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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015. 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)
 

 

 

 

2016 Quarters Ended
December 31,
September 30,
June 30,
March 31,
Revenue
$
666,681

$
803,905

$
604,579

$
439,452

Gross profit
81,250

107,674

73,201

39,245

As a percent of revenue
12.2
%
13.4
%
12.1
%
8.9
 %
Net income (loss)2
$
19,264

$
38,172

$
18,526

$
(9,762
)
As a percent of revenue
2.9
%
4.7
%
3.1
%
(2.2
)%
Net income (loss) attributable to Granite3
$
16,173

$
37,190

$
14,199

$
(10,440
)
As a percent of revenue
2.4
%
4.6
%
2.3
%
(2.4
)%
Net income (loss) per share attributable to
common shareholders:
 
 
 
 
Basic
$
0.41

$
0.94

$
0.36

$
(0.27
)
Diluted
$
0.40

$
0.92

$
0.35

$
(0.27
)

2015 Quarters Ended
December 31,
September 30,
June 30,
March 31,
Revenue
$
630,162

$
751,376

$
569,242

$
420,249

Gross profit1
100,624

96,083

64,200

38,929

As a percent of revenue
16.0
%
12.8
%
11.3
%
9.3
 %
Net income (loss)2
$
35,139

$
32,180

$
9,539

$
(8,610
)
As a percent of revenue  
5.6
%
4.3
%
1.7
%
(2.0
)%
Net income (loss) attributable to Granite
$
28,673

$
30,759

$
9,613

$
(8,560
)
As a percent of revenue
4.6
%
4.1
%
1.7
%
(2.0
)%
Net income (loss) per share attributable to
common shareholders:
 
 
 
 
Basic
$
0.73

$
0.78

$
0.24

$
(0.22
)
Diluted
$
0.72

$
0.77

$
0.24

$
(0.22
)

1Gross profit is higher than the amounts presented in the “Quarterly Financial Data” section previously reported in our Annual Report on Form 10-K for the year ended December 31, 2015 due to reclassification of restricted stock amortization from selling, general and administration expenses to cost of revenue. See “Gross Profit” and “Selling, General and Administrative Expenses” under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information.
2During the third quarter of 2016, we recorded $0.9 million of restructuring gains resulting from sale of an underlying property in our equity method investment. During the fourth quarter of 2016, we recorded a $1.0 million restructuring gain resulting from the release of lease obligations During the fourth quarter of 2015, we recorded a restructuring gain of $5.0 million, which included amounts attributable to non-controlling interests of $3.3 million, associated with the sale of a previously impaired consolidated real estate investment and recorded a $1.0 million restructuring gain resulting from the sale of previously impaired non-performing quarry sites.
3Net income (loss) attributable to Granite is higher than the amounts previously reported in our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, June 30 and March 31, 2016, due to $0.9 million reclassifications resulting from early adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, of which $0.7 million was recorded in the first quarter of 2016 and the remaining $0.2 million was recorded in the second and third quarters of 2016 (see Note 1 of “Notes to the Consolidated Financial Statements”).