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|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2012
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ___________ to ___________
|
|
|
|
Commission File Number: 1-12911
|
State of Incorporation:
|
I.R.S. Employer Identification Number:
|
Delaware
|
77-0239383
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Class
|
|
Outstanding
|
Common Stock, $0.01 par value
|
|
38,711,183 shares
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
EXHIBIT 10.2
|
||
EXHIBIT 10.3
|
||
EXHIBIT 10.4
|
||
EXHIBIT 10.5
|
||
EXHIBIT 101.INS
|
||
EXHIBIT 101.SCH
|
||
EXHIBIT 101.CAL
|
||
EXHIBIT 101.DEF
|
||
EXHIBIT 101.LAB
|
||
EXHIBIT 101.PRE
|
|
|
|
|
Item 1.
|
FINANCIAL STATEMENTS
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Unaudited - in thousands, except share and per share data)
|
||||||||||||
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents ($74,020, $75,122 and $65,350 related to consolidated construction joint ventures (“CCJV”))
|
|
$
|
287,322
|
|
|
$
|
256,990
|
|
|
$
|
193,099
|
|
Short-term marketable securities
|
|
47,185
|
|
|
70,408
|
|
|
77,389
|
|
|||
Receivables, net ($31,028, $30,332 and $28,493 related to CCJVs)
|
|
363,455
|
|
|
251,838
|
|
|
357,807
|
|
|||
Costs and estimated earnings in excess of billings
|
|
49,548
|
|
|
37,703
|
|
|
45,884
|
|
|||
Inventories
|
|
63,999
|
|
|
50,975
|
|
|
57,987
|
|
|||
Real estate held for development and sale
|
|
57,964
|
|
|
67,037
|
|
|
79,173
|
|
|||
Deferred income taxes
|
|
38,571
|
|
|
38,571
|
|
|
52,714
|
|
|||
Equity in construction joint ventures
|
|
97,890
|
|
|
101,029
|
|
|
97,415
|
|
|||
Other current assets
|
|
13,974
|
|
|
35,171
|
|
|
29,526
|
|
|||
Total current assets
|
|
1,019,908
|
|
|
909,722
|
|
|
990,994
|
|
|||
Property and equipment, net ($6,661, $8,671 and $9,821 related to CCJVs)
|
|
432,293
|
|
|
447,140
|
|
|
453,822
|
|
|||
Long-term marketable securities
|
|
37,802
|
|
|
79,250
|
|
|
59,509
|
|
|||
Investments in affiliates
|
|
30,257
|
|
|
31,071
|
|
|
33,435
|
|
|||
Other noncurrent assets
|
|
78,375
|
|
|
80,616
|
|
|
80,709
|
|
|||
Total assets
|
|
$
|
1,598,635
|
|
|
$
|
1,547,799
|
|
|
$
|
1,618,469
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|||
Current maturities of long-term debt
|
|
$
|
8,352
|
|
|
$
|
9,102
|
|
|
$
|
8,351
|
|
Current maturities of non-recourse debt
|
|
16,712
|
|
|
23,071
|
|
|
16,690
|
|
|||
Accounts payable ($30,975, $38,193 and $36,660 related to CCJVs)
|
|
209,683
|
|
|
158,660
|
|
|
216,600
|
|
|||
Billings in excess of costs and estimated earnings ($13,955, $22,251 and $17,116 related to CCJVs)
|
|
91,348
|
|
|
90,845
|
|
|
89,505
|
|
|||
Accrued expenses and other current liabilities ($3,495, $5,129 and $5,997 related to CCJVs)
|
|
167,166
|
|
|
166,790
|
|
|
185,624
|
|
|||
Total current liabilities
|
|
493,261
|
|
|
448,468
|
|
|
516,770
|
|
|||
Long-term debt
|
|
200,168
|
|
|
208,501
|
|
|
208,519
|
|
|||
Long-term non-recourse debt
|
|
4,375
|
|
|
9,912
|
|
|
27,755
|
|
|||
Other long-term liabilities
|
|
47,913
|
|
|
49,221
|
|
|
46,985
|
|
|||
Deferred income taxes
|
|
3,644
|
|
|
4,034
|
|
|
10,330
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
|
|
|||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 38,706,966 shares as of September 30, 2012, 38,682,771 shares as of December 31, 2011 and 38,664,403 shares as of September 30, 2011
|
|
387
|
|
|
387
|
|
|
387
|
|
|||
Additional paid-in capital
|
|
114,917
|
|
|
111,514
|
|
|
108,096
|
|
|||
Retained earnings
|
|
699,277
|
|
|
687,296
|
|
|
673,626
|
|
|||
Total Granite Construction Incorporated shareholders’ equity
|
|
814,581
|
|
|
799,197
|
|
|
782,109
|
|
|||
Noncontrolling interests
|
|
34,693
|
|
|
28,466
|
|
|
26,001
|
|
|||
Total equity
|
|
849,274
|
|
|
827,663
|
|
|
808,110
|
|
|||
Total liabilities and equity
|
|
$
|
1,598,635
|
|
|
$
|
1,547,799
|
|
|
$
|
1,618,469
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited - in thousands, except per share data)
|
||||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Construction
|
|
$
|
385,744
|
|
|
$
|
431,101
|
|
|
$
|
748,803
|
|
|
$
|
784,393
|
|
Large project construction
|
|
255,918
|
|
|
213,320
|
|
|
648,645
|
|
|
513,478
|
|
||||
Construction materials
|
|
86,782
|
|
|
83,171
|
|
|
175,754
|
|
|
165,083
|
|
||||
Real estate
|
|
38
|
|
|
986
|
|
|
5,055
|
|
|
7,029
|
|
||||
Total revenue
|
|
728,482
|
|
|
728,578
|
|
|
1,578,257
|
|
|
1,469,983
|
|
||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction
|
|
352,471
|
|
|
372,561
|
|
|
688,989
|
|
|
696,911
|
|
||||
Large project construction
|
|
198,104
|
|
|
187,763
|
|
|
540,343
|
|
|
443,965
|
|
||||
Construction materials
|
|
76,798
|
|
|
73,617
|
|
|
166,720
|
|
|
154,329
|
|
||||
Real estate
|
|
10
|
|
|
744
|
|
|
4,254
|
|
|
5,941
|
|
||||
Total cost of revenue
|
|
627,383
|
|
|
634,685
|
|
|
1,400,306
|
|
|
1,301,146
|
|
||||
Gross profit
|
|
101,099
|
|
|
93,893
|
|
|
177,951
|
|
|
168,837
|
|
||||
Selling, general and administrative expenses
|
|
41,280
|
|
|
39,112
|
|
|
125,274
|
|
|
121,277
|
|
||||
Gain on sales of property and equipment
|
|
1,622
|
|
|
5,598
|
|
|
6,493
|
|
|
11,572
|
|
||||
Operating income
|
|
61,441
|
|
|
60,379
|
|
|
59,170
|
|
|
59,132
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income
|
|
485
|
|
|
476
|
|
|
2,140
|
|
|
2,295
|
|
||||
Interest expense
|
|
(2,561
|
)
|
|
(3,418
|
)
|
|
(8,570
|
)
|
|
(7,653
|
)
|
||||
Equity in income of affiliates
|
|
1,481
|
|
|
1,881
|
|
|
380
|
|
|
1,443
|
|
||||
Other income (expense), net
|
|
2,013
|
|
|
(1,833
|
)
|
|
3,866
|
|
|
(1,951
|
)
|
||||
Total other income (expense)
|
|
1,418
|
|
|
(2,894
|
)
|
|
(2,184
|
)
|
|
(5,866
|
)
|
||||
Income before provision for income taxes
|
|
62,859
|
|
|
57,485
|
|
|
56,986
|
|
|
53,266
|
|
||||
Provision for income taxes
|
|
17,113
|
|
|
15,109
|
|
|
15,440
|
|
|
11,973
|
|
||||
Net income
|
|
45,746
|
|
|
42,376
|
|
|
41,546
|
|
|
41,293
|
|
||||
Amount attributable to noncontrolling interests
|
|
(8,625
|
)
|
|
(5,908
|
)
|
|
(14,249
|
)
|
|
(8,886
|
)
|
||||
Net income attributable to Granite Construction Incorporated
|
|
$
|
37,121
|
|
|
$
|
36,468
|
|
|
$
|
27,297
|
|
|
$
|
32,407
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to common shareholders
(see Note 14)
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
$
|
0.96
|
|
|
$
|
0.94
|
|
|
$
|
0.71
|
|
|
$
|
0.84
|
|
Diluted
|
|
$
|
0.94
|
|
|
$
|
0.93
|
|
|
$
|
0.70
|
|
|
$
|
0.83
|
|
Weighted average shares of common stock
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
38,518
|
|
|
38,172
|
|
|
38,418
|
|
|
38,092
|
|
||||
Diluted
|
|
39,141
|
|
|
38,598
|
|
|
39,013
|
|
|
38,428
|
|
||||
Dividends per common share
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(
Unaudited - in thousands
)
|
||||||||
Nine Months Ended September 30,
|
|
2012
|
|
2011
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
41,546
|
|
|
$
|
41,293
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||
Depreciation, depletion and amortization
|
|
43,651
|
|
|
45,691
|
|
||
Non-cash restructuring, net
|
|
(1,782
|
)
|
|
1,031
|
|
||
Other non-cash impairment charges
|
|
3,101
|
|
|
—
|
|
||
Gain on sales of property and equipment
|
|
(6,493
|
)
|
|
(11,572
|
)
|
||
Stock-based compensation
|
|
8,910
|
|
|
8,994
|
|
||
(Gain) loss on company owned life insurance
|
|
(1,829
|
)
|
|
639
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|||
Receivables
|
|
(115,066
|
)
|
|
(112,790
|
)
|
||
Costs and estimated earnings in excess of billings, net
|
|
(11,342
|
)
|
|
(66,045
|
)
|
||
Inventories
|
|
(13,024
|
)
|
|
(6,969
|
)
|
||
Real estate held for development and sale
|
|
98
|
|
|
(2,756
|
)
|
||
Equity in construction joint ventures
|
|
3,139
|
|
|
(22,699
|
)
|
||
Other assets, net
|
|
20,312
|
|
|
9,359
|
|
||
Accounts payable
|
|
51,025
|
|
|
86,900
|
|
||
Accrued expenses and other current liabilities, net
|
|
(2,083
|
)
|
|
30,942
|
|
||
Net cash provided by operating activities
|
|
20,163
|
|
|
2,018
|
|
||
Investing activities
|
|
|
|
|
|
|
||
Purchases of marketable securities
|
|
(59,936
|
)
|
|
(115,146
|
)
|
||
Maturities of marketable securities
|
|
70,100
|
|
|
85,875
|
|
||
Proceeds from sale of marketable securities
|
|
55,000
|
|
|
33,268
|
|
||
Additions to property and equipment
|
|
(25,971
|
)
|
|
(34,748
|
)
|
||
Proceeds from sales of property and equipment
|
|
8,368
|
|
|
20,071
|
|
||
Other investing activities, net
|
|
1,165
|
|
|
2,313
|
|
||
Net cash provided by (used in) investing activities
|
|
48,726
|
|
|
(8,367
|
)
|
||
Financing activities
|
|
|
|
|
|
|
||
Long-term debt principal payments
|
|
(11,584
|
)
|
|
(17,293
|
)
|
||
Cash dividends paid
|
|
(15,078
|
)
|
|
(15,090
|
)
|
||
Purchases of common stock
|
|
(4,521
|
)
|
|
(3,840
|
)
|
||
Distributions to noncontrolling partners, net
|
|
(8,022
|
)
|
|
(17,489
|
)
|
||
Other financing activities
|
|
648
|
|
|
1,138
|
|
||
Net cash used in financing activities
|
|
(38,557
|
)
|
|
(52,574
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
|
30,332
|
|
|
(58,923
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
256,990
|
|
|
252,022
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
287,322
|
|
|
$
|
193,099
|
|
Supplementary Information
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest
|
|
$
|
6,948
|
|
|
$
|
9,718
|
|
Income taxes
|
|
1,131
|
|
|
905
|
|
||
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||
Restricted stock/units issued, net of forfeitures
|
|
$
|
11,532
|
|
|
$
|
6,896
|
|
Accrued cash dividends
|
|
5,032
|
|
|
5,026
|
|
||
Debt payments out of escrow from sale of assets
|
|
1,109
|
|
|
3,446
|
|
||
Debt extinguishment from joint venture interest transfer
|
|
9,115
|
|
|
—
|
|
||
Debt payment from refinancing
|
|
1,150
|
|
|
—
|
|
|
|
|
|
1.
|
Basis of Presentation
|
•
|
Accounting Standards Update (“ASU”) No. 2011-05,
Comprehensive Income (Topic 220): Presentation of Comprehensive Income
, which eliminates the option to present the components of other comprehensive income as part of the statement of stockholders’ equity or as a footnote to the condensed consolidated financial statements, and provides the option of presenting comprehensive income in a continuous statement of comprehensive income. This guidance became effective for our quarter ended March 31, 2012 and requires prior year amounts to conform to current year presentation. For all periods presented comprehensive income was equal to net income; therefore, a separate or continuous statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.
|
•
|
ASU No. 2011-04,
Fair Value Measurement (Topic 820):
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards,
which clarifies the application of certain existing fair value measurement guidance and expands the disclosure requirements for fair value measurements that are estimated using significant unobservable (Level 3) inputs and for assets and liabilities disclosed but not recorded at fair value. This guidance was effective for our quarter ended March 31, 2012. As a result of this new guidance, we disclosed the level of the fair value hierarchy within which the fair value measurements of assets and liabilities disclosed but not recorded at fair value were categorized (see Note 5). Other items in this new guidance had no impact to our condensed consolidated financial statements.
|
•
|
ASU No. 2011-08,
Intangibles - Goodwill and Other (Topic 350): Testing Goodwill
for
Impairment,
which gives companies the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value when assessing goodwill for impairment. If it is determined that it is more likely than not that the fair value of a reporting unit exceeds its carrying value, further impairment analysis is not necessary. However, if it is concluded otherwise, we are required to perform step one of the goodwill impairment test. This guidance was effective as of January 1, 2012 and will be applied during our annual goodwill impairment tests to be performed during the fourth quarter of 2012, and earlier if fact and circumstances indicate that an impairment has occurred. This new guidance will have no impact to our condensed consolidated financial statements for our 2012 fiscal year.
|
|
|
|
|
2.
|
Recently Issued Accounting Pronouncements
|
3.
|
Revisions in Estimates
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
||||||||||
(dollars in millions)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
||||
Number of projects with upward estimate changes
|
|
|
1
|
|
|
|
2
|
|
|
|
4
|
|
|
|
4
|
|
Range of increase in gross profit from each project, net
|
|
$
|
1.6
|
|
|
$
|
1.3 - 1.4
|
|
|
$
|
1.0 - 3.0
|
|
|
$
|
1.1 - 2.9
|
|
Increase on project profitability
|
|
$
|
1.6
|
|
|
$
|
2.7
|
|
|
$
|
7.1
|
|
|
$
|
7.0
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
||||||||||
(dollars in millions)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
||||
Number of projects with downward estimate changes
|
|
|
4
|
|
|
|
2
|
|
|
|
6
|
|
|
|
3
|
|
Range of reduction in gross profit from each project, net
|
|
$
|
1.1 - 3.9
|
|
|
$
|
1.4 - 2.6
|
|
|
$
|
1.1 - 6.3
|
|
|
$
|
1.4 - 2.6
|
|
Decrease on project profitability
|
|
$
|
7.6
|
|
|
$
|
4.0
|
|
|
$
|
16.5
|
|
|
$
|
5.4
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
||||||||||
(dollars in millions)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
||||
Number of projects with upward estimate changes
|
|
|
8
|
|
|
|
5
|
|
|
|
8
|
|
|
|
6
|
|
Range of increase in gross profit from each project, net
|
|
$
|
1.1 - 12.6
|
|
|
$
|
1.0 - 2.6
|
|
|
$
|
1.1 - 16.3
|
|
|
$
|
1.4 - 4.2
|
|
Increase on project profitability
|
|
$
|
35.9
|
|
|
$
|
8.8
|
|
|
$
|
54.7
|
|
|
$
|
17.7
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
||||||||||
(dollars in millions)
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
||||
Number of projects with downward estimate changes
|
|
—
|
|
|
|
3
|
|
|
|
2
|
|
|
|
2
|
|
Range of reduction in gross profit from each project, net
|
$
|
—
|
|
|
$
|
1.7 - 2.4
|
|
|
$
|
1.7 - 4.1
|
|
|
$
|
4.2 - 5.6
|
|
Decrease on project profitability
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
5.8
|
|
|
$
|
9.8
|
|
|
|
|
|
4.
|
Marketable Securities
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
U.S. Government and agency obligations
|
|
$
|
15,062
|
|
|
$
|
40,240
|
|
|
$
|
40,218
|
|
Commercial paper
|
|
19,976
|
|
|
24,980
|
|
|
29,978
|
|
|||
Municipal bonds
|
|
7,082
|
|
|
2,057
|
|
|
4,036
|
|
|||
Corporate bonds
|
|
5,065
|
|
|
3,131
|
|
|
3,157
|
|
|||
Total short-term marketable securities
|
|
47,185
|
|
|
70,408
|
|
|
77,389
|
|
|||
U.S. Government and agency obligations
|
|
36,103
|
|
|
65,109
|
|
|
45,268
|
|
|||
Municipal bonds
|
|
1,699
|
|
|
8,909
|
|
|
8,952
|
|
|||
Corporate bonds
|
|
—
|
|
|
5,232
|
|
|
5,289
|
|
|||
Total long-term marketable securities
|
|
37,802
|
|
|
79,250
|
|
|
59,509
|
|
|||
Total marketable securities
|
|
$
|
84,987
|
|
|
$
|
149,658
|
|
|
$
|
136,898
|
|
September 30, 2012
|
|
||
Due within one year
|
$
|
47,185
|
|
Due in one to five years
|
37,802
|
|
|
Total
|
$
|
84,987
|
|
|
|
|
|
5.
|
Fair Value Measurement
|
September 30, 2012
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||||
(in thousands)
|
|
Level 1
1
|
|
Level 2
2
|
|
Level 3
3
|
|
Total
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
185,586
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
185,586
|
|
Held-to-maturity commercial paper
|
|
14,495
|
|
|
—
|
|
|
—
|
|
|
14,495
|
|
||||
Marketable securities
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity marketable securities
|
|
85,133
|
|
|
—
|
|
|
—
|
|
|
85,133
|
|
||||
Total assets
|
|
$
|
285,214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
285,214
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt (including current maturities)
|
|
|
|
|
|
|
|
|
||||||||
Senior notes payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243,219
|
|
|
$
|
243,219
|
|
Total liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243,219
|
|
|
$
|
243,219
|
|
December 31, 2011
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||||
(in thousands)
|
|
Level 1
1
|
|
Level 2
2
|
|
Level 3
3
|
|
Total
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
178,174
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178,174
|
|
Held-to-maturity commercial paper
|
|
4,999
|
|
|
—
|
|
|
—
|
|
|
4,999
|
|
||||
Marketable securities
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity marketable securities
|
|
149,979
|
|
|
—
|
|
|
—
|
|
|
149,979
|
|
||||
Total assets
|
|
$
|
333,152
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
333,152
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt (including current maturities)
|
|
|
|
|
|
|
|
|
||||||||
Senior notes payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,541
|
|
|
$
|
250,541
|
|
Total liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,541
|
|
|
$
|
250,541
|
|
September 30, 2011
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||||
(in thousands)
|
|
Level 1
1
|
|
Level 2
2
|
|
Level 3
3
|
|
Total
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
149,966
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149,966
|
|
Held-to-maturity commercial paper
|
|
4,997
|
|
|
—
|
|
|
—
|
|
|
4,997
|
|
||||
Marketable securities
|
|
|
|
|
|
|
|
|
||||||||
Held-to-maturity marketable securities
|
|
137,194
|
|
|
—
|
|
|
—
|
|
|
137,194
|
|
||||
Total assets
|
|
$
|
292,157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
292,157
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt (including current maturities)
|
|
|
|
|
|
|
|
|
||||||||
Senior notes payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,698
|
|
|
$
|
242,698
|
|
Total liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,698
|
|
|
$
|
242,698
|
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Money market funds
|
|
$
|
185,586
|
|
|
$
|
178,174
|
|
|
$
|
149,966
|
|
Held-to-maturity commercial paper
|
|
14,495
|
|
|
4,999
|
|
|
4,997
|
|
|||
Cash
|
|
87,241
|
|
|
73,817
|
|
|
38,136
|
|
|||
Total cash and cash equivalents
|
|
$
|
287,322
|
|
|
$
|
256,990
|
|
|
$
|
193,099
|
|
6.
|
Receivables, net
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Construction contracts:
|
|
|
|
|
|
|
||||||
Completed and in progress
|
|
$
|
228,865
|
|
|
$
|
122,987
|
|
|
$
|
223,292
|
|
Retentions
|
|
68,590
|
|
|
77,038
|
|
|
74,795
|
|
|||
Total construction contracts
|
|
297,455
|
|
|
200,025
|
|
|
298,087
|
|
|||
Construction material sales
|
|
59,396
|
|
|
30,356
|
|
|
52,157
|
|
|||
Other
|
|
9,029
|
|
|
24,337
|
|
|
10,177
|
|
|||
Total gross receivables
|
|
365,880
|
|
|
254,718
|
|
|
360,421
|
|
|||
Less: allowance for doubtful accounts
|
|
2,425
|
|
|
2,880
|
|
|
2,614
|
|
|||
Total net receivables
|
|
$
|
363,455
|
|
|
$
|
251,838
|
|
|
$
|
357,807
|
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Escrow
|
|
$
|
42,297
|
|
|
$
|
43,378
|
|
|
$
|
38,517
|
|
Non-escrow
|
|
26,293
|
|
|
33,660
|
|
|
36,278
|
|
|||
Total retention receivables
|
|
$
|
68,590
|
|
|
$
|
77,038
|
|
|
$
|
74,795
|
|
•
|
Federal - includes federal agencies such as the Bureau of Reclamation, the Army Corp of Engineers, and the Bureau of Indian Affairs. The obligations of these agencies are backed by the federal government. Consequently, there is minimal risk of not collecting the amounts we are entitled to receive.
|
•
|
State - primarily state departments of transportation. The risk of not collecting on these accounts is small; however, we have experienced occasional delays in payment as states have struggled with budget issues.
|
•
|
Local - these customers include local agencies such as cities, counties and other local municipal agencies. The risk of not collecting on these accounts is small; however, we have experienced occasional delays in payment as some local agencies have struggled to deal with budget issues.
|
•
|
Private - includes individuals, developers and corporations. The majority of our collection risk is associated with these customers. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us certain remedies, including, but not limited to, the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers.
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Federal
|
|
$
|
2,569
|
|
|
$
|
2,811
|
|
|
$
|
2,148
|
|
State
|
|
3,595
|
|
|
5,453
|
|
|
6,046
|
|
|||
Local
|
|
12,003
|
|
|
14,708
|
|
|
17,666
|
|
|||
Private
|
|
8,126
|
|
|
10,688
|
|
|
10,418
|
|
|||
Total
|
|
$
|
26,293
|
|
|
$
|
33,660
|
|
|
$
|
36,278
|
|
|
|
|
|
September 30, 2012
|
|
Current
|
|
1 - 90 Days
Past Due
|
|
Over 90 Days
Past Due
|
|
Total
|
||||||||
Federal
|
|
$
|
2,012
|
|
|
$
|
—
|
|
|
$
|
557
|
|
|
$
|
2,569
|
|
State
|
|
3,177
|
|
|
239
|
|
|
179
|
|
|
3,595
|
|
||||
Local
|
|
11,141
|
|
|
555
|
|
|
307
|
|
|
12,003
|
|
||||
Private
|
|
7,495
|
|
|
321
|
|
|
310
|
|
|
8,126
|
|
||||
Total
|
|
$
|
23,825
|
|
|
$
|
1,115
|
|
|
$
|
1,353
|
|
|
$
|
26,293
|
|
December 31, 2011
|
|
Current
|
|
1 - 90 Days
Past Due
|
|
Over 90 Days
Past Due
|
|
Total
|
||||||||
Federal
|
|
$
|
2,462
|
|
|
$
|
326
|
|
|
$
|
23
|
|
|
$
|
2,811
|
|
State
|
|
2,751
|
|
|
860
|
|
|
1,842
|
|
|
5,453
|
|
||||
Local
|
|
12,313
|
|
|
1,326
|
|
|
1,069
|
|
|
14,708
|
|
||||
Private
|
|
9,599
|
|
|
765
|
|
|
324
|
|
|
10,688
|
|
||||
Total
|
|
$
|
27,125
|
|
|
$
|
3,277
|
|
|
$
|
3,258
|
|
|
$
|
33,660
|
|
September 30, 2011
|
|
Current
|
|
1 - 90 Days
Past Due
|
|
Over 90 Days
Past Due
|
|
Total
|
||||||||
Federal
|
|
$
|
1,976
|
|
|
$
|
77
|
|
|
$
|
95
|
|
|
$
|
2,148
|
|
State
|
|
3,880
|
|
|
1,397
|
|
|
769
|
|
|
6,046
|
|
||||
Local
|
|
13,801
|
|
|
1,465
|
|
|
2,400
|
|
|
17,666
|
|
||||
Private
|
|
9,911
|
|
|
108
|
|
|
399
|
|
|
10,418
|
|
||||
Total
|
|
$
|
29,568
|
|
|
$
|
3,047
|
|
|
$
|
3,663
|
|
|
$
|
36,278
|
|
|
|
|
|
7.
|
Construction and Line Item Joint Ventures
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Cash and cash equivalents
1
|
|
$
|
74,020
|
|
|
$
|
75,122
|
|
|
$
|
65,350
|
|
Other current assets
|
|
32,379
|
|
|
33,750
|
|
|
31,215
|
|
|||
Total current assets
|
|
106,399
|
|
|
108,872
|
|
|
96,565
|
|
|||
Noncurrent assets
|
|
6,661
|
|
|
8,671
|
|
|
9,821
|
|
|||
Total assets
2
|
|
$
|
113,060
|
|
|
$
|
117,543
|
|
|
$
|
106,386
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
30,975
|
|
|
$
|
38,193
|
|
|
$
|
36,660
|
|
Billings in excess of costs and estimated earnings
1
|
|
13,955
|
|
|
22,251
|
|
|
17,116
|
|
|||
Accrued expenses and other current liabilities
|
|
3,495
|
|
|
5,129
|
|
|
5,997
|
|
|||
Total current liabilities
|
|
48,425
|
|
|
65,573
|
|
|
59,773
|
|
|||
Noncurrent liabilities
|
|
—
|
|
|
4
|
|
|
33
|
|
|||
Total liabilities
2
|
|
$
|
48,425
|
|
|
$
|
65,577
|
|
|
$
|
59,806
|
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
1
|
|
$
|
304,065
|
|
|
$
|
338,681
|
|
|
$
|
356,399
|
|
Other assets
|
|
273,848
|
|
|
264,901
|
|
|
265,549
|
|
|||
Less partners’ interest
|
|
353,165
|
|
|
364,979
|
|
|
378,523
|
|
|||
Granite’s interest
|
|
224,748
|
|
|
238,603
|
|
|
243,425
|
|
|||
Liabilities:
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
94,788
|
|
|
85,075
|
|
|
85,602
|
|
|||
Billings in excess of costs and estimated earnings
1
|
|
243,578
|
|
|
280,650
|
|
|
302,039
|
|
|||
Other liabilities
|
|
8,299
|
|
|
8,595
|
|
|
9,460
|
|
|||
Less partners’ interest
|
|
219,807
|
|
|
236,746
|
|
|
251,091
|
|
|||
Granite’s interest
|
|
126,858
|
|
|
137,574
|
|
|
146,010
|
|
|||
Equity in construction joint ventures
|
|
$
|
97,890
|
|
|
$
|
101,029
|
|
|
$
|
97,415
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
||||||||
Total
1
|
|
$
|
286,308
|
|
|
$
|
243,654
|
|
|
$
|
776,235
|
|
|
$
|
667,920
|
|
Less partners’ interest
1,2
|
|
181,679
|
|
|
158,079
|
|
|
497,743
|
|
|
448,357
|
|
||||
Granite’s interest
|
|
104,629
|
|
|
85,575
|
|
|
278,492
|
|
|
219,563
|
|
||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
||||||||
Total
1
|
|
200,688
|
|
|
212,485
|
|
|
597,689
|
|
|
546,495
|
|
||||
Less partners’ interest
1,2
|
|
129,840
|
|
|
140,506
|
|
|
389,171
|
|
|
370,865
|
|
||||
Granite’s interest
|
|
70,848
|
|
|
71,979
|
|
|
208,518
|
|
|
175,630
|
|
||||
Granite’s interest in gross profit
|
|
$
|
33,781
|
|
|
$
|
13,596
|
|
|
$
|
69,974
|
|
|
$
|
43,933
|
|
|
|
|
|
8.
|
Real Estate Entities and Investments in Affiliates
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Real estate held for development and sale
|
|
$
|
57,964
|
|
|
$
|
67,037
|
|
|
$
|
79,173
|
|
Other current assets
|
|
1,946
|
|
|
4,715
|
|
|
2,801
|
|
|||
Total assets
|
|
$
|
59,910
|
|
|
$
|
71,752
|
|
|
$
|
81,974
|
|
|
|
|
|
|
|
|
||||||
Current maturities of non-recourse debt
|
|
$
|
16,712
|
|
|
$
|
22,571
|
|
|
$
|
16,190
|
|
Other current liabilities
|
|
404
|
|
|
1,794
|
|
|
1,901
|
|
|||
Total current liabilities
|
|
17,116
|
|
|
24,365
|
|
|
18,091
|
|
|||
Long-term non-recourse debt
|
|
4,375
|
|
|
9,912
|
|
|
27,755
|
|
|||
Other noncurrent liabilities
|
|
—
|
|
|
74
|
|
|
278
|
|
|||
Total liabilities
|
|
$
|
21,491
|
|
|
$
|
34,351
|
|
|
$
|
46,124
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
|
September 30, 2011
|
|||||||||||||||
(dollars in thousands)
|
|
Amount
|
|
Number of Projects
|
|
Amount
|
|
Number of Projects
|
|
Amount
|
|
Number of Projects
|
|||||||||
Residential
|
|
$
|
48,527
|
|
|
3
|
|
|
$
|
54,610
|
|
|
4
|
|
|
$
|
55,672
|
|
|
5
|
|
Commercial
|
|
9,437
|
|
|
4
|
|
|
12,427
|
|
|
5
|
|
|
23,501
|
|
|
7
|
|
|||
Total
|
|
$
|
57,964
|
|
|
7
|
|
|
$
|
67,037
|
|
|
9
|
|
|
$
|
79,173
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Washington
|
|
$
|
48,122
|
|
|
2
|
|
|
$
|
47,600
|
|
|
2
|
|
|
$
|
47,109
|
|
|
2
|
|
California
|
|
2,609
|
|
|
4
|
|
|
4,006
|
|
|
5
|
|
|
16,382
|
|
|
8
|
|
|||
Texas
|
|
7,233
|
|
|
1
|
|
|
8,859
|
|
|
1
|
|
|
8,859
|
|
|
1
|
|
|||
Oregon
|
|
—
|
|
|
—
|
|
|
6,572
|
|
|
1
|
|
|
6,823
|
|
|
1
|
|
|||
Total
|
|
$
|
57,964
|
|
|
7
|
|
|
$
|
67,037
|
|
|
9
|
|
|
$
|
79,173
|
|
|
12
|
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Equity method investments in real estate affiliates
|
|
$
|
18,873
|
|
|
$
|
16,478
|
|
|
$
|
15,856
|
|
Equity method investments in other affiliates
|
|
11,384
|
|
|
11,841
|
|
|
11,129
|
|
|||
Total equity method investments
|
|
30,257
|
|
|
28,319
|
|
|
26,985
|
|
|||
Cost method investments
|
|
—
|
|
|
2,752
|
|
|
6,450
|
|
|||
Total investments in affiliates
|
|
$
|
30,257
|
|
|
$
|
31,071
|
|
|
$
|
33,435
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
|
September 30, 2011
|
|||||||||||||||
(dollars in thousands)
|
|
Amount
|
|
Number of Projects
|
|
Amount
|
|
Number of Projects
|
|
Amount
|
|
Number of Projects
|
|||||||||
Residential
|
|
$
|
12,805
|
|
|
2
|
|
|
$
|
11,903
|
|
|
2
|
|
|
$
|
11,511
|
|
|
2
|
|
Commercial
|
|
6,068
|
|
|
3
|
|
|
4,575
|
|
|
3
|
|
|
4,345
|
|
|
3
|
|
|||
Total
|
|
$
|
18,873
|
|
|
5
|
|
|
$
|
16,478
|
|
|
5
|
|
|
$
|
15,856
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Texas
|
|
$
|
18,873
|
|
|
5
|
|
|
$
|
16,478
|
|
|
5
|
|
|
$
|
15,856
|
|
|
5
|
|
Total
|
|
$
|
18,873
|
|
|
5
|
|
|
$
|
16,478
|
|
|
5
|
|
|
$
|
15,856
|
|
|
5
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Total assets
|
|
$
|
156,992
|
|
|
$
|
157,771
|
|
|
$
|
157,054
|
|
Net assets
|
|
85,162
|
|
|
82,511
|
|
|
80,306
|
|
|||
Granite’s share of net assets
|
|
30,257
|
|
|
28,319
|
|
|
26,985
|
|
9.
|
Property and Equipment, net
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Land and land improvements
|
|
$
|
125,842
|
|
|
$
|
124,216
|
|
|
$
|
122,728
|
|
Quarry property
|
|
177,814
|
|
|
175,612
|
|
|
175,431
|
|
|||
Buildings and leasehold improvements
|
|
80,916
|
|
|
81,272
|
|
|
81,217
|
|
|||
Equipment and vehicles
|
|
718,965
|
|
|
733,158
|
|
|
753,776
|
|
|||
Office furniture and equipment
|
|
64,767
|
|
|
55,570
|
|
|
48,996
|
|
|||
Property and equipment
|
|
1,168,304
|
|
|
1,169,828
|
|
|
1,182,148
|
|
|||
Less: accumulated depreciation and depletion
|
|
736,011
|
|
|
722,688
|
|
|
728,326
|
|
|||
Property and equipment, net
|
|
$
|
432,293
|
|
|
$
|
447,140
|
|
|
$
|
453,822
|
|
|
|
|
|
10.
|
Intangible Assets
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Goodwill
1
|
|
$
|
9,900
|
|
|
$
|
9,900
|
|
|
$
|
9,900
|
|
Use rights and other
|
|
393
|
|
|
393
|
|
|
1,319
|
|
|||
Total unamortized intangible assets
|
|
$
|
10,293
|
|
|
$
|
10,293
|
|
|
$
|
11,219
|
|
September 30, 2012
|
|
|
|
Accumulated
|
|
|
||||||
(in thousands)
|
|
Gross Value
|
|
Amortization
|
|
Net Value
|
||||||
Permits
|
|
$
|
29,713
|
|
|
$
|
(10,588
|
)
|
|
$
|
19,125
|
|
Customer lists
|
|
2,198
|
|
|
(2,113
|
)
|
|
85
|
|
|||
Covenants not to compete
|
|
1,588
|
|
|
(1,541
|
)
|
|
47
|
|
|||
Other
|
|
871
|
|
|
(696
|
)
|
|
175
|
|
|||
Total amortized intangible assets
|
|
$
|
34,370
|
|
|
$
|
(14,938
|
)
|
|
$
|
19,432
|
|
December 31, 2011
|
|
|
|
|
|
|
||||||
(in thousands)
|
|
|
|
|
|
|
||||||
Permits
|
|
$
|
29,713
|
|
|
$
|
(7,573
|
)
|
|
$
|
22,140
|
|
Customer lists
|
|
2,198
|
|
|
(1,942
|
)
|
|
256
|
|
|||
Covenants not to compete
|
|
1,588
|
|
|
(1,476
|
)
|
|
112
|
|
|||
Other
|
|
871
|
|
|
(583
|
)
|
|
288
|
|
|||
Total amortized intangible assets
|
|
$
|
34,370
|
|
|
$
|
(11,574
|
)
|
|
$
|
22,796
|
|
September 30, 2011
|
|
|
|
|
|
|
||||||
(in thousands)
|
|
|
|
|
|
|
||||||
Permits
|
|
$
|
29,713
|
|
|
$
|
(7,205
|
)
|
|
$
|
22,508
|
|
Customer lists
|
|
2,198
|
|
|
(1,885
|
)
|
|
313
|
|
|||
Covenants not to compete
|
|
1,588
|
|
|
(1,439
|
)
|
|
149
|
|
|||
Other
|
|
871
|
|
|
(545
|
)
|
|
326
|
|
|||
Total amortized intangible assets
|
|
$
|
34,370
|
|
|
$
|
(11,074
|
)
|
|
$
|
23,296
|
|
|
|
|
|
11.
|
Restructuring
|
12.
|
Covenants and Events of Default
|
13.
|
Weighted Average Shares Outstanding
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding
|
|
38,707
|
|
|
38,669
|
|
|
38,679
|
|
|
38,678
|
|
Less: weighted average unvested restricted stock outstanding
|
|
189
|
|
|
497
|
|
|
261
|
|
|
586
|
|
Total basic weighted average shares outstanding
|
|
38,518
|
|
|
38,172
|
|
|
38,418
|
|
|
38,092
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding, basic
|
|
38,518
|
|
|
38,172
|
|
|
38,418
|
|
|
38,092
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||
Common stock options and restricted stock units
|
|
623
|
|
|
426
|
|
|
595
|
|
|
336
|
|
Total weighted average shares outstanding assuming dilution
|
|
39,141
|
|
|
38,598
|
|
|
39,013
|
|
|
38,428
|
|
14.
|
Earnings Per Share
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands, except per share amounts)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
|
|||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to Granite
|
|
$
|
37,121
|
|
|
$
|
36,468
|
|
|
$
|
27,297
|
|
|
$
|
32,407
|
|
Less: net income allocated to participating securities
|
|
181
|
|
|
469
|
|
|
184
|
|
|
491
|
|
||||
Net income allocated to common shareholders for basic calculation
|
|
$
|
36,940
|
|
|
$
|
35,999
|
|
|
$
|
27,113
|
|
|
$
|
31,916
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding, basic
|
|
38,518
|
|
|
38,172
|
|
|
38,418
|
|
|
38,092
|
|
||||
Net income per share, basic
|
|
$
|
0.96
|
|
|
$
|
0.94
|
|
|
$
|
0.71
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
|
|
|
|
|
|
|
|
|
|||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to Granite
|
|
$
|
37,121
|
|
|
$
|
36,468
|
|
|
$
|
27,297
|
|
|
$
|
32,407
|
|
Less: net income allocated to participating securities
|
|
178
|
|
|
462
|
|
|
181
|
|
|
487
|
|
||||
Net income allocated to common shareholders for diluted calculation
|
|
$
|
36,943
|
|
|
$
|
36,006
|
|
|
$
|
27,116
|
|
|
$
|
31,920
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding, diluted
|
|
39,141
|
|
|
38,598
|
|
|
39,013
|
|
|
38,428
|
|
||||
Net income per share, diluted
|
|
$
|
0.94
|
|
|
$
|
0.93
|
|
|
$
|
0.70
|
|
|
$
|
0.83
|
|
15.
|
Income Taxes
|
16.
|
Equity
|
(in thousands)
|
|
Granite Construction Incorporated
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||
Balance at December 31, 2011
|
|
$
|
799,197
|
|
|
$
|
28,466
|
|
|
$
|
827,663
|
|
Purchase of common stock
1
|
|
(4,521
|
)
|
|
—
|
|
|
(4,521
|
)
|
|||
Other transactions with shareholders
3
|
|
7,690
|
|
|
—
|
|
|
7,690
|
|
|||
Transactions with noncontrolling interests, net
4
|
|
—
|
|
|
(8,022
|
)
|
|
(8,022
|
)
|
|||
Net income
|
|
27,297
|
|
|
14,249
|
|
|
41,546
|
|
|||
Dividends on common stock
|
|
(15,082
|
)
|
|
—
|
|
|
(15,082
|
)
|
|||
Balance at September 30, 2012
|
|
$
|
814,581
|
|
|
$
|
34,693
|
|
|
$
|
849,274
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
Balance at December 31, 2010
|
|
$
|
761,031
|
|
|
$
|
34,604
|
|
|
$
|
795,635
|
|
Purchase of common stock
2
|
|
(3,840
|
)
|
|
—
|
|
|
(3,840
|
)
|
|||
Other transactions with shareholders
3
|
|
7,589
|
|
|
—
|
|
|
7,589
|
|
|||
Transactions with noncontrolling interests, net
4
|
|
—
|
|
|
(17,489
|
)
|
|
(17,489
|
)
|
|||
Net income
|
|
32,407
|
|
|
8,886
|
|
|
41,293
|
|
|||
Dividends on common stock
|
|
(15,078
|
)
|
|
—
|
|
|
(15,078
|
)
|
|||
Balance at September 30, 2011
|
|
$
|
782,109
|
|
|
$
|
26,001
|
|
|
$
|
808,110
|
|
17.
|
Legal Proceedings
|
•
|
US Highway 20 Project:
Our wholly owned subsidiaries, Granite Construction Company (“GCCO”) and Granite Northwest, Inc., are members of a joint venture known as Yaquina River Constructors (“YRC”) which was contracted by the Oregon Department of Transportation (“ODOT”) to construct a new road alignment of US Highway 20 near Eddyville, Oregon. The project involved constructing seven miles of new road through steep and forested terrain in the Coast Range Mountains. During the fall and winter of 2006, extraordinary rain events produced runoff that overwhelmed installed erosion control measures and resulted in discharges to surface water and alleged violations of YRC’s stormwater permit. In June 2009, YRC was informed that the U.S. Department of Justice (“USDOJ”) had assumed the criminal investigation that the Oregon Department of Justice had initiated in connection with stormwater runoff from the project. The USDOJ has since informed YRC that the USDOJ will not criminally charge YRC or any Granite affiliate in connection with these matters.
We have negotiated material
terms of a consent decree, including payment of a civil penalty
which will be included in documents being prepared by the government.
This matter is not expected to have direct or indirect consequences that could have a material adverse effect on our financial position, results of operations, cash flow and/or liquidity.
|
•
|
Grand Avenue Project Disadvantaged Business Enterprise (
“
DBE
”
) Issues:
On March 6, 2009, the U.S. Department of Transportation, Office of Inspector General (“OIG”) served upon our wholly-owned subsidiary, Granite Construction Northeast, Inc. (“Granite Northeast”), a United States District Court Eastern District of New York subpoena to testify before a grand jury by producing documents. The subpoena seeks all documents pertaining to the use of a DBE firm (the “Subcontractor”), and the Subcontractor’s use of a non-DBE lower tier subcontractor/consultant, on the Grand Avenue Bus Depot and Central Maintenance Facility for the Borough of Queens Project, a Granite Northeast project. The subpoena also seeks any documents regarding the use of the Subcontractor as a DBE on any other projects and any other documents related to the Subcontractor or to the lower-tier subcontractor/consultant. We have received two follow-up requests from the USDOJ for additional information and documents. We have complied with the subpoena and the requests, and are fully cooperating with the OIG’s investigation. To date, Granite Northeast has not been notified that it is either a subject or target of the OIG’s investigation. Accordingly, we do not know whether any criminal charges or civil lawsuits will be brought against any party as a result of the investigation. We cannot, however, rule out the possibility of civil or criminal actions or administrative sanctions being brought against Granite Northeast.
|
•
|
Other Legal Proceedings/Government Inquiries:
We are a party to a number of other legal proceedings arising in the normal course of business. From time to time, we also receive inquiries from public agencies seeking information concerning our compliance with government construction contracting requirements and related laws and regulations. We believe that the nature and number of these proceedings and compliance inquiries are typical for a construction firm of our size and scope. Our litigation typically involves claims regarding public liability or contract related issues. While management currently believes, after consultation with counsel, that the ultimate outcome of pending proceedings and compliance inquiries, individually and in the aggregate, will not have a material adverse affect on our financial position or overall trends in results of operations or cash flows, litigation is subject to inherent uncertainties. Were one or more unfavorable rulings to occur, there exists the possibility of a material adverse effect on our financial position, results of operations, cash flows and/or liquidity for the period in which the ruling occurs. In addition, our government contracts could be terminated, we could be suspended or debarred, or payment of our costs disallowed. While any one of our pending legal proceedings is subject to early resolution as a result of our ongoing efforts to settle, whether or when any legal proceeding will be resolved through settlement is neither predictable nor guaranteed.
|
|
|
|
|
18.
|
Business Segment Information
|
|
|
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||
(in thousands)
|
|
Construction
|
|
Large Project Construction
|
|
Construction Materials
|
|
Real Estate
|
|
Total
|
||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total revenue from reportable segments
|
|
$
|
385,744
|
|
|
$
|
255,918
|
|
|
$
|
169,350
|
|
|
$
|
38
|
|
|
$
|
811,050
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(82,568
|
)
|
|
—
|
|
|
(82,568
|
)
|
|||||
Revenue from external customers
|
|
385,744
|
|
|
255,918
|
|
|
86,782
|
|
|
38
|
|
|
728,482
|
|
|||||
Gross profit
|
|
33,273
|
|
|
57,814
|
|
|
9,984
|
|
|
28
|
|
|
101,099
|
|
|||||
Depreciation, depletion and amortization
|
|
3,160
|
|
|
1,102
|
|
|
7,498
|
|
|
—
|
|
|
11,760
|
|
|||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total revenue from reportable segments
|
|
$
|
431,101
|
|
|
$
|
213,320
|
|
|
$
|
170,574
|
|
|
$
|
986
|
|
|
$
|
815,981
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(87,403
|
)
|
|
—
|
|
|
(87,403
|
)
|
|||||
Revenue from external customers
|
|
431,101
|
|
|
213,320
|
|
|
83,171
|
|
|
986
|
|
|
728,578
|
|
|||||
Gross profit
|
|
58,540
|
|
|
25,557
|
|
|
9,554
|
|
|
242
|
|
|
93,893
|
|
|||||
Depreciation, depletion and amortization
|
|
3,437
|
|
|
1,259
|
|
|
7,487
|
|
|
46
|
|
|
12,229
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
(in thousands)
|
|
Construction
|
|
Large Project Construction
|
|
Construction Materials
|
|
Real Estate
|
|
Total
|
||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total revenue from reportable segments
|
|
$
|
748,803
|
|
|
$
|
648,645
|
|
|
$
|
316,211
|
|
|
$
|
5,055
|
|
|
$
|
1,718,714
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(140,457
|
)
|
|
—
|
|
|
(140,457
|
)
|
|||||
Revenue from external customers
|
|
748,803
|
|
|
648,645
|
|
|
175,754
|
|
|
5,055
|
|
|
1,578,257
|
|
|||||
Gross profit
|
|
59,814
|
|
|
108,302
|
|
|
9,034
|
|
|
801
|
|
|
177,951
|
|
|||||
Depreciation, depletion and amortization
|
|
9,973
|
|
|
3,279
|
|
|
22,055
|
|
|
—
|
|
|
35,307
|
|
|||||
Segment assets
|
|
110,402
|
|
|
109,114
|
|
|
353,756
|
|
|
57,964
|
|
|
631,236
|
|
|||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenue from reportable segments
|
|
$
|
784,393
|
|
|
$
|
513,478
|
|
|
$
|
309,846
|
|
|
$
|
7,029
|
|
|
$
|
1,614,746
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(144,763
|
)
|
|
—
|
|
|
(144,763
|
)
|
|||||
Revenue from external customers
|
|
784,393
|
|
|
513,478
|
|
|
165,083
|
|
|
7,029
|
|
|
1,469,983
|
|
|||||
Gross profit
|
|
87,482
|
|
|
69,513
|
|
|
10,754
|
|
|
1,088
|
|
|
168,837
|
|
|||||
Depreciation, depletion and amortization
|
|
11,362
|
|
|
3,316
|
|
|
21,594
|
|
|
143
|
|
|
36,415
|
|
|||||
Segment assets
|
|
114,359
|
|
|
108,272
|
|
|
368,141
|
|
|
87,232
|
|
|
678,004
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Total gross profit from reportable segments
|
|
$
|
101,099
|
|
|
$
|
93,893
|
|
|
$
|
177,951
|
|
|
$
|
168,837
|
|
Selling, general and administrative expenses
|
|
41,280
|
|
|
39,112
|
|
|
125,274
|
|
|
121,277
|
|
||||
Gain on sales of property and equipment
|
|
1,622
|
|
|
5,598
|
|
|
6,493
|
|
|
11,572
|
|
||||
Other income (expense), net
|
|
1,418
|
|
|
(2,894
|
)
|
|
(2,184
|
)
|
|
(5,866
|
)
|
||||
Income before provision for income taxes
|
|
$
|
62,859
|
|
|
$
|
57,485
|
|
|
$
|
56,986
|
|
|
$
|
53,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
Comparative Financial Summary
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Total revenue
|
|
$
|
728,482
|
|
|
$
|
728,578
|
|
|
$
|
1,578,257
|
|
|
$
|
1,469,983
|
|
Gross profit
|
|
101,099
|
|
|
93,893
|
|
|
177,951
|
|
|
168,837
|
|
||||
Operating income
|
|
61,441
|
|
|
60,379
|
|
|
59,170
|
|
|
59,132
|
|
||||
Total other income (expense)
|
|
1,418
|
|
|
(2,894
|
)
|
|
(2,184
|
)
|
|
(5,866
|
)
|
||||
Amount attributable to noncontrolling interests
|
|
(8,625
|
)
|
|
(5,908
|
)
|
|
(14,249
|
)
|
|
(8,886
|
)
|
||||
Net income attributable to Granite Construction Incorporated
|
|
37,121
|
|
|
36,468
|
|
|
27,297
|
|
|
32,407
|
|
|
|
|
|
Total Revenue by Segment
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||||||
Construction
|
|
$
|
385,744
|
|
|
52.9
|
%
|
|
$
|
431,101
|
|
|
59.2
|
%
|
|
$
|
748,803
|
|
|
47.5
|
%
|
|
$
|
784,393
|
|
|
53.4
|
%
|
Large Project Construction
|
|
255,918
|
|
|
35.2
|
|
|
213,320
|
|
|
29.3
|
|
|
648,645
|
|
|
41.1
|
|
|
513,478
|
|
|
34.9
|
|
||||
Construction Materials
|
|
86,782
|
|
|
11.9
|
|
|
83,171
|
|
|
11.4
|
|
|
175,754
|
|
|
11.1
|
|
|
165,083
|
|
|
11.2
|
|
||||
Real Estate
|
|
38
|
|
|
—
|
|
|
986
|
|
|
0.1
|
|
|
5,055
|
|
|
0.3
|
|
|
7,029
|
|
|
0.5
|
|
||||
Total
|
|
$
|
728,482
|
|
|
100.0
|
%
|
|
$
|
728,578
|
|
|
100.0
|
%
|
|
$
|
1,578,257
|
|
|
100.0
|
%
|
|
$
|
1,469,983
|
|
|
100.0
|
%
|
Construction Revenue
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||||||
California:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Public sector
|
|
$
|
159,033
|
|
|
41.3
|
%
|
|
$
|
172,064
|
|
|
39.9
|
%
|
|
$
|
338,992
|
|
|
45.2
|
%
|
|
$
|
327,576
|
|
|
41.7
|
%
|
Private sector
|
|
14,770
|
|
|
3.8
|
|
|
11,668
|
|
|
2.7
|
|
|
34,357
|
|
|
4.6
|
|
|
33,711
|
|
|
4.3
|
|
||||
Northwest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Public sector
|
|
162,286
|
|
|
42.1
|
|
|
197,513
|
|
|
45.8
|
|
|
253,569
|
|
|
33.9
|
|
|
316,700
|
|
|
40.4
|
|
||||
Private sector
|
|
29,447
|
|
|
7.6
|
|
|
14,904
|
|
|
3.5
|
|
|
76,078
|
|
|
10.2
|
|
|
24,830
|
|
|
3.2
|
|
||||
East:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Public sector
|
|
15,432
|
|
|
4.0
|
|
|
34,531
|
|
|
8.0
|
|
|
36,765
|
|
|
4.9
|
|
|
80,299
|
|
|
10.2
|
|
||||
Private sector
|
|
4,776
|
|
|
1.2
|
|
|
421
|
|
|
0.1
|
|
|
9,042
|
|
|
1.2
|
|
|
1,277
|
|
|
0.2
|
|
||||
Total
|
|
$
|
385,744
|
|
|
100.0
|
%
|
|
$
|
431,101
|
|
|
100.0
|
%
|
|
$
|
748,803
|
|
|
100.0
|
%
|
|
$
|
784,393
|
|
|
100.0
|
%
|
|
|
|
|
Large Project Construction Revenue
1
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||||||
California
|
|
$
|
30,355
|
|
|
11.9
|
%
|
|
$
|
24,599
|
|
|
11.5
|
%
|
|
$
|
76,374
|
|
|
11.8
|
%
|
|
$
|
56,625
|
|
|
11.0
|
%
|
Northwest
|
|
94,778
|
|
|
37.0
|
|
|
71,609
|
|
|
33.6
|
|
|
225,133
|
|
|
34.7
|
|
|
132,982
|
|
|
25.9
|
|
||||
East
|
|
130,785
|
|
|
51.1
|
|
|
117,112
|
|
|
54.9
|
|
|
347,138
|
|
|
53.5
|
|
|
323,871
|
|
|
63.1
|
|
||||
Total
|
|
$
|
255,918
|
|
|
100.0
|
%
|
|
$
|
213,320
|
|
|
100.0
|
%
|
|
$
|
648,645
|
|
|
100.0
|
%
|
|
$
|
513,478
|
|
|
100.0
|
%
|
Construction Materials Revenue
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||||||
California
|
|
$
|
48,910
|
|
|
56.4
|
%
|
|
$
|
46,759
|
|
|
56.2
|
%
|
|
$
|
107,910
|
|
|
61.4
|
%
|
|
$
|
103,832
|
|
|
62.9
|
%
|
Northwest
|
|
32,494
|
|
|
37.4
|
|
|
31,492
|
|
|
37.9
|
|
|
52,760
|
|
|
30.0
|
|
|
48,277
|
|
|
29.2
|
|
||||
East
|
|
5,378
|
|
|
6.2
|
|
|
4,920
|
|
|
5.9
|
|
|
15,084
|
|
|
8.6
|
|
|
12,974
|
|
|
7.9
|
|
||||
Total
|
|
$
|
86,782
|
|
|
100.0
|
%
|
|
$
|
83,171
|
|
|
100.0
|
%
|
|
$
|
175,754
|
|
|
100.0
|
%
|
|
$
|
165,083
|
|
|
100.0
|
%
|
Total Contract Backlog by Segment
|
|
|
|
|
|||||||||||||||||
(dollars in thousands)
|
|
September 30, 2012
|
|
June 30, 2012
|
|
September 30, 2011
|
|||||||||||||||
Construction
|
|
$
|
530,291
|
|
|
33.3
|
%
|
|
$
|
697,535
|
|
|
35.8
|
%
|
|
$
|
562,705
|
|
|
30.5
|
%
|
Large Project Construction
|
|
1,061,143
|
|
|
66.7
|
|
|
1,252,828
|
|
|
64.2
|
|
|
1,280,945
|
|
|
69.5
|
|
|||
Total
|
|
$
|
1,591,434
|
|
|
100.0
|
%
|
|
$
|
1,950,363
|
|
|
100.0
|
%
|
|
$
|
1,843,650
|
|
|
100.0
|
%
|
|
|
|
|
Construction Contract Backlog
|
|
|
|
|
|
|
|||||||||||||||
(dollars in thousands)
|
|
September 30, 2012
|
|
June 30, 2012
|
|
September 30, 2011
|
|||||||||||||||
California:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Public sector
|
|
$
|
291,857
|
|
|
55.1
|
%
|
|
$
|
367,737
|
|
|
52.7
|
%
|
|
$
|
334,795
|
|
|
59.5
|
%
|
Private sector
|
|
39,873
|
|
|
7.5
|
|
|
13,374
|
|
|
1.9
|
|
|
14,937
|
|
|
2.7
|
|
|||
Northwest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public sector
|
|
133,147
|
|
|
25.1
|
|
|
231,574
|
|
|
33.2
|
|
|
151,916
|
|
|
27.0
|
|
|||
Private sector
|
|
29,902
|
|
|
5.7
|
|
|
44,690
|
|
|
6.4
|
|
|
23,211
|
|
|
4.1
|
|
|||
East:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public sector
|
|
26,246
|
|
|
4.9
|
|
|
33,935
|
|
|
4.9
|
|
|
37,210
|
|
|
6.6
|
|
|||
Private sector
|
|
9,266
|
|
|
1.7
|
|
|
6,225
|
|
|
0.9
|
|
|
636
|
|
|
0.1
|
|
|||
Total
|
|
$
|
530,291
|
|
|
100.0
|
%
|
|
$
|
697,535
|
|
|
100.0
|
%
|
|
$
|
562,705
|
|
|
100.0
|
%
|
Large Project Construction Contract Backlog
1
|
|
|
|
|
|
|
|||||||||||||||
(dollars in thousands)
|
|
September 30, 2012
|
|
June 30, 2012
|
|
September 30, 2011
|
|||||||||||||||
California
|
|
$
|
171,917
|
|
|
16.2
|
%
|
|
$
|
177,047
|
|
|
14.1
|
%
|
|
$
|
221,501
|
|
|
17.3
|
%
|
Northwest
|
|
242,853
|
|
|
22.9
|
|
|
323,337
|
|
|
25.8
|
|
|
455,558
|
|
|
35.6
|
|
|||
East
|
|
646,373
|
|
|
60.9
|
|
|
752,444
|
|
|
60.1
|
|
|
603,886
|
|
|
47.1
|
|
|||
Total
|
|
$
|
1,061,143
|
|
|
100.0
|
%
|
|
$
|
1,252,828
|
|
|
100.0
|
%
|
|
$
|
1,280,945
|
|
|
100.0
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Construction
|
|
$
|
33,273
|
|
|
$
|
58,540
|
|
|
$
|
59,814
|
|
|
$
|
87,482
|
|
Percent of segment revenue
|
|
8.6
|
%
|
|
13.6
|
%
|
|
8.0
|
%
|
|
11.2
|
%
|
||||
Large Project Construction
|
|
57,814
|
|
|
25,557
|
|
|
108,302
|
|
|
69,513
|
|
||||
Percent of segment revenue
|
|
22.6
|
|
|
12.0
|
|
|
16.7
|
|
|
13.5
|
|
||||
Construction Materials
|
|
9,984
|
|
|
9,554
|
|
|
9,034
|
|
|
10,754
|
|
||||
Percent of segment revenue
|
|
11.5
|
|
|
11.5
|
|
|
5.1
|
|
|
6.5
|
|
||||
Real Estate
|
|
28
|
|
|
242
|
|
|
801
|
|
|
1,088
|
|
||||
Percent of segment revenue
|
|
73.7
|
|
|
24.5
|
|
|
15.8
|
|
|
15.5
|
|
||||
Total gross profit
|
|
$
|
101,099
|
|
|
$
|
93,893
|
|
|
$
|
177,951
|
|
|
$
|
168,837
|
|
Percent of total revenue
|
|
13.9
|
%
|
|
12.9
|
%
|
|
11.3
|
%
|
|
11.5
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Construction
|
|
$
|
22,338
|
|
|
$
|
38,215
|
|
|
$
|
27,393
|
|
|
$
|
45,288
|
|
Large Project Construction
|
|
26,301
|
|
|
64,725
|
|
|
50,486
|
|
|
138,348
|
|
||||
Total revenue from contracts with deferred profit
|
|
$
|
48,639
|
|
|
$
|
102,940
|
|
|
$
|
77,879
|
|
|
$
|
183,636
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Selling
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and related expenses
|
|
$
|
8,200
|
|
|
$
|
7,050
|
|
|
$
|
28,150
|
|
|
$
|
25,846
|
|
Other selling expenses
|
|
2,313
|
|
|
2,360
|
|
|
6,200
|
|
|
6,901
|
|
||||
Total selling
|
|
10,513
|
|
|
9,410
|
|
|
34,350
|
|
|
32,747
|
|
||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and related expenses
|
|
12,299
|
|
|
13,179
|
|
|
40,936
|
|
|
38,607
|
|
||||
Incentive compensation
|
|
2,525
|
|
|
3,447
|
|
|
5,622
|
|
|
7,777
|
|
||||
Restricted stock amortization
|
|
2,418
|
|
|
2,891
|
|
|
8,910
|
|
|
8,475
|
|
||||
Other general and administrative expenses
|
|
13,525
|
|
|
10,185
|
|
|
35,456
|
|
|
33,671
|
|
||||
Total general and administrative
|
|
30,767
|
|
|
29,702
|
|
|
90,924
|
|
|
88,530
|
|
||||
Total selling, general and administrative
|
|
$
|
41,280
|
|
|
$
|
39,112
|
|
|
$
|
125,274
|
|
|
$
|
121,277
|
|
Percent of revenue
|
|
5.7
|
%
|
|
5.4
|
%
|
|
7.9
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Interest income
|
|
$
|
485
|
|
|
$
|
476
|
|
|
$
|
2,140
|
|
|
$
|
2,295
|
|
Interest expense
|
|
(2,561
|
)
|
|
(3,418
|
)
|
|
(8,570
|
)
|
|
(7,653
|
)
|
||||
Equity in income of affiliates
|
|
1,481
|
|
|
1,881
|
|
|
380
|
|
|
1,443
|
|
||||
Other income (expense), net
|
|
2,013
|
|
|
(1,833
|
)
|
|
3,866
|
|
|
(1,951
|
)
|
||||
Total other income (expense)
|
|
$
|
1,418
|
|
|
$
|
(2,894
|
)
|
|
$
|
(2,184
|
)
|
|
$
|
(5,866
|
)
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Provision for income taxes
|
|
$
|
17,113
|
|
|
$
|
15,109
|
|
|
$
|
15,440
|
|
|
$
|
11,973
|
|
Effective tax rate
|
|
27.2
|
%
|
|
26.3
|
%
|
|
27.1
|
%
|
|
22.5
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Amount attributable to noncontrolling interests
|
|
$
|
(8,625
|
)
|
|
$
|
(5,908
|
)
|
|
$
|
(14,249
|
)
|
|
$
|
(8,886
|
)
|
|
|
|
|
(in thousands)
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2011 |
||||||
Cash and cash equivalents excluding consolidated joint ventures
|
|
$
|
213,302
|
|
|
$
|
181,868
|
|
|
$
|
127,749
|
|
Consolidated construction joint venture cash and cash equivalents
1
|
|
74,020
|
|
|
75,122
|
|
|
65,350
|
|
|||
Total consolidated cash and cash equivalents
|
|
287,322
|
|
|
256,990
|
|
|
193,099
|
|
|||
Short-term and long-term marketable securities
2
|
|
84,987
|
|
|
149,658
|
|
|
136,898
|
|
|||
Total cash, cash equivalents and marketable securities
|
|
$
|
372,309
|
|
|
$
|
406,648
|
|
|
$
|
329,997
|
|
|
|
|
|
Cash Flows
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
|
2012
|
|
2011
|
||||
Net cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
20,163
|
|
|
$
|
2,018
|
|
Investing activities
|
|
48,726
|
|
|
(8,367
|
)
|
||
Financing activities
|
|
(38,557
|
)
|
|
(52,574
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4.
|
CONTROLS AND PROCEDURES
|
|
|
|
|
Item 1.
|
LEGAL PROCEEDINGS
|
Period
|
|
Total number of shares purchased
1
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs
2
|
|
||||||
July 1, 2012 through July 31, 2012
|
|
12,309
|
|
|
$
|
26.11
|
|
|
—
|
|
|
$
|
64,065,401
|
|
|
August 1, 2012 through August 31, 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
64,065,401
|
|
|
September 1, 2012 through September 30, 2012
|
|
2,797
|
|
|
$
|
27.59
|
|
|
—
|
|
|
$
|
64,065,401
|
|
|
|
|
15,106
|
|
|
$
|
26.38
|
|
|
—
|
|
|
|
|
Item 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
Item 5.
|
OTHER INFORMATION
|
|
|
|
|
10.2
|
*
|
Amended and Restated Security Agreement, dated October 11, 2012, by and among Granite Construction Incorporated, Granite Construction Company, GILC Incorporated, the guarantors party thereto and Bank of America, N.A., as Collateral Agent. [Incorporated by reference from Exhibit 10.2 to the Company's Form 8-K filed on October 16, 2012]
|
10.3
|
*
|
Amended and Restated Securities Pledge Agreement, dated October 11, 2012, by and among Granite Construction Incorporated, Granite Construction Company, GILC Incorporated, the guarantors party thereto and Bank of America, N.A., as Collateral Agent. [Incorporated by reference from Exhibit 10.3 to the Company's Form 8-K filed on October 16, 2012]
|
10.4
|
*
|
Amended and Restated Guaranty Agreement, dated October 11, 2012, by and among Granite Construction Incorporated, the guarantors party thereto and Bank of America, N.A., as Administrative Agent. [Incorporated by reference from Exhibit 10.4 to the Company's Form 8-K filed on October 16, 2012]
|
10.5
|
*
|
Intercreditor and Collateral Agency Agreement, dated October 11, 2012, by and among Granite Construction Incorporated, for itself and on behalf of certain of its subsidiaries, Bank of America, N.A., as Collateral Agent and the secured creditors party thereto. [Incorporated by reference from Exhibit 10.5 to the Company's Form 8-K filed on October 16, 2012]
|
101.INS
|
†
|
XBRL Instance Document
|
101.SCH
|
†
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
†
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
†
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
†
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
†
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
*
|
Incorporated by reference
|
|
**
|
Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the SEC
|
|
†
|
Filed herewith
|
|
††
|
Furnished herewith
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
|
|
|
|
Date:
|
November 7, 2012
|
|
By:
|
/s/ Laurel J. Krzeminski
|
|
|
|
|
Laurel J. Krzeminski
|
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
General Electric Company | GE |
Omega Flex, Inc. | OFLX |
Paycom Software, Inc. | PAYC |
Bank of America Corporation | BAC |
Citigroup Inc. | C |
JPMorgan Chase & Co. | JPM |
Wells Fargo & Company | WFC |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|