10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________ 

FORM 10-Q

(Mark One)
ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014 or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission file number 0-15071

 _____________________

Steel Excel Inc.

(Exact name of Registrant as specified in its charter)

DELAWARE (State or other jurisdiction of incorporation or organization)	94-2748530 (I.R.S. Employer Identification No.)
1133 WESTCHESTER AVENUE, SUITE N222 WHITE PLAINS, NEW YORK (Address of principal executive offices)	10604 (Zip Code)
Registrant's telephone number, including area code (914) 461-1300

 _____________________

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 ý  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 ý 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 definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one).

Large accelerated filer o	Accelerated filer ý	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a 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 o No ý

As of October 31, 2014, there were 11,410,657 shares of Steel Excel’s common stock outstanding.

TABLE OF CONTENTS

Part I.		Financial Statements
	Item 1.		Unaudited Consolidated Financial Statements
			Consolidated Statements of Operations for the three- and nine-month periods ended September 30, 2014 and 2013	3
			Consolidated Statements of Comprehensive Income (Loss) for the three- and nine-month periods ended September 30, 2014 and 2013	4
			Consolidated Balance Sheets as of September 30, 2014, and December 31, 2013	5
			Consolidated Statement of Stockholders' Equity for the nine-month period ended September 30, 2014	6
			Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2014 and 2013	7
			Notes to Consolidated Financial Statements	8
	Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 4.		Controls and Procedures	29
Part II.		Other Information
	Item 6.		Exhibits	31
	Signatures			32

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Steel Excel Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands, except per-share data)
Net revenues	$	58,583		$	31,420		$	155,666		$	86,532
Cost of revenues	40,599			23,340			111,095			62,061
Gross profit	17,984			8,080			44,571			24,471
Operating expenses:
Selling, general and administrative expenses	9,531			5,146			27,075			16,204
Amortization of intangibles	2,273			1,985			7,347			6,616
Total operating expenses	11,804			7,131			34,422			22,820
Operating income	6,180			949			10,149			1,651
Interest income, net	554			472			1,763			2,341
Other income (expense), net	(1,299		)	1,467			2,283			1,408
Income from continuing operations before income taxes and equity method loss	5,435			2,888			14,195			5,400
Benefit from (provision for) income taxes	(1,537		)	297			1,059			2,314
Loss from equity method investees, net of taxes	(4,843		)	(138		)	(3,402		)	(218		)
Net income (loss) from continuing operations	(945		)	3,047			11,852			7,496
Loss from discontinued operations, net of taxes	—			(888		)	—			(1,477		)
Net income (loss)	(945		)	2,159			11,852			6,019
Net loss (income) attributable to non-controlling interests in consolidated entities
Continuing operations	(238		)	(178		)	99			(122		)
Discontinued operations	—			489			—			954
Net income (loss) attributable to Steel Excel Inc.	$	(1,183	)	$	2,470		$	11,951		$	6,851
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.02		$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—		$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.02		$	0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.01		$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—		$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.01		$	0.54
Shares used in computing income (loss) per share:
Basic	11,437			12,529			11,769			12,736
Diluted	11,437			12,546			11,790			12,754

See accompanying Notes to Consolidated Financial Statements.

3

Steel Excel Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Net income (loss)	$	(945	)	$	2,159		$	11,852		$	6,019
Other comprehensive income (loss):
Foreign currency translation adjustment	16			(3		)	30			(39		)
Reclassification to realized gains	—			(346		)	—			(346		)
Net foreign currency translation adjustment (A)	16			(349		)	30			(385		)
Marketable securities:
Gross unrealized gains (losses) on marketable securities, net of tax (B)	(761		)	2,421			6,622			5,917
Reclassification to realized gains, net of tax (C)	(911		)	(1,176		)	(2,488		)	(1,158		)
Net unrealized gain (loss) on marketable securities, net of taxes	(1,672		)	1,245			4,134			4,759
Comprehensive income (loss)	(2,601		)	3,055			16,016			10,393
Comprehensive loss (income) attributable to non-controlling interest	(238		)	311			99			832
Comprehensive income (loss) attributable to Steel Excel Inc.	$	(2,839	)	$	3,366		$	16,115		$	11,225
(A) No tax effect on cumulative translation adjustments
(B) Tax benefit (provision) on gross unrealized gains (losses)	$	586		$	(1,351	)	$	(3,449	)	$	(3,455	)
(C) Tax benefit on reclassifications to realized gains (losses)	$	434		$	687		$	1,296		$	676

See accompanying Notes to Consolidated Financial Statements.

4

Steel Excel Inc.

CONSOLIDATED BALANCE SHEETS

(unaudited)

	September 30, 2014			December 31, 2013
Assets	(in thousands)
Current assets:
Cash and cash equivalents	$	46,677		$	73,602
Restricted cash	20,264			—
Marketable securities	169,635			178,485
Accounts receivable, net of allowance for doubtful accounts of $0	29,930			25,355
Deferred income taxes	15			—
Prepaid expenses and other current assets	5,133			5,870
Current assets of discontinued operations	31			31
Total current assets	271,685			283,343
Property and equipment, net	108,337			105,890
Goodwill	67,530			67,530
Intangible assets, net	38,017			44,438
Other investments	28,540			25,844
Investments in equity method investees ($26,871 at fair value in 2014)	32,728			8,339
Deferred income taxes	3,732			1,556
Other long-term assets	1,440			1,754
Total assets	$	552,009		$	538,694
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$	4,460		$	4,754
Accrued expenses and other liabilities	10,942			7,763
Financial instrument obligations	20,264			—
Current portion of long-term debt	13,214			13,214
Current portion of capital lease obligations	412			412
3/4% convertible senior subordinated notes	—			346
Deferred income taxes	3,838			3,612
Current liabilities of discontinued operations	987			987
Total current liabilities	54,117			31,088
Capital lease obligations, net of current portion	283			572
Long-term debt, net of current portion	69,375			79,286
Deferred income taxes	2,373			—
Other long-term liabilities	3,715			3,813
Total liabilities	129,863			114,759
Commitments and contingencies
Stockholders' equity:
Common stock ($0.001 par value, 40,000 shares authorized; 14,224 and 14,508 shares issued in 2014 and 2013, respectively; 11,410 and 12,005 shares outstanding in 2014 and 2013, respectively)	14			14
Additional paid-in capital	267,047			274,826
Accumulated other comprehensive income	10,680			6,516
Retained earnings	225,918			213,967
Treasury stock, at cost (2014 - 2,814 shares; 2013 - 2,503 shares)	(81,355		)	(71,001		)
Total Steel Excel Inc. stockholders' equity	422,304			424,322
Non-controlling interest	(158		)	(387		)
Total stockholders' equity	422,146			423,935
Total liabilities and stockholders' equity	$	552,009		$	538,694

See accompanying Notes to Consolidated Financial Statements.

5

Steel Excel Inc.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(unaudited)

	Steel Excel Inc. Stockholders' Equity
	Common Stock					Treasury Stock					Additional Paid-in Capital			Accumulated Other Comprehensive Income		Retained Earnings		Non-Controlling Interest
	Shares		Amount			Shares		Amount													Total
	(in thousands)
Balance, January 1, 2014	14,508		$	14		(2,503	)	$	(71,001	)	$	274,826		$	6,516	$	213,967	$	(387	)	$	423,935
Net income attributable to Steel Excel Inc.	—		—			—		—			—			—		11,951		—			11,951
Net loss attributable to non-controlling interests	—		—			—		—			—			—		—		(99		)	(99		)
Other comprehensive income	—		—			—		—			—			4,164		—		—			4,164
Net issuance of restricted shares	13		1			—		—			(14		)	—		—		—			(13		)
Stock-based compensation	—		—			—		—			2,305			—		—		—			2,305
Reverse/forward stock split	(297	)	(1		)	—		—			(10,070		)	—		—		—			(10,071		)
Repurchases of common stock	—		—			(311	)	(10,354		)	—			—		—		—			(10,354		)
Contribution from non-controlling interest	—		—			—		—			—			—		—		328			328
Balance, September 30, 2014	14,224		$	14		(2,814	)	$	(81,355	)	$	267,047		$	10,680	$	225,918	$	(158	)	$	422,146

See accompanying Notes to Consolidated Financial Statements.

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Steel Excel Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Nine Months Ended September 30,
	2014			2013
	(in thousands)
Cash Flows From Operating Activities:
Net income	$	11,852		$	6,019
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations	—			1,476
Loss from equity method investees	3,402			218
Stock-based compensation expense	2,305			1,979
Depreciation and amortization	18,127			14,361
Deferred income tax benefit	(1,745		)	(2,364		)
Gain on sales of marketable securities	(4,065		)	(1,834		)
Loss on extinguishment of debt	—			463
Loss on financial instrument obligations	752			—
Loss on change to equity method at fair value	568			—
Other	561			155
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(4,402		)	2,419
Prepaid expenses and other assets	709			(1,981		)
Accounts payable and other liabilities	2,725			(1,690		)
Net cash used in operating activities of discontinued operations	—			(1,894		)
Net cash provided by operating activities	30,789			17,327
Cash Flows From Investing Activities:
Purchases of businesses, net of cash acquired	(517		)	(1,125		)
Purchases of property and equipment	(13,610		)	(6,052		)
Proceeds from sale of property and equipment	413			527
Investments in equity method investees	(144		)	(9,202		)
Purchases of marketable securities	(99,296		)	(161,288		)
Sales of marketable securities	105,112			65,474
Maturities of marketable securities	4,302			134,669
Proceeds from issuance of financial instrument obligations	171			—
Other investments	(3,000		)	(25,000		)
Reclassification of restricted cash	(20,264		)	—
Net cash used in investing activities of discontinued operations	—			(196		)
Net cash used in investing activities	(26,833		)	(2,193		)
Cash Flows From Financing Activities:
Repurchases of common stock - treasury shares	(10,354		)	(17,816		)
Repurchases of common stock - reverse/forward stock split	(10,071		)	—
Proceeds from issuance of long-term debt	—			70,000
Repayment of subordinated notes	(346		)	—
Repayments of capital lease obligations	(289		)	(314		)
Payments for debt issuance costs	—			(1,130		)
Repayments of long-term debt	(9,911		)	(15,500		)
Other financing activities	60			—
Net cash provided by (used in) financing activities	(30,911		)	35,240
Net increase (decrease) in cash and cash equivalents	(26,955		)	50,374
Effect of foreign currency translation on cash and cash equivalents	30			(35		)
Cash and cash equivalents at beginning of period	73,602			71,556
Cash and cash equivalents at end of period	$	46,677		$	121,895

See accompanying Notes to Consolidated Financial Statements.

7

Steel Excel Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Description and Basis of Presentation

Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. Through its wholly-owned subsidiary Steel Energy Services Ltd. ("Steel Energy"), the Company’s Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the Company’s Sports business provides event-based sports services and other health-related services. The Company also continues to identify business acquisition and investment opportunities in other unrelated industries.

The accompanying unaudited consolidated financial statements of Steel Excel and its subsidiaries, which have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles, should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2013. The Company believes that all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation have been included in the financial statements. The operating results of any period are not necessarily indicative of the results for the entire year or any future period.

In December 2013, Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), an indirect wholly-owned subsidiary of the Company, acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. ("Black Hawk Inc."), a provider of drilling and production services to the oil and gas industry. The fair values recognized at December 31, 2013, were provisional pending further analysis and valuations. In 2014, the Company recorded measurement period adjustments to reflect revised fair values of the assets and liabilities acquired from Black Hawk Inc. The Company's balance sheet at December 31, 2013, has been revised to reflect such measurement period adjustments as if they were recorded at the acquisition date (see Note 3).

The Company shut down the operations of Ruckus Sports LLC (“Ruckus”), a provider of obstacle course and mass-participation events, in November 2013. The consolidated financial statements reflect Ruckus as a discontinued operation in all periods presented (see Note 4).

The Company's effected a 1-for-500 reverse stock split (the "Reverse Split") in June 2014, immediately followed by a 500-for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock. The consolidated financial statements reflect the effects of the Reverse/Forward Split (see Note 19).

Certain other prior period amounts have been reclassified to conform to the 2014 financial statement presentation.

2. Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), which changes the requirements for reporting discontinued operations. Pursuant to this pronouncement, the disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on an entity’s operations and financial results. This pronouncement also requires additional disclosures for discontinued operations and requires disclosures about disposals of individually significant components of an entity that do not qualify for discontinued operations presentation in the financial statements. ASU No. 2014-08 is effective for annual reporting periods beginning after December 15, 2014, and for interim reporting period within those years. The Company does not expect the adoption of ASU No. 2014-08 to have a material effect on its consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which establishes a core principle, achieved through a five-step process, that an entity should recognize revenue to depict 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 No. 2014-09 is effective for public companies for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those years. Upon adoption, ASU No. 2014-09 can be applied either retrospectively to each reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Early application is not permitted. The Company

8

needs to evaluate the impact on its consolidated financial statements of adopting ASU No. 2014-09 and will determine the implementation method to be used.

In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718), to address diversity in accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015, and for interim reporting period within those years, with earlier adoption permitted. The Company does not expect the adoption of ASU No. 2014-12 to have a material effect on its consolidated financial statements.

3. Acquisitions

On December 16, 2013, the Company acquired the business and substantially all of the assets of Black Hawk Inc. for approximately $60.8 million in cash, subject to a post-closing working capital adjustment. The fair values recognized in 2013 in connection with this transaction were provisional pending the Company's continued evaluation, including assessing any identifiable intangible assets acquired, and completing a valuation of the tangible and intangible assets. During 2014, the Company recorded adjustments to the initial fair value estimates based on the Company's continued assessment of the fair values of the assets and liabilities acquired, including a valuation. The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired.

	Previously Reported			Measurement Period Adjustments			Revised
	(in thousands)
Accounts receivable	$	9,663		$	451		$	10,114
Prepaid expenses and other current assets	208			111			319
Property and equipment	30,581			(493		)	30,088
Intangible assets	—			12,210			12,210
Accounts payable	(1,333		)	(251		)	(1,584		)
Accrued expenses	(1,756		)	(404		)	(2,160		)
Total identifiable net assets acquired	37,363			11,624			48,987
Goodwill	23,400			(12,824		)	10,576
Net assets acquired	$	60,763		$	(1,200	)	$	59,563

The measurement period adjustments include an adjustment to the purchase price of $1.2 million, which represents a payment received by the Company in 2014 for the post-closing working capital adjustment. The intangible assets acquired represented customer relationships, a trade name, and a non-compete arrangement with estimated fair values of $11.3 million, $0.8 million, and $0.1 million, respectively. The intangible assets are being amortized over five-year periods. The revised amounts are subject to further revision pending the Company's continued assessment of the fair values of the assets and liabilities acquired. The Company's balance sheet at December 31, 2013, has been revised to reflect the measurement period adjustments as if they had been recognized at the acquisition date, including the amount due for the post-closing working capital adjustment. The measurement period adjustments did not have a material effect on the Company's statement of operations for the year ended December 31, 2013.

In 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the business and assets of three independent providers of soccer clinics and camps for a total purchase price of $1.0 million, or approximately $0.5 million net of cash acquired. In connection with these acquisitions, the Company recognized approximately $0.2 million in current assets, primarily trade receivables, approximately $0.6 million in current liabilities, primarily deferred revenue, and approximately $0.9 million in intangible assets representing customer relationships.

The following unaudited pro forma financial information for the three months ended September 30, 2013, combines the results of operations of the Company with the results of operations of Black Hawk Inc., which business was acquired in December 2013, as if the acquisition had occurred at the beginning of the year prior to the date of acquisition. The unaudited pro forma financial information for the nine months ended September 30, 2013, combines the results of operations of the

9

Company with the results of operations of Black Hawk Inc. and UK Elite, which business was acquired in June 2013, as if those acquisitions had occurred at the beginning of the year prior to the date of acquisition. The pro forma financial information does not include the results of Ruckus, which was acquired in January 2013 and is reported as a discontinued operation in the Company's consolidated financial statements. No pro forma information is provided for the businesses acquired by UK Elite in 2014 since their results of operations are not material. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future.

	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013
	(in thousands. except per-share data)
Net revenues	$	48,696	$	133,634
Net income from continuing operations	$	6,890	$	14,811
Net income	$	6,002	$	13,334
Net income attributable to Steel Excel Inc.	$	6,313	$	14,160
Net income per share attributable to Steel Excel Inc. - Basic	$	0.50	$	1.11
Net income per share attributable to Steel Excel Inc. - Diluted	$	0.50	$	1.11

4. Discontinued Operations

In November 2013, the Company shut down the operations of Ruckus after it did not meet operational and financial expectations. For the nine months ended September 30, 2013, Ruckus reported revenues of $1.0 million and a loss from discontinued operations of $1.5 million. For the three months ended September 30, 2013, Ruckus reported revenues of $0.4 million and incurred a loss from discontinued operations of $0.9 million.

5. Investments

Marketable Securities

All of the Company's marketable securities at September 30, 2014, and December 31, 2013, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)". Marketable securities at September 30, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,554		$	—	$	—		$	42,554
Mutual funds	15,722			5,153		(116		)	20,759
Corporate securities	105,932			13,539		(2,675		)	116,796
Corporate obligations	31,248			995		(163		)	32,080
Total available-for-sale securities	195,456			19,687		(2,954		)	212,189
Amounts classified as cash equivalents	(42,554		)	—		—			(42,554		)
Amounts classified as marketable securities	$	152,902		$	19,687	$	(2,954	)	$	169,635

Marketable securities at December 31, 2013, consisted of the following:

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	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	60,909		$	—	$	—		$	60,909
Mutual funds	15,722			5,061		—			20,783
United States government securities	50,356			23		—			50,379
Corporate securities	69,806			9,961		(5,208		)	74,559
Corporate obligations	31,356			885		(276		)	31,965
Commercial paper	1,799			—		—			1,799
Total available-for-sale securities	229,948			15,930		(5,484		)	240,394
Amounts classified as cash equivalents	(61,909		)	—		—			(61,909		)
Amounts classified as marketable securities	$	168,039		$	15,930	$	(5,484	)	$	178,485

Proceeds from sales of marketable securities were $105.1 million and $65.5 million for the nine months ended September 30, 2014 and 2013, respectively, and $9.4 million and $20.4 million for the three months ended September 30, 2014 and 2013, respectively. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Gross realized gains	$	682		$	1,914		$	7,078		$	5,779
Gross realized losses	(1,683		)	(51		)	(3,012		)	(3,945		)
Realized gains (losses), net	$	(1,001	)	$	1,863		$	4,066		$	1,834

The fair value of the Company’s marketable securities with unrealized losses at September 30, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	28,611	$	(2,675	)
Corporate obligations	7,592		(163		)
Mutual funds	5,079		(116		)
Total	$	41,282	$	(2,954	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows:

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	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	15,609	$	(4,757	)	$	803	$	(451	)	$	16,412	$	(5,208	)
Corporate obligations	10,477		(276		)	—		—			10,477		(276		)
Total	$	26,086	$	(5,033	)	$	803	$	(451	)	$	26,889	$	(5,484	)

Gross unrealized losses primarily related to losses on corporate securities. The Company has evaluated such securities, which primarily consist of investments in publicly-traded entities, as of September 30, 2014, and has determined that there was no indication of other-than-temporary impairments. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the Company's intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value.

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at September 30, 2014, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities:
Mature after one year through three years	$	223	$	228
Mature in more than three years	31,025		31,852
Total debt securities	31,248		32,080
Securities with no contractual maturities	164,208		180,109
Total	$	195,456	$	212,189

Financial Instrument Obligations

In 2014, the Company entered into short sale transactions on certain financial instruments in which the Company received proceeds from the sale of such financial instruments and incurred obligations to deliver or purchase securities at a later date. Upon initially entering into such short sale transactions the Company recognized obligations totaling approximately $19.5 million, with a comparable amount of the Company's cash and cash equivalents reclassified as restricted cash. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the financial instruments, are recognized currently as gains or losses, with a comparable reclassification made between the amounts of the Company's unrestricted and restricted cash. The Company's obligations for such transactions are reported as "Financial instrument obligations" with a comparable amount reported as "Restricted cash" in the Company's consolidated balance sheet. As of September 30, 2014, the Company's financial instrument obligations consisted of the following.

	Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	655	$	532
Market indices	18,685		19,603
Covered call options	80		123
Naked put options	92		6
Total	$	19,512	$	20,264

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For the three and nine months ended September 30, 2014, the Company incurred losses on the financial instrument obligations totaling $0.1 million and $0.8 million, respectively, which are included as a component of "Other income (expense), net" in the Company's consolidated statements of operations.

Equity-Method Investments

In January 2013, the Company acquired a 40% membership interest in Again Faster LLC, a fitness equipment company, for total cash consideration of $4.0 million. In August 2013, the Company acquired 1,316,866 shares of the common stock of iGo, Inc. (“iGo”), in a cash tender offer for total consideration of $5.2 million. The shares of common stock of iGo acquired by the Company represented approximately 44.7% of the issued and outstanding shares of iGo at the date of acquisition. Both Again Faster and iGo are accounted for using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the losses of iGo on a one-quarter lag basis.

In May 2014, the Company increased its holdings of the common stock of API Technologies Corp. (“API”), a designer and manufacturer of high performance systems, subsystems, modules, and components, to 11,377,192 shares through the acquisition of 1,666,666 shares on the open market. Upon acquiring such shares the Company held approximately 20.6% of the total outstanding common stock of API. Effective as of that date the investment in API has been accounted for as an equity-method investment using the fair value option, with changes in fair value based on the market price of API's common stock recognized currently as income or loss from equity method investees. The Company elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $0.6 million that had previously been included as a component of "accumulated other comprehensive income".

The following table summarizes the Company's equity-method investments.

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Nine Months Ended
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	3,115	$	3,671	$	(263	)	$	(138	)	$	(556	)	$	(218	)
iGo	46.9	%	44.7	%	2,742		4,668		(121		)	—			(1,926		)	—
Fair value option
API	20.6	%			26,871		—		(4,459		)	—			(920		)	—
Total					$	32,728	$	8,339	$	(4,843	)	$	(138	)	$	(3,402	)	$	(218	)

Basedon the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $4.2 million at September 30, 2014.

Other Investments

The Company's other investments at September 30, 2014, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The investment in the limited partnership had an approximate fair value of $23.4 million at September 30, 2014, based on the net asset value indicated in the monthly statement received from the partnership. The Company's other investments at September 30, 2014, also include investments in a venture capital funds totaling $0.5 million and a promissory note with an amortized cost of $3.0 million, which is a reasonable approximation of fair value at September 30, 2014.

6. Fair Value Measurements

Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date.

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Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. The Company uses quoted prices of similar instruments with an active market to determine the fair value of its Level 2 investments.

Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund.  The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities.

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014, summarized by measurement input category, were as follows:

	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	46,677		$	46,677		$	—	$	—
Restricted cash	20,264			20,264			—		—
Mutual funds(2)	20,759			20,759			—		—
Corporate securities(2)	116,796			100,409			—		16,387
Corporate obligations(2)	32,080			—			12,858		19,222
Investments in equity-method investees	26,871			26,871			—		—
Investments in certain funds(3)	540			—			—		540
Total assets	$	263,987		$	214,980		$	12,858	$	36,149
Liabilities
Financial instrument obligations	$	(20,264	)	$	(20,264	)	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	72,602	$	72,602	$	—	$	—
Mutual funds(2)	20,783		20,783		—		—
United States government securities(2)	50,379		50,379		—		—
Corporate securities(2)	74,559		68,624		—		5,935
Commercial paper(3)	1,799		—		1,799		—
Corporate obligations(2)	31,965		—		14,535		17,430
Investments in certain funds(4)	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209

(1) Reported within "Cash and cash equivalents."

(2) Reported within “Marketable securities.”

(3) $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."

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(4) Reported within "Other investments."

There were no transfers of securities among the various measurement input levels during the nine months ended September 30, 2014.

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Balance, beginning of period	$	32,346		$	20,952		$	24,209		$	2,804
Purchases	2,756			—			13,294			39,332
Sales	(137		)	(32		)	(4,869		)	(22,958		)
Realized gains (losses) on sale	—			—			(129		)	1,556
Unrealized gains (losses)	1,184			(2,210		)	3,644			(2,024		)
Balance, end of period	$	36,149		$	18,710		$	36,149		$	18,710

Realized gains and losses on the sale of investments using Level 3 measurement inputs are recognized as a component of "Other income (expense), net". Unrealized gains and losses on investments using Level 3 measurement inputs are recognized as a component of "Other comprehensive income".

The Company’s 3/4% Convertible Senior Notes originally due in 2023 had a carrying value of approximately $0.3 million at December 31, 2013, which was a reasonable approximation of fair value. The Company redeemed all outstanding Convertible Senior Notes in January 2014 with a cash payment of $0.3 million.

7. Property and Equipment

Property and equipment at September 30, 2014, and December 31, 2013, consisted of the following:

	September 30, 2014			December 31, 2013
	(in thousands)
Rigs and other equipment	$	111,538		$	100,884
Buildings and improvements	18,921			17,880
Land	1,893			1,893
Vehicles	2,170			1,869
Furniture and fixtures	690			512
Assets in progress	2,083			1,114
	137,295			124,152
Accumulated depreciation	(28,958		)	(18,262		)
Property and equipment, net	$	108,337		$	105,890

The amounts at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3). Depreciation expense was $3.7 million and $2.6 million for the three months ended September 30, 2014 and 2013, respectively. Depreciation expense was $10.8 million and $7.7 million for the nine months ended September 30, 2014 and 2013, respectively.

8. Goodwill and Other Intangible Assets

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The Company's intangible assets at September 30, 2014, and December 31, 2013, all of which are subject to amortization, consisted of the following:

	September 30, 2014							December 31, 2013
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(19,999	)	$	34,431	$	54,430	$	(13,700	)	$	40,730
Trade names	4,860		(3,006		)	1,854		4,860		(2,315		)	2,545
Non-compete agreement	120		(19		)	101		120		—			120
	59,410		(23,024		)	36,386		59,410		(16,015		)	43,395
Sports segment:
Customer relationships	2,089		(550		)	1,539		1,163		(230		)	933
Trade names	122		(30		)	92		122		(12		)	110
	2,211		(580		)	1,631		1,285		(242		)	1,043
Total	$	61,621	$	(23,604	)	$	38,017	$	60,695	$	(16,257	)	$	44,438

The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3).     

Amortization expense was $2.3 million and $2.0 million for the three months ended September 30, 2014 and 2013, respectively. Amortization expense was $7.3 million and $6.6 million for the nine months ended September 30, 2014 and 2013, respectively. Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows:

	Amount
	(in thousands)
For the year ended December 31:
Remainder of 2014	$	2,234
2015	8,210
2016	7,202
2017	5,971
2018	5,232
Thereafter	9,168
Total	$	38,017

The changes to the Company’s carrying amount of goodwill were as follows:

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	Nine Months Ended September 30, 2014						Year Ended December 31, 2013
	Energy		Sports		Total		Energy		Sports			Total
	(in thousands)
Balance, beginning of period	$	65,359	$	2,171	$	67,530	$	52,939	$	154		$	53,093
Acquisitions	—		—		—		10,576		5,594			16,170
Adjustments to fair value	—		—		—		1,844		—			1,844
Impairments	—		—		—		—		(3,577		)	(3,577		)
Balance, end of period	$	65,359	$	2,171	$	67,530	$	65,359	$	2,171		$	67,530

The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3). The adjustment to fair value in 2013 represents an adjustment to reflect additional acquisition-date deferred income tax liabilities and non-current deferred compensation obligations related to the acquisition of Sun Well Service, Inc. (“Sun Well”) in May 2012. During the year ended December 31, 2013, the Company recognized a goodwill impairment of $3.6 million related to the shutdown of Ruckus (see Note 4).

The components of goodwill at September 30, 2014, and December 31, 2013, were as follows:

	September 30, 2014			December 31, 2013
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(5,565		)	(5,565		)
Net goodwill	$	67,530		$	67,530

9. Long-term Debt

In 2013, Steel Energy entered into a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provided for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable.

Borrowings under the Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well, Rogue Pressure Services, LLC (“Rogue”), and Black Hawk Ltd., and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The carrying values as of September 30, 2014, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows:

	Amount
	(in thousands)
Cash and cash equivalents	$	22,625
Accounts receivable	28,195
Property and equipment, net	100,142
Intangible assets, net	36,386
Total	$	187,348

The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3.3 million and a balloon payment due on the maturity date. At September 30, 2014, $82.6 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. The carrying value of the amount outstanding under the Amended Credit Agreement is a reasonable approximation of fair value since it is variable rate debt. Principal payments under the Amended Credit Agreement for the remainder of 2014 and subsequent years are as follows:

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	Amount
	(in thousands)
Remainder of 2014	$	3,304
2015	13,214
2016	13,214
2017	13,214
2018	39,643
Total	82,589
Less current portion	13,214
Total long-term debt	$	69,375

The interest rate on the borrowings under the Amended Credit Agreement was 3.0% at September 30, 2014. For the three months ended September 30, 2014, the Company incurred interest expense of $0.8 million in connection with the Amended Credit Agreement, consisting of $0.7 million in interest on the Term Loans and $0.1 million of amortization of deferred financing fees. For the nine months ended September 30, 2014, the Company incurred interest expense of $2.4 million, consisting of $2.0 million in interest on the Term Loans and $0.4 million of amortization of deferred financing fees. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of September 30, 2014.

Sun Well previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20.0 million and a revolving line of credit for up to $5.0 million. All amounts due under the Sun Well Credit Agreement were fully repaid in 2013 and the facility was terminated in July 2013, at which time the Company recognized a loss on extinguishment of $0.5 million. For the three and nine months ended September 30, 2013, the Company incurred interest expense of $0.1 million and $0.3 million, respectively, in connection with the Sun Well Credit Agreement.

10. Other Liabilities

“Accrued expenses and other current liabilities” consisted of the following:

	September 30, 2014		December 31, 2013
	(in thousands)
Accrued compensation and related taxes	$	6,061	$	4,207
Deferred revenue	941		857
Insurance	1,520		310
Professional services	287		608
Accrued fuel and rig-related charges	1,163		889
Tax-related	341		385
Other	629		507
Total	$	10,942	$	7,763

“Other long-term liabilities” of $3.7 million and $3.8 million at September 30, 2014, and December 31, 2013, respectively, primarily represented long-term deferred compensation arrangements.

11. Interest and Other Income

“Interest income, net” consisted of the following:

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Interest income	$	1,332		$	1,217		$	4,231		$	3,341
Interest expense	(778		)	(745		)	(2,468		)	(1,000		)
Interest income, net	$	554		$	472		$	1,763		$	2,341

"Other income (expense), net" consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Realized gain (loss) on sale of marketable securities, net	$	(1,001	)	$	1,863		$	4,066		$	1,834
Realized loss on financial instrument obligation	(83		)	—			(752		)	—
Realized loss upon change to equity method at fair value	—			—			(568		)	—
Foreign exchange loss	(223		)	—			(394		)	—
Loss on extinguishment of debt	—			(463		)	—			(463		)
Other	8			67			(69		)	37
Other income (expense), net	$	(1,299	)	$	1,467		$	2,283		$	1,408

12. Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period.

For the three months ended September 30, 2014 and 2013, the Company recognized a provision for income taxes of $1.5 million and a benefit from income taxes of $0.3 million, respectively. The provision for income taxes in the 2014 period primarily reflects a $1.0 million valuation allowance adjustment as a result of a decrease in deferred tax liabilities related to net unrealized gains on marketable securities. The benefit from income taxes in the 2013 period primarily reflects a $0.7 million valuation allowance adjustment as a result of an increase in deferred tax liabilities related to net unrealized gains on marketable securities.

For the nine months ended September 30, 2014 and 2013, the Company recognized a benefit from income taxes of $1.1 million and $2.3 million, respectively. The benefit from income taxes in each period primarily reflects valuation allowance adjustments of $2.2 million and $2.8 million in the 2014 period and 2013 period, respectively, as a result of an increase in deferred tax liabilities related to net unrealized gains on marketable securities.

13.   Stock Benefit Plans

The Company grants equity-based awards to employees under its 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and grants equity-based awards to non-employee directors under its 2006 Director Plan, as amended (the "2006 Plan", and together with the “2004 Plan”, the "Equity Plans"). Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, was as follows:

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Stock options	$	—	$	25	$	36	$	76
Restricted stock	622		277		2,269		1,903
Total stock-based compensation	$	622	$	302	$	2,305	$	1,979

Restricted stock activity in the Equity Plans during the nine months ended September 30, 2014, was as follows:

	Amount
	(in thousands)
Non-vested stock, January 1, 2014	142
Awarded	24
Vested	(21	)
Forfeited	(12	)
Non-vested stock, September 30, 2014	133

The Company did not grant any stock options during the nine months ended September 30, 2014.

14. Net Income (Loss) Per Share

Basic net income (loss) attributable to Steel Excel per share of common stock is computed by dividing net income (loss) attributable to Steel Excel by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to Steel Excel gives effect to all potentially dilutive common shares outstanding during the period.

Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2014 and 2013, were as follows:

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014		2013
	(in thousands, except per share data)
Numerators:
Net income (loss) from continuing operations	$	(945	)	$	3,047		$	11,852	$	7,496
Non-controlling interest	(238		)	(178		)	99		(122		)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	(1,183	)	$	2,869		$	11,951	$	7,374
Loss from discontinued operations, net of taxes	$	—		$	(888	)	$	—	$	(1,477	)
Non-controlling interest	—			489			—		954
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc.	$	—		$	(399	)	$	—	$	(523	)
Net income (loss) attributable to Steel Excel Inc.	$	(1,183	)	$	2,470		$	11,951	$	6,851
Denominators:
Basic weighted average common shares outstanding	11,437			12,529			11,769		12,736
Effect of dilutive securities:
Stock-based awards	—			17			21		18
Diluted weighted average common shares outstanding	11,437			12,546			11,790		12,754
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.02	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.02	$	0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.01	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.01	$	0.54

The number of shares used in the calculation of diluted earnings (loss) per share for the three months ended September 30, 2014, excluded 23,000 incremental shares related to restricted stock awards.  Such incremental shares were excluded from the calculation of diluted earnings (loss) per share due to their anti-dilutive effect on the loss from continuing operations.

15. Accumulated Other Comprehensive Income

Changes in the components of "Accumulated other comprehensive income" were as follows:

	Unrealized Gains on Securities		Cumulative Translation Adjustment			Total
	(in thousands)
Balance, January 1, 2014	$	6,921	$	(405	)	$	6,516
Current period other comprehensive income	4,134		30			4,164
Balance, September 30, 2014	$	11,055	$	(375	)	$	10,680

16. Segment Information

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The Company currently reports its business in two reportable segments - Energy and Sports. The Company measures profit or loss of its segments based on operating income (loss).

Segment information relating to the Company's results of continuing operations was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Revenues
Energy	$	49,701		$	25,162		$	140,767		$	78,272
Sports	8,882			6,258			14,899			8,260
Total revenues	$	58,583		$	31,420		$	155,666		$	86,532
Operating income (loss)
Energy	$	8,551		$	2,007		$	21,923		$	8,626
Sports	1,146			975			(896		)	(318		)
Total segment operating income	9,697			2,982			21,027			8,308
Corporate and other business activities	(3,517		)	(2,033		)	(10,878		)	(6,657		)
Interest income, net	554			472			1,763			2,341
Other income (expense), net	(1,299		)	1,467			2,283			1,408
Income from continuing operations before income taxes and equity method income	$	5,435		$	2,888		$	14,195		$	5,400
Depreciation and amortization expense:
Energy	$	5,519		$	4,386		$	16,924		$	13,923
Sports	431			150			1,203			438
Total depreciation and amortization expense	$	5,950		$	4,536		$	18,127		$	14,361

Segment information related to the Company's assets was as follows:

	September 30, 2014		December 31, 2013
	(in thousands)
Sports	$	19,344	$	20,495
Energy	256,416		244,401
Corporate and other business activities	276,249		273,798
Total assets	$	552,009	$	538,694

17. Related Party Transactions

Steel Partners Holdings L.P. ("SPLP") beneficially owned approximately 57.9% of the Company’s outstanding common stock as of September 30, 2014. The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. (“SPH GP”). Warren G. Lichtenstein, the Chairman of the Board of Directors and President of the Company's Sports segment, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Jack L. Howard, as Vice Chairman and principal executive officer, James F. McCabe, Jr., as Chief Financial Officer, and Leonard J. McGill, as Vice President, General Counsel, and Secretary. Each of Warren G. Lichtenstein and Jack L. Howard is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy.

Effective January 1, 2014, the services provided by SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, were expanded, with the Company paying SP Corporate $8.0 million annually for such services. In October 2014, the annual service fee was increased to $8.2 million to include fees for executive services provided by SP Corporate to the Company's

22

Sports business. The services agreement with SP Corporate and subsequent amendments were approved by a committee of the Company’s independent directors. In addition, the Company reimburses SP Corporate and other SPLP affiliates for certain expenses incurred on the Company’s behalf. During the three months ended September 30, 2014 and 2013, the Company incurred expenses of $2.2 million and $1.0 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. During the nine months ended September 30, 2014 and 2013, the Company incurred expenses of $6.6 million and $3.0 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. The Company owed SP Corporate and its affiliates $0.2 million at September 30, 2014.

In October 2013, iGo contracted with SP Corporate to provide certain executive, other employee, and corporate services for a fixed annual fee of $0.4 million. In addition, iGo will reimburse SP Corporate for reasonable and necessary business expenses incurred on iGo’s behalf. The services agreement was approved by the independent directors of iGo.

At September 30, 2014, the Company held $15.2 million of short-term deposits at WebBank, an affiliate of SPLP. For the three months ended September 30, 2014 and 2013, the Company recorded interest income of $23,000 and $21,000, respectively, on such deposits. For the nine months ended September 30, 2014 and 2013, the Company recorded interest income of $65,000 and $69,000, respectively.

18. Supplemental Cash Flow Information

Cash paid for interest and income taxes and non-cash investing and financing activities for the nine months ended September 30, 2014 and 2013, was as follows:

	Nine Months Ended September 30,
	2014		2013
	(in thousands)
Interest paid	$	2,092	$	539
Income taxes paid, net of refunds	$	151	$	1,594
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	27,647	$	—
Securities received in exchange for financial instrument obligations	$	19,341	$	—
Contribution of advances by non-controlling interest	$	268	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	14	$	—

19. Stock Split

In June 2014, following stockholder approval and authorization from its board of directors, the Company effected a 1-for-500 reverse stock split (the "Reverse Split"), immediately followed by a 500-for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock effective as of the close of business on June 18, 2014. As a result of the Reverse Split, stockholders holding fewer than 500 shares received a cash payment for all of their outstanding shares based on a per share price equal to the closing price of the Company’s common stock on June 18, 2014, the effective date of the Reverse/Forward Split. Stockholders holding 500 or more shares as of the effective date of the Reverse/Forward Split did not receive any payments for fractional shares resulting from the Reverse Split, and therefore the total number of shares held by such holders did not change as a result of the Reverse/Forward Split. 

In connection with the Reverse Split, the Company paid $10.1 million in July 2014 for 295,659 shares of common stock and the return of 1,388 non-vested restricted stock awards previously awarded to employees.

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

Certain statements contained in this quarterly report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements. See Item I Part 1A in the Company’s annual report on Form 10-K for the year ended December 31, 2013, for a description of certain factors that might cause such a difference.

Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. The Energy segment focuses on providing drilling and production services to the oil and gas industry. The Sports segment provides event-based sports services and other health-related services. The Company also continues to identify other new business acquisition opportunities.

In June 2013, the Company acquired 80% of the outstanding common stock of UK Elite Soccer, Inc. ("UK Elite"). UK Elite is included in the Company's Sports segment. In 2014, UK Elite acquired the business and assets of three independent providers of soccer clinics and camps for a total purchase price of $1.0 million, or approximately $0.5 million net of cash acquired.

In December 2013, Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), an indirect wholly-owned subsidiary of the Company, acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk Inc.”), a provider of drilling and production services to the oil and gas industry. Black Hawk Ltd. is included in the Company's Energy segment. The fair values of the assets and liabilities of Black Hawk Inc. recognized at December 31, 2013, were provisional pending further analysis and valuations. In 2014, the Company recorded measurement period adjustments to reflect revised fair values of the assets and liabilities of Black Hawk Inc. The Company's balance sheet at December 31, 2013, has been revised to reflect such measurement period adjustments as if they were recorded at the acquisition date.

In July 2013, Steel Energy Services Ltd. ("Steel Energy"), a wholly-owned subsidiary of the Company, entered into a credit agreement, as amended (the "Amended Credit Agreement") that provided for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan and up to $10.0 million in revolving loans.

In November 2013 the Company shut down the operations of Ruckus Sports LLC (“Ruckus”), an obstacle course and mass-participation events company that was controlled by the Company through its representation on the Ruckus board, after it did not meet operational and financial expectations. Ruckus, which was acquired in January 2013, is reported as a discontinued operation in the Company’s consolidated financial statements.

In June 2014, following stockholder approval and authorization from its board of directors, the Company effected a 1-for-500 reverse stock split (the "Reverse Split"), immediately followed by a 500-for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock effective as of the close of business on June 18, 2014. In connection with the Reverse Split, the Company paid $10.1 million in July 2014 for 295,659 shares of common stock and the return of 1,388 non-vested restricted stock awards previously awarded to employees.

The following discussion and analysis should be read in conjunction with the Company’s unaudited consolidated financial statements and notes thereto.

Results of Operations

The net revenues and operating income by reportable segment for the three and nine months ended September 30, 2014 and 2013, were as follows:

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Energy net revenues	$	49,701		$	25,162		$	140,767		$	78,272
Sports net revenues	8,882			6,258			14,899			8,260
Consolidated net revenues	$	58,583		$	31,420		$	155,666		$	86,532
Energy operating income	$	8,551		$	2,007		$	21,923		$	8,626
Sports operating income (loss)	1,146			975			(896		)	(318		)
Corporate and other business activities	$	(3,517	)	$	(2,033	)	$	(10,878	)	$	(6,657	)
Consolidated operating income	$	6,180		$	949		$	10,149		$	1,651

Three months ended September 30, 2014, compared to three months ended September 30, 2013

Net revenues for the three months ended September 30, 2014, increased by $27.2 million as compared to the 2013 period. Net revenues from the Company's Energy segment increased by $24.5 millionprimarily as a result of$19.9 millionin revenues from Black Hawk Ltd., which business was acquired in December 2013, andan increasein revenues of$4.6 millionin the Energy segment's other operationsdue primarily to an increase in rig utilization for snubbing services and an increase in revenues from flow back services related to new equipment purchased in 2014.Net revenues in the Company's Sports segmentincreasedby$2.6 millionfroman increase of $2.3 millionin revenues fromUK Elite primarily as a result of an increase in services provided and operating the businesses acquired in 2014 and an increase in revenues of $0.3 million in the segment's baseball operations.

Gross profit for the three months ended September 30, 2014, increased by $9.9 million as compared to the 2013 period, and as a percentage of revenue increased to 30.7% in the third quarter of 2014 from 25.7% in the comparable 2013 period. Gross profit in the Energy segment increased by $8.8 million and as a percentage of revenue increased to 27.9% in the third quarter of 2014 from 20.2% in the comparable 2013 period. Gross profit in the Energy segment increased as a result of $6.0 millionin gross profit from Black Hawk Ltd. andan increase in gross profit of $2.7 million in the Energy segment's other operations due primarily to the increase in revenues. Gross profit in the Sports segment in the 2014 period increased by $1.1 million primarily as a result of an increase of $0.9 million in gross profit from UK Elite resulting from the increase in revenues and an increase in gross profit of $0.2 million in the segment's baseball operations.

SG&A expenses in the third quarter 2014increased by $4.4 million as compared to the comparable 2013 period. SG&A expenses in the Energy segment increased by $2.1 million partially as a result of $0.9 million of costs incurred at Black Hawk Ltd. in the 2014 period. SG&A expenses in the Energy segment's other operations increased$1.2 million as a result of the increase in revenues, business development costs incurred, and the reversal of a contingent consideration liability associated with a prior period acquisition and certain credits received related to insurance in the 2013 period with no comparable benefits recognized in the current period. SG&A expenses in the Sports segment increased by $0.8 million primarily as a result of additional costs incurred at UK Elite associated with the increase in revenues in the period. SG&A expenses in corporate and other business activities increased by $1.5 million primarily as a result of increased costs incurred for services provided by affiliates of the Company and an increase in stock-based compensation expense in the 2014 period. 

Operating income in the third quarter 2014 was $6.2 million as compared to $0.9 million in the 2013 period. Operating income in the Energy segment increased by $6.5 million as a result of $4.5 million in operating income from Black Hawk Ltd. and an increase in operating income of $2.0 million in the Energy segment's other operations. Operating income in the Sports segment increased by $0.2 million primarily due to the operating results of UK Elite. The operating loss from Corporate and other business activities increased by $1.5 million from increased costs incurred for services provided by affiliates of the Company and an increase in stock-based compensation expense in the 2014 period.

Amortization of intangibles in the third quarter 2014increased by $0.3 million as compared to the comparable 2013 period as a result of amortization expense on the intangible assets recognized in connection with the businesses acquired by Black Hawk Ltd. and UK Elite, partially offset by a declining rate of amortization for the intangible assets recognized in connection with prior period acquisitions.

Net interest income of $0.6 million in the third quarter 2014increased by $0.1 million as compared to the 2013 period primarily as a result of an increase in interest income on investments.

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Other expense of $1.3 million in the third quarter 2014 primarily represented realizedlosseson the sale of marketable securities of$1.0 million and a foreign exchange loss of $0.2 million.

The Company recognized a provision for income taxes of $1.5 million and a benefit from income taxes of $0.3 million for the three months ended September 30, 2014 and 2013, respectively. The provision for income taxes in the 2014 period primarily reflects a valuation allowance adjustment as a result of a decrease in deferred tax liabilities related to net unrealized gains on marketable securities. The benefit for income taxes in the 2013 period primarily reflects a valuation allowance adjustment as a result of an increase in deferred tax liabilities related to net unrealized gains on marketable securities.

Nine months endedSeptember 30, 2014, compared to nine months ended September 30, 2013

Net revenues for the nine months ended September 30, 2014, increased by $69.1 million as compared to the 2013 period. Net revenues from the Company's Energy segment increased by $62.5 millionprimarily as a result of$55.9 millionin revenues from Black Hawk Ltd. andan increasein revenues of$6.6 millionin the Energy segment's other operationsdue primarily to an increase in rig utilization for snubbing services and an increase in revenues from flow back services related to new equipment purchased in 2014. Net revenues in the Company's Sports segmentincreasedby$6.6 millionprimarily as a result of$5.5 millionin revenues fromUK Elite, which was acquired in June 2013, and an increase in revenues of $1.0 million in the segment's baseball operations.

Gross profit for the nine months ended September 30, 2014, increased by $20.1 million as compared to the 2013 period, and as a percentage of revenue increased slightly to 28.6% from 28.3%. Gross profit in the Energy segment increased by $17.3 million, and as a percentage of revenue increased to 26.7% in the first nine months of 2014 from 26.0% in the comparable 2013 period. Gross profit in the Energy segment increased as a result of $16.1 millionin gross profit from Black Hawk Ltd. andan increase in gross profit of $1.1 million in the Energy segment's other operations. Gross profit in the Sports segment in the 2014 period increased by $2.8 million primarily as a result of $2.2 million in gross profit from UK Elite and an increase in gross profit of $0.6 million in the segment's baseball operations.

SG&A expenses in the first nine months of 2014increased by $10.9 million as compared to the comparable 2013 period. SG&A expenses in the Energy segment increased by $3.5 million partially as a result of $2.2 million of costs incurred at Black Hawk Ltd. in the 2014 period. SG&A expenses in the Energy segment's other operations increased$1.3 million as a result of the increase in revenues, business development costs incurred, and from the reversal of a contingent consideration liability associated with a prior period acquisition and certain credits received related to insurance in the 2013 period with no comparable benefits recognized in the current period. SG&A expenses in the Sports segment increased by $3.1 million primarily as a result of costs incurred at UK Elite, including those associated with operating the businesses acquired in the current period. SG&A expenses in corporate and other business activities increased by $4.2 million primarily as a result of increased costs incurred for services provided by affiliates of the Company and an increase in stock-based compensation expense in the 2014 period. 

Operating income in the first nine months of 2014 was $10.1 million as compared to $1.7 million in the 2013 period. Operating income in the Energy segment increased by $13.3 million as a result of $12.0 million in operating income from Black Hawk Ltd. and an increase in operating income of $1.3 millionin the Energy segment's other operations.The operating loss in the Sports segment increased by $0.6 million primarily due to the expected seasonal losses incurred in the first half of the current year at UK Elite with no corresponding losses in the prior year. The operating loss from Corporate and other business activities increased by $4.2 million from increased costs incurred for services provided by affiliates of the Company and an increase in stock-based compensation expense in the 2014 period.

Amortization of intangibles in the first nine months of 2014increased by $0.7 million as compared to the comparable 2013 period as a result of amortization expense on the intangible assets recognized in connection with the businesses acquired by Black Hawk Ltd. and UK Elite, partially offset by a declining rate of amortization for the intangible assets recognized in connection with prior period acquisitions.

Net interest income of $1.8 million in the first nine months of 2014decreased by $0.6 million as compared to the 2013 period primarily as a result of an increase in interest expense of $1.5 million resulting from the borrowings under the Amended Credit Agreement, partially offset by an increase in interest income on investments of $0.9 million.

Other income of $2.3 million in the first nine months of 2014 primarily represented realizedgainson the sale of marketable securities of$4.1 million, partially offset by a loss of $0.8 million recognized on financial instrument obligations, a

26

loss of $0.6 million recognized upon initially accounting for an investment under the equity method of accounting at fair value, and a foreign exchange loss of $0.4 million.

The Company recognized a benefit for income taxes of $1.1 million and $2.3 million for the nine months endedSeptember 30, 2014 and 2013, respectively. The benefit from income taxes in each period primarily reflects valuation allowance adjustments as a result of an increase in deferred tax liabilities related to unrealized gains on marketable securities.

Financial Condition

The Amended Credit Agreement provided for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. Borrowings under the Amended Credit Agreement, which totaled $82.6 million at September 30, 2014, are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well Service, Inc. (“Sun Well”), Rogue Pressure Services, LLC (“Rogue”), and Black Hawk Ltd., and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of September 30, 2014.

The Company finances its operations and capital expenditure requirements from its existing cash and marketable securities balances, which at September 30, 2014, totaled $46.7 million and $169.6 million, respectively. Working capital in the first nine months of 2014decreased by $34.7 million due primarily to a decrease of $27.8 million from a reclassification of current available-for-sale securities to non-current equity method investments and additional equity method investments made during the period, the repayment of $9.9 million in long-term debt, and an increase of $4.6 million in accounts receivable from the timing of collections, partially offset by an increase of $2.9 million in accounts payable and accrued expenses from the timing of payments.

Cash flows from operating activities of continuing operations increased by $11.6 million in the first nine months of 2014 as compared to the 2013 period due primarily to an increase in cash generated from net income.

During the first nine months of 2014, the Company used$26.8 million of cash for investing activities. The Company made purchases of marketable securities, net of proceeds from sales and restricted cash, of $10.1 million, invested $13.6 million in property and equipment, and made other investments of $3.0 million.

During the first nine months of 2014, the Company used$30.9 million of cash for financing activities. The Company paid an aggregate of $20.4 million to acquire treasury shares and repurchase common stock in connection with the Reverse Split, made debt repayments on the Amended Credit Facility of $9.9 million, and paid $0.5 million for acquisitions net of cash acquired.

At September 30, 2014, the Company had $216.3 million in cash and marketable securities, exclusive of $20.3 million of restricted cash related to short sale transactions on certain financial instruments for which the Company has an obligation to deliver or purchase securities at a later date.

Available-for-sale securities at September 30, 2014, included short-term deposits, corporate debt and equity instruments, and mutual funds, and were recorded on the consolidated balance sheet at fair market value, with any related unrealized gain or loss reported as a component of “Accumulated other comprehensive income” in stockholders’ equity. We expect to realize the full value of all our marketable securities upon maturity or sale, as we have the intent and ability to hold the securities until the full value is realized. However, we cannot provide any assurance that our invested cash and marketable securities will not be impacted by adverse conditions in the financial markets, which may require us to record an impairment charge that could adversely impact our financial results. In addition, we maintain our cash and marketable securities with certain financial institutions, in which our balances exceed the limits that are insured by the Federal Deposit Insurance Corporation. If the underlying financial institutions fail or other adverse events occur in the financial markets, our cash balances may be impacted.

We believe that our cash balances will be sufficient to satisfy our anticipated cash needs for working capital and capital expenditures for at least the next twelve months. We anticipate making additional acquisitions and investments, and we may be required to use a significant portion of our available cash balances for such acquisitions and investments or for working capital needs thereafter. The consummation of additional acquisitions, prevailing economic conditions, and financial, business and other factors beyond our control could adversely affect our estimates of our future cash requirements. As such, we could be required to fund our cash requirements by alternative financing. In these instances, we may seek to raise such additional funds

27

through public or private equity or debt financings or from other sources. As a result, we may not be able to obtain adequate or favorable equity financing, if needed, due in part to our shares of common stock currently trading on the OTCQB Market. Any equity financing we obtain may dilute existing ownership interests, and any debt financing could contain covenants that impose limitations on the conduct of our business. There can be no assurance that additional financing, if needed, would be available on terms acceptable to us or at all.

Commitments and Contingencies

Contractual Obligations

In 2014, the Company entered into short sale transactions on certain financial instruments in which the Company received proceeds from the sale of such financial instruments and incurred obligations to deliver or purchase securities at a later date. As of September 30, 2014, the Company's obligations for such transactions totaled approximately $20.3 million, consisting of market indices for $19.6 million, corporate securities for $0.5 million, and option contracts, primarily covered calls, for $0.1 million. There is no stated repayment date for the obligations related to market indices and corporate securities; the obligations related to option contracts come due within a period of no longer than four months. Such obligations are reported as "Financial instrument obligations" as a component of current liabilities in the Company's consolidated balance sheet.

There were no other material changes in the Company’s contractual obligations at September 30, 2014, as compared to those reported in the Company’s annual report on Form 10-K for the year ended December 31, 2013.

Legal Proceedings

From time to time we are subject to litigation or claims that arise in the normal course of business. While the results of such litigation matters and claims cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse impact on our financial position or results of operations. However, because of the nature and inherent uncertainties of litigation, should the outcome of these actions be unfavorable, our business, financial condition, and results of operations could be materially and adversely affected.

Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), which changes the requirements for reporting discontinued operations. Pursuant to this pronouncement, the disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on an entity’s operations and financial results. This pronouncement also requires additional disclosures for discontinued operations and requires disclosures about disposals of individually significant components of an entity that do not qualify for discontinued operations presentation in the financial statements. ASU No. 2014-08 is effective for annual reporting periods beginning after December 15, 2014, and for interim reporting period within those years. The Company does not expect the adoption of ASU No. 2014-08 to have a material effect on the consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which establishes a core principle, achieved through a five-step process, that an entity should recognize revenue to depict 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 No. 2014-09 is effective for public companies for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those years. Upon adoption, ASU No. 2014-09 can be applied either retrospectively to each reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Early application is not permitted. The Company needs to evaluate the impact on its consolidated financial statements of adopting ASU No. 2014-09 and will determine the implementation method to be used.

In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718), to address diversity in accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015, and for interim reporting period within those years, with earlier adoption permitted. The Company does not expect the adoption of ASU No. 2014-12 to have a material effect on its consolidated financial statements.

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Critical Accounting Policies

The Company's critical accounting policies have not changed from those presented in the Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies in our annual report on Form 10-K for the year ended December 31, 2013.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Vice Chairman and our Chief Financial Officer ("CFO"), we conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this quarterly report on Form10-Q. Based upon that evaluation, our Vice Chairman and our CFO have concluded that the design and operation of our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) is accumulated and communicated to our management, including our Vice Chairman and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three-month period ended September 30, 2014, which was the period covered by this quarterly report on Form 10-Q, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

A control system, no matter how well conceived and operated, can only provide reasonable assurance that the objectives of the control system are met.  Because of these inherent limitations, no evaluation of our disclosure controls and procedures or our internal control over financial reporting will provide absolute assurance that misstatements due to error or fraud will not occur.

PART II. OTHER INFORMATION

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

On December 16, 2013, and June 24, 2014, the Company's Board of Directors authorized stock repurchase programs to acquire up to 200,000 shares and 500,000 shares, respectively, of the Company's common stock. Any such repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market in compliance with applicable laws and regulations.  The repurchase programs are expected to continue indefinitely, unless shortened by the Board of Directors. 

The following table summarizes, by month, the repurchases made during the three months ended September 30, 2014, under the repurchase programs.

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	(a)	(b)		(c)	(d)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
Month of July 2014	114,791	$	35.01	114,791	402,999
Month of August 2014	14,504	$	32.96	14,504	388,495
Month of September 2014	5,650	$	31.04	5,650	382,845
Total	134,945	$	34.63	134,945

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Item 6. Exhibits

10.1*	Amendment No. 3 to the Amended and Restated Management Services Agreement between Steel Excel Inc. and SP Corporate Services LLC, dated as of January 1, 2014
31.1*	Certification of the Principal Executive Officer, Jack L. Howard, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Principal Financial Officer, James F. McCabe, Jr., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certifications of the Principal Executive Officer, Jack L. Howard, and the Principal Financial Officer, James F. McCabe, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document.
101.SCH**	XBRL Taxonomy Extension Schema Document.
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.

** Furnished with this Form 10-Q. In accordance with Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for the purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

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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 hereunto duly authorized.

Steel Excel Inc.
By:	/s/Jack L. Howard
	Jack L. Howard Vice Chairman (Principal executive officer)	Date:	November 6, 2014
By:	/s/James F. McCabe, Jr.
	James F. McCabe, Jr. Chief Financial Officer (Principal financial officer)	Date:	November 6, 2014

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EX-10.1

Exhibit 10.1

AMENDMENT NO. 3 TO MANAGEMENT SERVICES AGREEMENT

This Amendment Number 3 to an Amended and Restated Management Services Agreement (the “Amendment ”) is dated as of October 3, 2014, and is between SP Corporate Services LLC (“SP Corporate ”), a Delaware limited liability company having an office at 590 Madison Avenue, 32nd Floor, New York, New York 10022, and Steel Excel Inc., a Delaware corporation (the “Company ”), having an office at 1133 Westchester Avenue, Suite N222, White Plains, NY 10604.

RECITALS

WHEREAS, the parties have previously entered into an Amended and Restated Management Services Agreement dated as of January 1, 2012 (the “Agreement ”), as amended pursuant to Amendment No. 1 dated as of April 5, 2013, and Amendment No. 2 dated as of January 1, 2014, whereby SP Corporate furnishes certain services to the Company and its subsidiaries; and

WHEREAS, the parties wish to modify the fee payable to SP Corporate by the Company under the Agreement.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

1.     In Section 3.01, the amount “$8,000,000” shall be changed to read “$8,150,000.”

2.     This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

The parties have duly executed this Amendment as of the date first above written.

SP CORPORATE SERVICES LLC	STEEL EXCEL INC.
By:	By:
Name:    James F. McCabe, Jr.	Name:    Jack L. Howard
Title:      President	Title:      Principal Executive Officer

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jack L. Howard, certify that:

1 I have reviewed this quarterly report on Form 10-Q of Steel Excel 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(s) 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-15(f) and 15d-15(f)) for the registrant 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.

5. The registrant's other certifying officer(s) 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.

		/s/Jack L. Howard
Date:	November 6, 2014	Jack L. Howard Principal Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, James F. McCabe, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Steel Excel 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(s) 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-15(f) and 15d-15(f)) for the registrant 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.

5. The registrant's other certifying officer(s) 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.

		/s/James F. McCabe, Jr.
Date:	November 6, 2014	James F. McCabe, Jr. Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jack L. Howard, certify to the best of my knowledge based upon a review of the Quarterly Report on Form 10-Q of Steel Excel Inc. for the three-month period ended September 30, 2014 (the "Form 10-Q"), that the Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Steel Excel Inc. for the quarterly periods covered by the Form 10-Q.

		By:/s/Jack L. Howard
Date:	November 6, 2014	Jack L. Howard Principal Executive Officer

I, James F. McCabe, Jr., certify to the best of my knowledge based upon a review of the Form 10-Q, that the Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Steel Excel Inc. for the periods covered by the Form 10-Q.

		By:/s/James F. McCabe, Jr.
Date:	November 6, 2014	James F. McCabe, Jr. Chief Financial Officer

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Supplemental Cash Flows Information (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Cash paid for interest and income taxes and non-cash investing and financing activities for the nine months ended September 30, 2014 and 2013, was as follows:

	Nine Months Ended September 30,
	2014		2013
	(in thousands)
Interest paid	$	2,092	$	539
Income taxes paid, net of refunds	$	151	$	1,594
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	27,647	$	—
Securities received in exchange for financial instrument obligations	$	19,341	$	—
Contribution of advances by non-controlling interest	$	268	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	14	$	—

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Property and Equipment (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Abstract]
Depreciation	$ 3.7	$ 2.6	$ 10.8	$ 7.7

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Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Cost
Mature after one year through three years	$ 223
Mature in more than three years	31,025
Total debt securities	31,248
Securities with no contractual maturities	164,208
Total	195,456
Estimated Fair Value
Mature after one year through three years	228
Mature in more than three years	31,852
Total debt securities	32,080
Securities with no contractual maturities	180,109
Total	$ 212,189

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Stock Benefit Plans Restricted Stock Activity (Details) (Restricted stock) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Restricted stock
Restricted Stock Activity (in shares)
Balance, beginning of period	142
Awarded	24
Vested	(21)
Forfeited	(12)
Balance, end of period	133

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Property and Equipment - Schedule (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Property and equipment, gross	$ 137,295	$ 124,152
Accumulated depreciation	(28,958)	(18,262)
Property and equipment, net	108,337	105,890
Rigs and other equipment
Property and equipment, gross	111,538	100,884
Buildings and improvements
Property and equipment, gross	18,921	17,880
Land
Property and equipment, gross	1,893	1,893
Vehicles
Property and equipment, gross	2,170	1,869
Furniture and fixtures
Property and equipment, gross	690	512
Assets in progress
Property and equipment, gross	$ 2,083	$ 1,114

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Stock Split (Details) (USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended	9 Months Ended	1 Months Ended
	Jul. 31, 2014	Sep. 30, 2014	Jul. 31, 2014 Restricted stock	Jun. 30, 2014 Reverse Stock Split Rate	Jun. 30, 2014 Forward Stock Split	Jun. 30, 2014 Forward Stock Split Rate
Class of Stock [Line Items]
Stock split ratio				0.002	500	500
Stockholder ownership requiring cash payment, maximum (in shares)				500
Stockholder ownership not requiring cash payment, minimum (in shares)				500
Reverse stock split, payout	$ 10,100	$ 10,071
Reverse stock split, shares paid out (in shares)	295,659		1,388

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Investments - Portfolio of marketable securities (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Available-for-sale securities:
Cost	$ 195,456	$ 229,948
Gross Unrealized Gains	19,687	15,930
Gross Unrealized Losses	(2,954)	(5,484)
Estimated Fair Value	212,189	240,394
Amounts classified as cash equivalents	(42,554)	(61,909)
Marketable securities cost	152,902	168,039
Marketable securities estimated fair value	169,635	178,485
Short-term deposits
Available-for-sale securities:
Cost	42,554	60,909
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	42,554	60,909
Mutual funds
Available-for-sale securities:
Cost	15,722	15,722
Gross Unrealized Gains	5,153	5,061
Gross Unrealized Losses	(116)	0
Estimated Fair Value	20,759	20,783
United States government securities
Available-for-sale securities:
Cost		50,356
Gross Unrealized Gains		23
Gross Unrealized Losses		0
Estimated Fair Value		50,379
Corporate securities
Available-for-sale securities:
Cost	105,932	69,806
Gross Unrealized Gains	13,539	9,961
Gross Unrealized Losses	(2,675)	(5,208)
Estimated Fair Value	116,796	74,559
Corporate obligations
Available-for-sale securities:
Cost	31,248	31,356
Gross Unrealized Gains	995	885
Gross Unrealized Losses	(163)	(276)
Estimated Fair Value	32,080	31,965
Commercial paper
Available-for-sale securities:
Cost		1,799
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		$ 1,799

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Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities

“Accrued expenses and other current liabilities” consisted of the following:

	September 30, 2014		December 31, 2013
	(in thousands)
Accrued compensation and related taxes	$	6,061	$	4,207
Deferred revenue	941		857
Insurance	1,520		310
Professional services	287		608
Accrued fuel and rig-related charges	1,163		889
Tax-related	341		385
Other	629		507
Total	$	10,942	$	7,763

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Segment Information (Detail)	9 Months Ended
	Sep. 30, 2014 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	2

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Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Cost	$ 61,621	$ 60,695
Accumulated Amortization	(23,604)	(16,257)
Net	38,017	44,438
Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	59,410	59,410
Accumulated Amortization	(23,024)	(16,015)
Net	36,386	43,395
Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	2,211	1,285
Accumulated Amortization	(580)	(242)
Net	1,631	1,043
Customer relationships | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	54,430	54,430
Accumulated Amortization	(19,999)	(13,700)
Net	34,431	40,730
Customer relationships | Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	2,089	1,163
Accumulated Amortization	(550)	(230)
Net	1,539	933
Trade names | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	4,860	4,860
Accumulated Amortization	(3,006)	(2,315)
Net	1,854	2,545
Trade names | Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	122	122
Accumulated Amortization	(30)	(12)
Net	92	110
Non-compete agreement | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	120	120
Accumulated Amortization	(19)	0
Net	$ 101	$ 120

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Related Party Transactions (Detail) (USD $)	3 Months Ended		9 Months Ended			1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014 SP Corporate Services LLC	Sep. 30, 2013 SP Corporate Services LLC	Sep. 30, 2014 SP Corporate Services LLC	Sep. 30, 2013 SP Corporate Services LLC	Sep. 30, 2014 SP Corporate Services LLC Monthly Expanded Services	Oct. 31, 2014 SP Corporate Services LLC Subsequent Event Monthly Expanded Services	Oct. 31, 2013 iGo	Sep. 30, 2014 WebBank Interest Income	Sep. 30, 2013 WebBank Interest Income	Sep. 30, 2014 WebBank Interest Income	Sep. 30, 2013 WebBank Interest Income	Sep. 30, 2014 WebBank Short-term deposits	Sep. 30, 2014 Steel Excel Percentage Owned By Steel Partners
Ownership (as a percent)													57.90%
Provision of services	$ 2,200,000	$ 1,000,000	$ 6,600,000	$ 3,000,000	$ 8,000,000	$ 8,200,000
Accounts payable	200,000		200,000
Fixed annual fee							400,000
Short-term deposits												15,200,000
Interest income								$ 23,000	$ 21,000	$ 65,000	$ 69,000

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Supplemental Cash Flow Information (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 2,092	$ 539
Income taxes paid, net of refunds	151	1,594
Reclassification of available-for-sale securities to equity method investment	27,647	0
Securities received in exchange for financial instrument obligations	19,341	0
Contribution of advances by non-controlling interest	268	0
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$ 14	$ 0

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Net Income (Loss) Per Share - Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerators:
Net income (loss) from continuing operations	$ (945)	$ 3,047	$ 11,852	$ 7,496
Non-controlling interest	(238)	(178)	99	(122)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	(1,183)	2,869	11,951	7,374
Loss from discontinued operations, net of taxes	0	(888)	0	(1,477)
Non-controlling interest	0	489	0	954
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc.	0	(399)	0	(523)
Net income (loss) attributable to Steel Excel Inc.	$ (1,183)	$ 2,470	$ 11,951	$ 6,851
Denominators:
Basic weighted average common shares outstanding (in Shares)	11,437	12,529	11,769	12,736
Effect of dilutive securities:
Stock-based awards (in Shares)	0	17	21	18
Diluted weighted average common shares outstanding (in Shares)	11,437	12,546	11,790	12,754
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations (in dollars per share)	$ (0.10)	$ 0.23	$ 1.02	$ 0.58
Loss from discontinued operations, net of taxes (in dollars per share)	$ 0.00	$ (0.03)	$ 0.00	$ (0.04)
Net income (loss) (in dollars per share)	$ (0.10)	$ 0.20	$ 1.02	$ 0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations (in dollars per share)	$ (0.10)	$ 0.23	$ 1.01	$ 0.58
Loss from discontinued operations, net of taxes (in dollars per share)	$ 0.00	$ (0.03)	$ 0.00	$ (0.04)
Net income (loss) (in dollars per share)	$ (0.10)	$ 0.20	$ 1.01	$ 0.54
Antidilutive securities excluded (in shares)	(23)

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Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Cash paid for interest and income taxes and non-cash investing and financing activities for the nine months ended September 30, 2014 and 2013, was as follows:

	Nine Months Ended September 30,
	2014		2013
	(in thousands)
Interest paid	$	2,092	$	539
Income taxes paid, net of refunds	$	151	$	1,594
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	27,647	$	—
Securities received in exchange for financial instrument obligations	$	19,341	$	—
Contribution of advances by non-controlling interest	$	268	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	14	$	—

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Investments - Equity Method Investments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	May 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 32,728		$ 32,728			$ 8,339
Income (Loss) Recognized	(4,843)	(138)	(3,402)	(218)
Again Faster
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	40.00%		40.00%			40.00%
Carrying Value	3,115		3,115			3,671
Income (Loss) Recognized	(263)	(138)	(556)	(218)
iGo
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	46.90%		46.90%			44.70%
Carrying Value	2,742		2,742			4,668
Income (Loss) Recognized	(121)	0	(1,926)	0
API
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	20.60%		20.60%		20.60%
Carrying Value	26,871		26,871			0
Income (Loss) Recognized	$ (4,459)	$ 0	$ (920)	$ 0

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Acquisitions - Purchase Price Allocation (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014 Black Hawk Energy Services, Inc.	Dec. 16, 2013 Black Hawk Energy Services, Inc. Previously Reported	Sep. 30, 2014 Black Hawk Energy Services, Inc. Measurement Period Adjustments
Accounts receivable				$ 10,114	$ 9,663	$ 451
Prepaid expenses and other current assets				319	208	111
Property and equipment				30,088	30,581	(493)
Intangible assets				12,210	0	12,210
Accounts payable				(1,584)	(1,333)	(251)
Accrued expenses				(2,160)	(1,756)	(404)
Total identifiable net assets acquired				48,987	37,363	11,624
Goodwill	67,530	67,530	53,093	10,576	23,400	(12,824)
Net assets acquired				$ 59,563	$ 60,763	$ (1,200)

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Segment Information - Assets (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Total assets:
Total assets	$ 552,009	$ 538,694
Sports segment:
Total assets:
Total assets	19,344	20,495
Energy segment:
Total assets:
Total assets	256,416	244,401
Corporate and other business activities
Total assets:
Total assets	$ 276,249	$ 273,798

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Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income

Changes in the components of "Accumulated other comprehensive income" were as follows:

	Unrealized Gains on Securities		Cumulative Translation Adjustment			Total
	(in thousands)
Balance, January 1, 2014	$	6,921	$	(405	)	$	6,516
Current period other comprehensive income	4,134		30			4,164
Balance, September 30, 2014	$	11,055	$	(375	)	$	10,680

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Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Cash And Cash Equivalents
Assets			$ 1,000
Marketable Securities
Assets			800
Financial instrument obligations
Liabilities	(20,264)
Cash, including short-term deposits
Assets	46,677	[1]	72,602	[2]
Restricted cash
Assets	20,264
Mutual funds
Assets	20,759	[3]	20,783	[4]
United States government securities
Assets			50,379	[4]
Corporate securities
Assets	116,796	[3]	74,559	[4]
Commercial paper
Assets			1,799	[5]
Corporate obligations
Assets	32,080	[3]	31,965	[4]
Investments in equity-method investees
Assets	26,871
Investments in certain funds
Assets	540	[6]	844	[7]
Financial Assets
Assets	263,987		252,931
Level 1 | Financial instrument obligations
Liabilities	(20,264)
Level 1 | Cash, including short-term deposits
Assets	46,677	[1]	72,602	[2]
Level 1 | Restricted cash
Assets	20,264
Level 1 | Mutual funds
Assets	20,759	[3]	20,783	[4]
Level 1 | United States government securities
Assets			50,379	[4]
Level 1 | Corporate securities
Assets	100,409	[3]	68,624	[4]
Level 1 | Commercial paper
Assets			0	[5]
Level 1 | Corporate obligations
Assets	0	[3]	0	[4]
Level 1 | Investments in equity-method investees
Assets	26,871
Level 1 | Investments in certain funds
Assets	0	[6]	0	[7]
Level 1 | Financial Assets
Assets	214,980		212,388
Level 2 | Financial instrument obligations
Liabilities	0
Level 2 | Cash, including short-term deposits
Assets	0	[1]	0	[2]
Level 2 | Restricted cash
Assets	0
Level 2 | Mutual funds
Assets	0	[3]	0	[4]
Level 2 | United States government securities
Assets			0	[4]
Level 2 | Corporate securities
Assets	0	[3]	0	[4]
Level 2 | Commercial paper
Assets			1,799	[5]
Level 2 | Corporate obligations
Assets	12,858	[3]	14,535	[4]
Level 2 | Investments in equity-method investees
Assets	0
Level 2 | Investments in certain funds
Assets	0	[6]	0	[7]
Level 2 | Financial Assets
Assets	12,858		16,334
Level 3 | Financial instrument obligations
Liabilities	0
Level 3 | Cash, including short-term deposits
Assets	0	[1]	0	[2]
Level 3 | Restricted cash
Assets	0
Level 3 | Mutual funds
Assets	0	[3]	0	[4]
Level 3 | United States government securities
Assets			0	[4]
Level 3 | Corporate securities
Assets	16,387	[3]	5,935	[4]
Level 3 | Commercial paper
Assets			0	[5]
Level 3 | Corporate obligations
Assets	19,222	[3]	17,430	[4]
Level 3 | Investments in equity-method investees
Assets	0
Level 3 | Investments in certain funds
Assets	540	[6]	844	[7]
Level 3 | Financial Assets
Assets	$ 36,149		$ 24,209

[1] Reported within "Cash and cash equivalents"

[2] Reported within "Cash and cash equivalents."

[3] Reported within “Marketable securities”

[4] Reported within “Marketable securities.”

[5] reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."

[6] Reported within "Other investments"

[7] Reported within "Other investments."

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Interest and Other Income - Other Income (Expense), Net (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Realized gain (loss) on sale of marketable securities, net	$ (1,001)	$ 1,863	$ 4,066	$ 1,834
Realized loss on financial instrument obligation	(83)	0	(752)	0
Realized loss upon change to equity method at fair value	0	0	(568)	0
Foreign exchange loss	(223)	0	(394)	0
Loss on extinguishment of debt	0	(463)	0	(463)
Other	8	67	(69)	37
Other income (expense), net	$ (1,299)	$ 1,467	$ 2,283	$ 1,408

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Long-term Debt (Details) (USD $)	3 Months Ended		9 Months Ended					12 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 Steel Energy Ltd	Dec. 31, 2013 Energy Credit Agreement Long-term Debt Steel Energy Ltd	Dec. 31, 2013 Energy Credit Agreement Term Loan Steel Energy Ltd	Dec. 31, 2013 Energy Credit Agreement Line of Credit Revolving Credit Facility Steel Energy Ltd	Sep. 30, 2014 Amended Credit Agreement Steel Energy Ltd	Sep. 30, 2014 Amended Credit Agreement Steel Energy Ltd	Sep. 30, 2014 Amended Credit Agreement Long-term Debt Steel Energy Ltd	Sep. 30, 2014 Amended Credit Agreement Term Loan Steel Energy Ltd	Sep. 30, 2014 Amended Credit Agreement Term Loan Steel Energy Ltd	Sep. 30, 2013 Sun Well Credit Agreement Sun Well	Sep. 30, 2013 Sun Well Credit Agreement Sun Well	Sep. 30, 2014 Sun Well Credit Agreement Term Loan Sun Well	Sep. 30, 2014 Sun Well Credit Agreement Line of Credit Revolving Credit Facility Sun Well
Debt Instrument [Line Items]
Long-term debt	$ 82,589,000		$ 82,589,000		$ 82,600,000	$ 105,000,000	$ 95,000,000									$ 20,000,000.0
Maximum borrowing capacity								10,000,000.0									5,000,000.0
Loss on extinguishment of debt	0	(463,000)	0	(463,000)
Borrowing base of eligible accounts receivable (as a percent)								85.00%
Quarterly installments											3,300,000
Interest rate (as a percent)									3.00%	3.00%
Interest expense	778,000	745,000	2,468,000	1,000,000					800,000	2,400,000				100,000	300,000
Interest on term loans												700,000	2,000,000
Amortization of deferred financing fees												$ 100,000	$ 400,000

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Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Gross realized gains	$ 682	$ 1,914	$ 7,078	$ 5,779
Gross realized losses	(1,683)	(51)	(3,012)	(3,945)
Realized gains (losses), net	(1,001)	1,863	4,066	1,834
Unrealized loss position less than 12 months, fair value					26,086
Unrealized loss position, less than 12 month, gross unrealized losses					(5,033)
Unrealized loss position, 12 months or greater, fair value					803
Unrealized loss position, 12 month or greater, gross unrealized losses					(451)
Unrealized loss position, total, fair value	41,282		41,282		26,889
Unrealized loss position, total, gross unrealized losses			(2,954)		(5,484)
Corporate securities
Unrealized loss position less than 12 months, fair value					15,609
Unrealized loss position, less than 12 month, gross unrealized losses					(4,757)
Unrealized loss position, 12 months or greater, fair value					803
Unrealized loss position, 12 month or greater, gross unrealized losses					(451)
Unrealized loss position, total, fair value	28,611		28,611		16,412
Unrealized loss position, total, gross unrealized losses			(2,675)		(5,208)
Corporate obligations
Unrealized loss position less than 12 months, fair value					10,477
Unrealized loss position, less than 12 month, gross unrealized losses					(276)
Unrealized loss position, 12 months or greater, fair value					0
Unrealized loss position, 12 month or greater, gross unrealized losses					0
Unrealized loss position, total, fair value	7,592		7,592		10,477
Unrealized loss position, total, gross unrealized losses			(163)		(276)
Mutual funds
Unrealized loss position, total, fair value	5,079		5,079
Unrealized loss position, total, gross unrealized losses			$ (116)

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2014

NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), which changes the requirements for reporting discontinued operations. Pursuant to this pronouncement, the disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on an entity’s operations and financial results. This pronouncement also requires additional disclosures for discontinued operations and requires disclosures about disposals of individually significant components of an entity that do not qualify for discontinued operations presentation in the financial statements. ASU No. 2014-08 is effective for annual reporting periods beginning after December 15, 2014, and for interim reporting period within those years. The Company does not expect the adoption of ASU No. 2014-08 to have a material effect on its consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which establishes a core principle, achieved through a five-step process, that an entity should recognize revenue to depict 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 No. 2014-09 is effective for public companies for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those years. Upon adoption, ASU No. 2014-09 can be applied either retrospectively to each reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Early application is not permitted. The Company needs to evaluate the impact on its consolidated financial statements of adopting ASU No. 2014-09 and will determine the implementation method to be used.

In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718), to address diversity in accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015, and for interim reporting period within those years, with earlier adoption permitted. The Company does not expect the adoption of ASU No. 2014-12 to have a material effect on its consolidated financial statements.

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Long-term Debt - Assets Pledged as Collateral (Details) (Steel Energy Ltd and Subsidiaries, USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Steel Energy Ltd and Subsidiaries
Debt Instrument [Line Items]
Cash and cash equivalents	$ 22,625
Accounts receivable	28,195
Property and equipment, net	100,142
Intangible assets, net	36,386
Total	$ 187,348

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Acquisitions - Pro Forma Financial Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Business Combinations [Abstract]
Net revenues	$ 48,696	$ 133,634
Net income from continuing operations	6,890	14,811
Net income	6,002	13,334
Net income attributable to Steel Excel Inc.	$ 6,313	$ 14,160
Net income per share attributable to Steel Excel Inc. - Basic (in dollars per share)	$ 0.50	$ 1.11
Net income per share attributable to Steel Excel Inc. - Diluted (in dollars per share)	$ 0.50	$ 1.11

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	72,602	$	72,602	$	—	$	—
Mutual funds(2)	20,783		20,783		—		—
United States government securities(2)	50,379		50,379		—		—
Corporate securities(2)	74,559		68,624		—		5,935
Commercial paper(3)	1,799		—		1,799		—
Corporate obligations(2)	31,965		—		14,535		17,430
Investments in certain funds(4)	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209

(1) Reported within "Cash and cash equivalents."

(2) Reported within “Marketable securities.”

(3) $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."

(4) Reported within "Other investments."

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014, summarized by measurement input category, were as follows:

	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	46,677		$	46,677		$	—	$	—
Restricted cash	20,264			20,264			—		—
Mutual funds(2)	20,759			20,759			—		—
Corporate securities(2)	116,796			100,409			—		16,387
Corporate obligations(2)	32,080			—			12,858		19,222
Investments in equity-method investees	26,871			26,871			—		—
Investments in certain funds(3)	540			—			—		540
Total assets	$	263,987		$	214,980		$	12,858	$	36,149
Liabilities
Financial instrument obligations	$	(20,264	)	$	(20,264	)	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	72,602	$	72,602	$	—	$	—
Mutual funds(2)	20,783		20,783		—		—
United States government securities(2)	50,379		50,379		—		—
Corporate securities(2)	74,559		68,624		—		5,935
Commercial paper(3)	1,799		—		1,799		—
Corporate obligations(2)	31,965		—		14,535		17,430
Investments in certain funds(4)	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209

(1) Reported within "Cash and cash equivalents."

(2) Reported within “Marketable securities.”

(3) $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."

(4) Reported within "Other investments."

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Balance, beginning of period	$	32,346		$	20,952		$	24,209		$	2,804
Purchases	2,756			—			13,294			39,332
Sales	(137		)	(32		)	(4,869		)	(22,958		)
Realized gains (losses) on sale	—			—			(129		)	1,556
Unrealized gains (losses)	1,184			(2,210		)	3,644			(2,024		)
Balance, end of period	$	36,149		$	18,710		$	36,149		$	18,710

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Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

Marketable securities at September 30, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,554		$	—	$	—		$	42,554
Mutual funds	15,722			5,153		(116		)	20,759
Corporate securities	105,932			13,539		(2,675		)	116,796
Corporate obligations	31,248			995		(163		)	32,080
Total available-for-sale securities	195,456			19,687		(2,954		)	212,189
Amounts classified as cash equivalents	(42,554		)	—		—			(42,554		)
Amounts classified as marketable securities	$	152,902		$	19,687	$	(2,954	)	$	169,635

Marketable securities at December 31, 2013, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	60,909		$	—	$	—		$	60,909
Mutual funds	15,722			5,061		—			20,783
United States government securities	50,356			23		—			50,379
Corporate securities	69,806			9,961		(5,208		)	74,559
Corporate obligations	31,356			885		(276		)	31,965
Commercial paper	1,799			—		—			1,799
Total available-for-sale securities	229,948			15,930		(5,484		)	240,394
Amounts classified as cash equivalents	(61,909		)	—		—			(61,909		)
Amounts classified as marketable securities	$	168,039		$	15,930	$	(5,484	)	$	178,485

Available-for-sale Securities

Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Gross realized gains	$	682		$	1,914		$	7,078		$	5,779
Gross realized losses	(1,683		)	(51		)	(3,012		)	(3,945		)
Realized gains (losses), net	$	(1,001	)	$	1,863		$	4,066		$	1,834

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at September 30, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	28,611	$	(2,675	)
Corporate obligations	7,592		(163		)
Mutual funds	5,079		(116		)
Total	$	41,282	$	(2,954	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows:

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	15,609	$	(4,757	)	$	803	$	(451	)	$	16,412	$	(5,208	)
Corporate obligations	10,477		(276		)	—		—			10,477		(276		)
Total	$	26,086	$	(5,033	)	$	803	$	(451	)	$	26,889	$	(5,484	)

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at September 30, 2014, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities:
Mature after one year through three years	$	223	$	228
Mature in more than three years	31,025		31,852
Total debt securities	31,248		32,080
Securities with no contractual maturities	164,208		180,109
Total	$	195,456	$	212,189

Financial Instrument Obligations

As of September 30, 2014, the Company's financial instrument obligations consisted of the following.

	Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	655	$	532
Market indices	18,685		19,603
Covered call options	80		123
Naked put options	92		6
Total	$	19,512	$	20,264

Equity Method Investments

The following table summarizes the Company's equity-method investments.

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Nine Months Ended
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	3,115	$	3,671	$	(263	)	$	(138	)	$	(556	)	$	(218	)
iGo	46.9	%	44.7	%	2,742		4,668		(121		)	—			(1,926		)	—
Fair value option
API	20.6	%			26,871		—		(4,459		)	—			(920		)	—
Total					$	32,728	$	8,339	$	(4,843	)	$	(138	)	$	(3,402	)	$	(218	)

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Goodwill and Other Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 2,273	$ 1,985	$ 7,347	$ 6,616
Goodwill impairment			0		(3,577)
Ruckus Sports LLC
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment					$ (3,600)

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Discontinued Operations - Revenues and the components of income related to discontinued operations (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ 0	$ (888,000)	$ 0	$ (1,477,000)
Ruckus Sports LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from discontinued operations		400,000		1,000,000
Loss from discontinued operations		$ (900,000)		$ (1,500,000)

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Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment at September 30, 2014, and December 31, 2013, consisted of the following:

	September 30, 2014			December 31, 2013
	(in thousands)
Rigs and other equipment	$	111,538		$	100,884
Buildings and improvements	18,921			17,880
Land	1,893			1,893
Vehicles	2,170			1,869
Furniture and fixtures	690			512
Assets in progress	2,083			1,114
	137,295			124,152
Accumulated depreciation	(28,958		)	(18,262		)
Property and equipment, net	$	108,337		$	105,890

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company's intangible assets at September 30, 2014, and December 31, 2013, all of which are subject to amortization, consisted of the following:

	September 30, 2014							December 31, 2013
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(19,999	)	$	34,431	$	54,430	$	(13,700	)	$	40,730
Trade names	4,860		(3,006		)	1,854		4,860		(2,315		)	2,545
Non-compete agreement	120		(19		)	101		120		—			120
	59,410		(23,024		)	36,386		59,410		(16,015		)	43,395
Sports segment:
Customer relationships	2,089		(550		)	1,539		1,163		(230		)	933
Trade names	122		(30		)	92		122		(12		)	110
	2,211		(580		)	1,631		1,285		(242		)	1,043
Total	$	61,621	$	(23,604	)	$	38,017	$	60,695	$	(16,257	)	$	44,438

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows:

	Amount
	(in thousands)
For the year ended December 31:
Remainder of 2014	$	2,234
2015	8,210
2016	7,202
2017	5,971
2018	5,232
Thereafter	9,168
Total	$	38,017

Schedule of Goodwill

The changes to the Company’s carrying amount of goodwill were as follows:

	Nine Months Ended September 30, 2014						Year Ended December 31, 2013
	Energy		Sports		Total		Energy		Sports			Total
	(in thousands)
Balance, beginning of period	$	65,359	$	2,171	$	67,530	$	52,939	$	154		$	53,093
Acquisitions	—		—		—		10,576		5,594			16,170
Adjustments to fair value	—		—		—		1,844		—			1,844
Impairments	—		—		—		—		(3,577		)	(3,577		)
Balance, end of period	$	65,359	$	2,171	$	67,530	$	65,359	$	2,171		$	67,530

Schedule of Intangible Assets and Goodwill

The components of goodwill at September 30, 2014, and December 31, 2013, were as follows:

	September 30, 2014			December 31, 2013
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(5,565		)	(5,565		)
Net goodwill	$	67,530		$	67,530

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Description and Basis of Presentation

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description and Basis of Presentation

Description and Basis of Presentation

Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. Through its wholly-owned subsidiary Steel Energy Services Ltd. ("Steel Energy"), the Company’s Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the Company’s Sports business provides event-based sports services and other health-related services. The Company also continues to identify business acquisition and investment opportunities in other unrelated industries.

The accompanying unaudited consolidated financial statements of Steel Excel and its subsidiaries, which have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles, should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2013. The Company believes that all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation have been included in the financial statements. The operating results of any period are not necessarily indicative of the results for the entire year or any future period.

In December 2013, Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), an indirect wholly-owned subsidiary of the Company, acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. ("Black Hawk Inc."), a provider of drilling and production services to the oil and gas industry. The fair values recognized at December 31, 2013, were provisional pending further analysis and valuations. In 2014, the Company recorded measurement period adjustments to reflect revised fair values of the assets and liabilities acquired from Black Hawk Inc. The Company's balance sheet at December 31, 2013, has been revised to reflect such measurement period adjustments as if they were recorded at the acquisition date (see Note 3).

The Company shut down the operations of Ruckus Sports LLC (“Ruckus”), a provider of obstacle course and mass-participation events, in November 2013. The consolidated financial statements reflect Ruckus as a discontinued operation in all periods presented (see Note 4).

The Company's effected a 1-for-500 reverse stock split (the "Reverse Split") in June 2014, immediately followed by a 500-for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock. The consolidated financial statements reflect the effects of the Reverse/Forward Split (see Note 19).

Certain other prior period amounts have been reclassified to conform to the 2014 financial statement presentation.

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Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Assets Pledged as Collateral

The carrying values as of September 30, 2014, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows:

	Amount
	(in thousands)
Cash and cash equivalents	$	22,625
Accounts receivable	28,195
Property and equipment, net	100,142
Intangible assets, net	36,386
Total	$	187,348

Schedule of Maturities of Long-term Debt

Principal payments under the Amended Credit Agreement for the remainder of 2014 and subsequent years are as follows:

	Amount
	(in thousands)
Remainder of 2014	$	3,304
2015	13,214
2016	13,214
2017	13,214
2018	39,643
Total	82,589
Less current portion	13,214
Total long-term debt	$	69,375

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Description and Basis of Presentation (Detail)	9 Months Ended	1 Months Ended
	Sep. 30, 2014 segment	Jun. 30, 2014 Reverse Stock Split Rate	Jun. 30, 2014 Forward Stock Split	Jun. 30, 2014 Forward Stock Split Rate
Class of Stock [Line Items]
Number of reportable segments (in segments)	2
Stock split ratio		0.002	500	500

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Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ 32,346	$ 20,952	$ 24,209	$ 2,804
Purchases	2,756	0	13,294	39,332
Sales	(137)	(32)	(4,869)	(22,958)
Realized gains (losses) on sale	0	0	(129)	1,556
Unrealized gains (losses)	1,184	(2,210)	3,644	(2,024)
Balance, End	$ 36,149	$ 18,710	$ 36,149	$ 18,710

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Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 6,516
Other comprehensive income	4,164
Balance at end of period	10,680
Unrealized Gains on Securities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	6,921
Other comprehensive income	4,134
Balance at end of period	11,055
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(405)
Other comprehensive income	30
Balance at end of period	$ (375)

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Net revenues	$ 58,583	$ 31,420	$ 155,666	$ 86,532
Cost of revenues	40,599	23,340	111,095	62,061
Gross profit	17,984	8,080	44,571	24,471
Operating expenses:
Selling, general and administrative expenses	9,531	5,146	27,075	16,204
Amortization of intangibles	2,273	1,985	7,347	6,616
Total operating expenses	11,804	7,131	34,422	22,820
Operating income	6,180	949	10,149	1,651
Interest income, net	554	472	1,763	2,341
Other income (expense), net	(1,299)	1,467	2,283	1,408
Income from continuing operations before income taxes and equity method loss	5,435	2,888	14,195	5,400
Benefit from (provision for) income taxes	(1,537)	297	1,059	2,314
Loss from equity method investees, net of taxes	(4,843)	(138)	(3,402)	(218)
Net income (loss) from continuing operations	(945)	3,047	11,852	7,496
Loss from discontinued operations, net of taxes	0	(888)	0	(1,477)
Net income (loss)	(945)	2,159	11,852	6,019
Net loss (income) attributable to non-controlling interests in consolidated entities
Continuing operations	(238)	(178)	99	(122)
Discontinued operations	0	489	0	954
Net income (loss) attributable to Steel Excel Inc.	$ (1,183)	$ 2,470	$ 11,951	$ 6,851
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations (in dollars per share)	$ (0.10)	$ 0.23	$ 1.02	$ 0.58
Loss from discontinued operations, net of taxes (in dollars per share)	$ 0.00	$ (0.03)	$ 0.00	$ (0.04)
Net income (loss) (in dollars per share)	$ (0.10)	$ 0.20	$ 1.02	$ 0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations (in dollars per share)	$ (0.10)	$ 0.23	$ 1.01	$ 0.58
Loss from discontinued operations, net of taxes (in dollars per share)	$ 0.00	$ (0.03)	$ 0.00	$ (0.04)
Net income (loss) (in dollars per share)	$ (0.10)	$ 0.20	$ 1.01	$ 0.54
Shares used in computing income (loss) per share:
Basic (in Shares)	11,437	12,529	11,769	12,736
Diluted (in Shares)	11,437	12,546	11,790	12,754

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Investments (Detail) (USD $)	3 Months Ended		9 Months Ended					1 Months Ended							1 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014 Venture Capital Funds	Sep. 30, 2014 Promissory Note	Jan. 31, 2013 Again Faster	Sep. 30, 2014 Again Faster	Dec. 31, 2013 Again Faster	Jan. 31, 2013 Again Faster	Sep. 30, 2014 iGo	Dec. 31, 2013 iGo	Aug. 31, 2013 iGo	May 31, 2014 API	Sep. 30, 2014 API	Sep. 30, 2014 Partnership	Sep. 30, 2014 Securities Loaned or Sold under Agreements to Repurchase
Sales of marketable securities	$ 9,400,000	$ 20,400,000	$ 105,112,000	$ 65,474,000
Derivative liability	212,189,000		212,189,000		240,394,000													19,500,000
Realized loss on financial instrument obligation	(100,000)		(800,000)
Membership interest (as a percent)											40.00%			44.70%
Total cash consideration								4,000,000
Shares acquired (in shares)														1,316,866
Total consideration														5,200,000
Ownership (as a percent)									40.00%	40.00%		46.90%	44.70%		20.60%	20.60%
Number of shares held															11,377,192
Number of shares purchased															1,666,666
Loss on change to equity method at fair value	0	0	568,000	0												600,000
Value of investment	26,871,000		26,871,000									4,200,000
Cost-method investments	28,540,000		28,540,000		25,844,000												25,000,000
Fair value of cost method investments																	23,400,000
Other investments						$ 500,000	$ 3,000,000

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Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Non-Controlling Interest
Balance at beginning of period at Dec. 31, 2013	$ 423,935	$ 14	$ (71,001)	$ 274,826	$ 6,516	$ 213,967	$ (387)
Balance at beginning of period (in shares) at Dec. 31, 2013		(14,508,000)	(2,503,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Steel Excel Inc.	11,951					11,951
Net loss attributable to non-controlling interests	(99)						(99)
Other comprehensive income	4,164				4,164
Net issuance of restricted shares (in shares)		13,000
Net issuance of restricted shares	(13)	1		(14)
Stock-based compensation	2,305			2,305
Reverse/forward stock split (in shares)		(297,000)
Reverse/forward stock split	(10,071)	(1)		(10,070)
Repurchases of common stock (in shares)			(311,000)
Repurchases of common stock	(10,354)		(10,354)
Contribution from non-controlling interest	328						328
Balance at end of period at Sep. 30, 2014	$ 422,146	$ 14	$ (81,355)	$ 267,047	$ 10,680	$ 225,918	$ (158)
Balance at end of period (in shares) at Sep. 30, 2014		(14,224,000)	(2,814,000)

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Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Goodwill [Roll Forward]
Balance, beginning of period	$ 67,530	$ 53,093
Acquisitions	0	16,170
Adjustments to fair value	0	1,844
Impairments	0	(3,577)
Balance, end of period	67,530	67,530
Energy segment:
Goodwill [Roll Forward]
Balance, beginning of period	65,359	52,939
Acquisitions	0	10,576
Adjustments to fair value	0	1,844
Impairments	0	0
Balance, end of period	65,359	65,359
Sports segment:
Goodwill [Roll Forward]
Balance, beginning of period	2,171	154
Acquisitions	0	5,594
Adjustments to fair value	0	0
Impairments	0	(3,577)
Balance, end of period	$ 2,171	$ 2,171

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Stock Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2014

Share-based Compensation [Abstract]

Stock-based compensation expense by type of award

Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Stock options	$	—	$	25	$	36	$	76
Restricted stock	622		277		2,269		1,903
Total stock-based compensation	$	622	$	302	$	2,305	$	1,979

Restricted Stock Activity

Restricted stock activity in the Equity Plans during the nine months ended September 30, 2014, was as follows:

	Amount
	(in thousands)
Non-vested stock, January 1, 2014	142
Awarded	24
Vested	(21	)
Forfeited	(12	)
Non-vested stock, September 30, 2014	133

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Other Liabilities - Other long-term liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Other Long-term liabilities	$ 3,715	$ 3,813

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Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

Changes in the components of "Accumulated other comprehensive income" were as follows:

	Unrealized Gains on Securities		Cumulative Translation Adjustment			Total
	(in thousands)
Balance, January 1, 2014	$	6,921	$	(405	)	$	6,516
Current period other comprehensive income	4,134		30			4,164
Balance, September 30, 2014	$	11,055	$	(375	)	$	10,680

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Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014		2013
	(in thousands, except per share data)
Numerators:
Net income (loss) from continuing operations	$	(945	)	$	3,047		$	11,852	$	7,496
Non-controlling interest	(238		)	(178		)	99		(122		)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	(1,183	)	$	2,869		$	11,951	$	7,374
Loss from discontinued operations, net of taxes	$	—		$	(888	)	$	—	$	(1,477	)
Non-controlling interest	—			489			—		954
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc.	$	—		$	(399	)	$	—	$	(523	)
Net income (loss) attributable to Steel Excel Inc.	$	(1,183	)	$	2,470		$	11,951	$	6,851
Denominators:
Basic weighted average common shares outstanding	11,437			12,529			11,769		12,736
Effect of dilutive securities:
Stock-based awards	—			17			21		18
Diluted weighted average common shares outstanding	11,437			12,546			11,790		12,754
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.02	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.02	$	0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.01	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.01	$	0.54

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Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Steel Partners Holdings L.P. ("SPLP") beneficially owned approximately 57.9% of the Company’s outstanding common stock as of September 30, 2014. The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. (“SPH GP”). Warren G. Lichtenstein, the Chairman of the Board of Directors and President of the Company's Sports segment, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Jack L. Howard, as Vice Chairman and principal executive officer, James F. McCabe, Jr., as Chief Financial Officer, and Leonard J. McGill, as Vice President, General Counsel, and Secretary. Each of Warren G. Lichtenstein and Jack L. Howard is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy.

Effective January 1, 2014, the services provided by SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, were expanded, with the Company paying SP Corporate $8.0 million annually for such services. In October 2014, the annual service fee was increased to $8.2 million to include fees for executive services provided by SP Corporate to the Company's Sports business. The services agreement with SP Corporate and subsequent amendments were approved by a committee of the Company’s independent directors. In addition, the Company reimburses SP Corporate and other SPLP affiliates for certain expenses incurred on the Company’s behalf. During the three months ended September 30, 2014 and 2013, the Company incurred expenses of $2.2 million and $1.0 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. During the nine months ended September 30, 2014 and 2013, the Company incurred expenses of $6.6 million and $3.0 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. The Company owed SP Corporate and its affiliates $0.2 million at September 30, 2014.

In October 2013, iGo contracted with SP Corporate to provide certain executive, other employee, and corporate services for a fixed annual fee of $0.4 million. In addition, iGo will reimburse SP Corporate for reasonable and necessary business expenses incurred on iGo’s behalf. The services agreement was approved by the independent directors of iGo.

At September 30, 2014, the Company held $15.2 million of short-term deposits at WebBank, an affiliate of SPLP. For the three months ended September 30, 2014 and 2013, the Company recorded interest income of $23,000 and $21,000, respectively, on such deposits. For the nine months ended September 30, 2014 and 2013, the Company recorded interest income of $65,000 and $69,000, respectively.

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Income Taxes (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (1,537,000)	$ 297,000	$ 1,059,000	$ 2,314,000
Change in valuation allowance	$ (1,000,000)	$ 700,000	$ 2,200,000	$ 2,800,000

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities:
Net income	$ 11,852	$ 6,019
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations	0	1,476
Loss from equity method investees	3,402	218
Stock-based compensation expense	2,305	1,979
Depreciation and amortization	18,127	14,361
Deferred income tax benefit	(1,745)	(2,364)
Gain on sales of marketable securities	(4,065)	(1,834)
Loss on extinguishment of debt	0	463
Loss on financial instrument obligations	752	0
Loss on change to equity method at fair value	568	0
Other	561	155
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(4,402)	2,419
Prepaid expenses and other assets	709	(1,981)
Accounts payable and other liabilities	2,725	(1,690)
Net cash used in operating activities of discontinued operations	0	(1,894)
Net cash provided by operating activities	30,789	17,327
Cash Flows From Investing Activities:
Purchases of businesses, net of cash acquired	(517)	(1,125)
Purchases of property and equipment	(13,610)	(6,052)
Proceeds from sale of property and equipment	413	527
Investments in equity method investees	(144)	(9,202)
Purchases of marketable securities	(99,296)	(161,288)
Sales of marketable securities	105,112	65,474
Maturities of marketable securities	4,302	134,669
Proceeds from issuance of financial instrument obligations	171	0
Other investments	(3,000)	(25,000)
Reclassification of restricted cash	(20,264)	0
Net cash used in investing activities of discontinued operations	0	(196)
Net cash used in investing activities	(26,833)	(2,193)
Cash Flows From Financing Activities:
Repurchases of common stock - treasury shares	(10,354)	(17,816)
Repurchases of common stock - reverse/forward stock split	(10,071)	0
Proceeds from issuance of long-term debt	0	70,000
Repayment of subordinated notes	(346)	0
Repayments of capital lease obligations	(289)	(314)
Repayment of subordinated notes	0	(1,130)
Repayments of long-term debt	(9,911)	(15,500)
Other financing activities	60	0
Net cash provided by (used in) financing activities	(30,911)	35,240
Net increase (decrease) in cash and cash equivalents	(26,955)	50,374
Effect of foreign currency translation on cash and cash equivalents	30	(35)
Cash and cash equivalents, beginning balance	73,602	71,556
Cash and cash equivalents, ending balance	$ 46,677	$ 121,895

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (945)		$ 2,159		$ 11,852		$ 6,019
Other comprehensive income (loss):
Foreign currency translation adjustment	16		(3)		30		(39)
Reclassification to realized gains	0		(346)		0		(346)
Foreign currency translation adjustment	16	[1]	(349)	[1]	30	[1]	(385)	[1]
Gross unrealized gains (losses) on marketable securities, net of tax	(761)	[2]	2,421	[2]	6,622	[2]	5,917	[2]
Reclassification to realized gains, net of tax	(911)	[3]	(1,176)	[3]	(2,488)	[3]	(1,158)	[3]
Net unrealized gain (loss) on marketable securities, net of taxes	(1,672)		1,245		4,134		4,759
Comprehensive income (loss)	(2,601)		3,055		16,016		10,393
Comprehensive loss (income) attributable to non-controlling interest	(238)		311		99		832
Comprehensive income (loss) attributable to Steel Excel Inc.	(2,839)		3,366		16,115		11,225
Tax benefit (provision) on gross unrealized gains (losses)	586		(1,351)		(3,449)		(3,455)
Tax benefit (provision) on reclassifications to realized gains (losses)	$ 434		$ 687		$ 1,296		$ 676

[1] No tax effect on cumulative translation adjustments

[2] Tax benefit (provision) on gross unrealized gains: $586 $(1,351) $(3,449) $(3,455)

[3] Tax benefit (provision) on reclassifications to realized gains: $434 $687 $1,296 $676

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Other Liabilities

9 Months Ended

Sep. 30, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities

“Accrued expenses and other current liabilities” consisted of the following:

	September 30, 2014		December 31, 2013
	(in thousands)
Accrued compensation and related taxes	$	6,061	$	4,207
Deferred revenue	941		857
Insurance	1,520		310
Professional services	287		608
Accrued fuel and rig-related charges	1,163		889
Tax-related	341		385
Other	629		507
Total	$	10,942	$	7,763

“Other long-term liabilities” of $3.7 million and $3.8 million at September 30, 2014, and December 31, 2013, respectively, primarily represented long-term deferred compensation arrangements.

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Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Steel Excel Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,410,657
Amendment Flag	false
Entity Central Index Key	0000709804
Entity Filer Category	Accelerated Filer
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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Interest and Other Income

9 Months Ended

Sep. 30, 2014

Income Statement [Abstract]

Interest and Other Income

Interest and Other Income

“Interest income, net” consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Interest income	$	1,332		$	1,217		$	4,231		$	3,341
Interest expense	(778		)	(745		)	(2,468		)	(1,000		)
Interest income, net	$	554		$	472		$	1,763		$	2,341

"Other income (expense), net" consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Realized gain (loss) on sale of marketable securities, net	$	(1,001	)	$	1,863		$	4,066		$	1,834
Realized loss on financial instrument obligation	(83		)	—			(752		)	—
Realized loss upon change to equity method at fair value	—			—			(568		)	—
Foreign exchange loss	(223		)	—			(394		)	—
Loss on extinguishment of debt	—			(463		)	—			(463		)
Other	8			67			(69		)	37
Other income (expense), net	$	(1,299	)	$	1,467		$	2,283		$	1,408

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 46,677	$ 73,602
Restricted cash	20,264	0
Marketable securities	169,635	178,485
Accounts receivable, net of allowance for doubtful accounts of $0	29,930	25,355
Deferred income taxes	15	0
Prepaid expenses and other current assets	5,133	5,870
Current assets of discontinued operations	31	31
Total current assets	271,685	283,343
Property and equipment, net	108,337	105,890
Goodwill	67,530	67,530
Intangible assets, net	38,017	44,438
Other investments	28,540	25,844
Investments in equity method investees ($26,871 at fair value in 2014)	32,728	8,339
Deferred income taxes	3,732	1,556
Other long-term assets	1,440	1,754
Total assets	552,009	538,694
Current liabilities:
Accounts payable	4,460	4,754
Accrued expenses and other liabilities	10,942	7,763
Financial instrument obligations	20,264	0
Current portion of long-term debt	13,214	13,214
Current portion of capital lease obligations	412	412
3/4% convertible senior subordinated notes	0	346
Deferred income taxes	3,838	3,612
Current liabilities of discontinued operations	987	987
Total current liabilities	54,117	31,088
Capital lease obligations, net of current portion	283	572
Long-term debt, net of current portion	69,375	79,286
Deferred income taxes	2,373	0
Other long-term liabilities	3,715	3,813
Total liabilities	129,863	114,759
Commitments and contingencies
Stockholders' equity:
Common stock ($0.001 par value, 40,000 shares authorized; 14,224 and 14,508 shares issued in 2014 and 2013, respectively; 11,410 and 12,005 shares outstanding in 2014 and 2013, respectively)	14	14
Additional paid-in capital	267,047	274,826
Accumulated other comprehensive income	10,680	6,516
Retained earnings	225,918	213,967
Treasury stock, at cost (2014 - 2,814 shares; 2013 - 2,503 shares)	(81,355)	(71,001)
Total Steel Excel Inc. stockholders' equity	422,304	424,322
Non-controlling interest	(158)	(387)
Total stockholders' equity	422,146	423,935
Total liabilities and stockholders' equity	$ 552,009	$ 538,694

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Investments

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

Investments

Marketable Securities

All of the Company's marketable securities at September 30, 2014, and December 31, 2013, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)". Marketable securities at September 30, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,554		$	—	$	—		$	42,554
Mutual funds	15,722			5,153		(116		)	20,759
Corporate securities	105,932			13,539		(2,675		)	116,796
Corporate obligations	31,248			995		(163		)	32,080
Total available-for-sale securities	195,456			19,687		(2,954		)	212,189
Amounts classified as cash equivalents	(42,554		)	—		—			(42,554		)
Amounts classified as marketable securities	$	152,902		$	19,687	$	(2,954	)	$	169,635

Marketable securities at December 31, 2013, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	60,909		$	—	$	—		$	60,909
Mutual funds	15,722			5,061		—			20,783
United States government securities	50,356			23		—			50,379
Corporate securities	69,806			9,961		(5,208		)	74,559
Corporate obligations	31,356			885		(276		)	31,965
Commercial paper	1,799			—		—			1,799
Total available-for-sale securities	229,948			15,930		(5,484		)	240,394
Amounts classified as cash equivalents	(61,909		)	—		—			(61,909		)
Amounts classified as marketable securities	$	168,039		$	15,930	$	(5,484	)	$	178,485

Proceeds from sales of marketable securities were $105.1 million and $65.5 million for the nine months ended September 30, 2014 and 2013, respectively, and $9.4 million and $20.4 million for the three months ended September 30, 2014 and 2013, respectively. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Gross realized gains	$	682		$	1,914		$	7,078		$	5,779
Gross realized losses	(1,683		)	(51		)	(3,012		)	(3,945		)
Realized gains (losses), net	$	(1,001	)	$	1,863		$	4,066		$	1,834

The fair value of the Company’s marketable securities with unrealized losses at September 30, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	28,611	$	(2,675	)
Corporate obligations	7,592		(163		)
Mutual funds	5,079		(116		)
Total	$	41,282	$	(2,954	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows:

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	15,609	$	(4,757	)	$	803	$	(451	)	$	16,412	$	(5,208	)
Corporate obligations	10,477		(276		)	—		—			10,477		(276		)
Total	$	26,086	$	(5,033	)	$	803	$	(451	)	$	26,889	$	(5,484	)

Gross unrealized losses primarily related to losses on corporate securities. The Company has evaluated such securities, which primarily consist of investments in publicly-traded entities, as of September 30, 2014, and has determined that there was no indication of other-than-temporary impairments. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the Company's intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value.

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at September 30, 2014, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities:
Mature after one year through three years	$	223	$	228
Mature in more than three years	31,025		31,852
Total debt securities	31,248		32,080
Securities with no contractual maturities	164,208		180,109
Total	$	195,456	$	212,189

Financial Instrument Obligations

In 2014, the Company entered into short sale transactions on certain financial instruments in which the Company received proceeds from the sale of such financial instruments and incurred obligations to deliver or purchase securities at a later date. Upon initially entering into such short sale transactions the Company recognized obligations totaling approximately $19.5 million, with a comparable amount of the Company's cash and cash equivalents reclassified as restricted cash. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the financial instruments, are recognized currently as gains or losses, with a comparable reclassification made between the amounts of the Company's unrestricted and restricted cash. The Company's obligations for such transactions are reported as "Financial instrument obligations" with a comparable amount reported as "Restricted cash" in the Company's consolidated balance sheet. As of September 30, 2014, the Company's financial instrument obligations consisted of the following.

	Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	655	$	532
Market indices	18,685		19,603
Covered call options	80		123
Naked put options	92		6
Total	$	19,512	$	20,264

For the three and nine months ended September 30, 2014, the Company incurred losses on the financial instrument obligations totaling $0.1 million and $0.8 million, respectively, which are included as a component of "Other income (expense), net" in the Company's consolidated statements of operations.

Equity-Method Investments

In January 2013, the Company acquired a 40% membership interest in Again Faster LLC, a fitness equipment company, for total cash consideration of $4.0 million. In August 2013, the Company acquired 1,316,866 shares of the common stock of iGo, Inc. (“iGo”), in a cash tender offer for total consideration of $5.2 million. The shares of common stock of iGo acquired by the Company represented approximately 44.7% of the issued and outstanding shares of iGo at the date of acquisition. Both Again Faster and iGo are accounted for using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the losses of iGo on a one-quarter lag basis.

In May 2014, the Company increased its holdings of the common stock of API Technologies Corp. (“API”), a designer and manufacturer of high performance systems, subsystems, modules, and components, to 11,377,192 shares through the acquisition of 1,666,666 shares on the open market. Upon acquiring such shares the Company held approximately 20.6% of the total outstanding common stock of API. Effective as of that date the investment in API has been accounted for as an equity-method investment using the fair value option, with changes in fair value based on the market price of API's common stock recognized currently as income or loss from equity method investees. The Company elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $0.6 million that had previously been included as a component of "accumulated other comprehensive income".

The following table summarizes the Company's equity-method investments.

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Nine Months Ended
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	3,115	$	3,671	$	(263	)	$	(138	)	$	(556	)	$	(218	)
iGo	46.9	%	44.7	%	2,742		4,668		(121		)	—			(1,926		)	—
Fair value option
API	20.6	%			26,871		—		(4,459		)	—			(920		)	—
Total					$	32,728	$	8,339	$	(4,843	)	$	(138	)	$	(3,402	)	$	(218	)

Basedon the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $4.2 million at September 30, 2014.

Other Investments

The Company's other investments at September 30, 2014, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The investment in the limited partnership had an approximate fair value of $23.4 million at September 30, 2014, based on the net asset value indicated in the monthly statement received from the partnership. The Company's other investments at September 30, 2014, also include investments in a venture capital funds totaling $0.5 million and a promissory note with an amortized cost of $3.0 million, which is a reasonable approximation of fair value at September 30, 2014.

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Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In November 2013, the Company shut down the operations of Ruckus after it did not meet operational and financial expectations. For the nine months ended September 30, 2013, Ruckus reported revenues of $1.0 million and a loss from discontinued operations of $1.5 million. For the three months ended September 30, 2013, Ruckus reported revenues of $0.4 million and incurred a loss from discontinued operations of $0.9 million.

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Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company currently reports its business in two reportable segments - Energy and Sports. The Company measures profit or loss of its segments based on operating income (loss).

Segment information relating to the Company's results of continuing operations was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Revenues
Energy	$	49,701		$	25,162		$	140,767		$	78,272
Sports	8,882			6,258			14,899			8,260
Total revenues	$	58,583		$	31,420		$	155,666		$	86,532
Operating income (loss)
Energy	$	8,551		$	2,007		$	21,923		$	8,626
Sports	1,146			975			(896		)	(318		)
Total segment operating income	9,697			2,982			21,027			8,308
Corporate and other business activities	(3,517		)	(2,033		)	(10,878		)	(6,657		)
Interest income, net	554			472			1,763			2,341
Other income (expense), net	(1,299		)	1,467			2,283			1,408
Income from continuing operations before income taxes and equity method income	$	5,435		$	2,888		$	14,195		$	5,400
Depreciation and amortization expense:
Energy	$	5,519		$	4,386		$	16,924		$	13,923
Sports	431			150			1,203			438
Total depreciation and amortization expense	$	5,950		$	4,536		$	18,127		$	14,361

Segment information related to the Company's assets was as follows:

	September 30, 2014		December 31, 2013
	(in thousands)
Sports	$	19,344	$	20,495
Energy	256,416		244,401
Corporate and other business activities	276,249		273,798
Total assets	$	552,009	$	538,694

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Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period.

For the three months ended September 30, 2014 and 2013, the Company recognized a provision for income taxes of $1.5 million and a benefit from income taxes of $0.3 million, respectively. The provision for income taxes in the 2014 period primarily reflects a $1.0 million valuation allowance adjustment as a result of a decrease in deferred tax liabilities related to net unrealized gains on marketable securities. The benefit from income taxes in the 2013 period primarily reflects a $0.7 million valuation allowance adjustment as a result of an increase in deferred tax liabilities related to net unrealized gains on marketable securities.

For the nine months ended September 30, 2014 and 2013, the Company recognized a benefit from income taxes of $1.1 million and $2.3 million, respectively. The benefit from income taxes in each period primarily reflects valuation allowance adjustments of $2.2 million and $2.8 million in the 2014 period and 2013 period, respectively, as a result of an increase in deferred tax liabilities related to net unrealized gains on marketable securities.

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The Company's intangible assets at September 30, 2014, and December 31, 2013, all of which are subject to amortization, consisted of the following:

	September 30, 2014							December 31, 2013
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(19,999	)	$	34,431	$	54,430	$	(13,700	)	$	40,730
Trade names	4,860		(3,006		)	1,854		4,860		(2,315		)	2,545
Non-compete agreement	120		(19		)	101		120		—			120
	59,410		(23,024		)	36,386		59,410		(16,015		)	43,395
Sports segment:
Customer relationships	2,089		(550		)	1,539		1,163		(230		)	933
Trade names	122		(30		)	92		122		(12		)	110
	2,211		(580		)	1,631		1,285		(242		)	1,043
Total	$	61,621	$	(23,604	)	$	38,017	$	60,695	$	(16,257	)	$	44,438

The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3).     

Amortization expense was $2.3 million and $2.0 million for the three months ended September 30, 2014 and 2013, respectively. Amortization expense was $7.3 million and $6.6 million for the nine months ended September 30, 2014 and 2013, respectively. Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows:

	Amount
	(in thousands)
For the year ended December 31:
Remainder of 2014	$	2,234
2015	8,210
2016	7,202
2017	5,971
2018	5,232
Thereafter	9,168
Total	$	38,017

The changes to the Company’s carrying amount of goodwill were as follows:

	Nine Months Ended September 30, 2014						Year Ended December 31, 2013
	Energy		Sports		Total		Energy		Sports			Total
	(in thousands)
Balance, beginning of period	$	65,359	$	2,171	$	67,530	$	52,939	$	154		$	53,093
Acquisitions	—		—		—		10,576		5,594			16,170
Adjustments to fair value	—		—		—		1,844		—			1,844
Impairments	—		—		—		—		(3,577		)	(3,577		)
Balance, end of period	$	65,359	$	2,171	$	67,530	$	65,359	$	2,171		$	67,530

The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3). The adjustment to fair value in 2013 represents an adjustment to reflect additional acquisition-date deferred income tax liabilities and non-current deferred compensation obligations related to the acquisition of Sun Well Service, Inc. (“Sun Well”) in May 2012. During the year ended December 31, 2013, the Company recognized a goodwill impairment of $3.6 million related to the shutdown of Ruckus (see Note 4).

The components of goodwill at September 30, 2014, and December 31, 2013, were as follows:

	September 30, 2014			December 31, 2013
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(5,565		)	(5,565		)
Net goodwill	$	67,530		$	67,530

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Goodwill and Other Intangible Assets - Components of Goodwill (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 73,095	$ 73,095
Accumulated impairment	(5,565)	(5,565)
Goodwill	$ 67,530	$ 67,530	$ 53,093

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Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date.

Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. The Company uses quoted prices of similar instruments with an active market to determine the fair value of its Level 2 investments.

Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund.  The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities.

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014, summarized by measurement input category, were as follows:

	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	46,677		$	46,677		$	—	$	—
Restricted cash	20,264			20,264			—		—
Mutual funds(2)	20,759			20,759			—		—
Corporate securities(2)	116,796			100,409			—		16,387
Corporate obligations(2)	32,080			—			12,858		19,222
Investments in equity-method investees	26,871			26,871			—		—
Investments in certain funds(3)	540			—			—		540
Total assets	$	263,987		$	214,980		$	12,858	$	36,149
Liabilities
Financial instrument obligations	$	(20,264	)	$	(20,264	)	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	72,602	$	72,602	$	—	$	—
Mutual funds(2)	20,783		20,783		—		—
United States government securities(2)	50,379		50,379		—		—
Corporate securities(2)	74,559		68,624		—		5,935
Commercial paper(3)	1,799		—		1,799		—
Corporate obligations(2)	31,965		—		14,535		17,430
Investments in certain funds(4)	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209

(1) Reported within "Cash and cash equivalents."

(2) Reported within “Marketable securities.”

(3) $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."

(4) Reported within "Other investments."

There were no transfers of securities among the various measurement input levels during the nine months ended September 30, 2014.

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Balance, beginning of period	$	32,346		$	20,952		$	24,209		$	2,804
Purchases	2,756			—			13,294			39,332
Sales	(137		)	(32		)	(4,869		)	(22,958		)
Realized gains (losses) on sale	—			—			(129		)	1,556
Unrealized gains (losses)	1,184			(2,210		)	3,644			(2,024		)
Balance, end of period	$	36,149		$	18,710		$	36,149		$	18,710

Realized gains and losses on the sale of investments using Level 3 measurement inputs are recognized as a component of "Other income (expense), net". Unrealized gains and losses on investments using Level 3 measurement inputs are recognized as a component of "Other comprehensive income".

The Company’s 3/4% Convertible Senior Notes originally due in 2023 had a carrying value of approximately $0.3 million at December 31, 2013, which was a reasonable approximation of fair value. The Company redeemed all outstanding Convertible Senior Notes in January 2014 with a cash payment of $0.3 million.

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Property and Equipment, Net

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment at September 30, 2014, and December 31, 2013, consisted of the following:

	September 30, 2014			December 31, 2013
	(in thousands)
Rigs and other equipment	$	111,538		$	100,884
Buildings and improvements	18,921			17,880
Land	1,893			1,893
Vehicles	2,170			1,869
Furniture and fixtures	690			512
Assets in progress	2,083			1,114
	137,295			124,152
Accumulated depreciation	(28,958		)	(18,262		)
Property and equipment, net	$	108,337		$	105,890

The amounts at December 31, 2013, have been revised to reflect measurement period adjustments identified during the nine months ended September 30, 2014, related to the assets acquired from Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 3). Depreciation expense was $3.7 million and $2.6 million for the three months ended September 30, 2014 and 2013, respectively. Depreciation expense was $10.8 million and $7.7 million for the nine months ended September 30, 2014 and 2013, respectively.

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Long-term Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

In 2013, Steel Energy entered into a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provided for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable.

Borrowings under the Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well, Rogue Pressure Services, LLC (“Rogue”), and Black Hawk Ltd., and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The carrying values as of September 30, 2014, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows:

	Amount
	(in thousands)
Cash and cash equivalents	$	22,625
Accounts receivable	28,195
Property and equipment, net	100,142
Intangible assets, net	36,386
Total	$	187,348

The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3.3 million and a balloon payment due on the maturity date. At September 30, 2014, $82.6 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. The carrying value of the amount outstanding under the Amended Credit Agreement is a reasonable approximation of fair value since it is variable rate debt. Principal payments under the Amended Credit Agreement for the remainder of 2014 and subsequent years are as follows:

	Amount
	(in thousands)
Remainder of 2014	$	3,304
2015	13,214
2016	13,214
2017	13,214
2018	39,643
Total	82,589
Less current portion	13,214
Total long-term debt	$	69,375

The interest rate on the borrowings under the Amended Credit Agreement was 3.0% at September 30, 2014. For the three months ended September 30, 2014, the Company incurred interest expense of $0.8 million in connection with the Amended Credit Agreement, consisting of $0.7 million in interest on the Term Loans and $0.1 million of amortization of deferred financing fees. For the nine months ended September 30, 2014, the Company incurred interest expense of $2.4 million, consisting of $2.0 million in interest on the Term Loans and $0.4 million of amortization of deferred financing fees. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of September 30, 2014.

Sun Well previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20.0 million and a revolving line of credit for up to $5.0 million. All amounts due under the Sun Well Credit Agreement were fully repaid in 2013 and the facility was terminated in July 2013, at which time the Company recognized a loss on extinguishment of $0.5 million. For the three and nine months ended September 30, 2013, the Company incurred interest expense of $0.1 million and $0.3 million, respectively, in connection with the Sun Well Credit Agreement.

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Other Liabilities - Accrued and other liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Accrued and other liabilities	$ 10,942	$ 7,763
Accrued compensation and related taxes
Accrued and other liabilities	6,061	4,207
Deferred revenue
Accrued and other liabilities	941	857
Insurance
Accrued and other liabilities	1,520	310
Professional services
Accrued and other liabilities	287	608
Accrued fuel and rig-related charges
Accrued and other liabilities	1,163	889
Tax-related
Accrued and other liabilities	341	385
Other
Accrued and other liabilities	$ 629	$ 507

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Interest and Other Income - Interest Income, Net (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Interest income	$ 1,332	$ 1,217	$ 4,231	$ 3,341
Interest expense	(778)	(745)	(2,468)	(1,000)
Interest income, net	$ 554	$ 472	$ 1,763	$ 2,341

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Long-term Debt - Principal payments under the Energy Credit Agreement (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Remainder of 2014	$ 3,304
2015	13,214
2016	13,214
2017	13,214
2018	39,643
Total	82,589
Less current portion	13,214	13,214
Total long-term debt	$ 69,375	$ 79,286

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Interest and Other Income (Tables)

9 Months Ended

Sep. 30, 2014

Income Statement [Abstract]

Schedule of Interest Income, Net

“Interest income, net” consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Interest income	$	1,332		$	1,217		$	4,231		$	3,341
Interest expense	(778		)	(745		)	(2,468		)	(1,000		)
Interest income, net	$	554		$	472		$	1,763		$	2,341

Schedule of Other Income (Expense), Net

"Other income (expense), net" consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Realized gain (loss) on sale of marketable securities, net	$	(1,001	)	$	1,863		$	4,066		$	1,834
Realized loss on financial instrument obligation	(83		)	—			(752		)	—
Realized loss upon change to equity method at fair value	—			—			(568		)	—
Foreign exchange loss	(223		)	—			(394		)	—
Loss on extinguishment of debt	—			(463		)	—			(463		)
Other	8			67			(69		)	37
Other income (expense), net	$	(1,299	)	$	1,467		$	2,283		$	1,408

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Fair Value Measurements (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended			1 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Jan. 31, 2014 Convertible Senior Subordinated Notes 3/4% convertible senior subordinated notes	Sep. 30, 2014 Convertible Senior Subordinated Notes 3/4% convertible senior subordinated notes	Dec. 31, 2013 Convertible Senior Subordinated Notes 3/4% convertible senior subordinated notes	Dec. 31, 2013 Cash And Cash Equivalents	Dec. 31, 2013 Marketable Securities
Financial assets							$ 1,000	$ 800
Carrying value	0		346			300
Interest rate (as a percent)					0.75%	0.75%
Repayments of Long-term Debt	$ 9,911	$ 15,500		$ 300

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Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Basic net income (loss) attributable to Steel Excel per share of common stock is computed by dividing net income (loss) attributable to Steel Excel by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to Steel Excel gives effect to all potentially dilutive common shares outstanding during the period.

Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014		2013
	(in thousands, except per share data)
Numerators:
Net income (loss) from continuing operations	$	(945	)	$	3,047		$	11,852	$	7,496
Non-controlling interest	(238		)	(178		)	99		(122		)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	(1,183	)	$	2,869		$	11,951	$	7,374
Loss from discontinued operations, net of taxes	$	—		$	(888	)	$	—	$	(1,477	)
Non-controlling interest	—			489			—		954
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc.	$	—		$	(399	)	$	—	$	(523	)
Net income (loss) attributable to Steel Excel Inc.	$	(1,183	)	$	2,470		$	11,951	$	6,851
Denominators:
Basic weighted average common shares outstanding	11,437			12,529			11,769		12,736
Effect of dilutive securities:
Stock-based awards	—			17			21		18
Diluted weighted average common shares outstanding	11,437			12,546			11,790		12,754
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.02	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.02	$	0.54
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) from continuing operations	$	(0.10	)	$	0.23		$	1.01	$	0.58
Loss from discontinued operations, net of taxes	$	—		$	(0.03	)	$	—	$	(0.04	)
Net income (loss)	$	(0.10	)	$	0.20		$	1.01	$	0.54

The number of shares used in the calculation of diluted earnings (loss) per share for the three months ended September 30, 2014, excluded 23,000 incremental shares related to restricted stock awards.  Such incremental shares were excluded from the calculation of diluted earnings (loss) per share due to their anti-dilutive effect on the loss from continuing operations.

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Stock Split

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stock Split

Stock Split

In June 2014, following stockholder approval and authorization from its board of directors, the Company effected a 1-for-500 reverse stock split (the "Reverse Split"), immediately followed by a 500-for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock effective as of the close of business on June 18, 2014. As a result of the Reverse Split, stockholders holding fewer than 500 shares received a cash payment for all of their outstanding shares based on a per share price equal to the closing price of the Company’s common stock on June 18, 2014, the effective date of the Reverse/Forward Split. Stockholders holding 500 or more shares as of the effective date of the Reverse/Forward Split did not receive any payments for fractional shares resulting from the Reverse Split, and therefore the total number of shares held by such holders did not change as a result of the Reverse/Forward Split. 

In connection with the Reverse Split, the Company paid $10.1 million in July 2014 for 295,659 shares of common stock and the return of 1,388 non-vested restricted stock awards previously awarded to employees.

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Investments - Financial Instrument Obligations (Details) (Financial instrument liabilities, USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	$ 19,512
Estimated Fair Value	20,264
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	655
Estimated Fair Value	532
Market indices
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	18,685
Estimated Fair Value	19,603
Covered call options
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	80
Estimated Fair Value	123
Naked put options
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	92
Estimated Fair Value	$ 6

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Acquisitions (Detail) (USD $)	0 Months Ended			9 Months Ended			9 Months Ended
	Dec. 16, 2013 Black Hawk Energy Services, Inc.	Sep. 30, 2014 Black Hawk Energy Services, Inc.	Dec. 16, 2013 Customer relationships Black Hawk Energy Services, Inc.	Sep. 30, 2014 Trade names Black Hawk Energy Services, Inc.	Dec. 16, 2013 Trade names Black Hawk Energy Services, Inc.	Dec. 16, 2013 Non-compete agreement Black Hawk Energy Services, Inc.	Sep. 30, 2014 UK Elite Soccer, Inc. Provider of Soccer Clinics business	Sep. 30, 2014 Measurement Period Adjustments Black Hawk Energy Services, Inc.
Consideration transferred, net	$ 60,800,000						$ 500,000
Net assets acquired		(59,563,000)						1,200,000
Intangible assets		12,210,000	11,300,000		800,000	100,000	900,000	12,210,000
Amortization period (in years)				5 years
Number of businesses acquired							3
Total purchase price							1,000,000
Current assets							200,000
Current liabilities							$ 600,000

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Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$ 0	$ 0
Fair value of API equity-method investment	$ 26,871
Par Value (in dollars per share)	$ 0.001	$ 0.001
Shares Authorized (in shares)	40,000	40,000
Shares Issued (in shares)	14,224	14,508
Shares Outstanding (in shares)	11,410	12,005
Treasury stock (in shares)	2,814	2,503
3/4% convertible senior subordinated notes | Convertible Senior Subordinated Notes
Interest rate (as a percent)	0.75%	0.75%

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Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions

On December 16, 2013, the Company acquired the business and substantially all of the assets of Black Hawk Inc. for approximately $60.8 million in cash, subject to a post-closing working capital adjustment. The fair values recognized in 2013 in connection with this transaction were provisional pending the Company's continued evaluation, including assessing any identifiable intangible assets acquired, and completing a valuation of the tangible and intangible assets. During 2014, the Company recorded adjustments to the initial fair value estimates based on the Company's continued assessment of the fair values of the assets and liabilities acquired, including a valuation. The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired.

	Previously Reported			Measurement Period Adjustments			Revised
	(in thousands)
Accounts receivable	$	9,663		$	451		$	10,114
Prepaid expenses and other current assets	208			111			319
Property and equipment	30,581			(493		)	30,088
Intangible assets	—			12,210			12,210
Accounts payable	(1,333		)	(251		)	(1,584		)
Accrued expenses	(1,756		)	(404		)	(2,160		)
Total identifiable net assets acquired	37,363			11,624			48,987
Goodwill	23,400			(12,824		)	10,576
Net assets acquired	$	60,763		$	(1,200	)	$	59,563

The measurement period adjustments include an adjustment to the purchase price of $1.2 million, which represents a payment received by the Company in 2014 for the post-closing working capital adjustment. The intangible assets acquired represented customer relationships, a trade name, and a non-compete arrangement with estimated fair values of $11.3 million, $0.8 million, and $0.1 million, respectively. The intangible assets are being amortized over five-year periods. The revised amounts are subject to further revision pending the Company's continued assessment of the fair values of the assets and liabilities acquired. The Company's balance sheet at December 31, 2013, has been revised to reflect the measurement period adjustments as if they had been recognized at the acquisition date, including the amount due for the post-closing working capital adjustment. The measurement period adjustments did not have a material effect on the Company's statement of operations for the year ended December 31, 2013.

In 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the business and assets of three independent providers of soccer clinics and camps for a total purchase price of $1.0 million, or approximately $0.5 million net of cash acquired. In connection with these acquisitions, the Company recognized approximately $0.2 million in current assets, primarily trade receivables, approximately $0.6 million in current liabilities, primarily deferred revenue, and approximately $0.9 million in intangible assets representing customer relationships.

The following unaudited pro forma financial information for the three months ended September 30, 2013, combines the results of operations of the Company with the results of operations of Black Hawk Inc., which business was acquired in December 2013, as if the acquisition had occurred at the beginning of the year prior to the date of acquisition. The unaudited pro forma financial information for the nine months ended September 30, 2013, combines the results of operations of the Company with the results of operations of Black Hawk Inc. and UK Elite, which business was acquired in June 2013, as if those acquisitions had occurred at the beginning of the year prior to the date of acquisition. The pro forma financial information does not include the results of Ruckus, which was acquired in January 2013 and is reported as a discontinued operation in the Company's consolidated financial statements. No pro forma information is provided for the businesses acquired by UK Elite in 2014 since their results of operations are not material. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future.

	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013
	(in thousands. except per-share data)
Net revenues	$	48,696	$	133,634
Net income from continuing operations	$	6,890	$	14,811
Net income	$	6,002	$	13,334
Net income attributable to Steel Excel Inc.	$	6,313	$	14,160
Net income per share attributable to Steel Excel Inc. - Basic	$	0.50	$	1.11
Net income per share attributable to Steel Excel Inc. - Diluted	$	0.50	$	1.11

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Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2014	$ 2,234
2015	8,210
2016	7,202
2017	5,971
2018	5,232
Thereafter	9,168
Finite-Lived Intangible Assets, Net	$ 38,017

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Stock Benefit Plans - Stock-based compensation expenses (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Total stock-based compensation	$ 622	$ 302	$ 2,305	$ 1,979
Stock options
Total stock-based compensation	0	25	36	76
Restricted stock
Total stock-based compensation	$ 622	$ 277	$ 2,269	$ 1,903

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired.

	Previously Reported			Measurement Period Adjustments			Revised
	(in thousands)
Accounts receivable	$	9,663		$	451		$	10,114
Prepaid expenses and other current assets	208			111			319
Property and equipment	30,581			(493		)	30,088
Intangible assets	—			12,210			12,210
Accounts payable	(1,333		)	(251		)	(1,584		)
Accrued expenses	(1,756		)	(404		)	(2,160		)
Total identifiable net assets acquired	37,363			11,624			48,987
Goodwill	23,400			(12,824		)	10,576
Net assets acquired	$	60,763		$	(1,200	)	$	59,563

Business Acquisition, Pro Forma Information

The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future.

	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013
	(in thousands. except per-share data)
Net revenues	$	48,696	$	133,634
Net income from continuing operations	$	6,890	$	14,811
Net income	$	6,002	$	13,334
Net income attributable to Steel Excel Inc.	$	6,313	$	14,160
Net income per share attributable to Steel Excel Inc. - Basic	$	0.50	$	1.11
Net income per share attributable to Steel Excel Inc. - Diluted	$	0.50	$	1.11

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Segment Information - Operating results (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Revenues	$ 58,583	$ 31,420	$ 155,666	$ 86,532
Operating income (loss)
Operating income (loss)	6,180	949	10,149	1,651
Corporate and other business activities	(11,804)	(7,131)	(34,422)	(22,820)
Interest income, net	554	472	1,763	2,341
Other income (expense), net	(1,299)	1,467	2,283	1,408
Income from continuing operations before income taxes and equity method income	5,435	2,888	14,195	5,400
Depreciation and amortization	5,950	4,536	18,127	14,361
Energy segment:
Revenues
Revenues	49,701	25,162	140,767	78,272
Operating income (loss)
Operating income (loss)	8,551	2,007	21,923	8,626
Depreciation and amortization	5,519	4,386	16,924	13,923
Sports segment:
Revenues
Revenues	8,882	6,258	14,899	8,260
Operating income (loss)
Operating income (loss)	1,146	975	(896)	(318)
Depreciation and amortization	431	150	1,203	438
Total segment operating income
Operating income (loss)
Operating income (loss)	9,697	2,982	21,027	8,308
Corporate and other business activities
Operating income (loss)
Corporate and other business activities	$ (3,517)	$ (2,033)	$ (10,878)	$ (6,657)

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Segment information relating to the Company's results of continuing operations was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Revenues
Energy	$	49,701		$	25,162		$	140,767		$	78,272
Sports	8,882			6,258			14,899			8,260
Total revenues	$	58,583		$	31,420		$	155,666		$	86,532
Operating income (loss)
Energy	$	8,551		$	2,007		$	21,923		$	8,626
Sports	1,146			975			(896		)	(318		)
Total segment operating income	9,697			2,982			21,027			8,308
Corporate and other business activities	(3,517		)	(2,033		)	(10,878		)	(6,657		)
Interest income, net	554			472			1,763			2,341
Other income (expense), net	(1,299		)	1,467			2,283			1,408
Income from continuing operations before income taxes and equity method income	$	5,435		$	2,888		$	14,195		$	5,400
Depreciation and amortization expense:
Energy	$	5,519		$	4,386		$	16,924		$	13,923
Sports	431			150			1,203			438
Total depreciation and amortization expense	$	5,950		$	4,536		$	18,127		$	14,361

Reconciliation of Assets from Segment to Consolidated

Segment information related to the Company's assets was as follows:

	September 30, 2014		December 31, 2013
	(in thousands)
Sports	$	19,344	$	20,495
Energy	256,416		244,401
Corporate and other business activities	276,249		273,798
Total assets	$	552,009	$	538,694

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Stock Benefit Plans

9 Months Ended

Sep. 30, 2014

Share-based Compensation [Abstract]

Stock Benefit Plans

Stock Benefit Plans

The Company grants equity-based awards to employees under its 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and grants equity-based awards to non-employee directors under its 2006 Director Plan, as amended (the "2006 Plan", and together with the “2004 Plan”, the "Equity Plans"). Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Stock options	$	—	$	25	$	36	$	76
Restricted stock	622		277		2,269		1,903
Total stock-based compensation	$	622	$	302	$	2,305	$	1,979

Restricted stock activity in the Equity Plans during the nine months ended September 30, 2014, was as follows:

	Amount
	(in thousands)
Non-vested stock, January 1, 2014	142
Awarded	24
Vested	(21	)
Forfeited	(12	)
Non-vested stock, September 30, 2014	133

The Company did not grant any stock options during the nine months ended September 30, 2014.