 30,
	2014		2015			2014		2015
Revenues	$	196,445	$	208,738		$	369,473	$	405,054
Costs and expenses:
Costs of revenues		124,851		136,425			235,886		264,601
Selling, general and administrative expenses		42,590		42,721			83,118		84,873
Depreciation and amortization		14,858		13,729			29,200		28,577
Total costs and expenses		182,299		192,875			348,204		378,051
Income from operations		14,146		15,863			21,269		27,003
Interest and other expenses, net:
Interest expense, net		7,904		9,948			15,481		17,952
Loss on early extinguishment of debt		—		18,619			—		18,619
Other expense, net		191		—			191		—
Total interest and other expenses, net		8,095		28,567			15,672		36,571
Income (loss) before income taxes		6,051		(12,704	)		5,597		(9,568	)
Provision (benefit) for income taxes		2,519		(4,841	)		2,354		(3,729	)
Net income (loss)	$	3,532	$	(7,863	)	$	3,243	$	(5,839	)
Comprehensive Income (Loss):
Net income (loss)	$	3,532	$	(7,863	)	$	3,243	$	(5,839	)
Foreign currency translation adjustments, net of tax		1,796		1,814			971		(4,063	)
Total comprehensive income (loss)	$	5,328	$	(6,049	)	$	4,214	$	(9,902	)
Per share data:
Net income (loss) per share:
Basic	$	0.09	$	(0.19	)	$	0.09	$	(0.14	)
Diluted	$	0.09	$	(0.19	)	$	0.08	$	(0.14	)
Weighted average number of common shares outstanding:
Basic		38,452		41,015			37,764		40,713
Diluted		40,940		41,015			40,522		40,713

The accompanying notes are an integral part of these consolidated financial statements.

4

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	For the six months ended June 31,
	2014			2015
Operating activities:
Net income (loss)	$	3,243		$	(5,839	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		29,200			28,577
Amortization of deferred rent		(122	)		353
Share-based compensation		9,980			12,701
Excess tax benefit related to share-based compensation		(7,314	)		(2,147	)
Provision for doubtful accounts		3,266			3,866
Amortization of deferred financing costs		1,152			1,031
Deferred income taxes		(4,683	)		(8,275	)
Loss on early extinguishment of debt		—			18,619
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(25,236	)		(26,740	)
Prepaid expenses and other current assets		(2,937	)		(360	)
Accounts payable and accrued expenses		12,017			(1,363	)
Accrued interest expense		240			(4,807	)
Deferred revenue and customer deposits		134			(904	)
Other liabilities		(185	)		(661	)
Net cash provided by operating activities		18,755			14,051
Investing activities:
Cash paid for acquisitions, net		(185,128	)		(11,145	)
Purchases of building, equipment and leasehold improvements, net		(3,610	)		(4,843	)
Working capital and other settlements for acquisitions		(2,299	)		(91	)
Proceeds from (cash paid for) foreign currency net investment hedges		(5,044	)		2,930
Other		(839	)		(1,310	)
Net cash used in investing activities		(196,920	)		(14,459	)
Financing activities:
Borrowings under senior unsecured notes		—			500,000
Borrowings under senior secured revolving credit facility		219,995			25,478
Proceeds from the exercise of options and warrants		23,090			11,451
Excess tax benefit related to share-based compensation		7,314			2,147
Net borrowings under working capital facilities		1,160			827
Repayment of subordinated unsecured notes payable		(333	)		—
Repayment of contingent earnout obligation		—			(1,023	)
Payment of deferred financing costs		(241	)		(8,676	)
Payment for early redemption of senior unsecured notes		—			(14,618	)
Repayments under senior secured revolving credit facility		(78,000	)		(169,331	)
Repayment of senior unsecured notes		—			(250,000	)
Other		(53	)		—
Net cash provided by financing activities		172,932			96,255
Exchange rate impact on cash and cash equivalents		295			(505	)
Net increase (decrease) in cash and cash equivalents		(4,938	)		95,342
Cash and cash equivalents, beginning of period		12,829			9,751
Cash and cash equivalents, end of period	$	7,891		$	105,093
Supplemental disclosures of cash flow information:
Cash paid for interest	$	13,744		$	21,579
Cash paid for (refund from) income taxes		(336	)		3,559

The accompanying notes are an integral part of these consolidated financial statements.

5

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements
(Unaudited)

(1)               Nature of Operations and Basis of Presentation

ExamWorks Group, Inc. (“ExamWorks” or the “Company”) is a leading provider of independent medical examinations (“IMEs”), peer and bill reviews, Medicare compliance services, case management services and other related services (“IME services” or the “IME industry”). ExamWorks, Inc. was incorporated as a Delaware corporation on April 27, 2007. Since 2008 through the date of this filing, ExamWorks completed 52 acquisitions. As of June 30, 2015, ExamWorks, Inc. operated out of 66 service centers serving all 50 U.S. states, Canada, the United Kingdom and Australia. 

The consolidated financial statements of the Company as of June 30, 2015 and for the periods ended June 30, 2014 and 2015 included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have not been audited by its independent registered public accounting firm. In the opinion of management, all adjustments of a normal and recurring nature necessary to present fairly the financial position and results of operations and cash flows for all periods presented have been made. Pursuant to SEC rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted from these statements unless significant changes have taken place since the end of the Company's most recent fiscal year. The Company's December 31, 2014 Consolidated Balance Sheet was derived from audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, (the “Form 10-K”), but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Form 10-K. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

The consolidated financial statements include the accounts of ExamWorks and its 100% owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.

(2)               Summary of Significant Accounting Policies

(a)               Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which they believe are reasonable in the circumstances and actual results could differ from those estimates. The more significant estimates reflected in these consolidated financial statements include the valuation of equity awards, purchase price allocations, useful lives of intangible assets, potential impairment of goodwill and intangible assets, the allowance for doubtful accounts, the portion of accounts receivable deemed to be long term in nature, and the valuation of deferred tax assets, share-based compensation and derivative instruments.

(b)               Foreign Currencies

Assets and liabilities recorded in foreign currencies are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss) and are reported net of the effect of income taxes on the consolidated financial statements (See Note 2 (p) to the Consolidated Financial Statements).

(c)               Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2014 and June 30, 2015.

(d)               Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable consist of amounts owed to the Company for services provided in the normal course of business and are reported net of allowance for doubtful accounts, which amounted to $9.9 million and $11.7 million as of December 31, 2014 and June 30, 2015, respectively. Generally, no collateral is received from customers and additions to the allowance are based on ongoing credit evaluations of customers with general credit experience being within the range of management’s expectations. Accounts are reviewed regularly for collectability and those deemed uncollectible are written off.  The Company assumes, that on average, all accounts receivable will be collected within one year and thus classifies these as current assets; however there are certain receivables, primarily in the U.K., that have aged longer than one year as of December 31, 2014 and June 30, 2015, and the Company has recorded an estimate for those receivables that will not be collected within one year as long-term in the Consolidated Balance Sheets. 

6

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(e)               Concentrations of Credit Risk

The Company routinely assesses the financial strength of its customers and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. For the three and six months ended June 30, 2014 and 2015, no individual customer accounted for more than 10% of revenues. At December 31, 2014 and June 30, 2015 there was one individual customer that accounted for approximately 14% and 16%, respectively, of the accounts receivable balance.

As of June 30, 2015, the Company had cash and cash equivalents totaling approximately $105.1 million. These amounts were held for future acquisition and working capital purposes and were held in non-interest bearing accounts, of which $90.8 million were held in the U.S. The U.S. amounts were insured under standard FDIC insurance coverage for deposit accounts up to $250,000, per depositor and account ownership category, at each separately insured depository institution.

(f)                Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and accelerated methods for income tax purposes. Leasehold improvements are amortized over the lesser of their expected useful life or the remaining lease term. Maintenance and repair costs are expensed as incurred.

(g)               Long-Lived Assets

In accordance with Impairment or Disposal of Long-Lived Assets, Subsections of Financial Accounting Standards Board (“FASB”) ASC Subtopic 360-10 (“ASC 360”),  Property, Plant, and Equipment — Overall, long-lived assets, such as equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models (using market participant assumptions), quoted market values and third-party independent appraisals, as considered necessary. At December 31, 2014 and June 30, 2015, no impairment was noted.

(h)               Goodwill and Other Intangible Assets

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually in accordance with the provisions of FASB ASC Topic 350,  Intangibles — Goodwill and Other  (“ASC 350”). The goodwill impairment test is a two-step test. Under the first step, the fair value of the reporting units are compared with their carrying values (including goodwill). If the fair value of a reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis (using market participant assumptions). If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.

The Company performed its annual impairment review of goodwill in October of 2014 and it was determined that the carrying amount of goodwill was not impaired as the fair value of the reporting units substantially exceeded their carrying values and there have been no subsequent developments that would indicate impairment exists as of June 30, 2015. The goodwill impairment review will continue to be performed annually and more frequently if facts and circumstances warrant a review.

ASC 350 also requires that intangible assets with definite lives be amortized over their estimated useful lives. Currently, customer relationships, trade names, covenants not-to-compete and technology are amortized using the straight-line method over estimated useful lives.

(i)                Deferred Financing Costs

In November 2010, the Company entered into a senior secured revolving credit facility with Bank of America N.A. (“Senior Secured Revolving Credit Facility”) (see Note 10). The Company has incurred deferred financing costs of $8.4 million, of which $241,000 and $1.3 million were incurred in the six months ended June 30, 2014 and 2015, respectively.   In the second quarter of 2015, the Company amended and restated the Senior Secured Revolving Credit Facility, which resulted in a loss on extinguishment of debt of approximately $274,000 for the write-off of unamortized deferred financing costs.

7

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

In July 2011, the Company closed a private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019, which were subsequently registered through a public exchange offer (the “Senior Unsecured Notes”). The Company had incurred deferred financing costs of $7.1 million associated therewith, none of which were incurred in the three and six months ended June 30, 2014 and 2015.

In April 2015, the Company completed a public offering of $500.0 million in aggregate principal amount of 5.625% senior unsecured notes due 2023 (the “Notes”). The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks’ existing and future U.S. subsidiaries. A portion of the gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions. The Company has incurred deferred financing costs of $7.5 million relating to this offering, all of which were incurred in the six months ended June 30, 2015.

In connection with the redemption of the Senior Unsecured Notes in May of 2015, the Company recorded debt extinguishment costs of $18.3 million of which $3.7 million related to unamortized deferred financing costs and $14.6 million related to a premium paid for the early redemption of the Senior Unsecured Notes.

The deferred financing costs associated with the Senior Secured Revolving Credit Facility and the Notes are being amortized to interest expense over the five-year term of the facility, as amended, and the eight-year term of the notes, respectively, using the straight-line method, which approximates the effective interest method.

The Company amortized $580,000 and $1.2 million for the three and six months ended June 30, 2014, respectively and $444,000 and $1.0 million for the three and six months ended June 30, 2015, respectively, to interest expense.

(j)                Revenue Recognition

Revenue related to IMEs, peer reviews, bill reviews, administrative support services and Medicare compliance services is recognized at the time services have been performed and the report is shipped to the end user. The Company believes that recognizing revenue at the time the report is shipped is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25,  Revenue Recognition: Overall,  (i) persuasive evidence that arrangement exists, (ii) shipment has occurred, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured. The Company reports revenues net of any sales, use and value added taxes.

Revenue related to other IME services, including litigation support services, medical record retrieval services and case management services, where no report is generated, is recognized at the time the service is performed. The Company believes that recognizing revenue at the time the service is performed is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25, (i) persuasive evidence that arrangement exists, (ii) services have been rendered, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured.

Certain agreements with customers in the U.K. include provisions whereby collection of the amounts billed are contingent on the favorable outcome of the claim.  The Company has deemed these provisions to preclude revenue recognition at the time of performance, as collectability is not reasonably assured and the cash payments are contingent, and is deferring these revenues, net of estimated costs, until the case has been settled, the contingency has been resolved and the cash has been collected.   As of December 31, 2014 and June 30, 2015, the Company had $4.4 million and $3.4 million, respectively, in U.K. net deferred revenues associated with such agreements.

Should changes in conditions cause management to determine these criteria are not met for certain future transactions, revenue recognized for any subsequent reporting period could be adversely affected.

(k)               Costs of Revenues

Costs of revenues are comprised of fees paid to members of the Company’s medical panel; other direct costs including transcription, film and medical record obtainment and transportation; and other indirect costs including labor and overhead related to the generation of revenues.

 (l)               Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes , (included in FASB ASC Subtopic 740-10,  Income Taxes — Overall ), and recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

8

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(m)              Income (Loss) Per Common Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during each period. Diluted income (loss) per common share is calculated by dividing net income (loss), adjusted on an “as if converted” basis, by the weighted-average number of actual shares outstanding and, when dilutive, the share equivalents that would arise from the assumed conversion of convertible instruments. The effect of potentially dilutive stock options, warrants, shares of restricted stock with service restrictions that have not yet been satisfied and unvested restricted stock units (“RSUs”) is calculated using the treasury stock method.

For the three and six months ended June 30, 2015, the potentially dilutive securities include options, shares of restricted stock with a service restriction not yet satisfied and RSUs exercisable into 5.5 million shares of common stock. For the three and six months ended June 30, 2015, all of the potentially dilutive securities were excluded from the calculation of shares applicable to loss per share, because their inclusion would have been anti-dilutive.

The following table sets forth basic and diluted net income per share computational data for the three and six months ended June 30, 2014 (amounts in thousands):

	Three months ended June 30, 2014		Six months ended June 30, 2014
Net income	$	3,532	$	3,243
Basic shares outstanding:
Common stock		38,452		37,764
Diluted shares outstanding:
Common stock		38,452		37,764
Dilutive securities (1)		2,488		2,758
Total		40,940		40,522

(1) For the three and six months ended June 30, 2014, the Company's dilutive securities exclude options potentially exercisable in the future into 97,000 shares and 69,000 shares, respectively, because their inclusion would have been anti-dilutive.

(n)               Share-Based Compensation

The Company has an Amended and Restated 2008 Stock Incentive Plan, as amended, (the “Plan”) that provides for granting of stock options, restricted stock, RSUs and other equity awards. The Company accounts for share-based awards in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires measurement of compensation cost for all share-based awards at fair value on the grant date (or measurement date if different) and recognition of compensation expense, net of forfeitures, over the requisite service period for awards expected to vest.

Stock Options

The fair value of stock option grants is determined using the Black-Scholes valuation model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics not present in the Company’s stock options. Additionally, option valuation models require the input of highly subjective assumptions, including the expected volatility of the stock price. Because the Company’s stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of its share-based awards. The Company’s expected volatility assumptions are based upon the weighted average of the Company’s implied volatility, the Company’s mean reversion volatility and the median of the Company’s peer group’s most recent historical volatilities for 2015 stock option grants. Expected life assumptions are based upon the “simplified” method for those options issued in 2015, which were determined to be issued approximately at-the-money. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued.

9

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

The assumptions utilized for stock option grants during the six months ended June 30, 2015 were as follows:

	2015
Volatility		48.59%
Expected life (years)		6.00
Risk-free interest rate		2.01%
Dividend yield		—
Fair value	$19.30	–	$19.37

In the six months ended June 30, 2015, the Company issued approximately 35,000 stock option awards to employees.  The weighted average fair value of each stock option was $19.36 per option and the aggregate fair value was $678,000.  All of these awards vest over a three-year period.  Additionally, a majority of these options could vest earlier in the event of a change in control or merger or other acquisition.  Share-based compensation expense related to stock option awards was $2.0 million and $4.7 million for the three and six months ended June 30, 2014, respectively, of which $492,000 and $1.2 million, respectively, was included in costs of revenues, and $1.5 million and $3.5 million, respectively, was recorded in selling, general and administrative (“SGA”) expenses. Share-based compensation expense related to stock option awards was $1.2 million and $3.1 million for the three and six months ended June 30, 2015, respectively, of which $259,000 and $728,000, respectively, was included in costs of revenues, and $981,000 and $2.4 million, respectively, was recorded in SGA expenses.

At June 30, 2015, the unrecognized compensation expense related to stock option awards was $7.1 million, with a remaining weighted average life of 1.6 years.

A summary of option activity for the six months ended June 30, 2015 is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2014		4,965,947		$	12.96
Options granted		35,000			40.20
Options forfeited		(38,766	)		22.67
Options exercised		(819,097	)		13.98
Outstanding at June 30, 2015		4,143,084		$	12.90
Exercisable at June 30, 2015		3,595,175		$	10.15		5.6	$	104,071

Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted average exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of stock options exercised was approximately $22.1 million during the six months ended June 30, 2015.

Restricted Stock and Restricted Stock Units

The Company has granted members of the Board of Directors, certain employees and outside consultants, time lapse restricted stock and RSUs which vest after a stipulated number of years from the grant date depending on the terms of the issue. The fair value of shares of restricted stock and RSUs is determined based upon the market price of the underlying common stock as of the date of grant. Time lapse restricted shares issued and RSUs vest over one to four-year periods. The agreements under which the restricted stock and RSUs are issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have been satisfied. The restriction on a majority of these awards could expire earlier than the stipulated time frame in the event of a change in control or merger or other acquisition. Share-based compensation expense related to shares of restricted stock and RSUs was $2.2 million and $4.3 million for the three and six months ended June 30, 2014, respectively, all of which is included in SGA expenses. Share-based compensation expense related to shares of restricted stock and RSUs was $4.7 million and $8.8 million for the three and six months ended June 30, 2015, respectively, all of which is included in SGA expenses.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

The following is a summary of restricted share and RSU activity for the six months ended June 30, 2015:

	Number of awards			Weighted average grant date fair value
Non-vested awards at December 31, 2014		880,433		$	25.46
Awards granted		801,578			40.44
Awards vested		(334,997	)		25.22
Awards forfeited		(15,559	)		32.07
Non-vested awards at June 30, 2015		1,331,455		$	34.46

The total fair value of vested RSUs and shares of restricted stock during the six months ended June 30, 2015 was $8.4 million. At June 30, 2015, total unrecognized compensation costs related to non-vested restricted shares and RSUs was $35.4 million which is expected to be recognized over a weighted average period of 2.2 years.

During the three and six months ended June 30, 2014, the Company recorded share-based compensation expense of $437,000 and $975,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. During the three and six months ended June 30, 2015, the Company recorded share-based compensation expense of $647,000 and $777,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. The 2014 obligation was settled in March 2015 via the issuance of approximately 122,000 shares of restricted stock, and the 2015 plan year obligation is recorded as accrued expenses in the accompanying Consolidated Balance Sheets.  The 2015 incentive compensation plan contains a performance metric based on the Company’s 2015 financial performance and a subsequent time-based service requirement. If the performance metric is met, the associated liability will be settled in the first quarter of 2016 with the granting of an indeterminate number of restricted shares which will vest equally on June 1, 2016 and 2017.

  (o)             Fair Value Measurements

The Company’s financial assets and (liabilities), which are measured at fair value on a recurring basis, are categorized using the fair value hierarchy at December 31, 2014 and June 30, 2015, and are as follows (in thousands):

	Level 1		Level 2			Level 3			Total
As of December 31, 2014
Financial instruments:
Contingent consideration	$	—	$	—		$	(6,587	)	$	(6,587	)
Foreign currency derivative asset		—		272			—			272
As of June 30, 2015
Financial instruments:
Contingent consideration	$	—	$	—		$	(4,567	)	$	(4,567	)
Foreign currency derivative liability		—		(2,126	)		—			(2,126	)

The contingent consideration relates to earnout provisions recorded in conjunction with certain acquisitions completed in 2013 and 2014 (see Note 3). Of the total decrease in fair value of the contingent consideration of $2.0 million in 2015, $1.0 million was settled as cash consideration to satisfy an installment related to a 2014 acquisition and the Company recorded $941,000 in adjustments to the fair value of the obligation related to milestones which were not achieved, or expected to be achieved, recorded to SGA expenses, offset by $134,000 recorded in interest and other expenses, net in the Consolidated Statements of Comprehensive Income (Loss) due to changes in the fair value of the contingent consideration and the remaining change is due to currency fluctuations.

The fair value of the foreign currency derivative was determined using observable market inputs such as foreign currency exchange rates and considers nonperformance risk of the Company and that of its counterparties.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(p)               Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as a component of stockholders’ equity but are excluded from net income (loss). The Company’s accumulated other comprehensive income (loss) consists of foreign currency translation adjustments, reported net of tax as appropriate, from those subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses, reported net of tax as appropriate, resulting from its net investment hedge of its Australian and U.K. subsidiaries. Accumulated other comprehensive income (loss) consists of the following (in thousands):

	Foreign Currency Translation			Net investment hedge - foreign exchange contract			Total
Balance at December 31, 2014	$	(17,821	)	$	3,445		$	(14,376	)
Change during 2015:
Before-tax amount		(5,895	)		532			(5,363	)
Tax (expense) benefit		1,510			(210	)		1,300
Total activity in 2015		(4,385	)		322			(4,063	)
Balance at June 30, 2015	$	(22,206	)	$	3,767		$	(18,439	)

(q)               Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU No. 2014-08, (Topic 205 and 360), “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity” (“ASU 2014-08”) which amends the definition for what types of asset disposals are to be considered discontinued operations, and amends the required disclosures for discontinued operations and assets held for sale. ASU 2014-08 also enhances the convergence of the FASB’s and the International Accounting Standard Board’s reporting requirements for discontinued operations. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company adopted the provisions of this standard effective January 1, 2015 and the adoption of these provisions did not have a material impact on its financial position, results of operations and cash flows.

Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers (“ASU 2014-09”) which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2017, with early application not permitted. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-05”) which defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-05 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted. The Company plans to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. The Company currently does not expect the adoption to have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

There were various other accounting standards and interpretations issued during 2014 and 2015 the Company has not yet been required to adopt, none of which are expected to have a material impact on its financial position, results of operations and cash flows.

(3)               Acquisitions

ExamWorks operates in a highly fragmented industry and as of June 30, 2015 has completed 51 acquisitions since July 14, 2008. A key component of ExamWorks’ acquisition strategy is growth through acquisitions that expand its geographic coverage, that provide new or complementary lines of business, expand its portfolio of services and that increase its market share.

The Company has accounted for all business combinations using the purchase method to record a new cost basis for the assets acquired and liabilities assumed. The Company recorded, based on a preliminary purchase price allocation, intangible assets representing client relationships, tradenames, covenants not to compete, technology and the excess of purchase price over the estimated fair value of the tangible assets acquired and liabilities assumed as goodwill in the accompanying consolidated financial statements. The goodwill is attributable to synergies achieved through the streamlining of operations combined with improved margins attainable through increased market presence. The results of operations are reflected in the consolidated financial statements of the Company from the date of acquisition.

(a)               2014 Acquisitions

In 2014, the Company completed the following individually insignificant acquisitions, as defined in SEC Regulation S-X Rule 3-05, with an aggregate purchase price of $194.8 million, comprised of $189.0 million cash consideration less cash acquired of $1.1 million, and $6.9 million of contingent consideration. In conjunction with these 2014 acquisitions, the Company incurred aggregate transaction costs of $1.6 million, of which $186,000 and $916,000 was incurred in the three and six months ended June 30, 2014, respectively. The Company did not incur any costs associated with the indicated acquisitions in the first two quarters of 2015. These amounts are reported in SGA expenses in the Company’s accompanying Consolidated Statements of Comprehensive Income (Loss). These acquisitions enhanced and expanded the presence and service offerings of the Company. 

Company name	Form of acquisition	Date of acquisition
Newton Medical Group (United States)	Substantially all of the assets and assumed certain liabilities	January 13, 2014
Cheselden (United Kingdom)	100% of the outstanding share capital	January 16, 2014
G&L Intermediate Holdings (“Gould & Lamb”) (United States)	100% of the outstanding common stock	February 3, 2014
Assess Medical Group Pty Ltd (Australia)	100% of the outstanding common stock	February 14, 2014
Solomon Associates (United States)	Substantially all of the assets and assumed certain liabilities	May 30, 2014
Ability Services Network (United States)	100% of the outstanding common stock	June 6, 2014
Expert Medical Opinions (United States)	Substantially all of the assets and assumed certain liabilities	August 22, 2014

The preliminary allocation of consideration for these acquisitions is summarized as follows (in thousands):

	Preliminary purchase price allocation December 31, 2014			Adjustments/ reclassifications			Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements		886			—			886
Customer relationships		50,216			—			50,216
Tradenames		10,342			—			10,342
Covenants not to compete		590			—			590
Technology		1,870			—			1,870
Goodwill		136,034			471			136,505
Net deferred tax liability associated with step-up in book basis		(9,041	)		—			(9,041	)
Assets acquired and liabilities assumed, net		3,785			(380	)		3,405
Totals		194,682			91			194,773

In 2015, the Company recorded adjustments to working capital resulting in an increase in total consideration paid of $91,000. Goodwill of $116.5 million and other intangible assets of $36.7 million are expected to be deductible for U.S. federal income tax purposes, a portion of which are subject to the provisions of IRC Section 901(m) which contain certain foreign tax credit limitations. The Company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(b)               2015 Acquisitions

In 2015, the Company completed the following individually insignificant acquisitions, as defined in SEC Regulation S-X Rule 3-05, with an aggregate purchase price of $11.1 million, comprised of $11.8 million cash consideration less cash acquired of $655,000. In conjunction with the 2015 acquisitions, the Company incurred aggregate transaction costs of $170,000, of which $35,000 were incurred in the six months ended June 30, 2015. These amounts are reported in SGA expenses in the Company’s accompanying Consolidated Statements of Comprehensive Income (Loss). These acquisitions enhanced and expanded the presence and service offerings of the Company.

Company name	Form of acquisition	Date of acquisition
ReliableRS (United States)	Substantially all of the assets and assumed certain liabilities	January 2, 2015
Landmark Exams & Maven Exams (United States)	Substantially all of the assets and assumed certain liabilities	April 14, 2015

The preliminary allocation of consideration for this acquisition is summarized as follows (in thousands):

	Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements	$	74
Customer relationships		4,265
Tradename		998
Covenants not to compete		182
Goodwill		4,654
Assets acquired and liabilities assumed, net		972
Total	$	11,145

Goodwill of $4.7 million and other intangible assets of $5.4 million are expected to be deductible for U.S. federal income tax purposes. The Company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. The 2015 acquisitions contributed $2.9 million in revenues and $559,000 in operating income and $3.4 million in revenues and $540,000 in operating income for the three and six months ended June 30, 2015, respectively.

(c)               Pro forma Financial Information

The following unaudited pro forma results of operations for the three and six months ended June 30, 2014 and 2015 assumes that the 2014 acquisitions were completed on January 1, 2013 and the 2015 acquisitions were completed on January 1, 2014. ReliableRS was acquired on January 2, 2015, thus there are no differences between the reported and pro forma results of operations for the three and six months ended June 30, 2015.

For the three and six months ended June 30, 2014, the pro forma results include adjustments to reflect additional interest and other expenses, net of $562,000 and $236,000, respectively, associated with the funding of the acquisitions assuming that acquisition related debt was incurred on those referenced above.  In addition, incremental depreciation and amortization expense was recorded as if the acquisitions had occurred on the dates referenced above and amounted to $1.4 million and $4.1 million, respectively, for the three and six months ended June 30, 2014.  Finally, adjustments of $1.9 million and $6.2 million, respectively, were made to reduce SGA expenses for the three and six months ended June 30, 2014, principally related to certain salary and other personal expenses attributable to the previous owners of the acquired businesses.  These adjustments represent contractual reductions and are considered to be non-recurring and are not expected to have a continuing impact on the operations of the Company.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the three and six months ended June 30, 2015, the pro forma results include adjustments to reflect additional interest and other expenses of $12,000 and $82,000, respectively, associated with the funding of the acquisitions assuming that acquisition related debt was incurred on those referenced above.  In addition, incremental depreciation and amortization expense was recorded as if the acquisitions had occurred on the dates referenced above and amounted to $50,000 and $348,000 for the three and six months ended June 30, 2015, respectively.  Finally, adjustments of $110,000 and $429,000 were made to reduce and increase SGA expenses for the three and six months ended June 30, 2015, respectively, principally related to certain salary and other personal expenses attributable to the previous owners of the acquired businesses.  These adjustments represent contractual reductions or increases and are considered to be non-recurring and are not expected to have a continuing impact on the operations of the Company.

	Three months ended June 30,					Six months ended June 30,
	2014		2015			2014		2015
	(In thousands, except per share data)
Pro forma revenues	$	207,638	$	209,094		$	397,383	$	407,550
Pro forma net income (loss)		4,023		(7,756	)		3,828		(5,829	)
Pro forma income (loss) per share: Basic	$	0.10	$	(0.19	)	$	0.10	$	(0.14	)
Pro forma income (loss) per share: Diluted	$	0.10	$	(0.19	)	$	0.09	$	(0.14	)

The pro forma financial information presented above is not necessarily indicative of either the results of operations that would have occurred had the acquisitions been effective as of January 1 of the respective years or of future operations of the Company.

(4)               Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements at December 31, 2014 and June 30, 2015, consist of the following (in thousands):

	Estimated useful lives			December 31,		June 30,
	(years)			2014		2015
Building		15		$	2,553	$	2,661
Computer and office equipment		3			19,161		18,879
Furniture and fixtures	3	to	5		4,274		4,782
Leasehold improvements	Lease term				4,836		5,807
					30,824		32,129
Less accumulated depreciation and amortization					15,098		14,644
Totals				$	15,726	$	17,485

Depreciation expense was $1.6 million and $3.0 million for the three and six months ended June 30, 2014, respectively. Depreciation expense was $1.6 million and $3.3 million for the three and six months ended June 30, 2015, respectively.

 (5)              Goodwill and Intangible Assets

Goodwill by segment at December 31, 2014 and June 30, 2015 consists of the following (in thousands) (1):

	United					United
	States		Canada			Kingdom		Australia			Total
Balance at December 31, 2014	$	401,560	$	17,178		$	38,354	$	38,587		$	495,679
Goodwill acquired during the year		4,654		—			—		—			4,654
Adjustments to prior year acquisitions		471		—			—		—			471
Effect of foreign currency translation		—		(1,551	)		495		(3,266	)		(4,322	)
Balance at June 30, 2015	$	406,685	$	15,627		$	38,849	$	35,321		$	496,482

(1) Goodwill recorded in connection with certain tax benefits to be realized in the Company’s U.S. income tax returns has been reflected in the United States segment.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Intangible assets at December 31, 2014 and June 30, 2015, consist of the following (in thousands):

					December 31, 2014
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	244,211	$	(167,943	)	$	76,268
Tradenames		45	to	84		68,264		(45,901	)		22,363
Covenants not to compete			36			6,761		(4,116	)		2,645
Technology		24	to	40		9,188		(7,881	)		1,307
Totals					$	328,424	$	(225,841	)	$	102,583

					June 30, 2015
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	245,332	$	(185,655	)	$	59,677
Tradenames		45	to	84		68,627		(49,826	)		18,801
Covenants not to compete			36			9,834		(5,080	)		4,754
Technology		24	to	40		9,184		(8,220	)		964
Totals					$	332,977	$	(248,781	)	$	84,196

The aggregate intangible amortization expense was $13.3 million and $26.2 million for the three and six months ended June 30, 2014, respectively. The aggregate intangible amortization expense was $12.2 million and $25.3 million for the three and six months ended June 30, 2015, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	22,906
Years ended December 31:
2016		35,005
2017		22,395
2018		3,007
2019		883
Total	$	84,196

(6)               Accrued Expenses

Accrued expenses at December 31, 2014 and June 30, 2015 consist of the following (in thousands):

	December 31, 2014		June 30, 2015
Accrued compensation and benefits	$	15,041	$	11,630
Accrued selling and professional fees		4,202		2,588
Accrued income, value added and other taxes		26,576		29,950
Accrued medical panel fees		4,391		4,515
Other accrued expenses		3,768		3,198
Totals	$	53,978	$	51,881

(7)               Stockholders’ Equity

During the six months ended June 30, 2015, the Company issued approximately 810,000 shares of common stock to settle options exercised during the period.

During the six months ended June 30, 2015, the Company issued approximately 20,000 shares of common stock to settle warrants exercised during the period.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

During the six months ended June 30, 2015, the Company issued approximately 91,000 shares of restricted stock with a fair value of $3.7 million to certain officers and employees for services to be provided during the next three years. The Company is recording the expenses related to these awards in SGA expenses over the requisite service period.

During the six months ended June 30, 2015, the Company issued approximately 122,000 shares of common stock to settle restricted stock units whose restrictions were lifted during the period.

During the six months ended June 30, 2015, the Company issued approximately 122,000 shares of restricted stock to certain officers and employees in settlement of its 2014 incentive compensation plan liability. The first 50% restriction on these shares was lifted on June 1, 2015 and the remaining 50% restriction will be lifted on June 1, 2016. The Company records the remaining expense related to these awards in SGA expenses over the remaining service period.

During the six months ended June 30, 2015, the Company did not repurchase any shares under the share repurchase program. As of June 30, 2015, the Company has approximately 905,000 shares of common stock held as treasury shares with an average value of $9.38 per share, and the ability to repurchase an additional $10.2 million in shares of its common stock.

(8)               Related Party Transactions

The Senior Secured Revolving Credit Facility contains a provision requiring the Company to use a third party to perform financial due diligence for acquisitions exceeding a certain size. With the approval of the senior lender, the Company engaged RedRidge Finance Group (“RedRidge”) to assist it with financial due diligence and incurred $115,000 and $291,000 in fees, pertaining to acquisition-related work performed during the three and six months ended June 30, 2014, respectively. The Company incurred $118,000 in fees, pertaining to acquisition-related work performed during the six months ended June 30, 2015, all of which were incurred during the first quarter of 2015. P&P Investment, LLC (“P&P”), a company owned by Richard Perlman and James Price, the Executive Chairman and Chief Executive Officer, respectively, of the Company, are minority owners and lenders of RedRidge.

(9)               Commitments and Contingencies

(a)               Lease Commitments

The Company and its subsidiaries lease office space and office related equipment under noncancelable operating leases with various expiration dates from 2015 through 2023.

Future minimum lease payments under the operating leases for the six months ended December 31, 2015 and in each of the years subsequent to December 31, 2015 are as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	6,964
Years ended December 31:
2016		12,670
2017		11,162
2018		9,105
2019		6,355
Thereafter		5,955
Total	$	52,211

Related rent expense was $3.7 million and $7.1 million for the three and six months ended June 30, 2014, respectively. Related rent expense was $4.5 million and $8.7 million for the three and six months ended June 30, 2015, respectively.

(b)               Employee Benefit Plans

The Company and certain of its subsidiaries each sponsor separate voluntary defined contribution pension plans. The plans cover employees that meet specific age and length of service requirements. The Company and certain of its subsidiaries have various matching and vesting arrangements within their individual plans. For the three and six months ended June 30, 2014, the Company recorded $234,000 and $462,000, respectively, in compensation expense related to these plans. For the three and six months ended June 30, 2015, the Company recorded $306,000 and $676,000, respectively, in compensation expense related to these plans.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(10)             Long-Term Debt

Long-term debt at December 31, 2014 and June 30, 2015 consists of the following (in thousands):

	December 31,		June 30,
	2014		2015
	(in thousands)
Senior Unsecured Notes Payable (a)	$	250,000	$	500,000
Senior Secured Revolving Credit Facility, Bank of America, N.A. (b)		143,853		—
Working capital facilities, Barclays (c)		40,396		41,730
		434,249		541,730
Less current portion		40,396		—
	$	393,853	$	541,730

(a)      In July 2011, and through June 2012, the Company closed the offering of the Senior Unsecured Notes. The Senior Unsecured Notes were issued at a price of 100% of their principal amount. A portion of the gross proceeds of $250.0 million were used to repay borrowings outstanding under the Company’s Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder was used for general corporate purposes, including acquisitions.

On April 16, 2015, the Company closed a public offering of the Notes. The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks’ existing and future U.S. subsidiaries. The gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions.

The Notes were issued under an indenture, dated as of April 16, 2015, as supplemented by a supplemental indenture, dated April 16, 2015 (collectively, the “Indenture”), among the Company, the Guarantors and U.S. Bank, National Association, as trustee (the “Trustee”).  The Notes are the Company’s general senior unsecured obligations, and rank equally with the Company’s existing and future senior unsecured obligations and senior to all of the Company’s further subordinated indebtedness. The Notes accrue interest at a rate of 5.625% per year, payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2015. Interest accrues from the issue date of the Notes.

At any time on or after April 15, 2018, the Company may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to the date of redemption. Prior to April 15, 2018, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 105.625% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, provided that at least 60% of the original aggregate principal amount of the Notes remains outstanding after redemption. In addition, the Company may redeem some or all of the Notes at any time prior to April 15, 2018 at a redemption price equal to 100% of the principal amount of the Notes plus a make whole premium described in the Indenture, plus accrued and unpaid interest.

The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its restricted subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness, make certain types of restricted payments, incur liens on assets of the Company or the restricted subsidiaries, engage in asset sales and enter into transactions with affiliates. Upon a change of control (as defined in the Indenture), the Company may be required to make an offer to repurchase the Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default.

(b)      On November 2, 2010, the Company entered into the Senior Secured Revolving Credit Facility with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility is available to finance the Company’s acquisition program and working capital needs.

On April 16, 2015, the Company amended and restated the terms of its Senior Secured Revolving Credit Facility in connection with the offering of the Notes pursuant to an amended and restated credit agreement (the “Amended and Restated Credit Facility”) dated April 16, 2015. The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, the Company has the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate (equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plus the applicable margin, as the Company elects. The applicable margin means a percentage per annum determined in accordance with the following table: 

Pricing Tier	Consolidated Senior Secured Leverage Ratio					Commitment Fee/Unused Line Fee			Letter of Credit Fee			Eurocurrency Rate Loans			Base Rate Loans
1	≥	4.00	to 1.0				0.45	%		2.75	%		2.75	%		1.75	%
2	≥	3.50	to 1.0 but <	4.00	to 1.0		0.40	%		2.50	%		2.50	%		1.50	%
3	≥	3.00	to 1.0 but <	3.50	to 1.0		0.35	%		2.25	%		2.25	%		1.25	%
4	≥	2.50	to 1.0 but <	3.00	to 1.0		0.30	%		2.00	%		2.00	%		1.00	%
5			<	2.50	to 1.0		0.30	%		1.75	%		1.75	%		0.75	%

In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.

The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring the Company to not exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimum consolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts the Company’s ability (subject to certain exceptions) to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, pay dividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactions with affiliates and other corporate actions.

On June 1, 2015 the Company entered into a first amendment to the Senior Secured Revolving Credit Facility (“First Amendment”). The First Amendment amended the definition of  “Change of Control” in the Senior Secured Revolving Credit Facility.

As of June 30, 2015, the Company had no amount outstanding under the Senior Secured Revolving Credit Facility, resulting in $300.0 million of undrawn commitments.  

(c)       On September 29, 2010, the Company’s indirect 100% owned subsidiary UK Independent Medical Services Limited (“UKIM”) entered into a Sales Finance Agreement (the “UKIM SFA”) with Barclays Bank PLC (“Barclays”), pursuant to which Barclays provides UKIM a working capital facility of up to £5,000,000, subject to the terms and conditions of the UKIM SFA. The working capital facility bore a discount margin of 2.5% over Base Rate and served to finance UKIM’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, UKIM entered into an amendment to extend the term of the existing UKIM SFA by 24 months from June 28, 2013, to amend the discount margin to 2.4% over Base Rate (0.5% rate on June 30, 2015) and to provide that payments by UKIM for certain non-working capital purposes are permitted under the UKIM SFA. Further, on April 16, 2015, UKIM entered into an amendment to extend the term of the existing UKIM SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, UKIM had $7.4 million outstanding under the working capital facility, resulting in approximately $456,000 in availability.

On May 12, 2011, the Company’s indirect 100% owned subsidiary Premex Group Limited (“Premex”) entered into a Sales Finance Agreement (the “Premex SFA”) with Barclays, pursuant to which Barclays provides Premex a working capital facility of up to £26,500,000, subject to the terms and conditions of the Premex SFA. The working capital facility bears a discount margin of 2.4% over Base Rate (0.5% rate on June 30, 2015) and serves to finance Premex’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, Premex entered into an amendment to extend the term of the existing Premex SFA by 24 months from June 28, 2013, and to provide that payments by Premex for certain non-working capital purposes are permitted under the Premex SFA. Further, on April 16, 2015, Premex entered into an amendment to extend the term of the existing Premex SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, Premex had $34.3 million outstanding under the working capital facility, resulting in approximately $7.3 million in availability. 

19

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

As of June 30, 2015, future maturities of long-term debt were as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	—
Year ended December 31:
2016		—
2017		—
2018		41,730
2019		—
Thereafter		500,000
Total	$	541,730

(11)             Financial Instruments

The FASB issued ASC Topic 815, Derivatives and Hedging (“ASC 815”) which establishes accounting and reporting standards for derivative instruments. ASC 815 requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a hedge’s change in fair value will be immediately recognized in earnings.

Beginning in the second quarter of 2013, in order to protect against foreign currency exposure in its Australian operations, the Company entered into forward foreign currency contracts as a hedge of AUD $60.0 million of its net investment in Australia. Beginning in the third quarter of 2013, the Company also entered into forward foreign currency contracts as a hedge of £40.0 million of its net investment in the U.K. The Company settled certain of its hedge positions during the 2015 year and received $2.9 million in net proceeds. This amount was classified in accumulated other comprehensive loss in the Company’s Consolidated Balance Sheet (see Note 2), offsetting the currency translation adjustment of the related net investment that is also recorded in accumulated other comprehensive loss, and is reported net of the effect of income taxes.

As of December 31, 2014, the Company had a net asset of $272,000 recorded in other current liabilities with the offsetting net unrealized gain being recorded in accumulated other comprehensive loss in its Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in January of 2015. As of June 30, 2015, the Company had a gross liability of $2.1 million recorded in other current liabilities, with the offsetting net unrealized loss being recorded in accumulated other comprehensive loss in its Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in July of 2015.

The Company does not enter into derivative transactions for speculative purposes.

(12)             Income Taxes

In preparing its consolidated financial statements, the Company estimates income taxes in each of the jurisdictions in which it operates. This process involves estimating actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These differences result in deferred income tax assets and liabilities.

Additionally, the Company currently has significant deferred tax assets and other deductible temporary differences including basis differences between intangible assets. The Company does not provide a valuation allowance against its deferred tax assets as the Company believes that it is more likely than not that all of the deferred tax assets will be realized based on available evidence including scheduled reversal of deferred tax liabilities, projected future taxable income and other tax planning considerations.

The Company applies the provisions of ASC 740 as it relates to uncertain tax positions. This interpretation prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. ASC 740 states that a tax benefit from an uncertain tax position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority having full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense.

20

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

The following table summarizes the activity related to the unrecognized tax benefits for the six months ended June 30, 2015, (in thousands)

Balance at January 1, 2015	$	1,593
Increase to prior year tax positions		87
Increase to current year tax positions		—
Expiration of the statute of limitations for the assessment of taxes		(281	)
Decrease related to settlements		—
Balance at June 30, 2015	$	1,399

The Company is no longer subject to U.S. federal income and state tax return examinations by tax authorities for tax years before 2010 and 2009, respectively. The Company operates in multiple taxing jurisdictions and faces audits from various tax authorities. The Company remains subject to examination until the statute of limitations expires for the respective tax jurisdiction. The Company does not anticipate that the amount of the unrecognized benefit will significantly increase or decrease within the next 12 months.

Undistributed earnings of the Company’s foreign subsidiaries are considered indefinitely reinvested and, accordingly, no provision for U.S. federal income taxes has been recorded. Deferred taxes are provided for earnings outside the United States when those earnings are not considered indefinitely reinvested.

(13)            Segment and Geographical Information

The Company applies the provisions of ASC Topic 280, Segment Reporting, (“ASC 280”). ASC 280, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker (“CODM”) and for which discrete financial information is available. Based on the provisions of ASC 280, the Company has determined that it operates in four geographic segments: the United States, Canada, the United Kingdom and Australia. The CODM evaluates segment performance based on revenues and segment profit, as defined below. The Company’s corporate costs and assets are all incurred in the United States and are included in the United States segment, as this is consistent with how they are presented and reviewed by the CODM. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.

Information relating to the Company’s product groups (IMEs, peer review, bill review, Medicare compliance, case management and other related services) is as follows (in thousands):

Revenues:	For the three months ended June 30,				For the six months ended June 30,
	2014		2015		2014		2015
IME and other related services (1)	$	172,968	$	175,488	$	327,508	$	342,833
Peer and bill reviews, Medicare compliance services and case management services (1)		23,477		33,250		41,965		62,221
Total revenues	$	196,445	$	208,738	$	369,473	$	405,054

(1) Includes the results of certain of the Company’s service centers acquired whose revenues are generated substantially through the indicated product group. Outside of this presentation, other product groups are not tracked within the Company’s financial systems. Additionally, other related services, which include any Medicare compliance services and case management services completed at the Company’s historic service centers in the periods presented, are not separately captured within the Company’s financial systems and have been included with IME services in the above presentation as separate presentation is not practicable. With the Company’s acquisition of Gould & Lamb in February of 2014 and Ability Services Network and MedAllocators in June of 2014, Medicare compliance services and case management services have been added to the presentation above. None of the individual services within the peer and bill reviews, Medicare compliance services and case management services category above represent more than 10% of consolidated revenues.

21

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Information relating to the Company’s geographic segments is as follows (in thousands)(1):  

	United						United
	States			Canada			Kingdom			Australia			Total
Three months ended June 30, 2014
Revenues	$	117,343		$	8,578		$	48,665		$	21,859		$	196,445
Segment profit		20,629			1,165			8,378			4,407			34,579
Depreciation and amortization expense		8,169			711			3,094			2,885			14,858
Capital expenditures		(2,462	)		(8	)		(228	)		(201	)		(2,899	)
Six months ended June 30, 2014
Revenues	$	223,392		$	16,085		$	90,718		$	39,278		$	369,473
Segment profit		36,583			2,263			15,459			8,284			62,589
Depreciation and amortization expense		15,888			1,522			6,269			5,521			29,200
Capital expenditures		(2,864	)		(9	)		(517	)		(220	)		(3,610	)
Total assets (3)		575,153			28,904			244,176			101,459			949,692
Long-lived assets (2)(3)		486,176			21,411			107,338			88,826			703,751
Three months ended June 30, 2015
Revenues	$	132,125		$	9,672		$	46,012		$	20,929		$	208,738
Segment profit		22,752			1,350			7,482			4,773			36,357
Depreciation and amortization expense		9,071			108			2,097			2,453			13,729
Capital expenditures		(1,653	)		(55	)		(245	)		(661	)		(2,614	)
Six months ended June 30, 2015
Revenues	$	253,843		$	17,621		$	93,456		$	40,134		$	405,054
Segment profit		42,274			1,984			15,182			8,869			68,309
Depreciation and amortization expense		18,482			690			4,480			4,925			28,577
Capital expenditures		(3,323	)		(169	)		(434	)		(917	)		(4,843	)
Total assets (3)		699,371			24,212			251,876			85,726			1,061,185
Long-lived assets (2)(3)		472,161			16,041			97,286			67,077			652,565

(1) For segment purposes, the Company defines “segment profit” as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

(2) Long-lived assets are noncurrent assets excluding deferred tax assets and deferred financing costs.

(3) Total assets and long-lived assets include goodwill. Goodwill recorded in connection with certain tax benefits to be realized in the Company’s U.S. income tax returns has been reflected in the United States segment.

A reconciliation of segment profit to consolidated income from operations is as follows (in thousands):

	For the three months ended June 30,						For the six months ended June 30,
	2014			2015			2014			2015
Segment Profit	$	34,579		$	36,357		$	62,589		$	68,309
Depreciation and amortization		(14,858	)		(13,729	)		(29,200	)		(28,577	)
Share-based compensation expense		(4,627	)		(6,565	)		(9,980	)		(12,701	)
Acquisition related transaction costs		(762	)		(134	)		(1,954	)		248
Other expenses		(186	)		(66	)		(186	)		(276	)
Income from operations	$	14,146		$	15,863		$	21,269		$	27,003

22

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(14)            Condensed Consolidating Financial Information of Guarantor Subsidiaries

The Company has outstanding certain indebtedness that is guaranteed by all of its U.S. subsidiaries. However, the indebtedness is not guaranteed by the Company’s foreign subsidiaries. The guarantor subsidiaries are 100% owned and the guarantees are made on a joint and several basis, and are full and unconditional. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information as of December 31, 2014 and June 30, 2015, and for the three and six months ended June 30, 2014 and 2015 is presented below. The Company (issuer of the Senior Unsecured Notes) was formed in June 2010 to implement a holding company organizational structure. As a result, all operating activities are conducted through the Company’s 100% owned subsidiaries.

Condensed Consolidating Statement of Operations

for the three months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	117,343		$	79,102		$	—		$	—	$	196,445
Costs and expenses:
Costs of revenues		76,483			48,368			—			—		124,851
Selling, general and administrative expenses		21,846			20,744			—			—		42,590
Depreciation and amortization		8,168			6,690			—			—		14,858
Total costs and expenses		106,497			75,802			—			—		182,299
Income from operations		10,846			3,300			—			—		14,146
Interest and other expenses, net		6,116			1,979			—			—		8,095
Income before income taxes		4,730			1,321			—			—		6,051
Provision for income taxes		1,116			1,403			—			—		2,519
Net income (loss) before earnings of consolidated subsidiaries	$	3,614		$	(82	)	$	—		$	—	$	3,532
Net income (loss) of consolidated subsidiaries		(82	)		—			(82	)		164		—
Net income (loss)	$	3,532		$	(82	)	$	(82	)	$	164	$	3,532

23

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Statement of Operations

for the six months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	223,392		$	146,081		$	—		$	—	$	369,473
Costs and expenses:
Costs of revenues		147,550			88,336			—			—		235,886
Selling, general and administrative expenses		43,551			39,567			—			—		83,118
Depreciation and amortization		15,888			13,312			—			—		29,200
Total costs and expenses		206,989			141,215			—			—		348,204
Income from operations		16,403			4,866			—			—		21,269
Interest and other expenses, net		11,808			3,864			—			—		15,672
Income before income taxes		4,595			1,002			—			—		5,597
Provision (benefit) for income taxes		(526	)		2,880			—			—		2,354
Net income (loss) before earnings of consolidated subsidiaries	$	5,121		$	(1,878	)	$	—		$	—	$	3,243
Net income (loss) of consolidated subsidiaries		(1,878	)		—			(1,878	)		3,756		—
Net income (loss)	$	3,243		$	(1,878	)	$	(1,878	)	$	3,756	$	3,243

Condensed Consolidating Statement of Operations

for the three months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	132,125		$	76,613	$	—	$	—		$	208,738
Costs and expenses:
Costs of revenues		88,622			47,803		—		—			136,425
Selling, general and administrative expenses		23,689			19,032		—		—			42,721
Depreciation and amortization		9,071			4,658		—		—			13,729
Total costs and expenses		121,382			71,493		—		—			192,875
Income from operations		10,743			5,120		—		—			15,863
Interest and other expenses, net		27,013			1,554		—		—			28,567
Income (loss) before income taxes		(16,270	)		3,566		—		—			(12,704	)
Provision (benefit) for income taxes		(6,997	)		2,156		—		—			(4,841	)
Net income (loss) before earnings of consolidated subsidiaries	$	(9,273	)	$	1,410	$	—	$	—		$	(7,863	)
Net income (loss) of consolidated subsidiaries		1,410			—		1,410		(2,820	)		—
Net income (loss)	$	(7,863	)	$	1,410	$	1,410	$	(2,820	)	$	(7,863	)

24

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Statement of Operations

for the six months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	253,843		$	151,211	$	—	$	—		$	405,054
Costs and expenses:
Costs of revenues		170,956			93,645		—		—			264,601
Selling, general and administrative expenses		46,703			38,170		—		—			84,873
Depreciation and amortization		18,482			10,095		—		—			28,577
Total costs and expenses		236,141			141,910		—		—			378,051
Income from operations		17,702			9,301		—		—			27,003
Interest and other expenses, net		33,422			3,149		—		—			36,571
Income (loss) before income taxes		(15,720	)		6,152		—		—			(9,568	)
Provision (benefit) for income taxes		(7,591	)		3,862		—		—			(3,729	)
Net income (loss) before earnings of consolidated subsidiaries	$	(8,129	)	$	2,290	$	—	$	—		$	(5,839	)
Net income (loss) of consolidated subsidiaries		2,290			—		2,290		(4,580	)		—
Net income (loss)	$	(5,839	)	$	2,290	$	2,290	$	(4,580	)	$	(5,839	)

25

EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Balance Sheet as of December 31, 2014

(In thousands)

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	388	$	9,363	$	—	$	—		$	9,751
Accounts receivable, net		55,684		147,505		—		—			203,189
Intercompany receivable		42,002		—		10,667		(52,669	)		—
Prepaid expenses		8,248		5,557		—		—			13,805
Deferred tax assets		3,780		—		—		(4	)		3,776
Other current assets		272		1,165		—		—			1,437
Total current assets		110,374		163,590		10,667		(52,673	)		231,958
Property, equipment and leasehold improvements, net		10,394		5,332		—		—			15,726
Investment in subsidiaries		217,344		—		591,435		(808,779	)		—
Intercompany notes receivable		174,464		—		174,464		(348,928	)		—
Goodwill		387,104		108,575		—		—			495,679
Intangible assets, net		64,530		38,053		—		—			102,583
Long-term accounts receivable, less current portion		—		46,401		—		—			46,401
Deferred tax assets, noncurrent		22,505		7,177		—		—			29,682
Deferred financing costs, net		6,140		29		—		—			6,169
Other assets		663		1,283		—		—			1,946
Total assets	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	20,163	$	36,870	$	—	$	—		$	57,033
Intercompany payable		10,667		42,002		—		(52,669	)		—
Accrued expenses		23,904		30,074		—		—			53,978
Accrued interest expense		—		—		10,667		—			10,667
Deferred revenue		244		6,158		—		—			6,402
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		4,473		—		—			4,473
Current portion of working capital facilities		—		40,396		—		—			40,396
Other current liabilities		2,363		4,587		—		—			6,950
Total current liabilities		57,341		164,564		10,667		(52,673	)		179,899
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		—		143,853		—			143,853
Intercompany notes payable		174,464		174,464		—		(348,928	)		—
Long-term contingent earnout obligation, less current portion		—		2,114		—		—			2,114
Other long-term liabilities		1,795		7,608		—		—			9,403
Total liabilities		233,600		348,750		404,520		(401,601	)		585,269
Commitments and contingencies
Stockholders’ equity (deficit)		759,918		21,690		372,046		(808,779	)		344,875
Total liabilities and stockholders' equity (deficit)	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Balance Sheet as of June 30, 2015

(In thousands)

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	90,778	$	14,315	$	—	$	—		$	105,093
Accounts receivable, net		63,157		160,746		—		—			223,903
Intercompany receivable		49,300		—		5,860		(55,160	)		—
Prepaid expenses		8,898		4,735		—		—			13,633
Deferred tax assets		3,938		96		—		—			4,034
Other current assets		—		1,179		—		—			1,179
Total current assets		216,071		181,071		5,860		(55,160	)		347,842
Property, equipment and leasehold improvements, net		11,961		5,524		—		—			17,485
Investment in subsidiaries		218,225		—		728,711		(946,936	)		—
Intercompany notes receivable		174,326		—		174,326		(348,652	)		—
Goodwill		392,231		104,251		—		—			496,482
Intangible assets, net		56,838		27,358		—		—			84,196
Long-term accounts receivable, less current portion		—		52,109		—		—			52,109
Deferred tax assets, noncurrent		43,920		6,762		—		—			50,682
Deferred financing costs, net		9,962		134		—		—			10,096
Other assets		680		1,613		—		—			2,293
Total assets	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	19,285	$	37,972	$	—	$	—		$	57,257
Intercompany payable		5,860		49,300		—		(55,160	)		—
Accrued expenses		17,858		34,023		—		—			51,881
Accrued interest expense		—		—		5,860		—			5,860
Deferred revenue		164		4,744		—		—			4,908
Current portion of contingent earnout obligation		—		4,567		—		—			4,567
Current portion of working capital facilities		—		—		—		—			—
Other current liabilities		4,757		4,493		—		—			9,250
Total current liabilities		47,924		135,099		5,860		(55,160	)		133,723
Senior unsecured notes payable		—		—		500,000		—			500,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		41,730		—		—			41,730
Intercompany notes payable		174,326		174,326		—		(348,652	)		—
Deferred tax liability, noncurrent		9,554		—		—		—			9,554
Other long-term liabilities		3,417		9,088		—		—			12,505
Total liabilities		235,221		360,243		505,860		(403,812	)		697,512
Commitments and contingencies
Stockholders’ equity (deficit)		888,993		18,579		403,037		(946,936	)		363,673
Total liabilities and stockholders' equity (deficit)	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	13,234		$	5,521		$	—		$	—	$	18,755
Investing activities:
Cash paid for acquisitions, net		(175,590	)		(9,538	)		—			—		(185,128	)
Purchases of equipment and leasehold improvements, net		(2,864	)		(746	)		—			—		(3,610	)
Working capital and other settlements for acquisitions		(430	)		(1,869	)		—			—		(2,299	)
Cash paid for foreign currency net investment hedge		(5,044	)		—			—			—		(5,044	)
Other		(839	)		—			—			—		(839	)
Net cash used in investing activities		(184,767	)		(12,153	)		—			—		(196,920	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			219,995			—		219,995
Proceeds from the exercise of options and warrants					—			23,090			—		23,090
Excess tax benefit related to share-based compensation					—			7,314			—		7,314
Net borrowings under working capital facilities					1,160			—			—		1,160
Payment of deferred financing costs					—			(241	)		—		(241	)
Repayment of subordinated unsecured notes payable		(333	)		—			—			—		(333	)
Repayment under senior secured revolving credit facility		—			—			(78,000	)		—		(78,000	)
Intercompany notes and investments and other		172,105			—			(172,158	)		—		(53	)
Net cash provided by financing activities		171,772			1,160			—			—		172,932
Exchange rate impact on cash and cash equivalents		—			295			—			—		295
Net increase (decrease) in cash and cash equivalents		239			(5,177	)		—			—		(4,938	)
Cash and cash equivalents, beginning of period		760			12,069			—			—		12,829
Cash and cash equivalents, end of period	$	999		$	6,892		$	—		$	—	$	7,891

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Condensed Consolidating Statement of Cash Flows

 for the six months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	6,735		$	7,316		$	—		$	—	$	14,051
Investing activities:
Cash paid for acquisitions, net		(11,145	)		—			—			—		(11,145	)
Purchases of equipment and leasehold improvements, net		(3,323	)		(1,520	)		—			—		(4,843	)
Working capital and other settlements for acquisitions		(91	)		—			—			—		(91	)
Cash proceeds from foreign currency net investment hedge		2,930			—			—			—		2,930
Other		(1,310	)		—			—			—		(1,310	)
Net cash used in investing activities		(12,939	)		(1,520	)		—			—		(14,459	)
Financing activities:
Borrowings under senior unsecured notes		—			—			500,000			—		500,000
Borrowings under senior secured revolving credit facility		—			—			25,478			—		25,478
Proceeds from the exercise of options and warrants		—			—			11,451			—		11,451
Excess tax benefit related to share-based compensation		—			—			2,147			—		2,147
Net borrowings under working capital facilities		—			827			—			—		827
Repayment of contingent earnout obligation		—			(1,023	)		—			—		(1,023	)
Payment of deferred financing costs		—			(143	)		(8,533	)		—		(8,676	)
Payment for early redemption of senior unsecured notes					—			(14,618	)		—		(14,618	)
Repayment under senior secured revolving credit facility		—			—			(169,331	)		—		(169,331	)
Repayments of senior unsecured notes		—			—			(250,000	)		—		(250,000	)
Intercompany notes and investments and other		96,594			—			(96,594	)		—		—
Net cash provided by (used in) financing activities		96,594			(339	)		—			—		96,255
Exchange rate impact on cash and cash equivalents		—			(505	)		—			—		(505	)
Net increase in cash and cash equivalents		90,390			4,952			—			—		95,342
Cash and cash equivalents, beginning of period		388			9,363			—			—		9,751
Cash and cash equivalents, end of period	$	90,778		$	14,315		$	—		$	—	$	105,093

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking Statements

Unless the context indicates otherwise, references in this Quarterly Report on Form 10-Q to “ExamWorks,” “the Company,” “we,” “our,” and “us” mean ExamWorks Group, Inc. and its consolidated subsidiaries.

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes and the other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties. Forward-looking statements convey current expectations or forecasts of future events for ExamWorks. All statements contained in this report other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking. You can identify forward-looking statements by terminology such as “project,” “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “should,” “would,” “could,” “will,” “can,” “continue,” or “may,” or the negative of these terms or other similar expressions that convey uncertainty of future events or outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors,” set forth in Part II, Item 1A. of this Quarterly Report on Form 10-Q and elsewhere in this report, and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this report. Subsequent events and developments may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this report.

Our Business

We are a leading provider of independent medical examinations (“IMEs”), peer and bill reviews, Medicare compliance services, case management services and other related services, which include legal support services, administrative support services and medical record retrieval services. We were incorporated as a Delaware corporation on April 27, 2007. From July 14, 2008 through the date of this filing, we have acquired 52 IME services businesses, including a leading provider of software solutions to the IME industry. We currently operate out of 66 service centers servicing all 50 U.S. states, Canada, the United Kingdom and Australia. We conduct our business through four geographic segments: the United States, Canada, the United Kingdom and Australia.

We provide our services to property and casualty insurance carriers, law firms, third-party claim administrators, government agencies, and state funds that use independent services to confirm the veracity of claims by sick or injured individuals and to facilitate the delivery and quality of cost-effective care for workers’ compensation, automotive, personal injury liability and disability insurance coverage. We help our clients manage costs and enhance their risk management processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality IME services.

We provide our clients with the local presence, expertise and broad geographic coverage they increasingly require. Our size and geographic reach give our clients access to our medical panel of credentialed physicians and other medical providers and our proprietary information technology infrastructure that has been specifically designed to streamline the complex process of coordinating referrals, scheduling appointments, complying with regulations and client reporting. Our primary service is to provide IMEs that give our clients authoritative and accurate answers to questions regarding the nature and permanency of medical conditions or personal injury, their cause and appropriate treatment. Additionally, we provide peer and bill reviews, which consist of medical opinions by members of our medical panel without conducting physical exams, and the review of physician and hospital bills to examine medical care rendered and its conformity to accepted standards of care. Prior to our acquisition of MES Group, Inc. (“MES”) in February 2011, we marketed our services primarily under the ExamWorks brand.  Initially with the MES acquisition and subsequently with the Premex Group Limited (“Premex”) and MedHealth Holdings Pty. Limited (“MedHealth”) acquisitions, we began to market our services under several brands, including but not limited to, ExamWorks, MES, Premex and MedHealth. Further, with the acquisition of Gould & Lamb in February 2014 and Ability Services Network and MedAllocators in June 2014, we expanded our presence in Medicare compliance services, including Medicare set-aside and reporting services, that help mitigate costs and promote compliance, and case management services, which include managing the medical and vocational cases of injured workers to facilitate timely recovery and/or return to work. These services are marketed under ExamWorks Clinical Solutions.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Significant Recent Developments

Acquisitions

A key feature of our strategy is to grow our business organically by selling additional services to existing clients, cross-selling into additional insurance lines of business and expanding our geographic footprint with existing clients. Because we operate in a highly fragmented industry, and have completed numerous acquisitions, another component of our business strategy has historically been and continues to be growth through acquisitions that expand our geographic coverage, provide new or complementary lines of business, expand our portfolio of services, and increase our market share. For example, our acquisition of MedHealth in August 2012 enabled us to enter the Australian market and expand our range of clients and services, and increase our international market presence. Similarly, our acquisitions of Gould & Lamb in February 2014 and Ability Services Network and MedAllocators in June 2014 enabled us to expand our presence in the Medicare compliance services and case management services markets and offer a wider range of services to new and existing clients. To date, we have completed 52 acquisitions and below we include the acquisitions completed in 2014 and 2015:

Acquisition Date	Name
July 13, 2015	•	Karen Rucas & Associates
April 14, 2015	•	Landmark Exams & Maven Exams
January 2, 2015	•	ReliableRS
August 22, 2014	•	Expert Medical Opinions
June 6, 2014	•	Ability Services Network and MedAllocators
May 30, 2014	•	Solomon Associates
February 14, 2014	•	Assess Medical
February 3, 2014	•	Gould & Lamb
January 16, 2014	•	Newton Medical Group
January 13, 2014	•	Cheselden

Sources of Revenues and Expenses

Revenues

We derive revenue primarily from fees charged for independent medical examinations, peer and bill reviews, Medicare compliance services, case management services and other related services, which include litigation support services, administrative support services and medical record retrieval services. Revenues are recognized at the time services have been performed and, if applicable, at the time the report is shipped to the end user. We expect revenue to continue to increase through acquisition and organic growth.  Our revenue is derived from services performed in different geographic areas.

Certain agreements with customers in the U.K. include provisions whereby collection of the amounts billed are contingent on the favorable outcome of the claim.  We have deemed these provisions to preclude revenue recognition at the time of performance, as collectability is not reasonably assured and the cash payments are contingent, and are deferring these revenues, net of estimated costs, until the case has been settled and the contingency has been resolved and the cash has been collected.

 Costs of revenues

Costs of revenues are comprised of fees paid to members of our medical panel; other direct costs including transcription, film and medical record obtainment and transportation; and other indirect costs including labor and overhead related to the generation of revenue. We expect these operationally driven costs to increase to support future revenue growth and as we continue to grow through acquisitions.

Selling, general and administrative expenses

Selling, general and administrative (“SGA”) expenses consist primarily of expenses for administrative, human resource related, corporate information technology support, legal (primarily from transaction costs related to acquisitions), finance and accounting personnel, professional fees (primarily from transaction costs related to acquisitions), insurance and other corporate expenses. We expect that SGA expenses will increase as we continue to add personnel to support the growth of our business and pursue acquisition growth. In addition, we may incur additional personnel expenses, professional service fees, including audit and legal, investor relations, costs of compliance with securities laws and regulations, and higher director and officer insurance costs related to operating as a public company. As a result, we expect that our SGA expenses will continue to increase in the future but decrease as a percentage of revenue over time as our revenue increases.

Depreciation and amortization

Depreciation and amortization (“D&A”) expense consists primarily of amortization of our finite lived intangible assets obtained through acquisitions completed to date and, to a lesser extent, depreciation of property, equipment and leasehold improvements. We expect that depreciation and amortization expense will decrease as a percentage of revenues as our finite lived intangible assets become fully amortized.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Results of Operations

As stated previously, our revenues consist primarily of fees charged for IME services performed. What we are able to charge per IME service performed depends on many factors relating to the type of IME services that our clients request. Those factors include, among others, (1) the line of business (e.g., worker’s compensation, automotive or liability claim), (2) product group (e.g., IME or peer review), (3) the geographic location of the claimant and (4) the medical panel provider we are able to use and his or her specialty. These factors impact the revenue generated by each IME service request differently and are largely out of our control.  As a result, our management team focuses its efforts on increasing the volume of IME service requests received and completed and not necessarily their type. Changes in revenue that we cannot attribute to increases or decreases in volume we attribute to changes in sales mix. Our largest cost is payments made to members of our medical panel. For the majority of our revenues, these costs are variable, as most of the medical panel members are independent contractors, allowing us to maintain and manage our costs of revenues more effectively. The following table sets forth our consolidated statements of operations data for each of the periods indicated (in thousands, except per share data): 

	For the three months ended June 30,					For the six months ended June 30,
	2014		2015			2014		2015
Revenues	$	196,445	$	208,738		$	369,473	$	405,054
Costs and expenses:
Costs of revenues		124,851		136,425			235,886		264,601
Selling, general and administrative expenses		42,590		42,721			83,118		84,873
Depreciation and amortization		14,858		13,729			29,200		28,577
Total costs and expenses		182,299		192,875			348,204		378,501
Income from operations		14,146		15,863			21,269		27,003
Interest and other expenses, net		8,095		28,567			15,672		36,571
Income (loss) before income taxes		6,051		(12,704	)		5,597		(9,568	)
Provision (benefit) for income taxes		2,519		(4,841	)		2,354		(3,729	)
Net income (loss)	$	3,532	$	(7,863	)	$	3,243	$	(5,839	)
Per share data
Net income (loss) per share
Basic	$	0.09	$	(0.19	)	$	0.09	$	(0.14	)
Diluted	$	0.09	$	(0.19	)	$	0.08	$	(0.14	)
Weighted average number of common shares outstanding
Basic		38,452		41,015			37,764		40,713
Diluted		40,940		41,015			40,522		40,713
Other Financial Data:
Adjusted EBITDA(1)	$	34,579	$	36,357		$	62,589	$	68,309

(1) Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net income (loss) in the next section and is not a substitute for the GAAP equivalent.

Adjusted EBITDA

In connection with the ongoing operation of our business, our management regularly reviews Adjusted EBITDA, a non-GAAP financial measure, to assess our performance. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, acquisition-related transaction costs, share-based compensation expenses, and other expenses. We believe that Adjusted EBITDA is an important measure of our operating performance because it allows management, lenders, investors and analysts to evaluate and assess our core operating results from period to period after removing the impact of changes to our capitalization structure, acquisition related costs, income tax status, and other items of a non-operational nature that affect comparability.

We believe that various forms of the Adjusted EBITDA metric are often used by analysts, investors and other interested parties to evaluate companies such as ours for the reasons discussed above. Additionally, Adjusted EBITDA is used to measure certain financial covenants in our credit facility. Adjusted EBITDA is also used for planning purposes and in presentations to our Board of Directors as well as in our incentive compensation programs for our employees.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Non-GAAP information should not be construed as an alternative to GAAP information, as the items excluded from the non-GAAP measures often have a material impact on our financial results. Management uses, and investors should use, non-GAAP measures in conjunction with our GAAP results.

The following table presents a reconciliation to Adjusted EBITDA from net income (loss), the most comparable GAAP measure, for each of the periods indicated (in thousands):  

	For the three months ended June 30,					For the six months ended June 30,
	2014		2015			2014		2015
Net income (loss)	$	3,532	$	(7,863	)	$	3,243	$	(5,839	)
Share-based compensation expense (1)		4,627		6,565			9,980		12,701
Depreciation and amortization		14,858		13,729			29,200		28,577
Acquisition-related transaction costs		762		134			1,954		(248	)
Other expenses (2)		186		66			186		276
Interest and other expenses, net		8,095		28,567			15,672		36,571
Provision (benefit) for income taxes		2,519		(4,841	)		2,354		(3,729	)
Adjusted EBITDA		34,579		36,357			62,589		68,309

(1)  Share-based compensation expense of $492,000 and $1.2 million is included in costs of revenues for the three and six months ended June 30, 2014, respectively, and the remainder is included in SGA expenses. Share-based compensation expense of $259,000 and $728,000 is included in costs of revenues for the three and six months ended June 30, 2015, respectively, and the remainder is included in SGA expenses.

(2)  Other expenses consist principally of integration related expenses, such as facility termination, severance and relocation costs, associated with our acquisition strategy.

Comparison of the Three Months Ended June 30, 2015 and 2014

Revenues. Revenues were $208.7 million for the three months ended June 30, 2015 compared to $196.4 million for the three months ended June 30, 2014, an increase of $12.3 million, or 6%. Of the increase in revenues compared to 2014, $9.8 million, or 5%, was attributable to acquisitions completed in 2014 and 2015 and $2.5 million, or 1%, was due to growth in our existing businesses.

● U.S. segment revenues were $132.1 million for the three months ended June 30, 2015 compared to $117.3 million for the three months ended June 30, 2014, an increase of $14.8 million, or 13%. Of the increase in U.S. revenues compared to 2014, $9.8 million, or 8%, was attributable to acquisitions completed in 2014 and 2015 and $5.0 million, or 5%, was due to growth in our existing businesses, of which approximately 55% related to increases in our IME and related services product group. The growth in the existing businesses was due to an approximate 10% increase in service volumes, offset by an unfavorable change in sales mix.

● Canada segment revenues were $9.7 million for the three months ended June 30, 2015 compared to $8.6 million for the three months ended June 30, 2014, an increase of $1.1 million or 13%. Excluding the impact of currency, the existing Canada businesses grew 27%. The constant currency growth in Canada revenues compared to 2014 was due primarily to a favorable change in sales mix, and to a lesser extent, increases in IME service volumes.

● U.K. segment revenues were $46.0 million for the three months ended June 30, 2015 compared to $48.7 million for the three months ended June 30, 2014, a decrease of $2.7 million, or 5%. Excluding the impact of currency, the existing U.K. businesses grew 4%. The constant currency growth in the existing businesses was due to increased IME service volumes, offset by an unfavorable change in sales mix. Revenues in our U.K. business were also negatively impacted in the quarter due to a legislative change that went into effect late in the fourth quarter of 2014.

● Australia segment revenues were $20.9 million for the three months ended June 30, 2015 compared to $21.9 million for the three months ended June 30, 2014, a decrease of $930,000, or 4%. Excluding the impact of currency, the existing Australian businesses grew 15%. The constant currency growth in the existing business was primarily due to increased IME service volumes, and to a lesser extent, a favorable change in sales mix.

Costs of revenues. Costs of revenues were $136.4 million for the three months ended June 30, 2015 compared to $124.9 million for the three months ended June 30, 2014, an increase of $11.6 million, or 9%. Of the increase in costs of revenues compared to 2014, $7.4 million, or 6%, was attributable to acquisitions completed in 2014 and 2015 and $4.1 million, or 3%, was related to our existing businesses primarily attributable to increased fees paid to members of our medical panel and, to a lesser extent, an increase in other direct costs. Costs of revenues as a percentage of revenues was 65.4% for the three months ended June 30, 2015, a 1.8% increase from the 63.6% for the three months ended June 30, 2014. The increase was due to a change in sales mix and a legislative impact on our U.K. business.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Selling, general and administrative. SGA expenses were $42.7 million for the three months ended June 30, 2015 compared to $42.6 million for the three months ended June 30, 2014, an increase of $131,000. Of the increase in SGA expenses compared to 2014, $1.6 million, or 4%, was attributable to acquisitions completed in 2014 and 2015, offset by a decline of $1.5 million, or 4%, related to our existing businesses primarily attributable to $628,000 in reduced acquisition related transaction costs.

Depreciation and amortization. D&A expenses were $13.7 million for the three months ended June 30, 2015 compared to $14.9 million for the three months ended June 30, 2014, a decrease of $1.1 million, or 8%. Of the decrease in D&A expenses compared to 2014, $2.7 million, or 19%, was attributable to our existing businesses as historic finite-lived intangible and tangible assets became fully amortized, offset by an increase due to acquisitions completed in 2014 and 2015.

Interest and other expenses, net. Interest and other expenses, net, were $28.6 million for the three months ended June 30, 2015 compared to $8.1 million for the three months ended June 30, 2014, an increase of $20.5 million, or 253%. Interest and other expenses, net, increased primarily due to the $18.6 million loss on early extinguishment of debt charge recorded in the second quarter of 2015 in conjunction with fees associated with the early redemption of the Senior Unsecured Notes.

Provision (benefit) for income taxes. Benefit for income taxes was $4.8 million for the three months ended June 30, 2015 compared to a provision for income taxes of $2.5 million for the three months ended June 30, 2014, an increased benefit of $7.3 million, or 292%. Our effective income tax rate was 38.1% and 41.6% for the three months ended June 30, 2015 and 2014, respectively. The tax rates in the 2015 and 2014 periods were impacted primarily by elections made for certain foreign acquisitions, foreign rate differentials and non-deductible items.

Net income (loss). For the foregoing reasons, net loss was $7.9 million for the three months ended June 30, 2015 compared to net income of $3.5 million for the three months ended June 30, 2014.

Adjusted EBITDA. Adjusted EBITDA was $36.4 million for the three months ended June 30, 2015 compared to $34.6 million for the three months ended June 30, 2014, an increase of $1.8 million, or 5%. The increase in Adjusted EBITDA was primarily due to the 6% increase in revenues. Adjusted EBITDA is also described as Segment Profit elsewhere in this Report (See Note 13 within Notes to Consolidated Financial Statements). 

● U.S. segment Adjusted EBITDA was $22.8 million for the three months ended June 30, 2015 compared to $20.6 million for the three months ended June 30, 2014, an increase of $2.1 million, or 10%. The increase in Adjusted EBITDA was due to the 13% increase in U.S. segment revenues, offset by a 14% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature and increased personnel expense to support the growth in our business, excluding share-based compensation.

● Canada segment Adjusted EBITDA was $1.4 million for the three months ended June 30, 2015 compared to $1.2 million for the three months ended June 30, 2014, an increase of $185,000, or 16%. The increase in Adjusted EBITDA was due to the 13% increase in Canada segment revenues and a 12% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature.

● U.K. segment Adjusted EBITDA was $7.5 million for the three months ended June 30, 2015 compared to $8.4 million for the three months ended June 30, 2014, a decrease of $895,000, or 11%. The decrease in Adjusted EBITDA was due to the 5% decrease in U.K. segment revenues and a 4% decrease in costs of revenues and SGA expenses primarily due to decreased fees paid to members of our medical panel as these costs are variable in nature. Adjusted EBITDA was also negatively impacted by a legislative change in the U.K., which impacted revenues and Adjusted EBITDA.

● Australia segment Adjusted EBITDA was $4.8 million for the three months ended June 30, 2015 compared to $4.4 million for the three months ended June 30, 2014, an increase of $366,000, or 8%. The increase in Adjusted EBITDA was due to a 7% decrease in costs of revenues and SGA expense, offset by the 4% decrease in Australia segment revenues.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Comparison of the Six Months Ended June 30, 2015 and 2014

Revenues. Revenues were $405.1 million for the six months ended June 30, 2015 compared to $369.5 million for the six months ended June 30, 2014, an increase of $35.6 million, or 10%. Of the increase in revenues compared to 2014, $21.2 million, or 6%, was attributable to acquisitions completed in 2014 and 2015 and $14.3 million, or 4%, was due to growth in our existing businesses.

● U.S. segment revenues were $253.8 million for the six months ended June 30, 2015 compared to $223.4 million for the six months ended June 30, 2014, an increase of $30.5 million, or 14%. Of the increase in U.S. revenues compared to 2014, $19.5 million, or 9%, was attributable to acquisitions completed in 2014 and 2015 and $10.9 million, or 5%, was due to growth in our existing businesses, of which approximately 55% related to increases in our IME and related services product group. The growth in the existing businesses was due to an approximate 11% increase in service volumes and a slight favorable change in sales mix.

● Canada segment revenues were $17.6 million for the six months ended June 30, 2015 compared to $16.1 million for the six months ended June 30, 2014, an increase of $1.5 million or 10%. Excluding the impact of currency, the existing Canada businesses grew 23%. The constant currency growth in Canada revenues compared to 2014 was due primarily to a favorable change in sales mix, and to a lesser extent, increases in IME service volumes.

● U.K. segment revenues were $93.5 million for the six months ended June 30, 2015 compared to $90.7 million for the six months ended June 30, 2014, an increase of $2.7 million, or 3%. Excluding the impact of currency, the existing U.K. businesses grew 13%. The constant currency growth in the existing businesses was due to increased IME service volumes, offset by an unfavorable change in sales mix. Revenues in our U.K. business were also negatively impacted in the six months ended June 30, 2015 due to a legislative change that went into effect late in the fourth quarter of 2014.

● Australia segment revenues were $40.1 million for the six months ended June 30, 2015 compared to $39.3 million for the six months ended June 30, 2014, an increase of $856,000, or 2%. Of the increase in Australia revenues compared to 2014, $1.7 million, or 4%, was attributable to an acquisition completed in 2014, offset by $812,000, or 2%, due to a decline in our existing business. Excluding the impact of currency, the existing Australian businesses grew 12%. The constant currency growth in the existing business was primarily due to increased IME service volumes, and to a lesser extent, a favorable change in sales mix.

Costs of revenues. Costs of revenues were $264.6 million for the six months ended June 30, 2015 compared to $235.9 million for the six months ended June 30, 2014, an increase of $28.7 million, or 12%. Of the increase in costs of revenues compared to 2014, $16.9 million, or 7%, was attributable to acquisitions completed in 2014 and 2015 and $11.8 million, or 5%, was related to our existing businesses primarily attributable to increased fees paid to members of our medical panel and, to a lesser extent, an increase in other direct costs. Costs of revenues as a percentage of revenues was 65.3% for the six months ended June 30, 2015, a 1.5% increase from the 63.8% for the six months ended June 30, 2014. The increase was due to a change in sales mix and the legislative impact on our U.K. business.

Selling, general and administrative. SGA expenses were $84.9 million for the six months ended June 30, 2015 compared to $83.1 million for the six months ended June 30, 2014, an increase of $1.8 million, or 2%. Of the increase in SGA expenses compared to 2014, $4.6 million, or 6%, was attributable to acquisitions completed in 2014 and 2015, offset by a decline of $2.9 million, or 4%, related to our existing businesses primarily attributable to $2.2 million in reduced acquisition related transaction costs.

Depreciation and amortization. D&A expenses were $28.6 million for the six months ended June 30, 2015 compared to $29.2 million for the six months ended June 30, 2014, a decrease of $623,000, or 2%. Of the decrease in D&A expenses compared to 2014, $4.9 million, or 17%, was attributable to our existing businesses as historic finite-lived intangible and tangible assets became fully amortized, offset by an increase due to acquisitions completed in 2014 and 2015. 

Interest and other expenses, net. Interest and other expenses, net, were $36.6 million for the six months ended June 30, 2015 compared to $15.7 million for the six months ended June 30, 2014, an increase of $20.9 million, or 133%. Interest and other expenses, net, increased primarily due to fees associated with the early redemption of the Senior Unsecured Notes.

Provision (benefit) for income taxes. Benefit for income taxes was $3.7 million for the six months ended June 30, 2015 compared to a provision for income taxes of $2.4 million for the six months ended June 30, 2014, an increased benefit of $6.1 million, or 258%. Our effective income tax rate was 39.0% and 42.1% for the six months ended June 30, 2015 and 2014, respectively. The tax rates in the 2015 and 2014 periods were impacted primarily by elections made for certain foreign acquisitions, foreign rate differentials and non-deductible items.

Net income (loss). For the foregoing reasons, net loss was $5.8 million for the six months ended June 30, 2015 compared to net income of $3.2 million for the six months ended June 30, 2014.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Adjusted EBITDA. Adjusted EBITDA was $68.3 million for the six months ended June 30, 2015 compared to $62.6 million for the six months ended June 30, 2014, an increase of $5.7 million, or 9%. The increase in Adjusted EBITDA was primarily due to the 10% increase in revenues. Adjusted EBITDA is also described as Segment Profit elsewhere in this Report (See Note 13 within Notes to Consolidated Financial Statements).

● U.S. segment Adjusted EBITDA was $42.3 million for the six months ended June 30, 2015 compared to $36.6 million for the six months ended June 30, 2014, an increase of $5.7 million, or 16%. The increase in Adjusted EBITDA was due to the 14% increase in U.S. segment revenues and a 13% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature and increased personnel expense to support the growth in our business, excluding share-based compensation.

● Canada segment Adjusted EBITDA was $2.0 million for the six months ended June 30, 2015 compared to $2.3 million for the six months ended June 30, 2014, a decrease of $279,000, or 12%. The decrease in Adjusted EBITDA was due to the 10% increase in Canada segment revenues, offset by a 13% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature.

● U.K. segment Adjusted EBITDA was $15.2 million for the six months ended June 30, 2015 compared to $15.5 million for the six months ended June 30, 2014, a decrease of $277,000, or 2%. The decrease in Adjusted EBITDA was due to the 3% increase in U.K. segment revenues, offset by a 4% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature and increased personnel expense to support the growth in our business. Adjusted EBITDA was also negatively impacted by a legislative change in the U.K., which impacted our revenues and Adjusted EBITDA.

● Australia segment Adjusted EBITDA was $8.9 million for the six months ended June 30, 2015 compared to $8.3 million for the six months ended June 30, 2014, an increase of $585,000, or 7%. The increase in Adjusted EBITDA was due to the 2% increase in Australia segment revenues and a 1% increase in costs of revenues and SGA expenses primarily due to increased fees paid to members of our medical panel as these costs are variable in nature.

Liquidity and Capital Resources

Our principal capital requirements are to fund operations and acquisitions. We fund our capital needs from cash flow generated from operations and borrowings under our Amended and Restated Credit Facility and working capital facilities. We have historically also funded our acquisition program with equity issuances to sellers. We expect that cash and cash equivalents, availability under our existing credit and working capital facilities, as amended and restated, and cash flow from operations will be sufficient to support our operations, planned capital expenditures and acquisitions for at least the next 12 months.

Although we believe that our current cash and cash equivalents following the issuance of the Notes, funds available under our Amended and Restated Credit Facility and working capital facilities will be sufficient to meet our working capital and acquisition plans for at least the next 12 months, we may need to raise additional funds through the issuance of equity or convertible debt securities or increase borrowings to fund acquisitions. If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our existing stockholders will be reduced and these securities might have rights, preferences and privileges senior to those of our current stockholders. Additional financing may not be available or, if available, such financing may not be obtained on terms favorable to our stockholders and us.

Information related to our credit facilities, the Notes and cash flows as of June 30, 2015 follows below.

Credit Facilities

Credit Facility

On November 2, 2010, we entered into a senior secured revolving credit facility (the “Senior Secured Revolving Credit Facility”) with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility was initially available to finance the Company’s acquisition program and working capital needs.

On April 16, 2015, we amended and restated the terms of our Senior Secured Revolving Credit Facility in connection with the offering of the Notes (See “Senior Unsecured Notes” below) pursuant to an amended and restated credit agreement (the “Amended and Restated Credit Facility”). The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, we have the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate (equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plus the applicable margin, as we elect. The applicable margin means a percentage per annum determined in accordance with the following table: 

Pricing Tier	Consolidated Senior Secured Leverage Ratio					Commitment Fee/Unused Line Fee			Letter of Credit Fee			Eurocurrency Rate Loans			Base Rate Loans
1	≥	4.00	to 1.0				0.45	%		2.75	%		2.75	%		1.75	%
2	≥	3.50	to 1.0 but <	4.00	to 1.0		0.40	%		2.50	%		2.50	%		1.50	%
3	≥	3.00	to 1.0 but <	3.50	to 1.0		0.35	%		2.25	%		2.25	%		1.25	%
4	≥	2.50	to 1.0 but <	3.00	to 1.0		0.30	%		2.00	%		2.00	%		1.00	%
5			<	2.50	to 1.0		0.30	%		1.75	%		1.75	%		0.75	%

In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.

The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring us to not exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimum consolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts our ability (subject to certain exceptions) to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, pay dividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactions with affiliates and other corporate actions.

On June 1, 2015, the Company entered into a first amendment to the Senior Secured Revolving Credit Facility (“First Amendment”). The First Amendment amended the definition of “Change of Control” in the Senior Secured Revolving Credit Facility.

As of June 30, 2015, we had no amount outstanding under the Senior Secured Revolving Credit Facility, resulting in $300.0 million of undrawn commitments.  

Working Capital Facilities

On September 29, 2010, our indirect 100% owned subsidiary UK Independent Medical Services Limited (“UKIM”) entered into a Sales Finance Agreement (the “UKIM SFA”) with Barclays Bank PLC (“Barclays”), pursuant to which Barclays provides UKIM a working capital facility of up to £5,000,000, subject to the terms and conditions of the UKIM SFA. The working capital facility bore a discount margin of 2.5% over Base Rate and served to finance UKIM’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, UKIM entered into an amendment to extend the term of the existing UKIM SFA by 24 months from June 28, 2013, to amend the discount margin to 2.4% over Base Rate (0.5% rate on June 30, 2015) and to provide that payments by UKIM for certain non-working capital purposes are permitted under the UKIM SFA. Further, on April 16, 2015, UKIM entered into an amendment to extend the term of the existing UKIM SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, UKIM had $7.4 million outstanding under the working capital facility, resulting in approximately $456,000 in availability.

On May 12, 2011, Premex entered into a Sales Finance Agreement (the “Premex SFA”) with Barclays, pursuant to which Barclays provides Premex a working capital facility of up to £26,500,000, subject to the terms and conditions of the Premex SFA. The working capital facility bears a discount margin of 2.4% over Base Rate (0.5% rate on June 30, 2015) and serves to finance Premex’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, Premex entered into an amendment to extend the term of the existing Premex SFA by 24 months from June 28, 2013, and to provide that payments by Premex for certain non-working capital purposes are permitted under the Premex SFA. Further, on April 16, 2015, Premex entered into an amendment to extend the term of the existing Premex SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, Premex had $34.3 million outstanding under the working capital facility, resulting in approximately $7.3 million in availability. 

Senior Unsecured Notes

In July 2011, we closed a private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019, which were subsequently registered through a public exchange offer (the “Senior Unsecured Notes”). The Senior Unsecured Notes were issued at a price of 100% of their principal amount. A portion of the gross proceeds of $250.0 million were used to repay borrowings outstanding under our Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder was used for general corporate purposes, including acquisitions.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

On April 16, 2015, we closed a public offering of $500.0 million in aggregate principal amount of 5.625% senior notes due 2023 (the “Notes”). The Notes were issued at a price of 100% of their principal amount. The Notes are our senior obligations and are guaranteed by certain of our existing and future U.S. subsidiaries. The gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions.

The Notes were issued under an indenture, dated as of April 16, 2015, as supplemented by a supplemental indenture dated April 16, 2015 (collectively, the “Indenture”), among we, the Guarantors and U.S. Bank, National Association, as trustee (the “Trustee”). The Notes are our general senior unsecured obligations, and rank equally with our existing and future senior unsecured obligations and senior to all of our further subordinated indebtedness. The Notes accrue interest at a rate of 5.625% per year, payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2015. Interest accrues from the issue date of the Notes.

At any time on or after April 15, 2018, we may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to the date of redemption. Prior to April 15, 2018, we may redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 105.625% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, provided that at least 60% of the original aggregate principal amount of the Notes remains outstanding after redemption. In addition, we may redeem some or all of the Notes at any time prior to April 15, 2018 at a redemption price equal to 100% of the principal amount of the Notes plus a make whole premium described in the Indenture, plus accrued and unpaid interest.

The Indenture includes covenants which, subject to certain exceptions, limit the ability of we and our restricted subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness, make certain types of restricted payments, incur liens on assets of us or the restricted subsidiaries, engage in asset sales and enter into transactions with affiliates. Upon a change of control (as defined in the Indenture), we may be required to make an offer to repurchase the Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default.

Cash Flow Summary

Cash and cash equivalents were $105.1 million at June 30, 2015 as compared with $7.9 million at June 30, 2014. 

Our cash flows from operating, investing and financing activities, as reported in our Consolidated Financial Statements included elsewhere in this report, are summarized as follows (in thousands): 

	For the six months ended June 30,
	2014			2015
Net cash provided by operating activities	$	18,755		$	14,051
Net cash used in investing activities		(196,920	)		(14,459	)
Net cash provided by financing activities		172,932			96,255
Exchange rate impact on cash and cash equivalents		295			(505	)
Net increase (decrease) in cash and cash equivalents	$	(4,938	)	$	95,342

Operating Activities. Net cash provided by operating activities was $14.1 million for the six months ended June 30, 2015 compared with net cash provided by operating activities of $ 18.8 million for the six months ended June 30, 2014. Net cash provided by operating activities for 2015 consisted of net non-cash charges of $54.7 million (principally including $28.6 million in depreciation and amortization, $18.6 million in loss on early extinguishment of debt and $12.7 million in share-based compensation, offset by the change in deferred income taxes of $8.3 million) offset by our net loss of $5.8 million and a net increase in working capital of approximately $34.8 million. The increase in working capital primarily consisted of increases in accounts receivable and decreases in accrued interest expense and accounts payable.

Net cash provided by operating activities for 2014 consisted of our net income of $3.2 million and net non-cash charges of $31.5 million (principally including $29.2 million in depreciation and amortization and $10.0 million in share-based compensation, offset by the excess tax benefit related to share-based compensation of $7.3 million) offset by a net increase in working capital of approximately $16.0 million. The 2014 increase in working capital primarily consisted of increases in accounts receivable in our U.K. business and increased prepaid expenses and other current assets, offset by increased accounts payable and accrued expenses and accrued interest.

Investing Activities. Net cash used in investing activities was $14.5 million for the six months ended June 30, 2015 as compared to net cash used in investing activities of $196.9 million for the six months ended June 30, 2014.  The 2015 decreased use of cash was primarily attributable to decreased payments associated with acquisitions of $174.0 million as compared to the comparable prior year period and by $8.0 million in increased proceeds related to our foreign currency net investment hedges as compared to the comparable prior year period.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Financing Activities. Net cash provided by financing activities was $96.3 million for the six months ended June 30, 2015 as compared to net cash provided by financing activities of $172.9 million for the six months ended June 30, 2014.  The 2015 cash provided was primarily attributable to the net redemption and borrowings of senior notes of $235.4 million and proceeds from the exercise of options and warrants of $11.5 million, offset by net repayments under our Senior Secured Revolving Credit Facility of $143.9 million and the payment of deferred financing costs of $8.7 million.

Net cash provided by financing activities for 2014 was primarily attributable to net borrowings under our Senior Secured Revolving Credit Facility of $142.0 million, the proceeds from the exercise of options and warrants of $23.1 million, excess tax benefit related to share-based compensation of $7.3 million and net borrowings under our U.K. facilities of $1.2 million.

Contingencies

We record contingent liabilities resulting from asserted and unasserted claims against us when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. We disclose contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. Estimating probable losses requires analysis of multiple factors, in some cases including judgments about the potential actions of third-party claimants and courts. Therefore, actual losses in any future period are inherently uncertain. We currently are not involved in any material legal proceedings. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to any future proceedings. Contingent liabilities are described in Note 9 to the consolidated financial statements included elsewhere in this report.

Contractual Obligations and Commitments 

Our contractual cash payment obligations as of June 30, 2015 are set forth below (in thousands):

					Payments due by year ending December 31,
	Total		Period from July 1, 2015 to December 31, 2015		2016		2017		2018		2019		Thereafter
Amounts outstanding under senior unsecured notes payable	$	500,000	$	—	$	—	$	—	$	—	$	—	$	500,000
Operating leases		52,211		6,964		12,670		11,162		9,105		6,355		5,955
Amounts outstanding under working capital facilities		41,730		—		—		—		41,730		—		—
Totals	$	593,941	$	6,964	$	12,670	$	11,162	$	50,835	$	6,355	$	505,955

As of June 30, 2015, we leased our office spaces for our corporate locations in Atlanta, Georgia and New York, New York and also for our 66 service centers in various cities under non-cancelable lease agreements. We own an office facility in Sarasota, Florida.

We have certain contractual obligations including various debt agreements with requirements to make interest payments. Amounts outstanding under the Notes are subject to a fixed interest rate of 5.625% and interest is expected to be $28.1 million annually with semi-annual payments that begin in October 2015 and end in April 2023.  Additionally, certain amounts are subject to the level of borrowings in future periods and the interest rate for the applicable periods, and therefore the amounts of these payments are not determinable. Based upon amounts outstanding at June 30, 2015 and applicable interest rates currently of 2.9%, interest amounts are expected to be approximately $605,000 for the six months ended December 31, 2015, approximately $1.2 million for the years ended December 31, 2016 and December 31, 2017 and approximately $353,000 for the year ended December 31, 2018.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Off-Balance Sheet Arrangements

We engage in no activities, obligations or exposures associated with off-balance sheet arrangements.

Critical Accounting Policies and Estimates

Overview and Definitions

We have identified the policies below as critical to our business operations and understanding of our results of operations. The impact and any associated risks related to these policies on our business operations are discussed throughout this management’s discussion and analysis of financial condition and results of operations where such policies affect our reported and expected financial results. Our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, cash flow and related disclosure of contingent assets and liabilities. Our estimates include those related to accounts receivable reserves, goodwill and other intangible assets, share-based compensation other equity instruments, income and other taxes, derivative instruments and contingent obligations. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates, and the impact of changes in key assumptions may not be linear. Our management has reviewed the application of these policies with the audit committee of our Board of Directors. For a detailed discussion on the application of these and other accounting policies, see Note 2 to the consolidated financial statements included elsewhere in this report. We believe that our most critical accounting policies and estimates relate to the following:

Revenue Recognition

Revenue related to IMEs, peer reviews, bill reviews, administrative support services and Medicare compliance services is recognized at the time services have been performed and the report is shipped to the end user. We believe that recognizing revenue at the time the report is shipped is appropriate because we meet the following four criteria in accordance with ASC 605-10-S25, Revenue Recognition: Overall, (i) persuasive evidence that arrangement exists, (ii) shipment has occurred, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured. We report revenues net of any sales, use and value added taxes.

Revenue related to other IME services, including litigation support services, medical record retrieval services and case management services where no report is generated, is recognized at the time the service is performed. We believe that recognizing revenue at the time the service is performed is appropriate because we meet the following four criteria in accordance with ASC 605-10-S25, (i) persuasive evidence that arrangement exists, (ii) services have been rendered, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured.

Certain agreements with customers in the U.K. include provisions whereby collection of the amounts billed are contingent on the favorable outcome of the claim.  We have deemed these provisions to preclude revenue recognition at the time of performance, as collectability is not reasonably assured and the cash payments are contingent, and are deferring these revenues, net of estimated costs, until the case has been settled the cash has been collected and the contingency has been resolved.  

Should changes in conditions cause management to determine these criteria are not met for certain future transactions, revenue recognized for any reporting period could be adversely affected.

Trade Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable balances consist of amounts owed to us for services provided in the normal course of business and are reported net of an allowance for doubtful accounts. Generally, no collateral is received from clients and the collectability of trade receivable balances is regularly evaluated based on a combination of factors such as client credit-worthiness, past transaction history with the customer, current economic industry trends and changes in customer payment patterns and additions to the allowance are made based on these trends. Accounts are reviewed regularly for collectability and those deemed uncollectible are written off.

We assume, that on average, all accounts receivable will be collected within one year and thus classify these as current assets; however, there are certain receivables, primarily in the U.K., that have aged longer than one year as of December 31, 2014 and June 30, 2015, and we have recorded an estimate for those receivables that will not be collected within one year as long-term in the Consolidated Balance Sheets contained elsewhere in this report.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Goodwill and Other Intangible Assets

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Based on the provisions of ASC 350, Intangibles—Goodwill and Other (“ASC 350”), goodwill and indefinite lived intangible assets are tested for impairment annually or more frequently if impairment indicators arise. We evaluate the carrying value of goodwill during the fourth quarter of each fiscal year and between annual valuations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting units below their carrying amount. Such circumstances include: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, we compare the fair value of the reporting units to which the goodwill is assigned to the reporting unit’s carrying amount, including goodwill. The fair value of the reporting units is estimated using primarily the income, or discounted cash flows, approach. If the carrying amount of a reporting unit exceeds its fair value, then the amount of the impairment loss must be measured. The impairment loss is calculated by comparing the implied fair value of the reporting unit’s goodwill to its carrying amount. In calculating the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is allocated in a hypothetical analysis to all of the other assets and liabilities, including any unrecognized intangible assets, of that unit based on their fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value.

Intangible assets, including client relationships, trade names, covenants not to compete and technology that have finite lives are amortized over their useful lives.

We performed our annual impairment review of goodwill in October 2014 and reviewed subsequent events through June 30, 2015 and determined that the fair value of our reporting units substantially exceed their carrying value, and goodwill was not impaired as of year end. Further, we believe that there have been no facts or circumstances through the date of this filing that indicate an impairment of goodwill exists. 

Deferred Income Taxes

We provide for deferred income tax assets and liabilities based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities based on currently enacted tax laws. Our deferred and other tax balances are based on management’s interpretation of the tax regulations and rulings in numerous taxing jurisdictions. Income tax expense and liabilities recognized by us also reflect our best estimates and assumptions regarding, among other things, the level of future taxable income, the effect of our various tax planning strategies and uncertain tax positions. Future tax authority rulings and changes in tax laws, changes in projected levels of taxable income and future tax planning strategies could affect the actual effective tax rate and tax balances recorded by us. We follow the provisions under FASB ASC Subtopic 740-10, Income Taxes - Overall ("ASC 740") that provides a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date.

We are no longer subject to U.S. federal income and state tax return examinations by tax authorities before 2010 and 2009, respectively. We operate in multiple taxing jurisdictions and face audits from various tax authorities. We remain subject to examination until the statute of limitations expires for the respective tax jurisdiction. We do not anticipate that the amount of the unrecognized benefit will significantly increase or decrease within the next twelve months. We record interest and penalties related to unrecognized tax benefits in income tax expense.

Undistributed earnings of our foreign subsidiaries are considered indefinitely reinvested and, accordingly, no provision for U.S. federal income taxes has been recorded. Deferred taxes are provided for earnings outside the United States when those earnings are not considered indefinitely reinvested.

Share-Based Compensation and Other Equity Instruments

Our stock incentive plan provides for the granting of stock options and other share-based awards including warrants, restricted stock units (“RSUs”) and shares of restricted stock, in accordance with ASC Topic 718, Compensation—Stock Compensation  (“ASC 718”). ASC 718 requires measurement of compensation cost for all share-based awards at fair value on the grant date (or measurement date, if different) and recognition of compensation expense, net of forfeitures, over the requisite service period for awards expected to vest. We use the straight-line amortization method for recognizing share-based compensation expense.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

The fair value of stock option grants is determined using the Black-Scholes valuation model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics not present in these stock options. Additionally, option valuation models require the input of highly subjective assumptions, including the expected volatility of the stock price. Because our stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimates, in our opinion, the existing models may not provide a reliable single measure of the fair value of its share-based awards.

Our expected volatility assumptions are based upon the weighted average of our implied volatility, our mean reversion volatility and the median of our peer group’s most recent historical volatilities for 2014 and 2015 stock option grants. Expected life assumptions are based upon the “simplified” method for those options issued since our IPO which were determined to be issued approximately at-the-money. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued.

The fair value of shares of restricted stock and RSUs is determined based upon the market price of the underlying common stock as of the date of grant. Additional information regarding our valuation of common stock and equity awards is set forth in Note 2 to our consolidated financial statements included elsewhere in this report.

Accounting for Acquisitions

Accounting for acquisitions requires us to recognize and measure identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquired entity. Our accounting for acquisitions involves significant judgments and estimates, including the fair value of certain forms of consideration such as our common stock, the fair value of acquired intangible assets, which involve projections of future revenues, cash flows and terminal value, which are then discounted at an estimated discount rate, the fair value of other acquired assets and assumed liabilities, including potential contingencies, and the useful lives of the assets. The projections are developed using internal forecasts, available industry and market data and estimates of long-term rates of growth for our business. The impact of prior or future acquisitions on our financial position or results of operations may be materially impacted by the change in or initial selection of assumptions and estimates. 

Financial Instruments

Our financial assets and (liabilities), which are measured at fair value on a recurring basis, are categorized using the fair value hierarchy at December 31, 2014 and June 30, 2015, and are as follows (in thousands):

	Level 1		Level 2			Level 3			Total
As of December 31, 2014
Financial instruments:
Contingent consideration	$	—	$	—		$	(6,587	)	$	(6,587	)
Foreign currency derivative asset		—		272			—			272
As of June 30, 2015
Financial instruments:
Contingent consideration	$	—	$	—		$	(4,567	)	$	(4,567	)
Foreign currency derivative liability		—		(2,126	)		—			(2,126	)

The contingent consideration relates to earnout provisions recorded in conjunction with certain acquisitions completed in 2013 and 2014 (see Note 3). Of the total decrease in fair value of the contingent consideration of $2.0 million in 2015, $1.0 million was settled as cash consideration to satisfy an installment related to a 2014 acquisition and we recorded $941,000 in adjustments to the fair value of the obligation related to milestones which were not achieved, or expected to be achieved, recorded to SGA expenses, offset by $134,000 recorded in interest and other expenses, net in the Consolidated Statements of Comprehensive Income (Loss) due to changes in the fair value of the contingent consideration and the remaining change is due to currency fluctuations.

The fair value of the foreign currency derivative was determined using observable market inputs such as foreign currency exchange rates and considers our nonperformance risk and that of our counterparties.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU No. 2014-08, (Topic 205 and 360), “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity” (“ASU 2014-08”) which amends the definition for what types of asset disposals are to be considered discontinued operations, and amends the required disclosures for discontinued operations and assets held for sale. ASU 2014-08 also enhances the convergence of the FASB’s and the International Accounting Standard Board’s reporting requirements for discontinued operations. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. We adopted the provisions of this standard effective January 1, 2015 and the adoption of these provisions did not have a material impact on our financial position, results of operations and cash flows.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers (“ASU 2014-09”) which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2017, with early application not permitted. We are currently evaluating the impact of this standard on our financial position, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertanties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-05”) which defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-15 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted. We plan to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. We currently do not expect the adoption to have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2015, and interim periods within those fiscal years. We are currently evaluating the impact of this standard on our financial position, results of operations and cash flows.

There were various other accounting standards and interpretations issued during 2014 and 2015 we have not yet been required to adopt, none of which are expected to have a material impact on our financial position, results of operations and cash flows.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure results primarily from fluctuations in interest rates, foreign exchange rates as well as inflation. In the normal course of business, we are exposed to market risks, including changes in interest rates and foreign exchange rates which affect our debt as well as cash flows. We may also face additional exchange rate risk in the future as we expand our business internationally.

Interest Rate Risk. As of June 30, 2015, we had cash and cash equivalents totaling approximately $105.1 million. These amounts were held for future acquisition and working capital purposes and were held in non-interest bearing accounts, of which $90.8 million were held in the U.S. Therefore, the U.S. amounts were insured under standard FDIC insurance coverage for deposit accounts up to $250,000, per depositor and account ownership category, at each separately insured depository institution.

Our outstanding debts of $41.7 million at June 30, 2015 related to indebtedness under our working capital facilities contain floating interest rates. Thus, our interest rate is subject to market risk in the form of fluctuations in interest rates. The effect of a hypothetical one percentage point increase in our variable rate debt would result in an increase of approximately $417,000 in our annual pre-tax net loss assuming no further changes in the amount of borrowings subject to variable rate interest from amounts outstanding at June 30, 2015.

Foreign Exchange Risk. As of June 30, 2015, we have foreign currency risks related to our revenues and operating expenses denominated in currencies other than the U.S. dollar, namely, the Canadian dollar, the Pound Sterling and the Australian dollar. Our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets. We do not currently hedge our exposure to foreign currency exchange rate fluctuations related to the Canadian dollar given that the net difference between foreign currency denominated revenue and expenses is immaterial. In the future, however, we may hedge such exposure to foreign currency exchange rate fluctuations in this currency.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Beginning in the second quarter of 2013, in order to protect against foreign currency exposure in our Australian operations, we entered into forward foreign currency contracts as a hedge of AUD $60.0 million of its net investment in Australia. Beginning in the third quarter of 2013, we also entered into forward foreign currency contracts as a hedge of £40.0 million of our net investment in the U.K. We settled certain of our hedge positions during the 2014 year and the first two quarters of 2015 and were paid $4.0 million and $2.9 million, respectively, in net settlements. This amount was classified in accumulated other comprehensive loss in our Consolidated Balance Sheet (see Note 2), offsetting the currency translation adjustment of the related net investment that is also recorded in accumulated other comprehensive loss, and is reported net of the effect of income taxes.

As of December 31, 2014, we had a net asset of $272,000 recorded in other current assets, with the offsetting net unrealized gain being recorded in accumulated other comprehensive loss in our Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in January of 2015. As of June 30, 2015, we had a liability of $2.1 million recorded in other current liabilities, with the offsetting net unrealized loss being recorded in accumulated other comprehensive loss in our Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in July of 2015.

Item 4. Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934, an evaluation was carried out under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2015. Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2015, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting during the period ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is currently a party to various legal proceedings arising from the normal course of business activities. While the Company does not presently believe that the ultimate outcome of such proceedings will have a material impact on its business, operating results or financial condition, litigation is subject to inherent uncertainties. If an unfavorable ruling were to occur, it is possible that such ruling could have a material adverse impact on our business, operating results or financial condition in the period in which the ruling occurs. Our current estimates of the potential impact from such legal proceedings could change in the future.

Item 1A. Risk Factors

There have been no material changes in the risks facing the Company as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Dividend Policy

Since the Company’s incorporation in 2007, the Company has not declared or paid any dividends on its common stock. The Company currently intends to retain all of the Company’s future earnings, if any, to finance the growth and development of the Company’s business and does not anticipate paying cash dividends for the foreseeable future. The Senior Secured Revolving Credit Facility and the Indenture restrict the Company’s ability to pay cash dividends, and any future financing agreements may restrict the Company from paying any type of dividends.

Item 3. Defaults Upon Senior Securities

None.

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit  Number	Title
2.1	Agreement and Plan of Merger, dated June 23, 2010, by and among ExamWorks Group, Inc., ExamWorks, Inc. and ExamWorks Merger Sub, Inc. (filed as Exhibit 2.1 to ExamWorks’ Registration Statement on Form S-1 filed with the Securities and Exchange Commission on August 13, 2010 and incorporated by reference herein).
2.2	Stock Purchase Agreement dated as of January 11, 2011, by and among ExamWorks Group, Inc., ExamWorks, Inc., MES Group, Inc., George C. Turek and the minority shareholders of MES Group, Inc. set forth therein (filed as Exhibit 2.1 to Form 8-K filed with the Securities and Exchange Commission on January 13, 2011 and incorporated by reference herein).
2.3*	Agreement for the sale and purchase of the entire issued share capital of Premex Group Limited dated May 10, 2011, among ExamWorks Group, Inc., ExamWorks UK Ltd. and the shareholders of Premex Group Limited set forth therein (filed as Exhibit 2.1 to Form 8-K filed with the Securities and Exchange Commission on May 13, 2011 and incorporated by reference herein).
2.4*	Tax Deed dated May 10, 2011, relating to the sale and purchase of the entire issued share capital of Premex Group between ExamWorks UK Ltd. And Covenantors set forth therein (filed as Exhibit 2.2 to Form 8-K filed with the Securities and Exchange Commission on May 13, 2011 and incorporated by reference herein).
2.5*	Sale and Purchase Deed relating to the sale and purchase of MedHealth Holdings Pty Limited dated August 31, 2012 among EW Pacific Pty Ltd, the shareholders of MedHealth Holdings Pty Limited set forth therein, and certain additional restrained parties set forth therein (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on August 31, 2012).
2.6*	Additional Sellers Deed relating to the sale and purchase of MedHealth Holdings Pty Limited dated August 31, 2012 among EW Pacific Pty Ltd and certain minority shareholders of MedHealth Holdings Pty Limited (incorporated by reference to Exhibit 2.2 to the Company’s Form 8-K filed with the Securities and Exchange Commission on August 31, 2012).
2.7*	Stock Purchase Agreement dated as of February 3, 2014, by and among Exam Works, Inc., G&L Intermediate Holdings, Inc., G&L Investment Holdings, Inc., ABRY Partners V, L.P. and ABRY Senior Equity II, L.P (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on February 4, 2014).
2.8*	Stock Purchase Agreement dated as of June 6, 2014, by and among ExamWorks, Inc. and the shareholders of Ability Services Network, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on June 9, 2014).
3.1.1	Amended and Restated Certificate of Incorporation of ExamWorks (incorporated by reference to Exhibit 3.1 to Form 10-K filed with the Securities and Exchange Commission on March 11, 2011).
3.1.2	Second Amended and Restated Bylaws of ExamWorks (incorporated by reference to Exhibit 3.1 to Form 8-K filed with the Securities and Exchange Commission on October 30, 2013).
4.1	Form of Common Stock Certificate of ExamWorks (filed as Exhibit 4.1 to Amendment No. 3 to ExamWorks’ Registration Statement on Form S-1 filed with the Securities and Exchange Commission on October 21, 2010 and incorporated by reference herein).

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

4.2	Indenture dated July 19, 2011, by and among ExamWorks Group, Inc., the Guarantors party thereto, and U.S. Bank, National Association, as Trustee (including Form of 9% Note Due 2019) (filed as Exhibit 4.1 to Form 8-K filed with the Securities and Exchange Commission on July 22, 2011 and incorporated by reference herein).
4.3	Registration Rights Agreement dated July 19, 2011 by and among ExamWorks Group, Inc., the Guarantors party thereto, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several Initial Purchasers (filed as Exhibit 4.2 to Form 8-K filed with the Securities and Exchange Commission on July 22, 2011 and incorporated by reference herein).
4.4	Form of 9% Senior Unsecured Exchange Note Due 2019 and Form of Exchange Guarantee (filed as Exhibit 4.4 to Form S-4 filed with the Securities and Exchange Commission on April 4, 2012 and incorporated by reference herein).
4.5	Indenture, dated April 16, 2015, among ExamWorks Group, Inc., the Guarantors party thereto, and U.S. Bank National Association, as Trustee (filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
4.6	Supplemental Indenture, dated April 16, 2015, among ExamWorks Group, Inc., the Guarantors party thereto, and U.S. Bank National Association, as Trustee (including the Form of 5.625% Note Due 2023) (filed as Exhibit 4.2 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
4.7	Form of 5.625% Senior Unsecured Note Due 2023 and Form of Guarantee (filed as Exhibit 4.3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
10.1	Amended and Restated Credit Agreement, dated April 16, 2015, among the Company, the Guarantors party thereto, Bank of America, N.A., as administrative agent, and the other lenders party thereto (filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
10.2	First Amendment to Amended and Restated Credit Agreement, dated as of June 1, 2015, by and among ExamWorks Group, Inc., as Borrower, Bank of America, N.A., as Administrative Agent, and the Guarantors and Lenders party thereto, amending the Amended and Restated Credit Agreement dated April 16, 2015 (filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on June 2, 2015 and incorporated by reference herein).
10.3	Amendment Letter, dated April 16, 2015, by and between UK Independent Medical Services Ltd and Barclays Bank PLC, amending the Sales Finance Agreement, dated September 30, 2010 (filed as Exhibit 10.2 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
10.4	Amendment Letter, dated April 16, 2015, by and between Barclays Bank PLC and Premex Services Limited, amending the Sales Finance Agreement, dated May 12, 2011 (filed as Exhibit 10.3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 17, 2015 and incorporated by reference herein).
10.5	Second Amendment to ExamWorks Group, Inc. Amended and Restated 2008 Stock Incentive Plan, as amended, dated May 12, 2015 (filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on May 14, 2015 and incorporated by reference herein).
31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document

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EXAMWORKS GROUP, INC. AND SUBSIDIARIES

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

*   Schedules to this exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K.  The Company agrees to furnish supplementary copies of any omitted schedules to the Securities and Exchange Commission upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EXAMWORKS GROUP, INC.
Date: July 30, 2015	By:	/s/ J. Miguel Fernandez de Castro
		J. Miguel Fernandez de Castro
		Senior Executive Vice President and Chief
		Financial Officer (Principal Financial Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James K. Price, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ExamWorks Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-(f) and 15d-15(f)) and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2015	By:	/s/    James K. Price
		James K. Price
		Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, J. Miguel Fernandez de Castro, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ExamWorks Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-(f) and 15d-15(f)) and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2015	By:	/s/    J. Miguel Fernandez de Castro
		J. Miguel Fernandez de Castro
		Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of ExamWorks Group, Inc. (the “Company”) for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company hereby certifies, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 30, 2015	By:	/s/    James K. Price
		James K. Price
		Chief Executive Officer
Date: July 30, 2015	By:	/s/    J. Miguel Fernandez de Castro
		J. Miguel Fernandez de Castro
		Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Note 3 - Acquisitions (Details)	3 Months Ended		6 Months Ended		12 Months Ended	84 Months Ended	90 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)
Note 3 - Acquisitions (Details) [Line Items]
Number of Businesses Acquired						51	52
Business Combination, Acquisition Related Costs	$ 134,000	$ 762,000	$ (248,000)	$ 1,954,000
Business Combination, Pro Forma Information, Adjustments to Interest and Other Expenses Related to Funding of Acquisition	12,000	562,000	82,000	236,000
Business Combination, Pro Forma Information, Incremental Depreciation and Amoritzation	50,000	1,400,000	348,000	4,100,000
Business Combination, Pro Forma Information, Adjustments to Selling, General and Administrative Expense	110,000	1,900,000	429,000	6,200,000
2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) [Line Items]
Business Combination, Consideration Transferred			194,773,000		$ 194,800,000
Payments to Acquire Businesses, Gross					189,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents					1,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					6,900,000
Business Acquisition, Transaction Costs					$ 1,600,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount	116,500,000		116,500,000			$ 116,500,000	$ 116,500,000
Business Acquisition Purchase Price Allocation Intangible Assets Expected Tax Deductible Amount	36,700,000		36,700,000			36,700,000	36,700,000
2014 Acquisitions [Member] | Scenario, Adjustment [Member]
Note 3 - Acquisitions (Details) [Line Items]
Business Combination, Consideration Transferred			91,000
2014 Acquisitions [Member] | Selling, General and Administrative Expenses [Member]
Note 3 - Acquisitions (Details) [Line Items]
Business Combination, Acquisition Related Costs		$ 186,000	0	$ 916,000
2015 Acquisitions [Member]
Note 3 - Acquisitions (Details) [Line Items]
Business Combination, Consideration Transferred			11,145,000
Payments to Acquire Businesses, Gross			11,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	655,000		655,000			655,000	655,000
Business Acquisition, Transaction Costs	170,000		170,000			170,000	170,000
Business Combination, Acquisition Related Costs			35,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount	4,700,000		4,700,000			4,700,000	4,700,000
Business Acquisition Purchase Price Allocation Intangible Assets Expected Tax Deductible Amount	5,400,000		5,400,000			$ 5,400,000	$ 5,400,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	2,900,000		3,400,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$ 559,000		$ 540,000

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Note 10 - Long-term Debt (Details)									1 Months Ended
		Jun. 30, 2015 USD ($)	Apr. 16, 2015 USD ($)	Feb. 03, 2014	Jun. 28, 2013	Jul. 19, 2011 USD ($)	May. 12, 2011 GBP (£)	Sep. 29, 2010 GBP (£)	Apr. 30, 2015	Dec. 31, 2014 USD ($)	Nov. 02, 2010 USD ($)
Note 10 - Long-term Debt (Details) [Line Items]
Long-term Line of Credit (in Dollars)		$ 0
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars)		300,000,000
Default Rate [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.00%
Revolving Credit Facility [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity											$ 180,000,000
Premex Group [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent							100.00%
UKIM [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | £								£ 5,000,000
Long-term Line of Credit (in Dollars)		7,400,000
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars)		$ 456,000
Debt Instrument, Term, Increase					24 months
Base Rate		0.50%
Premex Group [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | £							£ 26,500,000
Long-term Line of Credit (in Dollars)		$ 34,300,000
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars)		$ 7,300,000
Debt Instrument, Term, Increase					24 months
Base Rate		0.50%
Federal Funds Rate Base [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
London Interbank Offered Rate (LIBOR) [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
Base Rate [Member] | UKIM [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2.40%			2.50%
Base Rate [Member] | Premex Group [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate							2.40%
Initial Notes [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Issuance Price, Percentage						100.00%
Proceeds from Issuance of Senior Long-term Debt (in Dollars)						$ 250,000,000
Senior Notes 2023 [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Issuance Percentage			100.00%
Proceeds from Issuance of Long-term Debt (in Dollars)			$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.625%
Senior Unsecured Notes Payable [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument Repurchase Percentage of Face Amount						101.00%
Senior Unsecured Notes Payable [Member] | Debt Instrument, Redemption, Period One [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Redemption Period, End Date						Apr. 15, 2018
Debt Instrument, Redemption Price, Percentage						105.625%
Debt Instrument, Redemption Price, Minimum Percent of Original Principal Amount Outstanding After Redemption						60.00%
Senior Unsecured Notes Payable [Member] | Debt Instrument, Redemption, Period Two [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Redemption Period, End Date						Apr. 15, 2018
Debt Instrument, Redemption Price, Percentage						100.00%
Senior Secured Revolving Credit Facility [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Long-term Line of Credit (in Dollars)	[1]									$ 143,853,000
Senior Secured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 300,000,000
Debt Instrument, Term			5 years						5 years
Senior Secured Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Right to Increase Revolving Extensions [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 400,000,000
Maximum [Member] | Senior Unsecured Notes Payable [Member] | Debt Instrument, Redemption, Period One [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						40.00%
Minimum [Member] | UKIM [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Term								36 months
Minimum [Member] | Premex Group [Member]
Note 10 - Long-term Debt (Details) [Line Items]
Debt Instrument, Term							36 months

[1] On November 2, 2010, the Company entered into the Senior Secured Revolving Credit Facility with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility is available to finance the Company's acquisition program and working capital needs.On April 16, 2015, the Company amended and restated the terms of its Senior Secured Revolving Credit Facility in connection with the offering of the Notes pursuant to an amended and restated credit agreement (the "Amended and Restated Credit Facility") dated April 16, 2015. The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, the Company has the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate (equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plus the applicable margin, as the Company elects. The applicable margin means a percentage per annum determined in accordance with the following table: PricingTier Consolidated SeniorSecured Leverage Ratio CommitmentFee/UnusedLine Fee Letter ofCredit Fee EurocurrencyRate Loans Base RateLoans 1 4.00 to 1.0 0.45% 2.75% 2.75% 1.75%2 3.50 to 1.0 but < 4.00 to 1.0 0.40% 2.50% 2.50% 1.50%3 3.00 to 1.0 but < 3.50 to 1.0 0.35% 2.25% 2.25% 1.25%4 2.50 to 1.0 but < 3.00 to 1.0 0.30% 2.00% 2.00% 1.00%5 < 2.50 to 1.0 0.30% 1.75% 1.75% 0.75%In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring the Company to not exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimum consolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts the Company's ability (subject to certain exceptions) to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, pay dividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactions with affiliates and other corporate actions.On June 1, 2015 the Company entered into a first amendment to the Senior Secured Revolving Credit Facility ("First Amendment"). The First Amendment amended the definition of "Change of Control" in the Senior Secured Revolving Credit Facility.As of June 30, 2015, the Company had no amount outstanding under the Senior Secured Revolving Credit Facility, resulting in $300.0 million of undrawn commitments.

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Note 5 - Goodwill and Intangible Assets (Details) - Intangible Amortization Expense - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible Amortization Expense [Abstract]
Six months ended December 31, 2015	$ 22,906
Years ended December 31:
2016	35,005
2017	22,395
2018	3,007
2019	883
Total	$ 84,196	$ 102,583

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Note 10 - Long-term Debt (Details) - Debt - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Note 10 - Long-term Debt (Details) - Debt [Line Items]
Revolving credit facilities		$ 0
		541,730,000	$ 434,249,000
Less current portion			40,396,000
		541,730,000	393,853,000
Senior Unsecured Notes Payable [Member]
Note 10 - Long-term Debt (Details) - Debt [Line Items]
Senior Unsecured Notes Payable (a)	[1]	$ 500,000,000	250,000,000
Senior Secured Revolving Credit Facility [Member]
Note 10 - Long-term Debt (Details) - Debt [Line Items]
Revolving credit facilities	[2]		143,853,000
Working Capital Facilities [Member]
Note 10 - Long-term Debt (Details) - Debt [Line Items]
Revolving credit facilities	[3]	$ 41,730,000	$ 40,396,000

[1] In July 2011, and through June 2012, the Company closed the offering of the Senior Unsecured Notes. The Senior Unsecured Notes were issued at a price of 100% of their principal amount. A portion of the gross proceeds of $250.0 million were used to repay borrowings outstanding under the Company's Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder was used for general corporate purposes, including acquisitions.On April 16, 2015, the Company closed a public offering of the Notes. The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks' existing and future U.S. subsidiaries. The gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions.The Notes were issued under an indenture, dated as of April 16, 2015, as supplemented by a supplemental indenture, dated April 16, 2015 (collectively, the "Indenture"), among the Company, the Guarantors and U.S. Bank, National Association, as trustee (the "Trustee"). The Notes are the Company's general senior unsecured obligations, and rank equally with the Company's existing and future senior unsecured obligations and senior to all of the Company's further subordinated indebtedness. The Notes accrue interest at a rate of 5.625% per year, payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2015. Interest accrues from the issue date of the Notes.At any time on or after April 15, 2018, the Company may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to the date of redemption. Prior to April 15, 2018, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 105.625% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, provided that at least 60% of the original aggregate principal amount of the Notes remains outstanding after redemption. In addition, the Company may redeem some or all of the Notes at any time prior to April 15, 2018 at a redemption price equal to 100% of the principal amount of the Notes plus a make whole premium described in the Indenture, plus accrued and unpaid interest.The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its restricted subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness, make certain types of restricted payments, incur liens on assets of the Company or the restricted subsidiaries, engage in asset sales and enter into transactions with affiliates. Upon a change of control (as defined in the Indenture), the Company may be required to make an offer to repurchase the Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default.

[2] On November 2, 2010, the Company entered into the Senior Secured Revolving Credit Facility with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility is available to finance the Company's acquisition program and working capital needs.On April 16, 2015, the Company amended and restated the terms of its Senior Secured Revolving Credit Facility in connection with the offering of the Notes pursuant to an amended and restated credit agreement (the "Amended and Restated Credit Facility") dated April 16, 2015. The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, the Company has the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate (equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plus the applicable margin, as the Company elects. The applicable margin means a percentage per annum determined in accordance with the following table: PricingTier Consolidated SeniorSecured Leverage Ratio CommitmentFee/UnusedLine Fee Letter ofCredit Fee EurocurrencyRate Loans Base RateLoans 1 4.00 to 1.0 0.45% 2.75% 2.75% 1.75%2 3.50 to 1.0 but < 4.00 to 1.0 0.40% 2.50% 2.50% 1.50%3 3.00 to 1.0 but < 3.50 to 1.0 0.35% 2.25% 2.25% 1.25%4 2.50 to 1.0 but < 3.00 to 1.0 0.30% 2.00% 2.00% 1.00%5 < 2.50 to 1.0 0.30% 1.75% 1.75% 0.75%In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring the Company to not exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimum consolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts the Company's ability (subject to certain exceptions) to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, pay dividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactions with affiliates and other corporate actions.On June 1, 2015 the Company entered into a first amendment to the Senior Secured Revolving Credit Facility ("First Amendment"). The First Amendment amended the definition of "Change of Control" in the Senior Secured Revolving Credit Facility.As of June 30, 2015, the Company had no amount outstanding under the Senior Secured Revolving Credit Facility, resulting in $300.0 million of undrawn commitments.

[3] On September 29, 2010, the Company's indirect 100% owned subsidiary UK Independent Medical Services Limited ("UKIM") entered into a Sales Finance Agreement (the "UKIM SFA") with Barclays Bank PLC ("Barclays"), pursuant to which Barclays provides UKIM a working capital facility of up to 5,000,000, subject to the terms and conditions of the UKIM SFA. The working capital facility bore a discount margin of 2.5% over Base Rate and served to finance UKIM's unpaid account receivables. The working capital facility had a minimum term of 36 months.On June 28, 2013, UKIM entered into an amendment to extend the term of the existing UKIM SFA by 24 months from June 28, 2013, to amend the discount margin to 2.4% over Base Rate (0.5% rate on June 30, 2015) and to provide that payments by UKIM for certain non-working capital purposes are permitted under the UKIM SFA. Further, on April 16, 2015, UKIM entered into an amendment to extend the term of the existing UKIM SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, UKIM had $7.4 million outstanding under the working capital facility, resulting in approximately $456,000 in availability.On May 12, 2011, the Company's indirect 100% owned subsidiary Premex Group Limited ("Premex") entered into a Sales Finance Agreement (the "Premex SFA") with Barclays, pursuant to which Barclays provides Premex a working capital facility of up to 26,500,000, subject to the terms and conditions of the Premex SFA. The working capital facility bears a discount margin of 2.4% over Base Rate (0.5% rate on June 30, 2015) and serves to finance Premex's unpaid account receivables. The working capital facility had a minimum term of 36 months.On June 28, 2013, Premex entered into an amendment to extend the term of the existing Premex SFA by 24 months from June 28, 2013, and to provide that payments by Premex for certain non-working capital purposes are permitted under the Premex SFA. Further, on April 16, 2015, Premex entered into an amendment to extend the term of the existing Premex SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, Premex had $34.3 million outstanding under the working capital facility, resulting in approximately $7.3 million in availability.

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Note 5 - Goodwill and Intangible Assets (Details) - Goodwill $ in Thousands		6 Months Ended
		Jun. 30, 2015 USD ($)
Goodwill [Line Items]
Goodwill balance	[1]	$ 495,679
Goodwill acquired during the year	[1]	4,654
Adjustments to prior year acquisitions	[1]	471
Effect of foreign currency translation	[1]	(4,322)
Goodwill balance	[1]	496,482
UNITED STATES
Goodwill [Line Items]
Goodwill balance	[1]	401,560
Goodwill acquired during the year	[1]	4,654
Adjustments to prior year acquisitions	[1]	$ 471
Effect of foreign currency translation	[1]
Goodwill balance	[1]	$ 406,685
CANADA
Goodwill [Line Items]
Goodwill balance	[1]	$ 17,178
Goodwill acquired during the year	[1]
Adjustments to prior year acquisitions	[1]
Effect of foreign currency translation	[1]	$ (1,551)
Goodwill balance	[1]	15,627
UNITED KINGDOM
Goodwill [Line Items]
Goodwill balance	[1]	$ 38,354
Goodwill acquired during the year	[1]
Adjustments to prior year acquisitions	[1]
Effect of foreign currency translation	[1]	$ 495
Goodwill balance	[1]	38,849
AUSTRALIA
Goodwill [Line Items]
Goodwill balance	[1]	$ 38,587
Goodwill acquired during the year	[1]
Adjustments to prior year acquisitions	[1]
Effect of foreign currency translation	[1]	$ (3,266)
Goodwill balance	[1]	$ 35,321

[1] Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

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Note 2 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Net Income per Share Computational Data - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic and Diluted Net Income per Share Computational Data [Abstract]
Net income (in Dollars)		$ (7,863)	$ 3,532	$ (5,839)	$ 3,243
Basic shares outstanding:
Common stock		41,015	38,452	40,713	37,764
Dilutive securities (1)	[1]		2,488		2,758
Total		41,015	40,940	40,713	40,522

[1] For the three and six months ended June 30, 2014, the Company's dilutive securities exclude options potentially exercisable in the future into 97,000 shares and 69,000 shares, respectively, because their inclusion would have been anti-dilutive.

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Note 10 - Long-term Debt (Details) - Future Maturities of Long-Term Debt $ in Thousands	Jun. 30, 2015 USD ($)
Future Maturities of Long-Term Debt [Abstract]
Six months ended December 31, 2015	$ 0
Year ended December 31:
2016	0
2017	0
2018	41,730
2019	0
Thereafter	500,000
Total	$ 541,730

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Note 6 - Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

	December 31, 2014		June 30, 2015
Accrued compensation and benefits	$	15,041	$	11,630
Accrued selling and professional fees		4,202		2,588
Accrued income, value added and other taxes		26,576		29,950
Accrued medical panel fees		4,391		4,515
Other accrued expenses		3,768		3,198
Totals	$	53,978	$	51,881

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Note 7 - Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Jun. 01, 2016	Jun. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Note 7 - Stockholders' Equity (Details) [Line Items]
Treasury Stock, Shares, Acquired			0
Treasury Stock, Shares			905,000	905,000
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share)			$ 9.38
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars)			$ 10.2
Certain Officers and Employees [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross			91,000
2014 Incentive Compensation Plan [Member] | Certain Officers and Employees [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross			122,000
Warrant [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			20,000
Employee Stock Option [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			810,000
Restricted Stock [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			122,000
Restricted Stock [Member] | Certain Officers and Employees [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars)			$ 3.7
Restricted Stock [Member] | 2014 Incentive Compensation Plan [Member] | Certain Officers and Employees [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Restricted Stock [Member] | Scenario, Forecast [Member] | 2014 Incentive Compensation Plan [Member] | Certain Officers and Employees [Member]
Note 7 - Stockholders' Equity (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%

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Note 3 - Acquisitions (Details) - Pro Forma Results of Operations - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pro Forma Results of Operations [Abstract]
Pro forma revenues	$ 209,094	$ 207,638	$ 407,550	$ 397,383
Pro forma net income (loss)	$ (7,756)	$ 4,023	$ (5,829)	$ 3,828
Pro forma income (loss) per share: Basic	$ (0.19)	$ 0.10	$ (0.14)	$ 0.10
Pro forma income (loss) per share: Diluted	$ (0.19)	$ 0.10	$ (0.14)	$ 0.09

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Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value of Financial Assets Measured on a Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Contingent Consideration [Member]
Financial instruments:
Financial instruments, fair value	$ (4,567)	$ (6,587)
Foreign Currency Derivative Asset [Member]
Financial instruments:
Financial instruments, fair value		272
Foreign Currency Derivative Liability [Member]
Financial instruments:
Financial instruments, fair value	(2,126)
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivative Asset [Member]
Financial instruments:
Financial instruments, fair value		272
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivative Liability [Member]
Financial instruments:
Financial instruments, fair value	(2,126)
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration [Member]
Financial instruments:
Financial instruments, fair value	$ (4,567)	$ (6,587)

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Note 9 - Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Rent Expense	$ 4,500,000	$ 3,700,000	$ 8,700,000	$ 7,100,000
Defined Contribution Plan, Cost Recognized	$ 306,000	$ 234,000	$ 676,000	$ 462,000

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Note 13 - Segment and Geographical Information (Details) - Revenues by Product Group - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue from External Customer [Line Items]
Revenue		$ 208,738	$ 196,445	$ 405,054	$ 369,473
IME and Other Related Services [Member]
Revenue from External Customer [Line Items]
Revenue	[1]	175,488	172,968	342,833	327,508
Peer and Bill Review Medicare Compliance and Case Management [Member]
Revenue from External Customer [Line Items]
Revenue	[1]	$ 33,250	$ 23,477	$ 62,221	$ 41,965

[1] Includes the results of certain of the Company's service centers acquired whose revenues are generated substantially through the indicated product group. Outside of this presentation, other product groups are not tracked within the Company's financial systems. Additionally, other related services, which include any Medicare compliance services and case management services completed at the Company's historic service centers in the periods presented, are not separately captured within the Company's financial systems and have been included with IME services in the above presentation as separate presentation is not practicable. With the Company's acquisition of Gould & Lamb in February of 2014 and Ability Services Network and MedAllocators in June of 2014, Medicare compliance services and case management services have been added to the presentation above. None of the individual services within the peer and bill reviews, Medicare compliance services and case management services category above represent more than 10% of consolidated revenues.

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Note 5 - Goodwill and Intangible Assets (Details) - Intangible Assets - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Amortizable intangible assets:
Gross carrying amount	$ 332,977	$ 328,424
Accumulated amortization	(248,781)	(225,841)
Net carrying value	84,196	102,583
Customer Relationships [Member]
Amortizable intangible assets:
Gross carrying amount	245,332	244,211
Accumulated amortization	(185,655)	(167,943)
Net carrying value	59,677	76,268
Trade Names [Member]
Amortizable intangible assets:
Gross carrying amount	68,627	68,264
Accumulated amortization	(49,826)	(45,901)
Net carrying value	$ 18,801	$ 22,363
Noncompete Agreements [Member]
Amortizable intangible assets:
Estimated useful lives	36 months	36 months
Gross carrying amount	$ 9,834	$ 6,761
Accumulated amortization	(5,080)	(4,116)
Net carrying value	4,754	2,645
Unpatented Technology [Member]
Amortizable intangible assets:
Gross carrying amount	9,184	9,188
Accumulated amortization	(8,220)	(7,881)
Net carrying value	$ 964	$ 1,307
Minimum [Member] | Customer Relationships [Member]
Amortizable intangible assets:
Estimated useful lives	40 months	40 months
Minimum [Member] | Trade Names [Member]
Amortizable intangible assets:
Estimated useful lives	45 months	45 months
Minimum [Member] | Unpatented Technology [Member]
Amortizable intangible assets:
Estimated useful lives	24 months	24 months
Maximum [Member] | Customer Relationships [Member]
Amortizable intangible assets:
Estimated useful lives	60 months	60 months
Maximum [Member] | Trade Names [Member]
Amortizable intangible assets:
Estimated useful lives	84 months	84 months
Maximum [Member] | Unpatented Technology [Member]
Amortizable intangible assets:
Estimated useful lives	40 months	40 months

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Note 4 - Property, Equipment and Leasehold Improvements

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

(4)               Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements at December 31, 2014 and June 30, 2015, consist of the following (in thousands):

	Estimated useful lives			December 31,		June 30,
	(years)			2014		2015
Building		15		$	2,553	$	2,661
Computer and office equipment		3			19,161		18,879
Furniture and fixtures	3	to	5		4,274		4,782
Leasehold improvements	Lease term				4,836		5,807
					30,824		32,129
Less accumulated depreciation and amortization					15,098		14,644
Totals				$	15,726	$	17,485

Depreciation expense was $1.6 million and $3.0 million for the three and six months ended June 30, 2014, respectively. Depreciation expense was $1.6 million and $3.3 million for the three and six months ended June 30, 2015, respectively.

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Note 13 - Segment and Geographical Information (Details) - Segment Information - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Note 13 - Segment and Geographical Information (Details) - Segment Information [Line Items]
Revenues	[1]	$ 208,738		$ 196,445		$ 405,054		$ 369,473
Segment profit	[1]	36,357		34,579		68,309		62,589
Depreciation and amortization expense	[1]	13,729		14,858		28,577		29,200
Capital expenditures	[1]	(2,614)		(2,899)		(4,843)		(3,610)
Six months ended June 30, 2014
Total assets		1,061,185	[1],[2]	949,692	[1],[2]	1,061,185	[1],[2]	949,692	[1],[2]	$ 930,144
Long-lived assets	[1],[2],[3]	652,565		703,751		652,565		703,751
UNITED STATES
Note 13 - Segment and Geographical Information (Details) - Segment Information [Line Items]
Revenues	[1]	132,125		117,343		253,843		223,392
Segment profit	[1]	22,752		20,629		42,274		36,583
Depreciation and amortization expense	[1]	9,071		8,169		18,482		15,888
Capital expenditures	[1]	(1,653)		(2,462)		(3,323)		(2,864)
Six months ended June 30, 2014
Total assets	[1],[2]	699,371		575,153		699,371		575,153
Long-lived assets	[1],[2],[3]	472,161		486,176		472,161		486,176
CANADA
Note 13 - Segment and Geographical Information (Details) - Segment Information [Line Items]
Revenues	[1]	9,672		8,578		17,621		16,085
Segment profit	[1]	1,350		1,165		1,984		2,263
Depreciation and amortization expense	[1]	108		711		690		1,522
Capital expenditures	[1]	(55)		(8)		(169)		(9)
Six months ended June 30, 2014
Total assets	[1],[2]	24,212		28,904		24,212		28,904
Long-lived assets	[1],[2],[3]	16,041		21,411		16,041		21,411
UNITED KINGDOM
Note 13 - Segment and Geographical Information (Details) - Segment Information [Line Items]
Revenues	[1]	46,012		48,665		93,456		90,718
Segment profit	[1]	7,482		8,378		15,182		15,459
Depreciation and amortization expense	[1]	2,097		3,094		4,480		6,269
Capital expenditures	[1]	(245)		(228)		(434)		(517)
Six months ended June 30, 2014
Total assets	[1],[2]	251,876		244,176		251,876		244,176
Long-lived assets	[1],[2],[3]	97,286		107,338		97,286		107,338
AUSTRALIA
Note 13 - Segment and Geographical Information (Details) - Segment Information [Line Items]
Revenues	[1]	20,929		21,859		40,134		39,278
Segment profit	[1]	4,773		4,407		8,869		8,284
Depreciation and amortization expense	[1]	2,453		2,885		4,925		5,521
Capital expenditures	[1]	(661)		(201)		(917)		(220)
Six months ended June 30, 2014
Total assets	[1],[2]	85,726		101,459		85,726		101,459
Long-lived assets	[1],[2],[3]	$ 67,077		$ 88,826		$ 67,077		$ 88,826

[1] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

[2] Total assets and long-lived assets include goodwill. Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

[3] Long-lived assets are noncurrent assets excluding deferred tax assets and deferred financing costs.

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Note 4 - Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.6	$ 1.6	$ 3.3	$ 3.0

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Note 13 - Segment and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

Revenues:	For the three months ended June 30,				For the six months ended June 30,
	2014		2015		2014		2015
IME and other related services (1)	$	172,968	$	175,488	$	327,508	$	342,833
Peer and bill reviews, Medicare compliance services and case management services (1)		23,477		33,250		41,965		62,221
Total revenues	$	196,445	$	208,738	$	369,473	$	405,054

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	United						United
	States			Canada			Kingdom			Australia			Total
Three months ended June 30, 2014
Revenues	$	117,343		$	8,578		$	48,665		$	21,859		$	196,445
Segment profit		20,629			1,165			8,378			4,407			34,579
Depreciation and amortization expense		8,169			711			3,094			2,885			14,858
Capital expenditures		(2,462	)		(8	)		(228	)		(201	)		(2,899	)
Six months ended June 30, 2014
Revenues	$	223,392		$	16,085		$	90,718		$	39,278		$	369,473
Segment profit		36,583			2,263			15,459			8,284			62,589
Depreciation and amortization expense		15,888			1,522			6,269			5,521			29,200
Capital expenditures		(2,864	)		(9	)		(517	)		(220	)		(3,610	)
Total assets (3)		575,153			28,904			244,176			101,459			949,692
Long-lived assets (2)(3)		486,176			21,411			107,338			88,826			703,751
Three months ended June 30, 2015
Revenues	$	132,125		$	9,672		$	46,012		$	20,929		$	208,738
Segment profit		22,752			1,350			7,482			4,773			36,357
Depreciation and amortization expense		9,071			108			2,097			2,453			13,729
Capital expenditures		(1,653	)		(55	)		(245	)		(661	)		(2,614	)
Six months ended June 30, 2015
Revenues	$	253,843		$	17,621		$	93,456		$	40,134		$	405,054
Segment profit		42,274			1,984			15,182			8,869			68,309
Depreciation and amortization expense		18,482			690			4,480			4,925			28,577
Capital expenditures		(3,323	)		(169	)		(434	)		(917	)		(4,843	)
Total assets (3)		699,371			24,212			251,876			85,726			1,061,185
Long-lived assets (2)(3)		472,161			16,041			97,286			67,077			652,565

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	For the three months ended June 30,						For the six months ended June 30,
	2014			2015			2014			2015
Segment Profit	$	34,579		$	36,357		$	62,589		$	68,309
Depreciation and amortization		(14,858	)		(13,729	)		(29,200	)		(28,577	)
Share-based compensation expense		(4,627	)		(6,565	)		(9,980	)		(12,701	)
Acquisition related transaction costs		(762	)		(134	)		(1,954	)		248
Other expenses		(186	)		(66	)		(186	)		(276	)
Income from operations	$	14,146		$	15,863		$	21,269		$	27,003

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Note 12 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Summary of Income Tax Contingencies [Table Text Block]

Balance at January 1, 2015	$	1,593
Increase to prior year tax positions		87
Increase to current year tax positions		—
Expiration of the statute of limitations for the assessment of taxes		(281	)
Decrease related to settlements		—
Balance at June 30, 2015	$	1,399

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Note 10 - Long-term Debt (Details) - Borrowings Under the Senior Secured Revolving Credit Facility - Jun. 30, 2015	Total
Pricing Tier 1 [Member]
Guarantor Obligations [Line Items]
Commitment Fee/Unused Line Fee	0.45%
Letter of Credit Fee	2.75%
Pricing Tier 1 [Member] | Eurodollar [Member]
Guarantor Obligations [Line Items]
Rate Loans	2.75%
Pricing Tier 1 [Member] | Base Rate [Member]
Guarantor Obligations [Line Items]
Rate Loans	1.75%
Pricing Tier 2 [Member]
Guarantor Obligations [Line Items]
Commitment Fee/Unused Line Fee	0.40%
Letter of Credit Fee	2.50%
Pricing Tier 2 [Member] | Eurodollar [Member]
Guarantor Obligations [Line Items]
Rate Loans	2.50%
Pricing Tier 2 [Member] | Base Rate [Member]
Guarantor Obligations [Line Items]
Rate Loans	1.50%
Pricing Tier 3 [Member]
Guarantor Obligations [Line Items]
Commitment Fee/Unused Line Fee	0.35%
Letter of Credit Fee	2.25%
Pricing Tier 3 [Member] | Eurodollar [Member]
Guarantor Obligations [Line Items]
Rate Loans	2.25%
Pricing Tier 3 [Member] | Base Rate [Member]
Guarantor Obligations [Line Items]
Rate Loans	1.25%
Pricing Tier 4 [Member]
Guarantor Obligations [Line Items]
Commitment Fee/Unused Line Fee	0.30%
Letter of Credit Fee	2.00%
Pricing Tier 4 [Member] | Eurodollar [Member]
Guarantor Obligations [Line Items]
Rate Loans	2.00%
Pricing Tier 4 [Member] | Base Rate [Member]
Guarantor Obligations [Line Items]
Rate Loans	1.00%
Pricing Tier 5 [Member]
Guarantor Obligations [Line Items]
Commitment Fee/Unused Line Fee	0.30%
Letter of Credit Fee	1.75%
Pricing Tier 5 [Member] | Eurodollar [Member]
Guarantor Obligations [Line Items]
Rate Loans	1.75%
Pricing Tier 5 [Member] | Base Rate [Member]
Guarantor Obligations [Line Items]
Rate Loans	0.75%
Minimum [Member] | Pricing Tier 1 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	4.00
Minimum [Member] | Pricing Tier 2 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	3.50
Minimum [Member] | Pricing Tier 3 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	3.00
Minimum [Member] | Pricing Tier 4 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	2.50
Maximum [Member] | Pricing Tier 2 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	4.00
Maximum [Member] | Pricing Tier 3 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	3.50
Maximum [Member] | Pricing Tier 4 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	3.00
Maximum [Member] | Pricing Tier 5 [Member]
Guarantor Obligations [Line Items]
Consolidated Leverage Ratio	2.50

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Note 4 - Property, Equipment and Leasehold Improvements (Details) - Property, Equipment and Leasehold Improvements - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 32,129	$ 30,824
Less accumulated depreciation and amortization	14,644	15,098
Totals	$ 17,485	15,726
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Property, plant, and equipment, gross	$ 2,661	2,553
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Property, plant, and equipment, gross	$ 18,879	19,161
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,782	4,274
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 5,807	$ 4,836
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

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Note 14 - Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Consolidating Financial Information Of Guarantor Subsidiaries [Abstract]

Condensed Income Statement [Table Text Block]

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	117,343		$	79,102		$	—		$	—	$	196,445
Costs and expenses:
Costs of revenues		76,483			48,368			—			—		124,851
Selling, general and administrative expenses		21,846			20,744			—			—		42,590
Depreciation and amortization		8,168			6,690			—			—		14,858
Total costs and expenses		106,497			75,802			—			—		182,299
Income from operations		10,846			3,300			—			—		14,146
Interest and other expenses, net		6,116			1,979			—			—		8,095
Income before income taxes		4,730			1,321			—			—		6,051
Provision for income taxes		1,116			1,403			—			—		2,519
Net income (loss) before earnings of consolidated subsidiaries	$	3,614		$	(82	)	$	—		$	—	$	3,532
Net income (loss) of consolidated subsidiaries		(82	)		—			(82	)		164		—
Net income (loss)	$	3,532		$	(82	)	$	(82	)	$	164	$	3,532

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	223,392		$	146,081		$	—		$	—	$	369,473
Costs and expenses:
Costs of revenues		147,550			88,336			—			—		235,886
Selling, general and administrative expenses		43,551			39,567			—			—		83,118
Depreciation and amortization		15,888			13,312			—			—		29,200
Total costs and expenses		206,989			141,215			—			—		348,204
Income from operations		16,403			4,866			—			—		21,269
Interest and other expenses, net		11,808			3,864			—			—		15,672
Income before income taxes		4,595			1,002			—			—		5,597
Provision (benefit) for income taxes		(526	)		2,880			—			—		2,354
Net income (loss) before earnings of consolidated subsidiaries	$	5,121		$	(1,878	)	$	—		$	—	$	3,243
Net income (loss) of consolidated subsidiaries		(1,878	)		—			(1,878	)		3,756		—
Net income (loss)	$	3,243		$	(1,878	)	$	(1,878	)	$	3,756	$	3,243

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	132,125		$	76,613	$	—	$	—		$	208,738
Costs and expenses:
Costs of revenues		88,622			47,803		—		—			136,425
Selling, general and administrative expenses		23,689			19,032		—		—			42,721
Depreciation and amortization		9,071			4,658		—		—			13,729
Total costs and expenses		121,382			71,493		—		—			192,875
Income from operations		10,743			5,120		—		—			15,863
Interest and other expenses, net		27,013			1,554		—		—			28,567
Income (loss) before income taxes		(16,270	)		3,566		—		—			(12,704	)
Provision (benefit) for income taxes		(6,997	)		2,156		—		—			(4,841	)
Net income (loss) before earnings of consolidated subsidiaries	$	(9,273	)	$	1,410	$	—	$	—		$	(7,863	)
Net income (loss) of consolidated subsidiaries		1,410			—		1,410		(2,820	)		—
Net income (loss)	$	(7,863	)	$	1,410	$	1,410	$	(2,820	)	$	(7,863	)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	253,843		$	151,211	$	—	$	—		$	405,054
Costs and expenses:
Costs of revenues		170,956			93,645		—		—			264,601
Selling, general and administrative expenses		46,703			38,170		—		—			84,873
Depreciation and amortization		18,482			10,095		—		—			28,577
Total costs and expenses		236,141			141,910		—		—			378,051
Income from operations		17,702			9,301		—		—			27,003
Interest and other expenses, net		33,422			3,149		—		—			36,571
Income (loss) before income taxes		(15,720	)		6,152		—		—			(9,568	)
Provision (benefit) for income taxes		(7,591	)		3,862		—		—			(3,729	)
Net income (loss) before earnings of consolidated subsidiaries	$	(8,129	)	$	2,290	$	—	$	—		$	(5,839	)
Net income (loss) of consolidated subsidiaries		2,290			—		2,290		(4,580	)		—
Net income (loss)	$	(5,839	)	$	2,290	$	2,290	$	(4,580	)	$	(5,839	)

Condensed Balance Sheet [Table Text Block]

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	388	$	9,363	$	—	$	—		$	9,751
Accounts receivable, net		55,684		147,505		—		—			203,189
Intercompany receivable		42,002		—		10,667		(52,669	)		—
Prepaid expenses		8,248		5,557		—		—			13,805
Deferred tax assets		3,780		—		—		(4	)		3,776
Other current assets		272		1,165		—		—			1,437
Total current assets		110,374		163,590		10,667		(52,673	)		231,958
Property, equipment and leasehold improvements, net		10,394		5,332		—		—			15,726
Investment in subsidiaries		217,344		—		591,435		(808,779	)		—
Intercompany notes receivable		174,464		—		174,464		(348,928	)		—
Goodwill		387,104		108,575		—		—			495,679
Intangible assets, net		64,530		38,053		—		—			102,583
Long-term accounts receivable, less current portion		—		46,401		—		—			46,401
Deferred tax assets, noncurrent		22,505		7,177		—		—			29,682
Deferred financing costs, net		6,140		29		—		—			6,169
Other assets		663		1,283		—		—			1,946
Total assets	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	20,163	$	36,870	$	—	$	—		$	57,033
Intercompany payable		10,667		42,002		—		(52,669	)		—
Accrued expenses		23,904		30,074		—		—			53,978
Accrued interest expense		—		—		10,667		—			10,667
Deferred revenue		244		6,158		—		—			6,402
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		4,473		—		—			4,473
Current portion of working capital facilities		—		40,396		—		—			40,396
Other current liabilities		2,363		4,587		—		—			6,950
Total current liabilities		57,341		164,564		10,667		(52,673	)		179,899
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		—		143,853		—			143,853
Intercompany notes payable		174,464		174,464		—		(348,928	)		—
Long-term contingent earnout obligation, less current portion		—		2,114		—		—			2,114
Other long-term liabilities		1,795		7,608		—		—			9,403
Total liabilities		233,600		348,750		404,520		(401,601	)		585,269
Commitments and contingencies
Stockholders’ equity (deficit)		759,918		21,690		372,046		(808,779	)		344,875
Total liabilities and stockholders' equity (deficit)	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	90,778	$	14,315	$	—	$	—		$	105,093
Accounts receivable, net		63,157		160,746		—		—			223,903
Intercompany receivable		49,300		—		5,860		(55,160	)		—
Prepaid expenses		8,898		4,735		—		—			13,633
Deferred tax assets		3,938		96		—		—			4,034
Other current assets		—		1,179		—		—			1,179
Total current assets		216,071		181,071		5,860		(55,160	)		347,842
Property, equipment and leasehold improvements, net		11,961		5,524		—		—			17,485
Investment in subsidiaries		218,225		—		728,711		(946,936	)		—
Intercompany notes receivable		174,326		—		174,326		(348,652	)		—
Goodwill		392,231		104,251		—		—			496,482
Intangible assets, net		56,838		27,358		—		—			84,196
Long-term accounts receivable, less current portion		—		52,109		—		—			52,109
Deferred tax assets, noncurrent		43,920		6,762		—		—			50,682
Deferred financing costs, net		9,962		134		—		—			10,096
Other assets		680		1,613		—		—			2,293
Total assets	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	19,285	$	37,972	$	—	$	—		$	57,257
Intercompany payable		5,860		49,300		—		(55,160	)		—
Accrued expenses		17,858		34,023		—		—			51,881
Accrued interest expense		—		—		5,860		—			5,860
Deferred revenue		164		4,744		—		—			4,908
Current portion of contingent earnout obligation		—		4,567		—		—			4,567
Current portion of working capital facilities		—		—		—		—			—
Other current liabilities		4,757		4,493		—		—			9,250
Total current liabilities		47,924		135,099		5,860		(55,160	)		133,723
Senior unsecured notes payable		—		—		500,000		—			500,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		41,730		—		—			41,730
Intercompany notes payable		174,326		174,326		—		(348,652	)		—
Deferred tax liability, noncurrent		9,554		—		—		—			9,554
Other long-term liabilities		3,417		9,088		—		—			12,505
Total liabilities		235,221		360,243		505,860		(403,812	)		697,512
Commitments and contingencies
Stockholders’ equity (deficit)		888,993		18,579		403,037		(946,936	)		363,673
Total liabilities and stockholders' equity (deficit)	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185

Condensed Cash Flow Statement [Table Text Block]

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	13,234		$	5,521		$	—		$	—	$	18,755
Investing activities:
Cash paid for acquisitions, net		(175,590	)		(9,538	)		—			—		(185,128	)
Purchases of equipment and leasehold improvements, net		(2,864	)		(746	)		—			—		(3,610	)
Working capital and other settlements for acquisitions		(430	)		(1,869	)		—			—		(2,299	)
Cash paid for foreign currency net investment hedge		(5,044	)		—			—			—		(5,044	)
Other		(839	)		—			—			—		(839	)
Net cash used in investing activities		(184,767	)		(12,153	)		—			—		(196,920	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			219,995			—		219,995
Proceeds from the exercise of options and warrants					—			23,090			—		23,090
Excess tax benefit related to share-based compensation					—			7,314			—		7,314
Net borrowings under working capital facilities					1,160			—			—		1,160
Payment of deferred financing costs					—			(241	)		—		(241	)
Repayment of subordinated unsecured notes payable		(333	)		—			—			—		(333	)
Repayment under senior secured revolving credit facility		—			—			(78,000	)		—		(78,000	)
Intercompany notes and investments and other		172,105			—			(172,158	)		—		(53	)
Net cash provided by financing activities		171,772			1,160			—			—		172,932
Exchange rate impact on cash and cash equivalents		—			295			—			—		295
Net increase (decrease) in cash and cash equivalents		239			(5,177	)		—			—		(4,938	)
Cash and cash equivalents, beginning of period		760			12,069			—			—		12,829
Cash and cash equivalents, end of period	$	999		$	6,892		$	—		$	—	$	7,891

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	6,735		$	7,316		$	—		$	—	$	14,051
Investing activities:
Cash paid for acquisitions, net		(11,145	)		—			—			—		(11,145	)
Purchases of equipment and leasehold improvements, net		(3,323	)		(1,520	)		—			—		(4,843	)
Working capital and other settlements for acquisitions		(91	)		—			—			—		(91	)
Cash proceeds from foreign currency net investment hedge		2,930			—			—			—		2,930
Other		(1,310	)		—			—			—		(1,310	)
Net cash used in investing activities		(12,939	)		(1,520	)		—			—		(14,459	)
Financing activities:
Borrowings under senior unsecured notes		—			—			500,000			—		500,000
Borrowings under senior secured revolving credit facility		—			—			25,478			—		25,478
Proceeds from the exercise of options and warrants		—			—			11,451			—		11,451
Excess tax benefit related to share-based compensation		—			—			2,147			—		2,147
Net borrowings under working capital facilities		—			827			—			—		827
Repayment of contingent earnout obligation		—			(1,023	)		—			—		(1,023	)
Payment of deferred financing costs		—			(143	)		(8,533	)		—		(8,676	)
Payment for early redemption of senior unsecured notes					—			(14,618	)		—		(14,618	)
Repayment under senior secured revolving credit facility		—			—			(169,331	)		—		(169,331	)
Repayments of senior unsecured notes		—			—			(250,000	)		—		(250,000	)
Intercompany notes and investments and other		96,594			—			(96,594	)		—		—
Net cash provided by (used in) financing activities		96,594			(339	)		—			—		96,255
Exchange rate impact on cash and cash equivalents		—			(505	)		—			—		(505	)
Net increase in cash and cash equivalents		90,390			4,952			—			—		95,342
Cash and cash equivalents, beginning of period		388			9,363			—			—		9,751
Cash and cash equivalents, end of period	$	90,778		$	14,315		$	—		$	—	$	105,093

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Note 1 - Nature of Operations and Basis of Presentation (Details) - Jun. 30, 2015	Total	Total
Disclosure Text Block [Abstract]
Number of Businesses Acquired	51	52
Number of Service Centers	66	66
Number of States in which Entity Operates	50	50

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Note 3 - Acquisitions

6 Months Ended

Jun. 30, 2015

Disclosure Text Block Supplement [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

(3)               Acquisitions

ExamWorks operates in a highly fragmented industry and as of June 30, 2015 has completed 51 acquisitions since July 14, 2008. A key component of ExamWorks’ acquisition strategy is growth through acquisitions that expand its geographic coverage, that provide new or complementary lines of business, expand its portfolio of services and that increase its market share.

The Company has accounted for all business combinations using the purchase method to record a new cost basis for the assets acquired and liabilities assumed. The Company recorded, based on a preliminary purchase price allocation, intangible assets representing client relationships, tradenames, covenants not to compete, technology and the excess of purchase price over the estimated fair value of the tangible assets acquired and liabilities assumed as goodwill in the accompanying consolidated financial statements. The goodwill is attributable to synergies achieved through the streamlining of operations combined with improved margins attainable through increased market presence. The results of operations are reflected in the consolidated financial statements of the Company from the date of acquisition.

(a)               2014 Acquisitions

In 2014, the Company completed the following individually insignificant acquisitions, as defined in SEC Regulation S-X Rule 3-05, with an aggregate purchase price of $194.8 million, comprised of $189.0 million cash consideration less cash acquired of $1.1 million, and $6.9 million of contingent consideration. In conjunction with these 2014 acquisitions, the Company incurred aggregate transaction costs of $1.6 million, of which $186,000 and $916,000 was incurred in the three and six months ended June 30, 2014, respectively. The Company did not incur any costs associated with the indicated acquisitions in the first two quarters of 2015. These amounts are reported in SGA expenses in the Company’s accompanying Consolidated Statements of Comprehensive Income (Loss). These acquisitions enhanced and expanded the presence and service offerings of the Company. 

Company name	Form of acquisition	Date of acquisition
Newton Medical Group (United States)	Substantially all of the assets and assumed certain liabilities	January 13, 2014
Cheselden (United Kingdom)	100% of the outstanding share capital	January 16, 2014
G&L Intermediate Holdings (“Gould & Lamb”) (United States)	100% of the outstanding common stock	February 3, 2014
Assess Medical Group Pty Ltd (Australia)	100% of the outstanding common stock	February 14, 2014
Solomon Associates (United States)	Substantially all of the assets and assumed certain liabilities	May 30, 2014
Ability Services Network (United States)	100% of the outstanding common stock	June 6, 2014
Expert Medical Opinions (United States)	Substantially all of the assets and assumed certain liabilities	August 22, 2014

The preliminary allocation of consideration for these acquisitions is summarized as follows (in thousands):

	Preliminary purchase price allocation December 31, 2014			Adjustments/ reclassifications			Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements		886			—			886
Customer relationships		50,216			—			50,216
Tradenames		10,342			—			10,342
Covenants not to compete		590			—			590
Technology		1,870			—			1,870
Goodwill		136,034			471			136,505
Net deferred tax liability associated with step-up in book basis		(9,041	)		—			(9,041	)
Assets acquired and liabilities assumed, net		3,785			(380	)		3,405
Totals		194,682			91			194,773

In 2015, the Company recorded adjustments to working capital resulting in an increase in total consideration paid of $91,000. Goodwill of $116.5 million and other intangible assets of $36.7 million are expected to be deductible for U.S. federal income tax purposes, a portion of which are subject to the provisions of IRC Section 901(m) which contain certain foreign tax credit limitations. The Company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

(b)               2015 Acquisitions

In 2015, the Company completed the following individually insignificant acquisitions, as defined in SEC Regulation S-X Rule 3-05, with an aggregate purchase price of $11.1 million, comprised of $11.8 million cash consideration less cash acquired of $655,000. In conjunction with the 2015 acquisitions, the Company incurred aggregate transaction costs of $170,000, of which $35,000 were incurred in the six months ended June 30, 2015. These amounts are reported in SGA expenses in the Company’s accompanying Consolidated Statements of Comprehensive Income (Loss). These acquisitions enhanced and expanded the presence and service offerings of the Company.

Company name	Form of acquisition	Date of acquisition
ReliableRS (United States)	Substantially all of the assets and assumed certain liabilities	January 2, 2015
Landmark Exams & Maven Exams (United States)	Substantially all of the assets and assumed certain liabilities	April 14, 2015

The preliminary allocation of consideration for this acquisition is summarized as follows (in thousands):

	Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements	$	74
Customer relationships		4,265
Tradename		998
Covenants not to compete		182
Goodwill		4,654
Assets acquired and liabilities assumed, net		972
Total	$	11,145

Goodwill of $4.7 million and other intangible assets of $5.4 million are expected to be deductible for U.S. federal income tax purposes. The Company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. The 2015 acquisitions contributed $2.9 million in revenues and $559,000 in operating income and $3.4 million in revenues and $540,000 in operating income for the three and six months ended June 30, 2015, respectively.

(c)               Pro forma Financial Information

The following unaudited pro forma results of operations for the three and six months ended June 30, 2014 and 2015 assumes that the 2014 acquisitions were completed on January 1, 2013 and the 2015 acquisitions were completed on January 1, 2014. ReliableRS was acquired on January 2, 2015, thus there are no differences between the reported and pro forma results of operations for the three and six months ended June 30, 2015.

For the three and six months ended June 30, 2014, the pro forma results include adjustments to reflect additional interest and other expenses, net of $562,000 and $236,000, respectively, associated with the funding of the acquisitions assuming that acquisition related debt was incurred on those referenced above.  In addition, incremental depreciation and amortization expense was recorded as if the acquisitions had occurred on the dates referenced above and amounted to $1.4 million and $4.1 million, respectively, for the three and six months ended June 30, 2014.  Finally, adjustments of $1.9 million and $6.2 million, respectively, were made to reduce SGA expenses for the three and six months ended June 30, 2014, principally related to certain salary and other personal expenses attributable to the previous owners of the acquired businesses.  These adjustments represent contractual reductions and are considered to be non-recurring and are not expected to have a continuing impact on the operations of the Company.

For the three and six months ended June 30, 2015, the pro forma results include adjustments to reflect additional interest and other expenses of $12,000 and $82,000, respectively, associated with the funding of the acquisitions assuming that acquisition related debt was incurred on those referenced above.  In addition, incremental depreciation and amortization expense was recorded as if the acquisitions had occurred on the dates referenced above and amounted to $50,000 and $348,000 for the three and six months ended June 30, 2015, respectively.  Finally, adjustments of $110,000 and $429,000 were made to reduce and increase SGA expenses for the three and six months ended June 30, 2015, respectively, principally related to certain salary and other personal expenses attributable to the previous owners of the acquired businesses.  These adjustments represent contractual reductions or increases and are considered to be non-recurring and are not expected to have a continuing impact on the operations of the Company.

	Three months ended June 30,					Six months ended June 30,
	2014		2015			2014		2015
	(In thousands, except per share data)
Pro forma revenues	$	207,638	$	209,094		$	397,383	$	407,550
Pro forma net income (loss)		4,023		(7,756	)		3,828		(5,829	)
Pro forma income (loss) per share: Basic	$	0.10	$	(0.19	)	$	0.10	$	(0.14	)
Pro forma income (loss) per share: Diluted	$	0.10	$	(0.19	)	$	0.09	$	(0.14	)

The pro forma financial information presented above is not necessarily indicative of either the results of operations that would have occurred had the acquisitions been effective as of January 1 of the respective years or of future operations of the Company.

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Note 2 - Summary of Significant Accounting Policies (Details)		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 16, 2015 USD ($)	Apr. 30, 2015 USD ($)	Mar. 31, 2015 USD ($) shares	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($) shares	Jun. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jul. 31, 2011 USD ($)
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash Equivalents, at Carrying Value				$ 0		$ 0		$ 0
Allowance for Doubtful Accounts Receivable				11,700,000		11,700,000		9,900,000
Cash and Cash Equivalents, at Carrying Value				105,093,000	$ 7,891,000	105,093,000	$ 7,891,000	9,751,000	$ 12,829,000
Cash, FDIC Insured Amount				250,000		250,000
Impairment of Long-Lived Assets Held-for-use						0		0
Payments of Debt Extinguishment Costs						14,618,000
Gains (Losses) on Extinguishment of Debt				(18,619,000)		(18,619,000)
Amortization of Financing Costs				$ 444,000	$ 580,000	$ 1,031,000	$ 1,152,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | shares				5,500,000	97,000	5,500,000	69,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability						$ (2,000,000)
2014 Acquisitions [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Business Combination Contingent Consideration Settled In Cash						1,000,000
2014 Acquisitions [Member] | Selling, General and Administrative Expenses [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Increase Decrease In Interest And Other Expense Related To Contingent Consideration						941,000
2014 Acquisitions [Member] | Interest and Other Expenses [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Increase Decrease In Interest And Other Expense Related To Contingent Consideration						$ 134,000
Employee Stock Option [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | shares						35,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares						$ 19.36
Stock Granted, Value, Share-based Compensation, Gross						$ 678,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years
Allocated Share-based Compensation Expense				$ 1,200,000	$ 2,000,000	$ 3,100,000	$ 4,700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				7,100,000		$ 7,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						1 year 219 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value						$ 22,100,000
Employee Stock Option [Member] | Cost of Sales [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Allocated Share-based Compensation Expense				259,000	492,000	728,000	1,200,000
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Allocated Share-based Compensation Expense				981,000	1,500,000	2,400,000	3,500,000
Restricted Stock and RSUs [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				35,400,000		$ 35,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						2 years 73 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value						$ 8,400,000
Restricted Stock and RSUs [Member] | Selling, General and Administrative Expenses [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Allocated Share-based Compensation Expense				4,700,000	2,200,000	8,800,000	4,300,000
Restricted Stock Units (RSUs) [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | shares			122,000
UNITED STATES
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value				90,800,000		90,800,000
UNITED KINGDOM
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Deferred Revenue				3,400,000		3,400,000		$ 4,400,000
Incentive Compensation Plan [Member] | Selling, General and Administrative Expenses [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Allocated Share-based Compensation Expense				647,000	437,000	$ 777,000	975,000
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Number of Major Customers						1		1
Concentration Risk, Percentage						16.00%		14.00%
Senior Secured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Deferred Finance Costs, Gross				8,400,000		$ 8,400,000
Debt Issuance Cost						1,300,000	241,000
Write off of Deferred Debt Issuance Cost						274,000
Debt Instrument, Term	5 years	5 years
Senior Unsecured Notes [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Deferred Finance Costs, Gross			$ 7,100,000
Debt Issuance Cost				$ 0	$ 0	0	$ 0
Write off of Deferred Debt Issuance Cost		$ 3,700,000
Senior Notes										$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage										9.00%
Payments of Debt Extinguishment Costs		14,600,000
Gains (Losses) on Extinguishment of Debt		$ (18,300,000)
Debt Instrument, Term		8 years
Senior Notes 2023 [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Face Amount	$ 500,000,000
Debt Instrument, Issuance Percentage	100.00%
Proceeds from Issuance of Long-term Debt	$ 500,000,000
Payments of Debt Extinguishment Costs						$ 7,500,000
Minimum [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares						$ 19.30
Minimum [Member] | Time Lapse Restricted Stock and RSUs [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						1 year
Maximum [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares						$ 19.37
Maximum [Member] | Time Lapse Restricted Stock and RSUs [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						4 years

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Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Goodwill	[1]	$ 496,482,000	$ 495,679,000
2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Equipment and leasehold improvements		886,000
Goodwill		136,505,000
Net deferred tax liability associated with step-up in book basis		(9,041,000)
Assets acquired and liabilities assumed, net		3,405,000
Totals		194,773,000	194,800,000
2014 Acquisitions [Member] | Scenario, Previously Reported [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Equipment and leasehold improvements			886,000
Goodwill			136,034,000
Net deferred tax liability associated with step-up in book basis			(9,041,000)
Assets acquired and liabilities assumed, net			3,785,000
Totals			194,682,000
2014 Acquisitions [Member] | Scenario, Adjustment [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Goodwill		471,000
Assets acquired and liabilities assumed, net		(380,000)
Totals		91,000
Customer Relationships [Member] | 2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets		50,216,000
Customer Relationships [Member] | 2014 Acquisitions [Member] | Scenario, Previously Reported [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets			50,216,000
Trade Names [Member] | 2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets		10,342,000
Trade Names [Member] | 2014 Acquisitions [Member] | Scenario, Previously Reported [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets			10,342,000
Noncompete Agreements [Member] | 2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets		590,000
Noncompete Agreements [Member] | 2014 Acquisitions [Member] | Scenario, Previously Reported [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets			590,000
Technology-Based Intangible Assets [Member] | 2014 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets		$ 1,870,000
Technology-Based Intangible Assets [Member] | 2014 Acquisitions [Member] | Scenario, Previously Reported [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2014 [Line Items]
Intangible assets			$ 1,870,000

[1] Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

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Note 9 - Commitments and Contingencies (Details) - Future Minimum Lease Payments $ in Thousands	Jun. 30, 2015 USD ($)
Future Minimum Lease Payments [Abstract]
Six months ended December 31, 2015	$ 6,964
Years ended December 31:
2016	12,670
2017	11,162
2018	9,105
2019	6,355
Thereafter	5,955
Total	$ 52,211

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Consolidated Balance Sheets (Unaudited) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 105,093		$ 9,751
Accounts receivable, net		223,903		203,189
Prepaid expenses		13,633		13,805
Deferred tax assets		4,034		3,776
Other current assets		1,179		1,437
Total current assets		347,842		231,958
Property, equipment and leasehold improvements, net		17,485		15,726
Goodwill	[1]	496,482		495,679
Intangible assets, net		84,196		102,583
Long-term accounts receivable, less current portion		52,109		46,401
Deferred tax assets, noncurrent		50,682		29,682
Deferred financing costs, net		10,096		6,169
Other assets		2,293		1,946
Total assets		1,061,185	[2],[3]	930,144
Current liabilities:
Accounts payable		57,257		57,033
Accrued expenses		51,881		53,978
Accrued interest expense		5,860		10,667
Deferred revenue		4,908		6,402
Current portion of contingent earnout obligation		4,567		4,473
Current portion of working capital facilities				40,396
Other current liabilities		9,250		6,950
Total current liabilities		133,723		179,899
Senior unsecured notes payable		500,000		250,000
Senior secured revolving credit facility and working capital facilities, less current portion		41,730		143,853
Long-term contingent earnout obligation, less current portion				2,114
Deferred tax liability, noncurrent		9,554
Other long-term liabilities		12,505		9,403
Total liabilities		$ 697,512		$ 585,269
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; Authorized 50,000 shares; no shares issued and outstanding at December 31, 2014 and June 30, 2015		$ 0		$ 0
Common stock, $0.0001 par value; Authorized 250,000 shares; issued and outstanding 40,371 and 41,537 shares at December 31, 2014 and June 30, 2015, respectively		4		4
Additional paid-in capital		432,645		403,945
Accumulated other comprehensive loss		(18,439)		(14,376)
Accumulated deficit		(42,049)		(36,210)
Treasury stock, at cost; Outstanding 905 shares at December 31, 2014 and June 30, 2015		(8,488)		(8,488)
Total stockholders’ equity		363,673		344,875
Total liabilities and stockholders' equity		$ 1,061,185		$ 930,144

[1] Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

[2] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

[3] Total assets and long-lived assets include goodwill. Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

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Note 5 - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 12.2	$ 13.3	$ 25.3	$ 26.2

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Note 1 - Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

(1)               Nature of Operations and Basis of Presentation

ExamWorks Group, Inc. (“ExamWorks” or the “Company”) is a leading provider of independent medical examinations (“IMEs”), peer and bill reviews, Medicare compliance services, case management services and other related services (“IME services” or the “IME industry”). ExamWorks, Inc. was incorporated as a Delaware corporation on April 27, 2007. Since 2008 through the date of this filing, ExamWorks completed 52 acquisitions. As of June 30, 2015, ExamWorks, Inc. operated out of 66 service centers serving all 50 U.S. states, Canada, the United Kingdom and Australia. 

The consolidated financial statements of the Company as of June 30, 2015 and for the periods ended June 30, 2014 and 2015 included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have not been audited by its independent registered public accounting firm. In the opinion of management, all adjustments of a normal and recurring nature necessary to present fairly the financial position and results of operations and cash flows for all periods presented have been made. Pursuant to SEC rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted from these statements unless significant changes have taken place since the end of the Company's most recent fiscal year. The Company's December 31, 2014 Consolidated Balance Sheet was derived from audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, (the “Form 10-K”), but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Form 10-K. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

The consolidated financial statements include the accounts of ExamWorks and its 100% owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.

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Note 12 - Income Taxes (Details) - Unrecognized Tax Benefits $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits	$ 1,593
Increase to prior year tax positions	87
Increase to current year tax positions	0
Expiration of the statute of limitations for the assessment of taxes	(281)
Decrease related to settlements	0
Unrecognized tax benefits	$ 1,399

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Note 2 - Summary of Significant Accounting Policies (Details) - Stock Option Activity - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Stock Option Activity [Abstract]
Options outstanding	4,143,084	4,965,947
Options outstanding - weighted average exercise price	$ 12.90	$ 12.96
Options granted	35,000
Options granted	$ 40.20
Options forfeited	(38,766)
Options forfeited	$ 22.67
Options exercised	(819,097)
Options exercised	$ 13.98
Exercisable at June 30, 2015	3,595,175
Exercisable at June 30, 2015	$ 10.15
Exercisable at June 30, 2015	5 years 219 days
Exercisable at June 30, 2015	$ 104,071

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Note 14 - Condensed Consolidating Financial Information of Guarantor Subsidiaries (Details) - Condensed Consolidating Balance Sheet - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014	Jun. 30, 2014		Dec. 31, 2013
Current assets:
Cash and cash equivalents		$ 105,093		$ 9,751	$ 7,891		$ 12,829
Accounts receivable, net		223,903		203,189
Prepaid expenses		13,633		13,805
Deferred tax assets		4,034		3,776
Other current assets		1,179		1,437
Total current assets		347,842		231,958
Property, equipment and leasehold improvements, net		17,485		15,726
Goodwill	[1]	496,482		495,679
Intangible assets, net		84,196		102,583
Long-term accounts receivable, less current portion		52,109		46,401
Deferred tax assets, noncurrent		50,682		29,682
Deferred financing costs, net		10,096		6,169
Other assets		2,293		1,946
Total assets		1,061,185	[2],[3]	930,144	949,692	[2],[3]
Current liabilities:
Accounts payable		57,257		57,033
Accrued expenses		51,881		53,978
Accrued interest expense		5,860		10,667
Deferred revenue		4,908		6,402
Deferred tax liability, noncurrent		9,554
Current portion of contingent earnout obligation		4,567		4,473
Current portion of working capital facilities				40,396
Other current liabilities		9,250		6,950
Total current liabilities		133,723		179,899
Senior unsecured notes payable		500,000		250,000
Senior secured revolving credit facility		41,730		143,853
Long-term contingent earnout obligation, less current portion				2,114
Other long-term liabilities		12,505		9,403
Total liabilities		$ 697,512		$ 585,269
Commitments and contingencies
Stockholders’ equity (deficit)		$ 363,673		$ 344,875
Total liabilities and stockholders' equity (deficit)		1,061,185		930,144
Consolidation, Eliminations [Member]
Current assets:
Intercompany receivable		(55,160)		(52,669)
Deferred tax assets				(4)
Total current assets		(55,160)		(52,673)
Investment in subsidiaries		(946,936)		(808,779)
Intercompany notes receivable		(348,652)		(348,928)
Total assets		(1,350,748)		(1,210,380)
Current liabilities:
Intercompany payable		(55,160)		(52,669)
Deferred tax liability, noncurrent				(4)
Total current liabilities		(55,160)		(52,673)
Intercompany notes payable		(348,652)		(348,928)
Total liabilities		(403,812)		$ (401,601)
Commitments and contingencies
Stockholders’ equity (deficit)		(946,936)		$ (808,779)
Total liabilities and stockholders' equity (deficit)		(1,350,748)		(1,210,380)
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents		90,778		388	999		760
Accounts receivable, net		63,157		55,684
Intercompany receivable		49,300		42,002
Prepaid expenses		8,898		8,248
Deferred tax assets		3,938		3,780
Other current assets				272
Total current assets		216,071		110,374
Property, equipment and leasehold improvements, net		11,961		10,394
Investment in subsidiaries		218,225		217,344
Intercompany notes receivable		174,326		174,464
Goodwill		392,231		387,104
Intangible assets, net		56,838		64,530
Deferred tax assets, noncurrent		43,920		22,505
Deferred financing costs, net		9,962		6,140
Other assets		680		663
Total assets		1,124,214		993,518
Current liabilities:
Accounts payable		19,285		20,163
Intercompany payable		5,860		10,667
Accrued expenses		17,858		23,904
Deferred revenue		164		244
Deferred tax liability, noncurrent		9,554
Other current liabilities		4,757		2,363
Total current liabilities		47,924		57,341
Intercompany notes payable		174,326		174,464
Other long-term liabilities		3,417		1,795
Total liabilities		235,221		$ 233,600
Commitments and contingencies
Stockholders’ equity (deficit)		888,993		$ 759,918
Total liabilities and stockholders' equity (deficit)		1,124,214		993,518
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents		14,315		9,363	$ 6,892		$ 12,069
Accounts receivable, net		160,746		147,505
Prepaid expenses		4,735		5,557
Deferred tax assets		96
Other current assets		1,179		1,165
Total current assets		181,071		163,590
Property, equipment and leasehold improvements, net		5,524		5,332
Goodwill		104,251		108,575
Intangible assets, net		27,358		38,053
Long-term accounts receivable, less current portion		52,109		46,401
Deferred tax assets, noncurrent		6,762		7,177
Deferred financing costs, net		134		29
Other assets		1,613		1,283
Total assets		378,822		370,440
Current liabilities:
Accounts payable		37,972		36,870
Intercompany payable		49,300		42,002
Accrued expenses		34,023		30,074
Deferred revenue		4,744		6,158
Deferred tax liability, noncurrent				4
Current portion of contingent earnout obligation		4,567		4,473
Current portion of working capital facilities				40,396
Other current liabilities		4,493		4,587
Total current liabilities		135,099		164,564
Senior secured revolving credit facility		41,730
Intercompany notes payable		174,326		174,464
Long-term contingent earnout obligation, less current portion				2,114
Other long-term liabilities		9,088		7,608
Total liabilities		360,243		$ 348,750
Commitments and contingencies
Stockholders’ equity (deficit)		18,579		$ 21,690
Total liabilities and stockholders' equity (deficit)		378,822		370,440
Parent Company [Member]
Current assets:
Intercompany receivable		5,860		10,667
Total current assets		5,860		10,667
Investment in subsidiaries		728,711		591,435
Intercompany notes receivable		174,326		174,464
Total assets		908,897		776,566
Current liabilities:
Accrued interest expense		5,860		10,667
Total current liabilities		5,860		10,667
Senior unsecured notes payable		500,000		250,000
Senior secured revolving credit facility				143,853
Total liabilities		505,860		$ 404,520
Commitments and contingencies
Stockholders’ equity (deficit)		403,037		$ 372,046
Total liabilities and stockholders' equity (deficit)		$ 908,897		$ 776,566

[1] Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

[2] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

[3] Total assets and long-lived assets include goodwill. Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

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Note 3 - Acquisitions (Tables)

6 Months Ended

Jun. 30, 2015

Note 3 - Acquisitions (Tables) [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

	Three months ended June 30,					Six months ended June 30,
	2014		2015			2014		2015
	(In thousands, except per share data)
Pro forma revenues	$	207,638	$	209,094		$	397,383	$	407,550
Pro forma net income (loss)		4,023		(7,756	)		3,828		(5,829	)
Pro forma income (loss) per share: Basic	$	0.10	$	(0.19	)	$	0.10	$	(0.14	)
Pro forma income (loss) per share: Diluted	$	0.10	$	(0.19	)	$	0.09	$	(0.14	)

2014 Acquisitions [Member]

Note 3 - Acquisitions (Tables) [Line Items]

Schedule of Preliminary Purchase Price Allocation [Table Text Block]

	Preliminary purchase price allocation December 31, 2014			Adjustments/ reclassifications			Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements		886			—			886
Customer relationships		50,216			—			50,216
Tradenames		10,342			—			10,342
Covenants not to compete		590			—			590
Technology		1,870			—			1,870
Goodwill		136,034			471			136,505
Net deferred tax liability associated with step-up in book basis		(9,041	)		—			(9,041	)
Assets acquired and liabilities assumed, net		3,785			(380	)		3,405
Totals		194,682			91			194,773

2015 Acquisitions [Member]

Note 3 - Acquisitions (Tables) [Line Items]

Schedule of Preliminary Purchase Price Allocation [Table Text Block]

	Preliminary purchase price allocation June 30, 2015
Equipment and leasehold improvements	$	74
Customer relationships		4,265
Tradename		998
Covenants not to compete		182
Goodwill		4,654
Assets acquired and liabilities assumed, net		972
Total	$	11,145

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Note 2 - Summary of Significant Accounting Policies (Details) - Non-vested Restricted Share and RSU Activity - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Non-vested Restricted Share and RSU Activity [Abstract]
Non-vested awards	1,331,455	880,433
Non-vested awards, weighted average grant date fair value	$ 34.46	$ 25.46
Awards granted	801,578
Awards granted	$ 40.44
Awards vested	(334,997)
Awards vested	$ 25.22
Awards forfeited	(15,559)
Awards forfeited	$ 32.07

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Note 5 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

	United					United
	States		Canada			Kingdom		Australia			Total
Balance at December 31, 2014	$	401,560	$	17,178		$	38,354	$	38,587		$	495,679
Goodwill acquired during the year		4,654		—			—		—			4,654
Adjustments to prior year acquisitions		471		—			—		—			471
Effect of foreign currency translation		—		(1,551	)		495		(3,266	)		(4,322	)
Balance at June 30, 2015	$	406,685	$	15,627		$	38,849	$	35,321		$	496,482

Schedule of Finite-Lived Intangible Assets [Table Text Block]

					December 31, 2014
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	244,211	$	(167,943	)	$	76,268
Tradenames		45	to	84		68,264		(45,901	)		22,363
Covenants not to compete			36			6,761		(4,116	)		2,645
Technology		24	to	40		9,188		(7,881	)		1,307
Totals					$	328,424	$	(225,841	)	$	102,583

					June 30, 2015
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	245,332	$	(185,655	)	$	59,677
Tradenames		45	to	84		68,627		(49,826	)		18,801
Covenants not to compete			36			9,834		(5,080	)		4,754
Technology		24	to	40		9,184		(8,220	)		964
Totals					$	332,977	$	(248,781	)	$	84,196

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Amount
Six months ended December 31, 2015	$	22,906
Years ended December 31:
2016		35,005
2017		22,395
2018		3,007
2019		883
Total	$	84,196

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Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

(2)               Summary of Significant Accounting Policies

(a)               Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which they believe are reasonable in the circumstances and actual results could differ from those estimates. The more significant estimates reflected in these consolidated financial statements include the valuation of equity awards, purchase price allocations, useful lives of intangible assets, potential impairment of goodwill and intangible assets, the allowance for doubtful accounts, the portion of accounts receivable deemed to be long term in nature, and the valuation of deferred tax assets, share-based compensation and derivative instruments.

(b)               Foreign Currencies

Assets and liabilities recorded in foreign currencies are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss) and are reported net of the effect of income taxes on the consolidated financial statements (See Note 2 (p) to the Consolidated Financial Statements).

(c)               Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2014 and June 30, 2015.

(d)               Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable consist of amounts owed to the Company for services provided in the normal course of business and are reported net of allowance for doubtful accounts, which amounted to $9.9 million and $11.7 million as of December 31, 2014 and June 30, 2015, respectively. Generally, no collateral is received from customers and additions to the allowance are based on ongoing credit evaluations of customers with general credit experience being within the range of management’s expectations. Accounts are reviewed regularly for collectability and those deemed uncollectible are written off.  The Company assumes, that on average, all accounts receivable will be collected within one year and thus classifies these as current assets; however there are certain receivables, primarily in the U.K., that have aged longer than one year as of December 31, 2014 and June 30, 2015, and the Company has recorded an estimate for those receivables that will not be collected within one year as long-term in the Consolidated Balance Sheets. 

(e)               Concentrations of Credit Risk

The Company routinely assesses the financial strength of its customers and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. For the three and six months ended June 30, 2014 and 2015, no individual customer accounted for more than 10% of revenues. At December 31, 2014 and June 30, 2015 there was one individual customer that accounted for approximately 14% and 16%, respectively, of the accounts receivable balance.

As of June 30, 2015, the Company had cash and cash equivalents totaling approximately $105.1 million. These amounts were held for future acquisition and working capital purposes and were held in non-interest bearing accounts, of which $90.8 million were held in the U.S. The U.S. amounts were insured under standard FDIC insurance coverage for deposit accounts up to $250,000, per depositor and account ownership category, at each separately insured depository institution.

(f)                Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and accelerated methods for income tax purposes. Leasehold improvements are amortized over the lesser of their expected useful life or the remaining lease term. Maintenance and repair costs are expensed as incurred.

(g)               Long-Lived Assets

In accordance with Impairment or Disposal of Long-Lived Assets, Subsections of Financial Accounting Standards Board (“FASB”) ASC Subtopic 360-10 (“ASC 360”),  Property, Plant, and Equipment — Overall, long-lived assets, such as equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models (using market participant assumptions), quoted market values and third-party independent appraisals, as considered necessary. At December 31, 2014 and June 30, 2015, no impairment was noted.

(h)               Goodwill and Other Intangible Assets

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually in accordance with the provisions of FASB ASC Topic 350,  Intangibles — Goodwill and Other  (“ASC 350”). The goodwill impairment test is a two-step test. Under the first step, the fair value of the reporting units are compared with their carrying values (including goodwill). If the fair value of a reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis (using market participant assumptions). If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.

The Company performed its annual impairment review of goodwill in October of 2014 and it was determined that the carrying amount of goodwill was not impaired as the fair value of the reporting units substantially exceeded their carrying values and there have been no subsequent developments that would indicate impairment exists as of June 30, 2015. The goodwill impairment review will continue to be performed annually and more frequently if facts and circumstances warrant a review.

ASC 350 also requires that intangible assets with definite lives be amortized over their estimated useful lives. Currently, customer relationships, trade names, covenants not-to-compete and technology are amortized using the straight-line method over estimated useful lives.

(i)                Deferred Financing Costs

In November 2010, the Company entered into a senior secured revolving credit facility with Bank of America N.A. (“Senior Secured Revolving Credit Facility”) (see Note 10). The Company has incurred deferred financing costs of $8.4 million, of which $241,000 and $1.3 million were incurred in the six months ended June 30, 2014 and 2015, respectively.   In the second quarter of 2015, the Company amended and restated the Senior Secured Revolving Credit Facility, which resulted in a loss on extinguishment of debt of approximately $274,000 for the write-off of unamortized deferred financing costs.

In July 2011, the Company closed a private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019, which were subsequently registered through a public exchange offer (the “Senior Unsecured Notes”). The Company had incurred deferred financing costs of $7.1 million associated therewith, none of which were incurred in the three and six months ended June 30, 2014 and 2015.

In April 2015, the Company completed a public offering of $500.0 million in aggregate principal amount of 5.625% senior unsecured notes due 2023 (the “Notes”). The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks’ existing and future U.S. subsidiaries. A portion of the gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions. The Company has incurred deferred financing costs of $7.5 million relating to this offering, all of which were incurred in the six months ended June 30, 2015.

In connection with the redemption of the Senior Unsecured Notes in May of 2015, the Company recorded debt extinguishment costs of $18.3 million of which $3.7 million related to unamortized deferred financing costs and $14.6 million related to a premium paid for the early redemption of the Senior Unsecured Notes.

The deferred financing costs associated with the Senior Secured Revolving Credit Facility and the Notes are being amortized to interest expense over the five-year term of the facility, as amended, and the eight-year term of the notes, respectively, using the straight-line method, which approximates the effective interest method.

The Company amortized $580,000 and $1.2 million for the three and six months ended June 30, 2014, respectively and $444,000 and $1.0 million for the three and six months ended June 30, 2015, respectively, to interest expense.

(j)                Revenue Recognition

Revenue related to IMEs, peer reviews, bill reviews, administrative support services and Medicare compliance services is recognized at the time services have been performed and the report is shipped to the end user. The Company believes that recognizing revenue at the time the report is shipped is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25,  Revenue Recognition: Overall,  (i) persuasive evidence that arrangement exists, (ii) shipment has occurred, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured. The Company reports revenues net of any sales, use and value added taxes.

Revenue related to other IME services, including litigation support services, medical record retrieval services and case management services, where no report is generated, is recognized at the time the service is performed. The Company believes that recognizing revenue at the time the service is performed is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25, (i) persuasive evidence that arrangement exists, (ii) services have been rendered, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured.

Certain agreements with customers in the U.K. include provisions whereby collection of the amounts billed are contingent on the favorable outcome of the claim.  The Company has deemed these provisions to preclude revenue recognition at the time of performance, as collectability is not reasonably assured and the cash payments are contingent, and is deferring these revenues, net of estimated costs, until the case has been settled, the contingency has been resolved and the cash has been collected.   As of December 31, 2014 and June 30, 2015, the Company had $4.4 million and $3.4 million, respectively, in U.K. net deferred revenues associated with such agreements.

Should changes in conditions cause management to determine these criteria are not met for certain future transactions, revenue recognized for any subsequent reporting period could be adversely affected.

(k)               Costs of Revenues

Costs of revenues are comprised of fees paid to members of the Company’s medical panel; other direct costs including transcription, film and medical record obtainment and transportation; and other indirect costs including labor and overhead related to the generation of revenues.

 (l)               Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes , (included in FASB ASC Subtopic 740-10,  Income Taxes — Overall ), and recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

(m)              Income (Loss) Per Common Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during each period. Diluted income (loss) per common share is calculated by dividing net income (loss), adjusted on an “as if converted” basis, by the weighted-average number of actual shares outstanding and, when dilutive, the share equivalents that would arise from the assumed conversion of convertible instruments. The effect of potentially dilutive stock options, warrants, shares of restricted stock with service restrictions that have not yet been satisfied and unvested restricted stock units (“RSUs”) is calculated using the treasury stock method.

For the three and six months ended June 30, 2015, the potentially dilutive securities include options, shares of restricted stock with a service restriction not yet satisfied and RSUs exercisable into 5.5 million shares of common stock. For the three and six months ended June 30, 2015, all of the potentially dilutive securities were excluded from the calculation of shares applicable to loss per share, because their inclusion would have been anti-dilutive.

The following table sets forth basic and diluted net income per share computational data for the three and six months ended June 30, 2014 (amounts in thousands):

	Three months ended June 30, 2014		Six months ended June 30, 2014
Net income	$	3,532	$	3,243
Basic shares outstanding:
Common stock		38,452		37,764
Diluted shares outstanding:
Common stock		38,452		37,764
Dilutive securities (1)		2,488		2,758
Total		40,940		40,522

(1) For the three and six months ended June 30, 2014, the Company's dilutive securities exclude options potentially exercisable in the future into 97,000 shares and 69,000 shares, respectively, because their inclusion would have been anti-dilutive.

(n)               Share-Based Compensation

The Company has an Amended and Restated 2008 Stock Incentive Plan, as amended, (the “Plan”) that provides for granting of stock options, restricted stock, RSUs and other equity awards. The Company accounts for share-based awards in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires measurement of compensation cost for all share-based awards at fair value on the grant date (or measurement date if different) and recognition of compensation expense, net of forfeitures, over the requisite service period for awards expected to vest.

Stock Options

The fair value of stock option grants is determined using the Black-Scholes valuation model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics not present in the Company’s stock options. Additionally, option valuation models require the input of highly subjective assumptions, including the expected volatility of the stock price. Because the Company’s stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of its share-based awards. The Company’s expected volatility assumptions are based upon the weighted average of the Company’s implied volatility, the Company’s mean reversion volatility and the median of the Company’s peer group’s most recent historical volatilities for 2015 stock option grants. Expected life assumptions are based upon the “simplified” method for those options issued in 2015, which were determined to be issued approximately at-the-money. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued.

The assumptions utilized for stock option grants during the six months ended June 30, 2015 were as follows:

	2015
Volatility		48.59%
Expected life (years)		6.00
Risk-free interest rate		2.01%
Dividend yield		—
Fair value	$19.30	–	$19.37

In the six months ended June 30, 2015, the Company issued approximately 35,000 stock option awards to employees.  The weighted average fair value of each stock option was $19.36 per option and the aggregate fair value was $678,000.  All of these awards vest over a three-year period.  Additionally, a majority of these options could vest earlier in the event of a change in control or merger or other acquisition.  Share-based compensation expense related to stock option awards was $2.0 million and $4.7 million for the three and six months ended June 30, 2014, respectively, of which $492,000 and $1.2 million, respectively, was included in costs of revenues, and $1.5 million and $3.5 million, respectively, was recorded in selling, general and administrative (“SGA”) expenses. Share-based compensation expense related to stock option awards was $1.2 million and $3.1 million for the three and six months ended June 30, 2015, respectively, of which $259,000 and $728,000, respectively, was included in costs of revenues, and $981,000 and $2.4 million, respectively, was recorded in SGA expenses.

At June 30, 2015, the unrecognized compensation expense related to stock option awards was $7.1 million, with a remaining weighted average life of 1.6 years.

A summary of option activity for the six months ended June 30, 2015 is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2014		4,965,947		$	12.96
Options granted		35,000			40.20
Options forfeited		(38,766	)		22.67
Options exercised		(819,097	)		13.98
Outstanding at June 30, 2015		4,143,084		$	12.90
Exercisable at June 30, 2015		3,595,175		$	10.15		5.6	$	104,071

Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted average exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of stock options exercised was approximately $22.1 million during the six months ended June 30, 2015.

Restricted Stock and Restricted Stock Units

The Company has granted members of the Board of Directors, certain employees and outside consultants, time lapse restricted stock and RSUs which vest after a stipulated number of years from the grant date depending on the terms of the issue. The fair value of shares of restricted stock and RSUs is determined based upon the market price of the underlying common stock as of the date of grant. Time lapse restricted shares issued and RSUs vest over one to four-year periods. The agreements under which the restricted stock and RSUs are issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have been satisfied. The restriction on a majority of these awards could expire earlier than the stipulated time frame in the event of a change in control or merger or other acquisition. Share-based compensation expense related to shares of restricted stock and RSUs was $2.2 million and $4.3 million for the three and six months ended June 30, 2014, respectively, all of which is included in SGA expenses. Share-based compensation expense related to shares of restricted stock and RSUs was $4.7 million and $8.8 million for the three and six months ended June 30, 2015, respectively, all of which is included in SGA expenses.

The following is a summary of restricted share and RSU activity for the six months ended June 30, 2015:

	Number of awards			Weighted average grant date fair value
Non-vested awards at December 31, 2014		880,433		$	25.46
Awards granted		801,578			40.44
Awards vested		(334,997	)		25.22
Awards forfeited		(15,559	)		32.07
Non-vested awards at June 30, 2015		1,331,455		$	34.46

The total fair value of vested RSUs and shares of restricted stock during the six months ended June 30, 2015 was $8.4 million. At June 30, 2015, total unrecognized compensation costs related to non-vested restricted shares and RSUs was $35.4 million which is expected to be recognized over a weighted average period of 2.2 years.

During the three and six months ended June 30, 2014, the Company recorded share-based compensation expense of $437,000 and $975,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. During the three and six months ended June 30, 2015, the Company recorded share-based compensation expense of $647,000 and $777,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. The 2014 obligation was settled in March 2015 via the issuance of approximately 122,000 shares of restricted stock, and the 2015 plan year obligation is recorded as accrued expenses in the accompanying Consolidated Balance Sheets.  The 2015 incentive compensation plan contains a performance metric based on the Company’s 2015 financial performance and a subsequent time-based service requirement. If the performance metric is met, the associated liability will be settled in the first quarter of 2016 with the granting of an indeterminate number of restricted shares which will vest equally on June 1, 2016 and 2017.

  (o)             Fair Value Measurements

The Company’s financial assets and (liabilities), which are measured at fair value on a recurring basis, are categorized using the fair value hierarchy at December 31, 2014 and June 30, 2015, and are as follows (in thousands):

	Level 1		Level 2			Level 3			Total
As of December 31, 2014
Financial instruments:
Contingent consideration	$	—	$	—		$	(6,587	)	$	(6,587	)
Foreign currency derivative asset		—		272			—			272
As of June 30, 2015
Financial instruments:
Contingent consideration	$	—	$	—		$	(4,567	)	$	(4,567	)
Foreign currency derivative liability		—		(2,126	)		—			(2,126	)

The contingent consideration relates to earnout provisions recorded in conjunction with certain acquisitions completed in 2013 and 2014 (see Note 3). Of the total decrease in fair value of the contingent consideration of $2.0 million in 2015, $1.0 million was settled as cash consideration to satisfy an installment related to a 2014 acquisition and the Company recorded $941,000 in adjustments to the fair value of the obligation related to milestones which were not achieved, or expected to be achieved, recorded to SGA expenses, offset by $134,000 recorded in interest and other expenses, net in the Consolidated Statements of Comprehensive Income (Loss) due to changes in the fair value of the contingent consideration and the remaining change is due to currency fluctuations.

The fair value of the foreign currency derivative was determined using observable market inputs such as foreign currency exchange rates and considers nonperformance risk of the Company and that of its counterparties.

(p)               Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as a component of stockholders’ equity but are excluded from net income (loss). The Company’s accumulated other comprehensive income (loss) consists of foreign currency translation adjustments, reported net of tax as appropriate, from those subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses, reported net of tax as appropriate, resulting from its net investment hedge of its Australian and U.K. subsidiaries. Accumulated other comprehensive income (loss) consists of the following (in thousands):

	Foreign Currency Translation			Net investment hedge - foreign exchange contract			Total
Balance at December 31, 2014	$	(17,821	)	$	3,445		$	(14,376	)
Change during 2015:
Before-tax amount		(5,895	)		532			(5,363	)
Tax (expense) benefit		1,510			(210	)		1,300
Total activity in 2015		(4,385	)		322			(4,063	)
Balance at June 30, 2015	$	(22,206	)	$	3,767		$	(18,439	)

(q)               Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU No. 2014-08, (Topic 205 and 360), “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity” (“ASU 2014-08”) which amends the definition for what types of asset disposals are to be considered discontinued operations, and amends the required disclosures for discontinued operations and assets held for sale. ASU 2014-08 also enhances the convergence of the FASB’s and the International Accounting Standard Board’s reporting requirements for discontinued operations. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company adopted the provisions of this standard effective January 1, 2015 and the adoption of these provisions did not have a material impact on its financial position, results of operations and cash flows.

Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers (“ASU 2014-09”) which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2017, with early application not permitted. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-05”) which defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-05 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted. The Company plans to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. The Company currently does not expect the adoption to have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

There were various other accounting standards and interpretations issued during 2014 and 2015 the Company has not yet been required to adopt, none of which are expected to have a material impact on its financial position, results of operations and cash flows.

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Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	41,537,000	40,371,000
Common stock, shares outstanding	41,537,000	40,371,000
Treasury stock, shares outstanding	905,000	905,000

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Note 12 - Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

(12)             Income Taxes

In preparing its consolidated financial statements, the Company estimates income taxes in each of the jurisdictions in which it operates. This process involves estimating actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These differences result in deferred income tax assets and liabilities.

Additionally, the Company currently has significant deferred tax assets and other deductible temporary differences including basis differences between intangible assets. The Company does not provide a valuation allowance against its deferred tax assets as the Company believes that it is more likely than not that all of the deferred tax assets will be realized based on available evidence including scheduled reversal of deferred tax liabilities, projected future taxable income and other tax planning considerations.

The Company applies the provisions of ASC 740 as it relates to uncertain tax positions. This interpretation prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. ASC 740 states that a tax benefit from an uncertain tax position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority having full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense.

The following table summarizes the activity related to the unrecognized tax benefits for the six months ended June 30, 2015, (in thousands)

Balance at January 1, 2015	$	1,593
Increase to prior year tax positions		87
Increase to current year tax positions		—
Expiration of the statute of limitations for the assessment of taxes		(281	)
Decrease related to settlements		—
Balance at June 30, 2015	$	1,399

The Company is no longer subject to U.S. federal income and state tax return examinations by tax authorities for tax years before 2010 and 2009, respectively. The Company operates in multiple taxing jurisdictions and faces audits from various tax authorities. The Company remains subject to examination until the statute of limitations expires for the respective tax jurisdiction. The Company does not anticipate that the amount of the unrecognized benefit will significantly increase or decrease within the next 12 months.

Undistributed earnings of the Company’s foreign subsidiaries are considered indefinitely reinvested and, accordingly, no provision for U.S. federal income taxes has been recorded. Deferred taxes are provided for earnings outside the United States when those earnings are not considered indefinitely reinvested.

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Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ExamWorks Group, Inc.
Trading Symbol	EXAM
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		41,547,000
Amendment Flag	false
Entity Central Index Key	0001498021
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

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Note 13 - Segment and Geographical Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(13)            Segment and Geographical Information

The Company applies the provisions of ASC Topic 280, Segment Reporting, (“ASC 280”). ASC 280, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker (“CODM”) and for which discrete financial information is available. Based on the provisions of ASC 280, the Company has determined that it operates in four geographic segments: the United States, Canada, the United Kingdom and Australia. The CODM evaluates segment performance based on revenues and segment profit, as defined below. The Company’s corporate costs and assets are all incurred in the United States and are included in the United States segment, as this is consistent with how they are presented and reviewed by the CODM. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.

Information relating to the Company’s product groups (IMEs, peer review, bill review, Medicare compliance, case management and other related services) is as follows (in thousands):

Revenues:	For the three months ended June 30,				For the six months ended June 30,
	2014		2015		2014		2015
IME and other related services (1)	$	172,968	$	175,488	$	327,508	$	342,833
Peer and bill reviews, Medicare compliance services and case management services (1)		23,477		33,250		41,965		62,221
Total revenues	$	196,445	$	208,738	$	369,473	$	405,054

(1) Includes the results of certain of the Company’s service centers acquired whose revenues are generated substantially through the indicated product group. Outside of this presentation, other product groups are not tracked within the Company’s financial systems. Additionally, other related services, which include any Medicare compliance services and case management services completed at the Company’s historic service centers in the periods presented, are not separately captured within the Company’s financial systems and have been included with IME services in the above presentation as separate presentation is not practicable. With the Company’s acquisition of Gould & Lamb in February of 2014 and Ability Services Network and MedAllocators in June of 2014, Medicare compliance services and case management services have been added to the presentation above. None of the individual services within the peer and bill reviews, Medicare compliance services and case management services category above represent more than 10% of consolidated revenues.

Information relating to the Company’s geographic segments is as follows (in thousands)(1):  

	United						United
	States			Canada			Kingdom			Australia			Total
Three months ended June 30, 2014
Revenues	$	117,343		$	8,578		$	48,665		$	21,859		$	196,445
Segment profit		20,629			1,165			8,378			4,407			34,579
Depreciation and amortization expense		8,169			711			3,094			2,885			14,858
Capital expenditures		(2,462	)		(8	)		(228	)		(201	)		(2,899	)
Six months ended June 30, 2014
Revenues	$	223,392		$	16,085		$	90,718		$	39,278		$	369,473
Segment profit		36,583			2,263			15,459			8,284			62,589
Depreciation and amortization expense		15,888			1,522			6,269			5,521			29,200
Capital expenditures		(2,864	)		(9	)		(517	)		(220	)		(3,610	)
Total assets (3)		575,153			28,904			244,176			101,459			949,692
Long-lived assets (2)(3)		486,176			21,411			107,338			88,826			703,751
Three months ended June 30, 2015
Revenues	$	132,125		$	9,672		$	46,012		$	20,929		$	208,738
Segment profit		22,752			1,350			7,482			4,773			36,357
Depreciation and amortization expense		9,071			108			2,097			2,453			13,729
Capital expenditures		(1,653	)		(55	)		(245	)		(661	)		(2,614	)
Six months ended June 30, 2015
Revenues	$	253,843		$	17,621		$	93,456		$	40,134		$	405,054
Segment profit		42,274			1,984			15,182			8,869			68,309
Depreciation and amortization expense		18,482			690			4,480			4,925			28,577
Capital expenditures		(3,323	)		(169	)		(434	)		(917	)		(4,843	)
Total assets (3)		699,371			24,212			251,876			85,726			1,061,185
Long-lived assets (2)(3)		472,161			16,041			97,286			67,077			652,565

(1) For segment purposes, the Company defines “segment profit” as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

(2) Long-lived assets are noncurrent assets excluding deferred tax assets and deferred financing costs.

(3) Total assets and long-lived assets include goodwill. Goodwill recorded in connection with certain tax benefits to be realized in the Company’s U.S. income tax returns has been reflected in the United States segment.

A reconciliation of segment profit to consolidated income from operations is as follows (in thousands):

	For the three months ended June 30,						For the six months ended June 30,
	2014			2015			2014			2015
Segment Profit	$	34,579		$	36,357		$	62,589		$	68,309
Depreciation and amortization		(14,858	)		(13,729	)		(29,200	)		(28,577	)
Share-based compensation expense		(4,627	)		(6,565	)		(9,980	)		(12,701	)
Acquisition related transaction costs		(762	)		(134	)		(1,954	)		248
Other expenses		(186	)		(66	)		(186	)		(276	)
Income from operations	$	14,146		$	15,863		$	21,269		$	27,003

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues		$ 208,738	$ 196,445	$ 405,054	$ 369,473
Costs and expenses:
Costs of revenues		136,425	124,851	264,601	235,886
Selling, general and administrative expenses		42,721	42,590	84,873	83,118
Depreciation and amortization	[1]	13,729	14,858	28,577	29,200
Total costs and expenses		192,875	182,299	378,051	348,204
Income from operations		15,863	14,146	27,003	21,269
Interest and other expenses, net:
Interest expense, net		9,948	7,904	17,952	15,481
Loss on early extinguishment of debt		18,619		18,619
Other expense, net			191		191
Total interest and other expenses, net		28,567	8,095	36,571	15,672
Income (loss) before income taxes		(12,704)	6,051	(9,568)	5,597
Provision (benefit) for income taxes		(4,841)	2,519	(3,729)	2,354
Net income (loss)		(7,863)	3,532	(5,839)	3,243
Comprehensive Income (Loss):
Net income (loss)		(7,863)	3,532	(5,839)	3,243
Foreign currency translation adjustments, net of tax		1,814	1,796	(4,063)	971
Total comprehensive income (loss)		$ (6,049)	$ 5,328	$ (9,902)	$ 4,214
Net income (loss) per share:
Basic (in Dollars per share)		$ (0.19)	$ 0.09	$ (0.14)	$ 0.09
Diluted (in Dollars per share)		$ (0.19)	$ 0.09	$ (0.14)	$ 0.08
Weighted average number of common shares outstanding:
Basic (in Shares)		41,015	38,452	40,713	37,764
Diluted (in Shares)		41,015	40,940	40,713	40,522

[1] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

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Note 7 - Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

(7)               Stockholders’ Equity

During the six months ended June 30, 2015, the Company issued approximately 810,000 shares of common stock to settle options exercised during the period.

During the six months ended June 30, 2015, the Company issued approximately 20,000 shares of common stock to settle warrants exercised during the period.

During the six months ended June 30, 2015, the Company issued approximately 91,000 shares of restricted stock with a fair value of $3.7 million to certain officers and employees for services to be provided during the next three years. The Company is recording the expenses related to these awards in SGA expenses over the requisite service period.

During the six months ended June 30, 2015, the Company issued approximately 122,000 shares of common stock to settle restricted stock units whose restrictions were lifted during the period.

During the six months ended June 30, 2015, the Company issued approximately 122,000 shares of restricted stock to certain officers and employees in settlement of its 2014 incentive compensation plan liability. The first 50% restriction on these shares was lifted on June 1, 2015 and the remaining 50% restriction will be lifted on June 1, 2016. The Company records the remaining expense related to these awards in SGA expenses over the remaining service period.

During the six months ended June 30, 2015, the Company did not repurchase any shares under the share repurchase program. As of June 30, 2015, the Company has approximately 905,000 shares of common stock held as treasury shares with an average value of $9.38 per share, and the ability to repurchase an additional $10.2 million in shares of its common stock.

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Note 6 - Accrued Expenses

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(6)               Accrued Expenses

Accrued expenses at December 31, 2014 and June 30, 2015 consist of the following (in thousands):

	December 31, 2014		June 30, 2015
Accrued compensation and benefits	$	15,041	$	11,630
Accrued selling and professional fees		4,202		2,588
Accrued income, value added and other taxes		26,576		29,950
Accrued medical panel fees		4,391		4,515
Other accrued expenses		3,768		3,198
Totals	$	53,978	$	51,881

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Note 4 - Property, Equipment and Leasehold Improvements (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	Estimated useful lives			December 31,		June 30,
	(years)			2014		2015
Building		15		$	2,553	$	2,661
Computer and office equipment		3			19,161		18,879
Furniture and fixtures	3	to	5		4,274		4,782
Leasehold improvements	Lease term				4,836		5,807
					30,824		32,129
Less accumulated depreciation and amortization					15,098		14,644
Totals				$	15,726	$	17,485

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Note 14 - Condensed Consolidating Financial Information of Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2015

Condensed Consolidating Financial Information Of Guarantor Subsidiaries [Abstract]

Condensed Consolidating Financial Information Of Guarantor Subsidiaries [Text Block]

(14)            Condensed Consolidating Financial Information of Guarantor Subsidiaries

The Company has outstanding certain indebtedness that is guaranteed by all of its U.S. subsidiaries. However, the indebtedness is not guaranteed by the Company’s foreign subsidiaries. The guarantor subsidiaries are 100% owned and the guarantees are made on a joint and several basis, and are full and unconditional. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information as of December 31, 2014 and June 30, 2015, and for the three and six months ended June 30, 2014 and 2015 is presented below. The Company (issuer of the Senior Unsecured Notes) was formed in June 2010 to implement a holding company organizational structure. As a result, all operating activities are conducted through the Company’s 100% owned subsidiaries.

Condensed Consolidating Statement of Operations

for the three months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	117,343		$	79,102		$	—		$	—	$	196,445
Costs and expenses:
Costs of revenues		76,483			48,368			—			—		124,851
Selling, general and administrative expenses		21,846			20,744			—			—		42,590
Depreciation and amortization		8,168			6,690			—			—		14,858
Total costs and expenses		106,497			75,802			—			—		182,299
Income from operations		10,846			3,300			—			—		14,146
Interest and other expenses, net		6,116			1,979			—			—		8,095
Income before income taxes		4,730			1,321			—			—		6,051
Provision for income taxes		1,116			1,403			—			—		2,519
Net income (loss) before earnings of consolidated subsidiaries	$	3,614		$	(82	)	$	—		$	—	$	3,532
Net income (loss) of consolidated subsidiaries		(82	)		—			(82	)		164		—
Net income (loss)	$	3,532		$	(82	)	$	(82	)	$	164	$	3,532

Condensed Consolidating Statement of Operations

for the six months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Revenues	$	223,392		$	146,081		$	—		$	—	$	369,473
Costs and expenses:
Costs of revenues		147,550			88,336			—			—		235,886
Selling, general and administrative expenses		43,551			39,567			—			—		83,118
Depreciation and amortization		15,888			13,312			—			—		29,200
Total costs and expenses		206,989			141,215			—			—		348,204
Income from operations		16,403			4,866			—			—		21,269
Interest and other expenses, net		11,808			3,864			—			—		15,672
Income before income taxes		4,595			1,002			—			—		5,597
Provision (benefit) for income taxes		(526	)		2,880			—			—		2,354
Net income (loss) before earnings of consolidated subsidiaries	$	5,121		$	(1,878	)	$	—		$	—	$	3,243
Net income (loss) of consolidated subsidiaries		(1,878	)		—			(1,878	)		3,756		—
Net income (loss)	$	3,243		$	(1,878	)	$	(1,878	)	$	3,756	$	3,243

Condensed Consolidating Statement of Operations

for the three months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	132,125		$	76,613	$	—	$	—		$	208,738
Costs and expenses:
Costs of revenues		88,622			47,803		—		—			136,425
Selling, general and administrative expenses		23,689			19,032		—		—			42,721
Depreciation and amortization		9,071			4,658		—		—			13,729
Total costs and expenses		121,382			71,493		—		—			192,875
Income from operations		10,743			5,120		—		—			15,863
Interest and other expenses, net		27,013			1,554		—		—			28,567
Income (loss) before income taxes		(16,270	)		3,566		—		—			(12,704	)
Provision (benefit) for income taxes		(6,997	)		2,156		—		—			(4,841	)
Net income (loss) before earnings of consolidated subsidiaries	$	(9,273	)	$	1,410	$	—	$	—		$	(7,863	)
Net income (loss) of consolidated subsidiaries		1,410			—		1,410		(2,820	)		—
Net income (loss)	$	(7,863	)	$	1,410	$	1,410	$	(2,820	)	$	(7,863	)

Condensed Consolidating Statement of Operations

for the six months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Revenues	$	253,843		$	151,211	$	—	$	—		$	405,054
Costs and expenses:
Costs of revenues		170,956			93,645		—		—			264,601
Selling, general and administrative expenses		46,703			38,170		—		—			84,873
Depreciation and amortization		18,482			10,095		—		—			28,577
Total costs and expenses		236,141			141,910		—		—			378,051
Income from operations		17,702			9,301		—		—			27,003
Interest and other expenses, net		33,422			3,149		—		—			36,571
Income (loss) before income taxes		(15,720	)		6,152		—		—			(9,568	)
Provision (benefit) for income taxes		(7,591	)		3,862		—		—			(3,729	)
Net income (loss) before earnings of consolidated subsidiaries	$	(8,129	)	$	2,290	$	—	$	—		$	(5,839	)
Net income (loss) of consolidated subsidiaries		2,290			—		2,290		(4,580	)		—
Net income (loss)	$	(5,839	)	$	2,290	$	2,290	$	(4,580	)	$	(5,839	)

Condensed Consolidating Balance Sheet as of December 31, 2014

(In thousands)

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	388	$	9,363	$	—	$	—		$	9,751
Accounts receivable, net		55,684		147,505		—		—			203,189
Intercompany receivable		42,002		—		10,667		(52,669	)		—
Prepaid expenses		8,248		5,557		—		—			13,805
Deferred tax assets		3,780		—		—		(4	)		3,776
Other current assets		272		1,165		—		—			1,437
Total current assets		110,374		163,590		10,667		(52,673	)		231,958
Property, equipment and leasehold improvements, net		10,394		5,332		—		—			15,726
Investment in subsidiaries		217,344		—		591,435		(808,779	)		—
Intercompany notes receivable		174,464		—		174,464		(348,928	)		—
Goodwill		387,104		108,575		—		—			495,679
Intangible assets, net		64,530		38,053		—		—			102,583
Long-term accounts receivable, less current portion		—		46,401		—		—			46,401
Deferred tax assets, noncurrent		22,505		7,177		—		—			29,682
Deferred financing costs, net		6,140		29		—		—			6,169
Other assets		663		1,283		—		—			1,946
Total assets	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	20,163	$	36,870	$	—	$	—		$	57,033
Intercompany payable		10,667		42,002		—		(52,669	)		—
Accrued expenses		23,904		30,074		—		—			53,978
Accrued interest expense		—		—		10,667		—			10,667
Deferred revenue		244		6,158		—		—			6,402
Deferred tax liability		—		4		—		(4	)		—
Current portion of contingent earnout obligation		—		4,473		—		—			4,473
Current portion of working capital facilities		—		40,396		—		—			40,396
Other current liabilities		2,363		4,587		—		—			6,950
Total current liabilities		57,341		164,564		10,667		(52,673	)		179,899
Senior unsecured notes payable		—		—		250,000		—			250,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		—		143,853		—			143,853
Intercompany notes payable		174,464		174,464		—		(348,928	)		—
Long-term contingent earnout obligation, less current portion		—		2,114		—		—			2,114
Other long-term liabilities		1,795		7,608		—		—			9,403
Total liabilities		233,600		348,750		404,520		(401,601	)		585,269
Commitments and contingencies
Stockholders’ equity (deficit)		759,918		21,690		372,046		(808,779	)		344,875
Total liabilities and stockholders' equity (deficit)	$	993,518	$	370,440	$	776,566	$	(1,210,380	)	$	930,144

Condensed Consolidating Balance Sheet as of June 30, 2015

(In thousands)

	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		ExamWorks Group, Inc. (Parent Corporation)		Consolidation and Elimination Entries			Consolidated Totals
Assets
Current assets:
Cash and cash equivalents	$	90,778	$	14,315	$	—	$	—		$	105,093
Accounts receivable, net		63,157		160,746		—		—			223,903
Intercompany receivable		49,300		—		5,860		(55,160	)		—
Prepaid expenses		8,898		4,735		—		—			13,633
Deferred tax assets		3,938		96		—		—			4,034
Other current assets		—		1,179		—		—			1,179
Total current assets		216,071		181,071		5,860		(55,160	)		347,842
Property, equipment and leasehold improvements, net		11,961		5,524		—		—			17,485
Investment in subsidiaries		218,225		—		728,711		(946,936	)		—
Intercompany notes receivable		174,326		—		174,326		(348,652	)		—
Goodwill		392,231		104,251		—		—			496,482
Intangible assets, net		56,838		27,358		—		—			84,196
Long-term accounts receivable, less current portion		—		52,109		—		—			52,109
Deferred tax assets, noncurrent		43,920		6,762		—		—			50,682
Deferred financing costs, net		9,962		134		—		—			10,096
Other assets		680		1,613		—		—			2,293
Total assets	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	19,285	$	37,972	$	—	$	—		$	57,257
Intercompany payable		5,860		49,300		—		(55,160	)		—
Accrued expenses		17,858		34,023		—		—			51,881
Accrued interest expense		—		—		5,860		—			5,860
Deferred revenue		164		4,744		—		—			4,908
Current portion of contingent earnout obligation		—		4,567		—		—			4,567
Current portion of working capital facilities		—		—		—		—			—
Other current liabilities		4,757		4,493		—		—			9,250
Total current liabilities		47,924		135,099		5,860		(55,160	)		133,723
Senior unsecured notes payable		—		—		500,000		—			500,000
Senior secured revolving credit facility and working capital facilities, less current portion		—		41,730		—		—			41,730
Intercompany notes payable		174,326		174,326		—		(348,652	)		—
Deferred tax liability, noncurrent		9,554		—		—		—			9,554
Other long-term liabilities		3,417		9,088		—		—			12,505
Total liabilities		235,221		360,243		505,860		(403,812	)		697,512
Commitments and contingencies
Stockholders’ equity (deficit)		888,993		18,579		403,037		(946,936	)		363,673
Total liabilities and stockholders' equity (deficit)	$	1,124,214	$	378,822	$	908,897	$	(1,350,748	)	$	1,061,185

Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2014

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	13,234		$	5,521		$	—		$	—	$	18,755
Investing activities:
Cash paid for acquisitions, net		(175,590	)		(9,538	)		—			—		(185,128	)
Purchases of equipment and leasehold improvements, net		(2,864	)		(746	)		—			—		(3,610	)
Working capital and other settlements for acquisitions		(430	)		(1,869	)		—			—		(2,299	)
Cash paid for foreign currency net investment hedge		(5,044	)		—			—			—		(5,044	)
Other		(839	)		—			—			—		(839	)
Net cash used in investing activities		(184,767	)		(12,153	)		—			—		(196,920	)
Financing activities:
Borrowings under senior secured revolving credit facility		—			—			219,995			—		219,995
Proceeds from the exercise of options and warrants					—			23,090			—		23,090
Excess tax benefit related to share-based compensation					—			7,314			—		7,314
Net borrowings under working capital facilities					1,160			—			—		1,160
Payment of deferred financing costs					—			(241	)		—		(241	)
Repayment of subordinated unsecured notes payable		(333	)		—			—			—		(333	)
Repayment under senior secured revolving credit facility		—			—			(78,000	)		—		(78,000	)
Intercompany notes and investments and other		172,105			—			(172,158	)		—		(53	)
Net cash provided by financing activities		171,772			1,160			—			—		172,932
Exchange rate impact on cash and cash equivalents		—			295			—			—		295
Net increase (decrease) in cash and cash equivalents		239			(5,177	)		—			—		(4,938	)
Cash and cash equivalents, beginning of period		760			12,069			—			—		12,829
Cash and cash equivalents, end of period	$	999		$	6,892		$	—		$	—	$	7,891

Condensed Consolidating Statement of Cash Flows

 for the six months ended June 30, 2015

(In thousands)

	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			ExamWorks Group, Inc. (Parent Corporation)			Consolidation and Elimination Entries		Consolidated Totals
Net cash provided by operating activities	$	6,735		$	7,316		$	—		$	—	$	14,051
Investing activities:
Cash paid for acquisitions, net		(11,145	)		—			—			—		(11,145	)
Purchases of equipment and leasehold improvements, net		(3,323	)		(1,520	)		—			—		(4,843	)
Working capital and other settlements for acquisitions		(91	)		—			—			—		(91	)
Cash proceeds from foreign currency net investment hedge		2,930			—			—			—		2,930
Other		(1,310	)		—			—			—		(1,310	)
Net cash used in investing activities		(12,939	)		(1,520	)		—			—		(14,459	)
Financing activities:
Borrowings under senior unsecured notes		—			—			500,000			—		500,000
Borrowings under senior secured revolving credit facility		—			—			25,478			—		25,478
Proceeds from the exercise of options and warrants		—			—			11,451			—		11,451
Excess tax benefit related to share-based compensation		—			—			2,147			—		2,147
Net borrowings under working capital facilities		—			827			—			—		827
Repayment of contingent earnout obligation		—			(1,023	)		—			—		(1,023	)
Payment of deferred financing costs		—			(143	)		(8,533	)		—		(8,676	)
Payment for early redemption of senior unsecured notes					—			(14,618	)		—		(14,618	)
Repayment under senior secured revolving credit facility		—			—			(169,331	)		—		(169,331	)
Repayments of senior unsecured notes		—			—			(250,000	)		—		(250,000	)
Intercompany notes and investments and other		96,594			—			(96,594	)		—		—
Net cash provided by (used in) financing activities		96,594			(339	)		—			—		96,255
Exchange rate impact on cash and cash equivalents		—			(505	)		—			—		(505	)
Net increase in cash and cash equivalents		90,390			4,952			—			—		95,342
Cash and cash equivalents, beginning of period		388			9,363			—			—		9,751
Cash and cash equivalents, end of period	$	90,778		$	14,315		$	—		$	—	$	105,093

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Note 10 - Long-term Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

(10)             Long-Term Debt

Long-term debt at December 31, 2014 and June 30, 2015 consists of the following (in thousands):

	December 31,		June 30,
	2014		2015
	(in thousands)
Senior Unsecured Notes Payable (a)	$	250,000	$	500,000
Senior Secured Revolving Credit Facility, Bank of America, N.A. (b)		143,853		—
Working capital facilities, Barclays (c)		40,396		41,730
		434,249		541,730
Less current portion		40,396		—
	$	393,853	$	541,730

(a)      In July 2011, and through June 2012, the Company closed the offering of the Senior Unsecured Notes. The Senior Unsecured Notes were issued at a price of 100% of their principal amount. A portion of the gross proceeds of $250.0 million were used to repay borrowings outstanding under the Company’s Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder was used for general corporate purposes, including acquisitions.

On April 16, 2015, the Company closed a public offering of the Notes. The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks’ existing and future U.S. subsidiaries. The gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions.

The Notes were issued under an indenture, dated as of April 16, 2015, as supplemented by a supplemental indenture, dated April 16, 2015 (collectively, the “Indenture”), among the Company, the Guarantors and U.S. Bank, National Association, as trustee (the “Trustee”).  The Notes are the Company’s general senior unsecured obligations, and rank equally with the Company’s existing and future senior unsecured obligations and senior to all of the Company’s further subordinated indebtedness. The Notes accrue interest at a rate of 5.625% per year, payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2015. Interest accrues from the issue date of the Notes.

At any time on or after April 15, 2018, the Company may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to the date of redemption. Prior to April 15, 2018, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 105.625% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, provided that at least 60% of the original aggregate principal amount of the Notes remains outstanding after redemption. In addition, the Company may redeem some or all of the Notes at any time prior to April 15, 2018 at a redemption price equal to 100% of the principal amount of the Notes plus a make whole premium described in the Indenture, plus accrued and unpaid interest.

The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its restricted subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness, make certain types of restricted payments, incur liens on assets of the Company or the restricted subsidiaries, engage in asset sales and enter into transactions with affiliates. Upon a change of control (as defined in the Indenture), the Company may be required to make an offer to repurchase the Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default.

(b)      On November 2, 2010, the Company entered into the Senior Secured Revolving Credit Facility with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility is available to finance the Company’s acquisition program and working capital needs.

On April 16, 2015, the Company amended and restated the terms of its Senior Secured Revolving Credit Facility in connection with the offering of the Notes pursuant to an amended and restated credit agreement (the “Amended and Restated Credit Facility”) dated April 16, 2015. The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, the Company has the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.

Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate (equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plus the applicable margin, as the Company elects. The applicable margin means a percentage per annum determined in accordance with the following table: 

Pricing Tier	Consolidated Senior Secured Leverage Ratio					Commitment Fee/Unused Line Fee			Letter of Credit Fee			Eurocurrency Rate Loans			Base Rate Loans
1	≥	4.00	to 1.0				0.45	%		2.75	%		2.75	%		1.75	%
2	≥	3.50	to 1.0 but <	4.00	to 1.0		0.40	%		2.50	%		2.50	%		1.50	%
3	≥	3.00	to 1.0 but <	3.50	to 1.0		0.35	%		2.25	%		2.25	%		1.25	%
4	≥	2.50	to 1.0 but <	3.00	to 1.0		0.30	%		2.00	%		2.00	%		1.00	%
5			<	2.50	to 1.0		0.30	%		1.75	%		1.75	%		0.75	%

In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.

The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring the Company to not exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimum consolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts the Company’s ability (subject to certain exceptions) to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, pay dividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactions with affiliates and other corporate actions.

On June 1, 2015 the Company entered into a first amendment to the Senior Secured Revolving Credit Facility (“First Amendment”). The First Amendment amended the definition of  “Change of Control” in the Senior Secured Revolving Credit Facility.

As of June 30, 2015, the Company had no amount outstanding under the Senior Secured Revolving Credit Facility, resulting in $300.0 million of undrawn commitments.  

(c)       On September 29, 2010, the Company’s indirect 100% owned subsidiary UK Independent Medical Services Limited (“UKIM”) entered into a Sales Finance Agreement (the “UKIM SFA”) with Barclays Bank PLC (“Barclays”), pursuant to which Barclays provides UKIM a working capital facility of up to £5,000,000, subject to the terms and conditions of the UKIM SFA. The working capital facility bore a discount margin of 2.5% over Base Rate and served to finance UKIM’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, UKIM entered into an amendment to extend the term of the existing UKIM SFA by 24 months from June 28, 2013, to amend the discount margin to 2.4% over Base Rate (0.5% rate on June 30, 2015) and to provide that payments by UKIM for certain non-working capital purposes are permitted under the UKIM SFA. Further, on April 16, 2015, UKIM entered into an amendment to extend the term of the existing UKIM SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, UKIM had $7.4 million outstanding under the working capital facility, resulting in approximately $456,000 in availability.

On May 12, 2011, the Company’s indirect 100% owned subsidiary Premex Group Limited (“Premex”) entered into a Sales Finance Agreement (the “Premex SFA”) with Barclays, pursuant to which Barclays provides Premex a working capital facility of up to £26,500,000, subject to the terms and conditions of the Premex SFA. The working capital facility bears a discount margin of 2.4% over Base Rate (0.5% rate on June 30, 2015) and serves to finance Premex’s unpaid account receivables.  The working capital facility had a minimum term of 36 months.

On June 28, 2013, Premex entered into an amendment to extend the term of the existing Premex SFA by 24 months from June 28, 2013, and to provide that payments by Premex for certain non-working capital purposes are permitted under the Premex SFA. Further, on April 16, 2015, Premex entered into an amendment to extend the term of the existing Premex SFA for an additional 36 months from the amendment date. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of June 30, 2015, Premex had $34.3 million outstanding under the working capital facility, resulting in approximately $7.3 million in availability. 

As of June 30, 2015, future maturities of long-term debt were as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	—
Year ended December 31:
2016		—
2017		—
2018		41,730
2019		—
Thereafter		500,000
Total	$	541,730

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Note 13 - Segment and Geographical Information (Details)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Number of Operating Segments	4

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Note 8 - Related Party Transactions

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

(8)               Related Party Transactions

The Senior Secured Revolving Credit Facility contains a provision requiring the Company to use a third party to perform financial due diligence for acquisitions exceeding a certain size. With the approval of the senior lender, the Company engaged RedRidge Finance Group (“RedRidge”) to assist it with financial due diligence and incurred $115,000 and $291,000 in fees, pertaining to acquisition-related work performed during the three and six months ended June 30, 2014, respectively. The Company incurred $118,000 in fees, pertaining to acquisition-related work performed during the six months ended June 30, 2015, all of which were incurred during the first quarter of 2015. P&P Investment, LLC (“P&P”), a company owned by Richard Perlman and James Price, the Executive Chairman and Chief Executive Officer, respectively, of the Company, are minority owners and lenders of RedRidge.

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Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

(9)               Commitments and Contingencies

(a)               Lease Commitments

The Company and its subsidiaries lease office space and office related equipment under noncancelable operating leases with various expiration dates from 2015 through 2023.

Future minimum lease payments under the operating leases for the six months ended December 31, 2015 and in each of the years subsequent to December 31, 2015 are as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	6,964
Years ended December 31:
2016		12,670
2017		11,162
2018		9,105
2019		6,355
Thereafter		5,955
Total	$	52,211

Related rent expense was $3.7 million and $7.1 million for the three and six months ended June 30, 2014, respectively. Related rent expense was $4.5 million and $8.7 million for the three and six months ended June 30, 2015, respectively.

(b)               Employee Benefit Plans

The Company and certain of its subsidiaries each sponsor separate voluntary defined contribution pension plans. The plans cover employees that meet specific age and length of service requirements. The Company and certain of its subsidiaries have various matching and vesting arrangements within their individual plans. For the three and six months ended June 30, 2014, the Company recorded $234,000 and $462,000, respectively, in compensation expense related to these plans. For the three and six months ended June 30, 2015, the Company recorded $306,000 and $676,000, respectively, in compensation expense related to these plans.

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Note 11 - Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(11)             Financial Instruments

The FASB issued ASC Topic 815, Derivatives and Hedging (“ASC 815”) which establishes accounting and reporting standards for derivative instruments. ASC 815 requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a hedge’s change in fair value will be immediately recognized in earnings.

Beginning in the second quarter of 2013, in order to protect against foreign currency exposure in its Australian operations, the Company entered into forward foreign currency contracts as a hedge of AUD $60.0 million of its net investment in Australia. Beginning in the third quarter of 2013, the Company also entered into forward foreign currency contracts as a hedge of £40.0 million of its net investment in the U.K. The Company settled certain of its hedge positions during the 2015 year and received $2.9 million in net proceeds. This amount was classified in accumulated other comprehensive loss in the Company’s Consolidated Balance Sheet (see Note 2), offsetting the currency translation adjustment of the related net investment that is also recorded in accumulated other comprehensive loss, and is reported net of the effect of income taxes.

As of December 31, 2014, the Company had a net asset of $272,000 recorded in other current liabilities with the offsetting net unrealized gain being recorded in accumulated other comprehensive loss in its Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in January of 2015. As of June 30, 2015, the Company had a gross liability of $2.1 million recorded in other current liabilities, with the offsetting net unrealized loss being recorded in accumulated other comprehensive loss in its Consolidated Balance Sheets associated with open forward foreign currency contracts which matured in July of 2015.

The Company does not enter into derivative transactions for speculative purposes.

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Note 14 - Condensed Consolidating Financial Information of Guarantor Subsidiaries (Details) - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Revenues		$ 208,738	$ 196,445	$ 405,054	$ 369,473
Costs and expenses:
Costs of revenues		136,425	124,851	264,601	235,886
Selling, general and administrative expenses		42,721	42,590	84,873	83,118
Depreciation and amortization	[1]	13,729	14,858	28,577	29,200
Total costs and expenses		192,875	182,299	378,051	348,204
Income from operations		15,863	14,146	27,003	21,269
Interest and other expenses, net		28,567	8,095	36,571	15,672
Income (loss) before income taxes		(12,704)	6,051	(9,568)	5,597
Provision (benefit) for income taxes		(4,841)	2,519	(3,729)	2,354
Net income (loss) before earnings of consolidated subsidiaries		(7,863)	3,532	(5,839)	3,243
Net income (loss)		(7,863)	3,532	(5,839)	3,243
Consolidation, Eliminations [Member]
Costs and expenses:
Net income (loss) of consolidated subsidiaries		(2,820)	164	(4,580)	3,756
Net income (loss)		(2,820)	164	(4,580)	3,756
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		132,125	117,343	253,843	223,392
Costs and expenses:
Costs of revenues		88,622	76,483	170,956	147,550
Selling, general and administrative expenses		23,689	21,846	46,703	43,551
Depreciation and amortization		9,071	8,168	18,482	15,888
Total costs and expenses		121,382	106,497	236,141	206,989
Income from operations		10,743	10,846	17,702	16,403
Interest and other expenses, net		27,013	6,116	33,422	11,808
Income (loss) before income taxes		(16,270)	4,730	(15,720)	4,595
Provision (benefit) for income taxes		(6,997)	1,116	(7,591)	(526)
Net income (loss) before earnings of consolidated subsidiaries		(9,273)	3,614	(8,129)	5,121
Net income (loss) of consolidated subsidiaries		1,410	(82)	2,290	(1,878)
Net income (loss)		(7,863)	3,532	(5,839)	3,243
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		76,613	79,102	151,211	146,081
Costs and expenses:
Costs of revenues		47,803	48,368	93,645	88,336
Selling, general and administrative expenses		19,032	20,744	38,170	39,567
Depreciation and amortization		4,658	6,690	10,095	13,312
Total costs and expenses		71,493	75,802	141,910	141,215
Income from operations		5,120	3,300	9,301	4,866
Interest and other expenses, net		1,554	1,979	3,149	3,864
Income (loss) before income taxes		3,566	1,321	6,152	1,002
Provision (benefit) for income taxes		2,156	1,403	3,862	2,880
Net income (loss) before earnings of consolidated subsidiaries		1,410	(82)	2,290	(1,878)
Net income (loss)		1,410	(82)	2,290	(1,878)
Parent Company [Member]
Costs and expenses:
Net income (loss) of consolidated subsidiaries		1,410	(82)	2,290	(1,878)
Net income (loss)		$ 1,410	$ (82)	$ 2,290	$ (1,878)

[1] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

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Note 14 - Condensed Consolidating Financial Information of Guarantor Subsidiaries (Details) - Condensed Consolidating Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 14,051	$ 18,755
Investing activities:
Cash paid for acquisitions, net	(11,145)	(185,128)
Purchases of equipment and leasehold improvements, net	(4,843)	(3,610)
Working capital and other settlements for acquisitions	(91)	(2,299)
Cash proceeds from (paid for) foreign currency net investment hedge	2,930	(5,044)
Other	(1,310)	(839)
Net cash used in investing activities	(14,459)	(196,920)
Financing activities:
Borrowings under senior unsecured notes	500,000
Borrowings under senior secured revolving credit facility	25,478	219,995
Proceeds from the exercise of options and warrants	11,451	23,090
Excess tax benefit related to share-based compensation	2,147	7,314
Net borrowings (repayments) under working capital facilities	827	1,160
Repayment of contingent earnout obligation	(1,023)
Payment of deferred financing costs	(8,676)	(241)
Payment for early redemption of senior unsecured notes	(14,618)
Repayment of subordinated unsecured notes payable		(333)
Repayment under senior secured revolving credit facility	(169,331)	(78,000)
Repayments of senior unsecured notes	(250,000)
Intercompany notes and investments and other		(53)
Net cash provided by (used in) financing activities	96,255	172,932
Exchange rate impact on cash and cash equivalents	(505)	295
Net increase (decrease) in cash and cash equivalents	95,342	(4,938)
Cash and cash equivalents, beginning of period	9,751	12,829
Cash and cash equivalents, end of period	105,093	7,891
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	6,735	13,234
Investing activities:
Cash paid for acquisitions, net	(11,145)	(175,590)
Purchases of equipment and leasehold improvements, net	(3,323)	(2,864)
Working capital and other settlements for acquisitions	(91)	(430)
Cash proceeds from (paid for) foreign currency net investment hedge	2,930	(5,044)
Other	(1,310)	(839)
Net cash used in investing activities	(12,939)	(184,767)
Financing activities:
Repayment of subordinated unsecured notes payable		(333)
Intercompany notes and investments and other	96,594	172,105
Net cash provided by (used in) financing activities	96,594	171,772
Net increase (decrease) in cash and cash equivalents	90,390	239
Cash and cash equivalents, beginning of period	388	760
Cash and cash equivalents, end of period	90,778	999
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	7,316	5,521
Investing activities:
Cash paid for acquisitions, net		(9,538)
Purchases of equipment and leasehold improvements, net	(1,520)	(746)
Working capital and other settlements for acquisitions		(1,869)
Net cash used in investing activities	(1,520)	(12,153)
Financing activities:
Net borrowings (repayments) under working capital facilities	827	1,160
Repayment of contingent earnout obligation	(1,023)
Payment of deferred financing costs	(143)
Net cash provided by (used in) financing activities	(339)	1,160
Exchange rate impact on cash and cash equivalents	(505)	295
Net increase (decrease) in cash and cash equivalents	4,952	(5,177)
Cash and cash equivalents, beginning of period	9,363	12,069
Cash and cash equivalents, end of period	14,315	6,892
Parent Company [Member]
Financing activities:
Borrowings under senior unsecured notes	500,000
Borrowings under senior secured revolving credit facility	25,478	219,995
Proceeds from the exercise of options and warrants	11,451	23,090
Excess tax benefit related to share-based compensation	2,147	7,314
Payment of deferred financing costs	(8,533)	(241)
Payment for early redemption of senior unsecured notes	(14,618)
Repayment under senior secured revolving credit facility	(169,331)	(78,000)
Repayments of senior unsecured notes	(250,000)
Intercompany notes and investments and other	$ (96,594)	$ (172,158)

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Note 13 - Segment and Geographical Information (Details) - Reconciliation of Segment Profit to the Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of Segment Profit to the Consolidated Statement of Comprehensive Loss [Abstract]
Segment Profit	[1]	$ 36,357	$ 34,579	$ 68,309	$ 62,589
Depreciation and amortization	[1]	(13,729)	(14,858)	(28,577)	(29,200)
Share-based compensation expense		(6,565)	(4,627)	(12,701)	(9,980)
Acquisition related transaction costs		(134)	(762)	248	(1,954)
Other expenses		(66)	(186)	(276)	(186)
Income from operations		$ 15,863	$ 14,146	$ 27,003	$ 21,269

[1] For segment purposes, the Company defines "segment profit" as earnings before interest expenses, income taxes, depreciation and amortization, share-based compensation expenses, acquisition related transaction costs and other expenses. A consolidated reconciliation from segment profit to income from operations is included below.

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Note 2 - Summary of Significant Accounting Policies (Details) - Assumptions Utilized for Stock Option Grants - 6 months ended Jun. 30, 2015 - $ / shares	Total
Note 2 - Summary of Significant Accounting Policies (Details) - Assumptions Utilized for Stock Option Grants [Line Items]
Volatility	48.59%
Expected life (years)	6 years
Risk-free interest rate	2.01%
Minimum [Member]
Note 2 - Summary of Significant Accounting Policies (Details) - Assumptions Utilized for Stock Option Grants [Line Items]
Fair value	$ 19.30
Maximum [Member]
Note 2 - Summary of Significant Accounting Policies (Details) - Assumptions Utilized for Stock Option Grants [Line Items]
Fair value	$ 19.37

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Note 8 - Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2014
RedRidge Finance Group [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 118,000	$ 115,000	$ 291,000

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Note 2 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three months ended June 30, 2014		Six months ended June 30, 2014
Net income	$	3,532	$	3,243
Basic shares outstanding:
Common stock		38,452		37,764
Diluted shares outstanding:
Common stock		38,452		37,764
Dilutive securities (1)		2,488		2,758
Total		40,940		40,522

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2015
Volatility		48.59%
Expected life (years)		6.00
Risk-free interest rate		2.01%
Dividend yield		—
Fair value	$19.30	–	$19.37

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2014		4,965,947		$	12.96
Options granted		35,000			40.20
Options forfeited		(38,766	)		22.67
Options exercised		(819,097	)		13.98
Outstanding at June 30, 2015		4,143,084		$	12.90
Exercisable at June 30, 2015		3,595,175		$	10.15		5.6	$	104,071

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

	Number of awards			Weighted average grant date fair value
Non-vested awards at December 31, 2014		880,433		$	25.46
Awards granted		801,578			40.44
Awards vested		(334,997	)		25.22
Awards forfeited		(15,559	)		32.07
Non-vested awards at June 30, 2015		1,331,455		$	34.46

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Level 1		Level 2			Level 3			Total
As of December 31, 2014
Financial instruments:
Contingent consideration	$	—	$	—		$	(6,587	)	$	(6,587	)
Foreign currency derivative asset		—		272			—			272
As of June 30, 2015
Financial instruments:
Contingent consideration	$	—	$	—		$	(4,567	)	$	(4,567	)
Foreign currency derivative liability		—		(2,126	)		—			(2,126	)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation			Net investment hedge - foreign exchange contract			Total
Balance at December 31, 2014	$	(17,821	)	$	3,445		$	(14,376	)
Change during 2015:
Before-tax amount		(5,895	)		532			(5,363	)
Tax (expense) benefit		1,510			(210	)		1,300
Total activity in 2015		(4,385	)		322			(4,063	)
Balance at June 30, 2015	$	(22,206	)	$	3,767		$	(18,439	)

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Note 9 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Operating Leases of Lessee Disclosure [Table Text Block]

	Amount
Six months ended December 31, 2015	$	6,964
Years ended December 31:
2016		12,670
2017		11,162
2018		9,105
2019		6,355
Thereafter		5,955
Total	$	52,211

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Note 6 - Accrued Expenses (Details) - Accrued Expenses - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued Expenses [Abstract]
Accrued compensation and benefits	$ 11,630	$ 15,041
Accrued selling and professional fees	2,588	4,202
Accrued income, value added and other taxes	29,950	26,576
Accrued medical panel fees	4,515	4,391
Other accrued expenses	3,198	3,768
Totals	$ 51,881	$ 53,978

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Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 [Line Items]
Goodwill	[1]	$ 496,482	$ 495,679
2015 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 [Line Items]
Equipment and leasehold improvements		74
Goodwill		4,654
Assets acquired and liabilities assumed, net		972
Total		11,145
Customer Relationships [Member] | 2015 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 [Line Items]
Finite-lived intangible assets		4,265
Trade Names [Member] | 2015 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 [Line Items]
Finite-lived intangible assets		998
Noncompete Agreements [Member] | 2015 Acquisitions [Member]
Note 3 - Acquisitions (Details) - Preliminary Allocation of Purchase Price, 2015 [Line Items]
Finite-lived intangible assets		$ 182

[1] Goodwill recorded in connection with certain tax benefits to be realized in the Company's U.S. income tax returns has been reflected in the United States segment.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income (loss)	$ (5,839,000)	$ 3,243,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	28,577,000	29,200,000
Amortization of deferred rent	353,000	(122,000)
Share-based compensation	12,701,000	9,980,000
Excess tax benefit related to share-based compensation	(2,147,000)	(7,314,000)
Provision for doubtful accounts	3,866,000	3,266,000
Amortization of deferred financing costs	1,031,000	1,152,000
Deferred income taxes	(8,275,000)	(4,683,000)
Loss on early extinguishment of debt	18,619,000
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(26,740,000)	(25,236,000)
Prepaid expenses and other current assets	(360,000)	(2,937,000)
Accounts payable and accrued expenses	(1,363,000)	12,017,000
Accrued interest expense	(4,807,000)	240,000
Deferred revenue and customer deposits	(904,000)	134,000
Other liabilities	(661,000)	(185,000)
Net cash provided by operating activities	14,051,000	18,755,000
Investing activities:
Cash paid for acquisitions, net	(11,145,000)	(185,128,000)
Purchases of building, equipment and leasehold improvements, net	(4,843,000)	(3,610,000)
Working capital and other settlements for acquisitions	(91,000)	(2,299,000)
Proceeds from (cash paid for) foreign currency net investment hedges	2,930,000	(5,044,000)
Other	(1,310,000)	(839,000)
Net cash used in investing activities	(14,459,000)	(196,920,000)
Financing activities:
Borrowings under senior unsecured notes	500,000,000
Borrowings under senior secured revolving credit facility	25,478,000	219,995,000
Proceeds from the exercise of options and warrants	11,451,000	23,090,000
Excess tax benefit related to share-based compensation	2,147,000	7,314,000
Net borrowings under working capital facilities	827,000	1,160,000
Repayment of subordinated unsecured notes payable		(333,000)
Repayment of contingent earnout obligation	(1,023,000)
Payment of deferred financing costs	(8,676,000)	(241,000)
Payment for early redemption of senior unsecured notes	(14,618,000)
Repayments under senior secured revolving credit facility	(169,331,000)	(78,000,000)
Repayment of senior unsecured notes	(250,000,000)
Other		(53,000)
Net cash provided by financing activities	96,255,000	172,932,000
Exchange rate impact on cash and cash equivalents	(505,000)	295,000
Net increase (decrease) in cash and cash equivalents	95,342,000	(4,938,000)
Cash and cash equivalents, beginning of period	9,751,000	12,829,000
Cash and cash equivalents, end of period	105,093,000	7,891,000
Supplemental disclosures of cash flow information:
Cash paid for interest	21,579,000	13,744,000
Cash paid for (refund from) income taxes	$ 3,559,000	$ (336,000)

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Note 5 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

 (5)              Goodwill and Intangible Assets

Goodwill by segment at December 31, 2014 and June 30, 2015 consists of the following (in thousands) (1):

	United					United
	States		Canada			Kingdom		Australia			Total
Balance at December 31, 2014	$	401,560	$	17,178		$	38,354	$	38,587		$	495,679
Goodwill acquired during the year		4,654		—			—		—			4,654
Adjustments to prior year acquisitions		471		—			—		—			471
Effect of foreign currency translation		—		(1,551	)		495		(3,266	)		(4,322	)
Balance at June 30, 2015	$	406,685	$	15,627		$	38,849	$	35,321		$	496,482

(1) Goodwill recorded in connection with certain tax benefits to be realized in the Company’s U.S. income tax returns has been reflected in the United States segment.

Intangible assets at December 31, 2014 and June 30, 2015, consist of the following (in thousands):

					December 31, 2014
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	244,211	$	(167,943	)	$	76,268
Tradenames		45	to	84		68,264		(45,901	)		22,363
Covenants not to compete			36			6,761		(4,116	)		2,645
Technology		24	to	40		9,188		(7,881	)		1,307
Totals					$	328,424	$	(225,841	)	$	102,583

					June 30, 2015
	Estimated useful lives (months)				Gross carrying amount		Accumulated amortization			Net carrying value
Amortizable intangible assets:
Customer relationships		40	to	60	$	245,332	$	(185,655	)	$	59,677
Tradenames		45	to	84		68,627		(49,826	)		18,801
Covenants not to compete			36			9,834		(5,080	)		4,754
Technology		24	to	40		9,184		(8,220	)		964
Totals					$	332,977	$	(248,781	)	$	84,196

The aggregate intangible amortization expense was $13.3 million and $26.2 million for the three and six months ended June 30, 2014, respectively. The aggregate intangible amortization expense was $12.2 million and $25.3 million for the three and six months ended June 30, 2015, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):

	Amount
Six months ended December 31, 2015	$	22,906
Years ended December 31:
2016		35,005
2017		22,395
2018		3,007
2019		883
Total	$	84,196

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Note 11 - Financial Instruments (Details) £ in Millions, AUD in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2013 GBP (£)	Jun. 30, 2013 AUD
Note 11 - Financial Instruments (Details) [Line Items]
Derivative, Amount of Hedged Item				£ 40.0	AUD 60.0
Other Current Liabilities [Member]
Note 11 - Financial Instruments (Details) [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net			$ 272,000
Derivative Liability		$ 2,100,000
Forward Contracts [Member]
Note 11 - Financial Instruments (Details) [Line Items]
Proceeds from Hedge, Investing Activities	$ 2,900,000

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Note 10 - Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	December 31,		June 30,
	2014		2015
	(in thousands)
Senior Unsecured Notes Payable (a)	$	250,000	$	500,000
Senior Secured Revolving Credit Facility, Bank of America, N.A. (b)		143,853		—
Working capital facilities, Barclays (c)		40,396		41,730
		434,249		541,730
Less current portion		40,396		—
	$	393,853	$	541,730

Schedule of Guarantor Obligations [Table Text Block]

Pricing Tier	Consolidated Senior Secured Leverage Ratio					Commitment Fee/Unused Line Fee			Letter of Credit Fee			Eurocurrency Rate Loans			Base Rate Loans
1	≥	4.00	to 1.0				0.45	%		2.75	%		2.75	%		1.75	%
2	≥	3.50	to 1.0 but <	4.00	to 1.0		0.40	%		2.50	%		2.50	%		1.50	%
3	≥	3.00	to 1.0 but <	3.50	to 1.0		0.35	%		2.25	%		2.25	%		1.25	%
4	≥	2.50	to 1.0 but <	3.00	to 1.0		0.30	%		2.00	%		2.00	%		1.00	%
5			<	2.50	to 1.0		0.30	%		1.75	%		1.75	%		0.75	%

Schedule of Maturities of Long-term Debt [Table Text Block]

	Amount
Six months ended December 31, 2015	$	—
Year ended December 31:
2016		—
2017		—
2018		41,730
2019		—
Thereafter		500,000
Total	$	541,730

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Note 2 - Summary of Significant Accounting Policies (Details) - Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Abstract]
Balance at December 31, 2014			$ (17,821)
Balance at December 31, 2014			3,445
Balance at December 31, 2014			(14,376)
Total activity in 2015			(4,385)
Total activity in 2015			322
Total activity in 2015	$ 1,814	$ 1,796	(4,063)	$ 971
Balance at June 30, 2015	(22,206)		(22,206)
Balance at June 30, 2015	3,767		3,767
Balance at June 30, 2015	$ (18,439)		(18,439)
Change during 2015:
Before-tax amount			(5,895)
Before-tax amount			532
Before-tax amount			(5,363)
Tax (expense) benefit			1,510
Tax (expense) benefit			(210)
Tax (expense) benefit			$ 1,300

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which they believe are reasonable in the circumstances and actual results could differ from those estimates. The more significant estimates reflected in these consolidated financial statements include the valuation of equity awards, purchase price allocations, useful lives of intangible assets, potential impairment of goodwill and intangible assets, the allowance for doubtful accounts, the portion of accounts receivable deemed to be long term in nature, and the valuation of deferred tax assets, share-based compensation and derivative instruments

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currencies

Assets and liabilities recorded in foreign currencies are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded to other comprehensive income (loss) and are reported net of the effect of income taxes on the consolidated financial statements (See Note 2 (p) to the Consolidated Financial Statements).

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of December 31, 2014 and June 30, 2015.

Receivables, Policy [Policy Text Block]

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable consist of amounts owed to the Company for services provided in the normal course of business and are reported net of allowance for doubtful accounts, which amounted to $9.9 million and $11.7 million as of December 31, 2014 and June 30, 2015, respectively. Generally, no collateral is received from customers and additions to the allowance are based on ongoing credit evaluations of customers with general credit experience being within the range of management’s expectations. Accounts are reviewed regularly for collectability and those deemed uncollectible are written off.  The Company assumes, that on average, all accounts receivable will be collected within one year and thus classifies these as current assets; however there are certain receivables, primarily in the U.K., that have aged longer than one year as of December 31, 2014 and June 30, 2015, and the Company has recorded an estimate for those receivables that will not be collected within one year as long-term in the Consolidated Balance Sheets.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk

The Company routinely assesses the financial strength of its customers and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. For the three and six months ended June 30, 2014 and 2015, no individual customer accounted for more than 10% of revenues. At December 31, 2014 and June 30, 2015 there was one individual customer that accounted for approximately 14% and 16%, respectively, of the accounts receivable balance.

As of June 30, 2015, the Company had cash and cash equivalents totaling approximately $105.1 million. These amounts were held for future acquisition and working capital purposes and were held in non-interest bearing accounts, of which $90.8 million were held in the U.S. The U.S. amounts were insured under standard FDIC insurance coverage for deposit accounts up to $250,000, per depositor and account ownership category, at each separately insured depository institution.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and accelerated methods for income tax purposes. Leasehold improvements are amortized over the lesser of their expected useful life or the remaining lease term. Maintenance and repair costs are expensed as incurred.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Long-Lived Assets

In accordance with Impairment or Disposal of Long-Lived Assets, Subsections of Financial Accounting Standards Board (“FASB”) ASC Subtopic 360-10 (“ASC 360”),  Property, Plant, and Equipment — Overall, long-lived assets, such as equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models (using market participant assumptions), quoted market values and third-party independent appraisals, as considered necessary. At December 31, 2014 and June 30, 2015, no impairment was noted.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and Other Intangible Assets

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually in accordance with the provisions of FASB ASC Topic 350,  Intangibles — Goodwill and Other  (“ASC 350”). The goodwill impairment test is a two-step test. Under the first step, the fair value of the reporting units are compared with their carrying values (including goodwill). If the fair value of a reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis (using market participant assumptions). If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.

The Company performed its annual impairment review of goodwill in October of 2014 and it was determined that the carrying amount of goodwill was not impaired as the fair value of the reporting units substantially exceeded their carrying values and there have been no subsequent developments that would indicate impairment exists as of June 30, 2015. The goodwill impairment review will continue to be performed annually and more frequently if facts and circumstances warrant a review.

ASC 350 also requires that intangible assets with definite lives be amortized over their estimated useful lives. Currently, customer relationships, trade names, covenants not-to-compete and technology are amortized using the straight-line method over estimated useful lives.

Deferred Charges, Policy [Policy Text Block]

Deferred Financing Costs

In November 2010, the Company entered into a senior secured revolving credit facility with Bank of America N.A. (“Senior Secured Revolving Credit Facility”) (see Note 10). The Company has incurred deferred financing costs of $8.4 million, of which $241,000 and $1.3 million were incurred in the six months ended June 30, 2014 and 2015, respectively.   In the second quarter of 2015, the Company amended and restated the Senior Secured Revolving Credit Facility, which resulted in a loss on extinguishment of debt of approximately $274,000 for the write-off of unamortized deferred financing costs.

In July 2011, the Company closed a private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019, which were subsequently registered through a public exchange offer (the “Senior Unsecured Notes”). The Company had incurred deferred financing costs of $7.1 million associated therewith, none of which were incurred in the three and six months ended June 30, 2014 and 2015.

In April 2015, the Company completed a public offering of $500.0 million in aggregate principal amount of 5.625% senior unsecured notes due 2023 (the “Notes”). The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by certain of ExamWorks’ existing and future U.S. subsidiaries. A portion of the gross proceeds of $500.0 million were used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions. The Company has incurred deferred financing costs of $7.5 million relating to this offering, all of which were incurred in the six months ended June 30, 2015.

In connection with the redemption of the Senior Unsecured Notes in May of 2015, the Company recorded debt extinguishment costs of $18.3 million of which $3.7 million related to unamortized deferred financing costs and $14.6 million related to a premium paid for the early redemption of the Senior Unsecured Notes.

The deferred financing costs associated with the Senior Secured Revolving Credit Facility and the Notes are being amortized to interest expense over the five-year term of the facility, as amended, and the eight-year term of the notes, respectively, using the straight-line method, which approximates the effective interest method.

The Company amortized $580,000 and $1.2 million for the three and six months ended June 30, 2014, respectively and $444,000 and $1.0 million for the three and six months ended June 30, 2015, respectively, to interest expense.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Revenue related to IMEs, peer reviews, bill reviews, administrative support services and Medicare compliance services is recognized at the time services have been performed and the report is shipped to the end user. The Company believes that recognizing revenue at the time the report is shipped is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25,  Revenue Recognition: Overall,  (i) persuasive evidence that arrangement exists, (ii) shipment has occurred, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured. The Company reports revenues net of any sales, use and value added taxes.

Revenue related to other IME services, including litigation support services, medical record retrieval services and case management services, where no report is generated, is recognized at the time the service is performed. The Company believes that recognizing revenue at the time the service is performed is appropriate because the Company’s revenue policies meet the following four criteria in accordance with ASC 605-10-S25, (i) persuasive evidence that arrangement exists, (ii) services have been rendered, (iii) the price is fixed and determinable and (iv) collectability is reasonably assured.

Certain agreements with customers in the U.K. include provisions whereby collection of the amounts billed are contingent on the favorable outcome of the claim.  The Company has deemed these provisions to preclude revenue recognition at the time of performance, as collectability is not reasonably assured and the cash payments are contingent, and is deferring these revenues, net of estimated costs, until the case has been settled, the contingency has been resolved and the cash has been collected.   As of December 31, 2014 and June 30, 2015, the Company had $4.4 million and $3.4 million, respectively, in U.K. net deferred revenues associated with such agreements.

Should changes in conditions cause management to determine these criteria are not met for certain future transactions, revenue recognized for any subsequent reporting period could be adversely affected.

Cost of Sales, Policy [Policy Text Block]

Costs of Revenues

Costs of revenues are comprised of fees paid to members of the Company’s medical panel; other direct costs including transcription, film and medical record obtainment and transportation; and other indirect costs including labor and overhead related to the generation of revenues.

Income Tax, Policy [Policy Text Block]

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes , (included in FASB ASC Subtopic 740-10,  Income Taxes — Overall ), and recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) Per Common Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during each period. Diluted income (loss) per common share is calculated by dividing net income (loss), adjusted on an “as if converted” basis, by the weighted-average number of actual shares outstanding and, when dilutive, the share equivalents that would arise from the assumed conversion of convertible instruments. The effect of potentially dilutive stock options, warrants, shares of restricted stock with service restrictions that have not yet been satisfied and unvested restricted stock units (“RSUs”) is calculated using the treasury stock method.

For the three and six months ended June 30, 2015, the potentially dilutive securities include options, shares of restricted stock with a service restriction not yet satisfied and RSUs exercisable into 5.5 million shares of common stock. For the three and six months ended June 30, 2015, all of the potentially dilutive securities were excluded from the calculation of shares applicable to loss per share, because their inclusion would have been anti-dilutive.

The following table sets forth basic and diluted net income per share computational data for the three and six months ended June 30, 2014 (amounts in thousands):

	Three months ended June 30, 2014		Six months ended June 30, 2014
Net income	$	3,532	$	3,243
Basic shares outstanding:
Common stock		38,452		37,764
Diluted shares outstanding:
Common stock		38,452		37,764
Dilutive securities (1)		2,488		2,758
Total		40,940		40,522

(1) For the three and six months ended June 30, 2014, the Company's dilutive securities exclude options potentially exercisable in the future into 97,000 shares and 69,000 shares, respectively, because their inclusion would have been anti-dilutive.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-Based Compensation

The Company has an Amended and Restated 2008 Stock Incentive Plan, as amended, (the “Plan”) that provides for granting of stock options, restricted stock, RSUs and other equity awards. The Company accounts for share-based awards in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires measurement of compensation cost for all share-based awards at fair value on the grant date (or measurement date if different) and recognition of compensation expense, net of forfeitures, over the requisite service period for awards expected to vest.

Stock Options

The fair value of stock option grants is determined using the Black-Scholes valuation model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics not present in the Company’s stock options. Additionally, option valuation models require the input of highly subjective assumptions, including the expected volatility of the stock price. Because the Company’s stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of its share-based awards. The Company’s expected volatility assumptions are based upon the weighted average of the Company’s implied volatility, the Company’s mean reversion volatility and the median of the Company’s peer group’s most recent historical volatilities for 2015 stock option grants. Expected life assumptions are based upon the “simplified” method for those options issued in 2015, which were determined to be issued approximately at-the-money. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued.

The assumptions utilized for stock option grants during the six months ended June 30, 2015 were as follows:

	2015
Volatility		48.59%
Expected life (years)		6.00
Risk-free interest rate		2.01%
Dividend yield		—
Fair value	$19.30	–	$19.37

In the six months ended June 30, 2015, the Company issued approximately 35,000 stock option awards to employees.  The weighted average fair value of each stock option was $19.36 per option and the aggregate fair value was $678,000.  All of these awards vest over a three-year period.  Additionally, a majority of these options could vest earlier in the event of a change in control or merger or other acquisition.  Share-based compensation expense related to stock option awards was $2.0 million and $4.7 million for the three and six months ended June 30, 2014, respectively, of which $492,000 and $1.2 million, respectively, was included in costs of revenues, and $1.5 million and $3.5 million, respectively, was recorded in selling, general and administrative (“SGA”) expenses. Share-based compensation expense related to stock option awards was $1.2 million and $3.1 million for the three and six months ended June 30, 2015, respectively, of which $259,000 and $728,000, respectively, was included in costs of revenues, and $981,000 and $2.4 million, respectively, was recorded in SGA expenses.

At June 30, 2015, the unrecognized compensation expense related to stock option awards was $7.1 million, with a remaining weighted average life of 1.6 years.

A summary of option activity for the six months ended June 30, 2015 is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2014		4,965,947		$	12.96
Options granted		35,000			40.20
Options forfeited		(38,766	)		22.67
Options exercised		(819,097	)		13.98
Outstanding at June 30, 2015		4,143,084		$	12.90
Exercisable at June 30, 2015		3,595,175		$	10.15		5.6	$	104,071

Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted average exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of stock options exercised was approximately $22.1 million during the six months ended June 30, 2015.

Restricted Stock and Restricted Stock Units

The Company has granted members of the Board of Directors, certain employees and outside consultants, time lapse restricted stock and RSUs which vest after a stipulated number of years from the grant date depending on the terms of the issue. The fair value of shares of restricted stock and RSUs is determined based upon the market price of the underlying common stock as of the date of grant. Time lapse restricted shares issued and RSUs vest over one to four-year periods. The agreements under which the restricted stock and RSUs are issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have been satisfied. The restriction on a majority of these awards could expire earlier than the stipulated time frame in the event of a change in control or merger or other acquisition. Share-based compensation expense related to shares of restricted stock and RSUs was $2.2 million and $4.3 million for the three and six months ended June 30, 2014, respectively, all of which is included in SGA expenses. Share-based compensation expense related to shares of restricted stock and RSUs was $4.7 million and $8.8 million for the three and six months ended June 30, 2015, respectively, all of which is included in SGA expenses.

The following is a summary of restricted share and RSU activity for the six months ended June 30, 2015:

	Number of awards			Weighted average grant date fair value
Non-vested awards at December 31, 2014		880,433		$	25.46
Awards granted		801,578			40.44
Awards vested		(334,997	)		25.22
Awards forfeited		(15,559	)		32.07
Non-vested awards at June 30, 2015		1,331,455		$	34.46

The total fair value of vested RSUs and shares of restricted stock during the six months ended June 30, 2015 was $8.4 million. At June 30, 2015, total unrecognized compensation costs related to non-vested restricted shares and RSUs was $35.4 million which is expected to be recognized over a weighted average period of 2.2 years.

During the three and six months ended June 30, 2014, the Company recorded share-based compensation expense of $437,000 and $975,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. During the three and six months ended June 30, 2015, the Company recorded share-based compensation expense of $647,000 and $777,000, respectively, related to annual incentive compensation plans established by the Compensation Committee of the Board of Directors, all of which was recorded in SGA expenses. The 2014 obligation was settled in March 2015 via the issuance of approximately 122,000 shares of restricted stock, and the 2015 plan year obligation is recorded as accrued expenses in the accompanying Consolidated Balance Sheets.  The 2015 incentive compensation plan contains a performance metric based on the Company’s 2015 financial performance and a subsequent time-based service requirement. If the performance metric is met, the associated liability will be settled in the first quarter of 2016 with the granting of an indeterminate number of restricted shares which will vest equally on June 1, 2016 and 2017.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value Measurements

The Company’s financial assets and (liabilities), which are measured at fair value on a recurring basis, are categorized using the fair value hierarchy at December 31, 2014 and June 30, 2015, and are as follows (in thousands):

	Level 1		Level 2			Level 3			Total
As of December 31, 2014
Financial instruments:
Contingent consideration	$	—	$	—		$	(6,587	)	$	(6,587	)
Foreign currency derivative asset		—		272			—			272
As of June 30, 2015
Financial instruments:
Contingent consideration	$	—	$	—		$	(4,567	)	$	(4,567	)
Foreign currency derivative liability		—		(2,126	)		—			(2,126	)

The contingent consideration relates to earnout provisions recorded in conjunction with certain acquisitions completed in 2013 and 2014 (see Note 3). Of the total decrease in fair value of the contingent consideration of $2.0 million in 2015, $1.0 million was settled as cash consideration to satisfy an installment related to a 2014 acquisition and the Company recorded $941,000 in adjustments to the fair value of the obligation related to milestones which were not achieved, or expected to be achieved, recorded to SGA expenses, offset by $134,000 recorded in interest and other expenses, net in the Consolidated Statements of Comprehensive Income (Loss) due to changes in the fair value of the contingent consideration and the remaining change is due to currency fluctuations.

The fair value of the foreign currency derivative was determined using observable market inputs such as foreign currency exchange rates and considers nonperformance risk of the Company and that of its counterparties.

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as a component of stockholders’ equity but are excluded from net income (loss). The Company’s accumulated other comprehensive income (loss) consists of foreign currency translation adjustments, reported net of tax as appropriate, from those subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses, reported net of tax as appropriate, resulting from its net investment hedge of its Australian and U.K. subsidiaries. Accumulated other comprehensive income (loss) consists of the following (in thousands):

	Foreign Currency Translation			Net investment hedge - foreign exchange contract			Total
Balance at December 31, 2014	$	(17,821	)	$	3,445		$	(14,376	)
Change during 2015:
Before-tax amount		(5,895	)		532			(5,363	)
Tax (expense) benefit		1,510			(210	)		1,300
Total activity in 2015		(4,385	)		322			(4,063	)
Balance at June 30, 2015	$	(22,206	)	$	3,767		$	(18,439	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU No. 2014-08, (Topic 205 and 360), “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity” (“ASU 2014-08”) which amends the definition for what types of asset disposals are to be considered discontinued operations, and amends the required disclosures for discontinued operations and assets held for sale. ASU 2014-08 also enhances the convergence of the FASB’s and the International Accounting Standard Board’s reporting requirements for discontinued operations. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company adopted the provisions of this standard effective January 1, 2015 and the adoption of these provisions did not have a material impact on its financial position, results of operations and cash flows.

Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers (“ASU 2014-09”) which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2017, with early application not permitted. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-05”) which defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-05 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted. The Company plans to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. The Company currently does not expect the adoption to have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of this standard on its financial position, results of operations and cash flows.

There were various other accounting standards and interpretations issued during 2014 and 2015 the Company has not yet been required to adopt, none of which are expected to have a material impact on its financial position, results of operations and cash flows.