Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ORION GROUP HOLDINGS INC | |
Entity Central Index Key | 0001402829 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 29,550,353 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 2,759 | $ 8,684 |
Accounts receivable: | ||
Trade, net of allowance of $4,280 and $4,280, respectively | 99,292 | 77,641 |
Retainage | 36,889 | 30,734 |
Other current | 2,134 | 4,257 |
Income taxes receivable | 865 | 467 |
Inventory | 907 | 1,056 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 23,641 | 9,217 |
Prepaid expenses and other | 4,947 | 5,000 |
Total current assets | 171,434 | 137,056 |
Property and equipment, net of depreciation | 135,045 | 148,003 |
Operating lease right-of-use assets, net of amortization | 21,510 | 0 |
Financing lease right-of-use assets, net of amortization | 8,238 | 0 |
Inventory, non-current | 7,495 | 7,598 |
Goodwill | 0 | 0 |
Intangible assets, net of amortization | 13,467 | 14,787 |
Other non-current | 5,600 | 5,426 |
Total assets | 362,789 | 312,870 |
Current liabilities: | ||
Current debt, net of debt issuance costs | 2,939 | 2,946 |
Accounts payable: | ||
Trade | 48,175 | 42,023 |
Retainage | 845 | 736 |
Accrued liabilities | 13,902 | 18,840 |
Income taxes payable | 409 | 0 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 51,964 | 21,761 |
Current portion of operating lease liabilities | 5,677 | 0 |
Current portion of financing lease liabilities | 2,935 | 0 |
Total current liabilities | 126,846 | 86,306 |
Long-term debt, net of debt issuance costs | 78,386 | 76,119 |
Operating lease liabilities | 16,485 | 0 |
Financing lease liabilities | 4,291 | 0 |
Other long-term liabilities | 2,846 | 8,759 |
Deferred income taxes | 92 | 49 |
Interest rate swap liability | 1,094 | 52 |
Total liabilities | 230,040 | 171,285 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued | 0 | 0 |
Common stock -- $0.01 par value, 50,000,000 authorized, 30,215,084 and 29,611,989 issued; 29,503,853 and 28,900,758 outstanding at June 30, 2019 and December 31, 2018, respectively | 302 | 296 |
Treasury stock, 711,231 shares, at cost, as of June 30, 2019 and December 31, 2018, respectively | (6,540) | (6,540) |
Other comprehensive loss | (1,094) | (52) |
Additional paid-in capital | 181,499 | 179,742 |
Retained loss | (41,418) | (31,861) |
Total stockholders’ equity | 132,749 | 141,585 |
Total liabilities and stockholders’ equity | $ 362,789 | $ 312,870 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,280 | $ 4,280 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,215,084 | 29,611,989 |
Common stock, shares outstanding (in shares) | 29,503,853 | 28,900,758 |
Treasury stock, shares (in shares) | 711,231 | 711,231 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 |
Costs of contract revenues | 151,008 | 140,305 | 285,031 | 262,452 |
Gross profit | 14,977 | 19,462 | 24,059 | 34,158 |
Selling, general and administrative expenses | 15,114 | 14,710 | 30,087 | 27,751 |
Amortization of intangible assets | 658 | 847 | 1,318 | 1,694 |
Gain on sale of assets, net | (372) | (686) | (746) | (1,499) |
Other gain from continuing operations | 0 | 0 | 0 | (5,448) |
Operating (loss) income from operations | (423) | 4,591 | (6,600) | 11,660 |
Other (expense) income: | ||||
Other income (expense) | 534 | 476 | 557 | 474 |
Interest income | 94 | 47 | 242 | 47 |
Interest expense | (1,978) | (1,205) | (3,303) | (2,682) |
Other expense, net | (1,350) | (682) | (2,504) | (2,161) |
(Loss) income before income taxes | (1,773) | 3,909 | (9,104) | 9,499 |
Income tax (benefit) expense | (140) | 1,660 | 453 | 3,149 |
Net (loss) income | $ (1,633) | $ 2,249 | $ (9,557) | $ 6,350 |
Basic (loss) income per share (in dollars per share) | $ (0.06) | $ 0.08 | $ (0.33) | $ 0.22 |
Diluted (loss) income per share (in dollars per share) | $ (0.06) | $ 0.08 | $ (0.33) | $ 0.22 |
Shares used to compute (loss) income per share: | ||||
Basic (in shares) | 29,097,094 | 28,309,004 | 29,086,811 | 28,243,400 |
Diluted (in shares) | 29,097,094 | 28,544,010 | 29,086,811 | 28,474,432 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (1,633) | $ 2,249 | $ (9,557) | $ 6,350 |
Change in fair value of cash flow hedge, net of tax benefit of $145 and $225 for the three and six months ended June 30, 2019, respectively and net of tax expense of $31 and $124 for the three and six months ended June 30, 2018, respectively | (506) | 77 | (790) | 346 |
Total comprehensive (loss) income | $ (2,139) | $ 2,326 | $ (10,347) | $ 6,696 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in fair value of cash flow hedge, tax (benefit) | $ (145) | $ (225) | $ 31 | $ 124 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Additional Paid-In Capital | Retained Earnings |
Beginning Balance, shares (in shares) at Dec. 31, 2017 | 28,860,961 | |||||
Beginning Balance, Treasury stock, shares (in shares) at Dec. 31, 2017 | (711,231) | |||||
Beginning Balance, amount at Dec. 31, 2017 | $ 231,266 | $ 288 | $ (6,540) | $ (26) | $ 174,697 | $ 62,847 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 334 | 334 | ||||
Exercise of stock options (in shares) | 146,765 | |||||
Exercise of stock options | 816 | $ 2 | 814 | |||
Cash flow hedge, net of tax | 269 | 269 | ||||
Net loss | $ 4,101 | 4,101 | ||||
Ending Balance, shares (in shares) at Mar. 31, 2018 | 29,007,726 | |||||
Ending Balance, Treasury stock, shares (in shares) at Mar. 31, 2018 | (711,231) | |||||
Ending Balance, amount at Mar. 31, 2018 | $ 236,500 | $ 290 | $ (6,540) | 243 | 175,845 | 66,662 |
Beginning Balance, shares (in shares) at Dec. 31, 2017 | 28,860,961 | |||||
Beginning Balance, Treasury stock, shares (in shares) at Dec. 31, 2017 | (711,231) | |||||
Beginning Balance, amount at Dec. 31, 2017 | $ 231,266 | $ 288 | $ (6,540) | (26) | 174,697 | 62,847 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 231,470 | |||||
Net loss | $ 6,350 | |||||
Ending Balance, shares (in shares) at Jun. 30, 2018 | 29,422,432 | |||||
Ending Balance, Treasury stock, shares (in shares) at Jun. 30, 2018 | (711,231) | |||||
Ending Balance, amount at Jun. 30, 2018 | $ 240,126 | 293 | $ (6,540) | 320 | 177,142 | 68,911 |
Beginning Balance, shares (in shares) at Mar. 31, 2018 | 29,007,726 | |||||
Beginning Balance, Treasury stock, shares (in shares) at Mar. 31, 2018 | (711,231) | |||||
Beginning Balance, amount at Mar. 31, 2018 | $ 236,500 | $ 290 | $ (6,540) | 243 | 175,845 | 66,662 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 817 | 817 | ||||
Exercise of stock options (in shares) | 84,705 | 84,705 | ||||
Exercise of stock options | $ 483 | $ 0 | 483 | |||
Issuance of restricted stock (in shares) | 331,095 | |||||
Issuance of restricted stock | 0 | $ 3 | (3) | |||
Cash flow hedge, net of tax | 77 | 77 | ||||
Forfeiture of restricted stock (in shares) | (1,094) | |||||
Net loss | $ 2,249 | 2,249 | ||||
Ending Balance, shares (in shares) at Jun. 30, 2018 | 29,422,432 | |||||
Ending Balance, Treasury stock, shares (in shares) at Jun. 30, 2018 | (711,231) | |||||
Ending Balance, amount at Jun. 30, 2018 | $ 240,126 | $ 293 | $ (6,540) | 320 | 177,142 | 68,911 |
Beginning Balance, shares (in shares) at Dec. 31, 2018 | 29,611,989 | 29,611,989 | ||||
Beginning Balance, Treasury stock, shares (in shares) at Dec. 31, 2018 | (711,231) | (711,231) | ||||
Beginning Balance, amount at Dec. 31, 2018 | $ 141,585 | $ 296 | $ (6,540) | (52) | 179,742 | (31,861) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 664 | 664 | ||||
Exercise of stock options (in shares) | 7,021 | |||||
Exercise of stock options | 35 | $ 0 | 35 | |||
Issuance of restricted stock (in shares) | 185,204 | |||||
Issuance of restricted stock | 0 | $ 1 | (1) | |||
Cash flow hedge, net of tax | (284) | (284) | ||||
Forfeiture of restricted stock (in shares) | (18,207) | |||||
Net loss | $ (7,924) | (7,924) | ||||
Ending Balance, shares (in shares) at Mar. 31, 2019 | 29,786,007 | |||||
Ending Balance, Treasury stock, shares (in shares) at Mar. 31, 2019 | (711,231) | |||||
Ending Balance, amount at Mar. 31, 2019 | $ 134,076 | $ 297 | $ (6,540) | (336) | 180,440 | (39,785) |
Beginning Balance, shares (in shares) at Dec. 31, 2018 | 29,611,989 | 29,611,989 | ||||
Beginning Balance, Treasury stock, shares (in shares) at Dec. 31, 2018 | (711,231) | (711,231) | ||||
Beginning Balance, amount at Dec. 31, 2018 | $ 141,585 | $ 296 | $ (6,540) | (52) | 179,742 | (31,861) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 7,021 | |||||
Net loss | $ (9,557) | |||||
Ending Balance, shares (in shares) at Jun. 30, 2019 | 30,215,084 | |||||
Ending Balance, Treasury stock, shares (in shares) at Jun. 30, 2019 | (711,231) | (711,231) | ||||
Ending Balance, amount at Jun. 30, 2019 | $ 132,749 | 302 | $ (6,540) | (1,094) | 181,499 | (41,418) |
Beginning Balance, shares (in shares) at Mar. 31, 2019 | 29,786,007 | |||||
Beginning Balance, Treasury stock, shares (in shares) at Mar. 31, 2019 | (711,231) | |||||
Beginning Balance, amount at Mar. 31, 2019 | $ 134,076 | $ 297 | $ (6,540) | (336) | 180,440 | (39,785) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 1,064 | 1,064 | ||||
Exercise of stock options (in shares) | 0 | |||||
Issuance of restricted stock (in shares) | 479,590 | |||||
Issuance of restricted stock | $ 0 | $ 6 | (6) | |||
Cash flow hedge, net of tax | (758) | (758) | ||||
Forfeiture of restricted stock (in shares) | (50,513) | |||||
Forfeiture of restricted stock | 0 | $ (1) | 1 | |||
Net loss | $ (1,633) | (1,633) | ||||
Ending Balance, shares (in shares) at Jun. 30, 2019 | 30,215,084 | |||||
Ending Balance, Treasury stock, shares (in shares) at Jun. 30, 2019 | (711,231) | (711,231) | ||||
Ending Balance, amount at Jun. 30, 2019 | $ 132,749 | $ 302 | $ (6,540) | $ (1,094) | $ 181,499 | $ (41,418) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (9,557) | $ 6,350 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by | ||
Depreciation and amortization | 13,108 | 14,211 |
Amortization of ROU operating leases | 2,927 | 0 |
Amortization of ROU finance leases | 1,154 | 0 |
Unamortized debt issuance costs upon debt modification | 399 | 0 |
Amortization of deferred debt issuance costs | 186 | 646 |
Deferred income taxes | 43 | 1,841 |
Stock-based compensation | 1,728 | 1,151 |
Gain on sale of property and equipment | (746) | (1,499) |
Other gain from continuing operations | 0 | (5,448) |
Change in operating assets and liabilities: | ||
Accounts receivable | (28,257) | 8,983 |
Notes receivable | 264 | 0 |
Income tax receivable | (398) | 91 |
Inventory | 252 | 588 |
Prepaid expenses and other | (138) | 1,482 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (14,424) | (7,282) |
Accounts payable | 6,261 | (6,952) |
Accrued liabilities | (1,601) | (962) |
Operating lease liabilities | (2,896) | 0 |
Income tax payable | 409 | 449 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 30,204 | (8,854) |
Other | 0 | (286) |
Net cash (used in) provided by operating activities | (1,082) | 4,509 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 847 | 1,070 |
Purchase of property and equipment | (8,118) | (11,911) |
Contributions to CSV life insurance | (444) | (266) |
Proceeds from return of investment | 0 | 94 |
Insurance claim proceeds related to property and equipment | 2,574 | 1,150 |
Net cash used in investing activities | (5,141) | (9,863) |
Cash flows from financing activities: | ||
Borrowings from Credit Facility | 32,000 | 13,000 |
Payments made on borrowings from Credit Facility | (29,500) | (11,750) |
Loan costs from Credit Facility | (825) | 0 |
Payments of finance lease liabilities | (1,412) | 0 |
Exercise of stock options | 35 | 1,299 |
Net cash provided by financing activities | 298 | 2,549 |
Net change in cash and cash equivalents | (5,925) | (2,805) |
Cash and cash equivalents at beginning of period | 8,684 | 9,086 |
Cash and cash equivalents at end of period | 2,759 | 6,281 |
Supplemental disclosures of cash flow information, cash paid during the period for: | ||
Interest | 3,926 | 2,055 |
Taxes, net of refunds | $ 394 | $ 404 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Orion Group Holdings, Inc., its subsidiaries and affiliates (hereafter collectively referred to as the "Company"), provide a broad range of specialty construction services in the infrastructure, industrial, and building sectors of the continental United States, Alaska and the Caribbean Basin. The Company’s marine segment services the infrastructure sector through marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment services the building sector by providing turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with offices throughout its operating areas. The tools used by the chief operating decision maker ("CODM") to allocate resources and assess performance are based on two reportable and operating segments: marine, which operates under the Orion Marine Group brand and logo, and concrete, which operates under the TAS Commercial Concrete brand and logo. Although the Company describes the business in this report in terms of the services the Company provides, its base of customers and the areas in which it operates, the Company has determined that its operations currently comprise two reportable segments pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting . In making this determination, the Company considered the similar economic characteristics of its operations that comprise its marine segment. For the marine segment, the methods used, and the internal processes employed, to deliver marine construction services are similar throughout the segment, including standardized estimating, project controls and project management. This segment has the same customers with similar funding drivers, and it complies with regulatory environments driven through Federal agencies such as the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, U.S. Environmental Protection Agency and U.S. Occupational Safety and Health Administration ("OSHA"), among others. Additionally, the segment is driven by macro-economic considerations including the level of import/export seaborne transportation, development of energy-related infrastructure, cruise line expansion and operations, marine bridge infrastructure development, waterway pipeline crossings and the maintenance of waterways. These considerations, and others, are key catalysts for future prospects and are similar across the segment. For the concrete segment, the Company also considered the similar economic characteristics of these operations. The methods used, and the internal processes employed, to deliver concrete construction services are similar throughout the segment, including standardized estimating, project controls and project management. This segment complies with regulatory environments such as OSHA. Additionally, this segment is driven by macro-economic considerations, including movements in population, commercial real estate development, institutional funding and expansion, and recreational development, specifically in metropolitan areas of Texas. These considerations, and others, are key catalysts for future prospects and are similar across the segment. Basis of Presentation The accompanying consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted. Readers of this report should also read the Company's consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“ 2018 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations also included in its 2018 Form 10-K. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation in the Company's condensed consolidated statement of operations. As part of the Company’s Invest, Scale and Grow initiative it realigned its project management personnel within the operating groups for the combined company. As a result of the realignment, beginning in the second quarter of 2019, the Company has elected to classify certain project management costs in Cost of contract revenue in its Consolidated Statements of Operations (the “Statements of Operations”) to better represent how those costs are managed and controlled. For periods reported prior to the second quarter of 2019, certain project management costs were included in Selling, general and administrative (“SG&A”) expenses. The Company's SG&A expense for 2019 included project management costs of $1.1 million incurred in the first quarter of 2019, and SG&A expense for 2018 and 2017 included project management costs of $4.9 million and $4.7 million, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Management's estimates, judgments and assumptions are continually evaluated based on available information and experience; however, actual amounts could differ from those estimates. Please refer to Note 2 of the Notes to Consolidated Financial Statements included in the Company's 2018 Form 10-K for a discussion of other significant estimates and assumptions affecting its consolidated financial statements which are not discussed below. On an ongoing basis, the Company evaluates the significant accounting policies used to prepare its consolidated financial statements, including, but not limited to, those related to: • Revenue recognition from construction contracts; • Accounts receivable and allowance for doubtful accounts; • Property, plant and equipment; • Leases; • Finite and indefinite-lived intangible assets, testing for indicators of impairment; • Stock-based compensation; • Income taxes; and • Self-insurance Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018, using the modified retrospective method. The Company recognized the cumulative effect of initially adopting Topic 606 guidance as an adjustment to the beginning balance of retained earnings. Contracts with customers that were not substantially complete in both the Company’s marine and concrete segments were evaluated in order to determine the impact as of the date of adoption. The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically short in duration and usually span a period of less than one year. The Company determines the appropriate accounting treatment for each contract before work begins and generally records revenue on contracts over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. The Company's contracts and related change orders typically represent a single performance obligation because the Company provides a significant integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control is continuously transferred to the customer. For contracts with multiple performance obligations, the Company allocates the contract's transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis. When losses on uncompleted contracts are anticipated, the entire loss is recognized in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. As of June 30, 2019, approximately $1.1 million of claims against customers has been recognized and is reflected on the Company's Consolidated Balance Sheet under "Costs and estimated earnings in excess of billings on uncompleted contracts." Based on its reading of the contract and its performance, the Company believes collection of these claims is probable, although the full amount of the recorded claims may not be collected. Contract assets and liabilities include the following: • Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their net estimated realizable value. • Accounts Receivable: Retainage - Represent amounts which have not been billed to customers or paid pursuant to retainage provisions in construction contracts, which generally become payable upon contract completion and acceptance by the customer. • Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract (i.e. Contract Assets) and are recorded as a current asset, until such amounts are either received or written off. • Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts - Represent billings in excess of revenues recognized (i.e. Contract Liabilities) and are recorded as a current liability, until the underlying obligation has been performed or discharged. Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed, or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2019, the aggregate amount of the remaining performance obligations was approximately $661.0 million . Of this amount, the Company expects to recognize $465.6 million , or 70% , in the next 12 months and the remaining balance thereafter. Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at June 30, 2019 and December 31, 2018 consisted primarily of overnight bank deposits. Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. Accounts Receivable Accounts receivable are stated at the historical carrying value, less allowances for doubtful accounts. The Company has significant investments in billed and unbilled receivables as of June 30, 2019 and December 31, 2018. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts, which are included in costs in excess of billings, arise as revenues are recognized over time. Unbilled amounts on contracts represent recoverable costs and accrued profits not yet billed. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk amounts are reviewed individually for collectability. In establishing an allowance for doubtful accounts, the Company evaluates its contract receivables and costs in excess of billings and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for doubtful accounts if it is determined that the amounts will not be collected or if a settlement is reached for an amount that is less than the carrying value. As of June 30, 2019 and December 31, 2018 , the Company has recorded an allowance for doubtful accounts of $4.3 million. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at June 30, 2019 totaled $36.9 million , of which $11.0 million is expected to be collected beyond June 30, 2020. Retainage at December 31, 2018 totaled $30.7 million . The Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts recorded, which could result in the recording of a loss. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. Advertising Costs The Company primarily obtains contracts through an open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the expenditure is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of June 30, 2019 and December 31, 2018. Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 for more information regarding fair value determination. The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to indefinite-lived intangible assets. Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime. Refer to Note 7 for more information regarding inventory. Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three to seven years until the next scheduled maintenance. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 5 years Buildings and improvements 5 to 30 years Construction equipment 3 to 15 years Vessels and other equipment 1 to 15 years Office equipment 1 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where appropriate. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three to 15 years. Dry-docking costs include, but are not limited to, the inspection, refurbishment and replacement of steel, engine components, tailshafts, mooring equipment and other parts of the vessel. Amortization related to dry-docking activities is included as a component of depreciation. These costs and the related amortization periods are periodically reviewed to determine if the estimates are accurate. If warranted, a significant upgrade of equipment may result in a revision to the useful life of the asset, in which case the change is accounted for prospectively. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of June 30, 2019 and December 31, 2018. Intangible Assets Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have indefinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one indefinite-lived intangible asset, a trade name, which is tested for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name's carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to "rent" the asset and is, therefore, "relieved" from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. See Note 9 for additional discussion of intangible assets and trade name impairment testing. Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant, and is measured as the mean price of the stock on the day of grant. Compensation expense is recognized only for share-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations and this assessment is updated on a periodic basis. See Note 14 for further discussion of the Company’s stock-based compensation plan. Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its consolidated tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers' compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company's workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The marine segment's excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million . The concrete segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The concrete segment's excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the consolidated results of operations in the period in which they become known. The Company's concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The accrued liability for insurance includes incurred but not reported claims of $3.9 million and $5.7 million at June 30, 2019 and December 31, 2018 , respectively. Accounting Standards Adopted in 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued an ASU 2016-02, Leases (Topic 842), which requires all lessees to recognize right-of-use ("ROU") assets and lease liabilities, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the new standard on January 1, 2019, on a prospective basis, forgoing comparative reporting. The Company elected to utilize the transition guidance within the new standard, which allows the Company to carryforward the historical lease classification. The Company elected to not separate leases and non-lease components for all classes of underlying assets in which it is the lessee and made an accounting policy election to not account for leases with an initial term of 12 months or less on the balance sheet. Adoption of the standard resulted in the recording of additional net ROU operating lease assets of approximately $23.3 million and lease liabilities for operating leases of approximately $24.0 million on the Consolidated Balance Sheets as of January 1, 2019. The adoption of this guidance did not have an impact on net income. See Note 17 for more information regarding leases. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenue by service line for the marine and concrete segments: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Marine Segment Construction $ 57,181 $ 52,860 $ 90,817 $ 95,235 Dredging 27,191 23,472 53,358 40,483 Specialty Services 4,651 4,366 6,335 7,771 Marine segment contract revenues $ 89,023 $ 80,698 $ 150,510 $ 143,489 Concrete Segment Structural $ 12,665 $ 62,189 $ 24,156 $ 118,682 Light Commercial 64,275 16,740 134,371 34,112 Other 22 140 53 327 Concrete segment contract revenues $ 76,962 $ 79,069 $ 158,580 $ 153,121 Total contract revenues $ 165,985 $ 159,767 $ 309,090 $ 296,610 Although the Company has disaggregated its contract revenues here in terms of services provided, it believes its operations comprise two reportable segments pursuant to FASB ASC Topic 280, Segment Reporting . In making this determination, the Company considered the similar characteristics of its operations as discussed in Note 1 . Additionally, as discussed, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts often combine multiple services, such as engineering, dredging, diving and construction, into one distinct finished product which is transferred to the customer. These contracts are often estimated and bid as one project and evaluated on performance as one project, not by individual services performed by each. Both the marine and concrete segments have a single chief operating decision maker (“CODM”) for the entire segment, not by service lines of the segments. Resources are allocated by segment and financial and budgetary information is compiled and reviewed by segment, not service line. Marine Segment Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair. Concrete Segment Structural services include elevated concrete pouring for products such as columns, elevated beams and structural walls. Light commercial services include horizontally poured concrete for products such as sidewalks, ramps, tilt walls and trenches. Other services comprise labor related to concrete pouring such as rebar installation and pumping services and typically support the Company's structural and light commercial services. |
Concentration of Risk and Enter
Concentration of Risk and Enterprise-Wide Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk and Enterprise Wide Disclosures | Concentration of Risk and Enterprise-Wide Disclosures Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner. The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2019 and December 31, 2018 , respectively: June 30, 2019 December 31, 2018 Federal Government $ 3,420 3 % $ 2,319 2 % State Governments 3,363 2 % 916 1 % Local Governments 50,017 37 % 30,187 28 % Private Companies 79,381 58 % 74,953 69 % Total receivables $ 136,181 100 % $ 108,375 100 % At June 30, 2019 one customer in the local governments category accounted for 18% of total current receivables. At December 31, 2018 , no single customer accounted for more than 10% of total current receivables. Additionally, the table below represents concentrations of contract revenue by type of customer for the three and six months ended June 30, 2019 and 2018 , respectively: Three months ended June 30, Six months ended June 30, 2019 % 2018 % 2019 % 2018 % Federal Government $ 12,301 8 % $ 16,077 10 % $ 22,578 7 % $ 29,100 10 % State Governments 10,286 6 % 9,898 6 % 14,341 5 % 18,274 6 % Local Government 51,599 31 % 20,522 13 % 96,029 31 % 43,752 15 % Private Companies 91,799 55 % 113,270 71 % 176,142 57 % 205,484 69 % Total contract revenues $ 165,985 100 % $ 159,767 100 % $ 309,090 100 % $ 296,610 100 % In the three months ended June 30, 2019, one customer in the local governments category accounted for 14% of total contract revenues. In the three months ended June 30, 2018, a private customer accounted for 16% of total contract revenues. In the six months ended June 30, 2019, one customer in the local governments category accounted for 11% of total contract revenues. In the six months ended June 30, 2018, a private customer accounted for 12% of total contract revenues. The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time. In addition, the concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations. |
Contracts in Progress
Contracts in Progress | 6 Months Ended |
Jun. 30, 2019 | |
Contractors [Abstract] | |
Contracts in Progress | Contracts in Progress Contracts in progress are as follows at June 30, 2019 and December 31, 2018 : June 30, December 31, Costs incurred on uncompleted contracts $ 630,685 $ 461,144 Estimated earnings 112,786 73,170 743,471 534,314 Less: Billings to date (771,794 ) (546,858 ) $ (28,323 ) $ (12,544 ) Included in the accompanying Consolidated Balance Sheet under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 23,641 $ 9,217 Billings in excess of costs and estimated earnings on uncompleted contracts (51,964 ) (21,761 ) $ (28,323 ) $ (12,544 ) As of June 30, 2019 and December 31, 2018, included in cost and estimated earnings in excess of billings on uncompleted projects is approximately $1.1 million related to claims and unapproved change orders. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following is a summary of property and equipment at June 30, 2019 and December 31, 2018 : June 30, December 31, Automobiles and trucks $ 1,669 $ 1,709 Building and improvements 43,790 43,628 Construction equipment 158,684 161,113 Vessels and other equipment 82,875 90,217 Office equipment 8,183 8,061 295,201 304,728 Less: Accumulated depreciation (197,340 ) (195,373 ) Net book value of depreciable assets 97,861 109,355 Construction in progress 1,321 2,785 Land 35,863 35,863 $ 135,045 $ 148,003 For the three months ended June 30, 2019 and 2018 , depreciation expense was $6.0 million and $6.6 million , respectively. For the six months ended June 30, 2019 and 2018, depreciation expense was $11.8 million and $12.5 million , respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Consolidated Statements of Operations. Substantially all of the Company’s long-lived assets are located in the United States. Substantially all of the assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 11 ). See Note 2 to the Company's consolidated financial statements for further discussion of property and equipment. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Current inventory at June 30, 2019 and December 31, 2018 , of $0.9 million and $1.1 million , respectively, consisted primarily of spare parts and small equipment held for use in the ordinary course of business. Non-current inventory at June 30, 2019 and December 31, 2018 of $7.5 million and $7.6 million , respectively, consisted primarily of spare engine components or items which require longer lead times for sourcing or fabrication for certain of the Company's assets to reduce equipment downtime. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Recurring Fair Value Measurements The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values. The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated: • Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities; • Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and • Level 3- fair values are based on unobservable inputs in which little or no market data exists. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company's recurring financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 : Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 June 30, 2019 Assets: Cash surrender value of life insurance policy $ 2,437 — 2,437 — Liabilities: Derivatives $ 1,094 — 1,094 — December 31, 2018 Assets: Cash surrender value of life insurance policy $ 1,993 — 1,993 — Liabilities: Derivatives $ 79 — 79 — The Company's derivatives, which are comprised of interest rate swaps, are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and credit risk adjustments that are necessary to reflect the probability of default by it or the counterparty. These derivatives are classified as a Level 2 measurement within the fair value hierarchy. See Note 11 for additional information on the Company's derivative instrument. The Company's concrete segment has life insurance policies covering employees with a combined face value of $11.1 million . The policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. These assets are included in the "Other non-current" asset section in the Consolidated Balance Sheets. Non-Recurring Fair Value Measurements The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to the indefinite-lived intangible asset. Other Fair Value Measurements The fair value of the Company's debt at June 30, 2019 and December 31, 2018 approximated its carrying value of $83.0 million and $80.5 million , respectively, as interest is based on current market interest rates for debt with similar risk and maturity. If the Company's debt was measured at fair value, it would have been classified as a Level 2 measurement in the fair value hierarchy. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below summarizes changes in goodwill recorded by the Company during the periods ended June 30, 2019 and December 31, 2018 , respectively: June 30, December 31, Beginning balance, January 1 $ — $ 69,483 Impairments — (69,483 ) Ending balance $ — $ — In the fourth quarter of 2018, the Company's annual goodwill impairment test indicated that its goodwill was fully impaired, primarily due to a decline in the Company's market capitalization and as a result it incurred a goodwill impairment charge of $69.5 million with $33.8 million related to the Marine segment and $35.7 million related to the Concrete segment. Intangible assets The tables below present the activity and amortization of finite-lived intangible assets: June 30, December 31, Intangible assets, January 1 $ 35,240 $ 35,240 Additions — — Total intangible assets, end of period 35,240 35,240 Accumulated amortization, January 1 $ (27,345 ) $ (23,956 ) Current year amortization (1,318 ) (3,389 ) Total accumulated amortization (28,663 ) (27,345 ) Net intangible assets, end of period $ 6,577 $ 7,895 Finite-lived intangible assets were acquired as part of the purchase of TBC, which included contractual backlog and customer relationships. Contractual backlog was valued at approximately $0.1 million and was amortized over seven months in 2017. Customer relationships were valued at approximately $0.7 million and will be amortized over seven years. Both of these assets will be amortized using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. For the six months ended June 30, 2019 , $1.3 million of amortization expense was recognized for these assets. Future expense remaining of approximately $6.6 million will be amortized as follows: 2019 1,322 2020 2,069 2021 1,521 2022 1,239 2023 389 Thereafter 37 $ 6,577 Additionally, the Company has one indefinite-lived intangible asset, as described in Note 2. At June 30, 2019 the trade name was valued at approximately $6.9 million and no indicators of impairment existed. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 Accrued salaries, wages and benefits $ 6,365 $ 6,492 Accrual for insurance liabilities 3,855 5,680 Property taxes 1,298 924 Capital lease liability (1) — 3,045 Sales taxes 1,457 2,178 Interest 59 — Other accrued expenses 868 521 Total accrued liabilities $ 13,902 $ 18,840 (1) December 31, 2018 balance relates to capital leases accounting for under ASC 840 and prior to the adoption of ASC 842 as of January 1, 2019. |
Long-term Debt, Line of Credit
Long-term Debt, Line of Credit and Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt, Line of Credit and Derivatives | Long-term Debt, Line of Credit and Derivatives The Company entered into an amended syndicated credit agreement (the "Credit Agreement" also known as the “Fourth Amendment”) on July 31, 2018 with Regions Bank, as administrative agent and collateral agent, and the following co-syndication agents: Bank of America, N.A., BOKF, NA dba Bank of Texas, KeyBank National Association, NBH Bank, IBERIABANK, Trustmark National Bank, First Tennessee Bank NA, and Branch Banking and Trust Company. The Credit Agreement, which may be amended from time to time, provides for borrowings under a revolving line of credit and a term loan (together, the “Credit Facility”). The Credit Facility is guaranteed by the subsidiaries of the Company, secured by the assets of the Company, including stock held in its subsidiaries, and may be used to finance general corporate and working capital purposes, to finance capital expenditures, to refinance existing indebtedness, to finance permitted acquisitions and associated fees, and to pay for all related expenses to the Credit Facility. Interest is due and is computed based on the designation of the loan, with the option of a Base Rate Loan (the base rate plus the Applicable Margin), or an Adjusted LIBOR Rate Loan (the adjusted LIBOR rate plus the Applicable Margin). Interest is due on the last day of each quarter end for Base Rate Loans and at the end of the LIBOR rate period for Adjusted LIBOR Rate Loans. Principal balances drawn under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. Amounts repaid under the revolving line of credit may be re-borrowed. The Credit Facility matures on July 31, 2023. Total debt issuance costs for the Fourth Amendment, which included underwriter fees, legal fees and syndication fees were approximately $0.9 million and were capitalized as non-current deferred charges and amortized using the effective interest rate method over the duration of the loan. Additionally, the Company executed the Fifth Amendment during March 2019, which was made effective as of December 31, 2018, and executed the Sixth Amendment during May 2019. The Company incurred additional debt issuance costs of approximately $0.6 million and $0.9 million respectively for the Fifth and Sixth Amendments. With the execution of the aforementioned Sixth Amendment, $50.0 million of the existing revolving line of credit was modified and accounted for under guidelines of ASC 470-50, Debt, Modifications and Extinguishments, and a pro-rated portion of unamortized debt issuance costs of approximately $0.4 million will be recognized as interest expense as of May 2019. The remaining debt issuance costs of approximately $0.9 million related to the Fourth, Fifth, and Sixth Amendments will be amortized over the duration of the loan. The quarterly weighted average interest rate for the Credit Facility as of June 30, 2019 was 5.79% . The Company's obligations under debt arrangements consisted of the following: June 30, 2019 December 31, 2018 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs (1) Total Term loan - current $ 3,000 $ (61 ) $ 2,939 $ 3,000 $ (54 ) $ 2,946 Total current debt 3,000 (61 ) 2,939 3,000 (54 ) 2,946 Revolving line of credit 26,000 (525 ) 25,475 22,000 (213 ) 21,787 Term loan - long-term 54,000 (1,089 ) 52,911 55,500 (1,168 ) 54,332 Total long-term debt 80,000 (1,614 ) 78,386 77,500 (1,381 ) 76,119 Total debt $ 83,000 $ (1,675 ) $ 81,325 $ 80,500 $ (1,435 ) $ 79,065 (1) Total debt issuance costs, include underwriter fees, legal fees and syndication fees and fees related to the execution of the Fourth, Fifth, and Sixth Amendments to the Credit Agreement. Provisions of the revolving line of credit and accordion The Company has a maximum borrowing availability under the revolving line of credit and swingline loans (as defined in the Credit Agreement) of $50.0 million . This is a letter of credit sublimit that is equal to the lesser of $20.0 million and the aggregate unused amount of the revolving commitments then in effect. There is also a swingline sublimit equal to the lesser of $5.0 million and the aggregate unused amount of the revolving commitments then in effect. Revolving loans may be designated as Base Rate Loan or Adjusted LIBOR Rate Loans, at the Company’s request, and must be drawn in an aggregate minimum amount of $1.0 million and integral multiples of $250,000 in excess of that amount. Swingline loans must be drawn in an aggregate minimum amount of $250,000 and integral multiples of $50,000 in excess of that amount. The Company may convert, change, or modify such designations from time to time. The Company is subject to a commitment fee for the unused portion of the maximum borrowing availability under the revolving line of credit. The commitment fee, which is due quarterly in arrears, is equal to the Applicable Margin of the actual daily amount by which the Aggregate Revolving Commitments exceeds the Total Revolving Outstanding. The revolving line of credit termination date is the earlier of the Credit Facility termination date, July 31, 2023, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the amended Credit Facility. The maturity date for amounts drawn under the revolving line of credit is the earlier of the Facility termination date of July 31, 2023, or the date the outstanding balance is permanently reduced to zero. Prior to the fourth quarter of 2018, the Company classified amounts drawn as current liabilities based on an intent and ability to repay the amounts using current assets within the next twelve months. During the fourth quarter of 2018, the Company determined it no longer has the intent to repay amounts drawn within the next twelve months. As of June 30, 2019, the Company determined that it still does not have the intent to repay amounts drawn within the next twelve months. Therefore, the Company has classified the entire outstanding balance of the revolving line of credit as non-current. As of June 30, 2019, the outstanding balance for all borrowings under the revolving line of credit was $26.0 million , where $23.0 million was designated as an Adjusted LIBOR Rate Loan at a weighted average rate of 5.96% and $3.0 million was designated as a Base Rate Loan at a rate of 8.00% . There were also $3.4 million in outstanding letters of credit as of June 30, 2019, which reduced the maximum borrowing availability on the revolving line of credit to $20.6 million as of June 30, 2019. During the six months ended June 30, 2019 , the Company drew down $32.0 million for general corporate purposes and made payments of $28.0 million on the revolving line of credit which resulted in a net increase of $4.0 million . Provisions of the term loan The original principal amount of $60.0 million for the term loan commitment is paid off in quarterly installment payments (as stated in the Credit Agreement). At June 30, 2019, the outstanding term loan component of the Credit Facility totaled $57.0 million and was secured by specific assets of the Company. The table below outlines the total remaining payment amounts annually for the term loan through maturity of the Credit Facility: 2019 1,500 2020 3,750 2021 4,500 2022 5,250 2023 42,000 $ 57,000 During the six months ended June 30, 2019 , the Company made the scheduled quarterly principal payments of $1.5 million , which reduced the outstanding principal balance to $57.0 million as of June 30, 2019. The current portion of debt is $3.0 million and the non-current portion is $54.0 million . As of June 30, 2019, the term loan was designated as an Adjusted LIBOR Rate Loan with an interest rate of 5.94% . Financial covenants Restrictive financial covenants under the Credit Facility include: • A consolidated Fixed Charge Coverage Ratio to not be less than the following during each noted period: -Fiscal Quarter Ended June 30, 2019 - waived; -Fiscal Quarter Ended September 30, 2019 - waived; -Fiscal Quarter Ending December 31, 2019 and each Fiscal Quarter thereafter, to not be less than 1.25 to 1.00. • A consolidated Leverage Ratio to not exceed the following during each noted period: -Fiscal Quarter Ending June 30, 2019, to not exceed 9.50 to 1.00; -Fiscal Quarter Ending September 30, 2019, to not exceed 6.25 to 1.00; -Fiscal Quarter Ending December 31, 2019, to not exceed 4.00 to 1.00; -Fiscal Quarter Ending March 31, 2020 and each Fiscal Quarter thereafter, to not exceed 3.00 to 1.00. • A consolidated Adjusted EBITDA to not be less than the following during each noted period: -Fiscal Quarter Ending June 30, 2019, for such Fiscal Quarter and the Fiscal Quarter ended March 31, 2019, on a collective basis, to not be less than $4.5 million ; - Fiscal Quarter Ending September 30, 2019, for such Fiscal Quarter and the Fiscal Quarters ended June 30, 2019 and March 31, 2019, on a collective basis, to not be less than $9.9 million ; - Fiscal Quarter Ending December 31, 2019, for such Fiscal Quarter and the Fiscal Quarters ended September 30, 2019, June 30, 2019 and March 31, 2019, on a collective basis, to not be less than $21.7 million . In addition, the Credit Facility contains events of default that are usual and customary for similar arrangements, including non-payment of principal, interest or fees; breaches of representations and warranties that are not timely cured; violation of covenants; bankruptcy and insolvency events; and events constituting a change of control. The Company expects to meet its future internal liquidity and working capital needs, and maintain or replace its equipment fleet through capital expenditure purchases and major repairs, from funds generated by its operating activities for at least the next 12 months. The Company believes that its cash position and available borrowings together with cash flow from its operations is adequate for general business requirements and to service its debt. Derivative Financial Instruments On September 16, 2015, the Company entered into a series of receive-variable, pay-fixed interest rate swaps to hedge the variability in the interest payments on 50% of the aggregate principal amount of the Regions Term Loan outstanding, beginning with a notional amount of $67.5 million . There are a total of five sequential interest rate swaps to achieve the hedged position and each year on August 31, with the exception of the final swap, the existing interest rate swap is scheduled to expire and will be immediately replaced with a new interest rate swap until the expiration of the final swap on July 31, 2023. On December 6, 2018, the Company entered into a sixth receive-variable, pay-fixed interest rate swaps to hedge the variability of interest payments. The sixth swap will begin with a notional amount of $27.0 million on July 31, 2020 will hedge the variability in the interest payments on 50% of the aggregate scheduled principal amount of the Regions Term Loan outstanding. The sixth swap is scheduled to expire on July 31, 2023. At inception, these interest rate swaps were designated as a cash flow hedge for hedge accounting, and as such, the effective portion of unrealized changes in market value are recorded in accumulated other comprehensive (loss) income and reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings. The change in fair market value of the swaps as of June 30, 2019 is approximately $1.1 million , which is reflected in the balance sheet as a liability in Other non-current liabilities on the Consolidated Balance Sheets. The fair market value of the swaps as of June 30, 2019 is $(1.1) million . See Note 8 for more information regarding the fair value of the Company's derivative instruments. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate is based on expected income, statutory rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable (loss) income for the full year and records a quarterly tax provision in accordance with the anticipated annual rate. Income tax expense included in the Company’s accompanying Consolidated Statements of Operations was as follows (in thousands, except percentages): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Income tax (benefit) expense $ (140 ) $ 1,660 $ 453 $ 3,149 Effective tax rate 7.9 % 42.5 % (5.0 )% 33.1 % The effective rate for the three and six months ended June 30, 2019 differed from the Company's statutory federal rate of 21% primarily due to to the recording of an additional valuation allowance to offset net operating loss carryforwards generated during the period, foreign income taxes, state income taxes and the non-deductibility of certain permanent items. During the year ended December 31, 2018 the Company assessed the realizability of its deferred tax assets and determined that it was more likely than not that some portion or all the deferred tax assets would not be realized and therefore recorded a valuation allowance on the net deferred tax assets. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. For the period ended June 30, 2019 the Company evaluated all positive and negative evidence in determining the amount of deferred tax assets more likely than not to be realized. Based on the review of available evidence, Management believes that a valuation allowance on the net deferred tax assets at June 30, 2019 remains appropriate. The Company does not expect that unrecognized tax benefits as of June 30, 2019 for certain federal income tax matters will significantly change due to any settlement and/or expiration of statutes of limitations over the next 12 months. The final outcome of these uncertain tax positions is not yet determinable. The Company's uncertain tax benefits, if recognized, would affect the Company's effective tax rate. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) Earnings Per Share Basic (loss) earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted (loss) earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. The exercise price for certain stock options awarded by the Company exceeds the average market price of the Company's common stock. Such stock options are antidilutive and are not included in the computation of (loss) earnings per share. For the three month periods ended June 30, 2019 and June 30, 2018 , the Company had 1,651,916 and 2,012,481 securities, respectively, that were potentially dilutive in future earnings per share calculations. For the six months ended June 30, 2019 and June 30, 2018, the Company had 1,699,936 and 1,969,623 securities, respectively, that were potentially dilutive in future earnings per share calculations. Such dilution will be dependent on the excess of the market price of the Company's stock over the exercise price and other components of the treasury stock method. The following table reconciles the denominators used in the computations of both basic and diluted earnings (loss) per share: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic: Weighted average shares outstanding 29,097,094 28,309,004 29,086,811 28,243,400 Diluted: Total basic weighted average shares outstanding 29,097,094 28,309,004 29,086,811 28,243,400 Effect of dilutive securities: Common stock options — 235,006 — 231,032 Total weighted average shares outstanding assuming dilution 29,097,094 28,544,010 29,086,811 28,474,432 Shares of common stock issued from the exercise of stock options — 84,705 7,021 231,470 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Compensation Committee of the Company's Board of Directors is responsible for the administration of the Company's stock incentive plans, which include the 2017 Long Term Incentive Plan, or the "2017 LTIP", which was approved by shareholders in May 2017 and authorized the maximum aggregate number of shares of common stock to be issued at 2,400,000 . In general, the Company's 2017 LTIP provides for grants of restricted stock and stock options to be issued with a per-share price equal to the fair market value of a share of common stock on the date of grant. Option terms are specified at each grant date, but are generally 10 years from the date of issuance. Options generally vest over a three year period. The Company awards certain executives shares of performance based stock options, with 100% of shares to be earned based on the achievement of an objective return on invested capital measured over a two-year performance period. The Company evaluates the probability of achieving this each reporting period. The Company applies a 3.2% and a 5.5% forfeiture rate, which gets compounded over the vesting terms of the individual award, to its restricted stock and option grants, respectively, based on historical analysis. In the three months ended June 30, 2019 and 2018 , compensation expense related to stock based awards outstanding was $1.1 million and $0.8 million , respectively. In the six months ended June 30, 2019 and 2018, compensation related to stock based awards outstanding was $1.7 million and $1.1 million , respectively. In January 2019, certain independent directors were awarded a total of 16,854 shares of restricted common stock, which vested immediately on the date of grant. The fair value of all shares awarded on the date of the grant was $4.45 per share. In March 2019, the Company granted an executive of the Company 168,350 shares of restricted common stock, which vests 1/3 at March 31, June 30, and September 30, 2019, respectively. The fair value of all shares awarded on the date of the grant was $2.97 per share. In May 2019, independent directors as well as certain officers and executives of the Company were awarded 479,590 shares of restricted common stock. The total number of shares included 229,590 shares, which were awarded to the independent directors and vested immediately on the date of the grant, as well as 187,500 shares of performance-based stock awarded to certain executives. The performance-based stock will potentially vest 50% if the target is met, with 25% each vesting on the second and third anniversary of the grant, with 100% of the shares to be earned based on the achievement of an objective, tiered return on invested capital, measured over a one -year performance period. The Company evaluates the probability of achieving this each reporting period. The fair value of all shares awarded on the date of the grant was $1.96 per share. In the three months ended June 30, 2019 , no options were exercised. In the three months ended June 30, 2018, 84,705 options were exercised, generating proceeds to the Company of $0.5 million . In the six months ended June 30, 2019, 7,021 options were exercised, generating proceeds to the Company of less than $0.1 million . In the six months ended June 30, 2018 , 231,470 options were exercised, generating proceeds to the Company of approximately $1.3 million . At June 30, 2019 , total unrecognized compensation expense related to unvested stock and options was approximately $2.7 million , which is expected to be recognized over a period of approximately two years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and one former and two current officers are named defendants in a class action lawsuit filed on April 11, 2019 in the United States District Court for the Southern District of Texas, Houston Division, seeking unstated compensatory damages under the federal securities laws allegedly arising from materially false and misleading statements during the period of March 13, 2018 to March 18, 2019. The complaint asserts, among other things, that the current and former officers caused the Company to overstate goodwill in certain periods; overstate accounts receivable; that the company lacked effective internal controls over financial reporting related to goodwill impairment testing and accounts receivable; and that as a result the required adjustments to goodwill and accounts receivable materially impacted the company’s financial statements causing the company’s stock price to be artificially inflated during the class period. The Company will respond to the complaint, considers all of these allegations without merit and will vigorously contest the allegations. In addition, from time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, the Company accrues reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these or any other proceedings, individually or in the aggregate, would be expected to have a material adverse effect on results of operations, cash flows, or financial condition A legal matter was settled for $5.5 million during the first quarter of 2018. Settlement amounts were recorded in Other gain from continuing operations in the Consolidated Statement of Operations, Prepaid expenses and other (current portion of the notes receivable) and Other non-current assets (non-current portion of the notes receivable) in the Consolidated Balance Sheets. As of June 30, 2019 , the current portion of the notes receivable was $0.8 million and the non-current portion was $2.8 million , net of $0.4 million of unamortized discount. Legal fees related to this matter were expensed as incurred during the respective reporting period. As a result of charges brought in September 2015 and October 2016 by the Houston Police Department, Environmental Enforcement, two subsidiaries of the Company were indicted at the request of the Harris County, Texas District Attorney’s Office by a duly organized Grand Jury of Harris County, Texas for separate but similar violations of the Texas Water Code, allegedly arising from the handling of construction concrete at certain work sites. Specifically, in each case the Company was charged with unlawfully, intentionally or knowingly discharging a waste or pollutant and is subject to a maximum fine of $250,000 . In addition, a project supervisor was also indicted in the second case. However, without admitting to fault, the Company has, in the first case, recently agreed to a diversion agreement that will result in the dismissal of all charges without prosecution upon completion of the agreement terms and payment of $15,000 . More recently, the Company and its project supervisor have been offered diversion agreements in the second case that would result in dismissal of all charges against each of them upon completion of the terms of the agreements and payment by the Company of $100,000 . None of these allegations nor the costs of defense, taken separately or as a whole, is expected to have a material impact on the Company’s balance sheet or its liquidity. The Company considers the first case settled and the second case without merit and thus has vigorously defend itself and its employee. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company currently operates in two reportable segments: marine and concrete. The Company's financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. The Company uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows: Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Marine Contract revenues $ 89,023 $ 80,698 $ 150,510 $ 143,489 Operating income (loss) 9 3,642 (6,447 ) 9,907 Depreciation and amortization expense (5,069 ) (5,295 ) (10,015 ) (10,026 ) Total assets $ 236,917 $ 268,642 $ 236,917 $ 268,642 Property, plant and equipment, net 117,262 128,047 117,262 128,047 Concrete Contract revenues $ 76,962 $ 79,069 $ 158,580 $ 153,121 Operating (loss) income (432 ) 949 (153 ) 1,753 Depreciation and amortization expense (2,153 ) (2,136 ) (4,247 ) (4,185 ) Total assets $ 125,872 $ 163,627 $ 125,872 $ 163,627 Property, plant and equipment, net 17,783 19,636 17,783 19,636 Intersegment revenues between the Company's two reportable segments for the three and six months ended June 30, 2019 were $0.2 million and $0.1 million , respectively. Intersegment revenues between the Company's two reportable segments for the three and six months ended June 30, 2018 was $2.4 million , respectively. The marine segment had foreign revenues of approximately $2.4 million and $2.4 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.9 million and $8.3 million for the six months ended June 30, 2019 and 2018, respectively. These revenues are derived from projects in the Caribbean Basin and are paid in U.S. dollars. There was no foreign revenue for the concrete segment. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company has operating and finance leases for office space, equipment and vehicles. Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at a commencement date. As the implicit rate is not determinable in most of the Company's leases, management uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company's lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases recorded on the balance sheet consists of the following: June 30, Leases 2019 Assets Operating lease right-of-use assets, net (1) $ 21,510 Financing lease right-of-use assets, net (2) 8,238 Total assets $ 29,748 Liabilities Current Operating $ 5,677 Financing 2,935 Total current 8,612 Noncurrent Operating 16,485 Financing 4,291 Total noncurrent 20,776 Total liabilities $ 29,388 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $2.9 million as of June 30, 2019. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $5.1 million as of June 30, 2019 Other information related to lease term and discount rate is as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 5.42 years Financing leases 1.63 years Weighted Average Discount Rate Operating leases (1) 4.78 % Financing leases 5.34 % (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019. The components of lease expense are as follows: Three Months Ended Six Month Ended June 30, 2019 June 30, 2019 Operating lease costs: Operating lease cost $ 1,759 $ 3,460 Short-term lease cost (1) 87 155 Financing lease costs: Interest on lease liabilities 97 200 Amortization of right-of-use assets 585 1,154 Total lease cost $ 2.528 $ 4.969 (1) Excludes expenses related to leases with a lease term of one month or less. Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,417 Operating cash flows for finance leases $ 200 Financing cash flows for finance leases $ 1,412 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 24,437 ROU assets obtained in exchange for new financing lease liabilities $ 205 Maturities of lease liabilities are summarized as follows Operating Leases Finance Leases Year ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 3,492 $ 1,749 2020 5,932 3,193 2021 4,527 3,136 2022 2,978 46 2023 2,385 42 Thereafter 6,006 7 Total future minimum lease payments 25,320 8,173 Less - amount representing interest 3,158 947 Present value of future minimum lease payments 22,162 7,226 Less - current lease obligations 5,677 2,935 Long-term lease obligations $ 16,485 $ 4,291 |
Leases | Leases The Company has operating and finance leases for office space, equipment and vehicles. Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at a commencement date. As the implicit rate is not determinable in most of the Company's leases, management uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company's lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases recorded on the balance sheet consists of the following: June 30, Leases 2019 Assets Operating lease right-of-use assets, net (1) $ 21,510 Financing lease right-of-use assets, net (2) 8,238 Total assets $ 29,748 Liabilities Current Operating $ 5,677 Financing 2,935 Total current 8,612 Noncurrent Operating 16,485 Financing 4,291 Total noncurrent 20,776 Total liabilities $ 29,388 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $2.9 million as of June 30, 2019. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $5.1 million as of June 30, 2019 Other information related to lease term and discount rate is as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 5.42 years Financing leases 1.63 years Weighted Average Discount Rate Operating leases (1) 4.78 % Financing leases 5.34 % (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019. The components of lease expense are as follows: Three Months Ended Six Month Ended June 30, 2019 June 30, 2019 Operating lease costs: Operating lease cost $ 1,759 $ 3,460 Short-term lease cost (1) 87 155 Financing lease costs: Interest on lease liabilities 97 200 Amortization of right-of-use assets 585 1,154 Total lease cost $ 2.528 $ 4.969 (1) Excludes expenses related to leases with a lease term of one month or less. Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,417 Operating cash flows for finance leases $ 200 Financing cash flows for finance leases $ 1,412 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 24,437 ROU assets obtained in exchange for new financing lease liabilities $ 205 Maturities of lease liabilities are summarized as follows Operating Leases Finance Leases Year ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 3,492 $ 1,749 2020 5,932 3,193 2021 4,527 3,136 2022 2,978 46 2023 2,385 42 Thereafter 6,006 7 Total future minimum lease payments 25,320 8,173 Less - amount representing interest 3,158 947 Present value of future minimum lease payments 22,162 7,226 Less - current lease obligations 5,677 2,935 Long-term lease obligations $ 16,485 $ 4,291 |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted. Readers of this report should also read the Company's consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“ 2018 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations also included in its 2018 Form 10-K. |
Revenue Recognition | Revenue Recognition |
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at June 30, 2019 and December 31, 2018 consisted primarily of overnight bank deposits. |
Risk Concentrations | Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the historical carrying value, less allowances for doubtful accounts. The Company has significant investments in billed and unbilled receivables as of June 30, 2019 and December 31, 2018. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts, which are included in costs in excess of billings, arise as revenues are recognized over time. Unbilled amounts on contracts represent recoverable costs and accrued profits not yet billed. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk amounts are reviewed individually for collectability. In establishing an allowance for doubtful accounts, the Company evaluates its contract receivables and costs in excess of billings and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for doubtful accounts if it is determined that the amounts will not be collected or if a settlement is reached for an amount that is less than the carrying value. As of June 30, 2019 and December 31, 2018 , the Company has recorded an allowance for doubtful accounts of $4.3 million. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at June 30, 2019 totaled $36.9 million , of which $11.0 million is expected to be collected beyond June 30, 2020. Retainage at December 31, 2018 totaled $30.7 million . The Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts recorded, which could result in the recording of a loss. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. |
Advertising Costs | Advertising Costs The Company primarily obtains contracts through an open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. |
Environmental Costs | Environmental Costs |
Fair Value Measurements | Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 for more information regarding fair value determination. The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to indefinite-lived intangible assets. |
Inventory | Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime. Refer to Note 7 for more information regarding inventory. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three to seven years until the next scheduled maintenance. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 5 years Buildings and improvements 5 to 30 years Construction equipment 3 to 15 years Vessels and other equipment 1 to 15 years Office equipment 1 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where appropriate. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three to 15 years. Dry-docking costs include, but are not limited to, the inspection, refurbishment and replacement of steel, engine components, tailshafts, mooring equipment and other parts of the vessel. Amortization related to dry-docking activities is included as a component of depreciation. These costs and the related amortization periods are periodically reviewed to determine if the estimates are accurate. If warranted, a significant upgrade of equipment may result in a revision to the useful life of the asset, in which case the change is accounted for prospectively. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. |
Intangible Assets | Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have indefinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one indefinite-lived intangible asset, a trade name, which is tested for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name's carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to "rent" the asset and is, therefore, "relieved" from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant, and is measured as the mean price of the stock on the day of grant. Compensation expense is recognized only for share-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations and this assessment is updated on a periodic basis. |
Income Taxes | Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its consolidated tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. |
Insurance Coverage | Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers' compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company's workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The marine segment's excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million . The concrete segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The concrete segment's excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the consolidated results of operations in the period in which they become known. The Company's concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. |
Recent Accounting Pronouncements | In February 2016, the Financial Accounting Standards Board ("FASB") issued an ASU 2016-02, Leases (Topic 842), which requires all lessees to recognize right-of-use ("ROU") assets and lease liabilities, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the new standard on January 1, 2019, on a prospective basis, forgoing comparative reporting. The Company elected to utilize the transition guidance within the new standard, which allows the Company to carryforward the historical lease classification. The Company elected to not separate leases and non-lease components for all classes of underlying assets in which it is the lessee and made an accounting policy election to not account for leases with an initial term of 12 months or less on the balance sheet. Adoption of the standard resulted in the recording of additional net ROU operating lease assets of approximately $23.3 million and lease liabilities for operating leases of approximately $24.0 million on the Consolidated Balance Sheets as of January 1, 2019. The adoption of this guidance did not have an impact on net income. See Note 17 for more information regarding leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | ||
Depreciable lives of property and equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 5 years Buildings and improvements 5 to 30 years Construction equipment 3 to 15 years Vessels and other equipment 1 to 15 years Office equipment 1 to 5 years | The following is a summary of property and equipment at June 30, 2019 and December 31, 2018 : June 30, December 31, Automobiles and trucks $ 1,669 $ 1,709 Building and improvements 43,790 43,628 Construction equipment 158,684 161,113 Vessels and other equipment 82,875 90,217 Office equipment 8,183 8,061 295,201 304,728 Less: Accumulated depreciation (197,340 ) (195,373 ) Net book value of depreciable assets 97,861 109,355 Construction in progress 1,321 2,785 Land 35,863 35,863 $ 135,045 $ 148,003 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of the Company’s contract revenue by service line for the marine and concrete segments: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Marine Segment Construction $ 57,181 $ 52,860 $ 90,817 $ 95,235 Dredging 27,191 23,472 53,358 40,483 Specialty Services 4,651 4,366 6,335 7,771 Marine segment contract revenues $ 89,023 $ 80,698 $ 150,510 $ 143,489 Concrete Segment Structural $ 12,665 $ 62,189 $ 24,156 $ 118,682 Light Commercial 64,275 16,740 134,371 34,112 Other 22 140 53 327 Concrete segment contract revenues $ 76,962 $ 79,069 $ 158,580 $ 153,121 Total contract revenues $ 165,985 $ 159,767 $ 309,090 $ 296,610 |
Concentration of Risk and Ent_2
Concentration of Risk and Enterprise-Wide Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts receivable | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2019 and December 31, 2018 , respectively: June 30, 2019 December 31, 2018 Federal Government $ 3,420 3 % $ 2,319 2 % State Governments 3,363 2 % 916 1 % Local Governments 50,017 37 % 30,187 28 % Private Companies 79,381 58 % 74,953 69 % Total receivables $ 136,181 100 % $ 108,375 100 % |
Contract revenues | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | Additionally, the table below represents concentrations of contract revenue by type of customer for the three and six months ended June 30, 2019 and 2018 , respectively: Three months ended June 30, Six months ended June 30, 2019 % 2018 % 2019 % 2018 % Federal Government $ 12,301 8 % $ 16,077 10 % $ 22,578 7 % $ 29,100 10 % State Governments 10,286 6 % 9,898 6 % 14,341 5 % 18,274 6 % Local Government 51,599 31 % 20,522 13 % 96,029 31 % 43,752 15 % Private Companies 91,799 55 % 113,270 71 % 176,142 57 % 205,484 69 % Total contract revenues $ 165,985 100 % $ 159,767 100 % $ 309,090 100 % $ 296,610 100 % |
Contracts in Progress (Tables)
Contracts in Progress (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Contractors [Abstract] | |
Summary of Contracts in Progress | Contracts in progress are as follows at June 30, 2019 and December 31, 2018 : June 30, December 31, Costs incurred on uncompleted contracts $ 630,685 $ 461,144 Estimated earnings 112,786 73,170 743,471 534,314 Less: Billings to date (771,794 ) (546,858 ) $ (28,323 ) $ (12,544 ) Included in the accompanying Consolidated Balance Sheet under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 23,641 $ 9,217 Billings in excess of costs and estimated earnings on uncompleted contracts (51,964 ) (21,761 ) $ (28,323 ) $ (12,544 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Summary of property and equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 5 years Buildings and improvements 5 to 30 years Construction equipment 3 to 15 years Vessels and other equipment 1 to 15 years Office equipment 1 to 5 years | The following is a summary of property and equipment at June 30, 2019 and December 31, 2018 : June 30, December 31, Automobiles and trucks $ 1,669 $ 1,709 Building and improvements 43,790 43,628 Construction equipment 158,684 161,113 Vessels and other equipment 82,875 90,217 Office equipment 8,183 8,061 295,201 304,728 Less: Accumulated depreciation (197,340 ) (195,373 ) Net book value of depreciable assets 97,861 109,355 Construction in progress 1,321 2,785 Land 35,863 35,863 $ 135,045 $ 148,003 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth by level within the fair value hierarchy the Company's recurring financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 : Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 June 30, 2019 Assets: Cash surrender value of life insurance policy $ 2,437 — 2,437 — Liabilities: Derivatives $ 1,094 — 1,094 — December 31, 2018 Assets: Cash surrender value of life insurance policy $ 1,993 — 1,993 — Liabilities: Derivatives $ 79 — 79 — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | The table below summarizes changes in goodwill recorded by the Company during the periods ended June 30, 2019 and December 31, 2018 , respectively: June 30, December 31, Beginning balance, January 1 $ — $ 69,483 Impairments — (69,483 ) Ending balance $ — $ — |
Schedule of changes and amortization of finite-lived intangible assets | The tables below present the activity and amortization of finite-lived intangible assets: June 30, December 31, Intangible assets, January 1 $ 35,240 $ 35,240 Additions — — Total intangible assets, end of period 35,240 35,240 Accumulated amortization, January 1 $ (27,345 ) $ (23,956 ) Current year amortization (1,318 ) (3,389 ) Total accumulated amortization (28,663 ) (27,345 ) Net intangible assets, end of period $ 6,577 $ 7,895 |
Summary of Finite-lived Intangible Assets Amortization Expense | Future expense remaining of approximately $6.6 million will be amortized as follows: 2019 1,322 2020 2,069 2021 1,521 2022 1,239 2023 389 Thereafter 37 $ 6,577 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 Accrued salaries, wages and benefits $ 6,365 $ 6,492 Accrual for insurance liabilities 3,855 5,680 Property taxes 1,298 924 Capital lease liability (1) — 3,045 Sales taxes 1,457 2,178 Interest 59 — Other accrued expenses 868 521 Total accrued liabilities $ 13,902 $ 18,840 (1) December 31, 2018 balance relates to capital leases accounting for under ASC 840 and prior to the adoption of ASC 842 as of January 1, 2019. |
Long-term Debt, Line of Credi_2
Long-term Debt, Line of Credit and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's obligations under debt arrangements consisted of the following: June 30, 2019 December 31, 2018 Principal Debt Issuance Costs (1) Total Principal Debt Issuance Costs (1) Total Term loan - current $ 3,000 $ (61 ) $ 2,939 $ 3,000 $ (54 ) $ 2,946 Total current debt 3,000 (61 ) 2,939 3,000 (54 ) 2,946 Revolving line of credit 26,000 (525 ) 25,475 22,000 (213 ) 21,787 Term loan - long-term 54,000 (1,089 ) 52,911 55,500 (1,168 ) 54,332 Total long-term debt 80,000 (1,614 ) 78,386 77,500 (1,381 ) 76,119 Total debt $ 83,000 $ (1,675 ) $ 81,325 $ 80,500 $ (1,435 ) $ 79,065 (1) Total debt issuance costs, include underwriter fees, legal fees and syndication fees and fees related to the execution of the Fourth, Fifth, and Sixth Amendments to the Credit Agreement. |
Debt Maturity Schedule | The table below outlines the total remaining payment amounts annually for the term loan through maturity of the Credit Facility: 2019 1,500 2020 3,750 2021 4,500 2022 5,250 2023 42,000 $ 57,000 |
Income Taxes Income tax expense
Income Taxes Income tax expense (benefit) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Income tax (benefit) expense $ (140 ) $ 1,660 $ 453 $ 3,149 Effective tax rate 7.9 % 42.5 % (5.0 )% 33.1 % |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table reconciles the denominators used in the computations of both basic and diluted earnings (loss) per share: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic: Weighted average shares outstanding 29,097,094 28,309,004 29,086,811 28,243,400 Diluted: Total basic weighted average shares outstanding 29,097,094 28,309,004 29,086,811 28,243,400 Effect of dilutive securities: Common stock options — 235,006 — 231,032 Total weighted average shares outstanding assuming dilution 29,097,094 28,544,010 29,086,811 28,474,432 Shares of common stock issued from the exercise of stock options — 84,705 7,021 231,470 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | Segment information for the periods presented is provided as follows: Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Marine Contract revenues $ 89,023 $ 80,698 $ 150,510 $ 143,489 Operating income (loss) 9 3,642 (6,447 ) 9,907 Depreciation and amortization expense (5,069 ) (5,295 ) (10,015 ) (10,026 ) Total assets $ 236,917 $ 268,642 $ 236,917 $ 268,642 Property, plant and equipment, net 117,262 128,047 117,262 128,047 Concrete Contract revenues $ 76,962 $ 79,069 $ 158,580 $ 153,121 Operating (loss) income (432 ) 949 (153 ) 1,753 Depreciation and amortization expense (2,153 ) (2,136 ) (4,247 ) (4,185 ) Total assets $ 125,872 $ 163,627 $ 125,872 $ 163,627 Property, plant and equipment, net 17,783 19,636 17,783 19,636 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Assets And Liabilities | Leases recorded on the balance sheet consists of the following: June 30, Leases 2019 Assets Operating lease right-of-use assets, net (1) $ 21,510 Financing lease right-of-use assets, net (2) 8,238 Total assets $ 29,748 Liabilities Current Operating $ 5,677 Financing 2,935 Total current 8,612 Noncurrent Operating 16,485 Financing 4,291 Total noncurrent 20,776 Total liabilities $ 29,388 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $2.9 million as of June 30, 2019. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $5.1 million as of June 30, 2019 |
Lessee, Weighted Average Term And Discount Rate | Other information related to lease term and discount rate is as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 5.42 years Financing leases 1.63 years Weighted Average Discount Rate Operating leases (1) 4.78 % Financing leases 5.34 % (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019. |
Lease, Cost | The components of lease expense are as follows: Three Months Ended Six Month Ended June 30, 2019 June 30, 2019 Operating lease costs: Operating lease cost $ 1,759 $ 3,460 Short-term lease cost (1) 87 155 Financing lease costs: Interest on lease liabilities 97 200 Amortization of right-of-use assets 585 1,154 Total lease cost $ 2.528 $ 4.969 (1) Excludes expenses related to leases with a lease term of one month or less. |
Lessee, Supplemental Cash Flows | Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,417 Operating cash flows for finance leases $ 200 Financing cash flows for finance leases $ 1,412 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 24,437 ROU assets obtained in exchange for new financing lease liabilities $ 205 |
Finance Lease, Liability, Maturity | Maturities of lease liabilities are summarized as follows Operating Leases Finance Leases Year ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 3,492 $ 1,749 2020 5,932 3,193 2021 4,527 3,136 2022 2,978 46 2023 2,385 42 Thereafter 6,006 7 Total future minimum lease payments 25,320 8,173 Less - amount representing interest 3,158 947 Present value of future minimum lease payments 22,162 7,226 Less - current lease obligations 5,677 2,935 Long-term lease obligations $ 16,485 $ 4,291 |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities are summarized as follows Operating Leases Finance Leases Year ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 3,492 $ 1,749 2020 5,932 3,193 2021 4,527 3,136 2022 2,978 46 2023 2,385 42 Thereafter 6,006 7 Total future minimum lease payments 25,320 8,173 Less - amount representing interest 3,158 947 Present value of future minimum lease payments 22,162 7,226 Less - current lease obligations 5,677 2,935 Long-term lease obligations $ 16,485 $ 4,291 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) - segment | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments (segment) | 2 | 2 |
Number of operating segments (segment) | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles - Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue, Major Customer [Line Items] | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 23,641 | $ 23,641 | $ 9,217 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 51,964 | 51,964 | 21,761 | ||
Deferred income taxes | 92 | 92 | 49 | ||
Retained loss | (41,418) | (41,418) | $ (31,861) | ||
Contract revenues | 165,985 | $ 159,767 | 309,090 | $ 296,610 | |
Costs of contract revenues | 151,008 | 140,305 | 285,031 | 262,452 | |
Gross profit | 14,977 | 19,462 | 24,059 | 34,158 | |
Income tax (benefit) expense | (140) | 1,660 | 453 | 3,149 | |
Net (loss) income | $ (1,633) | $ 2,249 | $ (9,557) | $ 6,350 | |
Basic (loss) income per share (in dollars per share) | $ (0.06) | $ 0.08 | $ (0.33) | $ 0.22 | |
Diluted (loss) income per share (in dollars per share) | $ (0.06) | $ 0.08 | $ (0.33) | $ 0.22 | |
Customer One | |||||
Revenue, Major Customer [Line Items] | |||||
Contract revenues | $ 1,100 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 465.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 661 |
Summary of Significant Accoun_6
Summary of Significant Accounting Principles - Performance Obligation (Details) | Jun. 30, 2019 |
Accounting Policies [Abstract] | |
Remaining performance obligation, percentage | 70.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied, expected timing |
Summary of Significant Accoun_7
Summary of Significant Accounting Principles - Depreciable Lives of Property and Equipment (Details) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Equipment improvement | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 3 years | |
Equipment improvement | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 7 years | |
Automobiles and trucks | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 3 years | |
Automobiles and trucks | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 5 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 5 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 30 years | |
Construction equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 3 years | |
Construction equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 15 years | |
Vessels and other equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 1 year | |
Vessels and other equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 15 years | |
Office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 1 year | |
Office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 5 years | |
Dry-docking capitalized costs | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 3 years | |
Dry-docking capitalized costs | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment useful life | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Principles - Goodwill and Other Intangible Assets (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019USD ($)segment | Jun. 30, 2018segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | ||||
Goodwill | $ | $ 0 | $ 0 | $ 69,483 | |
Number of reportable segments (segment) | 2 | 2 | ||
Number of operating segments (segment) | 2 |
Summary of Significant Accoun_9
Summary of Significant Accounting Principles - Insurance Coverage (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)levelspolicy | Dec. 31, 2018USD ($) | |
Insurance Coverage [Line Items] | ||
Number of insurance policies (policy) | policy | 2 | |
Accrual for insurance liabilities | $ 3,855,000 | $ 5,680,000 |
Marine | ||
Insurance Coverage [Line Items] | ||
Levels of insurance coverage maintained by the Company | levels | 5 | |
Amount in excess of primary insurance coverage | $ 200,000,000 | |
Marine | Other liability policies | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | 1,000,000 | |
Marine | Maritime employer's liability | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | 10,000,000 | |
Marine | Watercraft pollution policy | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | $ 5,000,000 | |
Concrete | ||
Insurance Coverage [Line Items] | ||
Levels of insurance coverage maintained by the Company | policy | 5 | |
Amount in excess of primary insurance coverage | $ 200,000,000 | |
Concrete | Other liability policies | ||
Insurance Coverage [Line Items] | ||
Primary limit of insurance coverage | $ 1,000,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Principles - Prior Period Adjustment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net (loss) income | $ (1,633) | $ 2,249 | $ (9,557) | $ 6,350 |
Contract revenues | 165,985 | 159,767 | 309,090 | 296,610 |
Costs of contract revenues | 151,008 | 140,305 | 285,031 | 262,452 |
Selling, general and administrative expenses | 15,114 | 14,710 | 30,087 | 27,751 |
Income tax (benefit) expense | $ (140) | $ 1,660 | $ 453 | $ 3,149 |
Summary of Significant Accou_11
Summary of Significant Accounting Principles Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Contract receivable retention | $ 36,889 | $ 30,734 |
Retainage, long-term | $ 11,000 |
Summary of Significant Accou_12
Summary of Significant Accounting Principles Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | |||
Goodwill | $ 0 | $ 0 | $ 69,483 |
Summary of Significant Accou_13
Summary of Significant Accounting Principles - Accounting Standards Adopted in 2019 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 21,510 | $ 0 | |
Operating lease, liability | $ 22,162 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 23,300 | ||
Operating lease, liability | $ 24,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 |
Marine | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 89,023 | 80,698 | 150,510 | 143,489 |
Marine | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 57,181 | 52,860 | 90,817 | 95,235 |
Marine | Dredging | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 27,191 | 23,472 | 53,358 | 40,483 |
Marine | Specialty Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 4,651 | 4,366 | 6,335 | 7,771 |
Concrete | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 76,962 | 79,069 | 158,580 | 153,121 |
Concrete | Structural | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 12,665 | 62,189 | 24,156 | 118,682 |
Concrete | Light Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 64,275 | 16,740 | 134,371 | 34,112 |
Concrete | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 22 | $ 140 | $ 53 | $ 327 |
Concentration of Risk and Ent_3
Concentration of Risk and Enterprise-Wide Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||||||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 | ||
Customer concentration risk | Trade and contract retainage receivables | ||||||
Concentration Risk [Line Items] | ||||||
Trade and retainage receivables | $ 136,181 | $ 136,181 | $ 108,375 | |||
Concentration risk, percentage | 100.00% | 100.00% | ||||
Customer concentration risk | Contract revenues | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 | ||
Customer concentration risk | Federal Government | Trade and contract retainage receivables | ||||||
Concentration Risk [Line Items] | ||||||
Trade and retainage receivables | $ 3,420 | $ 3,420 | $ 2,319 | |||
Concentration risk, percentage | 3.00% | 2.00% | ||||
Customer concentration risk | Federal Government | Contract revenues | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 8.00% | 10.00% | 7.00% | 10.00% | ||
Contract revenues | $ 12,301 | $ 16,077 | $ 22,578 | $ 29,100 | ||
Customer concentration risk | State Governments | Trade and contract retainage receivables | ||||||
Concentration Risk [Line Items] | ||||||
Trade and retainage receivables | $ 3,363 | $ 3,363 | $ 916 | |||
Concentration risk, percentage | 2.00% | 1.00% | ||||
Customer concentration risk | State Governments | Contract revenues | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 6.00% | 6.00% | 5.00% | 6.00% | ||
Contract revenues | $ 10,286 | $ 9,898 | $ 14,341 | $ 18,274 | ||
Customer concentration risk | Local Governments | Trade and contract retainage receivables | ||||||
Concentration Risk [Line Items] | ||||||
Trade and retainage receivables | $ 50,017 | $ 50,017 | $ 30,187 | |||
Concentration risk, percentage | 37.00% | 28.00% | ||||
Customer concentration risk | Local Governments | Contract revenues | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 31.00% | 13.00% | 31.00% | 15.00% | ||
Contract revenues | $ 51,599 | $ 20,522 | $ 96,029 | $ 43,752 | ||
Customer concentration risk | Private Companies | Trade and contract retainage receivables | ||||||
Concentration Risk [Line Items] | ||||||
Trade and retainage receivables | $ 79,381 | $ 79,381 | $ 74,953 | |||
Concentration risk, percentage | 58.00% | 69.00% | ||||
Customer concentration risk | Private Companies | Contract revenues | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 55.00% | 71.00% | 57.00% | 69.00% | ||
Contract revenues | $ 91,799 | $ 113,270 | $ 176,142 | $ 205,484 |
Concentration of Risk and Ent_4
Concentration of Risk and Enterprise-Wide Disclosures Narrative (Details) - Customer concentration risk - Contract revenues | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Local Governments | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 31.00% | 13.00% | 31.00% | 15.00% | |
Local Governments | Customer One | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 14.00% | 11.00% | |||
Private Companies | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 55.00% | 71.00% | 57.00% | 69.00% | |
Private Companies | Customer One | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16.00% | 12.00% |
Contracts in Progress (Details)
Contracts in Progress (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Contractors [Abstract] | |||||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 | |
Costs incurred on uncompleted contracts | 630,685 | 630,685 | $ 461,144 | ||
Estimated earnings | 112,786 | 112,786 | 73,170 | ||
Costs incurred and estimated earnings on uncompleted contracts | 743,471 | 743,471 | 534,314 | ||
Less: Billings to date | (771,794) | (771,794) | (546,858) | ||
Costs and estimated earnings in excess of billings on uncompleted contracts, net | (28,323) | (28,323) | (12,544) | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | 23,641 | 23,641 | 9,217 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (51,964) | $ (51,964) | $ (21,761) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 295,201 | $ 295,201 | $ 304,728 | ||
Less: accumulated depreciation | (197,340) | (197,340) | (195,373) | ||
Net book value of depreciable assets | 97,861 | 97,861 | 109,355 | ||
Property and equipment, net of depreciation | 135,045 | 135,045 | 148,003 | ||
Depreciation | 6,000 | $ 6,600 | 11,800 | $ 12,500 | |
Automobiles and trucks | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 1,669 | 1,669 | 1,709 | ||
Building and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 43,790 | 43,790 | 43,628 | ||
Construction equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 158,684 | 158,684 | 161,113 | ||
Vessels and other equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 82,875 | 82,875 | 90,217 | ||
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 8,183 | 8,183 | 8,061 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 1,321 | 1,321 | 2,785 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 35,863 | $ 35,863 | $ 35,863 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 907 | $ 1,056 |
Inventory, non-current | $ 7,495 | $ 7,598 |
Fair Value Schedule of Fair Val
Fair Value Schedule of Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance policy | $ 2,437 | $ 1,993 |
Assets | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance policy | 0 | 0 |
Assets | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance policy | 2,437 | 1,993 |
Assets | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance policy | 0 | 0 |
Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | (1,100) | |
Liability | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Liability | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1,094 | 79 |
Liability | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 0 | $ 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life insurance, face amount | $ 11.1 | |
Carrying (reported) amount, fair value disclosure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 83 | $ 80.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Beginning balance, January 1 | $ 0 | $ 69,483 | |
Impairments | $ (69,500) | 0 | (69,483) |
Ending balance | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Finite-lived Intangible Assets Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Finite-lived Intangible Assets, Gross [Roll Forward] | |||||
Intangible assets, January 1 | $ 35,240 | $ 35,240 | $ 35,240 | ||
Additions | 0 | 0 | |||
Total intangible assets, end of period | $ 35,240 | 35,240 | 35,240 | ||
Accumulated amortization, January 1 | |||||
Accumulated amortization, January 1 | (27,345) | (23,956) | (23,956) | ||
Current year amortization | (658) | $ (847) | (1,318) | $ (1,694) | (3,389) |
Total accumulated amortization | (28,663) | (28,663) | (27,345) | ||
Net intangible assets, end of period | $ 6,577 | $ 6,577 | $ 7,895 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Apr. 10, 2017 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||
Goodwill, impairment Loss | $ 69,500 | $ 0 | $ 69,483 | ||||
Amortization expense | $ 658 | $ 847 | 1,318 | $ 1,694 | 3,389 | ||
Finite-lived intangible assets, net | 6,577 | 7,895 | 6,577 | $ 7,895 | |||
Tony Bagliore Concrete, Inc. (TBC) | Order or Production Backlog | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangibles acquired | $ 100 | ||||||
Acquired finite-lived intangible assets, useful life | 7 months | ||||||
Tony Bagliore Concrete, Inc. (TBC) | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangibles acquired | $ 700 | ||||||
Acquired finite-lived intangible assets, useful life | 7 years | ||||||
Amortization expense | 1,300 | ||||||
TAS Commercial Concrete | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, indefinite-lived intangible assets | $ 6,900 | $ 6,900 | |||||
Marine | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, impairment Loss | 33,800 | ||||||
Concrete | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, impairment Loss | $ 35,700 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Future Amortization Expense of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2019 | $ 1,322 | |
2020 | 2,069 | |
2021 | 1,521 | |
2022 | 1,239 | |
2023 | 389 | |
Thereafter | 37 | |
Net intangible assets, end of period | $ 6,577 | $ 7,895 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Accrued salaries, wages and benefits | $ 6,365 | $ 6,492 |
Accrual for insurance liabilities | 3,855 | 5,680 |
Property taxes | 1,298 | 924 |
Capital lease liability | 0 | 3,045 |
Sales taxes | 1,457 | 2,178 |
Interest | 59 | 0 |
Other accrued expenses | 868 | 521 |
Total accrued liabilities | $ 13,902 | $ 18,840 |
Long-term Debt, Line of Credi_3
Long-term Debt, Line of Credit and Derivatives - Obligations under Debt Arrangements (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
May 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 900,000 | ||
Principal, current | $ 3,000,000 | 3,000,000 | |
Principal, long-term | 80,000,000 | 77,500,000 | |
Principal | 83,000,000 | 80,500,000 | |
Deferred Issuance Costs, current | (61,000) | (54,000) | |
Deferred Issuance Costs, long-term | (1,614,000) | (1,381,000) | |
Deferred Issuance Costs | (1,675,000) | (1,435,000) | |
Net Value, current | 2,939,000 | 2,946,000 | |
Net Value, long-term | 78,386,000 | 76,119,000 | |
Total debt | 81,325,000 | 79,065,000 | |
Term Loan | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 60,000,000 | ||
Total debt | 57,000,000 | ||
Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 50,000,000 | ||
Debt issuance expense | $ 400,000 | ||
Revolving line of credit | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 50,000,000 | ||
Principal, long-term | 26,000,000 | 22,000,000 | |
Deferred Issuance Costs, long-term | (525,000) | (213,000) | |
Net Value, long-term | 25,475,000 | 21,787,000 | |
Term loan - current | Loans Payable | |||
Debt Instrument [Line Items] | |||
Principal, current | 3,000,000 | 3,000,000 | |
Deferred Issuance Costs, current | (61,000) | (54,000) | |
Net Value, current | 2,939,000 | 2,946,000 | |
Term loan - long-term | Loans Payable | |||
Debt Instrument [Line Items] | |||
Principal, long-term | 54,000,000 | 55,500,000 | |
Deferred Issuance Costs, long-term | (1,089,000) | (1,168,000) | |
Net Value, long-term | 52,911,000 | $ 54,332,000 | |
Fifth Amendment To Credit Agreement | Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | 600,000 | ||
Sixth Amendment To Credit Agreement | Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | 900,000 | ||
Fourth, Fifth And Sixth Amendments To Credit Agreement | Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 900,000 |
Long-term Debt, Line of Credi_4
Long-term Debt, Line of Credit and Derivatives - Provisions of the revolving line of credit and accordion (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Aug. 05, 2015 | |
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 29,500,000 | $ 11,750,000 | ||
Proceeds from Lines of Credit | $ 32,000,000 | $ 13,000,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 5.79% | |||
Revolving line of credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Line of credit facility, remaining borrowing capacity | 20,600,000 | |||
Repayments of debt | 28,000,000 | |||
Increase in borrowing capacity | 4,000,000 | |||
Proceeds from Lines of Credit | 32,000,000 | |||
Revolving line of credit | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | |||
Minimum additional borrowing amount | $ 1,000,000 | |||
Amount over minimum additional borrowing amount, integral multiples | 250,000 | |||
Fair value of amount outstanding | 26,000,000 | |||
Revolving line of credit | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Fair value of amount outstanding | $ 23,000,000 | |||
Stated interest rate | 5.96% | |||
Revolving line of credit | Line of Credit | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Fair value of amount outstanding | $ 3,000,000 | |||
Stated interest rate | 8.00% | |||
Revolving line of credit | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||
Letters of credit outstanding, amount | 3,400,000 | |||
Revolving line of credit | Bridge Loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 5,000,000 | |||
Minimum additional borrowing amount | 250,000 | |||
Amount over minimum additional borrowing amount, integral multiples | $ 50,000 | |||
Term Loan | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 | |||
Fair value of amount outstanding | $ 57,000,000 | |||
Term Loan | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Interest rate, effective percentage | 5.94% |
Long-term Debt, Line of Credi_5
Long-term Debt, Line of Credit and Derivatives - Provisions of the term loan (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Current portion of debt | $ 3,000 | ||
Periodic payment, principal | 1,500 | ||
Repayments of debt | 29,500 | $ 11,750 | |
Long-term debt, excluding current maturities | 54,000 | ||
Term Loan | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 60,000 | ||
Fair value of amount outstanding | $ 57,000 | ||
Term Loan | Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Interest rate, effective percentage | 5.94% |
Long-term Debt, Line of Credi_6
Long-term Debt, Line of Credit and Derivatives - Debt Maturity Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 81,325 | $ 79,065 |
Term Loan | Line of Credit | ||
Debt Instrument [Line Items] | ||
2019 | 1,500 | |
2020 | 3,750 | |
2021 | 4,500 | |
2022 | 5,250 | |
2023 | 42,000 | |
Total debt | $ 57,000 |
Long-term Debt, Line of Credi_7
Long-term Debt, Line of Credit and Derivatives - Financial covenants (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Covenant compliance, leverage ratio minimum | 9.50 | |||
Covenant compliance, EBITDA, minimum | $ 4.5 | |||
Scenario, Forecast | ||||
Debt Instrument [Line Items] | ||||
Covenant compliance, fixed charge coverage ratio, minimum | 1.25 | |||
Covenant compliance, leverage ratio minimum | 3 | 4 | 6.25 | |
Covenant compliance, EBITDA, minimum | $ 21.7 | $ 9.9 |
Long-term Debt, Line of Credi_8
Long-term Debt, Line of Credit and Derivatives - Derivative Financial Instruments (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 06, 2018USD ($) | Sep. 16, 2015USD ($)contract |
Debt Instrument [Line Items] | ||||
Percent of aggregate principal amount hedged | 50.00% | 50.00% | ||
Interest rate swap liability | $ 1,094 | $ 52 | ||
Swap | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | $ 27,000 | $ 67,500 | ||
Derivative, number of instruments held (contract) | contract | 5 | |||
Assets | ||||
Debt Instrument [Line Items] | ||||
Interest rate swap liability | 1,100 | |||
Liability | ||||
Debt Instrument [Line Items] | ||||
Derivatives | (1,100) | |||
Liability | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||||
Debt Instrument [Line Items] | ||||
Derivatives | $ 1,094 | $ 79 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense (benefit) | $ (140) | $ 1,660 | $ 453 | $ 3,149 |
Effective income tax rate | 7.90% | 42.50% | (5.00%) | 33.10% |
(Loss) Earnings Per Share - Na
(Loss) Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential antidilutive securities excluded from future computations of earnings per share, amount (in shares) | 1,651,916 | 2,012,481 | 1,699,936 | 1,969,623 |
(Loss) Earnings Per Share - Ba
(Loss) Earnings Per Share - Basic and Diluted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic: | ||||
Basic (in shares) | 29,097,094 | 28,309,004 | 29,086,811 | 28,243,400 |
Effect of dilutive securities: | ||||
Common stock options (in shares) | 0 | 235,006 | 0 | 231,032 |
Total weighted average shares outstanding assuming dilution (in shares) | 29,097,094 | 28,544,010 | 29,086,811 | 28,474,432 |
Shares of common stock issued from the exercise of stock options (in shares) | 0 | 84,705 | 7,021 | 231,470 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May 31, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Approved and authorized maximum number of shares to be issued (in shares) | 2,400,000 | |||||||||
Compensation expense related to stock based awards outstanding | $ 1,100 | $ 800 | $ 1,700 | $ 1,100 | ||||||
Exercise of stock options (in shares) | 0 | 84,705 | 7,021 | 231,470 | ||||||
Proceeds received upon exercise of stock options | $ 35 | $ 1,299 | ||||||||
Total unrecognized compensation expense | $ 2,700 | $ 2,700 | ||||||||
Share-based compensation cost not yet recognized, period for recognition | 2 years | |||||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, expiration period | 10 years | |||||||||
Forfeiture rate | 5.50% | |||||||||
Exercise of stock options (in shares) | 0 | 84,705 | 7,021 | 231,470 | ||||||
Proceeds received upon exercise of stock options | $ 500 | $ 100 | $ 1,300 | |||||||
Stock options | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, vesting period | 3 years | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grants in period (in shares) | 168,350 | 16,854 | ||||||||
Grants in period, grant date fair value (in dollars per share) | $ 2.97 | $ 4.45 | ||||||||
Independent Directors and Certain Officers and Executives | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grants in period (in shares) | 479,590 | |||||||||
Grants in period, grant date fair value (in dollars per share) | $ 1.96 | |||||||||
Shares earned based on achievement of objective, percent | 100.00% | |||||||||
Performance period | 1 year | |||||||||
Independent Director | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grants in period (in shares) | 229,590 | |||||||||
Certain Executives | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grants in period (in shares) | 187,500 | |||||||||
2017 LTIP | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Forfeiture rate | 3.20% | |||||||||
Vesting If Performance Target Is Met | Independent Directors and Certain Officers and Executives | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 50.00% | |||||||||
Vesting On Second And Third Anniversary Of Grant | Independent Directors and Certain Officers and Executives | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 25.00% |
Commitments and Contingencies N
Commitments and Contingencies Note Receivable Details (Details) | 3 Months Ended | 6 Months Ended | 14 Months Ended |
Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Oct. 31, 2016defendant | |
Other Commitments [Line Items] | |||
Other gain from continuing operations | $ 5,500,000 | ||
Notes receivable, current | $ 800,000 | ||
Notes receivables, noncurrent | 2,800,000 | ||
Receivable, unamortized discount | 400,000 | ||
Houston Police Department, Environmental Enforcement | Pending Litigation | |||
Other Commitments [Line Items] | |||
Number of defendants | defendant | 2 | ||
Estimate of possible loss | 250,000 | ||
Settlement agreement, plea bargain | 100,000 | ||
Houston Police Department, Environmental Enforcement | Settled Litigation | |||
Other Commitments [Line Items] | |||
Settlement agreement, plea bargain | $ 15,000 |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($)segment | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments (segment) | segment | 2 | 2 | ||
Contract revenues | $ 165,985,000 | $ 159,767,000 | $ 309,090,000 | $ 296,610,000 |
Marine | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 89,023,000 | 80,698,000 | 150,510,000 | 143,489,000 |
Marine | Mexico and the Caribbean | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 2,400,000 | 2,400,000 | 2,900,000 | 8,300,000 |
Concrete | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 76,962,000 | 79,069,000 | 158,580,000 | 153,121,000 |
Concrete | Mexico and the Caribbean | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 200,000 | $ 100,000 | $ 2,400,000 | $ 2,400,000 |
Segment Information - Summary (
Segment Information - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Contract revenues | $ 165,985 | $ 159,767 | $ 309,090 | $ 296,610 | |
Operating income (loss) | (423) | 4,591 | (6,600) | 11,660 | |
Depreciation and amortization expense | (13,108) | (14,211) | |||
Total assets | 362,789 | 362,789 | $ 312,870 | ||
Property and equipment, net of depreciation | 135,045 | 135,045 | $ 148,003 | ||
Marine | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 89,023 | 80,698 | 150,510 | 143,489 | |
Concrete | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 76,962 | 79,069 | 158,580 | 153,121 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 200 | 100 | 2,400 | 2,400 | |
Operating Segments | Marine | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 89,023 | 80,698 | 150,510 | 143,489 | |
Operating income (loss) | 9 | 3,642 | (6,447) | 9,907 | |
Depreciation and amortization expense | (5,069) | (5,295) | (10,015) | (10,026) | |
Total assets | 236,917 | 268,642 | 236,917 | 268,642 | |
Property and equipment, net of depreciation | 117,262 | 128,047 | 117,262 | 128,047 | |
Operating Segments | Concrete | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 76,962 | 79,069 | 158,580 | 153,121 | |
Operating income (loss) | (432) | 949 | (153) | 1,753 | |
Depreciation and amortization expense | (2,153) | (2,136) | (4,247) | (4,185) | |
Total assets | 125,872 | 163,627 | 125,872 | 163,627 | |
Property and equipment, net of depreciation | $ 17,783 | $ 19,636 | $ 17,783 | $ 19,636 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net of amortization | $ 21,510 | $ 0 |
Financing lease right-of-use assets, net of amortization | 8,238 | 0 |
Total assets | 29,748 | |
Current portion of operating lease liabilities | 5,677 | 0 |
Current portion of financing lease liabilities | 2,935 | 0 |
Total current | 8,612 | |
Operating lease liabilities | 16,485 | 0 |
Financing lease liabilities | 4,291 | $ 0 |
Total noncurrent | 20,776 | |
Total liabilities | 29,388 | |
Operating lease, right-of-use asset, accumulated amortization | 2,900 | |
Finance lease, right-of-use asset, accumulated amortization | $ 5,100 |
Leases - Term and Discount Rate
Leases - Term and Discount Rate (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted Average Remaining Lease Term, operating lease | 5 years 5 months 1 day |
Weighted Average Remaining Lease Term, finance lease | 1 year 7 months 17 days |
Weighted Average Discount Rate, operating lease | 4.78% |
Weighted Average Discount Rate, finance lease | 5.34% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | |||
Operating lease cost | $ 1,759 | $ 3,460 | |
Short-term lease cost | 87 | 155 | |
Interest on lease liabilities | 97 | 200 | |
Amortization of right-of-use assets | 585 | 1,154 | $ 0 |
Total lease cost | $ 2,528 | $ 4,969 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||
Operating cash flows for operating leases | $ 3,417 | |
Operating cash flows for finance leases | 200 | |
Financing cash flows for finance leases | 1,412,000 | $ 0 |
ROU assets obtained in exchange for new operating lease liabilities | 24,437,000 | |
ROU assets obtained in exchange for new financing lease liabilities | $ 205,000 |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 (excluding the six months ended June 30, 2019) | $ 3,492 | |
2020 | 5,932 | |
2021 | 4,527 | |
2022 | 2,978 | |
2023 | 2,385 | |
Thereafter | 6,006 | |
Total future minimum lease payments | 25,320 | |
Less - amount representing interest | 3,158 | |
Present value of future minimum lease payments | 22,162 | |
Less - current lease obligations | 5,677 | $ 0 |
Long-term lease obligations | 16,485 | 0 |
Finance Leases | ||
2019 (excluding the six months ended June 30, 2019) | 1,749 | |
2020 | 3,193 | |
2021 | 3,136 | |
2022 | 46 | |
2023 | 42 | |
Thereafter | 7 | |
Total future minimum lease payments | 8,173 | |
Less - amount representing interest | 947 | |
Present value of future minimum lease payments | 7,226 | |
Less - current lease obligations | 2,935 | 0 |
Long-term lease obligations | $ 4,291 | $ 0 |
Uncategorized Items - orn-20190
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (286,000) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (286,000) |