Great Lakes Dredge & Dock (GLDD) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Large 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		66,065,420
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	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 142,583	$ 145,459
Accounts receivable—net	37,162	82,953
Contract revenues in excess of billings	74,535	39,844
Inventories	30,394	30,760
Prepaid expenses and other current assets	43,368	28,416
Total current assets	328,042	327,432
PROPERTY AND EQUIPMENT—Net	468,555	455,102
OPERATING LEASE ASSETS	63,345	62,233
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	71,117	65,049
OTHER	11,204	11,278
TOTAL	1,018,839	997,670
LIABILITIES AND EQUITY
Accounts payable	98,182	85,566
Accrued expenses	33,949	37,626
Operating lease liabilities	16,036	16,729
Billings in excess of contract revenues	3,687	14,814
Total current liabilities	151,854	154,735
LONG-TERM DEBT	321,108	320,971
OPERATING LEASE LIABILITIES—Noncurrent	47,839	45,986
DEFERRED INCOME TAXES	73,888	68,497
OTHER	8,746	8,484
Total liabilities	603,435	598,673
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY:
Common stock—$.0001 par value; 90,000 authorized, 66,046 and 65,746 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	6	6
Additional paid-in capital	307,597	308,482
Retained earnings	101,426	90,369
Accumulated other comprehensive income	6,375	140
Total equity	415,404	398,997
TOTAL	$ 1,018,839	$ 997,670

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	66,046,000	65,746,000
Common stock, shares outstanding	66,046,000	65,746,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Contract revenues	$ 194,349	$ 177,633
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember
Costs of contract revenues	$ 161,294	$ 144,557
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 33,055	$ 33,076
General and administrative expenses	14,604	16,322
(Gain) loss on sale of assets—net	(321)	106
Operating income	18,772	16,648
Interest expense—net	(4,025)	(6,586)
Other income (expense)	(405)	141
Income before income taxes	14,342	10,203
Income tax provision	(3,285)	(1,389)
Net income	$ 11,057	$ 8,814
Basic earnings per share	$ 0.17	$ 0.14
Basic weighted average shares	65,847	65,269
Diluted earnings per share	$ 0.17	$ 0.13
Diluted weighted average shares	66,436	66,159

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 11,057	$ 8,814
Net change in cash flow derivative hedges—net of tax	[1]	6,235	1,886
Comprehensive income		$ 17,292	$ 10,700
[1]	Net of income tax (provision) benefit of $(2,106) and $637 for the three months ended March 31, 2022 and 2021, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net unrealized gain (loss) on derivatives, tax	$ (2,106)	$ 637

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 (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE - value at Dec. 31, 2020	$ 346,668	$ 6	$ 304,757	$ 40,937	$ 968
BALANCE - shares at Dec. 31, 2020		65,023
Share-based compensation, value	1,766		1,766
Share-based compensation, shares		63
Vesting of restricted stock units and impact of shares withheld for taxes, value	(3,784)		(3,784)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		410
Exercise of stock options and purchases from employee stock purchase plan, value	1,260		1,260
Exercise of stock options and purchases from employee stock purchase plan, shares		124
Net income	8,814			8,814
Other comprehensive income (loss)—net of tax	1,886				1,886
BALANCE - value at Mar. 31, 2021	356,610	$ 6	303,999	49,751	2,854
BALANCE - shares at Mar. 31, 2021		65,620
BALANCE - value at Dec. 31, 2021	398,997	$ 6	308,482	90,369	140
BALANCE - shares at Dec. 31, 2021		65,746
Share-based compensation, value	552		552
Share-based compensation, shares		9
Vesting of restricted stock units and impact of shares withheld for taxes, value	(1,827)		(1,827)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		212
Exercise of stock options and purchases from employee stock purchase plan, value	390		390
Exercise of stock options and purchases from employee stock purchase plan, shares		79
Net income	11,057			11,057
Other comprehensive income (loss)—net of tax	6,235				6,235
BALANCE - value at Mar. 31, 2022	$ 415,404	$ 6	$ 307,597	$ 101,426	$ 6,375
BALANCE - shares at Mar. 31, 2022		66,046

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net income	$ 11,057	$ 8,814
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	11,316	10,053
Deferred income taxes	3,285	1,389
(Gain) loss on sale of assets	(321)	106
Amortization of deferred financing fees	317	403
Share-based compensation expense	552	1,766
Changes in assets and liabilities:
Accounts receivable	45,791	(26,742)
Contract revenues in excess of billings	(34,691)	3,188
Inventories	(5,703)	(3,379)
Prepaid expenses and other current assets	(6,612)	(832)
Accounts payable and accrued expenses	12,247	(10,303)
Billings in excess of contract revenues	(11,126)	6,055
Other noncurrent assets and liabilities	205	242
Cash (used in) provided by operating activities	26,317	(9,240)
INVESTING ACTIVITIES:
Purchases of property and equipment	(28,866)	(27,038)
Proceeds from dispositions of property and equipment	1,110
Cash used in investing activities	(27,756)	(27,038)
FINANCING ACTIVITIES:
Taxes paid on settlement of vested share awards	(1,827)	(3,784)
Exercise of options and purchases from employee stock plans	390	1,260
Cash used in financing activities	(1,437)	(2,524)
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,876)	(38,802)
Cash, cash equivalents and restricted cash at beginning of period	147,459	216,510
Cash, cash equivalents and restricted cash at end of period	144,583	177,708
Cash and cash equivalents	142,583	177,708
Restricted cash included in other long-term assets	2,000
Supplemental Cash Flow Information
Cash paid for interest	100	106
Cash paid for income taxes	58	58
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 10,319	$ 5,855

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021. 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 March 31, 2022 and December 31, 2021, and its results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021 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 annual test of impairment as of July 1, 2021 with no indication of impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2022. The condensed consolidated results of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	2. Earnings per share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings 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 per share are as follows: Three Months Ended ` March 31, 2022 2021 Net income $ 11,057 $ 8,814 Weighted-average common shares outstanding — basic 65,847 65,269 Effect of stock options and restricted stock units 589 890 Weighted-average common shares outstanding — diluted 66,436 66,159 Earnings per share — basic $ 0.17 $ 0.14 Earnings per share — diluted $ 0.17 $ 0.13

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses	3 . Accrued expenses Accrued expenses at March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 Insurance $ 13,355 $ 12,821 Payroll and employee benefits 6,525 13,533 Interest 5,726 1,460 Other 5,220 6,427 Income and other taxes 2,903 2,941 Contract reserves 220 444 Total accrued expenses $ 33,949 $ 37,626

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	4 . Long-term debt Credit agreement As of March 31, 2022 and December 31, 2021, the Company had no borrowings outstanding under our $200,000 amended and restated revolving credit and security agreement (as amended, the “Amended Credit Agreement”). There were $21,527 and $25,127 of letters of credit outstanding and $178,146 and $174,546 of availability under the Amended Credit Agreement as of March 31, 2022 and December 31, 2021, respectively. The availability under the Amended Credit Agreement is suppressed by $327 as of March 31, 2022 and December 31, 2021, as a result of certain limitations set forth in the Amended Credit Agreement. Senior Notes and subsidiary guarantors In May 2021, the Company sold $325,000 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 $325,000 aggregate principal amount of its outstanding 8.000% Senior Notes due 2022 (the “8% Notes”). 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 Amended Credit Agreement. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 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. 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 Measurements at Reporting Date Using Description At March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 8,971 $ - $ 8,971 $ - Fair Value Measurements at Reporting Date Using Description At December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 630 $ - $ 630 $ - 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 typical goal is to hedge approximately 80% of the eligible fuel requirements for work in domestic backlog. As of March 31, 2022, the Company was party to various swap arrangements to hedge a portion of the price of its diesel fuel purchase requirements for work in its backlog to be performed through March 2023. As of March 31, 2022, there were 7.1 million gallons remaining on these contracts representing forecasted domestic fuel purchases through March 2023. Under these swap agreements, the Company will pay fixed prices ranging from $1.64 to $3.50 per gallon. At March 31, 2022 and December 31, 2021, the fair value asset of the fuel hedge contracts were estimated to be $8,971 and $630, respectively, and are recorded in prepaid expenses and other current assets. For fuel hedge contracts considered to be highly effective, the gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the three months ended March 31, 2022 were $2,481. The remaining gains and losses included in accumulated other comprehensive loss at March 31, 2022 will be reclassified into earnings over the next twelve 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. 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 fair value of the fuel hedge contracts outstanding as of March 31, 2022 and December 31, 2021 is as follows: Fair Value at March 31, December 31, Balance Sheet Location 2022 2021 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ 8,971 $ 630 Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2022 2021 Derivatives: Reclassification of derivative gains to earnings—net of tax (2,481 ) (1,526 ) Change in fair value of derivatives—net of tax 8,716 3,412 Net change in cash flow derivative hedges—net of tax $ 6,235 $ 1,886 Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended March 31, Statement of Operations Location 2022 2021 Derivatives: Fuel Costs of contract revenues $ (3,319 ) $ (2,041 ) Income tax provision (838 ) (515 ) $ (2,481 ) $ (1,526 ) 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 value of our revolving credit agreement approximates fair value. In May 2021, the Company sold $325,000 of the 2029 Notes, which were outstanding at March 31, 2022 (see Note 4, Long-term debt). The 2029 Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 2029 Notes. The fair value of the 2029 Notes was $310,375 at March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [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. During the three months ended March 31, 2022, the Company granted 8,000 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 $552 and $1,766 for the three months ended March 31, 2022 and 2021, respectively.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue	7 . Revenue At March 31, 2022, the Company had $473,471 of remaining performance obligations, which the Company refers to as total backlog. Approximately 79% of the Company’s backlog is expected to be completed in 2022 with the remaining balance expected to be completed in 2023. Revenue by category The following series of tables presents our 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. The Company’s contract revenues by type of work, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2022 2021 Dredging: Capital—U.S. $ 101,010 $ 77,606 Capital—foreign - 4,709 Coastal protection 71,917 46,631 Maintenance 19,812 45,301 Rivers & lakes 1,610 3,386 Total revenues $ 194,349 $ 177,633 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2022 2021 Dredging: Federal government $ 167,574 $ 130,732 State and local government 24,601 34,775 Private 2,174 7,417 Foreign - 4,709 Total revenues $ 194,349 $ 177,633 Accounts receivable at March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, 2022 2021 Completed contracts $ 6,348 $ 10,612 Contracts in progress 23,639 65,415 Retainage 7,739 7,490 37,726 83,517 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 37,162 $ 82,953 The components of contracts in progress at March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, 2022 2021 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 369,584 $ 270,998 Amounts billed (323,841 ) (240,941 ) Costs and earnings in excess of billings for contracts in progress 45,743 30,057 Costs and earnings in excess of billings for completed contracts 29,898 10,894 Total contract revenues in excess of billings $ 75,641 $ 40,951 Current portion of contract revenues in excess of billings $ 74,535 $ 39,844 Long-term contract revenues in excess of billings 1,106 1,107 Total contract revenues in excess of billings $ 75,641 $ 40,951 Billings in excess of costs and earnings: Amounts billed $ (141,076 ) $ (224,381 ) Costs and earnings for contracts in progress 137,389 209,567 Total billings in excess of contract revenues $ (3,687 ) $ (14,814 ) In the first quarter of 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $11,724. At March 31, 2022 and December 31, 2021, costs to fulfill a contract with a customer recognized as an asset were $5,656 and $5,652, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2022 and 2021, the Company amortized $2,402 and $5,847, respectively, of pre-construction costs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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, Berkley Insurance Company, Chubb Surety and Liberty Mutual Insurance Company, under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty, Surety Company of America and Zurich American Insurance Company. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At March 31, 2022, the Company had outstanding performance bonds with a notional amount of approximately $1,178,796. The revenue value remaining in backlog totaled approximately $473,471. Certain foreign projects performed by the Company have warranty periods, typically spanning no more than 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 these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), which together comprised the Company’s historical demolition business, to a privately-owned demolition company. On January 14, 2015, the Company and its subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. Under the terms of the agreement, the Company received cash of $5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. The Company seeks specific performance of the buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations. In addition, the Company has been granted a judgment in the amount of $21,934 based upon the buyer’s default of its obligations to indemnify the Company for losses resulting from failure to perform in accordance with terms of surety performance bond. The defendants filed a notice of appeal from that judgement. The Company continues to aggressively pursue collection from the buyer on outstanding amounts owed under the sale and the indemnification. An estimate of a range of potential gains or losses relating to these matters cannot reasonably be made. On April 22, 2021, the U.S. Attorney’s Office for the Eastern District of Louisiana filed a bill of information against the Company charging the Company with a negligent discharge violation of the Clean Water Act arising from a September 2016 oil spill. The spill occurred during the Company’s Cheniere Ronquille project and resulted in the discharge of around one hundred sixty barrels of crude oil in Bay Long, Louisiana. The Company has cooperated with the U.S. Attorney’s Office and other relevant agencies in their investigation of the oil spill and on June 15, 2021, the Company pleaded guilty to the misdemeanor violation alleged in the bill of information and agreed to pay a fine of $1,000. In the first quarter of 2022, the Company entered into a settlement of a civil suit arising from the same matter which was primarily covered by its insurance policies. The Company remains subject to potential liability for restitution in connection with this criminal matter, and has deposited the potential liability for the criminal matter of $2,000 into the registry of the court. That amount is presented as restricted cash in other noncurrent assets. On April 18, 2022, the government filed a motion seeking restitution for an amount less than what was deposited into the registry of the court. The related hearing was held in federal court on April 26, 2022, and the sentencing hearing is scheduled for June 14, 2022. If it is determined that the Company owes additional restitution, the Company believes that the amount could range between $0 and the $2,000 previously deposited. As a result of the pending conviction, the government will initiate statutory debarment proceedings against the Company, which might prohibit the Company from bidding for, entering into or completing certain government projects. Although the Company does not know whether debarment proceedings will result in prohibitions, or the impact of any such resulting prohibitions, the Company does not expect any such proceedings or prohibitions to cause a material disruption to its business, financial condition or results of operations. Lease obligations The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. The 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 Amended Credit Agreement, 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 Amended Credit Agreement. 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computations for Basic and Diluted Earnings Per Share	The computations for basic and diluted earnings per share are as follows: Three Months Ended ` March 31, 2022 2021 Net income $ 11,057 $ 8,814 Weighted-average common shares outstanding — basic 65,847 65,269 Effect of stock options and restricted stock units 589 890 Weighted-average common shares outstanding — diluted 66,436 66,159 Earnings per share — basic $ 0.17 $ 0.14 Earnings per share — diluted $ 0.17 $ 0.13

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses at March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 Insurance $ 13,355 $ 12,821 Payroll and employee benefits 6,525 13,533 Interest 5,726 1,460 Other 5,220 6,427 Income and other taxes 2,903 2,941 Contract reserves 220 444 Total accrued expenses $ 33,949 $ 37,626

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 Measurements at Reporting Date Using Description At March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 8,971 $ - $ 8,971 $ - Fair Value Measurements at Reporting Date Using Description At December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 630 $ - $ 630 $ -
Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location	The fair value of the fuel hedge contracts outstanding as of March 31, 2022 and December 31, 2021 is as follows: Fair Value at March 31, December 31, Balance Sheet Location 2022 2021 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ 8,971 $ 630
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 March 31, 2022 2021 Derivatives: Reclassification of derivative gains to earnings—net of tax (2,481 ) (1,526 ) Change in fair value of derivatives—net of tax 8,716 3,412 Net change in cash flow derivative hedges—net of tax $ 6,235 $ 1,886
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 March 31, Statement of Operations Location 2022 2021 Derivatives: Fuel Costs of contract revenues $ (3,319 ) $ (2,041 ) Income tax provision (838 ) (515 ) $ (2,481 ) $ (1,526 )

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
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, were as follows: Three Months Ended March 31, Revenues 2022 2021 Dredging: Capital—U.S. $ 101,010 $ 77,606 Capital—foreign - 4,709 Coastal protection 71,917 46,631 Maintenance 19,812 45,301 Rivers & lakes 1,610 3,386 Total revenues $ 194,349 $ 177,633 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2022 2021 Dredging: Federal government $ 167,574 $ 130,732 State and local government 24,601 34,775 Private 2,174 7,417 Foreign - 4,709 Total revenues $ 194,349 $ 177,633
Schedule of Accounts Receivable	Accounts receivable at March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, 2022 2021 Completed contracts $ 6,348 $ 10,612 Contracts in progress 23,639 65,415 Retainage 7,739 7,490 37,726 83,517 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 37,162 $ 82,953
Components of Contracts in Progress	The components of contracts in progress at March 31, 2022 and December 31, 2021 are as follows: March 31, December 31, 2022 2021 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 369,584 $ 270,998 Amounts billed (323,841 ) (240,941 ) Costs and earnings in excess of billings for contracts in progress 45,743 30,057 Costs and earnings in excess of billings for completed contracts 29,898 10,894 Total contract revenues in excess of billings $ 75,641 $ 40,951 Current portion of contract revenues in excess of billings $ 74,535 $ 39,844 Long-term contract revenues in excess of billings 1,106 1,107 Total contract revenues in excess of billings $ 75,641 $ 40,951 Billings in excess of costs and earnings: Amounts billed $ (141,076 ) $ (224,381 ) Costs and earnings for contracts in progress 137,389 209,567 Total billings in excess of contract revenues $ (3,687 ) $ (14,814 )

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating Segments	1
Number of reportable segments	1
Number of reportable segment with goodwill	1

Earnings Per Share - (Computati

Earnings Per Share - (Computations for Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 11,057	$ 8,814
Weighted-average common shares outstanding — basic	65,847	65,269
Effect of stock options and restricted stock units	589	890
Weighted-average common shares outstanding — diluted	66,436	66,159
Earnings per share — basic	$ 0.17	$ 0.14
Earnings per share — diluted	$ 0.17	$ 0.13

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Insurance	$ 13,355	$ 12,821
Payroll and employee benefits	6,525	13,533
Interest	5,726	1,460
Other	5,220	6,427
Income and other taxes	2,903	2,941
Contract reserves	220	444
Total accrued expenses	$ 33,949	$ 37,626

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	1 Months Ended
	May 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving credit facility		$ 0	$ 0
Letters of credit outstanding		21,527,000	25,127,000
Letter of credit remaining borrowing capacity		178,146,000	174,546,000
Availability under credit agreement suppressed		327,000	327,000
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. 1, 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	8.00%
Owned Domestic Subsidiaries Percent	100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000,000	$ 200,000,000

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) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 8,971	$ 630
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 8,971	$ 630

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) gal in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / galgal	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	May 31, 2021USD ($)
Derivatives Fair Value [Line Items]
Derivative, nonmonetary notional amount, volume | gal	7.1
Fair value hedge assets	$ 8,971,000		$ 630,000
Reclassification of derivative (gains) losses to earnings net of tax	2,481,000	$ 1,526,000
Debt instrument, face amount				$ 325,000,000
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Fair value of debt	$ 310,375,000
Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | $ / gal	1.64
Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range | $ / gal	3.50
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent	80.00%

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Fair value hedge assets	$ 8,971	$ 630
Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Fair value hedge assets	$ 8,971	$ 630

Fair Value Measurements (Change

Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Reclassification of derivative gains to earnings—net of tax		$ (2,481)	$ (1,526)
Change in fair value of derivatives—net of tax		8,716	3,412
Net change in cash flow derivative hedges—net of tax	[1]	$ 6,235	$ 1,886
[1]	Net of income tax (provision) benefit of $(2,106) and $637 for the three months ended March 31, 2022 and 2021, 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
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	$ 161,294	$ 144,557
Income tax (provision) benefit	(3,285)	(1,389)
Net income (loss)	(11,057)	(8,814)
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	(3,319)	(2,041)
Income tax (provision) benefit	(838)	(515)
Net income (loss)	$ (2,481)	$ (1,526)

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	May 11, 2017	Mar. 31, 2022	Mar. 31, 2021	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units		8,000
Share-based compensation expense		$ 552	$ 1,766
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	3,300,000			1,500,000
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	1,700,000

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Revenue From Contract With Customer [Line Items]
Revenue, remaining performance obligation	$ 473,471
Percentage of performance obligation to be recognized as revenue	79.00%
Performance obligation, expected to be recognized as revenue year	2022
Remaining performance obligation, expected timing of satisfaction, year	2023
Increased gross profit	$ 11,724
Amortization on pre-construction costs	2,402		$ 5,847
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill a contract with customer recognized as an asset	$ 5,656	$ 5,652

Revenue (Summary of Type of Wor

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 194,349	$ 177,633
Type of Work [Member] | Operating Segment [Member] | Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenues	194,349	177,633
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenues	101,010	77,606
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,709
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Coastal Protection [Member]
Disaggregation Of Revenue [Line Items]
Revenues	71,917	46,631
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenues	19,812	45,301
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Rivers & Lakes [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,610	$ 3,386

Revenue (Summary of Type of Cus

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 194,349	$ 177,633
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenues	194,349	177,633
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	167,574	130,732
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	24,601	34,775
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Private [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 2,174	7,417
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 4,709

Revenue (Schedule of Accounts R

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Completed contracts	$ 6,348	$ 10,612
Contracts in progress	23,639	65,415
Retainage	7,739	7,490
Accounts receivable, gross	37,726	83,517
Allowance for doubtful accounts	(564)	(564)
Total accounts receivable—net	$ 37,162	$ 82,953

Revenue (Components of Contract

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 45,743	$ 30,057
Costs and earnings in excess of billings for completed contracts	29,898	10,894
Total contract revenues in excess of billings	75,641	40,951
Current portion of contract revenues in excess of billings	74,535	39,844
Long-term contract revenues in excess of billings	1,106	1,107
Total billings in excess of contract revenues	(3,687)	(14,814)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	369,584	270,998
Amounts billed	(323,841)	(240,941)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	137,389	209,567
Amounts billed	$ (141,076)	$ (224,381)

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Jun. 15, 2021	Apr. 23, 2021	Jan. 14, 2015	Mar. 31, 2022	Apr. 22, 2022	Apr. 18, 2022
Commitments And Contingencies [Line Items]
Outstanding performance bonds				$ 1,178,796,000
Revenue value remaining from outstanding performance bonds				473,471,000
Proceeds from Legal Settlements			$ 5,309,000
Fine for violation	$ 1,000,000
Potential liability for criminal matters					$ 2,000,000
Indemnification Commitment [Member]
Commitments And Contingencies [Line Items]
Aggregate demolition surety performance bond		$ 21,934,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Bids bond range				$ 1,000,000
Warranty periods				1 year
Restitution owe on liability for criminal matters previously deposited						$ 0
Maximum [Member]
Commitments And Contingencies [Line Items]
Bids bond range				$ 10,000,000
Warranty periods				3 years
Restitution owe on liability for criminal matters previously deposited						$ 2,000,000