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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]  
Costs and Estimated Earnings in Excess of Billings





 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2016

 

2015

Claims

$

477,425 

 

$

407,164 

Unapproved change orders

 

207,475 

 

 

270,019 

Other unbilled costs and profits

 

146,926 

 

 

227,992 

Total costs and estimated earnings in excess of billings

$

831,826 

 

$

905,175 



Calculations of Basic and Diluted EPS



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Year Ended December 31,

(in thousands, except per share data)

2016

 

2015

 

2014

Net income

$

95,822 

 

$

45,292 

 

$

107,936 



 

 

 

 

 

 

 

 

Weighted-average common shares outstanding — basic

 

49,150 

 

 

48,981 

 

 

48,562 

Effect of diluted stock options and unvested restricted stock

 

714 

 

 

685 

 

 

552 

Weighted-average common shares outstanding — diluted

 

49,864 

 

 

49,666 

 

 

49,114 



 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

$

1.95 

 

$

0.92 

 

$

2.22 

Diluted

$

1.92 

 

$

0.91 

 

$

2.20 

Anti-dilutive securities not included above

 

1,132 

 

 

1,372 

 

 



Cash and Cash Equivalents and Restricted Cash



 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2016

 

2015

Cash and cash equivalents

$

49,539 

 

$

18,409 

Company's share of joint-venture cash and cash equivalents

 

96,564 

 

 

57,043 

Total cash and cash equivalents

$

146,103 

 

$

75,452 



 

 

 

 

 

Restricted cash

$

50,504 

 

$

45,853 



Tax Effects of Componenets of Other Comprehensive Income (Loss)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended December 31,



2016

 

2015

 

2014

(in thousands)

Before-Tax Amount

 

Tax Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax (Expense) Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax (Expense) Benefit

 

Net-of-Tax Amount

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustments

$

(4,452)

 

$

1,829 

 

$

(2,623)

 

$

31 

 

$

1,995 

 

$

2,026 

 

$

(13,887)

 

$

5,732 

 

$

(8,155)

Foreign currency translation adjustment

 

(439)

 

 

178 

 

 

(261)

 

 

(5,897)

 

 

2,683 

 

 

(3,214)

 

 

(1,086)

 

 

448 

 

 

(638)

Unrealized gain (loss) in fair value of investments

 

(576)

 

 

236 

 

 

(340)

 

 

1,123 

 

 

(357)

 

 

766 

 

 

346 

 

 

(141)

 

 

205 

Unrealized gain (loss) in fair value of interest rate swap

 

(45)

 

 

21 

 

 

(24)

 

 

(37)

 

 

(88)

 

 

(125)

 

 

594 

 

 

(245)

 

 

349 

Total other comprehensive income (loss)

$

(5,512)

 

$

2,264 

 

$

(3,248)

 

$

(4,780)

 

$

4,233 

 

$

(547)

 

$

(14,033)

 

$

5,794 

 

$

(8,239)



Changes in AOCI Balances by Component



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Defined Benefit Pension Plan

 

Foreign Currency Translation

 

Unrealized Gain (Loss) in Fair Value of Investments

 

Unrealized Gain (Loss) in Fair Value of Interest Rate Swap

 

Accumulated Other Comprehensive Loss

Balance as of December 31, 2013

$

(32,113)

 

$

(751)

 

$

(315)

 

$

(200)

 

$

(33,379)

Other comprehensive income (loss)

 

(8,155)

 

 

(638)

 

 

205 

 

 

349 

 

 

(8,239)

Balance as of December 31, 2014

$

(40,268)

 

$

(1,389)

 

$

(110)

 

$

149 

 

$

(41,618)

Other comprehensive income (loss)

 

2,026 

 

 

(3,214)

 

 

766 

 

 

(125)

 

 

(547)

Balance as of December 31, 2015

$

(38,242)

 

$

(4,603)

 

$

656 

 

$

24 

 

$

(42,165)

Other comprehensive loss before reclassifications

 

(3,722)

 

 

(261)

 

 

(340)

 

 

(24)

 

 

(4,347)

Amounts reclassified from AOCI

 

1,099 

 

 

 —

 

 

 —

 

 

 —

 

 

1,099 

Balance as of December 31, 2016

$

(40,865)

 

$

(4,864)

 

$

316 

 

$

 —

 

$

(45,413)



Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Consolidated Statement Of Operations



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



Location in Consolidated

 

Year Ended December 31,

(in thousands)

Statements of Earnings

 

2016

 

2015

 

2014

Component of AOCI:

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustments

Various accounts

 

$

1,745 

 

$

 —

 

$

 —

Income tax benefit

Provision for income taxes

 

 

(646)

 

 

 —

 

 

 —

Net of tax

 

 

$

1,099 

 

$

 —

 

$

 —