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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
Quarterly Financial Data
The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2014 and 2013. 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.
QUARTERLY FINANCIAL DATA
 

 

 

(unaudited - dollars in thousands, except per share data)
 

 

 

 

2014 Quarters Ended
December 31,
September 30,
June 30,
March 31,
Revenue
$
589,789

$
719,764

$
585,870

$
379,847

Gross profit
79,791

66,692

82,415

21,408

As a percent of revenue
13.5
%
9.3
%
14.1
%
5.6
 %
Net income (loss)
$
20,825

$
14,105

$
22,207

$
(21,261
)
As a percent of revenue
3.5
%
2.0
%
3.8
%
(5.6
)%
Net income (loss) attributable to Granite
$
16,976

$
15,282

$
13,641

$
(20,553
)
As a percent of revenue
2.9
%
2.1
%
2.3
%
(5.4
)%
Net income (loss) per share attributable to
common shareholders:
 
 
 
 
Basic
$
0.43

$
0.39

$
0.35

$
(0.53
)
Diluted
$
0.43

$
0.38

$
0.34

$
(0.53
)

2013 Quarters Ended
December 31,
September 30,
June 30,
March 31,
Revenue
$
598,099

$
739,752

$
550,348

$
378,704

Gross profit
49,751

55,860

49,596

30,058

As a percent of revenue
8.3
 %
7.6
%
9.0
%
7.9
 %
Net income (loss)
$
(33,255
)
$
6,532

$
1,782

$
(19,826
)
As a percent of revenue  
(5.6
)%
0.9
%
0.3
%
(5.2
)%
Net income (loss) attributable to Granite
$
(28,898
)
$
13,037

$
1,419

$
(21,982
)
As a percent of revenue
(4.8
)%
1.8
%
0.3
%
(5.8
)%
Net income (loss) per share attributable to
common shareholders:
 
 
 
 
Basic
$
(0.74
)
$
0.34

$
0.04

$
(0.57
)
Diluted
$
(0.74
)
$
0.33

$
0.04

$
(0.57
)

Included in our net loss for the quarter ended December 31, 2013 and in connection with out EIP were restructuring charges of $49.0 million related to the non-cash impairment of certain real estate development projects and certain non-performing quarry assets within the Construction Materials segment. These restructuring charges included lease termination charges of $3.2 million. In the fourth quarter of 2014, we were released from the lease obligation and recorded a $1.3 million restructuring gain. 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. In the fourth quarter of 2014, this asset was sold resulting in a $1.3 million impairment gain.