View Filing Data

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2012	May 01, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	gldd
Entity Registrant Name	Great Lakes Dredge & Dock CORP
Entity Central Index Key	0001372020
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		59,110,847

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 85,618	$ 113,288
Accounts receivable - net	119,860	120,268
Contract revenues in excess of billings	34,420	26,412
Inventories	33,595	33,426
Prepaid expenses and other current assets	41,553	32,384
Total current assets	315,046	325,778
PROPERTY AND EQUIPMENT - Net	310,810	310,520
GOODWILL AND OTHER INTANGIBLE ASSETS-Net	98,793	98,863
INVENTORIES - Noncurrent	31,803	30,103
INVESTMENTS IN JOINT VENTURES	6,908	6,923
OTHER	16,241	16,273
TOTAL	779,601	788,460
LIABILITIES AND EQUITY
Accounts payable	73,382	82,745
Accrued expenses	20,932	31,121
Billings in excess of contract revenues	23,753	13,627
Current portion of long term debt	2,813	3,033
Total current liabilities	120,880	130,526
LONG TERM NOTE PAYABLE	2,500	2,500
7 3/8% SENIOR NOTES	250,000	250,000
DEFERRED INCOME TAXES	103,942	104,352
OTHER	8,483	8,545
Total liabilities	485,805	495,923
COMMITMENTS AND CONTINGENCIES (Note 7)
EQUITY:
Common stock-$.0001 par value; 90,000,000 authorized, 59,110,847 and 58,999,404 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively.	6	6
Additional paid-in capital	268,998	267,918
Retained earnings	23,858	24,042
Accumulated other comprehensive income	481	3
Total Great Lakes Dredge & Dock Corporation Equity	293,343	291,969
NONCONTROLLING INTERESTS	453	568
Total equity	293,796	292,537
TOTAL	$ 779,601	$ 788,460

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	59,110,847	58,999,404
Common stock, shares outstanding	59,110,847	58,999,404

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Operations [Abstract]
Contract revenues	$ 154,907	$ 155,338
Costs of contract revenues	134,885	127,896
Gross profit	20,022	27,442
General and administrative expenses	13,267	12,089
Gain on sale of assets-net	(31)	(258)
Operating income	6,786	15,611
Interest expense-net	(5,259)	(5,950)
Equity in loss of joint ventures	(16)	(591)
Gain on foreign currency transactions-net	6
Loss on extinguishment of debt		(5,145)
Income before income taxes	1,517	3,925
Income tax provision	(564)	(1,527)
Net income	953	2,398
Net (income) loss attributable to noncontrolling interests	115	(6)
Net income attributable to Great Lakes Dredge & Dock Corporation	$ 1,068	$ 2,392
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.02	$ 0.04
Basic weighted average shares	59,038	58,785
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.02	$ 0.04
Diluted weighted average shares	59,434	59,237
Dividends declared per share	$ 0.02	$ 0.02

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 953	$ 2,398
Currency translation adjustment-net of tax of $3, and $0, respectively	4
Reclassification of derivative gains to earnings-net of tax of ($269) and ($414), respectively	(406)	(623)
Change in fair value of derivatives-net of tax of $584 and $790, respectively	880	1,189
Other comprehensive income-net of tax	478	566
Comprehensive income	1,431	2,964
Comprehensive (income) loss attributable to noncontrolling interests	115	(6)
Comprehensive income attributable to Great Lakes Dredge & Dock Corporation	$ 1,546	$ 2,958

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

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- Definition

Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.

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- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Currency translation adjustment, tax	$ 3	$ 0
Reclassification of derivative gains to earnings, tax	(269)	(414)
Change in fair value of derivatives, tax	$ 584	$ 790

- Definition

Tax effect on the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into reporting currency of the reporting entity for the period being reported.

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+ Details

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss)[Member]	Noncontrolling Interests [Member]	Total
BALANCE - Value at Dec. 31, 2010	$ 6	$ 266,329	$ 12,261	$ 357	$ (2,128)	$ 276,825
BALANCE - Shares at Dec. 31, 2010	58,770,369
Share-based compensation, Value		520				520
Share-based compensation, Shares	43,215
Acquisition of noncontrolling interest in NASDI, LLC		(40)			1,973	1,933
Dividends declared and paid			(999)			(999)
Dividend equivalents paid on restricted stock units			(6)			(6)
Net income			2,392		6	2,398
Other comprehensive income-net of tax				566		566
BALANCE - Value at Mar. 31, 2011	$ 6	266,809	13,648	923	(149)	281,237
BALANCE - Shares at Mar. 31, 2011	58,813,584
BALANCE - Value at Dec. 31, 2011	$ 6	267,918	24,042	3	568	292,537
BALANCE - Shares at Dec. 31, 2011	58,999,404
Share-based compensation, Value		1,015				1,015
Share-based compensation, Shares	93,876
Vesting of restricted stock units, including impact of shares withheld for taxes, value		(2)				(2)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares	9,449
Exercise of stock options, Value		40				40
Exercise of stock options, Shares	8,118
Excess income tax benefit from share based compensation		27				27
Dividends declared and paid			(1,240)			(1,240)
Dividend equivalents paid on restricted stock units			(12)			(12)
Net income			1,068		(115)	953
Other comprehensive income-net of tax				478		478
BALANCE - Value at Mar. 31, 2012	$ 6	$ 268,998	$ 23,858	$ 481	$ 453	$ 293,796
BALANCE - Shares at Mar. 31, 2012	59,110,847

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
OPERATING ACTIVITIES:
Net income	$ 953	$ 2,398
Adjustments to reconcile net income to net cash flows used in operating activities:
Depreciation and amortization	7,764	9,566
Equity in loss of joint ventures	16	591
Loss on extinguishment of 7 3/4% senior subordinated notes		5,145
Deferred income taxes	107	21
Gain on dispositions of property and equipment	(31)	(267)
Amortization of deferred financing fees	334	389
Unrealized foreign currency gain	(133)
Share-based compensation expense	1,015	520
Excess income tax benefit from share based compensation	(27)
Changes in assets and liabilities:
Accounts receivable	(1,842)	(18,365)
Contract revenues in excess of billings	(5,819)	3,945
Inventories	(1,869)	4
Prepaid expenses and other current assets	(7,399)	(4,535)
Accounts payable and accrued expenses	(21,263)	(4,160)
Billings in excess of contract revenues	10,126	1,587
Other noncurrent assets and liabilities	(176)	(2,390)
Net cash flows used in operating activities	(18,244)	(5,551)
INVESTING ACTIVITIES:
Purchases of property and equipment	(8,101)	(4,420)
Proceeds from dispositions of property and equipment	68	258
Net cash flows used in investing activities	(8,033)	(4,162)
FINANCING ACTIVITIES:
Proceeds from issuance of 7 3/8% senior notes		250,000
Redemption of 7 3/4% senior subordinated notes		(175,000)
Senior subordinated notes redemption premium		(2,264)
Deferred financing fees		(5,829)
Dividends paid	(1,240)	(999)
Dividend equivalents paid on restricted stock units	(12)	(6)
Taxes paid on settlement of vested share awards	(2)
Repayments of equipment debt	(238)	(138)
Exercise of stock options	40
Excess income tax benefit from share-based compensation	27
Net cash flows provided by (used in) financing activities	(1,425)	65,764
Effect of foreign currency exchange rates on cash and cash equivalents	32
Net increase (decrease) in cash and cash equivalents	(27,670)	56,051
Cash and cash equivalents at beginning of period	113,288	48,478
Cash and cash equivalents at end of period	85,618	104,529
Supplemental Cash Flow Information
Cash paid for interest	9,582	2,972
Cash paid (refunded) for income taxes	(2,926)	1,084
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 4,957	6,766
Acquisition of noncontrolling interest in NASDI, LLC		$ 40

Basis Of Presentation

3 Months Ended

Mar. 31, 2012

Basis Of Presentation [Abstract]

Basis Of Presentation

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, 2011. 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, 2012, and its results of operations and cash flows for the three months ended March 31, 2012 and 2011 have been included.

The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel 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. Generally, capital projects have the highest margins due to the complexity of the projects, while beach nourishment projects have the most volatile margins because they are most often exposed to variability in weather conditions.

The Company's cost structure includes significant annual equipment-related costs, including depreciation, maintenance, insurance and long-term rentals. These costs have averaged approximately 21% to 25% of total costs of contract revenues over the prior three years. During the year, both equipment utilization and the timing of fixed cost expenditures fluctuate significantly. Accordingly, the Company allocates these fixed equipment costs to interim periods in proportion to revenues recognized over the year, to better match revenues and expenses. Specifically, at each interim reporting date the Company compares actual revenues earned to date on its dredging contracts to expected annual revenues and recognizes equipment costs on the same proportionate basis. In the fourth quarter, any over or under allocated equipment costs are recognized such that the expense for the year equals actual equipment costs incurred during the year.

The Company operates in two reportable segments: dredging and demolition. These reportable segments are the Company's operating segments and the reporting units at which the Company tests goodwill for impairment. The Company performed its most recent annual test of impairment as of July 1, 2011 for the goodwill in both the dredging and demolition segments with no indication of goodwill impairment as of the test date. As of the test date, the fair value of both the dredging segment and the demolition segment were in excess of their carrying values by approximately 35% and 8%, respectively. Given the small margin with which the demolition segment's fair value is in excess of its carrying value, a more than insignificant decline in the demolition segment's future operating results or cash flow forecasts versus the segment's current forecasts could potentially cause a goodwill impairment charge to be recognized in a future period. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2012 should no triggering events occur which would require a test prior to the next annual test.

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.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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. For the three months ended March 31, 2012 and 2011, zero options to purchase shares of common stock, were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. The computations for basic and diluted earnings per share from continuing operations are as follows:


	Three Months Ended
	March 31,
	2012		2011
Net income attributable to common shareholders of Great Lakes Dredge & Dock Corporation	$	1,068	$	2,392
Weighted-average common shares outstanding — basic		59,038		58,785
Effect of stock options and restricted stock units		396		452

Weighted-average common shares outstanding — diluted		59,434		59,237

Earnings per share — basic	$	0.02	$	0.04
Earnings per share — diluted	$	0.02	$	0.04

Accounts Receivable And Contracts In Progress

3 Months Ended

Mar. 31, 2012

Accounts Receivable And Contracts In Progress [Abstract]

Accounts Receivable And Contracts In Progress

Accounts receivable and contracts in progress

Accounts receivable at March 31, 2012 and December 31, 2011 are as follows:


	March 31,			December 31,
	2012			2011
Completed contracts	$	37,907		$	38,317
Contracts in progress		72,441			69,469
Retainage		20,078			20,692

		130,426			128,478
Allowance for doubtful accounts		(1,839	)		(1,839	)

Total accounts receivable	$	128,587		$	126,639

Current portion of accounts receivable—net	$	119,860		$	120,268
Long-term accounts receivable and retainage		8,727			6,371

Total accounts receivable	$	128,587		$	126,639

The components of contracts in progress at March 31, 2012 and December 31, 2011 are as follows:


	March 31,			December 31,
	2012			2011
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	223,829		$	173,187
Amounts billed		(191,222	)		(152,045	)

Costs and earnings in excess of billings for contracts in progress		32,607			21,142
Costs and earnings in excess of billings for completed contracts		1,813			7,459

Total contract revenues in excess of billings	$	34,420		$	28,601

Current portion of contract revenues in excess of billings	$	34,420		$	26,412
Portion included in other noncurrent assets		—			2,189

Total contract revenues in excess of billings	$	34,420		$	28,601

Billings in excess of costs and earnings:
Amounts billed	$	(449,287	)	$	(427,797	)
Costs and earnings for contracts in progress		425,534			414,170

Total billings in excess of contract revenues	$	(23,753	)	$	(13,627	)

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

4.	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 March 31, 2012 and December 31, 2011, the Company held certain derivative contracts that it uses to manage foreign currency risk, commodity price risk and interest rate 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, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	1,237	$	—	$	1,237	$	—
Interest rate swap contracts		838		—		838		—
Foreign exchange contracts		159		—		159		—

Total assets measured at fair value	$	2,234	$	—	$	2,234	$	—


			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	449	$	—	$	449	$	—
Interest rate swap contracts		755		—		755		—
Foreign exchange contracts		155		—		155		—

Total assets measured at fair value	$	1,359	$	—	$	1,359	$	—

Interest rate swap contracts

In May 2009, the Company entered into two interest rate swap arrangements, which are effective through December 15, 2012, to swap a notional amount of $50 million from a fixed rate of 7.75% to a floating LIBOR-based rate in order to manage the interest rate paid with respect to the Company's 7.75% senior subordinated notes. Although the senior subordinated notes were redeemed in January 2011, the swaps remain in place. The swaps are not accounted for as a hedge; therefore, the changes in fair value are recorded as adjustments to interest expense in each reporting period.

The Company previously verified the fair value of the interest rate swap contracts using a quantitative model that contained both observable and unobservable inputs. The unobservable inputs related primarily to the implied LIBOR forward rate and the long-term nature of the contracts. As of December 31, 2011, the unobservable inputs began to be corroborated by observable market data and accordingly the Company transferred the swaps into Level 2 of the fair value hierarchy. The change in Level 3 interest rate swap contracts during the comparable quarter of the prior year was as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2011
Interest rate swap contracts
Balance at January 1,	$	1,264
Total unrealized gains (losses) included in earnings		35

Balance at March 31,	$	1,299

Foreign exchange contracts

The Company has exposure to foreign currencies that fluctuate in relation to the U.S. dollar. The Company periodically enters into foreign exchange forward contracts to hedge this risk. At March 31, 2012 and December 31, 2011, the Company had one outstanding contract related to the Brazilian Real. This foreign exchange contract is not accounted for as a hedge.

Fuel hedge contracts

The Company is exposed to certain market risks, primarily commodity price risk as it relates to the 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 will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company's goal is to hedge approximately 80% of the fuel requirements for work in backlog.

As of March 31, 2012, 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 February 2013. As of March 31, 2012, there were 7.2 million gallons remaining on these contracts which represent approximately 68% of the Company's forecasted fuel purchases through February 2013. Under these swap agreements, the Company will pay fixed prices ranging from $2.65 to $3.29 per gallon.

At each balance sheet date, unrealized gains and losses on fuel hedge contracts are recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. Gains and losses realized upon settlement of fuel hedge contracts are reclassified from accumulated other comprehensive income (loss) as the fuel is utilized, as a reduction of fuel expense, which is a component of costs of contract revenues in the condensed consolidated statements of operations.

At March 31, 2012 and December 31, 2011, the fair value asset of the fuel hedge contracts was estimated to be $1,237 and $449, respectively, and is recorded in other current assets. The gain reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the period ended March 31, 2012 was $406. The remaining gains included in accumulated other comprehensive income at March 31, 2012 will be reclassified into earnings over the next eleven months, corresponding to the period during which the hedged fuel is expected to be utilized. 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 fair value of the foreign exchange contracts, interest rate and fuel hedge contracts outstanding as of March 31, 2012 and December 31, 2011 is as follows:


		Fair Value at
		March 31,		December 31,
	Balance Sheet Location	2012		2011
Asset derivatives:
Derivatives designated as hedges
Fuel hedge contracts	Other current assets	$	1,237	$	449
Derivatives not designated as hedges
Interest rate swaps	Other current assets		838		755
Foreign exchange contracts	Other current assets		159		155

Total asset derivatives		$	2,234	$	1,359

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. In January 2011, the Company issued $250,000 of 7.375% senior notes due February 1, 2019, which were outstanding at March 31, 2012. The senior notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the senior notes. The fair value of the senior notes was $255,625 at March 31, 2012, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Accrued Expenses

3 Months Ended

Mar. 31, 2012

Accrued Expenses [Abstract]

Accrued Expenses

5.	Accrued expenses

Accrued expenses at March 31, 2012 and December 31, 2011 are as follows:


	2012		2011
Insurance	$	6,571	$	8,285
Payroll and employee benefits		6,534		10,763
Interest		3,186		7,759
Income and other taxes		2,109		1,261
Percentage of completion adjustment		1,294		1,855
Other		1,238		1,198

Total accrued expenses	$	20,932	$	31,121

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

Segment information

The Company and its subsidiaries currently operate in two reportable segments: dredging and demolition. The Company's financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows:


	Three Months Ended
	March 31,
	2012		2011
Dredging
Contract revenues	$	122,361	$	136,597
Operating income		4,899		17,821
Demolition
Contract revenues	$	32,546	$	18,741
Operating income		1,887		(2,210	)
Total
Contract revenues	$	154,907	$	155,338
Operating income		6,786		15,611

Dredging contract revenues for the three months ended March 31, 2012 are net of $1,312 in intersegment revenues. In addition, foreign dredging revenue of $18,909 and $21,871 for the three months ended March 31, 2012 and 2011, respectively, was primarily attributable to work done in the Middle East.

The majority of the Company's long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company's foreign projects.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Commitments And Contingencies

3 Months Ended

Mar. 31, 2012

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Commitments and contingencies

Commercial commitments

In June 2007, the Company entered into a credit agreement (as amended, the "Credit Agreement") with Bank of America N.A. (successor by merger to LaSalle Bank National Association) as administrative agent and issuing lender, various other financial institutions as lenders and certain subsidiaries of the Company as loan parties. The Credit Agreement provides for a revolving credit facility of up to $145,000 in borrowings and includes sublimits for the issuance of letters of credit and swingline loans. The revolving credit facility matures on June 12, 2012. The revolving credit facility bears interest at rates selected at the option of Great Lakes, currently equal to either LIBOR plus an applicable margin or the Base Rate (as defined in the Credit Agreement), plus an applicable margin. The applicable margins for LIBOR loans and Base Rate loans, as well as any non-use fee, are subject to adjustment based upon the Company's ratio of Total Funded Debt to Adjusted Consolidated EBITDA (each as defined in the Credit Agreement). The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed by its direct and indirect domestic subsidiaries as well as various liens on certain operating equipment, intercompany receivables and trade receivables. As of March 31, 2012, the Company had no borrowings and $23,600 of letters of credit outstanding, resulting in $121,400 of availability under the Credit Agreement. At March 31, 2012, the Company was in compliance with its various covenants under its Credit Agreement.

Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some demolition projects. In September 2011, the Company entered into a new bonding agreement with Zurich American Insurance Company ("Zurich") under which the Company can obtain performance, bid and payment bonds. The new bonding agreement contains no restrictive covenants and lesser collateral requirements than the previous bonding agreement. The Company has used Zurich for all bonding requirements beginning in September 2011. The existing bonding agreement with Travelers Casualty and Surety Company of America ("Travelers") will remain in place until outstanding bonds expire as the projects underlying the bonds issued thereunder are completed. Pursuant to the existing bonding agreement, Travelers has been granted a security interest in a substantial portion of the Company's operating equipment with a net book value of $62,682 at December 31, 2011.

The Travelers bonding agreement contains provisions requiring the Company to maintain certain financial ratios and restricting the Company's ability to pay dividends, incur indebtedness, create liens and take certain other actions. At March 31, 2012, the Company was in compliance with its various covenants under the bonding agreement with Travelers. 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, 2012, the Company had outstanding performance bonds valued at approximately $372,343; however, the revenue value remaining in backlog related to these projects totaled approximately $247,689.

The Company has a $24,000 international letter of credit facility that it uses for the performance and advance payment guarantees on the Company's foreign contracts. As of March 31, 2012, Great Lakes had $11,725 of letters of credit outstanding under this facility.

At March 31, 2012, the Company also had $250,000 of 7.375% senior notes outstanding, which mature in February 2019. 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. 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 accrues reserves 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.

The Company or its former subsidiary, NATCO Limited Partnership, was named as a defendant in approximately 251 asbestos-related personal injury lawsuits, the majority of which were filed between 1989 and 2000. The claims were filed on behalf of seamen or their personal representatives alleging injury or illness from exposure to asbestos while employed as seamen on Company-owned vessels. In these cases, the Company is typically one of many defendants, including manufacturers and suppliers of products containing asbestos, as well as other vessel owners. Following certain administrative proceedings, counsel for plaintiffs agreed to name a group of cases that they intended to pursue and to dismiss the remaining cases without prejudice. Plaintiffs previously named 40 cases against the Company that they intended to pursue, each of which involves one plaintiff. The remaining cases against the Company were dismissed without prejudice. Plaintiffs in the dismissed cases could file a new lawsuit if they develop a new disease allegedly caused by exposure to asbestos on board our vessels. Of the 40 named cases, three were subsequently dismissed, leaving 37 cases remaining. The Company is presently unable to quantify the amounts of damages being sought in the remaining lawsuits because none of the complaints specify a damage amount. Based on preliminary discovery and settlement demands received to date, the Company does not believe that it is probable that losses from these claims could be material, and an estimate of a range of losses relating to these claims cannot reasonably be made. Based on the foregoing, management does not believe that any of the remaining 37 lawsuits, individually or in the aggregate, will have a material impact on our business, financial position, results of operations or cash flows.

On August 26, 2009, the Company's subsidiary, NASDI, LLC ("NASDI"), received a letter stating that the Attorney General for the Commonwealth of Massachusetts is investigating alleged violations of the Massachusetts Solid Waste Act. The Company believes that the Massachusetts Attorney General is investigating illegal dumping activities at a dump site NASDI contracted with to have waste materials disposed of between September 2007 and July 2008. Per the Massachusetts Attorney General's request, NASDI executed a tolling agreement regarding the matter in 2009 and engaged in further discussions with the Massachusetts Attorney General's office in the second quarter of 2011 but has had no further contact with the Massachusetts Attorney General's office since then. The matter remains open, and, to the Company's knowledge, no proceedings have currently been initiated against NASDI. Should a claim be brought, NASDI intends to defend itself vigorously. Based on consideration of all of the facts and circumstances now known, the Company does not believe this claim will have a material impact on its business, financial position, results of operations or cash flows.

On March 27, 2011, NASDI received a subpoena from a federal grand jury in the District of Massachusetts directing NASDI to furnish certain documents relating to certain projects performed by NASDI since January 2005. The Company conducted an internal investigation into this matter and continues to fully cooperate with the federal grand jury subpoena. Based on the early stage of the U.S. Department of Justice's investigation and the limited information known to the Company, the Company cannot predict the outcome of the investigation, the U.S. Attorney's views of the issues being investigated, any action the U.S. Attorney may take, or the impact, if any, that this matter may have on the Company's business, financial position, results of operations or cash flows.

The Company has not accrued any amounts with respect to these two NASDI matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made.

During the quarter ended March 31, 2012, a favorable judgment was rendered in the Company's loss of use claim related to the dredge New York allision in the approach channel to Port Newark, New Jersey. In January 2008, the Company filed suit against the M/V Orange Sun and her owners for damages incurred by the Company in connection with the allision. Following a bench trial in the United States District Court in the Southern District of New York, the Court issued an opinion and order in the Company's favor, entitling Great Lakes to $11,736 in damages plus pre-judgment interest. Judgment was rendered in the aggregate amount of $13,272. Defendants timely appealed the judgment to the United States Court of Appeals for the Second Circuit, and briefing on the appeal will commence this summer. The Company cannot be assured when the appeal will be heard or predict the outcome of the appellate process.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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+ Details

Acquisition Of Noncontrolling Interest

3 Months Ended

Mar. 31, 2012

Acquisition Of Noncontrolling Interest [Abstract]

Acquisition Of Noncontrolling Interest

Acquisition of noncontrolling interest

The Company previously owned 65% of the profits interests of NASDI. Effective January 1, 2011 the Company reacquired Mr. Christopher Berardi's 35% membership interest in NASDI for no cost per the terms of NASDI's limited liability company agreement. This resulted in the elimination of noncontrolling interest of $1,973 during the first quarter ended March 31, 2011. The Company now owns 100% of NASDI.

In March 2011, Mr. Berardi resigned his employment with the Company's demolition segment effective April 29, 2011. Mr. Berardi's resignation and the repurchase of his NASDI membership interest also resulted in the reversal of a $1,933 accrual established in conjunction with a prior restructuring of ownership interest in NASDI. This reversal was recorded directly to equity as part of the reacquisition of the noncontrolling interest.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References + Details

Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent events

On April 3, 2012, the Company purchased a parcel of real estate in Norfolk, Virginia. The proceeds held in escrow from the sale of real estate in Texas during 2011 were used to fund the purchase of the acquired real estate.

Subsidiary Guarantors

3 Months Ended

Mar. 31, 2012

Subsidiary Guarantors [Abstract]

Subsidiary Guarantors

10.

Subsidiary guarantors

The Company's long-term debt at March 31, 2012 includes $250,000 of 7.375% senior notes due February 1, 2019. The Company's obligations under these senior unsecured notes are guaranteed by the Company's wholly-owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several.

The following supplemental financial information sets forth for the Company's subsidiary guarantors (on a combined basis), the Company's non-guarantor subsidiaries (on a combined basis) and Great Lakes Dredge & Dock Corporation, exclusive of its subsidiaries ("GLDD Corporation"):

(i)

balance sheets as of March 31, 2012 and December 31, 2011;

(ii)

statements of operations and comprehensive income for the three months ended March 31, 2012 and 2011; and

(iii)

statements of cash flows for the three months ended March 31, 2012 and 2011.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2012

(In thousands)


	Subsidiary Guarantors		Non- Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	85,425	$	193	$	—	$	—		$	85,618
Accounts receivable — net		119,573		287		—		—			119,860
Receivables from affiliates		48,632		7,411		6,619		(62,662	)		—
Contract revenues in excess of billings		34,324		144		—		(48	)		34,420
Inventories		33,595		—		—		—			33,595
Prepaid expenses and other current assets		29,227		134		12,192		—			41,553

Total current assets		350,776		8,169		18,811		(62,710	)		315,046
PROPERTY AND EQUIPMENT—Net		310,755		55		—		—			310,810
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		98,422		371		—		—			98,793
INVENTORIES — Noncurrent		31,803		—		—		—			31,803
INVESTMENTS IN JOINT VENTURES		6,908		—		—		—			6,908
INVESTMENTS IN SUBSIDIARIES		2,623		—		634,420		(637,043	)		—
OTHER		11,019		3		5,214		5			16,241

TOTAL	$	812,306	$	8,598	$	658,445	$	(699,748	)	$	779,601

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	72,887	$	495	$	—	$	—			73,382
Payables to affiliates		52,271		3,333		8,368		(63,972	)		—
Accrued expenses		16,789		691		3,452		—			20,932
Billings in excess of contract revenues		23,783		83		—		(113	)		23,753
Current portion of long term debt		2,813		—		—		—			2,813

Total current liabilities		168,543		4,602		11,820		(64,085	)		120,880
LONG TERM NOTE PAYABLE		2,500		—		—		—			2,500
7³/8% SENIOR NOTES		—		—		250,000		—			250,000
DEFERRED INCOME TAXES		497		—		103,440		5			103,942
OTHER		7,719		—		764		—			8,483

Total liabilities		179,259		4,602		366,024		(64,080	)		485,805
Total Great Lakes Dredge & Dock Corporation Equity		633,047		3,996		293,343		(637,043	)		293,343
NONCONTROLLING INTERESTS		—		—		453		—			453

TOTAL EQUITY		633,047		3,996		293,796		(637,043	)		293,796

TOTAL	$	812,306	$	8,598	$	659,820	$	(701,123	)	$	779,601

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2011

(In thousands)


	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	108,985	$	4,303	$	—	$	—		$	113,288
Accounts receivable — net		118,530		1,738		—		—			120,268
Receivables from affiliates		79,683		7,729		49,724		(137,136	)		—
Contract revenues in excess of billings		26,323		153		—		(64	)		26,412
Inventories		33,426		—		—		—			33,426
Prepaid expenses and other current assets		15,929		125		16,330		—			32,384

Total current assets		382,876		14,048		66,054		(137,200	)		325,778
PROPERTY AND EQUIPMENT—Net		310,459		61		—		—			310,520
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		98,474		389		—		—			98,863
INVENTORIES — Noncurrent		30,103		—		—		—			30,103
INVESTMENTS IN JOINT VENTURES		6,923		—		—		—			6,923
INVESTMENTS IN SUBSIDIARIES		4,385		—		627,754		(632,139	)		—
OTHER		10,729		3		5,547		(6	)		16,273

TOTAL	$	843,949	$	14,501	$	699,355	$	(769,345	)	$	788,460

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	81,971	$	774	$	—	$	—		$	82,745
Payables to affiliates		85,865		7,234		44,053		(137,152	)		—
Accrued expenses		22,445		629		8,047		—			31,121
Billings in excess of contract revenues		13,607		68		—		(48	)		13,627
Current portion of long term debt		3,033		—		—		—			3,033

Total current liabilities		206,921		8,705		52,100		(137,200	)		130,526
LONG TERM NOTE PAYABLE		2,500		—		—		—			2,500
7³/4% SENIOR SUBORDINATED NOTES		—		—		250,000		—			250,000
DEFERRED INCOME TAXES		399		—		103,959		(6	)		104,352
OTHER		7,786		—		759		—			8,545

Total liabilities		217,606		8,705		406,818		(137,206	)		495,923
Total Great Lakes Dredge & Dock Corporation Equity		626,343		5,796		291,969		(632,139	)		291,969
NONCONTROLLING INTERESTS		—		—		568		—			568

TOTAL EQUITY		626,343		5,796		292,537		(632,139	)		292,537

TOTAL	$	843,949	$	14,501	$	699,355	$	(769,345	)	$	788,460

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2012

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	155,444		$	1,799		$	—		$	(2,336	)	$	154,907
Costs of contract revenues		(135,167	)		(2,054	)		—			2,336			(134,885	)

Gross profit		20,277			(255	)		—			—			20,022
OPERATING EXPENSES:
General and administrative expenses		12,569			186			512			—			13,267
Gain on sale of assets—net		(42	)		—			11			—			(31	)

Operating income (loss)		7,750			(441	)		(523	)		—			6,786
Interest expense—net		(281	)		(28	)		(4,950	)		—			(5,259	)
Equity in earnings of subsidiaries		(379	)		—			6,347			(5,968	)		—
Equity in loss of joint ventures		(16	)		—			—			—			(16	)
Gain on foreign currency transactions—net		6			—			—			—			6

Income (loss) before income taxes		7,080			(469	)		874			(5,968	)		1,517
Income tax (provision) benefit		(643	)		—			79			—			(564	)

Net income (loss)		6,437			(469	)		953			(5,968	)		953
Net loss attributable to noncontrolling interests		—			—			115			—			115

Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	6,437		$	(469	)	$	1,068		$	(5,968	)	$	1,068

Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	6,911		$	(465	)	$	1,546		$	(6,446	)	$	1,546

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	154,039		$	3,317		$	—		$	(2,018	)	$	155,338
Costs of contract revenues		(126,909	)		(3,005	)		—			2,018			(127,896	)

Gross profit		27,130			312			—			—			27,442
OPERATING EXPENSES:
General and administrative expenses		11,204			213			672			—			12,089
Gain on sale of assets—net		(258	)		—			—			—			(258	)

Operating income (loss)		16,184			99			(672	)		—			15,611
Interest expense—net		(80	)		(45	)		(5,825	)		—			(5,950	)
Equity in earnings (loss) of subsidiaries		54			—			16,551			(16,605	)		—
Equity in loss of joint ventures		(591	)		—			—			—			(591	)
Loss on extinguishment of debt		—			—			(5,145	)		—			(5,145	)

Income (loss) before income taxes		15,567			54			4,909			(16,605	)		3,925
Income tax benefit (provision)		984			—			(2,511	)		—			(1,527	)

Net income (loss)		16,551			54			2,398			(16,605	)		2,398
Net income attributable to noncontrolling interests		—			—			(6	)		—			(6	)

Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	16,551		$	54		$	2,392		$	(16,605	)	$	2,392

Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	17,117		$	54		$	2,958		$	(17,171	)	$	2,958

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2012

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations		Consolidated Totals
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	(5,200	)	$	801		$	(13,845	)	$	—	$	(18,244	)
INVESTING ACTIVITIES:
Purchases of property and equipment		(8,101	)		—			—			—		(8,101	)
Proceeds from dispositions of property and equipment		68			—			—			—		68

Net cash flows used in investing activities		(8,033	)		—			—			—		(8,033	)
FINANCING ACTIVITIES:
Dividends paid		—			—			(1,240	)		—		(1,240	)
Dividend equivalents paid on restricted stock units		—			—			(12	)		—		(12	)
Taxes paid on settlement of vested share awards		—			—			(2	)		—		(2	)
Net change in accounts with affiliates		(10,089	)		(4,978	)		15,067			—		—
Capital contributions		—			35			(35	)		—		—
Repayments of equipment debt		(238	)		—			—			—		(238	)
Exercise of stock options		—			—			40			—		40
Excess income tax benefit from share-based compensation		—			—			27			—		27

Net cash flows provided by (used in) financing activities		(10,327	)		(4,943	)		13,845			—		(1,425	)

Effect of foreign currency exchange rates on cash and cash equivalents		—			32			—			—		32

Net decrease in cash and cash equivalents		(23,560	)		(4,110	)		—			—		(27,670	)
Cash and cash equivalents at beginning of period		108,985			4,303			—			—		113,288

Cash and cash equivalents at end of period	$	85,425		$	193		$	—		$	—	$	85,618

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations		Consolidated Totals
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	942		$	(992	)	$	(5,501	)	$	—	$	(5,551	)
INVESTING ACTIVITIES:
Purchases of property and equipment		(4,420	)		—			—			—		(4,420	)
Proceeds from dispositions of property and equipment		258			—			—			—		258

Net cash flows used in investing activities		(4,162	)		—			—			—		(4,162	)
FINANCING ACTIVITIES:
Proceeds from issuance of 7³/8% senior notes		—			—			250,000			—		250,000
Redemption of 7³/4% senior subordinated notes		—			—			(175,000	)		—		(175,000	)
Senior subordinated notes redemption premium		—			—			(2,264	)		—		(2,264	)
Deferred financing fees		—			—			(5,829	)		—		(5,829	)
Dividends paid		—			—			(999	)		—		(999	)
Dividend equivalents paid on restricted stock units		—			—			(6	)		—		(6	)
Net change in accounts with affiliates		59,097			1,304			(60,401	)		—		—
Repayments of equipment debt		(138	)		—			—			—		(138	)

Net cash flows provided by financing activities		58,959			1,304			5,501			—		65,764

Net increase in cash and cash equivalents		55,739			312			—			—		56,051

Cash and cash equivalents at beginning of period		48,416			62			—			—		48,478

Cash and cash equivalents at end of period	$	104,155		$	374		$	—		$	—	$	104,529