Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | Great Lakes Dredge & Dock Corporation |
Entity Central Index Key | 0001372020 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | pay-versus-performance AVERAGE AVERAGE VALUE OF INITIAL FIXED $100 (4) YEAR (1) SUMMARY (2) COMPENSATION (3) COMPENSATION (2) COMPENSATION (3) TOTAL PEER GROUP (5) NET [ADJUSTED 4 (6) 2022 3,801,960 ( 307,784 ) 899,163 308,910 52.5 152.7 ( 34.1 ) 17.0 2021 3,103,804 3,587,147 1,125,138 1,114,133 138.8 160.2 49.4 127.4 2020 3,300,791 5,711,252 1,226,647 1,571,869 116.2 133.8 66.1 151.1 (1) Lasse J. Petterson served as the Company’s principal executive officer (“PEO”) for the entirety of 2020, 2021 and 2022 and the Company’s other named executive officers for the applicable years were as follows: - 2022: Scott L. Kornblau; Vivienne R. Schiffer; James J. Tastard; Eleni Beyko; and David E. Simonelli. - 2021: Scott L. Kornblau; David E. Simonelli; Vivienne R. Schiffer; James J. Tastard; and Mark W. Marinko. - 2020: Mark W. Marinko; David E. Simonelli; James J. Tastard; William H. Hanson; Kathleen M. LaVoy; and Annette W. Cyr. (2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson. (3) To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table. (4) Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2019. Historic stock price performance is not necessarily indicative of future stock price performance. (5) The TSR Peer Group consists of Am eresco, Inc., Argan, Inc., Badger Daylighting Infrastructure Solutions Ltd., Construction Partners, Inc., Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc., Hill International, Inc., IES Holdings, Inc., Infrastructure and Energy Alternatives, Inc., Limbach Holdings, Inc., Logistec Corporation, Matrix Service Company, Mistras Group, Inc., MYR Group Inc., NV5 Global, Inc., Oceaneering International, Inc., Orion Group Holdings, Inc., Sterling Construction Company, Inc., Team, Inc. and Tidewater Inc. Aegion Corporation was removed from the peer group due to an acquisition and Seacor Holdings was removed due to a merger. Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc. and Oceaneering International, Inc. were added to the peer group. (6) As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted EBITDA continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in the Company’s 2022 annual incentive compensation program. Adjusted EBITDA is a non-GAAP financial measure that represents net income excluding certain items which we do not believe are indicative of our ordinary results of operations. reconciliation of compensation actually paid adjustments YEAR TOTAL COMPENSATION REPORTED IN SUMMARY COMPENSATION TABLE (MINUS) PLUS PLUS/(MINUS) PLUS PLUS/(MINUS) (MINUS) COMPENSATION ACTUALLY PAID ($)(a) ($)(b) ($)(c) ($)(d) ($)(e) ($)(f) ($)(g) ($) Lasse J. Petterson 2022 3,801,960 ( 2,971,996 ) 1,132,981 ( 731,570 ) — ( 113,768 ) ( 1,425,391 ) ( 307,784 ) 2021 3,103,804 ( 1,366,286 ) 1,033,610 454,725 — 1,176,741 ( 815,447 ) 3,587,147 2020 3,300,791 ( 1,160,000 ) 3,222,199 368,870 — 115,069 ( 135,677 ) 5,711,252 Average other named executive officer(h) 2022 899,163 ( 500,712 ) 189,048 ( 108,345 ) — ( 26,446 ) ( 143,798 ) 308,910 2021 1,125,138 ( 406,642 ) 400,649 55,170 — 45,478 ( 105,660 ) 1,114,133 2020 1,226,647 ( 206,647 ) 521,995 44,331 — 8,095 ( 22,552 ) 1,571,869 (a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the Average Other Named Executive Officers, amounts shown represent averages. (b) Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (c) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes. (d) Represents the change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the applicable named executive officer as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (e) Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (f) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (g) Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (h) See footnote 1 above for the named executive officers included in the average for each year. | ||
Company Selected Measure Name | Adjusted EBITDA | ||
Named Executive Officers, Footnote [Text Block] | (1) Lasse J. Petterson served as the Company’s principal executive officer (“PEO”) for the entirety of 2020, 2021 and 2022 and the Company’s other named executive officers for the applicable years were as follows: - 2022: Scott L. Kornblau; Vivienne R. Schiffer; James J. Tastard; Eleni Beyko; and David E. Simonelli. - 2021: Scott L. Kornblau; David E. Simonelli; Vivienne R. Schiffer; James J. Tastard; and Mark W. Marinko. - 2020: Mark W. Marinko; David E. Simonelli; James J. Tastard; William H. Hanson; Kathleen M. LaVoy; and Annette W. Cyr. | ||
Peer Group Issuers, Footnote [Text Block] | (5) The TSR Peer Group consists of Am eresco, Inc., Argan, Inc., Badger Daylighting Infrastructure Solutions Ltd., Construction Partners, Inc., Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc., Hill International, Inc., IES Holdings, Inc., Infrastructure and Energy Alternatives, Inc., Limbach Holdings, Inc., Logistec Corporation, Matrix Service Company, Mistras Group, Inc., MYR Group Inc., NV5 Global, Inc., Oceaneering International, Inc., Orion Group Holdings, Inc., Sterling Construction Company, Inc., Team, Inc. and Tidewater Inc. Aegion Corporation was removed from the peer group due to an acquisition and Seacor Holdings was removed due to a merger. Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc. and Oceaneering International, Inc. were added to the peer group. | ||
PEO Total Compensation Amount | $ 3,801,960 | $ 3,103,804 | $ 3,300,791 |
PEO Actually Paid Compensation Amount | $ (307,784) | 3,587,147 | 5,711,252 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson. (3) To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table. | ||
Non-PEO NEO Average Total Compensation Amount | $ 899,163 | 1,125,138 | 1,226,647 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 308,910 | 1,114,133 | 1,571,869 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson. (3) To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CAP and Cumulative TSR / Cumulative TSR of the Peer Group | ||
Compensation Actually Paid vs. Net Income [Text Block] | CAP and Company Net Income Table of Contents | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | CAP and Company Adjusted EBITDA Table of Contents | ||
Tabular List [Table Text Block] | The following is a list of performance measures, which in our assessment represent the most important performance measures used by the Compensation Committee to link compensation actually paid to the named executive officers for 2022. Please see the “CD&A” for a further description of the metrics used in the Company’s executive compensation program. • Adjusted EBITDA • Adjusted EBIT • Earnings per Share • Stock Price • Offshore wind business objectives for Mr. Petterson and Ms. Beyko | ||
Total Shareholder Return Amount | $ 52.5 | 138.8 | 116.2 |
Peer Group Total Shareholder Return Amount | 152.7 | 160.2 | 133.8 |
Net Income (Loss) | $ (34,100,000) | $ 49,400,000 | $ 66,100,000 |
Company Selected Measure Amount | 17,000,000 | 127,400,000 | 151,100,000 |
PEO Name | Lasse J. Petterson | Lasse J. Petterson | Lasse J. Petterson |
Reconciliation Of Compensation Actually Paid Adjustment [Table Text Block] | reconciliation of compensation actually paid adjustments YEAR TOTAL COMPENSATION REPORTED IN SUMMARY COMPENSATION TABLE (MINUS) PLUS PLUS/(MINUS) PLUS PLUS/(MINUS) (MINUS) COMPENSATION ACTUALLY PAID ($)(a) ($)(b) ($)(c) ($)(d) ($)(e) ($)(f) ($)(g) ($) Lasse J. Petterson 2022 3,801,960 ( 2,971,996 ) 1,132,981 ( 731,570 ) — ( 113,768 ) ( 1,425,391 ) ( 307,784 ) 2021 3,103,804 ( 1,366,286 ) 1,033,610 454,725 — 1,176,741 ( 815,447 ) 3,587,147 2020 3,300,791 ( 1,160,000 ) 3,222,199 368,870 — 115,069 ( 135,677 ) 5,711,252 Average other named executive officer(h) 2022 899,163 ( 500,712 ) 189,048 ( 108,345 ) — ( 26,446 ) ( 143,798 ) 308,910 2021 1,125,138 ( 406,642 ) 400,649 55,170 — 45,478 ( 105,660 ) 1,114,133 2020 1,226,647 ( 206,647 ) 521,995 44,331 — 8,095 ( 22,552 ) 1,571,869 (a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the Average Other Named Executive Officers, amounts shown represent averages. (b) Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (c) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes. (d) Represents the change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the applicable named executive officer as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (e) Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (f) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (g) Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (h) See footnote 1 above for the named executive officers included in the average for each year. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
Non-GAAP Measure Description [Text Block] | (6) As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted EBITDA continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in the Company’s 2022 annual incentive compensation program. Adjusted EBITDA is a non-GAAP financial measure that represents net income excluding certain items which we do not believe are indicative of our ordinary results of operations. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBIT | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Earnings per Share | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Stock Price | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Offshore wind business objectives for Mr. Petterson and Ms. Beyko | ||
PEO [Member] | (Minus) Value of Stock Awards Reported [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (2,971,996) | $ (1,366,286) | $ (1,160,000) |
PEO [Member] | Plus Year-end Fair Value of Outstanding and Unvested Stock Awards Granted in Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,132,981 | 1,033,610 | 3,222,199 |
PEO [Member] | Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (731,570) | 454,725 | 368,870 |
PEO [Member] | Plus Fair Value at Vesting of Stock Awards Granted and Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | |||
PEO [Member] | Plus/(Minus) Change in Fair Value of Stock Awards Granted in Prior Fiscal Years and Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (113,768) | 1,176,741 | 115,069 |
PEO [Member] | Prior Year-end Fair Value of Stock Awards Granted in Prior Fiscal Year and Were Forfeited During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,425,391) | (815,447) | (135,677) |
Non-PEO NEO [Member] | (Minus) Value of Stock Awards Reported [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (500,712) | (406,642) | (206,647) |
Non-PEO NEO [Member] | Plus Year-end Fair Value of Outstanding and Unvested Stock Awards Granted in Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 189,048 | 400,649 | 521,995 |
Non-PEO NEO [Member] | Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (108,345) | 55,170 | 44,331 |
Non-PEO NEO [Member] | Plus Fair Value at Vesting of Stock Awards Granted and Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | |||
Non-PEO NEO [Member] | Plus/(Minus) Change in Fair Value of Stock Awards Granted in Prior Fiscal Years and Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (26,446) | 45,478 | 8,095 |
Non-PEO NEO [Member] | Prior Year-end Fair Value of Stock Awards Granted in Prior Fiscal Year and Were Forfeited During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (143,798) | $ (105,660) | $ (22,552) |