Note 23 - Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Quarterly Financial Information [Text Block]

23. Quarterly Financial Data - Unaudited

The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2019 and 2018. As described in the Explanatory Note and in Note 2, we have restated our unaudited quarterly financial information for the first three quarters of the year ended December 31, 2019 and for each of the quarters in the year ended December 31, 2018. 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 (loss) income per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net (loss) income per share amounts may not equal the per share amount reported for the year.  The impact from the adjustments resulting from the Investigation on the unaudited quarterly financial information below are similar in nature to those discussed in Note 2. The account balances labeled as “Other Adjustments” represent the effects of other adjustments, which related to revisions in estimates in projects primarily impacting revenue and cost of revenue in the Transportation segment as a result of out-of-period or uncorrected misstatements in previously filed financial statements that were not material, individually or in the aggregate, to those previously filed financial statements, balance sheet reclassifications and other immaterial adjustments. 

The impact to the consolidated statements of shareholders’ equity as a result of the Restatement was due to the changes in net income (loss) for the first three quarters of the year ended December 31, 2019 and for each of the quarters in the year ended December 31, 2018 and to retained earnings related to the adoption of Topic 606 on January 1, 2018, whereas the $15.2 million decrease in retained earnings as previously reported is adjusted to a $9.6 million decrease in retained earnings as restated. In addition, there was no impact to net cash (used in) provided by investing and financing activities for the first three quarters of the year ended December 31, 2019 and for each of the quarters in the year ended December 31, 2018.

					As Restated
2019 Quarters Ended		December 31,			September 30,			June 30,			March 31,
Revenue	$	885,587		$	1,112,114		$	866,092		$	581,813
Gross profit		51,224			122,558			46,758			1,138
As a percent of revenue		5.8	%		11.0	%		5.4	%		0.2	%
Net (loss) income	$	(20,061	)	$	44,766		$	(21,646	)	$	(59,761	)
As a percent of revenue		(2.3	)%		4.0	%		(2.5	)%		(10.3	)%
Net (loss) income attributable to Granite	$	(19,380	)	$	45,901		$	(24,242	)	$	(62,470	)
As a percent of revenue		(2.2	)%		4.1	%		(2.8	)%		(10.7	)%
Net (loss) income per share attributable to common shareholders:
Basic	$	(0.42	)	$	0.98		$	(0.52	)	$	(1.34	)
Diluted	$	(0.42	)	$	0.97		$	(0.52	)	$	(1.34	)

		As Restated
2018 Quarters Ended		December 31,			September 30,			June 30,			March 31,
Revenue	$	836,123		$	1,070,899		$	828,313		$	551,696
Gross profit		30,491			160,661			99,424			44,264
As a percent of revenue		3.6	%		15.0	%		12.0	%		8.0	%
Net (loss) income	$	(49,212	)	$	71,261		$	8,770		$	(19,283	)
As a percent of revenue		(5.9	)%		6.7	%		1.1	%		(3.5	)%
Net (loss) income attributable to Granite	$	(52,676	)	$	67,836		$	5,866		$	(20,444	)
As a percent of revenue		(6.3	)%		6.3	%		0.7	%		(3.7	)%
Net (loss) income per share attributable to common shareholders:
Basic	$	(1.12	)	$	1.46		$	0.14		$	(0.51	)
Diluted	$	(1.12	)	$	1.42		$	0.14		$	(0.51	)

Consolidated Balance Sheets

	September 30, 2019												June 30, 2019												March 31, 2019
	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	184,673		$	—		$	—		$	184,673		$	144,958		$	—		$	—		$	144,958		$	200,263		$	—		$	—		$	200,263
Short-term marketable securities		37,918			—			—			37,918			41,037			—			—			41,037			36,049			—			—			36,049
Receivables, net		700,387			10,569			2,016			712,972			551,958			10,567			2,018			564,543			368,215			10,566			2,204			380,985
Contract assets		233,925			(17,452	)		(10,066	)		206,407			257,650			(30,286	)		(2,975	)		224,389			260,250			(45,011	)		(2,216	)		213,023
Inventories		95,442			—			—			95,442			102,163			—			(477	)		101,686			96,862			—			—			96,862
Equity in construction joint ventures		209,765			(10,351	)		4,540			203,954			241,786			(18,401	)		(3,138	)		220,247			300,489			(74,557	)		(6,024	)		219,908
Other current assets		42,698			9,019			208			51,925			63,056			16,919			585			80,560			54,590			7,606			559			62,755
Total current assets		1,504,808			(8,215	)		(3,302	)		1,493,291			1,402,608			(21,201	)		(3,987	)		1,377,420			1,316,718			(101,396	)		(5,477	)		1,209,845
Property and equipment, net		542,796			—			—			542,796			557,118			—			1,260			558,378			552,504			—			—			552,504
Long-term marketable securities		10,000			—			—			10,000			20,000			—			—			20,000			30,000			—			—			30,000
Investments in affiliates		84,914			—			—			84,914			82,109			—			—			82,109			81,034			—			—			81,034
Goodwill		264,112			—			—			264,112			264,107			—			—			264,107			259,695			—			—			259,695
Right of use assets		70,472			—			—			70,472			73,439			—			—			73,439			71,480			—			—			71,480
Deferred income taxes, net		38,443			(8,580	)		774			30,637			36,055			(8,580	)		774			28,249			—			26,608			3,880			30,488
Other noncurrent assets		118,228			—			(1,790	)		116,438			122,705			—			(1,790	)		120,915			128,349			—			(4,792	)		123,557
Total assets	$	2,633,773		$	(16,795	)	$	(4,318	)	$	2,612,660		$	2,558,141		$	(29,781	)	$	(3,743	)	$	2,524,617		$	2,439,780		$	(74,788	)	$	(6,389	)	$	2,358,603
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	8,263		$	—		$	—		$	8,263		$	48,397		$	—		$	—		$	48,397		$	47,281		$	—		$	—		$	47,281
Accounts payable		399,528			—			215			399,743			303,128			—			(477	)		302,651			216,966			—			(816	)		216,150
Contract liabilities		106,010			9,025			(5,736	)		109,299			119,289			9,154			—			128,443			90,752			14,561			(1,053	)		104,260
Accrued expenses and other current liabilities		342,040			12,031			5,150			359,221			339,047			21,184			—			360,231			265,102			43,035			(51	)		308,086
Total current liabilities		855,841			21,056			(371	)		876,526			809,861			30,338			(477	)		839,722			620,101			57,596			(1,920	)		675,777
Long-term debt		394,841			—			—			394,841			366,896			—			—			366,896			333,290			—			—			333,290
Long-term lease liabilities		56,740			—			—			56,740			60,868			—			—			60,868			60,237			—			—			60,237
Deferred income taxes, net		4,652			—			—			4,652			4,680			—			—			4,680			—			—			4,913			4,913
Other long-term liabilities		58,433			—			—			58,433			58,268			—			—			58,268			64,219			—			(4,352	)		59,867
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding		—			—			—			—			—			—			—			—			—			—			—			—
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,741,263 shares as of September 30, 2019, 46,838,199 shares as of June 30, 2019 and 46,812,366 shares as of March 31, 2019		468			—			—			468			468			—			—			468			468			—			—			468
Additional paid-in capital		567,033			—			—			567,033			568,264			—			—			568,264			566,497			—			—			566,497
Accumulated other comprehensive loss		(3,282	)		—			—			(3,282	)		(3,448	)		—			1,261			(2,187	)		(626	)		—			(455	)		(1,081	)
Retained earnings		656,487			(34,046	)		(2,751	)		619,690			642,124			(58,719	)		(3,485	)		579,920			746,100			(132,325	)		(3,473	)		610,302
Total Granite Construction Incorporated shareholders’ equity		1,220,706			(34,046	)		(2,751	)		1,183,909			1,207,408			(58,719	)		(2,224	)		1,146,465			1,312,439			(132,325	)		(3,928	)		1,176,186
Non-controlling interests		42,560			(3,805	)		(1,196	)		37,559			50,160			(1,400	)		(1,042	)		47,718			49,494			(59	)		(1,102	)		48,333
Total equity		1,263,266			(37,851	)		(3,947	)		1,221,468			1,257,568			(60,119	)		(3,266	)		1,194,183			1,361,933			(132,384	)		(5,030	)		1,224,519
Total liabilities and equity	$	2,633,773		$	(16,795	)	$	(4,318	)	$	2,612,660		$	2,558,141		$	(29,781	)	$	(3,743	)	$	2,524,617		$	2,439,780		$	(74,788	)	$	(6,389	)	$	2,358,603

Consolidated Statements of Operations

	Three Months Ended March 31, 2019												Three Months Ended June 30, 2019												Three Months Ended September 30, 2019
	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Revenue
Transportation	$	338,210		$	(28,022	)	$	(8,224	)	$	301,964		$	403,978		$	76,255		$	1,513		$	481,746		$	598,646		$	23,861		$	1,360		$	623,867
Water		99,255			(170	)		(3	)		99,082			112,831			(728	)		(33	)		112,070			135,908			(1,771	)		267			134,404
Specialty		140,693			—			(1,569	)		139,124			175,084			—			(455	)		174,629			224,457			—			287			224,744
Materials		41,643			—			—			41,643			97,647			—			—			97,647			129,099			—			—			129,099
Total revenue		619,801			(28,192	)		(9,796	)		581,813			789,540			75,527			1,025			866,092			1,088,110			22,090			1,914			1,112,114
Cost of revenue
Transportation		316,960			6,208			(4,856	)		318,312			503,857			(22,610	)		—			481,247			585,013			(8,245	)		234			577,002
Water		91,136			—			—			91,136			101,568			—			—			101,568			120,878			674			215			121,767
Specialty		125,826			—			—			125,826			152,874			—			—			152,874			186,158			—			—			186,158
Materials		45,401			—			—			45,401			83,645			—			—			83,645			104,629			—			—			104,629
Total cost of revenue		579,323			6,208			(4,856	)		580,675			841,944			(22,610	)		—			819,334			996,678			(7,571	)		449			989,556
Gross profit (loss)		40,478			(34,400	)		(4,940	)		1,138			(52,404	)		98,137			1,025			46,758			91,432			29,661			1,465			122,558
Selling, general and administrative expenses		81,155			—			(1,000	)		80,155			69,998			—			1,000			70,998			73,424			—			—			73,424
Acquisition and integration expenses		3,323			—			(1,475	)		1,848			9,177			—			—			9,177			2,744			—			—			2,744
Gain on sales of property and equipment		(1,900	)		—			—			(1,900	)		(4,935	)		—			—			(4,935	)		(7,101	)		—			—			(7,101	)
Operating (loss) profit		(42,100	)		(34,400	)		(2,465	)		(78,965	)		(126,644	)		98,137			25			(28,482	)		22,365			29,661			1,465			53,491
Other (income) expense
Interest income		(2,816	)		—			—			(2,816	)		(1,728	)		—			—			(1,728	)		(1,713	)		—			—			(1,713	)
Interest expense		4,014			—			—			4,014			4,158			—			—			4,158			4,839			—			—			4,839
Equity in income of affiliates, net		(1,290	)		—			—			(1,290	)		(2,594	)		—			—			(2,594	)		(6,275	)		—			—			(6,275	)
Other income, net		(1,762	)		—			—			(1,762	)		(759	)		—			—			(759	)		127			—			—			127
Total other income		(1,854	)		—			—			(1,854	)		(923	)		—			—			(923	)		(3,022	)		—			—			(3,022	)
(Loss) income before benefit from income taxes		(40,246	)		(34,400	)		(2,465	)		(77,111	)		(125,721	)		98,137			25			(27,559	)		25,387			29,661			1,465			56,513
(Benefit from) provision for income taxes		(9,165	)		(7,627	)		(558	)		(17,350	)		(31,760	)		25,874			(27	)		(5,913	)		3,474			7,898			375			11,747
Net (loss) income		(31,081	)		(26,773	)		(1,907	)		(59,761	)		(93,961	)		72,263			52			(21,646	)		21,913			21,763			1,090			44,766
Amount attributable to non-controlling interests		(3,493	)		59			725			(2,709	)		(3,875	)		1,341			(62	)		(2,596	)		(1,425	)		2,660			(100	)		1,135
Net (loss) income attributable to Granite Construction Incorporated	$	(34,574	)	$	(26,714	)	$	(1,182	)	$	(62,470	)	$	(97,836	)	$	73,604		$	(10	)	$	(24,242	)	$	20,488		$	24,423		$	990		$	45,901
Net (loss) income per share attributable to common shareholders
Basic	$	(0.74	)	$	(0.57	)	$	(0.03	)	$	(1.34	)	$	(2.09	)	$	1.57		$	(0.00	)	$	(0.52	)	$	0.44		$	0.52		$	0.02		$	0.98
Diluted	$	(0.74	)	$	(0.57	)	$	(0.03	)	$	(1.34	)	$	(2.09	)	$	1.57		$	(0.00	)	$	(0.52	)	$	0.43		$	0.52		$	0.02		$	0.97
Weighted average shares of common stock
Basic		46,699			46,699			46,699			46,699			46,824			46,824			46,824			46,824			46,788			46,788			46,788			46,788
Diluted		46,699			46,699			46,699			46,699			46,824			46,824			46,824			46,824			47,170			47,170			47,170			47,170

Consolidated Statements of Cash Flows

	Three Months Ended March 31, 2019												Six Months Ended June 30, 2019												Nine Months Ended September 30, 2019
	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Operating activities
Net (loss) income	$	(31,081	)	$	(26,773	)	$	(1,907	)	$	(59,761	)	$	(125,042	)	$	45,490		$	(1,855	)	$	(81,407	)	$	(103,129	)	$	67,253		$	(765	)	$	(36,641	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation, depletion and amortization		28,846			—			209			29,055			61,747			—			—			61,747			92,700			—			—			92,700
Gain on sales of property and equipment, net		(1,900	)		—			—			(1,900	)		(6,835	)		—			—			(6,835	)		(13,936	)		—			—			(13,936	)
Change in deferred income taxes		—			—			—			—			(35,192	)		35,189			—			(3	)		(37,338	)		35,188			—			(2,150	)
Stock-based compensation		5,748			—			—			5,748			7,221			—			—			7,221			8,924			—			—			8,924
Equity in net (income) loss from unconsolidated joint ventures		(455	)		17,879			2,960			20,384			105,834			(60,073	)		27,074			72,835			173,008			(77,334	)		(2,400	)		93,274
Net income from affiliates		—			—			(1,290	)		(1,290	)		(3,884	)		—			—			(3,884	)		(10,159	)		—			—			(10,159	)
Other non-cash adjustments		—			—			—			—			4,630			—			—			4,630			4,630			—			—			4,630
Changes in assets and liabilities, net of the effects of acquisitions:
Receivables		105,086			—			(1,602	)		103,484			(78,081	)		—			(1,009	)		(79,090	)		(224,475	)		—			(1,083	)		(225,558	)
Contract assets, net		(55,550	)		16,479			5,726			(33,345	)		(23,775	)		(3,687	)		7,036			(20,426	)		(13,276	)		(16,109	)		7,846			(21,539	)
Inventories		(8,238	)		—			—			(8,238	)		(12,905	)		—			576			(12,329	)		(6,178	)		—			—			(6,178	)
Contributions to unconsolidated construction joint ventures		(26,933	)		—			—			(26,933	)		(45,500	)		—			—			(45,500	)		(57,280	)		—			—			(57,280	)
Distributions from unconsolidated construction joint ventures and affiliates		330			—			—			330			830			—			—			830			13,181			—			—			13,181
Other assets, net		(4,189	)		(7,585	)		126			(11,648	)		(15,361	)		(16,919	)		(505	)		(32,785	)		(1,141	)		(8,998	)		(251	)		(10,390	)
Accounts payable		(34,110	)		—			(6,478	)		(40,588	)		48,230			—			(5,753	)		42,477			148,739			—			(5,061	)		143,678
Accrued expenses and other current liabilities, net		(13,918	)		—			2,256			(11,662	)		24,568			—			(25,564	)		(996	)		(768	)		—			1,714			946
Net cash used in operating activities	$	(36,364	)	$	—		$	—		$	(36,364	)	$	(93,515	)	$	—		$	—		$	(93,515	)	$	(26,498	)	$	—		$	—		$	(26,498	)

Consolidated Balance Sheets

	September 30, 2018										June 30, 2018										March 31, 2018
	As Previously Reported		Investigation Adjustments			Other Adjustments			As Restated		As Previously Reported		Investigation Adjustments			Other Adjustments			As Restated		As Previously Reported		Investigation Adjustments			Other Adjustments			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	230,259	$	—		$	—		$	230,259	$	195,515	$	—		$	—		$	195,515	$	193,581	$	—		$	—		$	193,581
Short-term marketable securities		35,010		—			—			35,010		20,014		—			—			20,014		39,961		—			—			39,961
Receivables, net		618,070		4,491			562			623,123		492,718		4,491			562			497,771		330,192		4,491			632			335,315
Contract assets		213,989		(8,515	)		484			205,958		265,190		(13,005	)		424			252,609		178,663		(8,766	)		(4,127	)		165,770
Inventories		90,789		—			—			90,789		96,024		—			—			96,024		71,295		—			—			71,295
Assets held for sale		62,988		—			—			62,988		—		—			—			—		—		—			—			—
Equity in construction joint ventures		273,993		(38,249	)		(1,028	)		234,716		252,467		(36,347	)		(1,027	)		215,093		254,816		(54,506	)		—			200,310
Other current assets		32,185		—			—			32,185		49,100		(1,891	)		84			47,293		43,125		2,499			498			46,122
Total current assets		1,557,283		(42,273	)		18			1,515,028		1,371,028		(46,752	)		43			1,324,319		1,111,633		(56,282	)		(2,997	)		1,052,354
Property and equipment, net		560,618		—			—			560,618		595,787		—			3,084			598,871		409,708		—			—			409,708
Long-term marketable securities		46,093		—			—			46,093		61,191		—			—			61,191		67,305		—			—			67,305
Investments in affiliates		84,840		—			—			84,840		99,495		—			(7,800	)		91,695		38,682		—			—			38,682
Goodwill		244,696		—			—			244,696		246,881		—			7,177			254,058		53,799		—			—			53,799
Right of use assets		—		—			—			—		—		—			—			—		—		—			—			—
Deferred income taxes, net		6,408		19,480			—			25,888		25,135		19,480			277			44,892		3,718		19,480			2			23,200
Other noncurrent assets		143,910		—			—			143,910		156,808		—			(2,799	)		154,009		74,382		—			—			74,382
Total assets	$	2,643,848	$	(22,793	)	$	18		$	2,621,073	$	2,556,325	$	(27,272	)	$	(18	)	$	2,529,035	$	1,759,227	$	(36,802	)	$	(2,995	)	$	1,719,430
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	116,796	$	—		$	—		$	116,796	$	207,982	$	—		$	—		$	207,982	$	47,298	$	—		$	—		$	47,298
Accounts payable		316,917		—			—			316,917		303,885		—			—			303,885		226,253		—			838			227,091
Contract liabilities		117,759		1,901			(674	)		118,986		91,864		(544	)		1,337			92,657		71,030		1,013			(1,081	)		70,962
Accrued expenses and other current liabilities		296,033		24,260			420			320,713		293,959		32,822			—			326,781		233,637		35,263			(134	)		268,766
Total current liabilities		847,505		26,161			(254	)		873,412		897,690		32,278			1,337			931,305		578,218		36,276			(377	)		614,117
Long-term debt		316,926		—			—			316,926		280,710		—			—			280,710		176,011		—			—			176,011
Long-term lease liabilities		—		—			—			—		—		—			—			—		—		—			—			—
Deferred income taxes, net		5,589		—			—			5,589		5,759		—			(60	)		5,699		—		—			—			—
Other long-term liabilities		67,429		—			—			67,429		71,180		—			—			71,180		40,104		—			—			40,104
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding		—		—			—			—		—		—			—			—		—		—			—			—
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,897,092 shares as of September 30, 2018, 46,838,199 shares as of June 30, 2018 and 46,812,366 shares as of March 31, 2018		469		—			—			469		457		—			—			457		400		—			—			400
Additional paid-in capital		572,046		—			—			572,046		516,680		—			—			516,680		162,038		—			—			162,038
Accumulated other comprehensive loss		1,841		—			—			1,841		1,022		—			—			1,022		1,197		—			—			1,197
Retained earnings		786,936		(48,954	)		272			738,254		737,417		(59,550	)		(1,295	)		676,572		751,801		(73,078	)		(2,018	)		676,705
Total Granite Construction Incorporated shareholders’ equity		1,361,292		(48,954	)		272			1,312,610		1,255,576		(59,550	)		(1,295	)		1,194,731		915,436		(73,078	)		(2,018	)		840,340
Non-controlling interests		45,107		—			—			45,107		45,410		—			—			45,410		49,458		—			(600	)		48,858
Total equity		1,406,399		(48,954	)		272			1,357,717		1,300,986		(59,550	)		(1,295	)		1,240,141		964,894		(73,078	)		(2,618	)		889,198
Total liabilities and equity	$	2,643,848	$	(22,793	)	$	18		$	2,621,073	$	2,556,325	$	(27,272	)	$	(18	)	$	2,529,035	$	1,759,227	$	(36,802	)	$	(2,995	)	$	1,719,430

Consolidated Statements of Operations

	Three Months Ended March 31, 2018												Three Months Ended June 30, 2018												Three Months Ended September 30, 2018
	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Revenue
Transportation	$	359,145		$	(10,113	)	$	(1,466	)	$	347,566		$	502,711		$	20,227		$	962		$	523,900		$	610,847		$	10,204		$	1,844		$	622,895
Water		40,041			(108	)		4			39,937			51,618			(135	)		(104	)		51,379			124,292			(117	)		3,796			127,971
Specialty		118,471			—			—			118,471			151,842			—			244			152,086			190,836			—			108			190,944
Materials		45,722			—			—			45,722			100,948			—			—			100,948			129,616			—			(527	)		129,089
Total revenue		563,379			(10,221	)		(1,462	)		551,696			807,119			20,092			1,102			828,313			1,055,591			10,087			5,221			1,070,899
Cost of revenue
Transportation		327,683			302			(739	)		327,246			466,748			2,173			740			469,661			539,871			(4,012	)		—			535,859
Water		28,477			—			773			29,250			46,168			—			(873	)		45,295			100,189			—			3,777			103,966
Specialty		102,735			—			—			102,735			130,366			—			99			130,465			162,737			—			(99	)		162,638
Materials		48,201			—			—			48,201			83,468			—			—			83,468			108,303			—			(528	)		107,775
Total cost of revenue		507,096			302			34			507,432			726,750			2,173			(34	)		728,889			911,100			(4,012	)		3,150			910,238
Gross profit (loss)		56,283			(10,523	)		(1,496	)		44,264			80,369			17,919			1,136			99,424			144,491			14,099			2,071			160,661
Selling, general and administrative expenses		61,252			—			599			61,851			61,316			—			(599	)		60,717			70,769			—			-			70,769
Acquisition and integration expenses		8,409			—			—			8,409			26,287			—			—			26,287			9,334			—			-			9,334
Gain on sales of property and equipment		(543	)		—			—			(543	)		(1,505	)		—			—			(1,505	)		(3,018	)		—			—			(3,018	)
Operating (loss) profit		(12,835	)		(10,523	)		(2,095	)		(25,453	)		(5,729	)		17,919			1,735			13,925			67,406			14,099			2,071			83,576
Other (income) expense
Interest income		(1,521	)		—			—			(1,521	)		(1,173	)		—			—			(1,173	)		(1,533	)		—			—			(1,533	)
Interest expense		2,435			—			—			2,435			3,203			—			—			3,203			4,452			—			—			4,452
Equity in income of affiliates, net		(224	)		—			—			(224	)		(3,534	)		—			—			(3,534	)		(1,769	)		—			—			(1,769	)
Other expense, net		268			—			—			268			(940	)		—			—			(940	)		(1,533	)		—			—			(1,533	)
Total other expense		958			—			—			958			(2,444	)		—			—			(2,444	)		(383	)		—			—			(383	)
(Loss) income before (benefit from) provision for income taxes		(13,793	)		(10,523	)		(2,095	)		(26,411	)		(3,285	)		17,919			1,735			16,369			67,789			14,099			2,071			83,959
(Benefit from) provision for income taxes		(4,131	)		(2,500	)		(497	)		(7,128	)		2,796			4,390			413			7,599			8,692			3,502			504			12,698
Net (loss) income		(9,662	)		(8,023	)		(1,598	)		(19,283	)		(6,081	)		13,529			1,322			8,770			59,097			10,597			1,567			71,261
Amount attributable to non-controlling interests		(1,761	)		—			600			(1,161	)		(2,304	)		—			(600	)		(2,904	)		(3,425	)		—			—			(3,425	)
Net (loss) income attributable to Granite Construction Incorporated	$	(11,423	)	$	(8,023	)	$	(998	)	$	(20,444	)	$	(8,385	)	$	13,529		$	722		$	5,866		$	55,672		$	10,597		$	1,567		$	67,836
Net (loss) income per share attributable to common shareholders
Basic	$	(0.29	)	$	(0.20	)	$	(0.02	)	$	(0.51	)	$	(0.20	)	$	0.33		$	0.01		$	0.14		$	1.20		$	0.23		$	0.03		$	1.46
Diluted	$	(0.29	)	$	(0.20	)	$	(0.02	)	$	(0.51	)	$	(0.20	)	$	0.33		$	0.01		$	0.14		$	1.17		$	0.22		$	0.03		$	1.42
Weighted average shares of common stock
Basic		39,908			39,908			39,908			39,908			41,044			41,044			41,044			41,044			46,308			46,308			46,308			46,308
Diluted		39,908			39,908			39,908			39,908			41,044			41,044			41,044			42,004			47,810			47,810			47,810			47,810

Consolidated Statements of Cash Flows

	Three Months Ended March 31, 2018												Six Months Ended June 30, 2018												Nine Months Ended September 30, 2018
	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated			As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Operating activities
Net (loss) income	$	(9,662	)	$	(8,023	)	$	(1,598	)	$	(19,283	)	$	(15,743	)	$	5,505		$	(275	)	$	(10,513	)	$	43,354		$	16,101		$	1,293		$	60,748
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization		15,511			—			—			15,511			43,547			—			—			43,547			77,816			—			—			77,816
Gain on sales of property and equipment, net		(543	)		—			—			(543	)		(2,048	)		—			—			(2,048	)		(5,066	)		—			—			(5,066	)
Change in deferred income taxes		—			—			—			—			—			—			—			—			(2,207	)		—			—			(2,207	)
Stock-based compensation		7,772			—			—			7,772			10,193			—			—			10,193			12,621			—			—			12,621
Equity in net (income) loss from unconsolidated joint ventures		(2,637	)		9,016			—			6,379			13,418			(11,560	)		1,025			2,883			16,343			(23,631	)		1,043			(6,245	)
Net income from affiliates		—			—			—			—			(3,758	)		—			—			(3,758	)		(5,527	)		—			—			(5,527	)
Changes in assets and liabilities:
Receivables		58,527			—			(70	)		58,457			(24,821	)		—			—			(24,821	)		(154,996	)		—			—			(154,996	)
Contract assets, net		(47,777	)		1,506			1,458			(44,813	)		(76,166	)		4,164			(651	)		(72,653	)		355			2,138			(2,742	)		(249	)
Inventories		(8,798	)		—			—			(8,798	)		(9,526	)		—			—			(9,526	)		(4,283	)		—			—			(4,283	)
Contributions to unconsolidated construction joint ventures		(26,067	)		—			—			(26,067	)		(55,733	)		—			—			(55,733	)		(89,000	)		—			—			(89,000	)
Distributions from unconsolidated construction joint ventures		4,036			—			—			4,036			11,201			—			—			11,201			15,581			—			—			15,581
Other assets, net		(6,136	)		(2,499	)		(498	)		(9,133	)		4,192			1,891			(85	)		5,998			30,728			—			—			30,728
Accounts payable		(12,838	)		—			838			(12,000	)		24,559			—			—			24,559			41,672			—			—			41,672
Accrued expenses and other current liabilities, net		(9,008	)		—			(130	)		(9,138	)		5,240			—			(14	)		5,226			37,352			5,392			406			43,150
Net cash (used in) provided by operating activities	$	(37,620	)	$	—		$	—		$	(37,620	)	$	(75,445	)	$	—		$	—		$	(75,445	)	$	14,743		$	—		$	—		$	14,743