$STRL
STERLING INFRASTRUCTURE, INC.

2017 Q2 Form 10-Q Financial Statement

#000117184317004586 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $246.4M $189.6M
YoY Change 29.98% 6.85%
Cost Of Revenue $221.2M $174.0M
YoY Change 27.1% 3.4%
Gross Profit $25.21M $15.54M
YoY Change 62.16% 70.6%
Gross Profit Margin 10.23% 8.2%
Selling, General & Admin $12.80M $8.700M
YoY Change 47.13% -9.38%
% of Gross Profit 50.78% 55.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $3.900M
YoY Change 10.26% -4.88%
% of Gross Profit 17.06% 25.09%
Operating Expenses $16.80M $12.20M
YoY Change 37.7% 31.18%
Operating Profit $8.356M $3.381M
YoY Change 147.15% -2187.04%
Interest Expense -$2.900M -$800.0K
YoY Change 262.5% 33.33%
% of Operating Profit -34.71% -23.66%
Other Income/Expense, Net
YoY Change
Pretax Income $4.661M $2.570M
YoY Change 81.36% -365.77%
Income Tax $98.00K $27.00K
% Of Pretax Income 2.1% 1.05%
Net Earnings $4.563M $2.023M
YoY Change 125.56% -179.58%
Net Earnings / Revenue 1.85% 1.07%
Basic Earnings Per Share $0.14 $0.09
Diluted Earnings Per Share $0.13 $0.09
COMMON SHARES
Basic Shares Outstanding 26.98M shares 22.76M
Diluted Shares Outstanding 27.34M shares 22.96M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.10M $42.60M
YoY Change 41.08% 197.9%
Cash & Equivalents $60.06M $42.64M
Short-Term Investments
Other Short-Term Assets $11.21M $5.428M
YoY Change 106.45% -4.77%
Inventory $3.521M $3.725M
Prepaid Expenses
Receivables $137.9M $106.6M
Other Receivables $7.500M $7.400M
Total Short-Term Assets $260.7M $201.1M
YoY Change 29.64% 23.63%
LONG-TERM ASSETS
Property, Plant & Equipment $61.28M $72.04M
YoY Change -14.94% -10.85%
Goodwill $90.97M $54.82M
YoY Change 65.94%
Intangibles $39.49M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.968M $2.968M
YoY Change 0.0% -67.02%
Total Long-Term Assets $194.7M $129.8M
YoY Change 49.98% -10.22%
TOTAL ASSETS
Total Short-Term Assets $260.7M $201.1M
Total Long-Term Assets $194.7M $129.8M
Total Assets $455.5M $331.0M
YoY Change 37.61% 7.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.47M $79.85M
YoY Change 12.04% 5.35%
Accrued Expenses $7.699M $4.869M
YoY Change 58.12% -52.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.039M $4.854M
YoY Change -78.59% -2.92%
Total Short-Term Liabilities $187.3M $157.4M
YoY Change 19.03% 19.67%
LONG-TERM LIABILITIES
Long-Term Debt $88.13M $13.04M
YoY Change 575.6% -60.83%
Other Long-Term Liabilities $46.80M $49.60M
YoY Change -5.65% 135.07%
Total Long-Term Liabilities $134.9M $62.69M
YoY Change 115.25% 15.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.3M $157.4M
Total Long-Term Liabilities $134.9M $62.69M
Total Liabilities $322.3M $220.1M
YoY Change 46.44% 14.14%
SHAREHOLDERS EQUITY
Retained Earnings -$100.3M -$97.81M
YoY Change 2.58%
Common Stock $270.0K $250.0K
YoY Change 8.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.3M $110.5M
YoY Change
Total Liabilities & Shareholders Equity $455.5M $331.0M
YoY Change 37.61% 7.7%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $4.563M $2.023M
YoY Change 125.56% -179.58%
Depreciation, Depletion And Amortization $4.300M $3.900M
YoY Change 10.26% -4.88%
Cash From Operating Activities -$9.200M $25.90M
YoY Change -135.52% -3800.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$3.300M
YoY Change 24.24% 57.14%
Acquisitions
YoY Change
Other Investing Activities -$53.70M $700.0K
YoY Change -7771.43% -126.92%
Cash From Investing Activities -$57.80M -$2.600M
YoY Change 2123.08% -43.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 89.90M 4.400M
YoY Change 1943.18% 76.0%
NET CHANGE
Cash From Operating Activities -9.200M 25.90M
Cash From Investing Activities -57.80M -2.600M
Cash From Financing Activities 89.90M 4.400M
Net Change In Cash 22.90M 27.70M
YoY Change -17.33% -1089.29%
FREE CASH FLOW
Cash From Operating Activities -$9.200M $25.90M
Capital Expenditures -$4.100M -$3.300M
Free Cash Flow -$5.100M $29.20M
YoY Change -117.47% 1985.71%

Facts In Submission

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CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8356000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3381000
us-gaap Operating Income Loss
OperatingIncomeLoss
6568000
us-gaap Operating Income Loss
OperatingIncomeLoss
-3085000
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
11206000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5448000
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2017Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4037000
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3505000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4508000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3434000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
800000
CY2017Q2 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
800000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
55000000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5870000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6070000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 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="display: inline; font-family: times new roman; font-size: 10pt"><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: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Reclassification</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 2pt 0.05in 2pt 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></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19144000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
85000000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-119000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-46000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1907000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1394000
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
19000000
us-gaap Profit Loss
ProfitLoss
2677000
us-gaap Profit Loss
ProfitLoss
-4793000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
4563000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
2543000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
156812000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
161273000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61275000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68127000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2948000
CY2017Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
137913000
CY2016Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
84132000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3953000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19000000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-100333000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-101738000
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="display: inline; font-family: times new roman; font-size: 10pt"><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: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt"><div style="display: inline; font-style: italic;">Heavy Civil Construction</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">The Company 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 mechanic&#x2019;s 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: 5pt 0 2pt">Our contracts generally take <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div> months to complete. The Company generally provides a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div>-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: 5pt 0pt 2pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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: 5pt 0pt 2pt">Changes in estimated revenues and gross margin resulted in a net charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million and a net charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>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 gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million and a net charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>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: 5pt 0pt 2pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>initiate change orders.</div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font-size: 10pt; text-align: justify; margin: 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0.05in 2pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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: 5pt 0.05in 2pt 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: (i) 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; (ii) Additional costs are caused by circumstances that were unforeseen at the contract date and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> the result of deficiencies in the contractor&#x2019;s performance; (iii) Costs associated with the claim are identifiable or otherwise determinable and are reasonable in view of the work performed; and (iv) The evidence supporting the claim is objective and verifiable, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> based on management&#x2019;s feel for the situation or on unsupported representations. Revenue 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; 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">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, including 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reached, legal action will be taken.&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; 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"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.05in 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.0</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.9</div> million, respectively, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.2</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.2</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.9</div> million, respectively, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>cause actual results to differ materially from estimated and recorded amounts.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.05in 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.05in 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt"><div style="display: inline; font-style: italic;">Residential Construction</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0.05in 2pt 0">Residential construction revenue and related profit is recognized when construction is completed. The time from starting construction to finishing is typically <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> month or less.</div></div></div></div></div></div>
CY2017Q2 us-gaap Revenues
Revenues
246412000
CY2016Q2 us-gaap Revenues
Revenues
189582000
us-gaap Revenues
Revenues
399828000
us-gaap Revenues
Revenues
316149000
us-gaap Share Based Compensation
ShareBasedCompensation
1977000
us-gaap Share Based Compensation
ShareBasedCompensation
805000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
500000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
17061000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1977000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
131258000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
107434000
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
133186000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
108090000
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="display: inline; font-family: times new roman; font-size: 10pt"><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: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">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, purchase accounting, including intangibles and 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></div></div></div>
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
358000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
197000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
437000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27336000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22959000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26409000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21261000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26978000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22762000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25972000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21261000

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