Great Lakes Dredge & Dock (GLDD) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	GLDD
Entity Registrant Name	Great Lakes Dredge & Dock Corporation
Entity Central Index Key	0001372020
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, Address Line One	9811 Katy Freeway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Common Stock, Shares Outstanding		67,188,921
Entity Current Reporting Status	Yes
Entity File Number	001-33225
Entity Tax Identification Number	20-5336063
City Area Code	346
Local Phone Number	359-1010
Entity Address, Postal Zip Code	77024
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock (Par Value $0.0001)
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 23,134	$ 22,841
Accounts receivable—net	56,279	54,810
Contract revenues in excess of billings	70,509	68,735
Inventories	31,952	33,912
Prepaid expenses	2,258	1,486
Other current assets	35,134	44,544
Total current assets	219,266	226,328
PROPERTY AND EQUIPMENT—Net	653,283	614,608
OPERATING LEASE ASSETS	74,670	88,398
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	86,905	86,325
OTHER	16,967	18,605
TOTAL	1,127,667	1,110,840
LIABILITIES AND EQUITY
Accounts payable	90,447	83,835
Accrued expenses	27,892	37,361
Operating lease liabilities	26,851	28,687
Billings in excess of contract revenues	20,574	29,560
Total current liabilities	165,764	179,443
LONG-TERM DEBT	411,475	412,070
OPERATING LEASE LIABILITIES—Noncurrent	49,169	61,444
DEFERRED INCOME TAXES	72,338	62,232
OTHER	10,898	10,103
Total liabilities	709,644	725,292
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY:
Common stock-$.0001 par value; 90,000 authorized, 67,189 and 66,623 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively.	7	6
Additional paid-in capital	319,776	317,337
Retained earnings	98,917	70,220
Accumulated other comprehensive loss	(677)	(2,015)
Total equity	418,023	385,548
TOTAL	$ 1,127,667	$ 1,110,840

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	67,189,000	66,623,000
Common stock, shares outstanding	67,189,000	66,623,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Contract revenues	$ 170,086	$ 132,667	$ 368,746	$ 290,711
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Costs of contract revenues	$ 140,246	$ 114,768	$ 293,332	$ 260,677
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 29,840	$ 17,899	$ 75,414	$ 30,034
General and administrative expenses	16,161	14,462	32,272	27,479
Other gains	(906)	(243)	(2,922)	(261)
Operating income	14,585	3,680	46,064	2,816
Interest expense—net	(4,198)	(3,175)	(8,089)	(6,560)
Other income	128	2,024	553	2,251
Income (loss) before income taxes	10,515	2,529	38,528	(1,493)
Income tax provision	(2,842)	(796)	(9,831)	(5)
Net income (loss)	$ 7,673	$ 1,733	$ 28,697	$ (1,498)
Basic earnings (loss) per share	$ 0.11	$ 0.03	$ 0.43	$ (0.02)
Basic weighted average shares	67,118	66,462	66,924	66,363
Diluted earnings (loss) per share	$ 0.11	$ 0.03	$ 0.42	$ (0.02)
Diluted weighted average shares	67,697	66,805	67,615	66,363

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)		$ 7,673	$ 1,733	$ 28,697	$ (1,498)
Net change in cash flow derivative hedges—net of tax	[1]	50	978	1,338	(431)
Comprehensive income (loss)		$ 7,723	$ 2,711	$ 30,035	$ (1,929)
[1] Net of income tax provision of $ ( 17 ) and $ ( 331 ) for the three months ended June 30, 2024 and 2023, respectively. Net of income tax (provision) benefit of $ ( 453 ) and $ 145 for the six months ended June 30, 2024 and 2023, respectively .

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on derivatives, tax	$ (17)	$ (331)	$ (453)	$ 145

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
BALANCE - value at Dec. 31, 2022	$ 368,220	$ 6	$ 312,091	$ 56,314	$ (191)
BALANCE - shares at Dec. 31, 2022		66,188
Share-based compensation, value	2,211	$ 1	2,210
Share-based compensation, shares		33
Vesting of restricted stock units and impact of shares withheld for taxes, value	(542)		(542)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		156
Exercise of options and purchases from employee stock plan, value	562		562
Exercise of options and purchases from employee stock plan, shares		115
Net Income (Loss)	(1,498)			(1,498)
Other comprehensive income (loss) net of tax	(431)				(431)
BALANCE - value at Jun. 30, 2023	368,522	$ 7	314,321	54,816	(622)
BALANCE - shares at Jun. 30, 2023		66,492
BALANCE - value at Mar. 31, 2023	364,022	$ 6	312,533	53,083	(1,600)
BALANCE - shares at Mar. 31, 2023		66,416
Share-based compensation, value	1,996	$ 1	1,995
Share-based compensation, shares		13
Vesting of restricted stock units and impact of shares withheld for taxes, value	(207)		(207)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		63
Net Income (Loss)	1,733			1,733
Other comprehensive income (loss) net of tax	978				978
BALANCE - value at Jun. 30, 2023	368,522	$ 7	314,321	54,816	(622)
BALANCE - shares at Jun. 30, 2023		66,492
BALANCE - value at Dec. 31, 2023	385,548	$ 6	317,337	70,220	(2,015)
BALANCE - shares at Dec. 31, 2023		66,623
Share-based compensation, value	2,397	$ 1	2,396
Share-based compensation, shares		21
Vesting of restricted stock units and impact of shares withheld for taxes, value	(970)		(970)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		411
Exercise of options and purchases from employee stock plan, value	1,013		1,013
Exercise of options and purchases from employee stock plan, shares		134
Net Income (Loss)	28,697			28,697
Other comprehensive income (loss) net of tax	1,338				1,338
BALANCE - value at Jun. 30, 2024	418,023	$ 7	319,776	98,917	(677)
BALANCE - shares at Jun. 30, 2024		67,189
BALANCE - value at Mar. 31, 2024	409,040	$ 6	318,517	91,244	(727)
BALANCE - shares at Mar. 31, 2024		66,941
Share-based compensation, value	1,398	$ 1	1,397
Share-based compensation, shares		11
Vesting of restricted stock units and impact of shares withheld for taxes, value	(289)		(289)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		224
Exercise of options and purchases from employee stock plan, value	151		151
Exercise of options and purchases from employee stock plan, shares		13
Net Income (Loss)	7,673			7,673
Other comprehensive income (loss) net of tax	50				50
BALANCE - value at Jun. 30, 2024	$ 418,023	$ 7	$ 319,776	$ 98,917	$ (677)
BALANCE - shares at Jun. 30, 2024		67,189

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income (loss)	$ 28,697	$ (1,498)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization	22,128	21,787
Deferred income taxes	9,654	5
Gain on sale of assets	(2,821)	(261)
Amortization of capitalized contract costs	8,394	4,989
Amortization of deferred financing fees	874	483
Share-based compensation expense	2,563	2,435
Changes in assets and liabilities:
Accounts receivable	(1,469)	2,960
Contract revenues in excess of billings	(1,774)	22,717
Inventories	1,380	(5,378)
Prepaid expenses and other current assets	(767)	1,172
Accounts payable and accrued expenses	(1,581)	(26,268)
Billings in excess of contract revenues	(8,986)	14,052
Other noncurrent assets and liabilities	517	(3,098)
Cash provided by operating activities	56,809	34,097
INVESTING ACTIVITIES:
Purchases of property and equipment	(64,263)	(54,777)
Proceeds from dispositions of property and equipment	9,033	1,180
Cash used in investing activities	(55,230)	(53,597)
FINANCING ACTIVITIES:
Deferred financing fees	(11,261)
Taxes paid on settlement of vested share awards	(970)	(542)
Exercise of options and purchases from employee stock plans	1,013	562
Borrowing under revolving loans	16,000	80,000
Borrowing under Second Lien Credit Agreement	100,000
Repayments of revolving loans	(106,000)	(25,000)
Payments on finance lease obligations	(988)
Cash (used in) provided by financing activities	(2,206)	55,020
Net (decrease) increase in cash, cash equivalents and restricted cash	(627)	35,520
Cash, cash equivalents and restricted cash at beginning of period	23,761	6,546
Cash, cash equivalents and restricted cash at end of period	23,134	42,066
Supplemental Cash Flow Information
Cash paid for interest	13,803	9,957
Cash paid for income taxes	1,471	258
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 3,212	$ 1,965

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,673	$ 1,733	$ 28,697	$ (1,498)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Securities Trading Plans of Executive Officers and Directors Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables pre-arranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Securities Trading and Disclosure of Confidential Information policy permits our officers and directors to enter into trading plans designed to comply with Rule 10b5-1. On May 16, 2024 , Lasse Petterson , Director and President and Chief Executive Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to 500,000 shares of our common stock by May 31, 2025. During the quarterly period ended June 30, 2024 , none of our other officers (as defined in Rule 16a-1(f) under the Exchange Act) or directors adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lasse Petterson [Member]
Trading Arrangements, by Individual
Name	Lasse Petterson
Title	Director and President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Aggregate Available	500,000	500,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of presentation The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, and its results of operations for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 30, 2024 and 2023 have been included. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized. The Company has one operating segment which is also the Company’s reportable segment and reporting unit of which the Company tests goodwill for impairment. The Company performed its most recent test of impairment as of July 1, 2023 with no indication of impairment as of the test date. When performing the qua ntitative test, the Company assessed the fair values of its reporting unit using both a market-based approach and an income-based approach. The assessment used estimates based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Likewise, changes in terminal value and discount rate assumptions, unfavorable economic environment or market conditions and other factors in the future may cause a different assessment. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. As of the test date, the fair value of the reporting unit was in excess of its carrying value by at least 10 %. The Company will continue to monitor for changes in facts or circumstances that may impact its estimates. The Company will perform its next scheduled annual impairment test of goodwill in the third quarter of 2024 should no triggering events occur which would require a test prior to the next annual test. The condensed consolidated statements of operations and comprehensive income (loss) for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. Recently Issued Accounting Pronouncements —In December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5 %. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5 % of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. Management is currently evaluating the impact of this guidance. On January 1, 2024, we adopted FASB ASU 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. ASU 2023-07 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. ASU 2023-07 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The adoption of ASU 2023-07 did not have a material effect on the Company’s consolidated financial statements or disclosures. Reclassifications —Certain reclassifications have been made to prior period condensed consolidated statements of cash flows to conform to current period presentation. These reclassifications have no effect on net cash flows.

Earnings (loss) per share

Earnings (loss) per share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (loss) per share	2. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. The computations for basic and diluted earnings (loss) per share are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) $ 7,673 $ 1,733 $ 28,697 $ ( 1,498 ) Weighted-average common shares outstanding — basic 67,118 66,462 66,924 66,363 Effect of stock options and restricted stock units 579 343 691 — Weighted-average common shares outstanding — diluted 67,697 66,805 67,615 66,363 Earnings (loss) per share — basic $ 0.11 $ 0.03 $ 0.43 $ ( 0.02 ) Earnings (loss) per share — diluted $ 0.11 $ 0.03 $ 0.42 $ ( 0.02 ) For the six months ended June 30, 2023, 319 stock options and restricted stock units were excluded from the diluted weighted average common shares outstanding because the Company incurred a loss during this period. For the three and six months ended June 30, 2024 , respectively, there were 60 and 59 stock options (“NQSOs”) and restricted stock units (“RSUs”) excluded from the calculation of diluted earnings per share, based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive. For the three and six months ended June 30, 2023 , respectively, there were 918 and 554 NQSOs and RSUs excluded from the calculation of diluted earnings per share, based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	3. Accrued expenses Accrued expenses at June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, 2024 2023 Insurance $ 13,217 $ 12,521 Payroll and employee benefits 8,510 11,986 Finance lease liabilities 1,673 1,047 Interest 1,641 2,388 Income and other taxes 846 1,900 Contract reserves 500 3,964 Fuel hedge contracts 324 2,918 Other 1,181 637 Total accrued expenses $ 27,892 $ 37,361

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	4. Long-term debt Second lien credit agreement On April 24, 2024, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively, the “Credit Parties”) entered into a $ 150.0 million second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”). The material terms of the Second Lien Credit Agreement are summarized below. The Second Lien Credit Agreement provides for (i) a senior secured second-lien term loan facility in an aggregate principal amount of $ 100.0 million, which was funded in full on the initial closing date (the “Closing Date”) and (ii) a senior secured second-lien delayed draw term loan facility in the aggregate principal amount up to $ 50.0 million, which is available to the Company for a period of 12 months following the Closing Date, subject to the terms and conditions as set forth therein. Net proceeds to the Company, after payment of original discount on the initial loans, a closing fee on the delayed draw facility and other debt issuance costs, including those associated with the ABL Amendment described below, were approximately $ 88.7 million . The Second Lien Credit Agreement contains customary representations, mandatory prepayments and affirmative and negative covenants, including a minimum liquidity covenant that requires the Credit Parties to maintain consolidated liquidity of (a) $ 12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $ 50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00. For the first 18 months following the Closing Date, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying the principal amount of the loans to be prepaid plus a customary “make-whole” premium, subject to a make-whole carveout of up to $ 25.0 million (less the amount of any undrawn delayed draw term loan commitments at such time) at 103 % with proceeds from a qualifying Maritime Administration (“MARAD”) financing. Thereafter, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying, (i) in months 19-30 following the Closing Date, 103 % of the principal amount of the loans to be prepaid, plus accrued and unpaid interest and (ii) in months 31 to 42 after the Closing Date, 101 % of the principal amount of loans to be prepaid, plus accrued and unpaid interest. The Second Lien Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the Second Lien Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each borrower (other than the Company) and subsidiary guarantor under the ABL Credit Agreement (as defined below), each existing or future issuer or guarantor under the indenture governing the Company’s 5.25 % Senior Notes due 2029, and each other existing and subsequently acquired or formed material direct or indirect wholly-owned domestic subsidiary of the Company. The loans under the Second Lien Credit Agreement funded on the Closing Date were used to repay amounts outstanding under the ABL Credit Agreement, to pay fees and expenses associated with the transactions and for general corporate purposes, including to fund upcoming new build payments. The delayed draw portion of the term loans, if funded, will be used to fund future new build payments, ongoing working capital and for other general corporate purposes. The Second Lien Credit Agreement matures on the earlier of April 24, 2029 and the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s 5.25 % Senior Notes due 2029. The obligations under the Second Lien Credit Agreement are secured on a second-priority basis by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid second priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers). Pursuant to the terms of that certain Intercreditor Agreement dated as of April 24, 2024, (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as first lien agent, and GCS, as second lien agent, the obligations under the Second Lien Credit Agreement are subordinated to the first-priority liens securing the obligations under the ABL Credit Agreement. Interest on the term loan facility under the Second Lien Credit Agreement is equal to either a base rate option (“Base Rate Loan”) or a Secured Overnight Financing Rate (“SOFR”) option (“Term SOFR Loan”) at the Company’s election. In the case of a Base Rate Loan, interest on the unpaid principal amount shall equal (i) the greatest of (a) the “Prime Rate” in the United States as quoted from time to time by The Wall Street Journal or the highest per annum rate of interest published by the Federal Reserve Board, (b) the federal funds effective rate (but not less than zero) plus 0.50 % and (c) Term SOFR for a one-month interest period on such day, plus 1.00 %, plus (ii) 6.75 %. In the case of a Term SOFR Loan, interest on the unpaid principal amount shall equal the Term SOFR Reference Rate on the day that is two business days prior to the first day of such applicable interest period, plus 7.75 %. In addition, the Company is required to pay a quarterly fee of 1.00 % per annum on the undrawn commitments in respect of the delayed draw term loan facility. The Company had $ 100.0 million and zero borrowings on the Second Lien Credit Agreement as of June 30, 2024 and December 31, 2023, respectively. The weighted average interest rate on the Second Lien Credit Agreement borrowings during the quarter ended June 30, 2024 is 13.07 % . Credit agreement On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement described below (the “ABL Amendment”). The ABL Amendment (w) eliminates the Company’s ability to increase the commitments under the senior secured revolving credit facility (x) modifies the pricing of loans and undrawn commitments as summarized below, (y) adds a minimum liquidity covenant, for so long as the Second Lien Credit Agreement has not been prepaid and terminated, that requires the Credit Parties to maintain consolidated liquidity of (a) $ 12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $ 50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00 and (z) makes certain other customary changes in connection with the Credit Parties’ entry into the Second Lien Credit Agreement. The Company has availability of up to $ 200.0 million for the issuance of letters of credit under the ABL Amendment. The ABL Amendment modifies the Applicable Margin for Advances as follows: (i) following the ABL Amendment closing date through and including the date immediately prior to the date on which the Borrowing Base Certificate is required to be delivered for most recently completed fiscal quarter (commencing with the fiscal quarter ending on September 30, 2024) (the “Adjustment Date”), (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50 % and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50 %, (ii) beginning as of the Adjustment Date, to the extent the quarterly average undrawn availability for the prior fiscal quarter is (x) greater than 66.7 % of the Maximum Revolving Advance Amount, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.25 % and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.25 %; (y) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 66.7 % of the Maximum Revolving Advance Amount but greater than 33.3 %, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50 % and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50 %; and (z) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 33.3 % of the Maximum Revolving Advance Amount, (a) Applicable Margin for Domestic Rate Loans Advances is 1.75 % and (b) the Applicable Margin for Term SOFR Rate Loans Advances is 2.75 %. Additionally, the Company has an option to borrow at Green Loan Advance Rates, each of which will be 0.05 % lower than the corresponding applicable rate if the Company certifies that it will use such proceeds to invest in renewable energy and clean transportation projects and it complies with green loan principles. On July 29, 2022, the Credit Parties entered into a second amended and restated revolving credit and security agreement (as amended, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent (the “Agent”), PNC Capital Markets, CIBC Bank USA, Bank of America, N.A. and Truist Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Truist Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. The ABL Credit Agreement amends and restates the prior ABL Credit Agreement dated as of May 3, 2019 by and among the financial institutions from time to time party thereto as lenders, the Agent and the Credit Parties party thereto such that the terms and conditions of the prior credit agreement have been subsumed and replaced in their entirety by the terms and conditions of the ABL Credit Agreement, including the amount available under the revolving credit facility. The terms of the ABL Credit Agreement are summarized below. The ABL Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $ 300.0 million. The maximum borrowing capacity under the ABL Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination. The ABL Credit Agreement contains a green loan option where the Company can borrow at the lower interest rates described below so long as such funds are used to fund capital investments related to renewable energy and clean transportation projects and are consistent with green loan principles. The green loan option is subject to a $ 35.0 million sublimit. The ABL Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not less than 1.10 to 1.00. The springing financial covenant is triggered when the undrawn availability of the ABL Credit Agreement is less than 12.5 % of the maximum loan amount for five consecutive days. The ABL Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the ABL Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. Borrowings under the ABL Credit Agreement will be used to pay fees and expenses related to the ABL Credit Agreement, finance acquisitions permitted under the ABL Credit Agreement, finance ongoing working capital, for other general corporate purposes, and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects. The ABL Credit Agreement matures on the earlier of July 29, 2027 or the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s unsecured senior notes, which is currently June 1, 2029, if the Company fails to refinance its unsecured senior notes prior to their scheduled maturity date but only if such scheduled maturity date is prior to the maturity date of the ABL Credit Agreement. The obligations under the ABL Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers). The Company had zero and $ 90.0 million borrowings on the revolver as of June 30, 2024 and December 31, 2023 , respectively. There were $ 45.5 million and $ 49.8 million letters of credit outstanding as of June 30, 2024 and December 31, 2023 , respectively. The Company had $ 254.5 million and $ 122.3 million of availability under the ABL Amendment as of June 30, 2024 and December 31, 2023 , respectively. Availability was no t suppressed as of June 30, 2024 . Availability was suppressed by $ 37.9 million as of December 31, 2023, as a result of certain limitations of borrowing related to reserves and compliance with the Company’s obligations set forth in the ABL Credit Agreement. Capitalized terms used but not defined herein in Note 4, Long-term debt, shall have the meanings ascribed to such terms in the Second Lien Credit Agreement and the ABL Amendment, as applicable. Senior Notes and subsidiary guarantors In May 2021, the Company sold $ 325.0 million of unsecured 5.25 % Senior Notes (the “2029 Notes”) pursuant to a private offering. The 2029 Notes were priced to investors at par and will mature on June 1, 2029 . The Company used the net proceeds from the offering, together with cash on hand, to redeem all $ 325.0 million aggregate principal amount of its outstanding 8.00 % Senior Notes due 2022. The Company’s obligations under these 2029 Notes are guaranteed by each of the Company’s existing and future 100 % owned domestic subsidiaries that are co-borrowers or guarantors under the ABL Amendment. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor. The weighted average interest rates on the Company’s outstanding borrowings were 7.10 % and 5.57 % as of June 30, 2024 and December 31, 2023 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage commodity price risk or foreign currency risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: Fair Value at Fair Value Hierarchy Levels June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Fuel hedge contracts 2 $ — $ 324 $ — $ 2,918 Foreign currency exchange hedge contracts 2 — 138 358 — Total derivatives $ — $ 462 $ 358 $ 2,918 Fuel hedge contracts The Company is exposed to certain market risks, primarily commodity price risk as it relates to diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices could have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80 % of the eligible fuel requirements for work in dredging backlog. As of June 30, 2024, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2025. As of June 30, 2024, there were 11.5 million gallons remaining on these contracts representing forecasted domestic fuel purchases through December 2025. Under these swap agreements, the Company will pay fixed prices ranging from $ 2.35 to $ 2.90 per gallon. At June 30, 2024 and December 31, 2023, the fair value liabilities of the fuel hedge contracts were estimated to be $ 324 and $ 2,918 , respectively, and are recorded in accrued expenses in the condensed consolidated balance sheets. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the six months ended June 30, 2024 were $ 238 . The remaining gains and losses included in accumulated other comprehensive loss at June 30, 2024 will be reclassified into earnings over the next eighteen months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as cost of contract revenues in the statement of operations. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. Foreign currency exchange hedge contracts The Company is exposed to certain market risks, including foreign currency exchange rate risks related to the purchase of new vessel build materials in Europe. The Company sometimes enters into foreign currency exchange forward contracts to hedge the risk that fluctuations in the Euro in relation to the US Dollar could have an adverse impact on cash flows associated with its equipment builds. As of June 30, 2024, the Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. As of June 30, 2024, there were 3.9 million Euro of payments remaining on these hedge contracts. Under these hedge contracts, the Company will pay fixed prices ranging from $ 1.09 to $ 1.13 per Euro. As of June 30, 2024 . the fair value liability of foreign currency exchange hedge contracts was $ 138 and is recorded in accrued expenses in the condensed consolidated balance sheets. As of December 31, 2023, the fair value asset of foreign currency exchange hedge contracts was $ 358 and is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. For foreign currency exchange hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the six months ended June 30, 2024 were $ 42 . The remaining gains and losses included in accumulated other comprehensive loss at June 30, 2024 will be reclassified into earnings over the next five months, corresponding to the period during which the hedged currency is expected to be utilized. Changes in the fair value of foreign currency exchange hedge contracts not considered highly effective are recorded as other expenses in the statement of operations. The fair values of foreign currency exchange hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these foreign currency exchange hedges using Level 2 inputs. Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Derivatives: Fuel Hedge Contracts Reclassification of derivative losses to earnings—net of tax $ 359 $ 1,434 $ 238 $ 1,804 Change in fair value of derivatives—net of tax ( 310 ) ( 252 ) 1,700 ( 2,158 ) Net change in cash flow derivative fuel hedges—net of tax $ 49 $ 1,182 $ 1,938 $ ( 354 ) Foreign Currency Exchange Hedge Contracts Reclassification of derivative losses (gains) to earnings—net of tax $ 6 $ ( 279 ) $ 42 $ ( 321 ) Change in fair value of derivatives—net of tax ( 5 ) 75 ( 642 ) 244 Net change in cash flow derivative foreign currency hedges—net of tax $ 1 $ ( 204 ) $ ( 600 ) $ ( 77 ) Total net change in cash flow derivative hedges - net of tax $ 50 $ 978 $ 1,338 $ ( 431 ) Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2024 2023 2024 2023 Derivatives: Fuel hedge contracts Costs of contract revenues $ 482 $ 1,918 $ 319 $ 2,413 Foreign currency exchange hedge contracts Other expense (income) 7 ( 372 ) 56 ( 424 ) Income tax benefit 124 390 95 502 $ 365 $ 1,156 $ 280 $ 1,487 Other financial instruments The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying values of the ABL Amendment and Second Lien Credit Agreement approximate fair value at June 30, 2024 . In May 2021, the Company sold $ 325,000 of the 2029 Notes, which were outstanding at June 30, 2024 (see Note 4, Long-term debt). The fair value of the 2029 Notes was $ 290,001 at June 30, 2024, which is a Level 1 fair value measurement as the senior notes’ value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	6. Share-based compensation On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaces the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan. The Prior Plan permitted the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the Board of Directors and/or the applicable committee or committees thereof, as may be required. During the six months ended June 30, 2024, the Company granted 686 restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $ 1.8 million and $ 2.2 million for the three months ended June 30, 2024 and 2023, respectively. Compensation cost charged to expense related to share-based compensation arrangements was $ 2.6 million and $ 2.4 million for the six months ended June 30, 2024 and 2023 , respectively.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue At June 30, 2024, the Company had $ 807.9 million of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $ 273.1 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at June 30, 2024. Additionally, it does not include $ 44.6 million of performance obligations or $ 12.7 million of options pending award related to offshore wind contracts. Approximately 40 % of the Company’s dredging backlog at June 30, 2024 is expected to be completed during the remainder of 2024 , with the remaining balance expected to be completed between 2025 and 2026 . Revenue by category The following series of tables presents the Company's revenue disaggregated by several categories. Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work. The Company’s contract revenues by type of work, for the periods indicated, are as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2024 2023 2024 2023 Dredging: Capital—U.S. $ 70,747 $ 38,157 $ 140,647 $ 70,632 Coastal protection 70,195 56,490 134,121 107,795 Maintenance 28,464 35,809 92,875 107,737 Rivers & lakes 680 2,211 1,103 4,547 Total revenues $ 170,086 $ 132,667 $ 368,746 $ 290,711 The Company’s contract revenues by type of customer, for the periods indicated, are as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2024 2023 2024 2023 Dredging: Federal government $ 118,687 $ 107,368 $ 253,476 $ 249,530 State and local government 21,463 25,299 69,163 41,181 Private 29,936 - 46,107 — Total revenues $ 170,086 $ 132,667 $ 368,746 $ 290,711 Accounts receivable at June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 Completed contracts $ 6,810 $ 2,920 Contracts in progress 42,027 40,743 Retainage 7,806 11,511 56,643 55,174 Allowance for credit losses ( 364 ) ( 364 ) Total accounts receivable—net $ 56,279 $ 54,810 The components of contracts in progress at June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 300,495 $ 206,330 Amounts billed ( 246,366 ) ( 196,520 ) Costs and earnings in excess of billings for contracts in progress 54,129 9,810 Costs and earnings in excess of billings for completed contracts 16,380 58,925 Total contract revenues in excess of billings $ 70,509 $ 68,735 Current portion of contract revenues in excess of billings $ 70,509 $ 68,735 Long-term contract revenues in excess of billings — — Total contract revenues in excess of billings $ 70,509 $ 68,735 Billings in excess of costs and earnings: Amounts billed $ ( 155,330 ) $ ( 258,948 ) Costs and earnings for contracts in progress 134,756 229,388 Total billings in excess of contract revenues $ ( 20,574 ) $ ( 29,560 ) At June 30, 2024 and December 31, 2023, costs to fulfill a contract with a customer recognized as an asset were $ 21.8 million and $ 22.2 million, respectively, and are recorded in other current assets and other noncurrent assets in the condensed consolidated balance sheets. These costs relate to pre-contract and pre-construction activities. During the three and six months ended June 30, 2024 , the Company amortized $ 4.0 million and $ 8.4 million, respectively, of pre-construction costs. During the three and six months ended June 30, 2023, the Company amortized $ 1.3 million and $ 5.0 million , respectively, of pre-construction costs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and contingencies Commercial commitments Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company, ACE Holdings, Liberty Mutual Insurance Company, Philadelphia Indemnity Insurance Company, Ascot Insurance Companies and AXIS Insurance Company under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty and Surety Company of America, Berkley Insurance Company and Zurich American Insurance Company. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $ 1.0 million to $ 10.0 million. At June 30, 2024, the Company had outstanding performance bonds with a notional amount of approxima tely $ 998.3 million. The revenue value remaining in dredging backlog related to the outstanding performance bonds totaled approximately $ 448.1 million. Certain foreign projects performed by the Company have warranty periods, typically spanning between one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. Legal proceedings and other contingencies As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. The Company will defend itself vigorously on all matters. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of its proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. Lease obligations The Company leases certain operating equipment and office facilities under long-term operating and financing leases expiring at various dates through 2030. T he equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s ABL Amendment, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its ABL Amendment. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions.

Loss per share (Tables)

Loss per share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Computations for Basic and Diluted Loss Per Share	The computations for basic and diluted earnings (loss) per share are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) $ 7,673 $ 1,733 $ 28,697 $ ( 1,498 ) Weighted-average common shares outstanding — basic 67,118 66,462 66,924 66,363 Effect of stock options and restricted stock units 579 343 691 — Weighted-average common shares outstanding — diluted 67,697 66,805 67,615 66,363 Earnings (loss) per share — basic $ 0.11 $ 0.03 $ 0.43 $ ( 0.02 ) Earnings (loss) per share — diluted $ 0.11 $ 0.03 $ 0.42 $ ( 0.02 )

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses at June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, 2024 2023 Insurance $ 13,217 $ 12,521 Payroll and employee benefits 8,510 11,986 Finance lease liabilities 1,673 1,047 Interest 1,641 2,388 Income and other taxes 846 1,900 Contract reserves 500 3,964 Fuel hedge contracts 324 2,918 Other 1,181 637 Total accrued expenses $ 27,892 $ 37,361

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date	The fair values of these financial instruments are summarized as follows: Fair Value at Fair Value Hierarchy Levels June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Fuel hedge contracts 2 $ — $ 324 $ — $ 2,918 Foreign currency exchange hedge contracts 2 — 138 358 — Total derivatives $ — $ 462 $ 358 $ 2,918
Changes in Components of Accumulated Other Comprehensive Income (Loss)	Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Derivatives: Fuel Hedge Contracts Reclassification of derivative losses to earnings—net of tax $ 359 $ 1,434 $ 238 $ 1,804 Change in fair value of derivatives—net of tax ( 310 ) ( 252 ) 1,700 ( 2,158 ) Net change in cash flow derivative fuel hedges—net of tax $ 49 $ 1,182 $ 1,938 $ ( 354 ) Foreign Currency Exchange Hedge Contracts Reclassification of derivative losses (gains) to earnings—net of tax $ 6 $ ( 279 ) $ 42 $ ( 321 ) Change in fair value of derivatives—net of tax ( 5 ) 75 ( 642 ) 244 Net change in cash flow derivative foreign currency hedges—net of tax $ 1 $ ( 204 ) $ ( 600 ) $ ( 77 ) Total net change in cash flow derivative hedges - net of tax $ 50 $ 978 $ 1,338 $ ( 431 )
Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings	Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2024 2023 2024 2023 Derivatives: Fuel hedge contracts Costs of contract revenues $ 482 $ 1,918 $ 319 $ 2,413 Foreign currency exchange hedge contracts Other expense (income) 7 ( 372 ) 56 ( 424 ) Income tax benefit 124 390 95 502 $ 365 $ 1,156 $ 280 $ 1,487

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Contract Revenues by Type of Work and Customer	The Company’s contract revenues by type of work, for the periods indicated, are as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2024 2023 2024 2023 Dredging: Capital—U.S. $ 70,747 $ 38,157 $ 140,647 $ 70,632 Coastal protection 70,195 56,490 134,121 107,795 Maintenance 28,464 35,809 92,875 107,737 Rivers & lakes 680 2,211 1,103 4,547 Total revenues $ 170,086 $ 132,667 $ 368,746 $ 290,711 The Company’s contract revenues by type of customer, for the periods indicated, are as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2024 2023 2024 2023 Dredging: Federal government $ 118,687 $ 107,368 $ 253,476 $ 249,530 State and local government 21,463 25,299 69,163 41,181 Private 29,936 - 46,107 — Total revenues $ 170,086 $ 132,667 $ 368,746 $ 290,711
Schedule of Accounts Receivable	Accounts receivable at June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 Completed contracts $ 6,810 $ 2,920 Contracts in progress 42,027 40,743 Retainage 7,806 11,511 56,643 55,174 Allowance for credit losses ( 364 ) ( 364 ) Total accounts receivable—net $ 56,279 $ 54,810
Components of Contracts in Progress	The components of contracts in progress at June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 300,495 $ 206,330 Amounts billed ( 246,366 ) ( 196,520 ) Costs and earnings in excess of billings for contracts in progress 54,129 9,810 Costs and earnings in excess of billings for completed contracts 16,380 58,925 Total contract revenues in excess of billings $ 70,509 $ 68,735 Current portion of contract revenues in excess of billings $ 70,509 $ 68,735 Long-term contract revenues in excess of billings — — Total contract revenues in excess of billings $ 70,509 $ 68,735 Billings in excess of costs and earnings: Amounts billed $ ( 155,330 ) $ ( 258,948 ) Costs and earnings for contracts in progress 134,756 229,388 Total billings in excess of contract revenues $ ( 20,574 ) $ ( 29,560 )

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) Segment	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating Segments	1
Number of reportable segments	1
Number of reportable segment with goodwill	1
Percentage of Fair Value of Reporting Unit in Excess of Carrying Value	10%
Quantitative threshold		5%
Percentage of income taxes paid (net of refunds received)		5%
Net cash flow effect | $	$ 0

Earnings (loss) per share - (Co

Earnings (loss) per share - (Computations for Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 7,673	$ 1,733	$ 28,697	$ (1,498)
Weighted-average common shares outstanding — basic	67,118	66,462	66,924	66,363
Effect of stock options and restricted stock units	579	343	691
Weighted-average common shares outstanding — diluted	67,697	66,805	67,615	66,363
Earnings (loss) per share - basic	$ 0.11	$ 0.03	$ 0.43	$ (0.02)
Earnings (loss) per share - diluted	$ 0.11	$ 0.03	$ 0.42	$ (0.02)

Earnings (loss) per share - (Na

Earnings (loss) per share - (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Anti-dilutive Due to Period Loss [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock, excluded from computation of earnings per share				319
Anti-dilutive Due to Treasury Stock Method [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock, excluded from computation of earnings per share	60	918	59	554

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Insurance	$ 13,217	$ 12,521
Payroll and employee benefits	8,510	11,986
Finance lease liabilities	1,673	1,047
Interest	1,641	2,388
Income and other taxes	846	1,900
Contract reserves	500	3,964
Fuel hedge contracts	324	2,918
Other	1,181	637
Total accrued expenses	$ 27,892	$ 37,361

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 24, 2024	Jul. 29, 2022	May 31, 2021	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, net proceeds after debt issue costs					$ 16,000,000	$ 80,000,000
Debt instrument, face amount			$ 325,000,000
2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 325,000,000
Debt instrument, interest rate, stated percentage			5.25%
Maturity date			Jun. 01, 2029
8.000% Senior Notes Due in 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 325,000,000
Debt instrument, interest rate, stated percentage			8%
Owned Domestic Subsidiaries Percent			100%
Debt instruments weighted average interest rate					7.10%		5.57%
Senior Notes [Member] | 2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Green Loan Option [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 35,000,000
Green Loan Option [Member] | Green Loan Advance Rates [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.05%
Second Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	$ 150,000,000
Line of credit, remaining borrowing capacity, period	12 months
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Maximum fixed charge coverage ratio per covenant	110%
Loan prepayment period	18 months
Percentage of prepayment of principal loan amount	103%
Minimum fixed charge coverage ratio per covenant	110%
Maturity date	Apr. 24, 2029
Borrowings on second lien credit agreement					$ 100,000,000		$ 0
Debt instruments weighted average interest rate					13.07%
Second Lien Credit Agreement [Member] | Prepayment After 19 To 30 Months From Closing Date [Member]
Debt Instrument [Line Items]
Percentage of prepayment of principal loan amount	103%
Second Lien Credit Agreement [Member] | Prepayment After 31 To 42 Months From Closing Date [Member]
Debt Instrument [Line Items]
Percentage of prepayment of principal loan amount	101%
Second Lien Credit Agreement [Member] | Senior Notes [Member] | 2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Second Lien Credit Agreement [Member] | Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.75%
Second Lien Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Amount of liquidity	12,500,000
Make-whole carveout amount	$ 25,000,000
Second Lien Credit Agreement [Member] | Maximum [Member] | Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.75%
Second Lien Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 50,000,000
Second Lien Credit Agreement [Member] | Minimum [Member] | Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Second Lien Credit Agreement [Member] | Minimum [Member] | Federal Funds Effective Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Delayed Draw Term Loan Facility [Member]
Debt Instrument [Line Items]
Percentage of quarterly fee on undrawn commitments	1%
ABL Amendment [Member]
Debt Instrument [Line Items]
Revolving credit facility					$ 0		90,000,000
Line of credit facility, maximum borrowing capacity	$ 200,000,000	$ 300,000,000
Letters of credit outstanding					45,500,000		49,800,000
Letter of credit remaining borrowing capacity					254,500,000		122,300,000
Maximum fixed charge coverage ratio per covenant	110%
Line of credit facility suppressed capacity					$ 0		$ 37,900,000
Line of credit facility, net proceeds after debt issue costs	$ 88,700,000
Minimum fixed charge coverage ratio per covenant	110%	110%
Maximum covenant percentage of undrawn availability of amended credit agreement		12.50%
Debt instrument covenant description					The springing financial covenant is triggered when the undrawn availability of the ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days.
ABL Amendment [Member] | Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
ABL Amendment [Member] | Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
ABL Amendment [Member] | Maximum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 12,500,000
ABL Amendment [Member] | Minimum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 50,000,000
ABL Amendment [Member] | Subsequent Event [Member] | Domestic Rate [Member] | Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.25%
ABL Amendment [Member] | Subsequent Event [Member] | Domestic Rate [Member] | Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.50%
ABL Amendment [Member] | Subsequent Event [Member] | Domestic Rate [Member] | Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
ABL Amendment [Member] | Subsequent Event [Member] | Term SOFR Loan [Member] | Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.25%
ABL Amendment [Member] | Subsequent Event [Member] | Term SOFR Loan [Member] | Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.50%
ABL Amendment [Member] | Subsequent Event [Member] | Term SOFR Loan [Member] | Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.75%
ABL Amendment [Member] | Subsequent Event [Member] | Maximum [Member] | Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				66.70%
ABL Amendment [Member] | Subsequent Event [Member] | Minimum [Member] | Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				66.70%
ABL Amendment [Member] | Subsequent Event [Member] | Minimum [Member] | Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				33.30%
ABL Amendment [Member] | Subsequent Event [Member] | Minimum [Member] | Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				33.30%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date) (Details) - Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 358
Derivatives liabilities	2,918	$ 462
Fuel Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives liabilities	2,918	324
Foreign Currency Exchange Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 358
Derivatives liabilities		$ 138

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) € in Millions, gal in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) $ / gal € / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / gal € / shares gal	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€) $ / gal € / shares	Dec. 31, 2023 USD ($)	May 31, 2021 USD ($)
Derivatives Fair Value [Line Items]
Debt instrument, face amount							$ 325,000,000
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Fair value of debt	$ 290,001,000		$ 290,001,000
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent			80%
Derivative, nonmonetary notional amount, volume | gal			11.5
Reclassification of derivative gain (losses) to earnings net of tax	(359,000)	$ (1,434,000)	$ (238,000)	$ (1,804,000)
Fair value hedge liabilities	$ 324,000		$ 324,000			$ 2,918,000
Fuel Hedge Contracts [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | $ / gal	2.35		2.35		2.35
Fuel Hedge Contracts [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | $ / gal	2.9		2.9		2.9
Foreign Currency Exchange Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Fair value hedge assets	$ 138,000		$ 138,000			$ 358,000
Reclassification of derivative gain (losses) to earnings net of tax	$ (6,000)	$ 279,000	$ (42,000)	$ 321,000
Derivative notional amount | €					€ 3.9
Foreign Currency Exchange Hedge Contracts [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | € / shares	1.09		1.09		1.09
Foreign Currency Exchange Hedge Contracts [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | € / shares	1.13		1.13		1.13

Fair Value Measurements (Change

Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives Fair Value [Line Items]
Net change in cash flow derivative hedges—net of tax	[1]	$ 50	$ 978	$ 1,338	$ (431)
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Reclassification of derivative losses (gains) to earnings - net of tax		359	1,434	238	1,804
Change in fair value of derivatives—net of tax		(310)	(252)	1,700	(2,158)
Net change in cash flow derivative hedges—net of tax		49	1,182	1,938	(354)
Foreign Currency Exchange Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Reclassification of derivative losses (gains) to earnings - net of tax		6	(279)	42	(321)
Change in fair value of derivatives—net of tax		(5)	75	(642)	244
Net change in cash flow derivative hedges—net of tax		$ 1	$ (204)	$ (600)	$ (77)
[1] Net of income tax provision of $ ( 17 ) and $ ( 331 ) for the three months ended June 30, 2024 and 2023, respectively. Net of income tax (provision) benefit of $ ( 453 ) and $ 145 for the six months ended June 30, 2024 and 2023, respectively .

Fair Value Measurements (Adjust

Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	$ 140,246	$ 114,768	$ 293,332	$ 260,677
Other expense (income)	128	2,024	553	2,251
Income tax benefit	(2,842)	(796)	(9,831)	(5)
Net income (loss)	7,673	1,733	28,697	(1,498)
Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Income tax benefit	124	390	95	502
Net income (loss)	365	1,156	280	1,487
Fuel Hedge Contracts [Member] | Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	482	1,918	319	2,413
Foreign Currency Exchange Hedge Contracts [Member] | Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Other expense (income)	$ 7	$ (372)	$ 56	$ (424)

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
	May 11, 2017	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units				686
Share-based compensation expense		$ 1.8	$ 2.2	$ 2.6	$ 2.4
Employees and Directors [Member] | 2017 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	3,300					1,500
Employees and Directors [Member] | 2007 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Underlying equity awards issued	1,700

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue From Contract With Customer [Line Items]
Revenue, remaining performance obligation	$ 807.9		$ 807.9
Performance obligations exclude from dredging backlog	44.6		44.6
Performance obligations domestic low bids pending formal award and additional phases	$ 273.1		$ 273.1
Percentage of performance obligation to be recognized as revenue			40%
Performance obligation, expected to be recognized as revenue year			2024
Remaining performance obligation, expected timing of satisfaction, year	2025 2026		2025 2026
Amortization on pre-construction costs	$ 4	$ 1.3	$ 8.4	$ 5
Options pending award related to offshore wind contracts	12.7		12.7
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill a contract with customer recognized as an asset	$ 21.8		$ 21.8		$ 22.2

Revenue (Summary of Type of Wor

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 170,086	$ 132,667	$ 368,746	$ 290,711
Type of Work [Member] | Operating Segment [Member] | Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	170,086	132,667	368,746	290,711
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	70,747	38,157	140,647	70,632
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Coastal Protection [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	70,195	56,490	134,121	107,795
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	28,464	35,809	92,875	107,737
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Rivers & Lakes [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 680	$ 2,211	$ 1,103	$ 4,547

Revenue (Summary of Type of Cus

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 170,086	$ 132,667	$ 368,746	$ 290,711
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	170,086	132,667	368,746	290,711
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	118,687	107,368	253,476	249,530
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,463	$ 25,299	69,163	$ 41,181
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Private [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 29,936		$ 46,107

Revenue (Schedule of Accounts R

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Completed contracts	$ 6,810	$ 2,920
Contracts in progress	42,027	40,743
Retainage	7,806	11,511
Accounts receivable, gross	56,643	55,174
Allowance for credit losses	(364)	(364)
Total accounts receivable—net	$ 56,279	$ 54,810

Revenue (Components of Contract

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 54,129	$ 9,810
Costs and earnings in excess of billings for completed contracts	16,380	58,925
Total contract revenues in excess of billings	70,509	68,735
Current portion of contract revenues in excess of billings	70,509	68,735
Total billings in excess of contract revenues	(20,574)	(29,560)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	300,495	206,330
Amounts billed	(246,366)	(196,520)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	134,756	229,388
Amounts billed	$ (155,330)	$ (258,948)

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments And Contingencies [Line Items]
Outstanding performance bonds	$ 998,300,000
Revenue value remaining from outstanding performance bonds	448,100,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Bids bond range	$ 1,000,000
Warranty periods	1 year
Maximum [Member]
Commitments And Contingencies [Line Items]
Bids bond range	$ 10,000,000
Warranty periods	3 years