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 June 30, 2015 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 July 31, 2015, there were 11,453,858 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 six-month periods ended June 30, 2015 and 2014	3
			Consolidated Statements of Comprehensive Income (Loss) for the three- and six-month periods ended June 30, 2015 and 2014	4
			Consolidated Balance Sheets as of June 30, 2015, and December 31, 2014	5
			Consolidated Statement of Stockholders' Equity for the six-month period ended June 30, 2015	6
			Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2015 and 2014	7
			Notes to Consolidated Financial Statements	8
	Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
	Item 4.		Controls and Procedures	30
Part II.		Other Information
	Item 1		Legal Proceedings	30
	Item 1A		Risk Factors	30
	Item 2		Unregistered Sales of Equity Securities and Use of Proceeds	31
	Item 6.		Exhibits	32
	Signatures			33

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Steel Excel Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
				(Revised)						(Revised)
	(in thousands, except per-share data)
Net revenues	$	35,610		$	51,924		$	74,495		$	97,083
Cost of revenues	27,375			36,921			59,563			72,022
Gross profit	8,235			15,003			14,932			25,061
Operating expenses:
Selling, general and administrative expenses	8,003			8,547			16,042			16,018
Amortization of intangibles	2,075			2,433			4,237			5,074
Total operating expenses	10,078			10,980			20,279			21,092
Operating income (loss)	(1,843		)	4,023			(5,347		)	3,969
Interest expense	(614		)	(822		)	(1,256		)	(1,690		)
Impairment of marketable securities	(22,740		)	—			(22,740		)	—
Other income (expense), net	3,001			1,964			1,272			6,481
Income (loss) before income taxes and equity method income	(22,196		)	5,165			(28,071		)	8,760
Benefit from (provision for) income taxes	6,288			(382		)	6,660			(577		)
Income from equity method investees, net of taxes	5,445			2,874			3,335			1,441
Net income (loss)	(10,463		)	7,657			(18,076		)	9,624
Net loss (income) attributable to non-controlling interests in consolidated entities	(73		)	11			290			337
Net income (loss) attributable to Steel Excel Inc.	$	(10,536	)	$	7,668		$	(17,786	)	$	9,961
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64		$	(1.54	)	$	0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64		$	(1.54	)	$	0.83
Shares used in computing income (loss) per share:
Basic	11,572			11,895			11,524			11,938
Diluted	11,572			11,917			11,524			11,958

See accompanying Notes to Consolidated Financial Statements.

3

Steel Excel Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
				(Revised)						(Revised)
	(in thousands)
Net income (loss)	$	(10,463	)	$	7,657		$	(18,076	)	$	9,624
Other comprehensive income (loss):
Foreign currency translation adjustment	(3		)	14			(1		)	14
Reclassification to realized gains	—			—			—			—
Net foreign currency translation adjustment (A)	(3		)	14			(1		)	14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	1,950			3,395			3,064			11,418
Reclassification to realized losses (gains), net of tax (C)	12,239			(505		)	12,054			(2,439		)
Net unrealized gain on marketable securities, net of tax	14,189			2,890			15,118			8,979
Comprehensive income (loss)	3,723			10,561			(2,959		)	18,617
Comprehensive loss (income) attributable to non-controlling interest	(73		)	11			290			337
Comprehensive income (loss) attributable to Steel Excel Inc.	$	3,650		$	10,572		$	(2,669	)	$	18,954
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(1,159	)	$	—		$	(1,707	)	$	—
(C) Tax provision on reclassifications to realized gains (losses)	$	(6,809	)	$	—		$	(6,718	)	$	—

See accompanying Notes to Consolidated Financial Statements.

4

Steel Excel Inc.

CONSOLIDATED BALANCE SHEETS

(unaudited)

	June 30, 2015			December 31, 2014
				(Revised)
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	63,907		$	51,910
Restricted cash	21,385			21,311
Marketable securities	124,096			138,457
Accounts receivable (net of allowance for doubtful accounts of $61 in 2015)	15,186			28,016
Other short-term investments	25,000			—
Deferred income taxes	1,696			1,696
Prepaid expenses and other current assets	13,571			4,228
Total current assets	264,841			245,618
Property and equipment, net	101,908			107,187
Goodwill	30,864			30,864
Intangible assets, net	31,545			35,782
Other long-term investments	3,467			28,525
Investments in equity method investees (fair value - $38,834 in 2015 and $24,355 2014)	44,253			30,060
Deferred income taxes	280			80
Other long-term assets	1,075			1,238
Total assets	$	478,233		$	479,354
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$	2,995		$	3,936
Accrued expenses and other liabilities	20,862			8,916
Financial instrument obligations	21,385			21,311
Current portion of long-term debt	13,214			13,214
Current portion of capital lease obligations	373			412
Deferred income taxes	85			85
Current liabilities of discontinued operations	450			450
Total current liabilities	59,364			48,324
Capital lease obligations, net of current portion	—			177
Long-term debt, net of current portion	59,464			66,071
Deferred income taxes	3,549			3,549
Other long-term liabilities	—			3,715
Total liabilities	122,377			121,836
Commitments and contingencies
Stockholders' equity:
Common stock ($0.001 par value, 40,000 shares authorized; 14,399 and 14,220 shares issued in 2015 and 2014, respectively; 11,571 and 11,406 shares outstanding in 2015 and 2014, respectively)	14			14
Additional paid-in capital	269,009			267,444
Accumulated other comprehensive loss	(89		)	(15,206		)
Retained earnings	168,850			186,636
Treasury stock, at cost (2,828 and 2,814 shares in 2015 and 2014, respectively)	(81,623		)	(81,355		)
Total Steel Excel Inc. stockholders' equity	356,161			357,533
Non-controlling interest	(305		)	(15		)
Total stockholders' equity	355,856			357,518
Total liabilities and stockholders' equity	$	478,233		$	479,354

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 (Loss)			Retained Earnings			Non-Controlling Interest
	Shares	Amount		Shares		Amount															Total
	(in thousands)
Balance, January 1, 2015	14,220	$	14	(2,814	)	$	(81,355	)	$	267,444		$	(15,206	)	$	186,636		$	(15	)	$	357,518
Net loss attributable to Steel Excel Inc.	—	—		—		—			—			—			(17,786		)	—			(17,786		)
Net loss attributable to non-controlling interests	—	—		—		—			—			—			—			(290		)	(290		)
Other comprehensive income	—	—		—		—			—			15,117			—			—			15,117
Net issuance of restricted shares	179	—		—		—			(32		)	—			—			—			(32		)
Stock-based compensation	—	—		—		—			1,597			—			—			—			1,597
Repurchases of common stock	—	—		(14	)	(268		)	—			—			—			—			(268		)
Balance, June 30, 2015	14,399	$	14	(2,828	)	$	(81,623	)	$	269,009		$	(89	)	$	168,850		$	(305	)	$	355,856

See accompanying Notes to Consolidated Financial Statements.

6

Steel Excel Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Six Months Ended June 30,
	2015			2014
				(Revised)
	(in thousands)
Cash Flows From Operating Activities:
Net income (loss)	$	(18,076	)	$	9,624
Adjustments to reconcile net income to net cash provided by operating activities:
Income from equity method investees	(3,335		)	(1,441		)
Stock-based compensation expense	1,597			1,683
Depreciation and amortization	11,904			12,177
Impairment of marketable securities	22,740			—
Deferred income tax provision (benefit)	(6,713		)	204
Gain on sales of marketable securities	(1,963		)	(5,067		)
Loss on financial instrument obligations	283			669
Loss on change to equity method at fair value	2,807			568
Other	350			285
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	12,769			(4,293		)
Prepaid expenses and other assets	(4,325		)	(3,334		)
Accounts payable and other liabilities	2,384			5,330
Net cash provided by operating activities	20,422			16,405
Cash Flows From Investing Activities:
Purchases of businesses, net of cash acquired	—			(517		)
Purchases of property and equipment	(2,820		)	(10,897		)
Proceeds from sale of property and equipment	27			357
Investments in equity method investees	—			(144		)
Purchases of marketable securities	(14,943		)	(73,658		)
Sales of marketable securities	16,686			95,740
Maturities of marketable securities	—			4,300
Proceeds from issuance of financial instrument obligations	133			—
Repayments of financial instrument obligations	(342		)	—
Other investments	—			(3,000		)
Reclassification of restricted cash	(74		)	(20,010		)
Net cash used in investing activities	(1,333		)	(7,829		)
Cash Flows From Financing Activities:
Repurchases of common stock - treasury shares	(268		)	(5,681		)
Repayment of subordinated notes	—			(346		)
Repayments of capital lease obligations	(216		)	(186		)
Repayments of long-term debt	(6,607		)	(6,607		)
Other financing activities	—			60
Net cash used in financing activities	(7,091		)	(12,760		)
Net increase (decrease) in cash and cash equivalents	11,998			(4,184		)
Effect of foreign currency translation on cash and cash equivalents	(1		)	14
Cash and cash equivalents at beginning of period	51,910			73,602
Cash and cash equivalents at end of period	$	63,907		$	69,432

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 makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as 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, 2014. 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.

During 2015, the Company identified an error in the manner in which the provision for income taxes had been recorded for all quarterly and annual periods in the years ended December 31, 2014 and 2013. The Company's balance sheet at December 31, 2014, its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014, and its statement of cash flows for the six months ended June 30, 2014, have been revised to reflect the correction of these errors (see Note 3).

On July 7, 2015, the Company's common stock commenced trading on the Nasdaq Capital Market under the ticker symbol "SXCL". Prior to such date, the Company's common stock traded in the over the counter market and was quoted on the OTCQB marketplace under the ticker symbol "SXCL".

Certain other prior period amounts have been reclassified to conform to the 2015 financial statement presentation.

2. Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company does not expect the adoption of ASU No. 2015-03 to have a material effect on its consolidated financial statements.

3. Revised Financial Statements

During 2015, the Company identified an error related to the manner in which the change in the valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013. The change in the valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in the valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other

8

comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income.

The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014, its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014, and its statement of cash flows for the six months ended June 30, 2014. The correction of this error did not result in any adjustments to the statement of operations or the statement of comprehensive income for the year ended December 31, 2014. In addition, the Company's disclosures for the three and six months ended June 30, 2014, related to income taxes (see Note 12) and net income (loss) per share (see Note 14) have been revised to reflect the impact of these adjustments.

As a result of these adjustments, there was no impact on any of the assets or liabilities reported at December 31, 2014, nor was there any impact on any component of income before income taxes and equity method income for the three and six months ended June 30, 2014. The impact of these adjustments on the individual line items of the Company's financial statements was as follows:

Balance Sheet at December 31, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Stockholders' equity:
Common stock	$	14		$	—		$	14
Additional paid-in capital	267,444			—			267,444
Accumulated other comprehensive income	(18,730		)	3,524			(15,206		)
Retained earnings	190,160			(3,524		)	186,636
Treasury stock, at cost	(81,355		)	—			(81,355		)
Total Steel Excel Inc. stockholders' equity	357,533			—			357,533
Non-controlling interest	(15		)	—			(15		)
Total stockholders' equity	$	357,518		$	—		$	357,518

Statement of Operations for the three months ended June 30, 2014:

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	5,165	$	—		$	5,165
Benefit from (provision for) income taxes	693		(1,075		)	(382		)
Income from equity method investees, net of taxes	2,874		—			2,874
Net income	8,732		(1,075		)	7,657
Net loss attributable to non-controlling interests in consolidated entities	11		—			11
Net income attributable to Steel Excel Inc.	$	8,743	$	(1,075	)	$	7,668
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.74	$	(0.09	)	$	0.64
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.73	$	(0.09	)	$	0.64

Statement of Operations for the six months ended June 30, 2014:

9

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	8,760	$	—		$	8,760
Benefit from (provision for) income taxes	2,596		(3,173		)	(577		)
Income from equity method investees, net of taxes	1,441		—			1,441
Net income	12,797		(3,173		)	9,624
Net loss attributable to non-controlling interests in consolidated entities	337		—			337
Net income attributable to Steel Excel Inc.	$	13,134	$	(3,173	)	$	9,961
Basic and diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	1.10	$	(0.27	)	$	0.83

Statement of Comprehensive Income for the three months ended June 30, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	8,732		$	(1,075	)	$	7,657
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	2,124			1,271			3,395
Reclassification to realized gains, net of tax (C)	(309		)	(196		)	(505		)
Net unrealized gain on marketable securities, net of tax	1,815			1,075			2,890
Comprehensive income (loss)	10,561			—			10,561
Comprehensive loss attributable to non-controlling interest	11			—			11
Comprehensive income (loss) attributable to Steel Excel Inc.	$	10,572		$	—		$	10,572
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(1,271	)	$	1,271		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	196		$	(196	)	$	—

Statement of Comprehensive Income for the six months ended June 30, 2014:

10

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	12,797		$	(3,173	)	$	9,624
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	7,383			4,035			11,418
Reclassification to realized gains, net of tax (C)	(1,577		)	(862		)	(2,439		)
Net unrealized gain on marketable securities, net of tax	5,806			3,173			8,979
Comprehensive income (loss)	18,617			—			18,617
Comprehensive loss attributable to non-controlling interest	337			—			337
Comprehensive income (loss) attributable to Steel Excel Inc.	$	18,954		$	—		$	18,954
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(4,035	)	$	4,035		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	862		$	(862	)	$	—

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

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income	$	12,797		$	(3,173	)	$	9,624
Deferred income tax provision (benefit)	$	(2,969	)	$	3,173		$	204
Cash provided by operating activities	$	16,405		$	—		$	16,405

The selected quarterly financial data for the years ended December 31, 2014 and 2013, revised to reflect the adjustments to correct the error, is as follows:

11

	Quarter Ended:
	March 31		June 30		September 30			December 31 (A)
	(in thousands, except per-share data)
Year Ended December 31, 2014 (B)
Net revenues	$	45,159	$	51,924	$	58,583		$	54,482
Gross profits	$	10,058	$	15,003	$	17,183		$	13,799
Net income (loss) from continuing operations	$	1,967	$	7,657	$	75		$	(33,968	)
Net income (loss)	$	1,967	$	7,657	$	75		$	(33,462	)
Net income (loss) attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,605	)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,832	)
Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Diluted	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Year Ended December 31, 2013 (C)
Net revenues	$	26,351	$	28,761	$	31,420		$	33,496
Gross profits	$	6,983	$	8,041	$	8,010		$	9,120
Net income from continuing operations	$	1,602	$	732	$	2,383		$	8,150
Net income	$	1,207	$	538	$	1,495		$	4,087
Net income attributable to Steel Excel Inc.	$	1,543	$	723	$	1,806		$	6,599
Net income from continuing operations attributable to Steel Excel Inc.	$	1,622	$	768	$	2,205		$	8,428
Net income from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.13	$	0.06	$	0.18		$	0.69
Diluted	$	0.13	$	0.06	$	0.18		$	0.69

(A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million.

(B) Reflects adjustments to correct the provision for income taxes of $2.1 million, $1.1 million, $(1.0) million, and $(2.2) million in the four sequential quarters of 2014, respectively.

(C) Reflects adjustments to the provision for income taxes of $1.8 million, $0.3 million, $0.7 million, and $0.7 million in the four sequential quarters of 2013, respectively.

4. Acquisitions

In 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the businesses 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.

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., a provider of drilling and production services to the oil and gas industry, for approximately $59.6 million in cash. In April 2015, the Company received $0.5 million from the third-party escrow account as a purchase price adjustment to cover certain costs incurred. The purchase price adjustment, which occurred after the one-year measurement period, was recognized as a reduction of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and six months ended June 30, 2015.

5. Investments

12

Marketable Securities

All of the Company's marketable securities at June 30, 2015, and December 31, 2014, were classified as "available-for-sale" securities. Changes in fair value are recognized in stockholders' equity as "other comprehensive income (loss)", except for other-than-temporary impairments, which are reflected as a reduction of cost and charged to operations. The Company's marketable securities at June 30, 2015, include investments in the common units of Steel Partners Holdings L.P. ("SPLP"), which beneficially owned approximately 57.1% of the Company's common stock as of June 30, 2015. The SPLP common units held by the Company are classified as "available-for-sale" securities. As of June 30, 2015, the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million and an unrealized loss of approximately $33,000.

Marketable securities at June 30, 2015, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	39,697		$	—	$	—		$	39,697
Mutual funds	11,835			4,526		—			16,361
Corporate securities	68,333			7,636		(2,532		)	73,437
Corporate obligations	35,205			659		(1,566		)	34,298
Total available-for-sale securities	155,070			12,821		(4,098		)	163,793
Amounts classified as cash equivalents	(39,697		)	—		—			(39,697		)
Amounts classified as marketable securities	$	115,373		$	12,821	$	(4,098	)	$	124,096

Marketable securities at December 31, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,681		$	—	$	—		$	42,681
Mutual funds	17,030			4,262		(322		)	20,970
Corporate securities	103,761			7,821		(23,732		)	87,850
Corporate obligations	32,486			592		(3,441		)	29,637
Total available-for-sale securities	195,958			12,675		(27,495		)	181,138
Amounts classified as cash equivalents	(42,681		)	—		—			(42,681		)
Amounts classified as marketable securities	$	153,277		$	12,675	$	(27,495	)	$	138,457

Proceeds from sales of marketable securities were $16.7 million and $95.7 million for the six months ended June 30, 2015 and 2014, respectively, and $9.9 million and $55.2 million for the three months ended June 30, 2015 and 2014, 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 six months ended June 30, 2015 and 2014, were as follows:

13

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Gross realized gains	$	2,246		$	3,196		$	2,756		$	6,396
Gross realized losses	(418		)	(1,120		)	(793		)	(1,329		)
Realized gains (losses), net	$	1,828		$	2,076		$	1,963		$	5,067

The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015, 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	$	22,387	$	(2,532	)	$	—	$	—		$	22,387	$	(2,532	)
Corporate obligations	8,507		(1,412		)	4,692		(154		)	13,199		(1,566		)
Total	$	30,894	$	(3,944	)	$	4,692	$	(154	)	$	35,586	$	(4,098	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 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	$	39,869	$	(23,732	)
Corporate obligations	13,530		(3,441		)
Mutual funds	4,873		(322		)
Total	$	58,272	$	(27,495	)

Gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on the Company's evaluation of such securities, it has determined that certain unrealized losses represented other-than-temporary impairments as of June 30, 2015. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. The Company recognized an impairment charge of approximately $22.7 million for the three and six months ended June 30, 2015, equal to the excess of the costs basis of such securities in excess of their fair values. The Company has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of June 30, 2015. 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 June 30, 2015, by contractual maturity, were as follows:

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	Cost		Estimated  Fair Value
	(in thousands)
Debt securities that mature in more than three years	$	35,205	$	34,298
Securities with no contractual maturities	119,865		129,495
Total	$	155,070	$	163,793

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	June 30, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	868	$	666	$	621
Market indices	18,685		20,482		18,685		20,451
Covered call options	39		35		7		4
Naked put options	—		—		109		235
Total	$	19,399	$	21,385	$	19,467	$	21,311

For the three months ended June 30, 2015 and 2014, the Company incurred losses on the financial instrument obligations totaling $0.1 million and $0.7 million, respectively, and for the six months ended June 30, 2015 and 2014, the Company incurred losses on the financial instrument obligations totaling $0.3 million and $0.7 million, respectively, all 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 ("Again Faster"), a fitness equipment company. In August 2013, the Company acquired approximately 44.7% of the common stock of iGo, Inc. (“iGo”), a provider of accessories for mobile devices. 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 income and losses of each entity 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".

In January 2015, two members of the Company's board of directors were appointed to the eight-member board of directors of Aviat Networks, Inc. ("Aviat"), a global provider of microwave networking solutions. At the time of the appointment, the Company held 8,041,892 shares of Aviat, or approximately 12.9% of the total outstanding common stock. Effective as of the date of the appointment, the investment in Aviat has been accounted for as an equity-method investment as the Company’s voting interest and board representation provide it with significant influence over Aviat's operations. The Company elected the fair value option to account for its investment in Aviat, with changes in fair value based on the market price of Aviat's common stock recognized currently as income or loss from equity method investees, in order to more appropriately reflect the value of Aviat in its financial statements. Prior to such time the investment in Aviat was accounted for

15

as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $2.8 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						Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014		June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	2,549	$	3,105	$	(135	)	$	(164	)	$	(557	)	$	(293	)
iGo	46.9	%	46.9	%	2,870		2,600		(14		)	(501		)	271			(1,805		)
Fair value option
API	20.6	%	20.6	%	28,700		24,355		5,031			3,539			4,345			3,539
Aviat	12.9	%			10,134				563			—			(724		)	—
Total					$	44,253	$	30,060	$	5,445		$	2,874		$	3,335		$	1,441

Basedon the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $3.8 million at June 30, 2015.

The following table presents summarized income statement information for the Company's significant equity-method investees for the six months ended June 30, 2014; none of the equity-method investees met the significance test for disclosure for the six months ended June 30, 2015. The summarized income statement information is for the most recent practicable period for equity-method investments accounted for using the fair value option and as of the date through which Company has recognized its equity in the income of the investee for equity-method investments accounted for using the traditional method. The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments.

	Amount
	(in thousands)
Revenues	$	53,169
Gross profit	$	10,410
Loss from continuing operations	$	(14,984	)
Net loss	$	(14,984	)
Net loss attributable to investees	$	(14,984	)

Other Investments

The Company's other investments at June 30, 2015, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. This investment is reported as "Other short-term investments" at June 30, 2015, as the limited partnership will be liquidated in August 2015, with the Company to receive either cash or its proportionate share of equity of the public company investee. Upon liquidation, the Company will recognize a gain or loss equal to the difference between the fair value of the assets received and the carrying value. The investment in the limited partnership had an approximate fair value of $33.4 million at June 30, 2015, based on the net asset value indicated in the monthly statement received from the partnership.

The Company's other long-term investments at June 30, 2015, include an investment in a venture capital fund 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 June 30, 2015.

6. Fair Value Measurements

16

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 June 30, 2015, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	63,907	$	63,907	$	—	$	—
Restricted cash	21,385		21,385		—		—
Mutual funds(2)	16,361		16,361		—		—
Corporate securities(2)	73,437		62,044		—		11,393
Corporate obligations(2)	34,298		—		10,675		23,623
Investments in equity-method investees	38,834		38,834		—		—
Investments in certain funds(3)	467		—		—		467
Total assets	$	248,689	$	202,531	$	10,675	$	35,483
Liabilities
Financial instrument obligations	$	21,385	$	21,385	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other long-term investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2014, summarized by measurement input category, were as follows:

17

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	51,910	$	51,910	$	—	$	—
Mutual funds(2)	20,970		20,970		—		—
Corporate securities(2)	87,850		72,798		—		15,052
Corporate obligations(2)	29,637		—		10,793		18,844
Investments in equity-method investees	24,355		24,355		—		—
Investments in certain funds(3)	525		—		—		525
Total	$	215,247	$	170,033	$	10,793	$	34,421
Liabilities
Financial instrument obligations	$	21,311	$	21,311	$	—	$	—

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

(2) Reported within “Marketable securities.”

(3) Reported within "Other long-term investments."

There were no transfers of securities among the various measurement input levels during the six months ended June 30, 2015.

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Balance, beginning of period	$	31,373		$	30,391		$	34,421		$	24,209
Purchases	5,108			5,239			5,108			10,538
Sales	(359		)	(2,758		)	(522		)	(4,732		)
Realized losses on sale	—			(129		)	—			(129		)
Unrealized gains (losses)	(639		)	(397		)	(3,524		)	2,460
Balance, end of period	$	35,483		$	32,346		$	35,483		$	32,346

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 carrying value of the Company's long-term debt (see Note 9) is a reasonable approximation of its fair value since it is a variable-rate obligation.

7. Property and Equipment

Property and equipment at June 30, 2015, and December 31, 2014, consisted of the following:

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	June 30, 2015			December 31, 2014
	(in thousands)
Rigs and other equipment	$	117,172		$	115,391
Buildings and improvements	19,370			18,977
Land	1,893			1,893
Vehicles	2,304			2,197
Furniture and fixtures	851			673
Assets in progress	559			644
	142,149			139,775
Accumulated depreciation	(40,241		)	(32,588		)
Property and equipment, net	$	101,908		$	107,187

Depreciation expense was $3.8 million and $3.6 million for the three months ended June 30, 2015 and 2014, respectively. Depreciation expense was $7.7 million and $7.1 million for the six months ended June 30, 2015 and 2014, respectively.

8. Goodwill and Other Intangible Assets

The Company's intangible assets at June 30, 2015, and December 31, 2014, all of which are subject to amortization, consisted of the following:

	June 30, 2015							December 31, 2014
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(25,584	)	$	28,846	$	54,430	$	(21,938	)	$	32,492
Trade names	4,860		(3,473		)	1,387		4,860		(3,161		)	1,699
Non-compete agreement	120		(37		)	83		120		(25		)	95
	59,410		(29,094		)	30,316		59,410		(25,124		)	34,286
Sports segment:
Customer relationships	2,089		(933		)	1,156		2,089		(678		)	1,411
Trade names	122		(49		)	73		122		(37		)	85
	2,211		(982		)	1,229		2,211		(715		)	1,496
Total	$	61,621	$	(30,076	)	$	31,545	$	61,621	$	(25,839	)	$	35,782

Amortization expense was $2.1 million and $2.4 million for the three months ended June 30, 2015 and 2014, respectively. Amortization expense was $4.2 million and $5.1 million for the six months ended June 30, 2015 and 2014.

Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows:

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	Amount
	(in thousands)
Remainder of 2015	$	3,973
2016	7,203
2017	5,972
2018	5,229
2019	2,814
Thereafter	6,354
Total	$	31,545

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

	Six Months Ended June 30, 2015						Year ended December 31, 2014
	Energy		Sports		Total		Energy			Sports		Total
	(in thousands)
Balance, beginning of period	$	28,693	$	2,171	$	30,864	$	65,359		$	2,171	$	67,530
Impairments	—		—		—		(36,666		)	—		(36,666		)
Balance, end of period	$	28,693	$	2,171	$	30,864	$	28,693		$	2,171	$	30,864

The Company performs its annual goodwill impairment test during the fourth quarter of each year, and more frequently if an event occurs or circumstances change to indicate that an impairment may have occurred. The Company's recent projections reflected a decline in the projected operating income for Black Hawk Ltd. for 2015 as a result of the continuing weakness in the oil services industry and the specific adverse effects experienced by Black Hawk Ltd. in 2015. This decline in projected operating income resulted in the need to perform a goodwill impairment test for Black Hawk Ltd. during the second quarter of 2015. The fair value of Black Hawk Ltd. was determined based on a valuation using a combination of the income approach (discounted cash flows) and the market approach (guideline public companies and guideline transaction method). The fair value of Black Hawk Ltd. exceeded its carrying value, resulting in no impairment of goodwill in the period.

The components of goodwill at June 30, 2015, and December 31, 2014, were as follows:

	June 30, 2015			December 31, 2014
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(42,231		)	(42,231		)
Net goodwill	$	30,864		$	30,864

9. Long-term Debt

Steel Energy has a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides 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 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 carrying values as of June 30, 2015, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows:

20

	Amount
	(in thousands)
Cash and cash equivalents	$	43,964
Accounts receivable	13,819
Property and equipment, net	94,017
Intangible assets, net	30,316
Total	$	182,116

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 June 30, 2015, $72.7 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows:

	Amount
	(in thousands)
Remainder of 2015	$	6,607
2016	13,214
2017	13,214
2018	39,643
Total	72,678
Less current portion	13,214
Total long-term debt	$	59,464

The interest rate on the borrowings under the Amended Credit Agreement was 2.8% at June 30, 2015. For the three months ended June 30, 2015 and 2014, the Company incurred interest expense of $0.6 million and $0.8 million, respectively, in connection with the Amended Credit Agreement. For the six months ended June 30, 2015 and 2014, the Company incurred interest expense of $1.2 million and $1.7 million, respectively. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of June 30, 2015.

10. Other Liabilities

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

	June 30, 2015		December 31, 2014
	(in thousands)
Accrued compensation and related taxes	$	3,901	$	5,471
Deferred compensation	3,525		—
Deferred revenue	4,297		1,308
Investment purchases not settled	3,330		—
Insurance	1,648		—
Professional services	329		763
Accrued fuel and rig-related charges	1,103		601
Tax-related	2,024		238
Other	705		535
Total	$	20,862	$	8,916

“Other long-term liabilities” at December 31, 2014, primarily consisted deferred compensation arrangements that are expected to be paid out in 2016 and which have been reclassified to other current liabilities as of June 30, 2015.

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11. Other Income (Expense), net

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Investment income	$	921		$	1,310		$	2,485		$	2,899
Realized gain on sales of marketable securities, net	1,828			2,076			1,963			5,067
Realized loss on financial instrument obligations	(97		)	(669		)	(283		)	(669		)
Realized loss upon change to equity method at fair value	—			(568		)	(2,807		)	(568		)
Foreign exchange gain (loss)	91			(171		)	(197		)	(171		)
Other	258			(14		)	111			(77		)
Other income (expense), net	$	3,001		$	1,964		$	1,272		$	6,481

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 in which the reversal occurs.

For the three and six months ended June 30, 2015, the Company recognized benefits from income taxes of $6.3 million and $6.7 million, respectively, which consist primarily of benefits on unrealized gains on marketable securities included in other comprehensive income. For the three and six months ended June 30, 2014, the Company recognized a provision for income taxes of $0.4 million and $0.6 million, respectively, which primarily reflects state taxes and deferred tax liabilities attributable to the amortization of indefinite-lived intangible assets.

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 six months ended June 30, 2015 and 2014, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Restricted stock	$	1,058	$	1,052	$	1,597	$	1,647
Stock options	—		14		—		36
Total stock-based compensation	$	1,058	$	1,066	$	1,597	$	1,683

Restricted stock activity in the Equity Plans during the six months ended June 30, 2015, was as follows:

	Shares
	(in thousands)
Non-vested stock, January 1, 2015	57
Awarded	181
Vested	(20	)
Non-vested stock, June 30, 2015	218

The Company did not grant any stock options during the six months ended June 30, 2015.

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 six months ended June 30, 2015 and 2014, were as follows:

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	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
				(Revised)					(Revised)
	(in thousands, except per share data)
Numerators:
Net income (loss)	$	(10,463	)	$	7,657	$	(18,076	)	$	9,624
Non-controlling interest	(73		)	11		290			337
Net income (loss) attributable to Steel Excel Inc.	$	(10,536	)	$	7,668	$	(17,786	)	$	9,961
Denominators:
Basic weighted average common shares outstanding	11,572			11,895		11,524			11,938
Effect of dilutive securities:
Stock-based awards	—			22		—			20
Diluted weighted average common shares outstanding	11,572			11,917		11,524			11,958
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83

The number of shares used in the calculation of diluted earnings (loss) per share for the three and six months ended June 30, 2015, excluded 15,000 incremental shares related to restricted stock awards.  Such incremental shares were excluded from the calculation of diluted earnings (loss) per share in each period 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, 2015	$	(14,821	)	$	(385	)	$	(15,206	)
Other comprehensive income (loss) before reclassifications	3,064			(1		)	3,063
Reclassifications from accumulated other comprehensive income	12,054			—			12,054
Current period other comprehensive income	15,118			(1		)	15,117
Balance, June 30, 2015	$	297		$	(386	)	$	(89	)

Amounts reclassified for realized gains on sales of marketable securities and other-than-temporary impairments of marketable securities for the six months ended June 30, 2015, are reported as components of "Other income (expense), net" and "Impairment of marketable securities", respectively, in the consolidated statements of operations.

16. 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) before goodwill and other asset impairments.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues
Energy	$	29,467		$	47,153		$	66,599		$	91,066
Sports	6,143			4,771			7,896			6,017
Total revenues	$	35,610		$	51,924		$	74,495		$	97,083
Operating income (loss) before goodwill and other asset impairments
Energy	$	1,831		$	7,905		$	4,190		$	13,372
Sports	180			(10		)	(2,359		)	(2,042		)
Total segment operating income	2,011			7,895			1,831			11,330
Corporate and other business activities	(3,854		)	(3,872		)	(7,178		)	(7,361		)
Interest expense	(614		)	(822		)	(1,256		)	(1,690		)
Impairment of marketable securities	(22,740		)	—			(22,740		)	—
Other income (expense), net	3,001			1,964			1,272			6,481
Income (loss) before income taxes and equity method income	$	(22,196	)	$	5,165		$	(28,071	)	$	8,760
Depreciation and amortization expense:
Energy	$	5,480		$	5,612		$	11,045		$	11,405
Sports	430			402			859			772
Total depreciation and amortization expense	$	5,910		$	6,014		$	11,904		$	12,177

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

	June 30, 2015		December 31, 2014
	(in thousands)
Sports	$	19,643	$	18,625
Energy	215,149		220,262
Corporate and other business activities	243,441		240,467
Total assets	$	478,233	$	479,354

17. Related Party Transactions

SPLP beneficially owned approximately 57.1% of the Company’s outstanding common stock as of June 30, 2015. 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. Warren G. Lichtenstein and Jack L. Howard are 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.

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In June 2015, the Company's board of directors approved a plan to purchase up to 1,000,000 common units of SPLP. As of June 30, 2015, the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million (see Note 5).

The Company has contracted with SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, to provide executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions, including the services of a chief financial officer. 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 June 30, 2015 and 2014, the Company incurred expenses of $2.4 million and $2.2 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 six months ended June 30, 2015 and 2014, the Company incurred expenses of $4.6 million and $4.4 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 $0.3 million at June 30, 2015.

The Company uses several firms to execute trades of its marketable securities and certain of its other investments. The Company uses Mutual Securities, Inc. ("Mutual Securities"), to execute certain trades, including repurchases of the Company's common stock. Jack L. Howard, the Company's principal executive officer, is a registered principal of Mutual Securities and receives commission payments from Mutual Securities after deductions for fees and expenses. During the three months ended June 30, 2015 and 2014, the Company paid commissions to Mutual Securities totaling $18,000 and $99,000, respectively. During the six months ended June 30, 2015 and 2014, the Company paid commissions to Mutual Securities totaling $29,000 and $222,000, respectively.

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 June 30, 2015, the Company held $6.3 million of short-term deposits at WebBank, a subsidiary of SPLP. For the three months ended June 30, 2015 and 2014, the Company recorded interest income of $12,000 and $21,000, respectively, on such deposits. For the six months ended June 30, 2015 and 2014, the Company recorded interest income of $28,000 and $42,000, respectively.

18. Supplemental Cash Flow Information

Cash paid for interest and income taxes and non-cash investing and financing activities for the six months ended June 30, 2015 and 2014, was as follows:

	Six Months Ended June 30,
	2015		2014
	(in thousands)
Interest paid	$	1,092	$	1,423
Income taxes paid, net of refunds	$	138	$	54
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	10,858	$	27,647
Securities received in exchange for financial instrument obligations	$	76	$	19,341
Securities delivered in exchange for settlement of financial instrument obligations	$	76	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	32	$	14
Repurchase of common stock from reverse split not paid	$	—	$	10,023
Contribution of advances by non-controlling interest	$	—	$	268

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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 Part II Item 1A herein and Part I Item 1A in the Company’s annual report on Form 10-K for the year ended December 31, 2014, 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 makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as in other unrelated industries.

In 2014, U.K. Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the businesses 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.

During 2015, the Company identified an error related to the manner in which the change in the valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013. The change in the valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in the valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income. The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014, its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014, and its statement of cash flows for the six months ended June 30, 2014.

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 continuing weakness in the oil services industry had an adverse effect on the results of operations of the Company's Energy segment in the first six months of 2015. The decline in energy prices, particularly the significant decline in oil prices, has resulted in the Energy segment's customers, the oil and gas exploration and production companies (the "E&P Companies"), cutting back on their capital expenditures, which has resulted in reduced drilling activity. In addition, the E&P Companies have sought price concessions from their service providers to offset their drop in revenue. Such actions on the part of the E&P Companies had an adverse effect on the operations of the Energy segment in the first six months of 2015 and will continue to adversely impact its operations throughout 2015. The Energy segment has experienced a decline in rig utilization in all of its operations and prices for its services have declined. The Company has taken certain actions and instituted cost-reduction measures in an effort to mitigate these adverse effects. The Energy segment's results of operations going forward will be dependent on the price of oil in the future, the resulting drilling rig count in the basins in which it operates, and the Company's ability to return to the pricing and service levels of the past as oil prices increase. Although the impact on the Energy segment's results of operations in 2015 remains uncertain, the drilling rig count in North America has declined significantly, which has directly impacted the segment's rig utilization, and the pricing for the segment's services has declined. As a result, the Company expects the Energy segment to continue to experience a decline in operating income in 2015 as compared to the 2014 results.

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Three months ended June 30, 2015, compared to three months ended June 30, 2014

Net revenues for the three months ended June 30, 2015, decreased by $16.3 million as compared to the 2014 period. Net revenues from the Company's Energy segment decreased by $17.7 million, or 37.5%, primarily from the decline in rig utilization and the decline in prices that resulted from theadverse effects the decline in energy prices had on the oil services industry. Net revenues in the Company's Sports segmentincreasedby$1.4 millionfroman increasein revenues fromUK Elite primarily as a result of operating the businesses acquired during the 2014 period for the full period in 2015.

Gross profit for the three months ended June 30, 2015, decreased by $6.8 million as compared to the 2014 period, and as a percentage of revenue declined to 23.1% in the second quarter of 2015 from 28.9% in the comparable 2014 period. Gross profit in the Energy segment decreased by $7.2 million, and as a percentage of revenue declined to 17.4% in the second quarter of 2015 from 26.2% in the comparable 2014 period. Gross profit in the Energy segment decreased as a result of the decline in revenues. Gross profit in the Sports segment in the 2015 period increased by $0.5 million primarily from UK Elite as a result of the increase in revenues.

SG&A expenses in the second quarter 2015decreased by $0.5 million as compared to the comparable 2014 period. SG&A expenses in the Energy segment decreased by $0.8 million primarily from the receipt of a purchase price adjustment of $0.5 million related to a 2013 acquisition. SG&A expenses in the Sports segment increased by $0.3 million. 

The Company incurred an operating loss of $1.8 million in the second quarter of 2015 as compared to operating income of $4.0 million in the 2014 period. Operating income in the Energy segment decreased by $6.1 million as a result of the decline in revenues and margins that resulted from theadverse effects the decline in energy prices had on the oil services industry. The operating income in the Sports segment increased by $0.2 million primarily due to the operating results of UK Elite.

Amortization of intangibles in the second quarter 2015decreased by $0.4 million as compared to the comparable 2014 period as a result of a declining rate of amortization for the intangible assets recognized in connection with prior period acquisitions.

Interest expense of $0.6 million in the second quarter 2015decreased by $0.2 million as compared to the 2014 period primarily as a result of the repayment of long-term debt.

The Company incurred an impairment charge of $22.7 million related to its marketable securities in the second quarter 2015. The impairment charge resulted from the Company's determination that certain unrealized losses in available-for-sale securities represented other-than-temporary impairments as of June 30, 2015.

Other income of $3.0 million in the second quarter 2015 primarily represented realized gains on the sale of marketable securities of $1.8 million and investment income of $0.9 million. Other income of $2.0 million in the second quarter 2014 primarily represented realized gains on the sale marketable securities of $2.1 million and investment income of $1.3 million, partially offset by losses on financial instrument obligations of $0.7 million and a realized loss of $0.6 million recognized upon initially accounting for an investment under the equity method of accounting at fair value.

The Company recognized a benefit from income taxes of $6.3 million for the three months ended June 30, 2015, which consists primarily of benefits on unrealized gains on marketable securities included in other comprehensive income. The Company recognized a provision for income taxes of $0.4 million for the three months ended June 30, 2014, which primarily reflects state taxes and deferred tax liabilities attributable to the amortization of indefinite-lived intangible assets.

Six months endedJune 30, 2015, compared to six months ended June 30, 2014

Net revenues for the six months ended June 30, 2015, decreased by $22.6 million as compared to the 2014 period. Net revenues from the Company's Energy segment decreased by $24.5 million, or 26.9%, primarily from the decline in rig utilization and the decline in prices that resulted from theadverse effects the decline in energy prices had on the oil services industry. Net revenues in the Company's Sports segmentincreasedby$1.9 millionfroman increasein revenues fromUK Elite primarily as a result of operating the businesses acquired during the 2014 period for the full period in 2015.

Gross profit for the six months ended June 30, 2015, decreased by $10.1 million as compared to the 2014 period, and as a percentage of revenue declined to 20.0% in the first six months of 2015 from 25.8% in the comparable 2014 period. Gross profit in the Energy segment decreased by $10.7 million, and as a percentage of revenue declined to 17.3% in the first six

27

months of 2015 from 24.4% in the comparable 2014 period. Gross profit in the Energy segment decreased as a result of the decline in revenues. Gross profit in the Sports segment in the 2015 period increased by $0.5 million primarily from UK Elite as a result of the increase in revenues.

SG&A expenses in the first six months of 2015 were comparable to the 2014 period. SG&A expenses in the Energy segment decreased by $0.6 million primarily from the receipt of a purchase price adjustment of $0.5 million related to a 2013 acquisition and decreased$0.2 million from corporate and other business activities. Such decreases were offset by SG&A expenses in the Sports segment that increased by $0.8 million primarily from UK Elite. 

The Company incurred an operating loss of $5.3 million in the first six months of 2015 as compared to operating income of $4.0 million in the 2014 period. Operating income in the Energy segment decreased by $9.2 million as a result of the decline in revenues and margins that resulted from theadverse effects the decline in energy prices had on the oil services industry. The operating income in the Sports segment decreased by $0.3 million.

Amortization of intangibles in the first six months of 2015decreased by $0.8 million as compared to the comparable 2014 period as a result of a declining rate of amortization for the intangible assets recognized in connection with prior period acquisitions.

Interest expense of $1.3 million in the first six months of 2015decreased by $0.4 million as compared to the 2014 period primarily as a result of the repayment of long-term debt.

The Company incurred an impairment charge of $22.7 million related to its marketable securities in the first six months of 2015. The impairment charge resulted from the Company's determination that certain unrealized losses in available-for-sale securities represented other-than-temporary impairments as of June 30, 2015.

Other income of $1.3 million in the first six months of 2015 primarily represented investment income of $2.5 million and realized gains on the sale of marketable securities of $2.0 million, partially offset by a realized loss of $2.8 million recognized upon initially accounting for an investment under the equity method of accounting at fair value, losses on financial instrument obligations of $0.3 million, and a foreign exchange loss of $0.2 million. Other income of $6.5 million in the 2014 period primarily represented realized gains on the sale marketable securities of $5.1 million and investment income of $2.9 million, partially offset by losses on financial instrument obligations of $0.7 million and a realized loss of $0.6 million recognized upon initially accounting for an investment under the equity method of accounting at fair value.

The Company recognized a benefit from income taxes of $6.7 million for the six months ended June 30, 2015, which consists primarily of benefits on unrealized gains on marketable securities included in comprehensive income. The Company recognized a provision for income taxes of $0.6 million for the six months ended June 30, 2014, which primarily reflects state taxes and deferred tax liabilities attributable to the amortization of indefinite-lived intangible assets.

Financial Condition

Steel Energy Services Ltd. ("Steel Energy") has a credit agreement, as amended (the “Amended Credit Agreement”), that provides 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. At June 30, 2015, $72.7 million was outstanding under the Amended Credit Agreement, all of which represented the Term Loan, and $10.0 million was available for future borrowing under the Revolving Loans. Borrowings under the Amended Credit Agreement 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 Energy Services, Ltd. ("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 June 30, 2015.

The Company finances its operations and capital expenditure requirements from its existing cash and marketable securities balances, which at June 30, 2015, totaled $63.9 million and $124.1 million, respectively. Working capital in the first six months of 2015increased by $8.2 million due primarily to an increase of $25.0 million from the reclassification of an investment in a limited partnership that is liquidating in August 2015 to current assets, partially offset by a decrease of $10.9 million from a reclassification of current available-for-sale securities to non-current equity method investments and the repayment of $6.6 million of long-term debt.

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Cash flows from operating activities increased$4.0 million in the first six months of 2015 as compared to the 2014 period due primarily to an increase in net collections of accounts receivable of $17.1 million, partially offset by a decrease in cash generated from net income of $9.1 million and an increase in payments for accounts payable and accrued expenses of $2.9 million.

During the first six months of 2015, the Company used$1.3 million of cash for investing activities. The Company received proceeds from sales of marketable securities, net of purchases and restricted cash, of $1.7 million, which was offset by $2.8 million in purchases of property and equipment and net repayments of financial instrument obligations of $0.2 million.

During the first six months of 2015, the Company used$7.1 million of cash for financing activities primarily for debt repayments on the Amended Credit Facility of $6.6 million.

At June 30, 2015, the Company had $188.0 million in cash and marketable securities, exclusive of $21.4 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 June 30, 2015, 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, except for other-than-temporary impairments, 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 the first six months of 2015, the Company incurred an impairment charge of $22.7 million related to its marketable securities that resulted from the Company's determination that certain unrealized losses in available-for-sale securities represented other-than-temporary impairments as of June 30, 2015. 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 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. 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

There were no other material changes in the Company’s contractual obligations at June 30, 2015, as compared to those reported in the Company’s annual report on Form 10-K for the year ended December 31, 2014.

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company does not expect the adoption of ASU No. 2015-03 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, 2014.

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 June 30, 2015, 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 1. 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.

Item 1A. Risk Factors

The following risk factor supplements the risk factors disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2014.

We are subject to certain banking regulatory requirements that could impact our investing decisions. Under Section 619 (the “Volcker Rule”) of The Dodd-Frank Wall Street Reform and Consumer Protection Act, we are a banking entity by virtue of being an affiliate of WebBank, an industrial bank owned by Steel Partners Holdings, L.P., which beneficially owned approximately 57.1% of the Company's common stock as of June 30, 2015. The Volcker Rule generally restricts certain banking entities from engaging in proprietary trading activities and owning equity in or sponsoring any private equity or hedge fund. The restrictions on proprietary trading activities went into effect on July 21, 2015. Under these restrictions and subject to certain exclusions, we are prohibited from engaging in certain trading activities, including trading for short-term resale and

30

benefiting from short-term price movements. We generally have a long-term investment strategy, and we do not believe that our recent investing activities would have been prohibited by restrictions under the Volcker Rule, although such restrictions could prohibit us from making certain investment decisions in the future.

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

On July 7, 2015, the Company's common stock commenced trading on the Nasdaq Capital Market under the ticker symbol "SXCL". Prior to such date, the Company's common stock traded in the over the counter market and was quoted on the OTCQB marketplace under the ticker symbol "SXCL".

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. On June 24, 2015, the Company's Board of Directors authorized a stock repurchase program to acquire up to 500,000 shares of the Company's common stock (the "2015 Repurchase Program"). The 2015 Repurchase Program superseded and canceled all previously approved repurchase programs. Any repurchases under the 2015 Repurchase Program 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 2015 Repurchase Program is 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 June 30, 2015, under the various repurchase programs and in connection with shares surrendered to satisfy tax withholding obligations in connection with the vesting of restricted stock awards.

	(a)	(b)		(c)	(d)
Period	Total Number of Shares Purchased (1)	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 April 2015	647	$	21.42	—	382,845
Month of May 2015	—	$	—	—	382,845
Month of June 2015	14,235	$	18.79	14,235	498,635
Total	14,882	$	33.71	14,235

(1) Amount for April 2015 represents shares surrendered to satisfy tax withholding obligations in connection with the vesting of restricted stock awards.

31

Item 6. Exhibits

3.1	Form of Amendment to Certificate of Incorporation of Steel Excel Inc. (incorporated by reference to Exhibit No. 3.1 to the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 1, 2015).
4.1	Form of Second Amendment to the Tax Benefits Preservation Plan, dated as of May 28, 2015 (incorporated by reference to Exhibit No. 4.1 to the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 1, 2015).
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.

32

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:	August 6, 2015
By:	/s/James F. McCabe, Jr.
	James F. McCabe, Jr. Chief Financial Officer (Principal financial officer)	Date:	August 6, 2015

33

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:	August 6, 2015	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:	August 6, 2015	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 June 30, 2015 (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:	August 6, 2015	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:	August 6, 2015	James F. McCabe, Jr. Chief Financial Officer

XML

Description and Basis of Presentation (Detail)	6 Months Ended
	Jun. 30, 2015 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments (in segments)	2

XML

Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets		$ 24,355
Financial instrument obligations
Liabilities	$ 21,385	21,311
Cash, including short-term deposits
Assets	63,907	51,910
Restricted cash
Assets	21,385
Mutual funds
Assets	16,361	20,970
Corporate securities
Assets	73,437	87,850
Corporate obligations
Assets	34,298	29,637
Investments in equity-method investees
Assets	38,834	24,355
Investments in certain funds
Assets	467	525
Financial Assets
Assets	248,689	215,247
Level 1 | Financial instrument obligations
Liabilities	21,385	21,311
Level 1 | Cash, including short-term deposits
Assets	63,907	51,910
Level 1 | Restricted cash
Assets	21,385
Level 1 | Mutual funds
Assets	16,361	20,970
Level 1 | Corporate securities
Assets	62,044	72,798
Level 1 | Corporate obligations
Assets	0	0
Level 1 | Investments in equity-method investees
Assets	38,834	24,355
Level 1 | Investments in certain funds
Assets	0	0
Level 1 | Financial Assets
Assets	202,531	170,033
Level 2 | Financial instrument obligations
Liabilities	0	0
Level 2 | Cash, including short-term deposits
Assets	0	0
Level 2 | Restricted cash
Assets	0
Level 2 | Mutual funds
Assets	0	0
Level 2 | Corporate securities
Assets	0	0
Level 2 | Corporate obligations
Assets	10,675	10,793
Level 2 | Investments in equity-method investees
Assets	0	0
Level 2 | Investments in certain funds
Assets	0	0
Level 2 | Financial Assets
Assets	10,675	10,793
Level 3 | Financial instrument obligations
Liabilities	0	0
Level 3 | Cash, including short-term deposits
Assets	0	0
Level 3 | Restricted cash
Assets	0
Level 3 | Mutual funds
Assets	0	0
Level 3 | Corporate securities
Assets	11,393	15,052
Level 3 | Corporate obligations
Assets	23,623	18,844
Level 3 | Investments in equity-method investees
Assets	0	0
Level 3 | Investments in certain funds
Assets	467	525
Level 3 | Financial Assets
Assets	$ 35,483	$ 34,421

XML

Investments - Portfolio of marketable securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale securities:
Cost	$ 155,070	$ 195,958
Gross Unrealized Gains	12,821	12,675
Gross Unrealized Losses	(4,098)	(27,495)
Estimated Fair Value	163,793	181,138
Amounts classified as cash equivalents	(39,697)	(42,681)
Marketable securities cost	115,373	153,277
Marketable securities estimated fair value	124,096	138,457
Short-term deposits
Available-for-sale securities:
Cost	39,697	42,681
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	39,697	42,681
Mutual funds
Available-for-sale securities:
Cost	11,835	17,030
Gross Unrealized Gains	4,526	4,262
Gross Unrealized Losses	0	(322)
Estimated Fair Value	16,361	20,970
Corporate securities
Available-for-sale securities:
Cost	68,333	103,761
Gross Unrealized Gains	7,636	7,821
Gross Unrealized Losses	(2,532)	(23,732)
Estimated Fair Value	73,437	87,850
Corporate obligations
Available-for-sale securities:
Cost	35,205	32,486
Gross Unrealized Gains	659	592
Gross Unrealized Losses	(1,566)	(3,441)
Estimated Fair Value	$ 34,298	$ 29,637

XML

Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ 31,373	$ 30,391	$ 34,421	$ 24,209
Purchases	5,108	5,239	5,108	10,538
Sales	(359)	(2,758)	(522)	(4,732)
Realized losses on sale	0	(129)	0	(129)
Unrealized gains (losses)	(639)	(397)	(3,524)	2,460
Balance, End	$ 35,483	$ 32,346	$ 35,483	$ 32,346

XML

Acquisitions (Detail) $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2015 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) business
UK Elite Soccer, Inc. | Provider of Soccer Clinics
Number of businesses acquired | business			3
Total purchase price			$ 1.0
Purchase price net of cash acquired			0.5
UK Elite Soccer, Inc. | Customer relationships | Provider of Soccer Clinics
Current assets			0.2
Current liabilities			0.6
Intangible assets			$ 0.9
Black Hawk Energy Services Ltd. | Black Hawk Energy Services, Inc.
Total purchase price		$ 59.6
Selling, General and Administrative Expenses | Black Hawk Energy Services Ltd. | Black Hawk Energy Services, Inc.
Escrow	$ 0.5

XML

Other Income (Expense), net (Tables)

6 Months Ended

Jun. 30, 2015

Income Statement [Abstract]

Schedule of Other Income (Expense), Net

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Investment income	$	921		$	1,310		$	2,485		$	2,899
Realized gain on sales of marketable securities, net	1,828			2,076			1,963			5,067
Realized loss on financial instrument obligations	(97		)	(669		)	(283		)	(669		)
Realized loss upon change to equity method at fair value	—			(568		)	(2,807		)	(568		)
Foreign exchange gain (loss)	91			(171		)	(197		)	(171		)
Other	258			(14		)	111			(77		)
Other income (expense), net	$	3,001		$	1,964		$	1,272		$	6,481

XML

Segment Information (Detail)	6 Months Ended
	Jun. 30, 2015 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	2

XML

Property and Equipment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation	$ 3.8	$ 3.6	$ 7.7	$ 7.1

XML

Related Party Transactions (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair value		$ 163,793		$ 163,793		$ 181,138
SP Corporate Services LLC
Provision of services		2,400	$ 2,200	4,600	$ 4,400
Accounts payable		300		300
Mutual Securities, Inc.
Paid commissions		18	99	29	222
iGo
Fixed annual fee	$ 400
WebBank | Interest Income
Interest income		12	$ 21	28	$ 42
WebBank | Short-term deposits
Short-term deposits		$ 6,300		$ 6,300
Steel Partners
Shares authorized		1,000,000		1,000,000
Common units (in shares)		204,712		204,712
Fair value		$ 3,600		$ 3,600

XML

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 1,092	$ 1,423
Income taxes paid, net of refunds	138	54
Reclassification of available-for-sale securities to equity method investment	10,858	27,647
Securities received in exchange for financial instrument obligations	76	19,341
Securities delivered in exchange for settlement of financial instrument obligations	76	0
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	32	14
Repurchase of common stock from reverse split not paid	0	10,023
Contribution of advances by non-controlling interest	$ 0	$ 268

XML

Net Income (Loss) Per Share - Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerators:
Net income (loss)	$ (10,463)	$ 7,657	$ (18,076)	$ 9,624
Non-controlling interest	(73)	11	290	337
Net income (loss) attributable to Steel Excel Inc.	$ (10,536)	$ 7,668	$ (17,786)	$ 9,961
Denominators:
Basic weighted average common shares outstanding (in Shares)	11,572	11,895	11,524	11,938
Effect of dilutive securities:
Stock-based awards (in shares)	0	22	0	20
Diluted weighted average common shares outstanding (in Shares)	11,572	11,917	11,524	11,958
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) (in dollars per share)	$ (0.91)	$ 0.64	$ (1.54)	$ 0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) (in dollars per share)	$ (0.91)	$ 0.64	$ (1.54)	$ 0.83
Antidilutive securities excluded (in shares)	15		15

XML

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, was as follows:

	Six Months Ended June 30,
	2015		2014
	(in thousands)
Interest paid	$	1,092	$	1,423
Income taxes paid, net of refunds	$	138	$	54
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	10,858	$	27,647
Securities received in exchange for financial instrument obligations	$	76	$	19,341
Securities delivered in exchange for settlement of financial instrument obligations	$	76	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	32	$	14
Repurchase of common stock from reverse split not paid	$	—	$	10,023
Contribution of advances by non-controlling interest	$	—	$	268

XML

Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Cost
Mature in more than three years	$ 35,205
Securities with no contractual maturities	119,865
Total	155,070
Estimated Fair Value
Mature in more than three years	34,298
Securities with no contractual maturities	129,495
Total	$ 163,793

XML

Revised Financial Statements - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended									6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		$ (10,463)			$ 7,657						$ (18,076)	$ 9,624
Foreign currency translation adjustment		(3)			14						(1)	14
Reclassification to realized gains		0			0						0	0
Net foreign currency translation adjustment	[1]	(3)			14						(1)	14
Gross unrealized gains on marketable securities, net of tax	[2]	1,950			3,395						3,064	11,418
Reclassification to realized gains, net of tax	[3]	12,239			(505)						12,054	(2,439)
Net unrealized gain on marketable securities, net of tax		14,189			2,890						15,118	8,979
Comprehensive income (loss)		3,723			10,561						(2,959)	18,617
Comprehensive loss (income) attributable to non-controlling interest		(73)			11						290	337
Comprehensive income (loss) attributable to Steel Excel Inc.		3,650			10,572						(2,669)	18,954
Tax provision on gross unrealized gains		(1,159)			0						(1,707)	0
Tax benefit on reclassifications to realized gains (losses)		$ (6,809)			0						$ (6,718)	0
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)			$ (33,462)	$ 75	7,657	$ 1,967	$ 4,087	$ 1,495	$ 538	$ 1,207		9,624
Foreign currency translation adjustment					14							14
Reclassification to realized gains					0							0
Net foreign currency translation adjustment					14							14
Gross unrealized gains on marketable securities, net of tax					3,395							11,418
Reclassification to realized gains, net of tax					(505)							(2,439)
Net unrealized gain on marketable securities, net of tax					2,890							8,979
Comprehensive income (loss)					10,561							18,617
Comprehensive loss (income) attributable to non-controlling interest					11							337
Comprehensive income (loss) attributable to Steel Excel Inc.					10,572							18,954
Tax provision on gross unrealized gains					0							0
Tax benefit on reclassifications to realized gains (losses)					0							0
Valuation Allowance of Deferred Tax Assets | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)					8,732							12,797
Foreign currency translation adjustment					14							14
Reclassification to realized gains					0							0
Net foreign currency translation adjustment					14							14
Gross unrealized gains on marketable securities, net of tax					2,124							7,383
Reclassification to realized gains, net of tax					(309)							(1,577)
Net unrealized gain on marketable securities, net of tax					1,815							5,806
Comprehensive income (loss)					10,561							18,617
Comprehensive loss (income) attributable to non-controlling interest					11							337
Comprehensive income (loss) attributable to Steel Excel Inc.					10,572							18,954
Tax provision on gross unrealized gains					1,271							(4,035)
Tax benefit on reclassifications to realized gains (losses)					196							862
Valuation Allowance of Deferred Tax Assets | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)					(1,075)							(3,173)
Foreign currency translation adjustment					0							0
Reclassification to realized gains					0							0
Net foreign currency translation adjustment					0							0
Gross unrealized gains on marketable securities, net of tax					1,271							4,035
Reclassification to realized gains, net of tax					(196)							(862)
Net unrealized gain on marketable securities, net of tax					1,075							3,173
Comprehensive income (loss)					0							0
Comprehensive loss (income) attributable to non-controlling interest					0							0
Comprehensive income (loss) attributable to Steel Excel Inc.					0							0
Tax provision on gross unrealized gains					(1,271)							4,035
Tax benefit on reclassifications to realized gains (losses)					$ (196)							$ (862)

[1] No tax effect on cumulative translation adjustments

[2] Tax provision on gross unrealized gains: $(1,159) $0 $(1,707) $0

[3] Tax benefit on reclassifications to realized gains: $(6,809) $0 $(6,718) $0

XML

Segment Information - Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Total assets:
Total assets	$ 478,233	$ 479,354
Sports segment:
Total assets:
Total assets	19,643	18,625
Energy segment:
Total assets:
Total assets	215,149	220,262
Corporate and other business activities
Total assets:
Total assets	$ 243,441	$ 240,467

XML

Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues
Energy	$	29,467		$	47,153		$	66,599		$	91,066
Sports	6,143			4,771			7,896			6,017
Total revenues	$	35,610		$	51,924		$	74,495		$	97,083
Operating income (loss) before goodwill and other asset impairments
Energy	$	1,831		$	7,905		$	4,190		$	13,372
Sports	180			(10		)	(2,359		)	(2,042		)
Total segment operating income	2,011			7,895			1,831			11,330
Corporate and other business activities	(3,854		)	(3,872		)	(7,178		)	(7,361		)
Interest expense	(614		)	(822		)	(1,256		)	(1,690		)
Impairment of marketable securities	(22,740		)	—			(22,740		)	—
Other income (expense), net	3,001			1,964			1,272			6,481
Income (loss) before income taxes and equity method income	$	(22,196	)	$	5,165		$	(28,071	)	$	8,760
Depreciation and amortization expense:
Energy	$	5,480		$	5,612		$	11,045		$	11,405
Sports	430			402			859			772
Total depreciation and amortization expense	$	5,910		$	6,014		$	11,904		$	12,177

Reconciliation of Assets from Segment to Consolidated

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

	June 30, 2015		December 31, 2014
	(in thousands)
Sports	$	19,643	$	18,625
Energy	215,149		220,262
Corporate and other business activities	243,441		240,467
Total assets	$	478,233	$	479,354

XML

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 31, 2015	Dec. 31, 2014	May. 31, 2014
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 44,253		$ 44,253			$ 30,060
Income (Loss) Recognized	$ 5,445	$ 2,874	$ 3,335	$ 1,441
Again Faster
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	40.00%		40.00%			40.00%
Carrying Value	$ 2,549		$ 2,549			$ 3,105
Income (Loss) Recognized	$ (135)	(164)	$ (557)	(293)
iGo
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	46.90%		46.90%			46.90%
Carrying Value	$ 2,870		$ 2,870			$ 2,600
Income (Loss) Recognized	$ (14)	(501)	$ 271	(1,805)
API
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	20.60%		20.60%			20.60%	20.60%
Carrying Value	$ 28,700		$ 28,700			$ 24,355
Income (Loss) Recognized	$ 5,031	3,539	$ 4,345	3,539
Aviat
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	12.90%		12.90%		12.90%
Carrying Value	$ 10,134		$ 10,134
Income (Loss) Recognized	$ 563	$ 0	$ (724)	$ 0

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Other Income (Expense), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Investment income	$ 921	$ 1,310	$ 2,485	$ 2,899
Realized gain on sales of marketable securities, net	1,828	2,076	1,963	5,067
Realized loss on financial instrument obligations	(97)	(669)	(283)	(669)
Realized loss upon change to equity method at fair value	0	(568)	(2,807)	(568)
Foreign exchange gain (loss)	91	(171)	(197)	(171)
Other	258	(14)	111	(77)
Other income (expense), net	$ 3,001	$ 1,964	$ 1,272	$ 6,481

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Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Balance, beginning of period	$ 30,864	$ 67,530
Impairments	0	(36,666)
Balance, end of period	30,864	30,864
Energy segment:
Goodwill [Roll Forward]
Balance, beginning of period	28,693	65,359
Impairments	0	(36,666)
Balance, end of period	28,693	28,693
Sports segment:
Goodwill [Roll Forward]
Balance, beginning of period	2,171	2,171
Impairments	0	0
Balance, end of period	$ 2,171	$ 2,171

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Investments (Detail) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May. 31, 2014 USD ($) shares	Jan. 31, 2014 USD ($)	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)	Jan. 31, 2015 director shares	Dec. 31, 2014 USD ($)	Aug. 31, 2013	Jan. 31, 2013
Sales of marketable securities			$ 9,900	$ 55,200	$ 16,686	$ 95,740
Fair value			163,793		163,793			$ 181,138
Gross Unrealized Losses			(4,098)		(4,098)			(27,495)
Impairment of marketable securities			(22,740)	0	(22,740)	0
Realized loss on financial instrument obligation			(100)	(700)	(300)	(700)
Loss on change to equity method at fair value			0	$ 568	2,807	$ 568
Value of investment			38,834		38,834
Cost-method investments			3,467		3,467			$ 28,525
Venture Capital Funds
Other investments			500		500
Promissory Note
Other investments			$ 3,000		$ 3,000
Steel Partners
Common units (in shares) | shares			204,712		204,712
Fair value			$ 3,600		$ 3,600
Gross Unrealized Losses			$ (33)		$ (33)
Again Faster
Membership interest (as a percent)									44.70%	40.00%
Ownership (as a percent)			40.00%		40.00%			40.00%
API
Number of shares held | shares	11,377,192
Ownership (as a percent)	20.60%		20.60%		20.60%			20.60%
Number of shares purchased | shares	1,666,666
Loss on change to equity method at fair value	$ 600
Aviat Networks, Inc.
Number of shares held | shares							8,041,892
Ownership (as a percent)			12.90%		12.90%		12.90%
Loss on change to equity method at fair value		$ 2,800
Number of directors | director							2
Number of directors on board | director							8
iGo
Ownership (as a percent)			46.90%		46.90%			46.90%
Value of investment			$ 3,800		$ 3,800
Partnership
Cost-method investments			25,000		25,000
Fair value of cost method investments			$ 33,400		$ 33,400
Steel Partners | Steel Excel
Ownership (as a percent)			57.10%		57.10%

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Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2015

NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company does not expect the adoption of ASU No. 2015-03 to have a material effect on its consolidated financial statements.

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Goodwill and Other Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 73,095	$ 73,095
Accumulated impairment	(42,231)	(42,231)
Goodwill	$ 30,864	$ 30,864	$ 67,530

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Revised Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ (10,463)			$ 7,657						$ (18,076)	$ 9,624
Deferred income tax provision (benefit)										(6,713)	204
Cash provided by operating activities										$ 20,422	16,405
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ (33,462)	$ 75	7,657	$ 1,967	$ 4,087	$ 1,495	$ 538	$ 1,207		9,624
Deferred income tax provision (benefit)											204
Cash provided by operating activities											16,405
Valuation Allowance of Deferred Tax Assets | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income				8,732							12,797
Deferred income tax provision (benefit)											(2,969)
Cash provided by operating activities											16,405
Valuation Allowance of Deferred Tax Assets | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income				$ (1,075)							(3,173)
Deferred income tax provision (benefit)											3,173
Cash provided by operating activities											$ 0

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Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment at June 30, 2015, and December 31, 2014, consisted of the following:

	June 30, 2015			December 31, 2014
	(in thousands)
Rigs and other equipment	$	117,172		$	115,391
Buildings and improvements	19,370			18,977
Land	1,893			1,893
Vehicles	2,304			2,197
Furniture and fixtures	851			673
Assets in progress	559			644
	142,149			139,775
Accumulated depreciation	(40,241		)	(32,588		)
Property and equipment, net	$	101,908		$	107,187

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at June 30, 2015, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	63,907	$	63,907	$	—	$	—
Restricted cash	21,385		21,385		—		—
Mutual funds(2)	16,361		16,361		—		—
Corporate securities(2)	73,437		62,044		—		11,393
Corporate obligations(2)	34,298		—		10,675		23,623
Investments in equity-method investees	38,834		38,834		—		—
Investments in certain funds(3)	467		—		—		467
Total assets	$	248,689	$	202,531	$	10,675	$	35,483
Liabilities
Financial instrument obligations	$	21,385	$	21,385	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other long-term investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 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)	$	51,910	$	51,910	$	—	$	—
Mutual funds(2)	20,970		20,970		—		—
Corporate securities(2)	87,850		72,798		—		15,052
Corporate obligations(2)	29,637		—		10,793		18,844
Investments in equity-method investees	24,355		24,355		—		—
Investments in certain funds(3)	525		—		—		525
Total	$	215,247	$	170,033	$	10,793	$	34,421
Liabilities
Financial instrument obligations	$	21,311	$	21,311	$	—	$	—

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

(2) Reported within “Marketable securities.”

(3) Reported within "Other long-term 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 six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Balance, beginning of period	$	31,373		$	30,391		$	34,421		$	24,209
Purchases	5,108			5,239			5,108			10,538
Sales	(359		)	(2,758		)	(522		)	(4,732		)
Realized losses on sale	—			(129		)	—			(129		)
Unrealized gains (losses)	(639		)	(397		)	(3,524		)	2,460
Balance, end of period	$	35,483		$	32,346		$	35,483		$	32,346

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Property and Equipment - Schedule (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property and equipment, gross	$ 142,149	$ 139,775
Accumulated depreciation	(40,241)	(32,588)
Property and equipment, net	101,908	107,187
Rigs and other equipment
Property and equipment, gross	117,172	115,391
Buildings and improvements
Property and equipment, gross	19,370	18,977
Land
Property and equipment, gross	1,893	1,893
Vehicles
Property and equipment, gross	2,304	2,197
Furniture and fixtures
Property and equipment, gross	851	673
Assets in progress
Property and equipment, gross	$ 559	$ 644

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Revised Financial Statements - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenues	$ 35,610			$ 51,924						$ 74,495	$ 97,083
Gross profits	8,235			15,003						14,932	25,061
Net income (loss) from continuing operations	(10,463)			7,657						(18,076)	9,624
Net income (loss)	(10,463)			7,657						(18,076)	9,624
Net income (loss) attributable to Steel Excel Inc.	$ (10,536)			$ 7,668						$ (17,786)	$ 9,961
Basic (in dollars per share)	$ (0.91)			$ 0.64						$ (1.54)	$ 0.83
Diluted (in dollars per share)	$ (0.91)			$ 0.64						$ (1.54)	$ 0.83
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenues		$ 54,482	$ 58,583	$ 51,924	$ 45,159	$ 33,496	$ 31,420	$ 28,761	$ 26,351
Gross profits		13,799	17,183	15,003	10,058	9,120	8,010	8,041	6,983
Net income (loss) from continuing operations		(33,968)	75	7,657	1,967	8,150	2,383	732	1,602
Net income (loss)		(33,462)	75	7,657	1,967	4,087	1,495	538	1,207		$ 9,624
Net income (loss) attributable to Steel Excel Inc.		(33,605)	(163)	7,668	2,293	6,599	1,806	723	1,543		$ 9,961
Net income (loss) from continuing operations attributable to Steel Excel Inc.		$ (33,832)	$ (163)	$ 7,668	$ 2,293	$ 8,428	$ 2,205	$ 768	$ 1,622
Basic (in dollars per share)		$ (2.97)	$ (0.01)	$ 0.64	$ 0.19	$ 0.69	$ 0.18	$ 0.06	$ 0.13
Diluted (in dollars per share)		$ (2.97)	$ (0.01)	$ 0.64	$ 0.19	$ 0.69	$ 0.18	$ 0.06	$ 0.13

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company's intangible assets at June 30, 2015, and December 31, 2014, all of which are subject to amortization, consisted of the following:

	June 30, 2015							December 31, 2014
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(25,584	)	$	28,846	$	54,430	$	(21,938	)	$	32,492
Trade names	4,860		(3,473		)	1,387		4,860		(3,161		)	1,699
Non-compete agreement	120		(37		)	83		120		(25		)	95
	59,410		(29,094		)	30,316		59,410		(25,124		)	34,286
Sports segment:
Customer relationships	2,089		(933		)	1,156		2,089		(678		)	1,411
Trade names	122		(49		)	73		122		(37		)	85
	2,211		(982		)	1,229		2,211		(715		)	1,496
Total	$	61,621	$	(30,076	)	$	31,545	$	61,621	$	(25,839	)	$	35,782

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows:

	Amount
	(in thousands)
Remainder of 2015	$	3,973
2016	7,203
2017	5,972
2018	5,229
2019	2,814
Thereafter	6,354
Total	$	31,545

Schedule of Goodwill

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

	Six Months Ended June 30, 2015						Year ended December 31, 2014
	Energy		Sports		Total		Energy			Sports		Total
	(in thousands)
Balance, beginning of period	$	28,693	$	2,171	$	30,864	$	65,359		$	2,171	$	67,530
Impairments	—		—		—		(36,666		)	—		(36,666		)
Balance, end of period	$	28,693	$	2,171	$	30,864	$	28,693		$	2,171	$	30,864

Schedule of Intangible Assets and Goodwill

The components of goodwill at June 30, 2015, and December 31, 2014, were as follows:

	June 30, 2015			December 31, 2014
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(42,231		)	(42,231		)
Net goodwill	$	30,864		$	30,864

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Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Assets Pledged as Collateral

The carrying values as of June 30, 2015, 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	$	43,964
Accounts receivable	13,819
Property and equipment, net	94,017
Intangible assets, net	30,316
Total	$	182,116

Schedule of Maturities of Long-term Debt

Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows:

	Amount
	(in thousands)
Remainder of 2015	$	6,607
2016	13,214
2017	13,214
2018	39,643
Total	72,678
Less current portion	13,214
Total long-term debt	$	59,464

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Description and Basis of Presentation

6 Months Ended

Jun. 30, 2015

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 makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as 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, 2014. 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.

During 2015, the Company identified an error in the manner in which the provision for income taxes had been recorded for all quarterly and annual periods in the years ended December 31, 2014 and 2013. The Company's balance sheet at December 31, 2014, its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014, and its statement of cash flows for the six months ended June 30, 2014, have been revised to reflect the correction of these errors (see Note 3).

On July 7, 2015, the Company's common stock commenced trading on the Nasdaq Capital Market under the ticker symbol "SXCL". Prior to such date, the Company's common stock traded in the over the counter market and was quoted on the OTCQB marketplace under the ticker symbol "SXCL".

Certain other prior period amounts have been reclassified to conform to the 2015 financial statement presentation.

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Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities

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

	June 30, 2015		December 31, 2014
	(in thousands)
Accrued compensation and related taxes	$	3,901	$	5,471
Deferred compensation	3,525		—
Deferred revenue	4,297		1,308
Investment purchases not settled	3,330		—
Insurance	1,648		—
Professional services	329		763
Accrued fuel and rig-related charges	1,103		601
Tax-related	2,024		238
Other	705		535
Total	$	20,862	$	8,916

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Revised Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock	$ 14	$ 14
Additional paid-in capital	269,009	267,444
Accumulated other comprehensive income	(89)	(15,206)
Retained earnings	168,850	186,636
Treasury stock, at cost	(81,623)	(81,355)
Total Steel Excel Inc. stockholders' equity	356,161	357,533
Non-controlling interest	(305)	(15)
Total stockholders' equity	$ 355,856	357,518
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock		14
Additional paid-in capital		267,444
Accumulated other comprehensive income		(15,206)
Retained earnings		186,636
Treasury stock, at cost		(81,355)
Total Steel Excel Inc. stockholders' equity		357,533
Non-controlling interest		(15)
Total stockholders' equity		357,518
Valuation Allowance of Deferred Tax Assets | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock		14
Additional paid-in capital		267,444
Accumulated other comprehensive income		(18,730)
Retained earnings		190,160
Treasury stock, at cost		(81,355)
Total Steel Excel Inc. stockholders' equity		357,533
Non-controlling interest		(15)
Total stockholders' equity		357,518
Valuation Allowance of Deferred Tax Assets | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock		0
Additional paid-in capital		0
Accumulated other comprehensive income		3,524
Retained earnings		(3,524)
Treasury stock, at cost		0
Total Steel Excel Inc. stockholders' equity		0
Non-controlling interest		0
Total stockholders' equity		$ 0

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Investments - Summarized Income Statement Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Investments [Abstract]
Revenues	$ 53,169
Gross profit	10,410
Loss from continuing operations	(14,984)
Net loss	(14,984)
Net loss attributable to investees	$ (14,984)

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Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 357,518
Current period other comprehensive income	15,117
Balance at end of period	355,856
Unrealized Gains on Securities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(14,821)
Other comprehensive income (loss) before reclassifications	3,064
Reclassifications from accumulated other comprehensive income	12,054
Current period other comprehensive income	15,118
Balance at end of period	297
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(385)
Other comprehensive income (loss) before reclassifications	(1)
Reclassifications from accumulated other comprehensive income	0
Current period other comprehensive income	(1)
Balance at end of period	(386)
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(15,206)
Other comprehensive income (loss) before reclassifications	3,063
Reclassifications from accumulated other comprehensive income	12,054
Current period other comprehensive income	15,117
Balance at end of period	$ (89)

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net revenues	$ 35,610	$ 51,924	$ 74,495	$ 97,083
Cost of revenues	27,375	36,921	59,563	72,022
Gross profit	8,235	15,003	14,932	25,061
Operating expenses:
Selling, general and administrative expenses	8,003	8,547	16,042	16,018
Amortization of intangibles	2,075	2,433	4,237	5,074
Total operating expenses	10,078	10,980	20,279	21,092
Operating income (loss)	(1,843)	4,023	(5,347)	3,969
Interest expense	(614)	(822)	(1,256)	(1,690)
Impairment of marketable securities	(22,740)	0	(22,740)	0
Other income (expense), net	3,001	1,964	1,272	6,481
Income (loss) before income taxes and equity method income	(22,196)	5,165	(28,071)	8,760
Benefit from (provision for) income taxes	6,288	(382)	6,660	(577)
Income from equity method investees, net of taxes	5,445	2,874	3,335	1,441
Net income (loss)	(10,463)	7,657	(18,076)	9,624
Net loss (income) attributable to non-controlling interests in consolidated entities	(73)	11	290	337
Net income (loss) attributable to Steel Excel Inc.	$ (10,536)	$ 7,668	$ (17,786)	$ 9,961
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) (in dollars per share)	$ (0.91)	$ 0.64	$ (1.54)	$ 0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss) (in dollars per share)	$ (0.91)	$ 0.64	$ (1.54)	$ 0.83
Shares used in computing income (loss) per share:
Basic (in Shares)	11,572	11,895	11,524	11,938
Diluted (in Shares)	11,572	11,917	11,524	11,958

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Revised Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairments										$ 0		$ 36,666
Provision for income taxes	$ (6,288)			$ 382						$ (6,660)	$ 577
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairments		$ 36,700
Foreign tax benefit		1,700
Provision for income taxes				382							577
Valuation Allowance of Deferred Tax Assets | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Provision for income taxes		$ (2,200)	$ (1,000)	$ 1,075	$ 2,100	$ 700	$ 700	$ 300	$ 1,800		$ 3,173

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Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-Controlling Interest
Balance at beginning of period (in shares) at Dec. 31, 2014		14,220	2,814
Balance at beginning of period at Dec. 31, 2014	$ 357,518	$ 14	$ (81,355)	$ 267,444	$ (15,206)	$ 186,636	$ (15)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Steel Excel Inc.	(17,786)					(17,786)
Net loss attributable to non-controlling interests	(290)						(290)
Other comprehensive income	15,117				15,117
Net issuance of restricted shares (in shares)		179
Net issuance of restricted shares	(32)			(32)
Stock-based compensation	1,597			1,597
Repurchases of common stock (in shares)			(14)
Repurchases of common stock	(268)		$ (268)
Balance at end of period (in shares) at Jun. 30, 2015		14,399	2,828
Balance at end of period at Jun. 30, 2015	$ 355,856	$ 14	$ (81,623)	$ 269,009	$ (89)	$ 168,850	$ (305)

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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles	$ 2,075	$ 2,433	$ 4,237	$ 5,074

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Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
				(Revised)					(Revised)
	(in thousands, except per share data)
Numerators:
Net income (loss)	$	(10,463	)	$	7,657	$	(18,076	)	$	9,624
Non-controlling interest	(73		)	11		290			337
Net income (loss) attributable to Steel Excel Inc.	$	(10,536	)	$	7,668	$	(17,786	)	$	9,961
Denominators:
Basic weighted average common shares outstanding	11,572			11,895		11,524			11,938
Effect of dilutive securities:
Stock-based awards	—			22		—			20
Diluted weighted average common shares outstanding	11,572			11,917		11,524			11,958
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83

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Long-term Debt - Principal payments under the Energy Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Remainder of 2015	$ 6,607
2016	13,214
2017	13,214
2018	39,643
Total	72,678
Less current portion	13,214	$ 13,214
Total long-term debt	$ 59,464	$ 66,071

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Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2015

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, 2015	$	(14,821	)	$	(385	)	$	(15,206	)
Other comprehensive income (loss) before reclassifications	3,064			(1		)	3,063
Reclassifications from accumulated other comprehensive income	12,054			—			12,054
Current period other comprehensive income	15,118			(1		)	15,117
Balance, June 30, 2015	$	297		$	(386	)	$	(89	)

Amounts reclassified for realized gains on sales of marketable securities and other-than-temporary impairments of marketable securities for the six months ended June 30, 2015, are reported as components of "Other income (expense), net" and "Impairment of marketable securities", respectively, in the consolidated statements of operations.

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015	$	(14,821	)	$	(385	)	$	(15,206	)
Other comprehensive income (loss) before reclassifications	3,064			(1		)	3,063
Reclassifications from accumulated other comprehensive income	12,054			—			12,054
Current period other comprehensive income	15,118			(1		)	15,117
Balance, June 30, 2015	$	297		$	(386	)	$	(89	)

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Related Party Transactions

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

SPLP beneficially owned approximately 57.1% of the Company’s outstanding common stock as of June 30, 2015. 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. Warren G. Lichtenstein and Jack L. Howard are 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.

In June 2015, the Company's board of directors approved a plan to purchase up to 1,000,000 common units of SPLP. As of June 30, 2015, the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million (see Note 5).

The Company has contracted with SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, to provide executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions, including the services of a chief financial officer. 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 June 30, 2015 and 2014, the Company incurred expenses of $2.4 million and $2.2 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 six months ended June 30, 2015 and 2014, the Company incurred expenses of $4.6 million and $4.4 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 $0.3 million at June 30, 2015.

The Company uses several firms to execute trades of its marketable securities and certain of its other investments. The Company uses Mutual Securities, Inc. ("Mutual Securities"), to execute certain trades, including repurchases of the Company's common stock. Jack L. Howard, the Company's principal executive officer, is a registered principal of Mutual Securities and receives commission payments from Mutual Securities after deductions for fees and expenses. During the three months ended June 30, 2015 and 2014, the Company paid commissions to Mutual Securities totaling $18,000 and $99,000, respectively. During the six months ended June 30, 2015 and 2014, the Company paid commissions to Mutual Securities totaling $29,000 and $222,000, respectively.

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 June 30, 2015, the Company held $6.3 million of short-term deposits at WebBank, a subsidiary of SPLP. For the three months ended June 30, 2015 and 2014, the Company recorded interest income of $12,000 and $21,000, respectively, on such deposits. For the six months ended June 30, 2015 and 2014, the Company recorded interest income of $28,000 and $42,000, respectively.

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Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (6,288)	$ 382	$ (6,660)	$ 577

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net income (loss)	$ (18,076)	$ 9,624
Adjustments to reconcile net income to net cash provided by operating activities:
Income from equity method investees	(3,335)	(1,441)
Stock-based compensation expense	1,597	1,683
Depreciation and amortization	11,904	12,177
Impairment of marketable securities	22,740	0
Deferred income tax provision (benefit)	(6,713)	204
Gain on sales of marketable securities	(1,963)	(5,067)
Loss on financial instrument obligations	283	669
Loss on change to equity method at fair value	2,807	568
Other	350	285
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	12,769	(4,293)
Prepaid expenses and other assets	(4,325)	(3,334)
Accounts payable and other liabilities	2,384	5,330
Net cash provided by operating activities	20,422	16,405
Cash Flows From Investing Activities:
Purchases of businesses, net of cash acquired	0	(517)
Purchases of property and equipment	(2,820)	(10,897)
Proceeds from sale of property and equipment	27	357
Investments in equity method investees	0	(144)
Purchases of marketable securities	(14,943)	(73,658)
Sales of marketable securities	16,686	95,740
Maturities of marketable securities	0	4,300
Proceeds from issuance of financial instrument obligations	133	0
Repayments of financial instrument obligations	(342)	0
Other investments	0	(3,000)
Reclassification of restricted cash	(74)	(20,010)
Net cash used in investing activities	(1,333)	(7,829)
Cash Flows From Financing Activities:
Repurchases of common stock - treasury shares	(268)	(5,681)
Repayment of subordinated notes	0	(346)
Repayments of capital lease obligations	(216)	(186)
Repayments of long-term debt	(6,607)	(6,607)
Other financing activities	0	60
Net cash used in financing activities	(7,091)	(12,760)
Net increase (decrease) in cash and cash equivalents	11,998	(4,184)
Effect of foreign currency translation on cash and cash equivalents	(1)	14
Cash and cash equivalents, beginning balance	51,910	73,602
Cash and cash equivalents, ending balance	$ 63,907	$ 69,432

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (10,463)	$ 7,657	$ (18,076)	$ 9,624
Other comprehensive income (loss):
Foreign currency translation adjustment		(3)	14	(1)	14
Reclassification to realized gains		0	0	0	0
Net foreign currency translation adjustment	[1]	(3)	14	(1)	14
Gross unrealized gains on marketable securities, net of tax	[2]	1,950	3,395	3,064	11,418
Reclassification to realized losses (gains), net of tax	[3]	12,239	(505)	12,054	(2,439)
Net unrealized gain on marketable securities, net of tax		14,189	2,890	15,118	8,979
Comprehensive income (loss)		3,723	10,561	(2,959)	18,617
Comprehensive loss (income) attributable to non-controlling interest		(73)	11	290	337
Comprehensive income (loss) attributable to Steel Excel Inc.		3,650	10,572	(2,669)	18,954
Tax provision on gross unrealized gains		(1,159)	0	(1,707)	0
Tax benefit on reclassifications to realized gains (losses)		$ (6,809)	$ 0	$ (6,718)	$ 0

[1] No tax effect on cumulative translation adjustments

[2] Tax provision on gross unrealized gains: $(1,159) $0 $(1,707) $0

[3] Tax benefit on reclassifications to realized gains: $(6,809) $0 $(6,718) $0

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Other Liabilities

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities

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

	June 30, 2015		December 31, 2014
	(in thousands)
Accrued compensation and related taxes	$	3,901	$	5,471
Deferred compensation	3,525		—
Deferred revenue	4,297		1,308
Investment purchases not settled	3,330		—
Insurance	1,648		—
Professional services	329		763
Accrued fuel and rig-related charges	1,103		601
Tax-related	2,024		238
Other	705		535
Total	$	20,862	$	8,916

“Other long-term liabilities” at December 31, 2014, primarily consisted deferred compensation arrangements that are expected to be paid out in 2016 and which have been reclassified to other current liabilities as of June 30, 2015.

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Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
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		11,453,858
Amendment Flag	false
Entity Central Index Key	0000709804
Entity Filer Category	Accelerated Filer
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

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Other Income (Expense), net

6 Months Ended

Jun. 30, 2015

Income Statement [Abstract]

Other Income (Expense), net

Other Income (Expense), net

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Investment income	$	921		$	1,310		$	2,485		$	2,899
Realized gain on sales of marketable securities, net	1,828			2,076			1,963			5,067
Realized loss on financial instrument obligations	(97		)	(669		)	(283		)	(669		)
Realized loss upon change to equity method at fair value	—			(568		)	(2,807		)	(568		)
Foreign exchange gain (loss)	91			(171		)	(197		)	(171		)
Other	258			(14		)	111			(77		)
Other income (expense), net	$	3,001		$	1,964		$	1,272		$	6,481

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 63,907	$ 51,910
Restricted cash	21,385	21,311
Marketable securities	124,096	138,457
Accounts receivable (net of allowance for doubtful accounts of $61 in 2015)	15,186	28,016
Other short-term investments	25,000	0
Deferred income taxes	1,696	1,696
Prepaid expenses and other current assets	13,571	4,228
Total current assets	264,841	245,618
Property and equipment, net	101,908	107,187
Goodwill	30,864	30,864
Intangible assets, net	31,545	35,782
Other long-term investments	3,467	28,525
Investments in equity method investees (fair value - $38,834 in 2015 and $24,355 2014)	44,253	30,060
Deferred income taxes	280	80
Other long-term assets	1,075	1,238
Total assets	478,233	479,354
Current liabilities:
Accounts payable	2,995	3,936
Accrued expenses and other liabilities	20,862	8,916
Financial instrument obligations	21,385	21,311
Current portion of long-term debt	13,214	13,214
Current portion of capital lease obligations	373	412
Deferred income taxes	85	85
Current liabilities of discontinued operations	450	450
Total current liabilities	59,364	48,324
Capital lease obligations, net of current portion	0	177
Long-term debt, net of current portion	59,464	66,071
Deferred income taxes	3,549	3,549
Other long-term liabilities	0	3,715
Total liabilities	$ 122,377	$ 121,836
Commitments and contingencies
Stockholders' equity:
Common stock ($0.001 par value, 40,000 shares authorized; 14,399 and 14,220 shares issued in 2015 and 2014, respectively; 11,571 and 11,406 shares outstanding in 2015 and 2014, respectively)	$ 14	$ 14
Additional paid-in capital	269,009	267,444
Accumulated other comprehensive loss	(89)	(15,206)
Retained earnings	168,850	186,636
Treasury stock, at cost (2,828 and 2,814 shares in 2015 and 2014, respectively)	(81,623)	(81,355)
Total Steel Excel Inc. stockholders' equity	356,161	357,533
Non-controlling interest	(305)	(15)
Total stockholders' equity	355,856	357,518
Total liabilities and stockholders' equity	$ 478,233	$ 479,354

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Investments

6 Months Ended

Jun. 30, 2015

Investments [Abstract]

Investments

Investments

Marketable Securities

All of the Company's marketable securities at June 30, 2015, and December 31, 2014, were classified as "available-for-sale" securities. Changes in fair value are recognized in stockholders' equity as "other comprehensive income (loss)", except for other-than-temporary impairments, which are reflected as a reduction of cost and charged to operations. The Company's marketable securities at June 30, 2015, include investments in the common units of Steel Partners Holdings L.P. ("SPLP"), which beneficially owned approximately 57.1% of the Company's common stock as of June 30, 2015. The SPLP common units held by the Company are classified as "available-for-sale" securities. As of June 30, 2015, the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million and an unrealized loss of approximately $33,000.

Marketable securities at June 30, 2015, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	39,697		$	—	$	—		$	39,697
Mutual funds	11,835			4,526		—			16,361
Corporate securities	68,333			7,636		(2,532		)	73,437
Corporate obligations	35,205			659		(1,566		)	34,298
Total available-for-sale securities	155,070			12,821		(4,098		)	163,793
Amounts classified as cash equivalents	(39,697		)	—		—			(39,697		)
Amounts classified as marketable securities	$	115,373		$	12,821	$	(4,098	)	$	124,096

Marketable securities at December 31, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,681		$	—	$	—		$	42,681
Mutual funds	17,030			4,262		(322		)	20,970
Corporate securities	103,761			7,821		(23,732		)	87,850
Corporate obligations	32,486			592		(3,441		)	29,637
Total available-for-sale securities	195,958			12,675		(27,495		)	181,138
Amounts classified as cash equivalents	(42,681		)	—		—			(42,681		)
Amounts classified as marketable securities	$	153,277		$	12,675	$	(27,495	)	$	138,457

Proceeds from sales of marketable securities were $16.7 million and $95.7 million for the six months ended June 30, 2015 and 2014, respectively, and $9.9 million and $55.2 million for the three months ended June 30, 2015 and 2014, 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 six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Gross realized gains	$	2,246		$	3,196		$	2,756		$	6,396
Gross realized losses	(418		)	(1,120		)	(793		)	(1,329		)
Realized gains (losses), net	$	1,828		$	2,076		$	1,963		$	5,067

The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015, 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	$	22,387	$	(2,532	)	$	—	$	—		$	22,387	$	(2,532	)
Corporate obligations	8,507		(1,412		)	4,692		(154		)	13,199		(1,566		)
Total	$	30,894	$	(3,944	)	$	4,692	$	(154	)	$	35,586	$	(4,098	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 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	$	39,869	$	(23,732	)
Corporate obligations	13,530		(3,441		)
Mutual funds	4,873		(322		)
Total	$	58,272	$	(27,495	)

Gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on the Company's evaluation of such securities, it has determined that certain unrealized losses represented other-than-temporary impairments as of June 30, 2015. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. The Company recognized an impairment charge of approximately $22.7 million for the three and six months ended June 30, 2015, equal to the excess of the costs basis of such securities in excess of their fair values. The Company has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of June 30, 2015. 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 June 30, 2015, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities that mature in more than three years	$	35,205	$	34,298
Securities with no contractual maturities	119,865		129,495
Total	$	155,070	$	163,793

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	June 30, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	868	$	666	$	621
Market indices	18,685		20,482		18,685		20,451
Covered call options	39		35		7		4
Naked put options	—		—		109		235
Total	$	19,399	$	21,385	$	19,467	$	21,311

For the three months ended June 30, 2015 and 2014, the Company incurred losses on the financial instrument obligations totaling $0.1 million and $0.7 million, respectively, and for the six months ended June 30, 2015 and 2014, the Company incurred losses on the financial instrument obligations totaling $0.3 million and $0.7 million, respectively, all 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 ("Again Faster"), a fitness equipment company. In August 2013, the Company acquired approximately 44.7% of the common stock of iGo, Inc. (“iGo”), a provider of accessories for mobile devices. 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 income and losses of each entity 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".

In January 2015, two members of the Company's board of directors were appointed to the eight-member board of directors of Aviat Networks, Inc. ("Aviat"), a global provider of microwave networking solutions. At the time of the appointment, the Company held 8,041,892 shares of Aviat, or approximately 12.9% of the total outstanding common stock. Effective as of the date of the appointment, the investment in Aviat has been accounted for as an equity-method investment as the Company’s voting interest and board representation provide it with significant influence over Aviat's operations. The Company elected the fair value option to account for its investment in Aviat, with changes in fair value based on the market price of Aviat's common stock recognized currently as income or loss from equity method investees, in order to more appropriately reflect the value of Aviat in its financial statements. Prior to such time the investment in Aviat was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $2.8 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						Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014		June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	2,549	$	3,105	$	(135	)	$	(164	)	$	(557	)	$	(293	)
iGo	46.9	%	46.9	%	2,870		2,600		(14		)	(501		)	271			(1,805		)
Fair value option
API	20.6	%	20.6	%	28,700		24,355		5,031			3,539			4,345			3,539
Aviat	12.9	%			10,134				563			—			(724		)	—
Total					$	44,253	$	30,060	$	5,445		$	2,874		$	3,335		$	1,441

Basedon the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $3.8 million at June 30, 2015.

The following table presents summarized income statement information for the Company's significant equity-method investees for the six months ended June 30, 2014; none of the equity-method investees met the significance test for disclosure for the six months ended June 30, 2015. The summarized income statement information is for the most recent practicable period for equity-method investments accounted for using the fair value option and as of the date through which Company has recognized its equity in the income of the investee for equity-method investments accounted for using the traditional method. The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments.

	Amount
	(in thousands)
Revenues	$	53,169
Gross profit	$	10,410
Loss from continuing operations	$	(14,984	)
Net loss	$	(14,984	)
Net loss attributable to investees	$	(14,984	)

Other Investments

The Company's other investments at June 30, 2015, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. This investment is reported as "Other short-term investments" at June 30, 2015, as the limited partnership will be liquidated in August 2015, with the Company to receive either cash or its proportionate share of equity of the public company investee. Upon liquidation, the Company will recognize a gain or loss equal to the difference between the fair value of the assets received and the carrying value. The investment in the limited partnership had an approximate fair value of $33.4 million at June 30, 2015, based on the net asset value indicated in the monthly statement received from the partnership.

The Company's other long-term investments at June 30, 2015, include an investment in a venture capital fund 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 June 30, 2015.

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Acquisitions

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisitions

Acquisitions

In 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the businesses 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.

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., a provider of drilling and production services to the oil and gas industry, for approximately $59.6 million in cash. In April 2015, the Company received $0.5 million from the third-party escrow account as a purchase price adjustment to cover certain costs incurred. The purchase price adjustment, which occurred after the one-year measurement period, was recognized as a reduction of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and six months ended June 30, 2015.

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Segment Information

6 Months Ended

Jun. 30, 2015

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) before goodwill and other asset impairments.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues
Energy	$	29,467		$	47,153		$	66,599		$	91,066
Sports	6,143			4,771			7,896			6,017
Total revenues	$	35,610		$	51,924		$	74,495		$	97,083
Operating income (loss) before goodwill and other asset impairments
Energy	$	1,831		$	7,905		$	4,190		$	13,372
Sports	180			(10		)	(2,359		)	(2,042		)
Total segment operating income	2,011			7,895			1,831			11,330
Corporate and other business activities	(3,854		)	(3,872		)	(7,178		)	(7,361		)
Interest expense	(614		)	(822		)	(1,256		)	(1,690		)
Impairment of marketable securities	(22,740		)	—			(22,740		)	—
Other income (expense), net	3,001			1,964			1,272			6,481
Income (loss) before income taxes and equity method income	$	(22,196	)	$	5,165		$	(28,071	)	$	8,760
Depreciation and amortization expense:
Energy	$	5,480		$	5,612		$	11,045		$	11,405
Sports	430			402			859			772
Total depreciation and amortization expense	$	5,910		$	6,014		$	11,904		$	12,177

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

	June 30, 2015		December 31, 2014
	(in thousands)
Sports	$	19,643	$	18,625
Energy	215,149		220,262
Corporate and other business activities	243,441		240,467
Total assets	$	478,233	$	479,354

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Income Taxes

6 Months Ended

Jun. 30, 2015

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 in which the reversal occurs.

For the three and six months ended June 30, 2015, the Company recognized benefits from income taxes of $6.3 million and $6.7 million, respectively, which consist primarily of benefits on unrealized gains on marketable securities included in other comprehensive income. For the three and six months ended June 30, 2014, the Company recognized a provision for income taxes of $0.4 million and $0.6 million, respectively, which primarily reflects state taxes and deferred tax liabilities attributable to the amortization of indefinite-lived intangible assets.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The Company's intangible assets at June 30, 2015, and December 31, 2014, all of which are subject to amortization, consisted of the following:

	June 30, 2015							December 31, 2014
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Energy segment:
Customer relationships	$	54,430	$	(25,584	)	$	28,846	$	54,430	$	(21,938	)	$	32,492
Trade names	4,860		(3,473		)	1,387		4,860		(3,161		)	1,699
Non-compete agreement	120		(37		)	83		120		(25		)	95
	59,410		(29,094		)	30,316		59,410		(25,124		)	34,286
Sports segment:
Customer relationships	2,089		(933		)	1,156		2,089		(678		)	1,411
Trade names	122		(49		)	73		122		(37		)	85
	2,211		(982		)	1,229		2,211		(715		)	1,496
Total	$	61,621	$	(30,076	)	$	31,545	$	61,621	$	(25,839	)	$	35,782

Amortization expense was $2.1 million and $2.4 million for the three months ended June 30, 2015 and 2014, respectively. Amortization expense was $4.2 million and $5.1 million for the six months ended June 30, 2015 and 2014.

Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows:

	Amount
	(in thousands)
Remainder of 2015	$	3,973
2016	7,203
2017	5,972
2018	5,229
2019	2,814
Thereafter	6,354
Total	$	31,545

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

	Six Months Ended June 30, 2015						Year ended December 31, 2014
	Energy		Sports		Total		Energy			Sports		Total
	(in thousands)
Balance, beginning of period	$	28,693	$	2,171	$	30,864	$	65,359		$	2,171	$	67,530
Impairments	—		—		—		(36,666		)	—		(36,666		)
Balance, end of period	$	28,693	$	2,171	$	30,864	$	28,693		$	2,171	$	30,864

The Company performs its annual goodwill impairment test during the fourth quarter of each year, and more frequently if an event occurs or circumstances change to indicate that an impairment may have occurred. The Company's recent projections reflected a decline in the projected operating income for Black Hawk Ltd. for 2015 as a result of the continuing weakness in the oil services industry and the specific adverse effects experienced by Black Hawk Ltd. in 2015. This decline in projected operating income resulted in the need to perform a goodwill impairment test for Black Hawk Ltd. during the second quarter of 2015. The fair value of Black Hawk Ltd. was determined based on a valuation using a combination of the income approach (discounted cash flows) and the market approach (guideline public companies and guideline transaction method). The fair value of Black Hawk Ltd. exceeded its carrying value, resulting in no impairment of goodwill in the period.

The components of goodwill at June 30, 2015, and December 31, 2014, were as follows:

	June 30, 2015			December 31, 2014
	(in thousands)
Goodwill	$	73,095		$	73,095
Accumulated impairment	(42,231		)	(42,231		)
Net goodwill	$	30,864		$	30,864

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Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 3,973
2016	7,203
2017	5,972
2018	5,229
2019	2,814
Thereafter	6,354
Total	$ 31,545

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Fair Value Measurements

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, summarized by measurement input category, were as follows:

	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits(1)	$	63,907	$	63,907	$	—	$	—
Restricted cash	21,385		21,385		—		—
Mutual funds(2)	16,361		16,361		—		—
Corporate securities(2)	73,437		62,044		—		11,393
Corporate obligations(2)	34,298		—		10,675		23,623
Investments in equity-method investees	38,834		38,834		—		—
Investments in certain funds(3)	467		—		—		467
Total assets	$	248,689	$	202,531	$	10,675	$	35,483
Liabilities
Financial instrument obligations	$	21,385	$	21,385	$	—	$	—

(1) Reported within "Cash and cash equivalents"

(2) Reported within “Marketable securities”

(3) Reported within "Other long-term investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 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)	$	51,910	$	51,910	$	—	$	—
Mutual funds(2)	20,970		20,970		—		—
Corporate securities(2)	87,850		72,798		—		15,052
Corporate obligations(2)	29,637		—		10,793		18,844
Investments in equity-method investees	24,355		24,355		—		—
Investments in certain funds(3)	525		—		—		525
Total	$	215,247	$	170,033	$	10,793	$	34,421
Liabilities
Financial instrument obligations	$	21,311	$	21,311	$	—	$	—

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

(2) Reported within “Marketable securities.”

(3) Reported within "Other long-term investments."

There were no transfers of securities among the various measurement input levels during the six months ended June 30, 2015.

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Balance, beginning of period	$	31,373		$	30,391		$	34,421		$	24,209
Purchases	5,108			5,239			5,108			10,538
Sales	(359		)	(2,758		)	(522		)	(4,732		)
Realized losses on sale	—			(129		)	—			(129		)
Unrealized gains (losses)	(639		)	(397		)	(3,524		)	2,460
Balance, end of period	$	35,483		$	32,346		$	35,483		$	32,346

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 carrying value of the Company's long-term debt (see Note 9) is a reasonable approximation of its fair value since it is a variable-rate obligation.

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Property and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment at June 30, 2015, and December 31, 2014, consisted of the following:

	June 30, 2015			December 31, 2014
	(in thousands)
Rigs and other equipment	$	117,172		$	115,391
Buildings and improvements	19,370			18,977
Land	1,893			1,893
Vehicles	2,304			2,197
Furniture and fixtures	851			673
Assets in progress	559			644
	142,149			139,775
Accumulated depreciation	(40,241		)	(32,588		)
Property and equipment, net	$	101,908		$	107,187

Depreciation expense was $3.8 million and $3.6 million for the three months ended June 30, 2015 and 2014, respectively. Depreciation expense was $7.7 million and $7.1 million for the six months ended June 30, 2015 and 2014, respectively.

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Long-term Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

Steel Energy has a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides 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 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 carrying values as of June 30, 2015, 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	$	43,964
Accounts receivable	13,819
Property and equipment, net	94,017
Intangible assets, net	30,316
Total	$	182,116

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 June 30, 2015, $72.7 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows:

	Amount
	(in thousands)
Remainder of 2015	$	6,607
2016	13,214
2017	13,214
2018	39,643
Total	72,678
Less current portion	13,214
Total long-term debt	$	59,464

The interest rate on the borrowings under the Amended Credit Agreement was 2.8% at June 30, 2015. For the three months ended June 30, 2015 and 2014, the Company incurred interest expense of $0.6 million and $0.8 million, respectively, in connection with the Amended Credit Agreement. For the six months ended June 30, 2015 and 2014, the Company incurred interest expense of $1.2 million and $1.7 million, respectively. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of June 30, 2015.

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Long-term Debt - Assets Pledged as Collateral (Details) - Steel Energy Ltd and Subsidiaries $ in Thousands	Jun. 30, 2015 USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents	$ 43,964
Accounts receivable	13,819
Property and equipment, net	94,017
Intangible assets, net	30,316
Total	$ 182,116

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Other Liabilities - Accrued and other liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued and other liabilities	$ 20,862	$ 8,916
Accrued compensation and related taxes
Accrued and other liabilities	3,901	5,471
Deferred compensation
Accrued and other liabilities	3,525	0
Deferred revenue
Accrued and other liabilities	4,297	1,308
Investment purchases not settled
Accrued and other liabilities	3,330	0
Insurance
Accrued and other liabilities	1,648	0
Professional services
Accrued and other liabilities	329	763
Accrued fuel and rig-related charges
Accrued and other liabilities	1,103	601
Tax-related
Accrued and other liabilities	2,024	238
Other
Accrued and other liabilities	$ 705	$ 535

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Long-term Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Long-term debt	$ 72,678,000		$ 72,678,000
Interest expense	614,000	$ 822,000	1,256,000	$ 1,690,000
Steel Energy Ltd
Debt Instrument [Line Items]
Long-term debt	72,700,000		72,700,000
Energy Credit Agreement | Long-term Debt | Steel Energy Ltd
Debt Instrument [Line Items]
Long-term debt	105,000,000		105,000,000
Energy Credit Agreement | Term Loan | Steel Energy Ltd
Debt Instrument [Line Items]
Long-term debt	95,000,000		95,000,000
Energy Credit Agreement | Line of Credit | Revolving Credit Facility | Steel Energy Ltd
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000.0		$ 10,000,000.0
Borrowing base of eligible accounts receivable (as a percent)			85.00%
Amended Credit Agreement | Steel Energy Ltd
Debt Instrument [Line Items]
Interest rate (as a percent)	2.80%		2.80%
Interest expense	$ 600,000	$ 800,000	$ 1,200,000	$ 1,700,000
Amended Credit Agreement | Long-term Debt | Steel Energy Ltd
Debt Instrument [Line Items]
Quarterly installments	$ 3,300,000		$ 3,300,000

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Stock Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Restricted stock	$	1,058	$	1,052	$	1,597	$	1,647
Stock options	—		14		—		36
Total stock-based compensation	$	1,058	$	1,066	$	1,597	$	1,683

Restricted Stock Activity

Restricted stock activity in the Equity Plans during the six months ended June 30, 2015, was as follows:

	Shares
	(in thousands)
Non-vested stock, January 1, 2015	57
Awarded	181
Vested	(20	)
Non-vested stock, June 30, 2015	218

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Investments - Financial Instrument Obligations (Details) - Financial instrument liabilities - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	$ 19,399	$ 19,467
Estimated Fair Value	21,385	21,311
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	675	666
Estimated Fair Value	868	621
Market indices
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	18,685	18,685
Estimated Fair Value	20,482	20,451
Covered call options
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	39	7
Estimated Fair Value	35	4
Naked put options
Schedule of Available-for-sale Securities [Line Items]
Initial Obligation	0	109
Estimated Fair Value	$ 0	$ 235

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Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
				(Revised)					(Revised)
	(in thousands, except per share data)
Numerators:
Net income (loss)	$	(10,463	)	$	7,657	$	(18,076	)	$	9,624
Non-controlling interest	(73		)	11		290			337
Net income (loss) attributable to Steel Excel Inc.	$	(10,536	)	$	7,668	$	(17,786	)	$	9,961
Denominators:
Basic weighted average common shares outstanding	11,572			11,895		11,524			11,938
Effect of dilutive securities:
Stock-based awards	—			22		—			20
Diluted weighted average common shares outstanding	11,572			11,917		11,524			11,958
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	(0.91	)	$	0.64	$	(1.54	)	$	0.83

The number of shares used in the calculation of diluted earnings (loss) per share for the three and six months ended June 30, 2015, excluded 15,000 incremental shares related to restricted stock awards.  Such incremental shares were excluded from the calculation of diluted earnings (loss) per share in each period due to their anti-dilutive effect on the loss from continuing operations.

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Revised Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impact of these adjustments on the individual line items of the Company's financial statements was as follows:

Balance Sheet at December 31, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Stockholders' equity:
Common stock	$	14		$	—		$	14
Additional paid-in capital	267,444			—			267,444
Accumulated other comprehensive income	(18,730		)	3,524			(15,206		)
Retained earnings	190,160			(3,524		)	186,636
Treasury stock, at cost	(81,355		)	—			(81,355		)
Total Steel Excel Inc. stockholders' equity	357,533			—			357,533
Non-controlling interest	(15		)	—			(15		)
Total stockholders' equity	$	357,518		$	—		$	357,518

Statement of Operations for the three months ended June 30, 2014:

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	5,165	$	—		$	5,165
Benefit from (provision for) income taxes	693		(1,075		)	(382		)
Income from equity method investees, net of taxes	2,874		—			2,874
Net income	8,732		(1,075		)	7,657
Net loss attributable to non-controlling interests in consolidated entities	11		—			11
Net income attributable to Steel Excel Inc.	$	8,743	$	(1,075	)	$	7,668
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.74	$	(0.09	)	$	0.64
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.73	$	(0.09	)	$	0.64

Statement of Operations for the six months ended June 30, 2014:

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	8,760	$	—		$	8,760
Benefit from (provision for) income taxes	2,596		(3,173		)	(577		)
Income from equity method investees, net of taxes	1,441		—			1,441
Net income	12,797		(3,173		)	9,624
Net loss attributable to non-controlling interests in consolidated entities	337		—			337
Net income attributable to Steel Excel Inc.	$	13,134	$	(3,173	)	$	9,961
Basic and diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	1.10	$	(0.27	)	$	0.83

Statement of Comprehensive Income for the three months ended June 30, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	8,732		$	(1,075	)	$	7,657
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	2,124			1,271			3,395
Reclassification to realized gains, net of tax (C)	(309		)	(196		)	(505		)
Net unrealized gain on marketable securities, net of tax	1,815			1,075			2,890
Comprehensive income (loss)	10,561			—			10,561
Comprehensive loss attributable to non-controlling interest	11			—			11
Comprehensive income (loss) attributable to Steel Excel Inc.	$	10,572		$	—		$	10,572
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(1,271	)	$	1,271		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	196		$	(196	)	$	—

Statement of Comprehensive Income for the six months ended June 30, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	12,797		$	(3,173	)	$	9,624
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	7,383			4,035			11,418
Reclassification to realized gains, net of tax (C)	(1,577		)	(862		)	(2,439		)
Net unrealized gain on marketable securities, net of tax	5,806			3,173			8,979
Comprehensive income (loss)	18,617			—			18,617
Comprehensive loss attributable to non-controlling interest	337			—			337
Comprehensive income (loss) attributable to Steel Excel Inc.	$	18,954		$	—		$	18,954
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(4,035	)	$	4,035		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	862		$	(862	)	$	—

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

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income	$	12,797		$	(3,173	)	$	9,624
Deferred income tax provision (benefit)	$	(2,969	)	$	3,173		$	204
Cash provided by operating activities	$	16,405		$	—		$	16,405

The selected quarterly financial data for the years ended December 31, 2014 and 2013, revised to reflect the adjustments to correct the error, is as follows:

	Quarter Ended:
	March 31		June 30		September 30			December 31 (A)
	(in thousands, except per-share data)
Year Ended December 31, 2014 (B)
Net revenues	$	45,159	$	51,924	$	58,583		$	54,482
Gross profits	$	10,058	$	15,003	$	17,183		$	13,799
Net income (loss) from continuing operations	$	1,967	$	7,657	$	75		$	(33,968	)
Net income (loss)	$	1,967	$	7,657	$	75		$	(33,462	)
Net income (loss) attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,605	)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,832	)
Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Diluted	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Year Ended December 31, 2013 (C)
Net revenues	$	26,351	$	28,761	$	31,420		$	33,496
Gross profits	$	6,983	$	8,041	$	8,010		$	9,120
Net income from continuing operations	$	1,602	$	732	$	2,383		$	8,150
Net income	$	1,207	$	538	$	1,495		$	4,087
Net income attributable to Steel Excel Inc.	$	1,543	$	723	$	1,806		$	6,599
Net income from continuing operations attributable to Steel Excel Inc.	$	1,622	$	768	$	2,205		$	8,428
Net income from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.13	$	0.06	$	0.18		$	0.69
Diluted	$	0.13	$	0.06	$	0.18		$	0.69

(A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million.

(B) Reflects adjustments to correct the provision for income taxes of $2.1 million, $1.1 million, $(1.0) million, and $(2.2) million in the four sequential quarters of 2014, respectively.

(C) Reflects adjustments to the provision for income taxes of $1.8 million, $0.3 million, $0.7 million, and $0.7 million in the four sequential quarters of 2013, respectively.

XML

Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Gross realized gains	$ 2,246	$ 3,196	$ 2,756	$ 6,396
Gross realized losses	(418)	(1,120)	(793)	(1,329)
Realized gains (losses), net	1,828	$ 2,076	1,963	$ 5,067
Unrealized loss position, total, fair value	35,586		35,586		$ 58,272
Fair Value
Less than 12 Months	30,894		30,894
12 Months or Greater	4,692		4,692
Gross Unrealized Losses
Less than 12 Months	(3,944)		(3,944)
12 Months or Greater	(154)		(154)
Total	(4,098)		(4,098)		(27,495)
Corporate securities
Unrealized loss position, total, fair value	22,387		22,387		39,869
Fair Value
Less than 12 Months	22,387		22,387
12 Months or Greater	0		0
Gross Unrealized Losses
Less than 12 Months	(2,532)		(2,532)
12 Months or Greater	0		0
Total	(2,532)		(2,532)		(23,732)
Corporate obligations
Unrealized loss position, total, fair value	13,199		13,199		13,530
Fair Value
Less than 12 Months	8,507		8,507
12 Months or Greater	4,692		4,692
Gross Unrealized Losses
Less than 12 Months	(1,412)		(1,412)
12 Months or Greater	(154)		(154)
Total	$ (1,566)		$ (1,566)		(3,441)
Mutual funds
Unrealized loss position, total, fair value					4,873
Gross Unrealized Losses
Total					$ (322)

XML

Revised Financial Statements - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before income taxes and equity method income	$ (22,196)			$ 5,165						$ (28,071)	$ 8,760
Benefit from (provision for) income taxes	6,288			(382)						6,660	(577)
Income from equity method investees, net of taxes	5,445			2,874						3,335	1,441
Net income (loss)	(10,463)			7,657						(18,076)	9,624
Net loss (income) attributable to non-controlling interests in consolidated entities	(73)			11						290	337
Net income attributable to Steel Excel Inc.	$ (10,536)			$ 7,668						$ (17,786)	$ 9,961
Basic (in dollars per share)	$ (0.91)			$ 0.64						$ (1.54)	$ 0.83
Diluted (in dollars per share)	$ (0.91)			$ 0.64						$ (1.54)	$ 0.83
Valuation Allowance of Deferred Tax Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before income taxes and equity method income				$ 5,165							$ 8,760
Benefit from (provision for) income taxes				(382)							(577)
Income from equity method investees, net of taxes				2,874							1,441
Net income (loss)		$ (33,462)	$ 75	7,657	$ 1,967	$ 4,087	$ 1,495	$ 538	$ 1,207		9,624
Net loss (income) attributable to non-controlling interests in consolidated entities				11							337
Net income attributable to Steel Excel Inc.		$ (33,605)	$ (163)	$ 7,668	$ 2,293	$ 6,599	$ 1,806	$ 723	$ 1,543		$ 9,961
Basic (in dollars per share)		$ (2.97)	$ (0.01)	$ 0.64	$ 0.19	$ 0.69	$ 0.18	$ 0.06	$ 0.13
Diluted (in dollars per share)		$ (2.97)	$ (0.01)	$ 0.64	$ 0.19	$ 0.69	$ 0.18	$ 0.06	$ 0.13
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share)											$ 0.83
Valuation Allowance of Deferred Tax Assets | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before income taxes and equity method income				$ 5,165							$ 8,760
Benefit from (provision for) income taxes				693							2,596
Income from equity method investees, net of taxes				2,874							1,441
Net income (loss)				8,732							12,797
Net loss (income) attributable to non-controlling interests in consolidated entities				11							337
Net income attributable to Steel Excel Inc.				$ 8,743							$ 13,134
Basic (in dollars per share)				$ 0.74
Diluted (in dollars per share)				$ 0.73
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share)											$ 1.10
Valuation Allowance of Deferred Tax Assets | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before income taxes and equity method income				$ 0							$ 0
Benefit from (provision for) income taxes		$ 2,200	$ 1,000	(1,075)	$ (2,100)	$ (700)	$ (700)	$ (300)	$ (1,800)		(3,173)
Income from equity method investees, net of taxes				0							0
Net income (loss)				(1,075)							(3,173)
Net loss (income) attributable to non-controlling interests in consolidated entities				0							0
Net income attributable to Steel Excel Inc.				$ (1,075)							$ (3,173)
Basic (in dollars per share)				$ (0.09)
Diluted (in dollars per share)				$ (0.09)
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share)											$ (0.27)

XML

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 61	$ 0
Fair value of equity-method investment	$ 38,834
Assets		$ 24,355
Par Value (in dollars per share)	$ 0.001	$ 0.001
Shares Authorized (in shares)	40,000,000	40,000,000
Shares Issued (in shares)	14,399,000	14,220,000
Shares Outstanding (in shares)	11,571,000	11,406,000
Treasury stock (in shares)	2,828,000	2,814,000

XML

Revised Financial Statements

6 Months Ended

Jun. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Revised Financial Statements

Revised Financial Statements

During 2015, the Company identified an error related to the manner in which the change in the valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013. The change in the valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in the valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income.

The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014, its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014, and its statement of cash flows for the six months ended June 30, 2014. The correction of this error did not result in any adjustments to the statement of operations or the statement of comprehensive income for the year ended December 31, 2014. In addition, the Company's disclosures for the three and six months ended June 30, 2014, related to income taxes (see Note 12) and net income (loss) per share (see Note 14) have been revised to reflect the impact of these adjustments.

As a result of these adjustments, there was no impact on any of the assets or liabilities reported at December 31, 2014, nor was there any impact on any component of income before income taxes and equity method income for the three and six months ended June 30, 2014. The impact of these adjustments on the individual line items of the Company's financial statements was as follows:

Balance Sheet at December 31, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Stockholders' equity:
Common stock	$	14		$	—		$	14
Additional paid-in capital	267,444			—			267,444
Accumulated other comprehensive income	(18,730		)	3,524			(15,206		)
Retained earnings	190,160			(3,524		)	186,636
Treasury stock, at cost	(81,355		)	—			(81,355		)
Total Steel Excel Inc. stockholders' equity	357,533			—			357,533
Non-controlling interest	(15		)	—			(15		)
Total stockholders' equity	$	357,518		$	—		$	357,518

Statement of Operations for the three months ended June 30, 2014:

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	5,165	$	—		$	5,165
Benefit from (provision for) income taxes	693		(1,075		)	(382		)
Income from equity method investees, net of taxes	2,874		—			2,874
Net income	8,732		(1,075		)	7,657
Net loss attributable to non-controlling interests in consolidated entities	11		—			11
Net income attributable to Steel Excel Inc.	$	8,743	$	(1,075	)	$	7,668
Basic income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.74	$	(0.09	)	$	0.64
Diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	0.73	$	(0.09	)	$	0.64

Statement of Operations for the six months ended June 30, 2014:

	Previously Reported		Adjustments			Revised
	(in thousands, except per-share data)
Income before income taxes and equity method income	$	8,760	$	—		$	8,760
Benefit from (provision for) income taxes	2,596		(3,173		)	(577		)
Income from equity method investees, net of taxes	1,441		—			1,441
Net income	12,797		(3,173		)	9,624
Net loss attributable to non-controlling interests in consolidated entities	337		—			337
Net income attributable to Steel Excel Inc.	$	13,134	$	(3,173	)	$	9,961
Basic and diluted income (loss) per share attributable to Steel Excel Inc.:
Net income (loss)	$	1.10	$	(0.27	)	$	0.83

Statement of Comprehensive Income for the three months ended June 30, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	8,732		$	(1,075	)	$	7,657
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	2,124			1,271			3,395
Reclassification to realized gains, net of tax (C)	(309		)	(196		)	(505		)
Net unrealized gain on marketable securities, net of tax	1,815			1,075			2,890
Comprehensive income (loss)	10,561			—			10,561
Comprehensive loss attributable to non-controlling interest	11			—			11
Comprehensive income (loss) attributable to Steel Excel Inc.	$	10,572		$	—		$	10,572
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(1,271	)	$	1,271		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	196		$	(196	)	$	—

Statement of Comprehensive Income for the six months ended June 30, 2014:

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income (loss)	$	12,797		$	(3,173	)	$	9,624
Other comprehensive income (loss):
Foreign currency translation adjustment	14			—			14
Reclassification to realized gains	—			—			—
Net foreign currency translation adjustment (A)	14			—			14
Marketable securities:
Gross unrealized gains on marketable securities, net of tax (B)	7,383			4,035			11,418
Reclassification to realized gains, net of tax (C)	(1,577		)	(862		)	(2,439		)
Net unrealized gain on marketable securities, net of tax	5,806			3,173			8,979
Comprehensive income (loss)	18,617			—			18,617
Comprehensive loss attributable to non-controlling interest	337			—			337
Comprehensive income (loss) attributable to Steel Excel Inc.	$	18,954		$	—		$	18,954
(A) No tax effect on cumulative translation adjustments
(B) Tax provision on gross unrealized gains	$	(4,035	)	$	4,035		$	—
(C) Tax benefit on reclassifications to realized gains (losses)	$	862		$	(862	)	$	—

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

	Previously Reported			Adjustments			Revised
	(in thousands)
Net income	$	12,797		$	(3,173	)	$	9,624
Deferred income tax provision (benefit)	$	(2,969	)	$	3,173		$	204
Cash provided by operating activities	$	16,405		$	—		$	16,405

The selected quarterly financial data for the years ended December 31, 2014 and 2013, revised to reflect the adjustments to correct the error, is as follows:

	Quarter Ended:
	March 31		June 30		September 30			December 31 (A)
	(in thousands, except per-share data)
Year Ended December 31, 2014 (B)
Net revenues	$	45,159	$	51,924	$	58,583		$	54,482
Gross profits	$	10,058	$	15,003	$	17,183		$	13,799
Net income (loss) from continuing operations	$	1,967	$	7,657	$	75		$	(33,968	)
Net income (loss)	$	1,967	$	7,657	$	75		$	(33,462	)
Net income (loss) attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,605	)
Net income (loss) from continuing operations attributable to Steel Excel Inc.	$	2,293	$	7,668	$	(163	)	$	(33,832	)
Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Diluted	$	0.19	$	0.64	$	(0.01	)	$	(2.97	)
Year Ended December 31, 2013 (C)
Net revenues	$	26,351	$	28,761	$	31,420		$	33,496
Gross profits	$	6,983	$	8,041	$	8,010		$	9,120
Net income from continuing operations	$	1,602	$	732	$	2,383		$	8,150
Net income	$	1,207	$	538	$	1,495		$	4,087
Net income attributable to Steel Excel Inc.	$	1,543	$	723	$	1,806		$	6,599
Net income from continuing operations attributable to Steel Excel Inc.	$	1,622	$	768	$	2,205		$	8,428
Net income from continuing operations attributable to Steel Excel Inc. per share of common stock
Basic	$	0.13	$	0.06	$	0.18		$	0.69
Diluted	$	0.13	$	0.06	$	0.18		$	0.69

(A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million.

(B) Reflects adjustments to correct the provision for income taxes of $2.1 million, $1.1 million, $(1.0) million, and $(2.2) million in the four sequential quarters of 2014, respectively.

(C) Reflects adjustments to the provision for income taxes of $1.8 million, $0.3 million, $0.7 million, and $0.7 million in the four sequential quarters of 2013, respectively.

XML

Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Cost	$ 61,621	$ 61,621
Accumulated Amortization	(30,076)	(25,839)
Net	31,545	35,782
Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	59,410	59,410
Accumulated Amortization	(29,094)	(25,124)
Net	30,316	34,286
Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	2,211	2,211
Accumulated Amortization	(982)	(715)
Net	1,229	1,496
Customer relationships | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	54,430	54,430
Accumulated Amortization	(25,584)	(21,938)
Net	28,846	32,492
Customer relationships | Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	2,089	2,089
Accumulated Amortization	(933)	(678)
Net	1,156	1,411
Trade names | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	4,860	4,860
Accumulated Amortization	(3,473)	(3,161)
Net	1,387	1,699
Trade names | Sports segment:
Finite-Lived Intangible Assets [Line Items]
Cost	122	122
Accumulated Amortization	(49)	(37)
Net	73	85
Non-compete agreement | Energy segment:
Finite-Lived Intangible Assets [Line Items]
Cost	120	120
Accumulated Amortization	(37)	(25)
Net	$ 83	$ 95

XML

Stock Benefit Plans - Stock-based compensation expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total stock-based compensation	$ 1,058	$ 1,066	$ 1,597	$ 1,683
Restricted stock
Total stock-based compensation	1,058	1,052	1,597	1,647
Stock options
Total stock-based compensation	$ 0	$ 14	$ 0	$ 36

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments [Abstract]

Investments

Marketable securities at June 30, 2015, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	39,697		$	—	$	—		$	39,697
Mutual funds	11,835			4,526		—			16,361
Corporate securities	68,333			7,636		(2,532		)	73,437
Corporate obligations	35,205			659		(1,566		)	34,298
Total available-for-sale securities	155,070			12,821		(4,098		)	163,793
Amounts classified as cash equivalents	(39,697		)	—		—			(39,697		)
Amounts classified as marketable securities	$	115,373		$	12,821	$	(4,098	)	$	124,096

Marketable securities at December 31, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,681		$	—	$	—		$	42,681
Mutual funds	17,030			4,262		(322		)	20,970
Corporate securities	103,761			7,821		(23,732		)	87,850
Corporate obligations	32,486			592		(3,441		)	29,637
Total available-for-sale securities	195,958			12,675		(27,495		)	181,138
Amounts classified as cash equivalents	(42,681		)	—		—			(42,681		)
Amounts classified as marketable securities	$	153,277		$	12,675	$	(27,495	)	$	138,457

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 six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Gross realized gains	$	2,246		$	3,196		$	2,756		$	6,396
Gross realized losses	(418		)	(1,120		)	(793		)	(1,329		)
Realized gains (losses), net	$	1,828		$	2,076		$	1,963		$	5,067

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015, 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	$	22,387	$	(2,532	)	$	—	$	—		$	22,387	$	(2,532	)
Corporate obligations	8,507		(1,412		)	4,692		(154		)	13,199		(1,566		)
Total	$	30,894	$	(3,944	)	$	4,692	$	(154	)	$	35,586	$	(4,098	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 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	$	39,869	$	(23,732	)
Corporate obligations	13,530		(3,441		)
Mutual funds	4,873		(322		)
Total	$	58,272	$	(27,495	)

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 June 30, 2015, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities that mature in more than three years	$	35,205	$	34,298
Securities with no contractual maturities	119,865		129,495
Total	$	155,070	$	163,793

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	June 30, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	868	$	666	$	621
Market indices	18,685		20,482		18,685		20,451
Covered call options	39		35		7		4
Naked put options	—		—		109		235
Total	$	19,399	$	21,385	$	19,467	$	21,311

Equity Method Investments

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

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014		June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	2,549	$	3,105	$	(135	)	$	(164	)	$	(557	)	$	(293	)
iGo	46.9	%	46.9	%	2,870		2,600		(14		)	(501		)	271			(1,805		)
Fair value option
API	20.6	%	20.6	%	28,700		24,355		5,031			3,539			4,345			3,539
Aviat	12.9	%			10,134				563			—			(724		)	—
Total					$	44,253	$	30,060	$	5,445		$	2,874		$	3,335		$	1,441

The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments.

	Amount
	(in thousands)
Revenues	$	53,169
Gross profit	$	10,410
Loss from continuing operations	$	(14,984	)
Net loss	$	(14,984	)
Net loss attributable to investees	$	(14,984	)

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Segment Information - Operating results (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Revenues	$ 35,610	$ 51,924	$ 74,495	$ 97,083
Operating income (loss) before goodwill and other asset impairments
Operating income (loss) before goodwill and other asset impairments	(1,843)	4,023	(5,347)	3,969
Corporate and other business activities	(10,078)	(10,980)	(20,279)	(21,092)
Interest expense	(614)	(822)	(1,256)	(1,690)
Impairment of marketable securities	(22,740)	0	(22,740)	0
Other income (expense), net	3,001	1,964	1,272	6,481
Income (loss) before income taxes and equity method income	(22,196)	5,165	(28,071)	8,760
Depreciation and amortization	5,910	6,014	11,904	12,177
Energy segment:
Revenues
Revenues	29,467	47,153	66,599	91,066
Operating income (loss) before goodwill and other asset impairments
Operating income (loss) before goodwill and other asset impairments	1,831	7,905	4,190	13,372
Depreciation and amortization	5,480	5,612	11,045	11,405
Sports segment:
Revenues
Revenues	6,143	4,771	7,896	6,017
Operating income (loss) before goodwill and other asset impairments
Operating income (loss) before goodwill and other asset impairments	180	(10)	(2,359)	(2,042)
Depreciation and amortization	430	402	859	772
Total segment operating income
Operating income (loss) before goodwill and other asset impairments
Operating income (loss) before goodwill and other asset impairments	2,011	7,895	1,831	11,330
Corporate and other business activities
Operating income (loss) before goodwill and other asset impairments
Corporate and other business activities	$ (3,854)	$ (3,872)	$ (7,178)	$ (7,361)

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Supplemental Cash Flows Information (Tables)

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, was as follows:

	Six Months Ended June 30,
	2015		2014
	(in thousands)
Interest paid	$	1,092	$	1,423
Income taxes paid, net of refunds	$	138	$	54
Non-cash investing and financing activities:
Reclassification of available-for-sale securities to equity method investment	$	10,858	$	27,647
Securities received in exchange for financial instrument obligations	$	76	$	19,341
Securities delivered in exchange for settlement of financial instrument obligations	$	76	$	—
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting	$	32	$	14
Repurchase of common stock from reverse split not paid	$	—	$	10,023
Contribution of advances by non-controlling interest	$	—	$	268

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Stock Benefit Plans

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Restricted stock	$	1,058	$	1,052	$	1,597	$	1,647
Stock options	—		14		—		36
Total stock-based compensation	$	1,058	$	1,066	$	1,597	$	1,683

Restricted stock activity in the Equity Plans during the six months ended June 30, 2015, was as follows:

	Shares
	(in thousands)
Non-vested stock, January 1, 2015	57
Awarded	181
Vested	(20	)
Non-vested stock, June 30, 2015	218

The Company did not grant any stock options during the six months ended June 30, 2015.