Quarterly Financial Data

The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012. This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year.

We have revised our quarterly statements of operations for the second and third quarters of 2013 for errors identified subsequent to the filing of those Quarterly Reports on Form 10-Q. See detailed explanations of the adjustments in the footnotes below the following table. The Company assessed the materiality of the errors individually and in the aggregate on the prior interim periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletin No. 99 and, based on an analysis of quantitative and qualitative factors, determined that the errors were not material to the Company’s interim consolidated financial statements for each of the second and third quarters of 2013; therefore, these previously issued consolidated financial statements can continue to be relied upon and an amendment of the previously filed Quarterly Reports on Form 10-Q is not required. However, for comparability, these revised amounts will be reflected in the 2014 Quarterly Reports on Form 10-Q that will contain such financial information.



QUARTERLY FINANCIAL DATA
(unaudited - dollars in thousands, except per share data)
2013 Quarters Ended	December 31,			September 30,²			June 30,³			March 31,
Revenue	$	598,099		$	739,750		$	550,348		$	378,704
Gross profit	49,751			55,858			49,596			30,058
As a percent of revenue	8.3		%	7.6		%	9.0		%	7.9		%
Net (loss) income¹	$	(33,255	)	$	6,533		$	1,782		$	(19,826	)
As a percent of revenue	(5.6		)%	0.9		%	0.3		%	-5.2		%
Net (loss) income attributable to Granite	$	(28,898	)	$	13,038		$	1,419		$	(21,982	)
As a percent of revenue	(4.8		)%	1.8		%	0.3		%	-5.8		%
Net (loss) income per share attributable to common shareholders:
Basic	$	(0.74	)	$	0.34		$	0.04		$	(0.57	)
Diluted	$	(0.74	)	$	0.34		$	0.04		$	(0.57	)

¹Included in our net loss for the quarter ended December 31, 2013 were restructuring charges of $49.0 million related to the non-cash impairment of certain real estate development projects within the Real Estate segment and certain non-performing quarry sites within the Construction Materials segment. Also included in the 2013 fourth quarter was a $3.2 million non-cash impairment charge related to our process of continually optimizing our assets separate from the EIP.

²Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million.

³Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million.



2012 Quarters Ended	December 31,			September 30,			June 30,			March 31,
Revenue	$	504,781		$	728,482		$	539,615		$	310,160
Gross profit	56,808			101,099			51,916			24,936
As a percent of revenue	11.3		%	13.9		%	9.6		%	8.0		%
Net income (loss)¹	$	18,374		$	45,746		$	4,487		$	(8,687	)
As a percent of revenue	3.6		%	6.3		%	0.8		%	-2.8		%
Net income (loss) attributable to Granite	$	17,987		$	37,121		$	1,949		$	(11,773	)
As a percent of revenue	3.6		%	5.1		%	0.4		%	-3.8		%
Net income (loss) per share attributable to common shareholders:
Basic	$	0.46		$	0.96		$	0.05		$	(0.31	)
Diluted	$	0.46		$	0.94		$	0.05		$	(0.31	)

¹Included in our net income for the quarter ended December 31, 2012 was an $18.0 million gain from the sale of an underutilized quarry related to our process of continually optimizing our assets separate from the EIP. In addition, net income for the quarter ended December 31, 2012 included a $5.8 million tax benefit from the release of a state valuation allowance and $4.4 million of Kenny related acquisition costs.

Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year.