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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue        
Total revenue $ 1,116,820 $ 1,008,910 $ 2,575,440 $ 2,512,043
Cost of revenue        
Total cost of revenue 950,177   2,273,352  
Gross profit 166,643 115,055 302,088 272,713
Selling, general and administrative expenses 74,794 61,795 212,479 192,036
Other costs, net 19,843 (490) 37,973 22,401
Gain on sales of property and equipment, net (1,812) (949) (7,793) (10,462)
Operating income 73,818   59,429  
Other (income) expense        
Loss on debt extinguishment 0   51,052  
Interest income (4,293)   (11,287)  
Interest expense 4,877   11,899  
Net income from affiliates (7,147)   (19,378) (9,656)
Other (income) expense, net 462   (2,713)  
Total other (income) expense, net (6,101) (2,789) 29,573 1,747
Income before income taxes 79,919 57,488 29,856 66,991
Provision for (benefit from) income taxes 22,423 (7,710) 21,978 7,310
Net income 57,496 $ 65,198 7,878 $ 59,681
Amount attributable to non-controlling interests 128   9,723  
Net income attributable to Granite Construction Incorporated $ 57,624   $ 17,601  
Net income per share attributable to common shareholders        
Basic (USD per share) $ 1.31 $ 1.58 $ 0.40 $ 1.37
Diluted (USD per share) $ 1.13 $ 1.36 $ 0.40 $ 1.25
Weighted average shares outstanding:        
Basic (shares) 43,924,000 43,973,000 43,861,000 44,739,000
Diluted (shares) 53,612,000 51,863,000 44,447,000 52,613,000
As Restated        
Revenue        
Total revenue   $ 1,008,910   $ 2,512,043
Cost of revenue        
Total cost of revenue   893,855   2,239,330
Gross profit   115,055   272,713
Selling, general and administrative expenses   61,795   192,036
Other costs, net   (490)   22,401
Gain on sales of property and equipment, net   (949)   (10,462)
Operating income   54,699   68,738
Other (income) expense        
Loss on debt extinguishment   0   0
Interest income   (1,894)   (3,246)
Interest expense   2,519   10,003
Net income from affiliates   (3,491)   (9,656)
Other (income) expense, net   77   4,646
Total other (income) expense, net   (2,789)   1,747
Net income       59,681
Amount attributable to non-controlling interests   4,104   1,569
Net income attributable to Granite Construction Incorporated   $ 69,302   $ 61,250
Net income per share attributable to common shareholders        
Basic (USD per share)   $ 1.58   $ 1.37
Diluted (USD per share)   $ 1.36   $ 1.25
Weighted average shares outstanding:        
Basic (shares)   43,973,000   44,739,000
Diluted (shares)   51,863,000   52,613,000
Construction        
Revenue        
Total revenue $ 945,698   $ 2,198,527  
Cost of revenue        
Total cost of revenue 808,536   1,945,506  
Construction | As Restated        
Revenue        
Total revenue   $ 847,371   $ 2,138,858
Cost of revenue        
Total cost of revenue   754,354   1,907,110
Materials        
Revenue        
Total revenue 171,122   376,913  
Cost of revenue        
Total cost of revenue $ 141,641   $ 327,846  
Materials | As Restated        
Revenue        
Total revenue   161,539   373,185
Cost of revenue        
Total cost of revenue   $ 139,501   $ 332,220