View Filing Data

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash	$ 2,912	$ 24,215
Receivables, net of allowance for doubtful accounts of $5,141 and $5,581, respectively	98,345	105,339
Inventories, net of reserves for obsolescence of $887 and $861, respectively	111,122	65,151
Prepaid expenses and other assets	5,960	5,223
Rental equipment, net of accumulated depreciation of $283,357 and $281,493, respectively	459,761	450,877
Property and equipment, net of accumulated depreciation and amortization of $64,312 and $62,050, respectively	68,786	62,775
Deferred financing costs, net of accumulated amortization of $12,184 and $11,844, respectively	6,091	5,640
Intangible assets, net of accumulated amortization of $747 and $722, respectively	41	66
Goodwill	33,533	34,019
Total assets	786,551	753,305
Liabilities:
Amounts due on senior secured credit facility	22,443	16,055
Accounts payable	89,304	63,006
Manufacturer flooring plans payable	59,918	58,318
Accrued expenses payable and other liabilities	32,069	38,490
Senior unsecured notes	250,000	250,000
Capital leases payable	2,567	2,605
Deferred income taxes	59,827	58,616
Deferred compensation payable	1,929	2,008
Total liabilities	518,057	489,098
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 175,000,000 shares authorized; 38,808,941 shares issued at March 31, 2012 and December 31, 2011 and 35,083,420 and 35,084,737 shares outstanding at March 31, 2012 and December 31, 2011, respectively	387	387
Additional paid-in capital	211,027	210,695
Treasury stock at cost, 3,725,521 and 3,724,204 shares of common stock held at March 31, 2012 and December 31, 2011, respectively	(56,884)	(56,884)
Retained earnings	113,964	110,009
Total stockholders' equity	268,494	264,207
Total liabilities and stockholders' equity	$ 786,551	$ 753,305

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ 3,955	$ (6,473)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization on property and equipment	3,221	3,132
Depreciation on rental equipment	22,814	20,563
Amortization of loan discounts and deferred financing costs	341	347
Amortization of intangible assets	25	124
Provision for losses on accounts receivable	885	846
Provision for inventory obsolescence	31	89
(Increase) decrease in deferred income taxes	1,211	(3,338)
Stock-based compensation expense	332	298
Gain on sales of property and equipment, net	(323)	(97)
Gain on sales of rental equipment, net	(7,494)	(3,523)
Writedown of goodwill for tax-deductible goodwill in excess of book goodwill	486
Changes in operating assets and liabilities:
Receivables, net	6,109	14,587
Inventories, net	(63,928)	(32,838)
Prepaid expenses and other assets	(736)	(3,431)
Accounts payable	26,298	1,531
Manufacturer flooring plans payable	1,600	(1,316)
Accrued expenses payable and other liabilities	(6,422)	(5,543)
Deferred compensation payable	(79)	(44)
Net cash used in operating activities	(11,674)	(15,086)
Cash flows from investing activities:
Purchases of property and equipment	(9,369)	(3,434)
Purchases of rental equipment	(29,946)	(13,401)
Proceeds from sales of property and equipment	460	127
Proceeds from sales of rental equipment	23,668	11,829
Net cash used in investing activities	(15,187)	(4,879)
Cash flows from financing activities:
Borrowings on senior secured credit facility	208,750	16,923
Payments on senior secured credit facility	(202,362)	(16,923)
Payments of deferred financing costs	(792)
Payments of capital lease obligations	(38)	(36)
Net cash provided by (used in) financing activities	5,558	(36)
Net decrease in cash	(21,303)	(20,001)
Cash, beginning of period	24,215	29,149
Cash, end of period	2,912	9,148
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet	17,926	15,355
Cash paid during the period for:
Interest	11,798	12,109
Income taxes paid, net of refunds received	$ 88	$ (2,021)

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

(3) Fair Value of Financial Instruments

The carrying value of financial instruments reported in our accompanying condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature or maturity of these financial instruments. The carrying amount for our senior secured credit facility approximates fair value because the underlying instrument includes provisions that adjust our interest rates based on current market rates. The determination of the fair value of our letters of credit is based on fees currently charged for similar agreements. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures have been calculated based upon market quotes and present value calculations based on our current estimated incremental borrowing rates for similar types of borrowing arrangements, which are presented in the table below (amounts in thousands):


	March 31, 2012
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 5.38%	$	59,918	$	52,885
Senior unsecured notes with interest compounded at 8.375%		250,000		255,000
Capital lease payable with interest computed at 5.929% to 9.55%		2,567		2,009
Letters of credit		—		192


	December 31, 2011
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 5.38%	$	58,318	$	52,069
Senior unsecured notes with interest compounded at 8.375%		250,000		252,500
Capital lease payable with interest computed at 5.929% to 9.55%		2,605		1,839
Letters of credit		—		192

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Condensed Consolidating Financial Information of Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Information of Guarantor Subsidiaries [Abstract]

Condensed Consolidating Financial Information of Guarantor Subsidiaries

(8) Condensed Consolidating Financial Information of Guarantor Subsidiaries

All of the indebtedness of H&E Equipment Services, Inc. is guaranteed by GNE Investments, Inc. and its wholly-owned subsidiary Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E California Holdings, Inc. and H&E Equipment Services (Mid-Atlantic), Inc. The guarantor subsidiaries are all wholly-owned and the guarantees, made on a joint and several basis, are full and unconditional (subject to subordination provisions and subject to a standard limitation which provides that the maximum amount guaranteed by each guarantor will not exceed the maximum amount that can be guaranteed without making the guarantee void under fraudulent conveyance laws). There are no restrictions on H&E Equipment Services, Inc.’s ability to obtain funds from the guarantor subsidiaries by dividend or loan.

The condensed consolidating financial statements of H&E Equipment Services, Inc. and its subsidiaries are included below. The financial statements for H&E Finance Corp., the subsidiary co-issuer, are not included within the condensed consolidating financial statements because H&E Finance Corp. has no assets or operations. The condensed consolidating balance sheet amounts as of December 31, 2011 included herein were derived from our annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2011.

CONDENSED CONSOLIDATING BALANCE SHEET


	As of March 31, 2012
	H&E Equipment Services			Guarantor Subsidiaries			Elimination		Consolidated
	(Amounts in thousands)
Assets:
Cash	$	2,912		$	—		$	—	$	2,912
Receivables, net		86,886			11,459			—		98,345
Inventories, net		95,310			15,812			—		111,122
Prepaid expenses and other assets		5,802			158			—		5,960
Rental equipment, net		377,790			81,971			—		459,761
Property and equipment, net		58,032			10,754			—		68,786
Deferred financing costs, net		6,091			—			—		6,091
Intangible assets, net		—			41			—		41
Investment in guarantor subsidiaries		(26,827	)		—			26,827		—
Goodwill		4,007			29,526			—		33,533

Total assets	$	610,003		$	149,721		$	26,827	$	786,551

Liabilities and Stockholders’ Equity:
Amounts due on senior secured credit facility	$	22,443		$	—		$	—	$	22,443
Accounts payable		82,248			7,056			—		89,304
Manufacturer flooring plans payable		59,911			7			—		59,918
Accrued expenses payable and other liabilities		31,092			977			—		32,069
Intercompany balances		(165,941	)		165,941			—		—
Senior unsecured notes		250,000			—			—		250,000
Capital lease payable		—			2,567			—		2,567
Deferred income taxes		59,827			—			—		59,827
Deferred compensation payable		1,929			—			—		1,929

Total liabilities		341,509			176,548			—		518,057
Stockholders’ equity (deficit)		268,494			(26,827	)		26,827		268,494

Total liabilities and stockholders’ equity	$	610,003		$	149,721		$	26,827	$	786,551

CONDENSED CONSOLIDATING BALANCE SHEET


	As of December 31, 2011
	H&E Equipment Services			Guarantor Subsidiaries			Elimination		Consolidated
	(Amounts in thousands)
Assets:
Cash	$	24,215		$	—		$	—	$	24,215
Receivables, net		93,840			11,499			—		105,339
Inventories, net		55,052			10,099			—		65,151
Prepaid expenses and other assets		5,098			125			—		5,223
Rental equipment, net		366,568			84,309			—		450,877
Property and equipment, net		52,021			10,754			—		62,775
Deferred financing costs, net		5,640			—			—		5,640
Intangible assets, net		—			66			—		66
Investment in guarantor subsidiaries		(25,142	)		—			25,142		—
Goodwill		4,493			29,526			—		34,019

Total assets	$	581,785		$	146,378		$	25,142	$	753,305

Liabilities and Stockholders’ Equity:
Amounts due on senior secured credit facility	$	16,055		$	—		$	—	$	16,055
Accounts payable		59,095			3,911			—		63,006
Manufacturer flooring plans payable		58,249			69			—		58,318
Accrued expenses payable and other liabilities		37,786			704			—		38,490
Intercompany balances		(164,231	)		164,231			—		—
Senior unsecured notes		250,000			—			—		250,000
Capital lease payable		—			2,605			—		2,605
Deferred income taxes		58,616			—			—		58,616
Deferred compensation payable		2,008			—			—		2,008

Total liabilities		317,578			171,520			—		489,098
Stockholders’ equity (deficit)		264,207			(25,142	)		25,142		264,207

Total liabilities and stockholders’ equity	$	581,785		$	146,378		$	25,142	$	753,305

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS


	Three Months Ended March 31, 2012
	H&E Equipment Services			Guarantor Subsidiaries			Elimination		Consolidated
	(Amounts in thousands)
Revenues:
Equipment rentals	$	49,286		$	10,343		$	—	$	59,629
New equipment sales		37,310			3,687			—		40,997
Used equipment sales		21,016			5,506			—		26,522
Parts sales		19,795			3,583			—		23,378
Services revenues		11,498			1,802			—		13,300
Other		8,125			1,714			—		9,839

Total revenues		147,030			26,635			—		173,665

Cost of revenues:
Rental depreciation		18,399			4,415			—		22,814
Rental expense		9,322			2,221			—		11,543
New equipment sales		32,676			3,269			—		35,945
Used equipment sales		14,267			4,355			—		18,622
Parts sales		14,383			2,546			—		16,929
Services revenues		4,499			625			—		5,124
Other		8,039			1,998			—		10,037

Total cost of revenues		101,585			19,429			—		121,014

Gross profit (loss):
Equipment rentals		21,565			3,707			—		25,272
New equipment sales		4,634			418			—		5,052
Used equipment sales		6,749			1,151			—		7,900
Parts sales		5,412			1,037			—		6,449
Services revenues		6,999			1,177			—		8,176
Other		86			(284	)		—		(198	)

Gross profit		45,445			7,206			—		52,651
Selling, general and administrative expenses		33,819			6,884			—		40,703
Equity in loss of guarantor subsidiaries		(1,685	)		—			1,685		—
Gain on sales of property and equipment, net		161			162			—		323

Income from operations		10,102			484			1,685		12,271

Other income (expense):
Interest expense		(4,689	)		(2,181	)		—		(6,870	)
Other, net		345			12			—		357

Total other expense, net		(4,344	)		(2,169	)		—		(6,513	)

Income (loss) before income taxes		5,758			(1,685	)		1,685		5,758
Income tax expense		1,803			—			—		1,803

Net income (loss)	$	3,955		$	(1,685	)	$	1,685	$	3,955

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS


	Three Months Ended March 31, 2011
	H&E Equipment Services			Guarantor Subsidiaries			Elimination		Consolidated
	(Amounts in thousands)
Revenues:
Equipment rentals	$	39,073		$	9,405		$	—	$	48,478
New equipment sales		24,654			4,519			—		29,173
Used equipment sales		12,320			3,097			—		15,417
Parts sales		18,309			3,268			—		21,577
Services revenues		11,145			1,492			—		12,637
Other		6,218			1,408			—		7,626

Total revenues		111,719			23,189			—		134,908

Cost of revenues:
Rental depreciation		16,108			4,455			—		20,563
Rental expense		8,733			2,006			—		10,739
New equipment sales		22,020			4,010			—		26,030
Used equipment sales		9,116			2,446			—		11,562
Parts sales		13,463			2,377			—		15,840
Services revenues		4,406			505			—		4,911
Other		7,974			2,173			—		10,147

Total cost of revenues		81,820			17,972			—		99,792

Gross profit (loss):
Equipment rentals		14,232			2,944			—		17,176
New equipment sales		2,634			509			—		3,143
Used equipment sales		3,204			651			—		3,855
Parts sales		4,846			891			—		5,737
Services revenues		6,739			987			—		7,726
Other		(1,756	)		(765	)		—		(2,521	)

Gross profit		29,899			5,217			—		35,116
Selling, general and administrative expenses		31,438			6,655			—		38,093
Equity in loss of guarantor subsidiaries		(3,714	)		—			3,714		—
Gain on sales of property and equipment, net		93			4			—		97

Loss from operations		(5,160	)		(1,434	)		3,714		(2,880	)

Other income (expense):
Interest expense		(4,921	)		(2,286	)		—		(7,207	)
Other, net		317			6			—		323

Total other expense, net		(4,604	)		(2,280	)		—		(6,884	)

Loss before income taxes		(9,764	)		(3,714	)		3,714		(9,764	)
Income tax benefit		(3,291	)		—			—		(3,291	)

Net loss	$	(6,473	)	$	(3,714	)	$	3,714	$	(6,473	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


	Three Months Ended March 31, 2012
	H&E Equipment Services			Guarantor Subsidiaries			Elimination			Consolidated
	(Amounts in thousands)
Cash flows from operating activities:
Net income (loss)	$	3,955		$	(1,685	)	$	1,685		$	3,955
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization on property and equipment		2,790			431			—			3,221
Depreciation on rental equipment		18,399			4,415			—			22,814
Amortization of loan discounts and deferred financing costs		341			—			—			341
Amortization of intangible assets		—			25			—			25
Provision for losses on accounts receivable		583			302			—			885
Provision for inventory obsolescence		31			—			—			31
Provision for deferred income taxes		1,211			—			—			1,211
Stock-based compensation expense		332			—			—			332
Gain on sales of property and equipment, net		(161	)		(162	)		—			(323	)
Gain on sales of rental equipment, net		(6,353	)		(1,141	)		—			(7,494	)
Writedown of goodwill for tax-deductible goodwill in excess of book goodwill		486			—			—			486
Equity in loss of guarantor subsidiaries		1,685			—			(1,685	)		—
Changes in operating assets and liabilities:
Receivables, net		6,371			(262	)		—			6,109
Inventories, net		(55,447	)		(8,481	)		—			(63,928	)
Prepaid expenses and other assets		(703	)		(33	)		—			(736	)
Accounts payable		23,153			3,145			—			26,298
Manufacturer flooring plans payable		1,662			(62	)		—			1,600
Accrued expenses payable and other liabilities		(6,695	)		273			—			(6,422	)
Intercompany balances		(1,710	)		1,710			—			—
Deferred compensation payable		(79	)		—			—			(79	)

Net cash used in operating activities		(10,149	)		(1,525	)		—			(11,674	)

Cash flows from investing activities:
Purchases of property and equipment		(8,949	)		(420	)		—			(9,369	)
Purchases of rental equipment		(26,369	)		(3,577	)		—			(29,946	)
Proceeds from sales of property and equipment		309			151			—			460
Proceeds from sales of rental equipment		18,259			5,409			—			23,668

Net cash provided by (used in) investing activities		(16,750	)		1,563			—			(15,187	)

Cash flows from financing activities:
Borrowings on senior secured credit facility		208,750			—			—			208,750
Payments on senior secured credit facility		(202,362	)		—			—			(202,362	)
Payments of deferred financing costs		(792	)		—			—			(792	)
Payments on capital lease obligations		—			(38	)		—			(38	)

Net cash provided by (used in) financing activities		5,596			(38	)		—			5,558

Net decrease in cash		(21,303	)		—			—			(21,303	)
Cash, beginning of period		24,215			—			—			24,215

Cash, end of period	$	2,912		$	—		$	—		$	2,912

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


	Three Months Ended March 31, 2011
	H&E Equipment Services			Guarantor Subsidiaries			Elimination			Consolidated
	(Amounts in thousands)
Cash flows from operating activities:
Net loss	$	(6,473	)	$	(3,714	)	$	3,714		$	(6,473	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization on property and equipment		2,577			555			—			3,132
Depreciation on rental equipment		16,108			4,455			—			20,563
Amortization of loan discounts and deferred financing costs		347			—			—			347
Amortization of intangible assets		—			124			—			124
Provision for losses on accounts receivable		901			(55	)		—			846
Provision for inventory obsolescence		89			—			—			89
Decrease in deferred income taxes		(3,338	)		—			—			(3,338	)
Stock-based compensation expense		298			—			—			298
Gain on sales of property and equipment, net		(93	)		(4	)		—			(97	)
Gain on sales of rental equipment, net		(2,867	)		(656	)		—			(3,523	)
Equity in loss of guarantor subsidiaries		3,714			—			(3,714	)		—
Changes in operating assets and liabilities:
Receivables, net		14,791			(204	)		—			14,587
Inventories, net		(28,137	)		(4,701	)		—			(32,838	)
Prepaid expenses and other assets		(3,464	)		33			—			(3,431	)
Accounts payable		1,219			312			—			1,531
Manufacturer flooring plans payable		(1,263	)		(53	)		—			(1,316	)
Accrued expenses payable and other liabilities		(5,459	)		(84	)		—			(5,543	)
Intercompany balances		(3,084	)		3,084			—			—
Deferred compensation payable		(44	)		—			—			(44	)

Net cash used in operating activities		(14,178	)		(908	)		—			(15,086	)

Cash flows from investing activities:
Purchases of property and equipment		(3,035	)		(399	)		—			(3,434	)
Purchases of rental equipment		(12,447	)		(954	)		—			(13,401	)
Proceeds from sales of property and equipment		123			4			—			127
Proceeds from sales of rental equipment		9,536			2,293			—			11,829

Net cash provided by (used in) investing activities		(5,823	)		944			—			(4,879	)

Cash flows from financing activities:
Borrowings on senior secured credit facility		16,923			—			—			16,923
Payments on senior secured credit facility		(16,923	)		—			—			(16,923	)
Payments on capital lease obligations		—			(36	)		—			(36	)

Net cash used in financing activities		—			(36	)		—			(36	)

Net decrease in cash		(20,001	)		—			—			(20,001	)
Cash, beginning of period		29,149			—			—			29,149

Cash, end of period	$	9,148		$	—		$	—		$	9,148

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	Apr. 27, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	H&E Equipment Services, Inc.
Entity Central Index Key	0001339605
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		35,083,420

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts receivables	$ 5,141	$ 5,581
Reserves for obsolescence inventories	887	861
Accumulated depreciation, rental equipment	283,357	281,493
Accumulated depreciation and amortization, property and equipment	64,312	62,050
Accumulated amortization, deferred financing costs	12,184	11,844
Accumulated amortization, intangible assets	$ 747	$ 722
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	38,808,941	38,808,941
Common stock, shares outstanding	35,083,420	35,084,737
Treasury stock, shares	3,725,521	3,724,204

Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies [Abstract]

Significant Accounting Policies

(2) Significant Accounting Policies

We describe our significant accounting policies in note 2 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2011. During the three month period ended March 31, 2012, there were no significant changes to those accounting policies.

Use of Estimates

We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates.

Recent Accounting Pronouncements

There are no recent accounting pronouncements that are expected to affect the Company’s financial reporting.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues:
Equipment rentals	$ 59,629	$ 48,478
New equipment sales	40,997	29,173
Used equipment sales	26,522	15,417
Parts sales	23,378	21,577
Services revenues	13,300	12,637
Other	9,839	7,626
Total revenues	173,665	134,908
Cost of revenues:
Rental depreciation	22,814	20,563
Rental expense	11,543	10,739
New equipment sales	35,945	26,030
Used equipment sales	18,622	11,562
Parts sales	16,929	15,840
Services revenues	5,124	4,911
Other	10,037	10,147
Total cost of revenues	121,014	99,792
Gross profit	52,651	35,116
Selling, general and administrative expenses	40,703	38,093
Gain on sales of property and equipment, net	323	97
Income (loss) from operations	12,271	(2,880)
Other income (expense):
Interest expense	(6,870)	(7,207)
Other, net	357	323
Total other expense, net	(6,513)	(6,884)
Income (loss) before income taxes	5,758	(9,764)
Provision (benefit) for income taxes	1,803	(3,291)
Net income (loss)	$ 3,955	$ (6,473)
Net income (loss) per common share:
Basic	$ 0.11	$ (0.19)
Diluted	$ 0.11	$ (0.19)
Weighted average common shares outstanding:
Basic	34,806	34,700
Diluted	34,949	34,700

Stockholders' Equity

3 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

(4) Stockholders’ Equity

The following table summarizes the activity in Stockholders’ Equity for the three month period ended March 31, 2012 (amounts in thousands, except share data):


	Common Stock				Additional Paid-in Capital		Treasury Stock			Retained Earnings		Total Stockholders’ Equity
	Shares Issued		Amount		Additional Paid-in Capital		Treasury Stock			Retained Earnings		Total Stockholders’ Equity
Balances at December 31, 2011		38,808,941	$	387	$	210,695	$	(56,884	)	$	110,009	$	264,207
Stock-based compensation		—		—		332		—			—		332
Net income		—		—		—		—			3,955		3,955

Balances at March 31, 2012		38,808,941	$	387	$	211,027	$	(56,884	)	$	113,964	$	268,494

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Income (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Income (Loss) Per Share [Abstract]

Income (Loss) per Share

(6) Income (Loss) per Share

Income (loss) per common share for the three months ended March 31, 2012 and 2011 are based on the weighted average number of common shares outstanding during the period. The effects of potentially dilutive securities that are anti-dilutive are not included in the computation of dilutive income (loss) per share. The following table sets forth the computation of basic and diluted net income (loss) per common share for the three month periods ended March 31, 2012 and 2011 (amounts in thousands, except per share amounts):


	Three Months Ended March 31,
	2012		2011
Basic net income (loss) per share:
Net income (loss)	$	3,955	$	(6,473	)
Weighted average number of common shares outstanding		34,806		34,700
Net income (loss) per common share – basic	$	0.11	$	(0.19	)
Diluted net income (loss) per share:
Net income (loss)	$	3,955	$	(6,473	)
Weighted average number of common shares outstanding		34,806		34,700
Effect of dilutive securities:
Effect of dilutive stock options		—		—
Effect of dilutive non-vested stock		143		—

Weighted average number of common shares outstanding – diluted		34,949		34,700
Net income (loss) per common share – diluted	$	0.11	$	(0.19	)
Common shares excluded from the denominator as anti-dilutive:
Stock options		51		51
Non-vested restricted stock		—		328

Organization and Nature of Operations

3 Months Ended

Mar. 31, 2012

Organization and Nature of Operations [Abstract]

Organization and Nature of Operations

(1) Organization and Nature of Operations

Basis of Presentation

Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holdings, Inc., H&E Equipment Services (California), LLC and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we” or “us” or “our” or the “Company.”

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2011, from which the balance sheet amounts as of December 31, 2011 were derived.

All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. Business combinations accounted for as purchases are included in the condensed consolidated financial statements from their respective dates of acquisition.

The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.

Nature of Operations

As one of the largest integrated equipment services companies in the United States focused on heavy construction and industrial equipment, we rent, sell and provide parts and service support for four core categories of specialized equipment: (1) hi-lift or aerial work platform equipment; (2) cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing equipment sales, rental, on-site parts, and repair and maintenance functions under one roof, we are a one-stop provider for our customers’ varied equipment needs. This full-service approach provides us with multiple points of customer contact, enables us to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among our new and used equipment sales, rental, parts sales and service operations.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

(5) Stock-Based Compensation

We account for our stock-based compensation plan using the fair value recognition provisions of ASC 718, Stock Compensation (“ASC 718”). Under the provisions of ASC 718, stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). Shares available for future stock-based payment awards under our 2006 Stock-Based Incentive Compensation Plan were 3,829,079 shares as of March 31, 2012.

Non-vested Stock

The following table summarizes our non-vested stock activity for the three months ended March 31, 2012:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at December 31, 2011		278,634		$	10.77
Granted		—			—
Vested		—			—
Forfeited		(1,317	)	$	12.28

Non-vested stock at March 31, 2012		277,317		$	10.76

As of March 31, 2012, we had unrecognized compensation expense of approximately $1.7 million related to non-vested stock that we expect to be recognized over a weighted-average period of 1.8 years. The following table summarizes compensation expense related to non-vested stock, which is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2012 and 2011 (amounts in thousands):


	For the Three Months Ended March 31,
	2012		2011
Compensation expense	$	332	$	298

Stock Options

At March 31, 2012, there is no unrecognized compensation expense as all stock option awards have fully vested. The following table represents stock option activity for the three months ended March 31, 2012:


	Number of Shares		Weighted Average Exercise Price		Weighted Average Contractual Life In Years
Outstanding options at December 31, 2011		51,000	$	24.80
Granted		—		—
Exercised		—		—
Canceled, forfeited or expired		—		—

Outstanding options at March 31, 2012		51,000	$	24.80		4.3

Options exercisable at March 31, 2012		51,000	$	24.80		4.3

The closing price of our common stock on March 31, 2012 was $18.92. All options outstanding at March 31, 2012 have grant date fair values which exceed the March 31, 2012 closing stock price.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

(7) Segment Information

We have identified five reportable segments: equipment rentals, new equipment sales, used equipment sales, parts sales and service revenues. These segments are based upon how management of the Company allocates resources and assesses performance. Non-segmented revenues and non-segmented costs relate to equipment support activities including transportation, hauling, parts freight and damage-waiver charges and are not allocated to the other reportable segments. There were no sales between segments for any of the periods presented. Selling, general and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to reportable segments.

We do not compile discrete financial information by segments other than the information presented below. The following table presents information about our reportable segments (amounts in thousands):


	Three Months Ended March 31,
	2012			2011
Revenues:
Equipment rentals	$	59,629		$	48,478
New equipment sales		40,997			29,173
Used equipment sales		26,522			15,417
Parts sales		23,378			21,577
Services revenues		13,300			12,637

Total segmented revenues		163,826			127,282
Non-segmented revenues		9,839			7,626

Total revenues	$	173,665		$	134,908

Gross Profit (Loss):
Equipment rentals	$	25,272		$	17,176
New equipment sales		5,052			3,143
Used equipment sales		7,900			3,855
Parts sales		6,449			5,737
Services revenues		8,176			7,726

Total segmented gross profit		52,849			37,637
Non-segmented gross profit (loss)		(198	)		(2,521	)

Total gross profit	$	52,651		$	35,116


	Balances at
	March 31, 2012		December 31, 2011
Segment identified assets:
Equipment sales	$	96,685	$	52,572
Equipment rentals		459,761		450,877
Parts and services		14,437		12,579

Total segment identified assets		570,883		516,028
Non-segment identified assets		215,668		237,277

Total assets	$	786,551	$	753,305

The Company operates primarily in the United States and our sales to international customers for the three month periods ended March 31, 2012 and 2011 were approximately 1.7% and 1.9% of total revenues, respectively. No one customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details