10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Amendment No. 1

FORM 10-Q/A

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012 or
¨	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.)
2603 CAMINO RAMON, SUITE 200, SAN RAMON, CALIFORNIA (Address of principal executive offices)	94583 (Zip Code)

Registrant's telephone number, including area code (408) 945-8600

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 x  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 x 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 x   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 x

The number of shares of Steel Excel's common stock outstanding was 12,931,829 as of August 9. 2012.

EXPLANATORY NOTE

This Amendment No. 1 to the Quarterly Report on Form 10-Q, for the period ended June 30, 2012, is being filed solely to furnish the Interactive Data files as Exhibit 101, in accordance with Rule 405 of Regulation S-T. No other changes have been made to the Form 10-Q, as originally filed on August 9, 2012.

2

Item 6. Exhibits

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.

** Furnished with this Form 10-Q/A. 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.

3

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.
	/s/ John J. Quicke	Date: September 10, 2012
	John J. Quicke Interim President and Chief Executive Officer (principal executive officer)
	/s/ Mark A. Zorko
	Mark A. Zorko Chief Financial Officer (principal financial officer)	Date: September 10, 2012

4

XML

Note 3 - Acquisitions (Detail) - Purchase Price Allocation (SWH, Inc [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
SWH, Inc [Member]
Cash	$ 3,561
Accounts receivable	7,233
Prepaid expense and other current assets	782
Property and equipment	29,787
Identifiable intangible assets	27,300
Other long-term assets	714
Accounts payable	(1,036)
Accrued expenses and other current liabilities	(6,074)
Long-term debt	(16,000)
Capital lease obligations	(1,622)
Deferred tax liabilities	(5,510)
Total net identifiable assets	39,135
Goodwill	23,529
Net assets acquired	$ 62,664

XML

Note 7 - Long-Lived Assets (Detail) - Intangible Assets, Net (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Intangible assets cost	$ 47,435	$ 5,835
Intangible assets accumulated amortization	(2,422)	(49)
Intangible assets net	45,013	5,786
Sports-Related [Member] | Customer Relationships [Member]
Intangible assets cost	235	235
Intangible assets accumulated amortization	(43)	(20)
Intangible assets net	192	215
Estimated Useful life	5 years	5 years
Oilfield Service Business [Member] | Customer Relationships [Member]
Intangible assets cost	43,100	4,700
Intangible assets accumulated amortization	(2,169)	(29)
Intangible assets net	40,931	4,671
Estimated Useful life	10 years	10 years
Oilfield Service Business [Member] | Trade Names [Member]
Intangible assets cost	4,100	900
Intangible assets accumulated amortization	(210)
Intangible assets net	3,890	900
Estimated Useful life	5 years	5 years
Oilfield Service Business [Member]
Intangible assets cost	47,200	5,600
Intangible assets accumulated amortization	(2,379)	(29)
Intangible assets net	$ 44,821	$ 5,571

XML

Note 5 - Marketable Securities (Detail) - Fair Value and Gross Unrealized Losses of the Available for Sale Securities (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Less than 12 months fair value	$ 86,221
Less than 12 month gross unrealized losses	(228)
Fair value	86,221
Gross unrealized losses	(228)
US Treasury Securities [Member]
Less than 12 months fair value	64,129	15,186
Less than 12 month gross unrealized losses	(7)	(3)
Fair value	64,129	15,186
Gross unrealized losses	(7)	(3)
Securities (Assets) [Member]
Less than 12 months fair value	3,631
Less than 12 month gross unrealized losses	(208)
Fair value	3,631
Gross unrealized losses	(208)
Corporate Debt Securities [Member]
Less than 12 months fair value	18,461
Less than 12 month gross unrealized losses	(13)
Fair value	18,461
Gross unrealized losses	$ (13)

XML

Note 15 - Supplemental Disclosures of Cash Flows (Detail) - Non-cash investing and financing activities (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011
Acquisition of SWH, Inc. through issuance of common stock	$ 54,742
Net unrealized gains on available-for-sale securities, net of taxes	$ 382	$ 76

XML

Note 7 - Long-Lived Assets (Detail) - Estimated Aggregate Future Amortization Expense (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Sports-Related [Member]
2012 (remaining six months)	$ 24
2013	47
2014	47
2015	47
2016	27
	192
Oilfield Service Business [Member]
2012 (remaining six months)	5,102
2013	8,534
2014	6,565
2015	5,267
2016	4,216
Thereafter	15,137
	$ 44,821

XML

Note 5 - Marketable Securities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Investment Committee Description		The Investment Committee is authorized, among other things, to invest the Company's excess cash directly or allocate investments to outside managers for investment in equity or debt securities, provided that the Investment Committee may not invest more than $25 million in any single investment or with any single asset manager without the Board's approval.
Available-for-sale Securities, Gross Realized Gains	$ 1.5	$ 0.1	$ 2.0
Available-for-sale Securities, Gross Realized Losses	0.2		0.3
Oilfield Serving, Energy Services, and Related Business [Member]
Maximum Amount Available for Investing		$ 10

XML

Note 13 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Sports-			Oilfield		General
	Related			Services		Corporate			Consolidated
	(in thousands)
Net revenues	$	1,596		$	37,751	$	-		$	39,347
Income (loss) from operations	$	(3,385	)	$	9,039	$	(5,035	)	$	619
Total assets	$	6,510		$	182,005	$	263,631		$	452,146
Accounts receivable	$	189		$	24,465	$	-		$	24,654
Property and equipment, net	$	5,885		$	69,988	$	-		$	75,873

XML

Note 8 - Liabilities (Detail) (USD $)	6 Months Ended	1 Months Ended	10 Months Ended	46 Months Ended
	Jun. 30, 2012	Jul. 31, 2011 Term Loan [Member]	Jun. 30, 2012 Term Loan [Member]	Jun. 30, 2015 Term Loan [Member]	Jun. 30, 2012 Revolving Line Of Credit [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item)	1,543
Line of Credit Facility, Maximum Borrowing Capacity			$ 20,000,000		$ 5,000,000
Line of Credit Facility, Interest Rate Description	The loans are secured by the assets of Sun Well and bear interest, at the option of Sun Well, at LIBOR plus 3.5% or the greater of (a) the bank's prime rate, (b) the Federal Funds Rate plus 1.5%, or (c) the Daily One-Month LIBOR rate plus 1.5% for base rate loans.
Line of Credit Facility, Periodic Payment, Principal				1,000,000
Proceeds from (Repayments of) Lines of Credit		$ 20,000,000	$ (5,000,000)

XML

Note 16 - Related Party Transactions (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Number of Directors	3	3
Steel Partners Holdings LP [Member] | SWH, Inc [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price	$ 62,700,000	$ 62,700,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)		2,027,500
Equity Issuance, Per Share Amount (in Dollars per share)		$ 27
Business Acquisition, Cost of Acquired Entity, Cash Paid	7,900,000	7,900,000
Business Acquisition, Affiliate Ownership Description		Affiliates of Steel Partners Holdings L.P. ("Steel Partners") owned approximately 40% of the Company's outstanding common stock and 85% of BNS on May 31, 2012. The Company appointed a special committee (the "Special Committee") comprised solely of independent directors to consider and negotiate the transaction, as did BNS, because of the interest of Steel Partners in each company. The Special Committee, with the assistance of its independent financial advisor, considered a number of factors in negotiating the acquisition price, including, without limitation, the fairness opinion from its financial advisor. As a result of the acquisition, Steel Partners beneficially owns approximately 51.1% of the Company's outstanding common stock as of June 30, 2012.
Chief Executive Officer [Member] | Monthly Compensation [Member]
Related Party Transaction, Amounts of Transaction		30,000
SP Corporate Services LLC [Member] | Management Fees [Member]
Related Party Transaction, Expenses from Transactions with Related Party	300,000	500,000
SWH, Inc [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price	62,700,000	62,700,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)		2,027,500
Equity Issuance, Per Share Amount (in Dollars per share)		$ 27
Business Acquisition, Cost of Acquired Entity, Cash Paid	$ 7,900,000	$ 7,900,000
Business Acquisition, Affiliate Ownership Description		Affiliates of Steel Partners Holdings L.P. ("Steel Partners") owned approximately 40% of the Company's outstanding common stock and 85% of BNS on May 31, 2012. As a result of the acquisition, Steel Partners beneficially owns approximately 51.1% of the Company's outstanding common stock.

XML

Note 3 - Acquisitions (Tables)

6 Months Ended

Jun. 30, 2012

Business Acquisition, Pro Forma Information [Table Text Block]

	Three-month Period Ended:				Six-month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands)
Net revenues	$	36,901	$	19,687	$	62,799	$	39,498
Net income attributable to Steel Excel Inc.	$	3,406	$	5,425	$	2,701	$	4,378
Basic net income per share	$	0.29	$	1.81	$	0.24	$	0.40
Diluted net income per share	$	0.29	$	0.50	$	0.24	$	0.40

Eagle Well Services, Inc [Member]

Schedule of Purchase Price Allocation [Table Text Block]

	Amount
	(in thousands)
Property and equipment	$	23,842
Intangible assets		14,300
Accrued expenses		(137	)
Total net identifiable assets		38,005
Goodwill		10,126
Net assets acquired	$	48,131

SWH, Inc [Member]

Schedule of Purchase Price Allocation [Table Text Block]

	Amount
	(in thousands)
Cash	$	3,561
Accounts receivable		7,233
Prepaid expense and other current assets		782
Property and equipment		29,787
Identifiable intangible assets		27,300
Other long-term assets		714
Accounts payable		(1,036	)
Accrued expenses and other current liabilities		(6,074	)
Long-term debt		(16,000	)
Capital lease obligations		(1,622	)
Deferred tax liabilities		(5,510	)
Total net identifiable assets		39,135
Goodwill		23,529
Net assets acquired	$	62,664

XML

Note 6 - Fair Value Measurements (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Cash and Cash Equivalents, Fair Value Disclosure	$ 53,888	$ 8,601
Available-for-sale Securities, Fair Value Disclosure	249,491	317,855
Convertible Notes Payable, Current	346	346
Commercial Paper [Member] | Cash And Cash Equivalent [Member]
Available-for-sale Securities, Fair Value Disclosure	14,800
Commercial Paper [Member] | Marketable Securities [Member]
Available-for-sale Securities, Fair Value Disclosure	21,000
Commercial Paper [Member]
Available-for-sale Securities, Fair Value Disclosure	35,826
Corporate Debt Securities [Member] | Cash And Cash Equivalent [Member]
Available-for-sale Securities, Fair Value Disclosure	2,000
Corporate Debt Securities [Member] | Marketable Securities [Member]
Available-for-sale Securities, Fair Value Disclosure	31,800
Corporate Debt Securities [Member]
Available-for-sale Securities, Fair Value Disclosure	33,839	1,521
Cash And Cash Equivalent [Member]
Cash and Cash Equivalents, Fair Value Disclosure	54,100	8,500
Marketable Securities [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 100	$ 100

XML

Note 4 - Stock Benefit Plans (Detail) - Stock Options (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Outstanding at December 31, 2011	94
Outstanding at December 31, 2011 (in Dollars per share)	$ 31.89
Expired	(29)
Expired (in Dollars per share)	$ 37.80
Outstanding at June 30, 2012	65
Outstanding at June 30, 2012 (in Dollars per share)	$ 30.54
Outstanding at June 30, 2012	7 years 277 days
Outstanding at June 30, 2012 (in Dollars)	$ 4,712,500
Options vested and expected to vest at June 30, 2012	65
Options vested and expected to vest at June 30, 2012 (in Dollars per share)	$ 30.54
Options vested and expected to vest at June 30, 2012	7 years 277 days
Options vested and expected to vest at June 30, 2012 (in Dollars)	$ 4,712,500
Options exercisable at June 30, 2012	40
Options exercisable at June 30, 2012 (in Dollars per share)	$ 31.84
Options exercisable at June 30, 2012	6 years 354 days

XML

Note 3 - Acquisitions (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012
Eagle Well Services, Inc [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price	$ 48,100,000
Business Acquisition, Cost of Acquired Entity, Cash Paid	48,100,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Business Acquisition, Purchase Price Allocation, Goodwill Amount	10,126,000
Business Combination, Acquisition Related Costs	200,000
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	14,300,000
SWH, Inc [Member] | Customer Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
SWH, Inc [Member] | Trade Names [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
SWH, Inc [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price	62,700,000
Business Acquisition, Cost of Acquired Entity, Cash Paid	7,900,000
Business Acquisition, Purchase Price Allocation, Goodwill Amount	23,529,000
Business Combination, Acquisition Related Costs	1,200,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)	2,027,500
Equity Issuance, Per Share Amount (in Dollars per share)	$ 27
Business Acquisition, Affiliate Ownership Description	Affiliates of Steel Partners Holdings L.P. ("Steel Partners") owned approximately 40% of the Company's outstanding common stock and 85% of BNS on May 31, 2012. As a result of the acquisition, Steel Partners beneficially owns approximately 51.1% of the Company's outstanding common stock.
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	$ 27,300,000

XML

Note 7 - Long-Lived Assets (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Dec. 31, 2011
Property, Plant and Equipment, Gross	$ 78,946,000	$ 78,946,000	$ 21,380,000
Impairment of Long-Lived Assets Held-for-use		1,981,000
Depreciation	1,700,000	2,800,000
Amortization	1,600,000	2,400,000
Goodwill, Impairment Loss		1,796,000
Sun Well [Member] | Assets in Progress [Member]
Property, Plant and Equipment, Gross	1,000,000	1,000,000
Baseball Heaven [Member] | Assets in Progress [Member]
Property, Plant and Equipment, Gross	100,000	100,000
The Show [Member]
Impairment of Long-Lived Assets Held-for-use		100,000
Goodwill, Impairment Loss		1,700,000
Assets in Progress [Member]
Property, Plant and Equipment, Gross	1,067,000	1,067,000
Cost of Revenues [Member]
Depreciation	1,100,000	1,600,000
Selling, General, and Administrative [Member]
Depreciation	$ 600,000	$ 1,200,000

XML

Note 14 - Net (Loss) Income Per Share (Detail) - A Reconciliation of the Numerator and Denominator of the Basic and Diluted Net (Loss) Income Per Share (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Numerators (basic and diluted)
Income (loss) from continuing operations, net of taxes (in Dollars)	$ 2,242	$ (1,550)	$ (226)	$ 267
Income from discontinued operations, net of taxes (in Dollars)		6,830		6,830
Net income attributable to Steel Excel Inc. (in Dollars)	$ 2,242	$ 5,280	$ 354	$ 7,097
Denominators
Basic weighted-average shares outstanding (in Shares)	11,588	10,881	11,240	10,881
Effect of dilutive securities:
Stock-based awards (in Shares)	17	14	17	10
Diluted weighted-average shares outstanding (in Shares)	11,605	10,895	11,257	10,891
Basic
Income (loss) from continuing operations, net of taxes	$ 0.19	$ (0.14)	$ (0.02)	$ 0.02
Income from discontinued operations, net of taxes		$ 0.63		$ 0.63
Net income attributable to Steel Excel Inc.	$ 0.19	$ 0.49	$ 0.03	$ 0.65
Diluted
Income (loss) from continuing operations, net of taxes	$ 0.19	$ (0.14)	$ (0.02)	$ 0.02
Income from discontinued operations, net of taxes		$ 0.63		$ 0.63
Net income attributable to Steel Excel Inc.	$ 0.19	$ 0.48	$ 0.03	$ 0.65

XML

Note 9 - Commitments and Contingencies (Detail) - Assumed Operating Leases (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
2012 (remaining six months)	$ 357
2013	467
2014	431
2015	431
2016	425
	$ 2,111

XML

Note 5 - Marketable Securities (Detail) - Portfolio of Marketable Securities (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Available-for-sale securities:
Available-for-sale securities cost	$ 249,254	$ 317,236
Available-for-sale securities gross unrealized gains	464	622
Available-for-sale securities gross unrealized losses	(227)	(3)
Available-for-sale securities estimated fair value	249,491	317,855
Cash equivalents cost	(61,284)	(2,914)
Cash equivalents unrealized gains	(1)
Cash equivalents estimated fair value	(61,284)	(2,914)
Cash equivalents unrealized losses	1
Marketable securities cost	187,970	314,322
Marketable securities unrealized gains	463	622
Marketable securities unrealized losses	(226)	(3)
Marketable securities estimated fair value	188,207	314,941
Short-term Deposits [Member]
Available-for-sale securities:
Available-for-sale securities cost	44,592	3,029
Available-for-sale securities estimated fair value	44,592	3,029
Mutual Funds [Member]
Available-for-sale securities:
Available-for-sale securities cost	10,000
Available-for-sale securities gross unrealized gains	135
Available-for-sale securities estimated fair value	10,135
US Treasury Securities [Member]
Available-for-sale securities:
Available-for-sale securities cost	117,794	309,189
Available-for-sale securities gross unrealized gains	253	593
Available-for-sale securities gross unrealized losses	(7)	(3)
Available-for-sale securities estimated fair value	118,040	309,779
US Government Agencies Debt Securities [Member]
Available-for-sale securities:
Available-for-sale securities cost	2,501	3,505
Available-for-sale securities gross unrealized gains	3	21
Available-for-sale securities estimated fair value	2,504	3,526
Securities (Assets) [Member]
Available-for-sale securities:
Available-for-sale securities cost	4,720
Available-for-sale securities gross unrealized gains	43
Available-for-sale securities gross unrealized losses	(208)
Available-for-sale securities estimated fair value	4,555
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Available-for-sale securities:
Available-for-sale securities cost	35,805
Available-for-sale securities gross unrealized gains	21
Available-for-sale securities estimated fair value	35,826
Corporate Debt Securities [Member]
Available-for-sale securities:
Available-for-sale securities cost	33,842	1,513
Available-for-sale securities gross unrealized gains	9	8
Available-for-sale securities gross unrealized losses	(12)
Available-for-sale securities estimated fair value	$ 33,839	$ 1,521

XML

Note 3 - Acquisitions

6 Months Ended

Jun. 30, 2012

Business Combination Disclosure [Text Block]

3.     Acquisitions

On February 9, 2012, the Company acquired the business and assets of Eagle Well Services, Inc., which after the transactions operated as Well Services Ltd. (“Well Services”) for an aggregate purchase price of $48.1 million in cash. Well Services engages in the business of workover rig well servicing, including down hole well maintenance and workover, down hole well repairs, well completions, well recompletions, well drill outs and clean outs, and well reentry. Well Services is included in the Company’s oilfield services reporting segment.

The Company accounted for this acquisition as a business combination and the total cash consideration of $48.1 million has been allocated on a preliminary basis to the net assets acquired based on their respective estimated fair values at February 9, 2012 as follows:

	Amount
	(in thousands)
Property and equipment	$	23,842
Intangible assets		14,300
Accrued expenses		(137	)
Total net identifiable assets		38,005
Goodwill		10,126
Net assets acquired	$	48,131

The intangible assets acquired consist of customer relationships, which are being amortized on an accelerated basis over the estimated useful life of ten years. The $10.1 million goodwill arises from the growth potential the Company sees for Well Services, along with expected synergies with the Company’s current oilfield services businesses, and is expected to be deductible for tax purposes. The acquisition-related costs for the purchase of Well Services included in “Selling, general and administrative” expenses in the Condensed Statement of Income were $0.2 million for the six-month period ended June 30, 2012. The Company is in the process of completing its assessment of the fair value of net assets acquired from the Well Services acquisition. Therefore, the fair values presented are provisional pending completion of the final valuation of the net assets.

On May 31, 2012, the Company completed its acquisition of SWH, Inc. (“SWH”), a subsidiary of BNS Holding, Inc. (“BNS”). SWH’s sole business is Sun Well Service, Inc. (“Sun Well”), which is a provider of premium well services to oil and gas exploration and production companies operating in the Williston Basin in North Dakota and Montana. Sun Well is included in the Company’s oilfield services reporting segment.

Pursuant to the terms of the Share Purchase Agreement, the Company acquired all of the capital stock of SWH for an acquisition price aggregating $62.7 million. The aggregate acquisition price consisted of the issuance of 2,027,500 shares of the Company’s common stock (valued at $27 per share, the closing price on May 30, 2012) and cash of $7.9 million. Affiliates of Steel Partners Holdings L.P. (“Steel Partners”) owned approximately 40% of the Company’s outstanding common stock and 85% of BNS on May 31, 2012.

As a result of the acquisition, Steel Partners beneficially owns approximately 51.1% of the Company’s outstanding common stock. The Company and BNS each appointed a special committee of independent directors to consider and negotiate the transaction because of the interest of Steel Partners in each company.

The Company accounted for this acquisition as a business combination and the total acquisition price has been allocated on a preliminary basis to the net assets acquired based on their respective estimated fair values at May 31, 2012 as follows:

	Amount
	(in thousands)
Cash	$	3,561
Accounts receivable		7,233
Prepaid expense and other current assets		782
Property and equipment		29,787
Identifiable intangible assets		27,300
Other long-term assets		714
Accounts payable		(1,036	)
Accrued expenses and other current liabilities		(6,074	)
Long-term debt		(16,000	)
Capital lease obligations		(1,622	)
Deferred tax liabilities		(5,510	)
Total net identifiable assets		39,135
Goodwill		23,529
Net assets acquired	$	62,664

The $27.3 million intangible assets acquired consist of customer relationships and a trade name, which will be amortized on an accelerated basis over their respective estimated useful lives of ten and five years, respectively. The $23.5 million goodwill arises from the growth potential the Company sees for Sun Well, along with expected synergies with the Company’s current oilfield services businesses, and is expected to be non-deductible for tax purposes. The acquisition-related costs for the purchase of SWH included in “Selling, general and administrative” expenses in the Condensed Statements of Income were $1.2 million for six-month period ended June 30, 2012. The Company is in the process of completing its assessment of the fair value of net assets acquired from the SWH acquisition, including but not limited to the identifiable tangible and intangible assets, a phantom stock liability and deferred income taxes. Additionally, due to the relatively low non-affiliate trading volume of the Company’s common stock, the Company is also in the process of evaluating the fair value of the stock issued as consideration in the acquisition. Therefore, the fair values presented are provisional pending completion of the final valuation of the net assets and non-cash consideration.

Additionally, on May 31, 2012, the business of Well Services was combined with Sun Well and both businesses now operate out of Sun Well.

The results of operations for Well Services and SWH are included in the accompanying financial statements since their respective acquisition dates.

Pro Forma Financial Information

The following pro forma financial information presents the combined results of the Company, Rogue Pressure Services, LLC (acquired December 7, 2011), Well Services and SWH, as if the acquisitions had occurred at the beginning of the fiscal year ended December 31, 2011. Such pro forma results are not necessarily indicative of what would have actually occurred had the acquisitions been in effect for the entire period. The pro forma financial information is presented for informational purposes only and does not purport to represent the results of future operations. The pro forma results are as follows:

	Three-month Period Ended:				Six-month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands)
Net revenues	$	36,901	$	19,687	$	62,799	$	39,498
Net income attributable to Steel Excel Inc.	$	3,406	$	5,425	$	2,701	$	4,378
Basic net income per share	$	0.29	$	1.81	$	0.24	$	0.40
Diluted net income per share	$	0.29	$	0.50	$	0.24	$	0.40

XML

Note 9 - Commitments and Contingencies (Detail) - Assumed Capital Leases (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
2012 (remaining six months)	$ 258
2013	489
2014	458
2015	458
2016	51
Total minimum lease payments	1,714
Less amount representing interest	(119)
Present value of net minimum lease payments	1,595
Less current portion	(405)
Capital lease obligations, net of current portion	$ 1,190

XML

Note 4 - Stock Benefit Plans (Detail) - Restricted Stock Units (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Non-vested restricted stock units at December 31, 20111	17
Non-vested restricted stock units at December 31, 20111 (in Dollars per share)	$ 0.010
Non-vested restricted stock units at June 30, 20121	19
Non-vested restricted stock units at June 30, 20121 (in Dollars per share)	$ 0.010
Awarded	15
Awarded (in Dollars per share)	$ 0.001
Vested	(13)
Vested (in Dollars per share)	$ 0.010

XML

Note 7 - Long-Lived Assets (Tables)

6 Months Ended

Jun. 30, 2012

Property, Plant and Equipment [Table Text Block]

	June 30, 2012			December 31, 2011
	(in thousands)
Rigs and workover equipment	$	41,770		$	11,750
Other equipment		22,561			3,205
Land and improvements		6,977			5,677
Buildings		4,930			-
Vehicles		1,412			648
Furniture and fixtures		229			100
Assets in progress		1,067			-
		78,946			21,380
Accumulated depreciation		(3,073	)		(320	)
Property and equipment, net	$	75,873		$	21,060

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

	Cost		Accumulated Amortization			Net		Amortization Method	Estimated Useful Life (in years)
	(in thousands)
Sports-Related:
Customer relationships	$	235	$	(43	)		192	Straight-line		5
Oilfield Servicing:
Customer relationships		43,100		(2,169	)		40,931	Accelerated		10
Trade names		4,100		(210	)		3,890	Accelerated		5
		47,200		(2,379	)		44,821
Intangible assets, net	$	47,435	$	(2,422	)	$	45,013

	Cost		Accumulated Amortization			Net		Amortization Method	Estimated Useful Life (in years)
	(in thousands)
Sports-Related:
Customer relationships	$	235	$	(20	)		215	Straight-line		5
Oilfield Servicing:
Customer relationships		4,700		(29	)		4,671	Accelerated		10
Trade names		900		-			900	Accelerated		5
		5,600		(29	)		5,571
Intangible assets, net	$	5,835	$	(49	)	$	5,786

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

	Sports-Related		Oilfield Services
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	24	$	5,102
2013		47		8,534
2014		47		6,565
2015		47		5,267
2016		27		4,216
Thereafter		-		15,137
	$	192	$	44,821

Schedule of Goodwill [Table Text Block]

	Sports-Related			Oilfield Services		Total
	(in thousands)
Balance, December 31, 2011	$	1,989		$	6,255	$	8,244
Acquired goodwill		-			33,655		33,655
Accumulated impairment (see Note 3)		(1,796	)		-		(1,796	)
Balance, June 30, 2012	$	193		$	39,910	$	40,103

XML

Note 6 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash, including short-term deposits1	$	53,888	$	53,888	$	-	$	-
Mutual funds2		10,135		10,135		-		-
United States government securities2		118,040		118,040		-		-
Government agencies2		2,504		2,504		-		-
Corporate securities2		4,555		4,555		-		-
Commercial paper3		35,826		-		35,826		-
Corporate oligations4		33,838		-		33,838		-
Non-controlling interests in certain funds5		1,117		-				1,117
	$	259,903	$	189,122	$	69,664	$	1,117

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash, including short-term deposits1	$	8,601	$	8,601	$	-	$	-
United States government securities2		309,780		309,780		-		-
Government agencies2		3,526		3,526		-		-
Corporate oligations2		1,521		-		1,521		-
Non-controlling interests in certain funds3		1,117		-		-		1,117
Total	$	324,545	$	321,907	$	1,521	$	1,117

XML

Note 7 - Long-Lived Assets (Detail) - Goodwill by Reporting Segment (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Balance, December 31, 2011	$ 8,244
Balance, June 30, 2012	40,103
Acquired goodwill	33,655
Accumulated impairment (see Note 3)	(1,796)
Sports-Related [Member]
Balance, December 31, 2011	1,989
Balance, June 30, 2012	193
Accumulated impairment (see Note 3)	(1,796)
Oilfield Service Business [Member]
Balance, December 31, 2011	6,255
Balance, June 30, 2012	39,910
Acquired goodwill	$ 33,655

XML

Note 4 - Stock Benefit Plans (Detail) - Stock-based Compensation Expenses (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Stock-based compensation expense by caption:
Stock-based compensation	$ 411	$ 452	$ 436	$ 460
Stock Options [Member]
Stock-based compensation expense by caption:
Stock-based compensation	26	12	42	16
Restricted Stock [Member]
Stock-based compensation expense by caption:
Stock-based compensation	385	440	394	444
Selling, Marketing, and Administrative [Member]
Stock-based compensation expense by caption:
Stock-based compensation	$ 411	$ 452	$ 436	$ 460

XML

Note 8 - Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Accrued Liabilities [Table Text Block]

	June 30, 2012		December 31, 2011
	(in thousands)
Tax-related	$	1,263	$	56
Accrued compensation and related taxes		5,163		1,593
Deferred revenue		744		278
Professional services		17		485
Accrued workers compensation		-		1,233
Other		1,572		181
Total	$	8,759	$	3,826

Schedule of Other Long-Term Liabilities [Table Text Block]

	June 30, 2012		December 31, 2011
	(in thousands)
Tax-related	$	7,340	$	10,737
Phantom stock liability		3,420		-
	$	10,760	$	10,737

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

	Amount
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	1,000
2013		4,000
2014		4,000
2015		6,000
	$	15,000

XML

Note 9 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2012

Operating Leases of Lessee Disclosure [Table Text Block]

	Amount
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	357
2013		467
2014		431
2015		431
2016		425
	$	2,111

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

For the year ended December 31:
2012 (remaining six months)	$	258
2013		489
2014		458
2015		458
2016		51
Total minimum lease payments		1,714
Less amount representing interest		(119	)
Present value of net minimum lease payments		1,595
Less current portion		(405	)
Capital lease obligations, net of current portion	$	1,190

XML

Note 2 - Summary of Significant Accounting Policies and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

2.     Summary of Significant Accounting Policies and Recent Accounting Pronouncements

Our significant accounting policies have not changed from those presented in Note 1 to the Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Effective January 1, 2012, the Company adopted the provisions of Accounting Standards Update, or ASU, No. 2011-05, Comprehensive Income (Topic 220) Presentation of Comprehensive Income, or ASU No. 2011-05, and began presenting the total of comprehensive income, the components of net income and the components of other comprehensive income in two separate but consecutive statements. The provisions of ASU No. 2011-05 are required to be adopted retroactively. As this guidance provides only presentation requirements, the adoption of this standard did not impact our results of operations, cash flows, or financial position.

In September 2011, the Financial Accounting Standards Board issued ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350). ASU 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. ASU 2011-08 was effective for the Company’s first quarter of 2012. The Company performs its annual goodwill impairment test during the fourth quarter. The Company does not believe adoption of this standard during the fourth quarter of 2012 will have an impact on its consolidated results of operations, financial condition, or cash flows.

There were no additional accounting pronouncements recently issued in the six-month period ended June 30, 2012, which are applicable to the Company or may be considered material to the Company. For a complete discussion of the impact of recent accounting pronouncements, please refer to Note 2 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

XML

Note 11 - Interest and Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2012

Interest and Other Income [Table Text Block]

	Three-Month Period Ended:					Six-Month Period Ended:
	June 30, 2012			July 1, 2011		June 30, 2012			July 1, 2011
	(in thousands)					(in thousands)
Interest income, net	$	192		$	2,168	$	568		$	3,558
Realized currency translation gains		57			252		106			4,098
Write-off of loan to The Show		-			-		(500	)		-
Other		(72	)		375		(226	)		471
	$	177		$	2,795	$	(52	)	$	8,127

XML

Note 3 - Acquisitions (Detail) - Pro Forma Financial Information (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Net revenues (in Dollars)	$ 36,901	$ 19,687	$ 62,799	$ 39,498
Net income attributable to Steel Excel Inc. (in Dollars)	$ 3,406	$ 5,425	$ 2,701	$ 4,378
Basic net income per share	$ 0.29	$ 1.81	$ 0.24	$ 0.40
Diluted net income per share	$ 0.29	$ 0.50	$ 0.24	$ 0.40

XML

Note 7 - Long-Lived Assets (Detail) - Property and Equipment, Net (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Property Plant and Equipment Gross	$ 78,946	$ 21,380
Accumulated depreciation	(3,073)	(320)
Property and equipment, net	75,873	21,060
Rigs and Workover Equipment [Member]
Property Plant and Equipment Gross	41,770	11,750
Other Equipment [Member]
Property Plant and Equipment Gross	22,561	3,205
Land and Land Improvements [Member]
Property Plant and Equipment Gross	6,977	5,677
Building [Member]
Property Plant and Equipment Gross	4,930
Vehicles [Member]
Property Plant and Equipment Gross	1,412	648
Furniture and Fixtures [Member]
Property Plant and Equipment Gross	229	100
Assets in Progress [Member]
Property Plant and Equipment Gross	$ 1,067

XML

Note 17 - Subsequent Events (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012
Management Fees [Member]
Subsequent Event, Amount	$ 3,600,000
Compensation Expense [Member]
Subsequent Event, Amount	$ 275,000

XML

Condensed Statements of Income (unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Net revenues	$ 24,540		$ 39,347
Cost of revenues	15,002		24,065
Gross margin	9,538		15,282
Operating expenses:
Selling, general and administrative	6,819	2,984	14,663	5,366
Restructuring charges				38
Total operating expenses	6,819	2,984	14,663	5,404
Income (loss) from continuing operations	2,719	(2,984)	619	(5,404)
Interest and other income (expense), net	177	2,795	(52)	8,127
Income (loss) from continuing operations before income taxes	2,896	(189)	567	2,723
Provision for income taxes	(654)	(1,361)	(793)	(2,456)
Income (loss) from continuing operations, net of taxes	2,242	(1,550)	(226)	267
Income from discontinued operations, net of taxes		1,910		1,910
Gain on disposal of discontinued operations, net of taxes		4,920		4,920
Income from discontinued operations, net of taxes		6,830		6,830
Net income (loss)	2,242	5,280	(226)	7,097
Net loss attributable to non-controlling interest			(580)
Net income attributable to Steel Excel Inc.	$ 2,242	$ 5,280	$ 354	$ 7,097
Basic
Income from continuing operations, net of taxes (in Dollars per share)	$ 0.19	$ (0.14)	$ (0.02)	$ 0.02
Income (loss) from discontinued operations, net of taxes (in Dollars per share)		$ 0.63		$ 0.63
Net income attributable to Steel Excel Inc. (in Dollars per share)	$ 0.19	$ 0.49	$ 0.03	$ 0.65
Diluted
Income (loss) from continuing operations, net of taxes (in Dollars per share)	$ 0.19	$ (0.14)	$ (0.02)	$ 0.02
Income (loss) from discontinued operations, net of taxes (in Dollars per share)		$ 0.63		$ 0.63
Net income attributable to Steel Excel Inc. (in Dollars per share)	$ 0.19	$ 0.48	$ 0.03	$ 0.65
Shares used to compute income (loss) per share:
Basic (in Shares)	11,588	10,881	11,240	10,881
Diluted (in Shares)	11,605	10,895	11,257	10,891

XML

Note 4 - Stock Benefit Plans (Detail) - Valuation Assumptions (USD $)	6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011
Expected life (in years)	1 year	4 years
Risk-free interest rates	0.20%	1.50%
Expected volatility	58.00%	44.00%
Weighted average fair value of restricted stock (in Dollars per share)	$ 27.00	$ 11.09

XML

Condensed Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011
Cash Flows from Operating Activities:
Net income	$ 354	$ 7,097
Less: Income from discontinued operations, net of taxes		(6,830)
Income from continuing operations, net of taxes	354	267
Adjustments to reconcile income from continuing operations, net of taxes to net cash provided by operating activities:
Net loss attributable to non-controlling interest	(580)
Stock-based compensation expense	436	460
Depreciation and amortization	5,963	1,412
Impairment of long-lived assets	1,981
Deferred income taxes	275	1,365
Gain on release of foreign currency translation, net of taxes		(2,542)
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	(12,761)
Prepaid expenses and other current assets	(293)	1,268
Assets held for sale		6,216
Other assets	(166)	(83)
Accounts payable	506	(258)
Accrueds and other liabilities	(1,348)	(4,144)
Net cash (used in) provided by operating activities of continuing operations	(5,633)	3,961
Net cash provided by operating activities of discontinued operations		6,848
Net cash (used in) provided by operating activities	(5,633)	10,809
Cash Flows from Investing Activities:
Purchases of businesses, net of cash acquired	(52,492)
Purchases of property and equipment	(4,073)
Investment by non-controlling interest	75
Purchases of marketable securities	(392,898)	(478,222)
Sales of marketable securities	490,932	383,143
Maturities of marketable securities	27,500	49,571
Net cash provided by (used in) investing activities	69,044	(45,508)
Cash Flows from Financing Activities:
Repayments on capital lease obligations	(32)
Repayments on long-term debt	(1,000)
Proceeds from issuance of common stock		29
Net cash (used in) provided by financing activities	(1,032)	29
Effect of foreign currency translation on cash and cash equivalents	3	288
Net increase (decrease) in cash and cash equivalents	62,382	(34,382)
Cash and cash equivalents, beginning of period	8,487	38,276
Cash and cash equivalents, end of period	$ 70,869	$ 3,894

XML

Note 8 - Liabilities (Detail) - Other Long-Term Liabilities (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Tax-related	$ 7,340	$ 10,737
Phantom stock liability	3,420
	$ 10,760	$ 10,737

XML

Note 15 - Supplemental Disclosures of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Six-Month Period Ended:
		June 30, 2012		July 1, 2011
		(in thousands)
Acquisition of SWH, Inc. through issuance of common stock	$	54,742	$	-
Net unrealized gains on available-for-sale securities, net of taxes	$	382	$	76

XML

Note 13 - Segment Information (Detail)	6 Months Ended
	Jun. 30, 2012
Number of Reportable Segments	2

XML

Note 16 - Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions Disclosure [Text Block]

16.     Related Party Transactions

As disclosed in Note 3, pursuant to the terms of the Share Purchase Agreement, the Company acquired all of the capital stock of SWH for an acquisition price aggregating $62.7 million. The aggregate acquisition price consisted of the issuance of 2,027,500 shares of the Company’s common stock (valued at $27 per share, the closing price on May 30, 2012) and cash of $7.9 million. Affiliates of Steel Partners Holdings L.P. (“Steel Partners”) owned approximately 40% of the Company’s outstanding common stock and 85% of BNS on May 31, 2012. The Company appointed a special committee (the “Special Committee”) comprised solely of independent directors to consider and negotiate the transaction, as did BNS, because of the interest of Steel Partners in each company. The Special Committee, with the assistance of its independent financial advisor, considered a number of factors in negotiating the acquisition price, including, without limitation, the fairness opinion from its financial advisor.

As a result of the acquisition, Steel Partners beneficially owns approximately 51.1% of the Company’s outstanding common stock as of June 30, 2012. Jack L. Howard, John J. Quicke, and Warren G. Lichtenstein are directors of the Company and each such person is deemed to be an affiliate of Steel Partners under the rules of the Securities Exchange Act of 1934, as amended. Each of the three directors is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy. In addition, Mr. Quicke currently serves as the Interim President and CEO of the Company and is compensated $30,000 per month in connection with this role, which is in addition to the compensation he receives as a non-employee Board member. Mr. Quicke also serves as the CEO of other affiliates of Steel Partners.

Pursuant to a management services agreement between the Company and SP Corporate Services LLC (“SP Corporate”), the Company used various services of SP Corporate aggregating $0.3 million and $0.5 million during the three-month and six-month periods ended June 30, 2012, respectively. SP Corporate is an affiliate of Steel Partners.

XML

Note 1 - Description and Basis of Presentation (Detail)	0 Months Ended	6 Months Ended
	Oct. 03, 2011	Jun. 30, 2012	Oct. 03, 2011 Cashed Out Stockholders [Member]	Dec. 31, 2011 Sports Related Business [Member]	Jun. 30, 2012 Oilfield Service Business [Member]	Dec. 31, 2011 Oilfield Service Business [Member]
Number of Businesses				2	2	1
Number of Reportable Segments		2
Stockholders' Equity, Reverse Stock Split	1-for-500
Stockholders' Equity Note, Stock Split	50-for-1
Shares, Outstanding (in Shares)			500

XML

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2012
New Accounting Pronouncements, Policy [Policy Text Block]	Effective January 1, 2012, the Company adopted the provisions of Accounting Standards Update, or ASU, No. 2011-05, Comprehensive Income (Topic 220) Presentation of Comprehensive Income, or ASU No. 2011-05, and began presenting the total of comprehensive income, the components of net income and the components of other comprehensive income in two separate but consecutive statements. The provisions of ASU No. 2011-05 are required to be adopted retroactively. As this guidance provides only presentation requirements, the adoption of this standard did not impact our results of operations, cash flows, or financial position. In September 2011, the Financial Accounting Standards Board issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350). ASU 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. ASU 2011-08 was effective for the Company's first quarter of 2012. The Company performs its annual goodwill impairment test during the fourth quarter. The Company does not believe adoption of this standard during the fourth quarter of 2012 will have an impact on its consolidated results of operations, financial condition, or cash flows. There were no additional accounting pronouncements recently issued in the six-month period ended June 30, 2012, which are applicable to the Company or may be considered material to the Company. For a complete discussion of the impact of recent accounting pronouncements, please refer to Note 2 of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

XML

Note 14 - Net (Loss) Income Per Share (Detail) - Antidilutive Securities In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Stock Options [Member]
Antidilutive Securities	59		59
Restricted Stock [Member]
Antidilutive Securities	3		3
Convertible Debt Securities [Member]
Antidilutive Securities	3	3	3	3

XML

Note 1 - Description and Basis of Presentation

6 Months Ended

Jun. 30, 2012

Business Description and Basis of Presentation [Text Block]

1.     Description and Basis of Presentation

Description

Steel Excel Inc. (“Steel Excel” or the “Company”) is primarily focused on capital redeployment and identification of new business operations in which it can utilize its existing working capital and maximize the use of the Company’s net tax operating losses (“NOLs”) in the future. The identification of new business operations includes, but is not limited to, the oilfield services, sports, training, education, entertainment, and lifestyle businesses. During the fiscal year ended December 31, 2011, the Company acquired two sports-related businesses (Baseball Heaven and The Show) and one oilfield services business (Rogue Pressure Services). During the six-month period ended June 30, 2012, it acquired two additional oilfield services businesses (Eagle Well Services and Sun Well Service). The Company currently operates in these two reportable segments, but may add other segments in the future depending upon acquisition opportunities to further redeploy its working capital.

Basis of Presentation

In the opinion of management, the accompanying Condensed, Consolidated Financial Statements (“Condensed Financial Statements”) of Steel Excel and its wholly-owned subsidiaries have been prepared on a consistent basis with the December 31, 2011 audited financial statements. The Condensed Financial Statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (the “SEC”) and, therefore, omit certain information and footnote disclosures necessary to present the statements in accordance with accounting principles generally accepted in the United States of America and are considered unaudited and condensed. The December 31, 2011 Condensed Balance Sheet was derived from audited financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was filed with the SEC on March 13, 2012.

The Company’s Condensed Financial Statements include the accounts of Steel Excel and its subsidiaries. All significant intercompany accounts have been eliminated in consolidation.

Reverse/Forward Stock Split

At the close of business on October 3, 2011, the Company effected a reverse split (the “Reverse Split”) immediately followed by a forward split (the “Forward Split” and together with the Reverse Split, the “Reverse/Forward Split”). At the Company’s 2011 annual stockholders meeting, its stockholders approved a proposal authorizing the Board of Directors (the “Board”) to effect the Reverse/Forward Split at exchange ratios determined by the Board within certain specified ranges.

The exchange ratio for the Reverse Split was 1-for-500 and the exchange ratio for the Forward Split was 50-for-1. As a result of the Reverse Split, stockholders holding less than 500 shares (the “Cashed Out Stockholders”) were entitled to a cash payment for all of their shares. All remaining stockholders following the Forward Split (the “Remaining Stockholders”) were also entitled to a cash payment for any fractional shares that they would otherwise have received. The cash payment that each Cashed Out Stockholder or Remaining Stockholder was entitled to receive was based upon such stockholder’s pro rata share of the total net proceeds received in the sale of the aggregated fractional shares by the Company’s transfer agent at prevailing prices on the open market.

All shares outstanding and per share information for the previous financial periods being reported have been adjusted to reflect the Reverse/Forward Split.

XML

Condensed Statements of Comprehensive Income (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Net income attributable to Steel Excel Inc.	$ 2,242	$ 5,280	$ 354	$ 7,097
Net foreign currency translation adjustment, net of taxes:
Foreign currency translation adjustment, net of taxes	(27)	7	(22)	159
Release of foreign currency translation gains, net of taxes				(2,542)
Subtotal	(27)	7	(22)	(2,383)
Net unrealized gain on marketable securities, net of taxes	75	858	858	76
Comprehensive income	2,290	6,145	1,190	4,790
Comprehensive loss attributable to non-controlling interest			(580)
Comprehensive income attributable to Steel Excel Inc.	$ 2,290	$ 6,145	$ 1,770	$ 4,790

XML

Note 11 - Interest and Other Income (Expense), Net

6 Months Ended

Jun. 30, 2012

Interest and Other Income [Text Block]

11.     Interest and Other Income (Expense), Net

The components of “Interest and other income (expense), net” for the three-month and six-month periods ended June 30, 2012 and July 1, 2011 were as follows:

	Three-Month Period Ended:					Six-Month Period Ended:
	June 30, 2012			July 1, 2011		June 30, 2012			July 1, 2011
	(in thousands)					(in thousands)
Interest income, net	$	192		$	2,168	$	568		$	3,558
Realized currency translation gains		57			252		106			4,098
Write-off of loan to The Show		-			-		(500	)		-
Other		(72	)		375		(226	)		471
	$	177		$	2,795	$	(52	)	$	8,127

The realized currency translation gains are primarily the result of substantial liquidations of certain of the Company’s foreign subsidiaries. The Company wrote off its loan to The Show because The Show was not meeting forecasted projections, with no expectation to perform as represented when acquired. Therefore, the Company does not anticipate repayment of its loan by The Show.

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2012	Aug. 09, 2012
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		12,931,829
Amendment Flag	false
Entity Central Index Key	0000709804
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

XML

Note 12 - Income Taxes

6 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Text Block]

12.     Income Taxes

ASC topic–740-270, Interim Reporting - Income Taxes, requires companies to make the best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis. An exception applies to the current quarter because the Company is not able to provide a sufficiently precise forecast of taxable income for the year. The Company recorded a provision for income tax of $0.7 million and $0.8 million for the three-month and six-month periods ended June 30, 2012 respectively, which are primarily the result of state taxes payable and several discrete tax expenses. The discrete items include the amortization of indefinite lived intangible assets, a mark-to-market adjustment to the value of available-for-sale securities and the separation of discontinued operations from continuing operations.

The Company recorded a tax provision of $1.4 million and $2.5 million for the three-month and six-month periods ended July 1, 2011, respectively, primarily due to the reversal of income taxes, which was reflected in “Accumulated other comprehensive income (loss), net of taxes” in the Condensed Balance Sheet at July 1, 2011. During the three-month period ended July 1, 2011, the Company made significant changes to its historic investment portfolio to move to primarily low-risk interest-bearing government securities. These changes were significant enough, in the Company’s judgment, to consider the legacy portfolio to have been disposed of for the purpose of tracking a disproportionate tax effect that arose in fiscal 2008. The six-month period ended July 1, 2011 also included the Company realizing certain currency translation gains due to substantial liquidation of certain of its foreign subsidiaries during the period. These taxes were partially offset by income tax benefits from losses incurred in the Company’s foreign jurisdictions and the reversal of reserves for certain foreign taxes.

The Company accounts for income taxes in accordance with ASC topic 740, Income Taxes (“ASC 740”), which requires that deferred tax assets and liabilities be 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 assets by a full valuation allowance. When realized, the asset will be reflected on the Company’s balance sheet and the reversal of the corresponding valuation allowance will result in a tax benefit being recorded in the income statement in the respective period.

The Company continues to monitor the status of its NOLs, which may be used to offset future taxable income.  If the Company underwent an ownership change, the NOLs would be subject to an annual limit on the amount of the taxable income that may be offset by its NOLs generated prior to the ownership change and additionally, the Company may be unable to use a significant portion of its NOLs to offset taxable income.  The Company has adopted a tax benefits preservation plan with the intention of reducing the likelihood of an ownership change. However, the Company cannot ensure that this plan will be effective in deterring all transfers of the Company’s common stock that could result in such an ownership change. For details regarding the Company’s NOL carryforwards prior to the six-month period ended June 30, 2012, please refer to Note 14 of the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

The Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates or formerly operated. As of June 30, 2012, fiscal years 2004 onward remained open to examination by the U.S. taxing authorities and fiscal years 1999 onward remained open to examination in various foreign jurisdictions. U.S. tax attributes generated in fiscal years 1999 onward also remain subject to adjustment in subsequent audits when they are utilized.

As of June 30, 2012, the Company’s total gross unrecognized tax benefits were $26.4 million, of which $5.7 million, if recognized, would affect the effective tax rate. As of December 31, 2011, the Company’s total gross unrecognized tax benefits were $29.9 million, of which $9.2 million, if recognized, would affect the effective tax rate.

The calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Management regularly assesses the Company’s tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which the Company conducts or formerly conducted business. Management believes that it is not reasonably possible that the gross unrecognized tax benefits will change significantly within the next 12 months; however, tax audits remain open and the outcome of any tax audits are inherently uncertain, which could change this judgment in any given quarter.

XML

Condensed Balance Sheets (unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 70,869	$ 8,487
Marketable securities	188,207	314,941
Accounts receivable, net of allowance of $0 and $80, respectively	24,654	4,660
Prepaid expenses and other current assets	3,113	2,055
Total current assets	286,843	330,143
Property and equipment, net	75,873	21,060
Goodwill	40,103	8,244
Intangible assets, net	45,013	5,786
Other long-term assets	4,314	3,444
Total assets	452,146	368,677
Current liabilities:
Accounts payable	3,416	1,841
Accrued and other liabilities	8,759	3,826
Current portion of capital lease obligations	405
Current portion of long-term debt	4,000
3/4% convertible senior subordinated notes	346	346
Total current liabilities	16,926	6,013
Other long-term liabilities	10,760	10,737
Deferred income taxes	5,586	30
Capital lease obligations, net of current portion	1,190
Long-term debt, net of current portion	11,000
Total liabilities	45,462	16,780
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock	12,932	10,892
Additional paid-in capital	213,891	160,755
Accumulated other comprehensive income	505	743
Retained earnings	179,433	179,079
Total Steel Excel stockholders' equity	406,761	351,469
Non-controlling interest	(77)	428
Total stockholders' equity	406,684	351,897
Total liabilities and stockholders' equity	$ 452,146	$ 368,677

XML

Note 6 - Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Text Block]

6.     Fair Value Measurements

Fair value is defined as the price that would be received for selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard surrounding fair value measurements establishes a fair value hierarchy, consisting of three levels, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Financial Assets Measured at Fair Value on a Recurring Basis

The Company utilizes levels 1, 2 and 3 to value its financial assets on a recurring basis. Level 1 instruments use quoted prices in active markets for identical assets or liabilities, which include the Company’s cash accounts, short-term deposits and money market funds as these specific assets are liquid. Level 1 instruments also include United States government securities, government agencies, and states and municipalities, as these securities are backed by the federal or state governments and traded in active markets frequently with sufficient volume. Level 2 instruments are valued using the market approach, which uses quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities and include mortgage-backed securities, corporate obligations and asset-backed securities as similar or identical instruments can be found in active markets. Level 3 is supported by little or no market activity and requires a high level of judgment to determine fair value, which includes the Company’s two venture fund investments. The Company periodically monitors its two venture capital funds and records these investments within “Other long-term assets” on the Condensed Balance Sheets based on quarterly statements the Company receives from each of the funds. The statements are generally received one quarter in arrears, as more timely valuations are not practical. The statements reflect the net asset value, which the Company uses to determine the fair value for these investments, which (a) do not have a readily determinable fair value and (b) either have the attributes of an investment company or prepare their financial statements consistent with the measurement principles of an investment company. The assumptions used by the Company, due to lack of observable inputs, may impact the fair value of these equity investments in future periods. There were no changes in the fair value estimates from December 31, 2011. In the event that the carrying value of its equity investments exceeds their fair value, or the decline in value is determined to be other-than-temporary, the carrying value is reduced to its current fair value, which is recorded in “Interest and other income, net,” in the Condensed Statements of Income. At June 30, 2012, there were no significant transfers that occurred between any of the levels of the Company’s financial assets.

A summary of financial assets measured at fair value on a recurring basis at June 30, 2012 was as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash, including short-term deposits1	$	53,888	$	53,888	$	-	$	-
Mutual funds2		10,135		10,135		-		-
United States government securities2		118,040		118,040		-		-
Government agencies2		2,504		2,504		-		-
Corporate securities2		4,555		4,555		-		-
Commercial paper3		35,826		-		35,826		-
Corporate oligations4		33,838		-		33,838		-
Non-controlling interests in certain funds5		1,117		-				1,117
	$	259,903	$	189,122	$	69,664	$	1,117

(1) At June 30, 2012, the Company recorded $54.1 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively.

(2) Recorded within “Marketable securities.”

(3) At June 30, 2012, the Company recorded $14.8 million and $21.0 million within “Cash and cash equivalents” and “Marketable securities,” respectively.

(4) At June 30, 2012, the Company recorded $2.0 million and $31.8 million within “Cash and cash equivalents” and “Marketable securities,” respectively.

(5) Recorded within “Other long-term assets.”

A summary of financial assets measured at fair value on a recurring basis at December 31, 2011 was as follows:

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash, including short-term deposits1	$	8,601	$	8,601	$	-	$	-
United States government securities2		309,780		309,780		-		-
Government agencies2		3,526		3,526		-		-
Corporate oligations2		1,521		-		1,521		-
Non-controlling interests in certain funds3		1,117		-		-		1,117
Total	$	324,545	$	321,907	$	1,521	$	1,117

(1) At December 31 2011, the Company recorded $8.5 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively.

(2) Recorded within “Marketable securities.”

(3) Recorded within “Other long-term assets.”

The Company’s other financial instruments include accounts payable and accrued and other liabilities. Carrying values of these financial liabilities approximate their fair values due to the relatively short maturity of these items. The related cost basis for the Company’s 3/4% Convertible Senior Notes due December 22, 2023 (the “3/4% Notes”) at June 30, 2012 and December 31, 2011 was approximately $0.3 million on both dates. Although the remaining balance of its 3/4% Notes is relatively small and the market trading is very limited, the Company expects the cost basis for the 3/4% Notes of approximately $0.3 million at June 30, 2012 to approximate fair value. The Company’s convertible debt is recorded at its carrying value, not the estimated fair value. The Company may seek to make open market repurchases of the remaining balance of its 3/4% Notes within the next twelve months. Accordingly, these notes are reflected as a current liability in the accompanying Condensed Balance Sheets.

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

The Company had no non-financial assets measured at fair value on a non-recurring basis as of June 30, 2012 and December 31, 2011.

XML

Note 5 - Marketable Securities

6 Months Ended

Jun. 30, 2012

Marketable Securities [Table Text Block]

5.     Marketable Securities

The Company’s investment policy has historically focused on three objectives:  to preserve capital, to meet liquidity requirements, and to maximize total return. The Company’s investment policy established minimum ratings for each classification of investments when purchased and investment concentration is limited to minimize risk. The policy also limited the final maturity on any investment and the overall duration of the portfolio. During February 2012, the Company’s Board of Directors executed a written consent permitting the Company to invest up to $10 million in publicly traded companies engaged in certain oilfield servicing, energy services, and related businesses, which is an exception to the Company’s investment policy.

In June 2012, the Board established an Investment Committee, which was formed to develop investment strategies and set the Company’s investment policies with respect to the Company’s cash. The Investment Committee is authorized, among other things, to invest the Company’s excess cash directly or allocate investments to outside managers for investment in equity or debt securities, provided that the Investment Committee may not invest more than $25 million in any single investment or with any single asset manager without the Board’s approval. Given the overall market conditions, the Company regularly reviews its investment portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis and proper valuation.

The Company’s portfolio of marketable securities at June 30, 2012 was as follows:

	Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Available-for-sale securities:
Short-term deposits	$	44,592		$	-		$	-		$	44,592
Mutual funds		10,000			135			-			10,135
United States government securities		117,794			253			(7	)		118,040
Government agencies		2,501			3			-			2,504
Corporate securities		4,720			43			(208	)		4,555
Commercial paper		35,805			21			-			35,826
Corporate obligations		33,842			9			(12	)		33,839
Total available-for-sale securities		249,254			464			(227	)		249,491
Amounts classified as cash equivalents		(61,284	)		(1	)		1			(61,284	)
Amounts classified as marketable securities	$	187,970		$	463		$	(226	)	$	188,207

The Company’s portfolio of marketable securities at December 31, 2011 was as follows:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Available-for-sale securities:
Short-term deposits	$	3,029		$	-	$	-		$	3,029
United States government securities		309,189			593		(3	)		309,779
Government agencies		3,505			21		-			3,526
Corporate obligations		1,513			8		-			1,521
Total available-for-sale securities		317,236			622		(3	)		317,855
Amounts classified as cash equivalents		(2,914	)		-		-			(2,914	)
Amounts classified as marketable securities	$	314,322		$	622	$	(3	)	$	314,941

Sales of marketable securities resulted in gross realized gains of $0.1 million during the six-month period ended June 30, 2012 and $1.5 million and $2.0 million during the three-month and six-month periods ended July 1, 2011, respectively. The gross realized gains for the three-month period ended June 30, 2012 were immaterial. Sales of marketable securities resulted in gross realized losses of $0.2 million and $0.3 million during the three-month and six-month periods ended July 1, 2011, respectively. The gross realized losses for the three-month and six-month periods ended June 30, 2012 were immaterial.

The following table summarizes the fair value and gross unrealized losses of the Company’s available-for-sale marketable securities, aggregated by type of investment instrument and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2012:

	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)
U.S. government securities	$	64,129	$	(7	)	$	-	$	-	$	64,129	$	(7	)
Corporate securities		3,631		(208	)		-		-		3,631		(208	)
Corporate obligations		18,461		(13	)		-		-		18,461		(13	)
Total	$	86,221	$	(228	)	$	-	$	-	$	86,221	$	(228	)

The following table summarizes the fair value and gross unrealized losses of the Company’s available-for-sale marketable securities, aggregated by type of investment instrument and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2011:

	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)
U.S. government securities	$	15,186	$	(3	)	$	-	$	-	$	15,186	$	(3	)

The Company’s investment portfolio consists of both corporate and government securities that generally mature within three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities purchased with a lower yield-at-cost show a mark-to-market unrealized loss. All unrealized losses are due to changes in interest rates and bond yields. The Company has considered all available evidence and determined that the marketable securities in which unrealized losses were recorded in the three-month and six-month periods ended June 30, 2012 and July 1, 2011 were not deemed to be other-than-temporary. The Company holds its marketable securities as available-for-sale and marks them to market.

The amortized cost and estimated fair value of investments in available-for-sale securities as of June 30, 2012 and December 31, 2011, by contractual maturity, were as follows:

	June 30, 2012				December 31, 2011
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	229,591	$	229,664	$	256,764	$	257,050
Mature after one year through three years		19,645		19,809		60,473		60,805
Total	$	249,236	$	249,473	$	317,237	$	317,855

XML

Note 17 - Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Text Block]

17.      Subsequent Events

Effective August 7, 2012 the Company’s Board, upon the recommendation of its Audit Committee, determined that the services provided by SP Corporate should be substantially expanded in order to better serve the needs of the Company as it grows organically and by acquisition, including providing the services of additional key senior personnel and adding additional critical functions in the areas of finance and accounting, legal, human resources, business development and otherwise. Accordingly, the Board approved an Amended and Restated Services Agreement, to be effective August 1, 2012, at a revised annual fee of $3,600,000. In addition, the Board approved a request by SP Corporate for an increase in the fee payable under the existing Services Agreement for additional services provided by the Company’s Chief Executive Officer and Chief Financial Officer during the first seven months of the current year, in the amount of $275,000.

XML

Note 13 - Segment Information

6 Months Ended

Jun. 30, 2012

Segment Reporting Disclosure [Text Block]

13.     Segment Information

The Company currently reports its business in two reportable segments: sports-related and oilfield services. The Company also maintains general operations as it continues to explore additional working capital redeployment opportunities. There were no reportable segments in the fiscal 2011 periods.

Segment information as of June 30, 2012 and for continuing operations for the six-month period then ended was as follows:

	Sports-			Oilfield		General
	Related			Services		Corporate			Consolidated
	(in thousands)
Net revenues	$	1,596		$	37,751	$	-		$	39,347
Income (loss) from operations	$	(3,385	)	$	9,039	$	(5,035	)	$	619
Total assets	$	6,510		$	182,005	$	263,631		$	452,146
Accounts receivable	$	189		$	24,465	$	-		$	24,654
Property and equipment, net	$	5,885		$	69,988	$	-		$	75,873

XML

Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Text Block]

9.     Commitments and Contingencies

Contractual Obligations

Through its recent acquisitions, the Company assumed leases of property expiring in various dates through 2016 with the following non-cancelable obligations:

	Amount
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	357
2013		467
2014		431
2015		431
2016		425
	$	2,111

Through its recent acquisition of SWH, the Company acquired certain equipment under capital lease obligations. The following is a schedule of the future annual minimum payments for these leases as of June 30, 2012:

For the year ended December 31:
2012 (remaining six months)	$	258
2013		489
2014		458
2015		458
2016		51
Total minimum lease payments		1,714
Less amount representing interest		(119	)
Present value of net minimum lease payments		1,595
Less current portion		(405	)
Capital lease obligations, net of current portion	$	1,190

Legal Proceedings

From time to time, we may be a party in legal actions in various U.S. and foreign jurisdictions, arising from the normal course of business. In the opinion of management, such legal actions are not expected to have a material adverse effect on our financial condition or results of operations.

XML

Note 8 - Liabilities (Detail) - Future principal payments due on notes payable (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
2012 (remaining six months)	$ 1,000
2013	4,000
2014	4,000
2015	6,000
	$ 15,000

XML

Note 7 - Long-Lived Assets

6 Months Ended

Jun. 30, 2012

Long Lived Assets [Text Block]

7.     Long-Lived Assets

The Company regularly performs reviews of its long-lived assets to determine if facts or circumstances are present, either internal or external, which would indicate that the carrying values of its long-lived assets may not be recoverable. For more details, refer to the Summary of Significant Accounting Policies in Note 1 to the Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Property and Equipment, Net

The components of property and equipment, net, as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012			December 31, 2011
	(in thousands)
Rigs and workover equipment	$	41,770		$	11,750
Other equipment		22,561			3,205
Land and improvements		6,977			5,677
Buildings		4,930			-
Vehicles		1,412			648
Furniture and fixtures		229			100
Assets in progress		1,067			-
		78,946			21,380
Accumulated depreciation		(3,073	)		(320	)
Property and equipment, net	$	75,873		$	21,060

The Other Equipment listed above primarily includes other oilfield services equipment, such as pumps, rig vehicles, trailers, power swivels, BOP accumulators, and various tongs. The assets in progress include $1.0 million of payments toward a new rig at Sun Well and $0.1 million toward a new training facility and gate entry renovations at Baseball Heaven. During the six-month period ended June 30, 2012, the Company wrote down all of the assets of The Show ($0.1 million) to zero-value, as The Show was not meeting forecasted projections, with no expectation to perform as represented when acquired. This impairment is included in “Selling, general and administrative” expenses in the Condensed Statement of Income.

Depreciation expense for the three-month period ended June 30, 2012 aggregated $1.7 million, with $1.1 million in “Cost of revenues” and $0.6 million in “Selling, general and administrative” expenses in the Condensed Statement of Income. Depreciation expense for the six-month period ended June 30, 2012 aggregated $2.8 million, with $1.6 million in “Cost of revenues” and $1.2 million in “Selling, general and administrative” expenses in the Condensed Statement of Income. There was no depreciation expense in the three-month and six-month periods ended July 1, 2011.

Intangible Assets, Net

The components of intangible assets, net, as of June 30, 2012 were as follows:

	Cost		Accumulated Amortization			Net		Amortization Method	Estimated Useful Life (in years)
	(in thousands)
Sports-Related:
Customer relationships	$	235	$	(43	)		192	Straight-line		5
Oilfield Servicing:
Customer relationships		43,100		(2,169	)		40,931	Accelerated		10
Trade names		4,100		(210	)		3,890	Accelerated		5
		47,200		(2,379	)		44,821
Intangible assets, net	$	47,435	$	(2,422	)	$	45,013

The components of intangible assets, net, as of December 31, 2011 were as follows:

	Cost		Accumulated Amortization			Net		Amortization Method	Estimated Useful Life (in years)
	(in thousands)
Sports-Related:
Customer relationships	$	235	$	(20	)		215	Straight-line		5
Oilfield Servicing:
Customer relationships		4,700		(29	)		4,671	Accelerated		10
Trade names		900		-			900	Accelerated		5
		5,600		(29	)		5,571
Intangible assets, net	$	5,835	$	(49	)	$	5,786

Amortization expense for the three-month and six-month periods ended June 30, 2012 were $1.6 million and $2.4 million, respectively, and are included in “Selling, general and administrative” expenses in the Condensed Statements of Income. There was no amortization expense for the three-month and six-month periods ended July 1, 2011.

Estimated aggregate future amortization expenses for the next five years for the intangible assets by reporting segment are as follows:

	Sports-Related		Oilfield Services
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	24	$	5,102
2013		47		8,534
2014		47		6,565
2015		47		5,267
2016		27		4,216
Thereafter		-		15,137
	$	192	$	44,821

Goodwill

Goodwill by reporting segment as of June 30, 2012 was as follows:

	Sports-Related			Oilfield Services		Total
	(in thousands)
Balance, December 31, 2011	$	1,989		$	6,255	$	8,244
Acquired goodwill		-			33,655		33,655
Accumulated impairment (see Note 3)		(1,796	)		-		(1,796	)
Balance, June 30, 2012	$	193		$	39,910	$	40,103

During the six-month period ended June 30, 2012, the Company wrote off goodwill from The Show of $1.7 million, as The Show was not meeting forecasted projections, with no expectation to perform as represented when acquired. This impairment charge is included in “Selling, general and administrative” expenses in the Condensed Statement of Income.

XML

Note 8 - Liabilities

6 Months Ended

Jun. 30, 2012

Other Liabilities Disclosure [Text Block]

8.     Liabilities

The Company’s “Accrued and other liabilities” as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012		December 31, 2011
	(in thousands)
Tax-related	$	1,263	$	56
Accrued compensation and related taxes		5,163		1,593
Deferred revenue		744		278
Professional services		17		485
Accrued workers compensation		-		1,233
Other		1,572		181
Total	$	8,759	$	3,826

The Company’s “Other long-term liabilities” as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012		December 31, 2011
	(in thousands)
Tax-related	$	7,340	$	10,737
Phantom stock liability		3,420		-
	$	10,760	$	10,737

Through its acquisition of SWH, the Company has a phantom stock plan agreement (the “Phantom Plan”), in which the board of directors is authorized to grant phantom shares to employees and consultants. The value of the phantom shares was fixed at $1,543 per share as a result of the acquisition. If employees or consultants are terminated, their unvested shares are returned to the Phantom Plan. Phantom stockholders are entitled to receive a cash payment for their vested shares on February 1, 2016, unless there is a change of control or employee death. The Company is accounting for the unvested portion of the Phantom Plan as post-combination compensation expense by accreting a liability over the vesting period.

Sun Well has a credit agreement with Wells Fargo Bank, National Association that includes a term loan of $20,000,000 and a revolving line of credit for up to $5,000,000. The loans are secured by the assets of Sun Well and bear interest, at the option of Sun Well, at LIBOR plus 3.5% or the greater of (a) the bank’s prime rate, (b) the Federal Funds Rate plus 1.5%, or (c) the Daily One-Month LIBOR rate plus 1.5% for base rate loans. Both options are subject to leverage ratio adjustments. The interest payments are made monthly. The term loan is repayable in $1,000,000 quarterly principal installments from September 30, 2011 through June 30, 2015. Sun Well borrowed $20,000,000 on the term loan in July 2011 and has made $5,000,000 in scheduled principal payments through June 30, 2012. Borrowings under the revolving loan, which are determined based on eligible accounts receivable, mature on June 30, 2015. There is no balance due on the revolving loan as of June 30, 2012. Under the agreement, Sun Well is subject to certain financial covenants, with which it was in compliance as of June 30, 2012.

The future principal payments due on the notes payable are as follows:

	Amount
	(in thousands)
For the year ended December 31:
2012 (remaining six months)	$	1,000
2013		4,000
2014		4,000
2015		6,000
	$	15,000

XML

Note 10 - Restructuring Charges

6 Months Ended

Jun. 30, 2012

Restructuring and Related Activities Disclosure [Text Block]

10.     Restructuring Charges

The Company implemented restructuring plans during its nine-month transition period ended December 31, 2010 and during fiscal 2010 and 2009. The goals of these plans were to bring the Company’s operational expenses to appropriate levels relative to its historical net revenues, while simultaneously implementing extensive company-wide expense-control programs. All expenses, including adjustments, associated with the Company’s restructuring plans are included in “Restructuring charges” in the Condensed Statements of Income. These plans were completed as of December 31, 2011 so there was no restructuring activity in the six-month period ended June 30, 2012.

XML

Note 12 - Income Taxes (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011	Dec. 31, 2011
Income Tax Expense (Benefit)	$ 654,000	$ 1,361,000	$ 793,000	$ 2,456,000
Unrecognized Tax Benefits	26,400,000		26,400,000		29,900,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,700,000		$ 5,700,000		$ 9,200,000

XML

Note 13 - Segment Information (Detail) - Segment Information (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011	Dec. 31, 2011
Net revenues	$ 24,540		$ 39,347
Income (loss) from operations	2,719	(2,984)	619	(5,404)
Total assets	452,146		452,146		368,677
Accounts receivable	24,654		24,654		4,660
Property and equipment, net	75,873		75,873		21,060
Sports-Related [Member]
Net revenues			1,596
Income (loss) from operations			(3,385)
Total assets	6,510		6,510
Accounts receivable	189		189
Property and equipment, net	5,885		5,885
Oilfield Service Business [Member]
Net revenues			37,751
Income (loss) from operations			9,039
Total assets	182,005		182,005
Accounts receivable	24,465		24,465
Property and equipment, net	69,988		69,988
Corporate [Member]
Income (loss) from operations			(5,035)
Total assets	$ 263,631		$ 263,631

XML

Note 11 - Interest and Other Income (Expense), Net (Detail) - Interest and Other Income (Expense), Net (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 01, 2011	Jun. 30, 2012	Jul. 01, 2011
Interest income, net	$ 192	$ 2,168	$ 568	$ 3,558
Realized currency translation gains	57	252	106	4,098
Write-off of loan to The Show			(500)
Other	(72)	375	(226)	471
	$ 177	$ 2,795	$ (52)	$ 8,127

XML

Note 14 - Net (Loss) Income Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

	Three-Month Period Ended:					Six-Month Period Ended:
	June 30, 2012		July 1, 2011			June 30, 2012			July 1, 2011
	(in thousands), except per share amounts
Numerators (basic and diluted)
Income (loss) from continuing operations, net of taxes	$	2,242	$	(1,550	)	$	(226	)	$	267
Income from discontinued operations, net of taxes	$	-	$	6,830		$	-		$	6,830
Net income attributable to Steel Excel Inc.	$	2,242	$	5,280		$	354		$	7,097
Denominators
Basic weighted-average shares outstanding		11,588		10,881			11,240			10,881
Effect of dilutive securities:
Stock-based awards		17		14			17			10
Diluted weighted-average shares outstanding		11,605		10,895			11,257			10,891
Net (loss) income per share:
Basic
Income (loss) from continuing operations, net of taxes	$	0.19	$	(0.14	)	$	(0.02	)	$	0.02
Income from discontinued operations, net of taxes	$	-	$	0.63		$	-		$	0.63
Net income attributable to Steel Excel Inc.	$	0.19	$	0.49		$	0.03		$	0.65
Diluted
Income (loss) from continuing operations, net of taxes	$	0.19	$	(0.14	)	$	(0.02	)	$	0.02
Income from discontinued operations, net of taxes	$	-	$	0.63		$	-		$	0.63
Net income attributable to Steel Excel Inc.	$	0.19	$	0.48		$	0.03		$	0.65

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three-Month Period Ended:				Six-Month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands), except per share amounts
Outstanding stock options		59		-		59		-
Outstanding restricted stock		3		-		3		-
3/4% Convertible senior subordinated notes		3		3		3		3

XML

Note 6 - Fair Value Measurements (Detail) - Financial Assets Measured at Fair Value on a Recurring Basis (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Cash, including short-term deposits	$ 53,888	$ 8,601
Marketable securities	249,491	317,855
Non-controlling interests in certain funds	1,117	1,117
Total	259,903	324,545
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	10,135
Mutual Funds [Member]
Marketable securities	10,135
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	118,040	309,780
US Treasury Securities [Member]
Marketable securities	118,040	309,779
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	2,504	3,526
US Government Agencies Debt Securities [Member]
Marketable securities	2,504	3,526
Securities (Assets) [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	4,555
Securities (Assets) [Member]
Marketable securities	4,555
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities	35,826
Commercial Paper [Member]
Marketable securities	35,826
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities	33,838	1,521
Collateralized Debt Obligations [Member]
Marketable securities	33,838	1,521
Fair Value, Inputs, Level 1 [Member]
Cash, including short-term deposits	53,888	8,601
Total	189,122	321,907
Fair Value, Inputs, Level 2 [Member]
Total	69,664	1,521
Fair Value, Inputs, Level 3 [Member]
Non-controlling interests in certain funds	1,117	1,117
Total	$ 1,117	$ 1,117

XML

Note 15 - Supplemental Disclosures of Cash Flows

6 Months Ended

Jun. 30, 2012

Cash Flow, Supplemental Disclosures [Text Block]

15       Supplemental Disclosures of Cash Flows

                Non-cash investing and financing activities for the six-month period ended June 30, 2012 and July 1, 2012 are as follows:

	Six-Month Period Ended:
		June 30, 2012		July 1, 2011
		(in thousands)
Acquisition of SWH, Inc. through issuance of common stock	$	54,742	$	-
Net unrealized gains on available-for-sale securities, net of taxes	$	382	$	76

                Through its acquisition of SWH, the Company acquired capital lease obligations and long-term debt. The interest expense paid in cash for these obligations was $0.1 million. There was no interest expense in the 2011 period.

XML

Note 4 - Stock Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2012

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

	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Instrinsic Value
Outstanding at December 31, 2011		94		$	31.89
Granted		-		$	-
Exercised		-		$	-
Forfeited		-		$	-
Expired		(29	)	$	37.80
Outstanding at June 30, 2012		65		$	30.54		7.76	$	4,712.50
Options vested and expected to vest at June 30, 2012		65		$	30.54		7.76	$	4,712.50
Options exercisable at June 30, 2012		40		$	31.84		6.97	$	-

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Shares			Weighted Average Grant-Date Fair Value
Non-vested restricted stock units at December 31, 20111		17		$	0.010
Awarded		15		$	0.001
Vested		(13	)	$	0.010
Forfeited		-		$	-
Non-vested restricted stock units at June 30, 20121		19		$	0.010

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Three-month Period Ended:				Six-month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands)				(in thousands)
Stock-based compensation expense by caption:
Selling, marketing and administrative	$	411	$	452	$	436	$	460
Stock-based compensation expense by award type:
Stock options	$	26	$	12	$	42	$	16
Retricted stock		385		440		394		444
Total	$	411	$	452	$	436	$	460

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

	June 30, 2012			July 1, 2011
Expected life (in years)		1			4
Risk-free interest rates		0.2	%		1.5	%
Expected volatility		58	%		44	%
Dividend yield		-			-
Weighted average fair value of restricted stock	$	27.00		$	11.09

XML

Note 5 - Marketable Securities (Detail) - Amortized Cost and Estimated Fair Value of Investments in Available-For-Sale Securities (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Mature in one year or less	$ 229,591	$ 256,764
Mature in one year or less	229,664	257,050
Mature after one year through three years	19,645	60,473
Mature after one year through three years	19,809	60,805
Total	249,236	317,237
Total	$ 249,473	$ 317,855

XML

Note 4 - Stock Benefit Plans (Detail) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Number of Equity Incentive Plans	2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	65,000	94,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	65,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars)	$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	19,000	17,000
In The Money Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	6,500
Service Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	812
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	18,250
2004 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	28,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,700,000
2006 Director Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	56,059
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	300,000
Pre Reverse/Forward Stock Split [Member]
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.001
Post Reverse/Forward Stock Split [Member]
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.01

XML

Condensed Balance Sheets (unaudited) (Parentheticals) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Accounts receivable, allowance	$ 0	$ 80

XML

Note 4 - Stock Benefit Plans

6 Months Ended

Jun. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

4.     Stock Benefit Plans

The Company grants stock options and other stock-based awards to employees, directors and consultants under two equity incentive plans, the 2004 Equity Incentive Plan and the 2006 Director Plan. As of June 30, 2012, the Company had an aggregate of 1.8 million shares of its common stock reserved for issuance under its 2004 Equity Incentive Plan, of which 28,000 shares were subject to outstanding options and other stock-based awards and 1.7 million shares were available for future grants of options and other stock-based awards. As of June 30, 2012, the Company had an aggregate of 0.4 million shares of its common stock reserved for issuance under its 2006 Director Plan, of which 56,059 shares were subject to outstanding options and other stock-based awards and 0.3 million shares were available for future grants of options and other stock-based awards.

Stock Benefit Plan Activities

Stock Options: A summary of option activity under all of the Company’s equity incentive plans as of June 30, 2012 and changes during the six-month period then ended is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Instrinsic Value
Outstanding at December 31, 2011		94		$	31.89
Granted		-		$	-
Exercised		-		$	-
Forfeited		-		$	-
Expired		(29	)	$	37.80
Outstanding at June 30, 2012		65		$	30.54		7.76	$	4,712.50
Options vested and expected to vest at June 30, 2012		65		$	30.54		7.76	$	4,712.50
Options exercisable at June 30, 2012		40		$	31.84		6.97	$	-

The aggregate intrinsic value is calculated as the difference between the closing price of the Company’s common stock on the OTCQB Market and the exercise price of the underlying awards for the 6,500 shares subject to options that were in-the-money as of June 30, 2012. As of June 30, 2012, the total unamortized stock-based compensation expense related to non-vested stock options, net of estimated forfeitures, was $0.1 million and this expense is expected to be recognized over a remaining weighted-average period of 1.3 years.

Restricted Stock: Restricted stock awards and restricted stock units (collectively, “restricted stock”) were granted under the Company’s 2004 Equity Incentive Plan and the 2006 Director Plan. As of June 30, 2012, there were 812 shares of service-based restricted stock awards and 18,250 shares of restricted stock units outstanding. The cost of restricted stock, determined to be the fair market value of the shares at the date of grant, is expensed ratably over the period the restrictions lapse or as specified in the grant agreements.

A summary of activity for restricted stock units as of June 30, 2012 and changes during the six-month period then ended is as follows:

	Shares			Weighted Average Grant-Date Fair Value
Non-vested restricted stock units at December 31, 20111		17		$	0.010
Awarded		15		$	0.001
Vested		(13	)	$	0.010
Forfeited		-		$	-
Non-vested restricted stock units at June 30, 20121		19		$	0.010

(1) Non-vested restricted stock units at each period included shares to certain non-employee directors in which vesting will occur immediately if the relationship between the Company and the non-employee director ceases for any reason. These non-vested shares were recognized and fully expensed as stock-based compensation in the Condensed Statements of Income at the date of grant or the date of modification.

All restricted stock units from prior to December 31, 2011 were awarded at the par value of $0.001 per share (adjusted to $0.01 per share to reflect the Reverse/Forward Split). As of June 30, 2012, the total unamortized stock-based compensation expense related to non-vested restricted stock that is expected to vest, net of estimated forfeitures, was immaterial.

Stock-Based Compensation

The Company measures and recognizes stock-based compensation expense for all stock-based awards made to its employees, directors and consultants based on estimated fair values using a straight-line amortization method over the respective requisite service period of the awards and adjusted it for estimated forfeitures. In addition, the Company applies the simplified method to establish the beginning balance of the additional paid-in capital pool related to the tax effects of employee stock-based compensation, which is available to absorb tax shortfall.

Stock-based compensation expenses included in the Condensed Statements of Income for the three-month and six-month periods ended June 30, 2012 and July 1, 2011 were as follows:

	Three-month Period Ended:				Six-month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands)				(in thousands)
Stock-based compensation expense by caption:
Selling, marketing and administrative	$	411	$	452	$	436	$	460
Stock-based compensation expense by award type:
Stock options	$	26	$	12	$	42	$	16
Retricted stock		385		440		394		444
Total	$	411	$	452	$	436	$	460

The stock-based compensation expense in the above table does not reflect any significant tax expense, which is consistent with the Company’s treatment of income or loss from its United States operations. For the three-month and six-month periods ended June 30, 2012 and July 1, 2011, there were no income tax benefits realized for the tax deductions from option exercises of the stock-based payment arrangements. In addition, there were no stock-based compensation costs capitalized as part of an asset in the three-month and six-month periods ended June 30, 2012 and July 1, 2011.

Valuation Assumptions

The Company uses the Black-Scholes option pricing model for determining the estimated fair value for all stock-based awards. The fair value .of the stock-based awards granted in the three-month and six-month periods ended June 30, 2012 and July 1, 2011 were estimated using the following weighted average assumptions:

	June 30, 2012			July 1, 2011
Expected life (in years)		1			4
Risk-free interest rates		0.2	%		1.5	%
Expected volatility		58	%		44	%
Dividend yield		-			-
Weighted average fair value of restricted stock	$	27.00		$	11.09

XML

Note 8 - Liabilities (Detail) - Accrued and Other Liabilities (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Tax-related	$ 1,263	$ 56
Accrued compensation and related taxes	5,163	1,593
Deferred revenue	744	278
Professional services	17	485
Accrued workers compensation		1,233
Other	1,572	181
Total	$ 8,759	$ 3,826

XML

Note 15 - Supplemental Disclosures of Cash Flows (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Interest Paid	$ 0.1

XML

Note 5 - Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment [Table Text Block]

	Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Available-for-sale securities:
Short-term deposits	$	44,592		$	-		$	-		$	44,592
Mutual funds		10,000			135			-			10,135
United States government securities		117,794			253			(7	)		118,040
Government agencies		2,501			3			-			2,504
Corporate securities		4,720			43			(208	)		4,555
Commercial paper		35,805			21			-			35,826
Corporate obligations		33,842			9			(12	)		33,839
Total available-for-sale securities		249,254			464			(227	)		249,491
Amounts classified as cash equivalents		(61,284	)		(1	)		1			(61,284	)
Amounts classified as marketable securities	$	187,970		$	463		$	(226	)	$	188,207

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Available-for-sale securities:
Short-term deposits	$	3,029		$	-	$	-		$	3,029
United States government securities		309,189			593		(3	)		309,779
Government agencies		3,505			21		-			3,526
Corporate obligations		1,513			8		-			1,521
Total available-for-sale securities		317,236			622		(3	)		317,855
Amounts classified as cash equivalents		(2,914	)		-		-			(2,914	)
Amounts classified as marketable securities	$	314,322		$	622	$	(3	)	$	314,941

Schedule of Unrealized Loss on Investments [Table Text Block]

	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)
U.S. government securities	$	64,129	$	(7	)	$	-	$	-	$	64,129	$	(7	)
Corporate securities		3,631		(208	)		-		-		3,631		(208	)
Corporate obligations		18,461		(13	)		-		-		18,461		(13	)
Total	$	86,221	$	(228	)	$	-	$	-	$	86,221	$	(228	)

	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)
U.S. government securities	$	15,186	$	(3	)	$	-	$	-	$	15,186	$	(3	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	June 30, 2012				December 31, 2011
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	229,591	$	229,664	$	256,764	$	257,050
Mature after one year through three years		19,645		19,809		60,473		60,805
Total	$	249,236	$	249,473	$	317,237	$	317,855

XML

Note 3 - Acquisitions (Detail) - Purchase Price Allocation (Eagle Well Services, Inc [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Eagle Well Services, Inc [Member]
Property and equipment	$ 23,842
Intangible assets	14,300
Accrued expenses	(137)
Total net identifiable assets	38,005
Goodwill	10,126
Net assets acquired	$ 48,131

XML

Note 14 - Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

14.     Net (Loss) Income Per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share gives effect to all potentially dilutive common shares outstanding during the period, which include certain stock-based awards, calculated using the treasury stock method, and convertible notes that are potentially dilutive at certain earnings levels, and are computed using the if-converted method. As disclosed in Note 1, all share information for the prior year period has been adjusted to reflect the Reverse/Forward Split.

A reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share attributable to Steel Excel computations was as follows:

	Three-Month Period Ended:					Six-Month Period Ended:
	June 30, 2012		July 1, 2011			June 30, 2012			July 1, 2011
	(in thousands), except per share amounts
Numerators (basic and diluted)
Income (loss) from continuing operations, net of taxes	$	2,242	$	(1,550	)	$	(226	)	$	267
Income from discontinued operations, net of taxes	$	-	$	6,830		$	-		$	6,830
Net income attributable to Steel Excel Inc.	$	2,242	$	5,280		$	354		$	7,097
Denominators
Basic weighted-average shares outstanding		11,588		10,881			11,240			10,881
Effect of dilutive securities:
Stock-based awards		17		14			17			10
Diluted weighted-average shares outstanding		11,605		10,895			11,257			10,891
Net (loss) income per share:
Basic
Income (loss) from continuing operations, net of taxes	$	0.19	$	(0.14	)	$	(0.02	)	$	0.02
Income from discontinued operations, net of taxes	$	-	$	0.63		$	-		$	0.63
Net income attributable to Steel Excel Inc.	$	0.19	$	0.49		$	0.03		$	0.65
Diluted
Income (loss) from continuing operations, net of taxes	$	0.19	$	(0.14	)	$	(0.02	)	$	0.02
Income from discontinued operations, net of taxes	$	-	$	0.63		$	-		$	0.63
Net income attributable to Steel Excel Inc.	$	0.19	$	0.48		$	0.03		$	0.65

Certain potential common shares were excluded from the diluted computation for the three-month and six-month periods ended June 30, 2012 and July 1, 2011 because their inclusion would have been anti-dilutive. The potential common shares excluded for the three-month and six-month periods ended June 30, 2012 and July 1, 2011 were as follows:

	Three-Month Period Ended:				Six-Month Period Ended:
	June 30, 2012		July 1, 2011		June 30, 2012		July 1, 2011
	(in thousands), except per share amounts
Outstanding stock options		59		-		59		-
Outstanding restricted stock		3		-		3		-
3/4% Convertible senior subordinated notes		3		3		3		3