Three months ended March 31, 2022

As Previously Reported

Restatement Impacts

As Restated

Discontinued Operations Reclassification Impacts

As Restated and Recast

Revenue

Construction

$

474,935

$

1,893

$

476,828

$

101,438

$

578,266

Materials

72,651

-

72,651

2,969

75,620

Total revenue

547,586

1,893

549,479

104,407

653,886

Cost of revenue

Construction

426,743

6,019

432,762

87,025

519,787

Materials

71,068

-

71,068

2,939

74,007

Total cost of revenue

497,811

6,019

503,830

89,964

593,794

Gross profit

49,775

(4,126

)

45,649

14,443

60,092

Selling, general and administrative expenses

58,501

-

58,501

11,619

70,120

Other costs, net

8,214

-

8,214

(1,935

)

6,279

Gain on sales of property and equipment, net

(332

)

-

(332

)

(266

)

(598

)

Operating loss

(16,608

)

(4,126

)

(20,734

)

5,025

(15,709

)

Other (income) expense

Interest income

(623

)

-

(623

)

53

(570

)

Interest expense

3,575

-

3,575

10

3,585

Equity in income (loss) of affiliates

306

-

306

(1,595

)

(1,289

)

Other income, net

1,382

-

1,382

(74

)

1,308

Total other expense, net

4,640

-

4,640

(1,606

)

3,034

Loss from continuing operations before income taxes

(21,248

)

(4,126

)

(25,374

)

6,631

(18,743

)

Provision for (benefit from) income taxes on continuing operations

(5,331

)

(958

)

(6,289

)

12,641

6,352

Net loss from continuing operations

(15,917

)

(3,168

)

(19,085

)

(6,010

)

(25,095

)

Net Income (loss) from discontinued operations

6,096

(12,106

)

(6,010

)

6,010

-

Net loss

(9,821

)

(15,274

)

(25,095

)

-

(25,095

)

Amount attributable to non-controlling interests

(3,118

)

1,480

(1,638

)

-

(1,638

)

Net loss attributable to Granite Construction Incorporated from continuing operations

(19,035

)

(1,688

)

(20,723

)

(6,010

)

(26,733

)

Net income (loss) attributable to Granite Construction Incorporated from discontinued operations

6,096

(12,106

)

(6,010

)

6,010

-

Net loss attributable to Granite Construction Incorporated

$

(12,939

)

$

(13,794

)

$

(26,733

)

$

-

$

(26,733

)

Net income (loss) per share attributable to common shareholders

Basic continuing operations per share

$

(0.42

)

$

(0.03

)

$

(0.45

)

$

(0.13

)

$

(0.58

)

Basic discontinued operations per share

0.13

(0.26

)

(0.13

)

0.13

-

Basic loss per share

$

(0.29

)

$

(0.29

)

$

(0.58

)

$

-

$

(0.58

)

Diluted continuing operations per share

$

(0.42

)

$

(0.03

)

$

(0.45

)

$

(0.13

)

$

(0.58

)

Diluted discontinued operations per share

0.13

(0.26

)

(0.13

)

0.13

-

Diluted loss per share

$

(0.29

)

$

(0.29

)

$

(0.58

)

$

-

$

(0.58

)

Weighted average shares outstanding:

Basic

45,730

-

45,730

-

45,730

Diluted

45,730

-

45,730

-

45,730