$STRL
STERLING INFRASTRUCTURE, INC.

2016 Q3 Form 10-Q Financial Statement

#000117184316012746 Filed on October 31, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $205.6M $176.0M
YoY Change 16.83% -7.01%
Cost Of Revenue $189.0M $161.5M
YoY Change 17.0% -10.71%
Gross Profit $16.62M $14.46M
YoY Change 14.97% 73.03%
Gross Profit Margin 8.08% 8.21%
Selling, General & Admin $9.600M $11.10M
YoY Change -13.51% 19.35%
% of Gross Profit 57.75% 76.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.000M $4.100M
YoY Change -2.44% -10.87%
% of Gross Profit 24.06% 28.36%
Operating Expenses $13.40M $12.10M
YoY Change 10.74% 22.22%
Operating Profit $3.672M $2.381M
YoY Change 54.22% -251.37%
Interest Expense -$500.0K -$1.100M
YoY Change -54.55% 1000.0%
% of Operating Profit -13.62% -46.2%
Other Income/Expense, Net
YoY Change
Pretax Income $3.196M $1.326M
YoY Change 141.03% -179.35%
Income Tax $41.00K -$39.00K
% Of Pretax Income 1.28% -2.94%
Net Earnings $2.415M $256.0K
YoY Change 843.36% -106.51%
Net Earnings / Revenue 1.17% 0.15%
Basic Earnings Per Share $0.10 $0.01
Diluted Earnings Per Share $0.10 $0.01
COMMON SHARES
Basic Shares Outstanding 25.00M shares 19.63M
Diluted Shares Outstanding 25.37M shares 19.63M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $11.50M
YoY Change 273.91% -32.35%
Cash & Equivalents $43.02M $11.49M
Short-Term Investments
Other Short-Term Assets $6.170M $9.044M
YoY Change -31.78% -11.33%
Inventory $4.000M $2.580M
Prepaid Expenses
Receivables $105.4M $99.70M
Other Receivables $9.500M $11.10M
Total Short-Term Assets $200.1M $157.2M
YoY Change 27.3% -13.37%
LONG-TERM ASSETS
Property, Plant & Equipment $70.36M $74.55M
YoY Change -5.62% -17.62%
Goodwill $54.82M $54.82M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.968M $4.150M
YoY Change -28.48% -50.6%
Total Long-Term Assets $128.2M $133.5M
YoY Change -4.02% -13.13%
TOTAL ASSETS
Total Short-Term Assets $200.1M $157.2M
Total Long-Term Assets $128.2M $133.5M
Total Assets $328.2M $290.7M
YoY Change 12.92% -13.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.86M $59.50M
YoY Change 29.17% -26.63%
Accrued Expenses $5.545M $5.222M
YoY Change 6.19% -52.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.653M $5.171M
YoY Change -10.02% 417.1%
Total Short-Term Liabilities $159.4M $115.6M
YoY Change 37.92% -9.48%
LONG-TERM LIABILITIES
Long-Term Debt $6.952M $30.51M
YoY Change -77.21% -17.1%
Other Long-Term Liabilities $47.40M $22.10M
YoY Change 114.48% -6.36%
Total Long-Term Liabilities $54.33M $52.62M
YoY Change 3.26% -12.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.4M $115.6M
Total Long-Term Liabilities $54.33M $52.62M
Total Liabilities $213.8M $168.2M
YoY Change 27.08% -13.43%
SHAREHOLDERS EQUITY
Retained Earnings -$95.39M -$91.38M
YoY Change 4.39%
Common Stock $250.0K $196.0K
YoY Change 27.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.3M $115.5M
YoY Change
Total Liabilities & Shareholders Equity $328.2M $290.7M
YoY Change 12.92% -13.26%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $2.415M $256.0K
YoY Change 843.36% -106.51%
Depreciation, Depletion And Amortization $4.000M $4.100M
YoY Change -2.44% -10.87%
Cash From Operating Activities $9.000M $7.100M
YoY Change 26.76% -180.68%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$3.800M
YoY Change -26.32% -15.56%
Acquisitions
YoY Change
Other Investing Activities $800.0K $600.0K
YoY Change 33.33% 0.0%
Cash From Investing Activities -$2.000M -$3.300M
YoY Change -39.39% -17.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.600M -6.800M
YoY Change -2.94% -143.87%
NET CHANGE
Cash From Operating Activities 9.000M 7.100M
Cash From Investing Activities -2.000M -3.300M
Cash From Financing Activities -6.600M -6.800M
Net Change In Cash 400.0K -3.000M
YoY Change -113.33% -211.11%
FREE CASH FLOW
Cash From Operating Activities $9.000M $7.100M
Capital Expenditures -$2.800M -$3.800M
Free Cash Flow $11.80M $10.90M
YoY Change 8.26% -353.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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strl Netincome Attributable To Noncontrolling Interest Included Inequity
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740000
CY2015Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
1109000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
1252000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
2948000
CY2016Q3 us-gaap Notes Payable
NotesPayable
2943000
CY2015Q4 us-gaap Notes Payable
NotesPayable
3342000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3672000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2381000
us-gaap Operating Income Loss
OperatingIncomeLoss
587000
us-gaap Operating Income Loss
OperatingIncomeLoss
-14459000
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
6170000
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
6013000
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2949000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6000
CY2016Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3785000
CY2015Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-958000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-7143000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1128000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8852000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7086000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
3402000
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Reclassification</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.05in 0pt 0">Reclassifications have been made to historical financial data on our condensed consolidated financial statements to conform to our current year presentation.</div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19142000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
18980000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
112848000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2187000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5859000
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
19000000
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
13100000
us-gaap Share Based Compensation
ShareBasedCompensation
1211000
us-gaap Share Based Compensation
ShareBasedCompensation
1319000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
800000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
19142000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1211000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
113295000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
3155000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
1365000
us-gaap Profit Loss
ProfitLoss
-1638000
us-gaap Profit Loss
ProfitLoss
-16330000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
160827000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153787000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
70363000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73475000
CY2016Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
105415000
CY2015Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
82112000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
147450000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9546000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-95390000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-92500000
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">The Company is a general contractor which engages in various types of heavy civil construction projects principally for public (government) owners. Credit risk is minimal with public owners since the Company ascertains that funds have been appropriated by the governmental project owner prior to commencing work on such projects. While most public contracts are subject to termination at the election of the government entity, in the event of termination the Company is entitled to receive the contract price for completed work and reimbursement of termination-related costs. Credit risk with private owners is minimized because of statutory mechanics liens, which give the Company high priority in the event of lien foreclosures following financial difficulties of private owners.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Our contracts generally take 12 to 36 months to complete. The Company generally provides a one to two-year warranty for workmanship under its contracts when completed. Warranty claims historically have been insignificant.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Revenues are recognized on the percentage-of-completion method, measured by the ratio of costs incurred up to a given date to estimated total costs for each contract. This cost to cost measure is used because management considers it to be the best available measure of progress on these contracts. Contract costs include all direct material, labor, subcontract and other costs and those indirect costs related to contract performance, such as indirect salaries and wages, equipment repairs and depreciation, insurance and payroll taxes. Administrative and general expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Changes in estimated revenues and gross margin resulted in a net charge of $0.6 million and a net charge of $1.1 million during the three months and nine months ended September 30, 2016, respectively, included in &#x201c;operating income (loss)&#x201d; on the condensed consolidated statements of operations<div style="display: inline; color: red">. </div>Changes in estimated revenues and gross margin resulted in a net charge of $1.1 million and $12.3 million during the three months and nine months ended September 30, 2015, respectively, included in &#x201c;operating income (loss)&#x201d; on the condensed consolidated statements of operations<div style="display: inline; color: red">.</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Change orders are modifications of an original contract that effectively change the existing provisions of the contract without adding new provisions or terms. Change orders may include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Either we or our customers may initiate change orders.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company considers unapproved change orders to be contract variations for which we have customer approval for a change of scope but a price change associated with the scope change has not yet been agreed upon. Costs associated with unapproved change orders are included in the estimated costs to complete the contracts and are treated as project costs as incurred. The Company recognizes revenue equal to costs incurred on unapproved change orders when realization of price approval is probable. Unapproved change orders involve the use of estimates, and it is reasonably possible that revisions to the estimated costs and recoverable amounts may be required in future reporting periods to reflect changes in estimates or final agreements with customers. Change orders that are unapproved as to both price and scope are evaluated as claims.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">The Company considers claims to be amounts in excess of agreed contract prices that we seek to collect from our customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs. Claims are included in the calculation of revenue when realization is probable and amounts can be reliably determined to the extent costs are incurred. To support these requirements, the existence of the following items must be satisfied: 1. The contract or other evidence provides a legal basis for the claim; or a legal opinion has been obtained, stating that under the circumstances there is a reasonable basis to support the claim; 2. Additional costs are caused by circumstances that were unforeseen at the contract date and are not the result of deficiencies in the contractor&#x2019;s performance; 3. Costs associated with the claim are identifiable or otherwise determinable and are reasonable in view of the work performed; and 4. The evidence supporting the claim is objective and verifiable, not based on management&#x2019;s feel for the situation or on unsupported representations. Revenues in excess of contract costs incurred on claims is recognized when an agreement is reached with customers as to the value of the claims, which in some instances may not occur until after completion of work under the contract. Costs associated with claims are included in the estimated costs to complete the contracts and are treated as project costs when incurred.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has projects where we are in the process of negotiating, or awaiting final approval of, unapproved change orders and claims with our customers. The Company is proceeding with its contractual rights to recoup additional costs incurred from its customers based on completing work associated with change orders with pending change order pricing or claims related to significant changes in scope which resulted in substantial delays and additional costs in completing the work. Unapproved change order and claim information has been provided to our customers and negotiations with the customers are ongoing. If additional progress with an acceptable resolution is not reached, legal action will be taken.</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based upon our review of the provisions of our contracts, specific costs incurred and other related evidence supporting the unapproved change orders, claims and our entitled unpaid project price, together with the views of the Company&#x2019;s outside claim consultants, we concluded that including the unapproved change order, claim and entitled unpaid project price amounts of $2.4 million, $9.1 million and $3.9 million, respectively, at September 30, 2016, and $1.6 million, $5.2 million and $3.9 million, respectively, at December 31, 2015, in &#x201c;Costs and estimated earnings in excess of billings on uncompleted contracts&#x201d; on our condensed consolidated balance sheets was in accordance with GAAP. We expect these matters will be resolved without a material adverse effect on our financial statements. However, unapproved change order and claim amounts are subject to negotiations which may cause actual results to differ materially from estimated and recorded amounts.</div></div></div>
CY2016Q3 us-gaap Revenues
Revenues
205629000
CY2015Q3 us-gaap Revenues
Revenues
176000000
us-gaap Revenues
Revenues
521778000
us-gaap Revenues
Revenues
471107000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
95845000
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
114456000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
95754000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Use of Estimates</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Certain of the Company&#x2019;s accounting policies require higher degrees of judgment than others in their application. These include the recognition of revenue and earnings from construction contracts under the percentage-of-completion method, the valuation of long-term assets (including goodwill) and income taxes. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual results could differ from these estimates.</div></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25364881
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19627674
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23914688
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19269123
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25002964
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19627674
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23914688
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19269123

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