View Filing Data

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2012	Nov. 02, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
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		59,279,750

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 38,324	$ 113,288
Accounts receivable - net	134,244	120,268
Contract revenues in excess of billings	62,146	26,412
Inventories	36,511	33,426
Prepaid expenses and other current assets	50,999	32,384
Total current assets	322,224	325,778
Property and equipment - net	313,383	310,520
Goodwill and other intangiable assets - net	98,666	98,863
Inventories- noncurrent	37,354	30,103
Investments in joint ventures	7,076	6,923
Other	17,983	16,273
Total	796,686	788,460
LIABILITIES AND EQUITY
Accounts payable	92,019	82,745
Accrued expenses	23,905	31,121
Billings in excess of contract revenues	20,817	13,627
Current portion of long term debt	2,587	3,033
Total current liabilities	139,328	130,526
Long term note payable	2,500	2,500
7 3/8% Senior notes	250,000	250,000
Deferred income taxes	104,349	104,352
OTHER	6,757	8,545
Total liabilities	502,934	495,923
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	270,434	267,918
Retained earnings	23,650	24,042
Accumulated other comprehensive income	(547)	3
Total Great Lakes Dredge & Dock Corporation Equity	293,543	291,969
Noncontrolling interests	209	568
Total equity	293,752	292,537
TOTAL	$ 796,686	$ 788,460

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	59,274,393	58,999,404
Common stock, shares outstanding	59,274,393	58,999,404

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Condensed Consolidated Statements Of Operations [Abstract]
Contract revenues	$ 166,763	$ 158,468	$ 488,202	$ 468,765
Costs of contract revenues	153,743	131,077	431,271	394,166
Gross profit	13,020	27,391	56,931	74,599
General and administrative expenses	11,667	12,736	36,390	38,447
Gain on sale of assets-net	(108)	(131)	(232)	(2,902)
Operating income	1,461	14,786	20,773	39,054
Interest expense-net	(5,105)	(5,571)	(15,747)	(16,432)
Equity in loss of joint ventures	177	606	153	(108)
Loss on foreign currency transactions-net	(40)	(544)	(55)	(544)
Income before income taxes	(3,507)	9,277	5,124	16,825
Income tax (provision) benefits	1,355	(3,618)	(1,977)	(6,600)
Net income	(2,152)	5,659	3,147	10,225
Net loss attributable to noncontrolling interests	20	(57)	226	(525)
Net income attributable to Great Lakes Dredge & Dock Corporation	$ (2,132)	$ 5,602	$ 3,373	$ 9,700
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ (0.04)	$ 0.10	$ 0.06	$ 0.16
Basic weighted average shares	59,253	58,930	59,154	58,863
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ (0.04)	$ 0.09	$ 0.06	$ 0.16
Diluted weighted average shares	59,253	59,161	59,567	59,533
Dividends declared per share	$ 0.02	$ 0.02	$ 0.06	$ 0.06

Condensed Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Condensed Consolidated Statements Of Comprehensive Income [Abstract]

Net income

$ (2,152)

$ 5,659

$ 3,147

$ 10,225

Currency translation adjustment-net of tax

^[1]

(374)

(4)

(374)

Reclassification of derivative gain (loss) to earnings

^[2]

(85)

(183)

(348)

(1,250)

Change in fair value of derivatives-net of tax

^[3]

827

(347)

(198)

472

Other comprehensive income (loss)-net of tax, Total

742

(904)

(550)

(1,152)

Comprehensive income

(1,410)

4,755

2,597

9,073

Comprehensive (income) loss attributable to noncontrolling interests

(57)

226

(525)

Comprehensive income attributable to Great Lakes Dredge & Dock Corporation

$ (1,390)

$ 4,698

$ 2,823

$ 8,548

[1]	Net of income tax (expense) benefit of $0 and $0 for the three months ended September 30, 2012 and 2011, respectively, and $(3) and $0 for nine months ended September 30, 2012 and 2011, respectively.
[2]	Net of income tax expense of $56 and $295 for the three months ended September 30, 2012 and 2011, respectively, and $231 and $830 for the nine months ended September 30, 2012 and 2011, respectively.
[3]	Net of income tax (expense) benefit of $549 and $(246) for the three months ended September 30, 2012 and 2011, respectively, and $(132) and $(313) for the nine months ended September 30, 2012 and 2011, respectively.

- 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 + 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 noncontrolling interests. 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

Amount after tax, before reclassification adjustments, resulting from the process of expressing in the reporting currency of the reporting entity those amounts that are denominated or measured in a different currency, and from transactions whose terms are denominated in a currency other than the entity's functional currency.

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- Definition

Net of tax amount of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income.

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- Definition

Net of tax amount, before reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).

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+ Details

- Definition

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

+ References

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+ Details

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Currency translation adjustment, tax	$ 0	$ 0	$ (3)	$ 0
Reclassification of derivative gains to earnings, tax	(56)	(295)	(231)	(830)
Change in fair value of derivatives, tax	$ 549	$ (246)	$ (132)	$ (313)

- Definition

Amount of tax effect, net of reclassification adjustments, on the result from the process of expressing in the reporting currency of the reporting entity those amounts that are denominated or measured in a different currency.

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+ Details

- Definition

Tax effect of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income.

+ References + 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		1,224				1,224
Share-based compensation, Shares	77,369
Vesting of restricted stock units, including impact of shares withheld for taxes, value		(291)				(291)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares	106,428
Exercise of stock options, Value		27				27
Exercise of stock options, Shares	6,278
Dividends declared and paid			(3,473)			(3,473)
Dividend equivalents paid on restricted stock units			(20)			(20)
Excess income tax benefit from share based compensation		48				48
Acquisition of noncontrolling interest in NASDI, LLC		(40)			1,973	1,933
Net income			9,700		525	10,225
Other comprehensive income-net of tax				(1,152)		(1,152)
Balance - value at Sep. 30, 2011	$ 6	267,297	18,468	(795)	370	285,346
Balance - shares at Sep. 30, 2011	58,960,444
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		2,389				2,389
Share-based compensation, Shares	145,349
Vesting of restricted stock units, including impact of shares withheld for taxes, value		(212)				(212)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares	81,640
Exercise of stock options, Value		200				200
Exercise of stock options, Shares	48,000
Dividends declared and paid			(3,726)			(3,726)
Dividend equivalents paid on restricted stock units			39			39
Excess income tax benefit from share based compensation		139				139
Net income			3,373		(226)	3,147
Other comprehensive income-net of tax				(550)		(550)
Balance - value at Sep. 30, 2012	$ 6	$ 270,434	$ 23,650	$ (547)	209	293,752
Balance - shares at Sep. 30, 2012	59,274,393
Distributions paid to noncontrolling interests					$ (133)	$ (133)

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
OPERATING ACTIVITIES:
Net income	$ 3,147	$ 10,225
Adjustments to reconcile net income to net cash flows used in operating activities:
Depreciation and amortization	26,637	29,999
Equity in loss of joint ventures	(153)	108
Loss on extinguishment of 7 3/4% senior subordinated notes		5,145
Deferred income taxes	1,386	8,793
Gain on dispositions of property and equipment	(232)	(2,902)
Gain on adjustment of contingent earnout	(240)	(1,122)
Amortization of deferred financing fees	957	1,181
Unrealized foreign currency gain	207	525
Share-based compensation expense	2,389	1,224
Excess income tax benefit from share based compensation	(139)	(48)
Changes in assets and liabilities:
Accounts receivable	(16,260)	(13,279)
Contract revenues in excess of billings	(33,545)	(893)
Inventories	(10,616)	(4,524)
Prepaid expenses and other current assets	(16,027)	(11,641)
Accounts payable and accrued expenses	(1,733)	(9,027)
Billings in excess of contract revenues	7,189	728
Other noncurrent assets and liabilities	(2,177)	(866)
Net cash flows used in operating activities	(39,210)	13,626
INVESTING ACTIVITIES:
Purchases of property and equipment	(30,015)	(24,901)
Proceeds from dispositions of property and equipment	563	7,452
Net cash flows used in investing activities	(29,452)	(17,449)
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	(2,039)	(5,962)
Distribution made to member or limited partner, cash distributions paid	(133)
Dividends paid	(3,726)	(3,473)
Dividend equivalents paid on restricted stock units	(39)	(20)
Taxes paid on settlement of vested share awards	(212)	(291)
Repayments of equipment debt	(502)	(274)
Exercise of stock options	200	27
Excess income tax benefit from share-based compensation	139	48
Net cash flows provided by (used in) financing activities	(6,312)	62,791
Effect of foreign currency exchange rates on cash and cash equivalents	10	(396)
Net increase (decrease) in cash and cash equivalents	(74,964)	58,572
Cash and cash equivalents at beginning of period	113,288	48,478
Cash and cash equivalents at end of period	38,324	107,050
Supplemental Cash Flow Information
Cash paid for interest	19,051	12,714
Cash paid (refunded) for income taxes	(4,840)	5,282
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 7,693	3,366
Prpoerty and equipment purchase on capital leases and equipment notes		2,085
Acquisition of noncontrolling interest in NASDI, LLC		$ 40

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2012
Basis Of Presentation [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, 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 September 30, 2012, and its results of operations for the three and nine months ended September 30, 2012 and 2011 and cash flows for the nine months ended September 30, 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, 2012 for the goodwill in both the dredging and demolition segments with no indication of goodwill impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2013. 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

9 Months Ended

Sep. 30, 2012

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. For the nine months ended September 30, 2012 and the three and nine months ended September 30, 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. In addition, and in accordance with the treasury stock method, 462 thousand shares of potentially dilutive stock options and restricted stock units were excluded from the diluted weighted-average common shares outstanding for the three months ended September 30, 2012, as the Company incurred a loss during this period. The impact of such shares would have been antidilutive. The computations for basic and diluted earnings per share from continuing operations are as follows:


	Three Months Ended				Nine Months Ended
(shares in thousands)	September 30,				September 30,
	2012		2011		2012		2011
Net income (loss) attributable to common shareholders of Great Lakes Dredge & Dock Corporation	$	(2,132)	$	5,602	$	3,373	$	9,700

Weighted-average common shares outstanding — basic		59,253		58,930		59,154		58,863
Effect of stock options and restricted stock units		-		231		413		670

Weighted-average common shares outstanding — diluted		59,253		59,161		59,567		59,533

Earnings (loss) per share — basic	$	(0.04)	$	0.10	$	0.06	$	0.16
Earnings (loss) per share — diluted	$	(0.04)	$	0.09	$	0.06	$	0.16

Accounts Receivable And Contracts In Progress

9 Months Ended

Sep. 30, 2012

Accounts Receivable And Contracts In Progress [Abstract]

Accounts Receivables And Contracts In Progress

3. Accounts receivable and contracts in progress

Accounts receivable at September 30, 2012 and December 31, 2011 are as follows:


	September 30,		December 31,
	2012		2011
Completed contracts	$	27,119	$	38,317
Contracts in progress		94,671		69,469
Retainage		21,788		20,692
		143,578		128,478
Allowance for doubtful accounts		(750)		(1,839)

Total accounts receivable—net	$	142,828	$	126,639

Current portion of accounts receivable—net	$	134,244	$	120,268
Long-term accounts receivable and retainage		8,584		6,371
Total accounts receivable—net	$	142,828	$	126,639

The components of contracts in progress at September 30, 2012 and December 31, 2011 are as follows:


	September 30,		December 31,
	2012		2011
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	333,058	$	173,187
Amounts billed		(274,273)		(152,045)
Costs and earnings in excess of billings for contracts in progress		58,785		21,142

Costs and earnings in excess of billings for completed contracts		3,361		7,459

Total contract revenues in excess of billings	$	62,146	$	28,601

Current portion of contract revenues in excess of billings	$	62,146	$	26,412
Portion included in other noncurrent assets		-		2,189
Total contract revenues in excess of billings	$	62,146	$	28,601

Billings in excess of costs and earnings:
Amounts billed	$	(451,568)	$	(427,797)
Costs and earnings for contracts in progress		430,751		414,170

Total billings in excess of contract revenues	$	(20,817)	$	(13,627)

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: 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=7512638&loc=d3e5066-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
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-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
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-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Interest rate swap contracts	$	430	$	-	$	430	$	-

Liabilities
Fuel hedge contracts	$	459	$		$	459	$
Foreign exchange contracts		13		-		13		-
Total liabilities measured at fair value	$	472	$	-	$	472	$	-

				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		(511)
Settlements		445
Balance at September 30	$	1,198


Balance at July 1	$	1,141
Total unrealized gains (losses) included in earnings		57
Settlements		-
Balance at September 30	$	1,198

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 September 30, 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 September 30, 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 March 2013. As of September 30, 2012, there were 5.0 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted fuel purchases through March 2013. Under these swap agreements, the Company will pay fixed prices ranging from $2.86 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 and included in fuel expense, which is a component of costs of contract revenues in the condensed consolidated statements of operations.

At September 30, 2012, the fair value liability of the fuel hedge contracts was estimated to be $459 and is recorded in accrued expenses. At December 31, 2011 the fair value asset of the fuel hedge contracts was estimated to be $449 and is recorded in other current assets. The loss reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2012 was $348. The remaining gains and losses included in accumulated other comprehensive income (loss) at September 30, 2012 will be reclassified into earnings over the next six 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 September 30, 2012 and December 31, 2011 is as follows:


	Balance Sheet Location	Fair Value at
		September 30,		December 31,
Asset derivatives:		2012		2011
Derivatives designated as hedges
Fuel hedge contracts	Other current assets	$	-	$	449
Derivatives not designated as hedges
Interest rate swaps	Other current assets		430		755
Foreign exchange contracts	Other current assets		-		155
Total asset derivatives		$	430	$	1,359

Liability derivatives:
Derivatives designated as hedges
Fuel hedge contracts	Accrued expenses	$	459	$	-
Derivatives not designated as hedges
Foreign exchange contracts	Accrued expenses		13		-
Total liability derivatives		$	472	$	-

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 September 30, 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 $263,750 at September 30, 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 Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Topic 825
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-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 13: 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.

+ Details

Accrued Expenses

9 Months Ended

Sep. 30, 2012

Accrued Expenses [Abstract]

Accrued Expenses

5. Accrued expenses

Accrued expenses at September 30, 2012 and December 31, 2011 are as follows:


	September 30,		December 31,
	2012		2011

Insurance	$	8,353	$	8,285
Payroll and employee benefits		7,567		10,763
Interest		3,200		7,759
Income and other taxes		1,689		1,261
Percentage of completion adjustment		1,313		1,855
Fuel hedge liability		459		-
Other		1,324		1,198
Total accrued expenses	$	23,905	$	31,121

Long-term Debt	9 Months Ended
Long-term Debt	Sep. 30, 2012
Long-term Debt [Abstract]
Long-Term Debt	6. Long-term debt On June 4, 2012, the Company entered into a senior revolving credit agreement (the “Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Lender, Bank of America, N.A., as Syndication Agent and PNC Bank, National Association, BMO Harris Bank N.A. and Fifth Third Bank, as Co-Documentation Agents. The Credit Agreement, which replaced the Company’s former revolving credit agreement, provides for a senior revolving credit facility in an aggregate principal amount of up to $175,000, subfacilities for the issuance of standby letters of credit up to a $125,000 sublimit, multicurrency borrowings up to a $50,000 sublimit and swingline loans up to a $10,000 sublimit. The Credit Agreement also includes an incremental loans feature that will allow the Company to increase the senior revolving credit facility by an aggregate principal amount of up to $50,000. This is subject to lenders providing incremental commitments for such increase, provided that no default or event of default exists, and the Company will be in pro forma compliance with the existing financial covenants both before and after giving effect to the increase, and subject to other standard conditions. The prior credit agreement with Bank of America N.A. was terminated. Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the new revolving credit facility will bear interest at the option of the Company of either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. The revolving credit facility is an unsecured facility and will remain unsecured provided the Company maintains a total leverage ratio less than or equal to 3.75 to 1.00 as of the end of each fiscal quarter. If the leverage ratio exceeds 3.75 to 1.00, or an event of default occurs and is not cured within the applicable grace period, the revolving credit facility will cease to remain unsecured. In the event of the facility becomes secured, outstanding obligations shall be automatically secured by certain vessels and all domestic accounts receivable, subject to the liens and interests of other parties (including the Company’s bonding provider) holding first priority perfected liens. The new credit facility contains affirmative, negative and financial covenants customary for financings of this type. The Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding provider. At September 30, 2012 the Company was in compliance with its debt covenants.

Share Based Compensation	9 Months Ended
Share Based Compensation	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Share-based compensation	7. Share-based compensation The Company’s 2007 Long-Term Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 5.8 million shares of common stock. In June 2012, the Company granted 497 thousand options to purchase shares of common stock and 273 thousand restricted stock units to certain employees pursuant to the plan. 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. Compensation cost charged to expense related to share-based compensation arrangements was $675 and $2,389, respectively, for the three and nine months ended September 30, 2012 and $381 and $1,224, respectively, for the three and nine months ended September 30, 2011.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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.

+ Details

Segment Information

9 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

Segment Information

8. 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				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Dredging
Contract revenues	$	138,811	$	134,591	$	395,944	$	396,273
Operating income		2,687		13,593		20,560		45,008

Demolition
Contract revenues	$	27,952	$	23,877	$	92,258	$	72,492
Operating income (loss)		(1,226)		1,193		213		(5,954)

Total
Contract revenues	$	166,763	$	158,468	$	488,202	$	468,765
Operating income		1,461		14,786		20,773		39,054

Dredging contract revenues for the nine months ended September 30, 2012 are net of $1,374 in intersegment revenues. Demolition contract revenues for the nine months ended September 30, 2012 are net of $75 in intersegment revenues. In addition, foreign dredging revenue of $36,329 and $75,202 for the three and nine months ended September 30, 2012 and $21,843 and $59,779 for the three and nine months ended September 30, 2011, respectively, was primarily attributable to work done in the Middle East as well as the early stages of mobilization for the Wheatstone LNG project in Western Australia.

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 Accounting Standards Codification
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Reference 15: 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.

+ Details

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2012
Commitments And Contingencies [Abstract]
Commitments And Contingencies	9. Commitments and contingencies Commercial commitments The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. As of September 30, 2012, the Company had no borrowings and $33,252 of letters of credit outstanding, resulting in $141,748 of availability under the Credit Agreement. At September 30, 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 bonding agreement with Zurich American Insurance Company (“Zurich”) under which the Company can obtain performance, bid and payment bonds. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At September 30, 2012, the Company had outstanding performance bonds valued at approximately $457,924; however, the revenue value remaining in backlog related to these projects totaled approximately $133,252. 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 September 30, 2012, Great Lakes had no of letters of credit outstanding under this facility. At September 30, 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 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. 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. Briefing on the appeal is now complete, and oral argument is expected to take place in the first half of 2013. 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 Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-Name Accounting Standards Codification
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Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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.

+ Details

Acquisition Of Noncontrolling Interest	9 Months Ended
Acquisition Of Noncontrolling Interest	Sep. 30, 2012
Acquisition Of Noncontrolling Interest [Abstract]
Acquisition Of Noncontrolling Interest	10. 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

Subsidiary Guarantors

9 Months Ended

Sep. 30, 2012

Subsidiary Guarantors [Abstract]

Subsidiary Guarantors

11. Subsidiary guarantors

The Company’s long-term debt at September 30, 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 100% 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 September 30, 2012 and December 31, 2011;


	(ii)	statements of operations and comprehensive income for the three and nine months ended September 30, 2012 and 2011; and

(iii)

statements of cash flows for the nine months ended September 30, 2012 and 2011.


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2012
(In thousands)

ASSETS	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals
CURRENT ASSETS:
Cash and cash equivalents	$	38,157	$	167	$	-	$	-	$	38,324
Accounts receivable — net		133,369		875		-		-		134,244
Receivables from affiliates		71,773		8,466		7,443		(87,682)		-
Contract revenues in excess of billings		62,213		206		-		(273)		62,146
Inventories		36,511		-		-		-		36,511
Prepaid expenses and other current assets		40,433		30		10,536		-		50,999
Total current assets		382,456		9,744		17,979		(87,955)		322,224

PROPERTY AND EQUIPMENT—Net		313,338		45		-		-		313,383
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		98,317		349		-		-		98,666
INVENTORIES — Noncurrent		37,354		-		-		-		37,354
INVESTMENTS IN JOINT VENTURES		7,076		-		-		-		7,076
INVESTMENTS IN SUBSIDIARIES		3,359		-		649,387		(652,746)		-
OTHER		11,351		3		6,629		-		17,983
TOTAL	$	853,251	$	10,141	$	673,995	$	(740,701)	$	796,686

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	91,308	$	711	$	-	$	-	$	92,019
Payables to affiliates		61,980		3,925		21,926		(87,831)		-
Accrued expenses		19,707		833		3,365		-		23,905
Billings in excess of contract revenues		20,808		133		-		(124)		20,817
Current portion of long term debt		2,587		-		-		-		2,587
Total current liabilities		196,390		5,602		25,291		(87,955)		139,328

LONG TERM NOTE PAYABLE		2,500		-		-		-		2,500
7 3/8% SENIOR NOTES		-		-		250,000		-		250,000
DEFERRED INCOME TAXES		172		-		104,177		-		104,349
OTHER		5,982		-		775		-		6,757
Total liabilities		205,044		5,602		380,243		(87,955)		502,934

Total Great Lakes Dredge & Dock Corporation Equity		648,207		4,539		293,543		(652,746)		293,543
NONCONTROLLING INTERESTS		-		-		209		-		209
TOTAL EQUITY		648,207		4,539		293,752		(652,746)		293,752
TOTAL	$	853,251	$	10,141	$	673,995	$	(740,701)	$	796,686


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2011
(In thousands)

ASSETS	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals
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
7 3/4% 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 SEPTEMBER 30, 2012
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	165,999	$	2,300	$	-	$	(1,536)	$	166,763
Costs of contract revenues		(153,011)		(2,268)		-		1,536		(153,743)
Gross profit		12,988		32		-		-		13,020

OPERATING EXPENSES:
General and administrative expenses		10,901		192		574		-		11,667
Gain on sale of assets—net		(192)		-		84		-		(108)
Operating income (loss)		2,279		(160)		(658)		-		1,461

Interest expense—net		(96)		(36)		(4,973)		-		(5,105)
Equity in earnings (loss) of subsidiaries		(37)		-		3,585		(3,548)		-
Equity in earnings of joint ventures		177		-		-		-		177
Loss on foreign currency transactions—net		(40)		-		-		-		(40)

Income (loss) before income taxes		2,283		(196)		(2,046)		(3,548)		(3,507)

Income tax (provision) benefit		1,461		-		(106)		-		1,355

Net income (loss)		3,744		(196)		(2,152)		(3,548)		(2,152)
Net loss attributable to noncontrolling interests		-		-		20		-		20
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	3,744	$	(196)	$	(2,132)	$	(3,548)	$	(2,132)


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	4,486	$	(196)	$	(1,390)	$	(4,290)	$	(1,390)


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	155,426	$	6,796	$	-	$	(3,754)	$	158,468
Costs of contract revenues		(127,306)		(7,525)		-		3,754		(131,077)
Gross profit		28,120		(729)		-		-		27,391

OPERATING EXPENSES:
General and administrative expenses		11,630		214		892		-		12,736
Gain on sale of assets—net		(131)		-		-		-		(131)
Operating income (loss)		16,621		(943)		(892)		-		14,786

Interest expense—net		(450)		(61)		(5,060)		-		(5,571)
Equity in earnings (loss) of subsidiaries		208		-		14,864		(15,072)		-
Equity in earnings of joint ventures		606		-		-		-		606
Loss on foreign currency transactions, net		(526)		(18)		-		-		(544)

Income (loss) before income taxes		16,459		(1,022)		8,912		(15,072)		9,277

Income tax (provision) benefit		(365)		-		(3,253)		-		(3,618)

Net income (loss)		16,094		(1,022)		5,659		(15,072)		5,659
Net income attributable to noncontrolling interests		-		-		(57)		-		(57)
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	16,094	$	(1,022)	$	5,602	$	(15,072)	$	5,602


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	15,190	$	(1,022)	$	4,698	$	(14,168)	$	4,698


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	487,910	$	6,350	$	-	$	(6,058)	$	488,202
Costs of contract revenues		(430,493)		(6,836)		-		6,058		(431,271)
Gross profit		57,417		(486)		-		-		56,931

OPERATING EXPENSES:
General and administrative expenses		34,149		540		1,701		-		36,390
Gain on sale of assets—net		(327)		-		95		-		(232)
Operating income (loss)		23,595		(1,026)		(1,796)		-		20,773

Interest expense—net		(634)		(87)		(15,026)		-		(15,747)
Equity in earnings (loss) of subsidiaries		(639)		-		22,282		(21,643)		-
Equity in earnings of joint ventures		153		-		-		-		153
Loss on foreign currency transactions—net		(55)		-		-		-		(55)

Income (loss) before income taxes		22,420		(1,113)		5,460		(21,643)		5,124

Income tax (provision) benefit		336		-		(2,313)		-		(1,977)

Net income (loss)		22,756		(1,113)		3,147		(21,643)		3,147
Net loss attributable to noncontrolling interests		-		-		226		-		226
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	22,756	$	(1,113)	$	3,373	$	(21,643)	$	3,373


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	22,210	$	(1,117)	$	2,823	$	(21,093)	$	2,823


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	460,688	$	16,382	$	-	$	(8,305)	$	468,765
Costs of contract revenues		(387,094)		(15,377)		-		8,305		(394,166)
Gross profit		73,594		1,005		-		-		74,599

OPERATING EXPENSES:
General and administrative expenses		35,356		635		2,456		-		38,447
Gain on sale of assets—net		(2,902)		-		-		-		(2,902)
Operating income (loss)		41,140		370		(2,456)		-		39,054

Interest expense—net		(579)		(160)		(15,693)		-		(16,432)
Equity in earnings (loss) of subsidiaries		1,422		-		42,982		(44,404)		-
Equity in earnings of joint ventures		(108)		-		-		-		(108)
Loss on foreign currency transactions, net		(526)		(18)		-		-		(544)
Loss on extinguishment of debt		-		-		(5,145)		-		(5,145)

Income (loss) before income taxes		41,349		192		19,688		(44,404)		16,825

Income tax (provision) benefit		2,863		-		(9,463)		-		(6,600)

Net income (loss)		44,212		192		10,225		(44,404)		10,225
Net income attributable to noncontrolling interests		-		-		(525)		-		(525)
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	44,212	$	192	$	9,700	$	(44,404)	$	9,700


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	43,060	$	192	$	8,548	$	(43,252)	$	8,548


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	(9,782)	$	57	$	(29,485)	$	-	$	(39,210)

INVESTING ACTIVITIES:
Purchases of property and equipment		(30,015)		-		-		-		(30,015)
Proceeds from dispositions of property and equipment		563		-		-		-		563

Net cash flows used in investing activities		(29,452)		-		-		-		(29,452)

FINANCING ACTIVITIES:
Deferred financing fees		-		-		(2,039)		-		(2,039)
Distributions paid to minority interests		-		-		(133)		-		(133)
Dividends paid		-		-		(3,726)		-		(3,726)
Dividend equivalents paid on restricted stock units		-		-		(39)		-		(39)
Taxes paid on settlement of vested share awards		-		-		(212)		-		(212)
Net change in accounts with affiliates		(31,092)		(4,203)		35,295		-		-
Repayments of equipment debt		(502)		-		-		-		(502)
Exercise of stock options		-		-		200		-		200
Excess income tax benefit from share-based compensation		-		-		139		-		139

Net cash flows provided by (used in) financing activities		(31,594)		(4,203)		29,485		-		(6,312)

Effect of foreign currency exchange rates on cash and cash equivalents		-		10		-		-		10

Net decrease in cash and cash equivalents		(70,828)		(4,136)		-		-		(74,964)

Cash and cash equivalents at beginning of period		108,985		4,303		-		-		113,288

Cash and cash equivalents at end of period	$	38,157	$	167	$	-	$	-	$	38,324


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	41,250	$	(640)	$	(26,984)	$	-	$	13,626

INVESTING ACTIVITIES:
Purchases of property and equipment		(24,894)		(7)		-		-		(24,901)
Proceeds from dispositions of property and equipment		7,452		-		-		-		7,452

Net cash flows used in investing activities		(17,442)		(7)		-		-		(17,449)

FINANCING ACTIVITIES:
Proceeds from issuance of 7 3/8% senior notes		-		-		250,000		-		250,000
Redemption of 7 3/4% senior subordinated notes		-		-		(175,000)		-		(175,000)
Senior subordinated notes redemption premium		-		-		(2,264)		-		(2,264)
Deferred financing fees		-		-		(5,962)		-		(5,962)
Dividends paid		-		-		(3,473)		-		(3,473)
Dividend equivalents paid on restricted stock units		-		-		(20)		-		(20)
Taxes paid on vested share awards		-		-		(291)				(291)
Net change in accounts with affiliates		33,524		2,557		(36,081)		-		-
Capital contributions		(3,205)		3,205		-		-		-
Repayments of equipment debt		(274)		-		-		-		(274)
Exercise of stock options		-		-		27		-		27
Excess income tax benefit from share-based compensation		-		-		48		-		48

Net cash flows provided by financing activities		30,045		5,762		26,984		-		62,791

Effect of foreign currency exchange rates on cash and cash equivalents		-		(396)		-		-		(396)

Net increase in cash and cash equivalents		53,853		4,719		-		-		58,572

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

Cash and cash equivalents at end of period	$	102,269	$	4,781	$	-	$	-	$	107,050

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Computations For Basic And Diluted Earnings Per Share From Continuing Operations


	Three Months Ended				Nine Months Ended
(shares in thousands)	September 30,				September 30,
	2012		2011		2012		2011
Net income (loss) attributable to common shareholders of Great Lakes Dredge & Dock Corporation	$	(2,132)	$	5,602	$	3,373	$	9,700

Weighted-average common shares outstanding — basic		59,253		58,930		59,154		58,863
Effect of stock options and restricted stock units		-		231		413		670

Weighted-average common shares outstanding — diluted		59,253		59,161		59,567		59,533

Earnings (loss) per share — basic	$	(0.04)	$	0.10	$	0.06	$	0.16
Earnings (loss) per share — diluted	$	(0.04)	$	0.09	$	0.06	$	0.16

Accounts Receivable And Contracts In Progress (Tables)

9 Months Ended

Sep. 30, 2012

Accounts Receivable And Contracts In Progress [Abstract]

Schedule Of Accounts Receivable


	September 30,		December 31,
	2012		2011
Completed contracts	$	27,119	$	38,317
Contracts in progress		94,671		69,469
Retainage		21,788		20,692
		143,578		128,478
Allowance for doubtful accounts		(750)		(1,839)

Total accounts receivable—net	$	142,828	$	126,639

Current portion of accounts receivable—net	$	134,244	$	120,268
Long-term accounts receivable and retainage		8,584		6,371
Total accounts receivable—net	$	142,828	$	126,639

Components Of Contracts In Progress


	September 30,		December 31,
	2012		2011
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	333,058	$	173,187
Amounts billed		(274,273)		(152,045)
Costs and earnings in excess of billings for contracts in progress		58,785		21,142

Costs and earnings in excess of billings for completed contracts		3,361		7,459

Total contract revenues in excess of billings	$	62,146	$	28,601

Current portion of contract revenues in excess of billings	$	62,146	$	26,412
Portion included in other noncurrent assets		-		2,189
Total contract revenues in excess of billings	$	62,146	$	28,601

Billings in excess of costs and earnings:
Amounts billed	$	(451,568)	$	(427,797)
Costs and earnings for contracts in progress		430,751		414,170

Total billings in excess of contract revenues	$	(20,817)	$	(13,627)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value


				Fair Value Measurements at Reporting Date Using
Description	At September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Interest rate swap contracts	$	430	$	-	$	430	$	-

Liabilities
Fuel hedge contracts	$	459	$		$	459	$
Foreign exchange contracts		13		-		13		-
Total liabilities measured at fair value	$	472	$	-	$	472	$	-

				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	$	-

Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation


	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		(511)
Settlements		445
Balance at September 30	$	1,198


Balance at July 1	$	1,141
Total unrealized gains (losses) included in earnings		57
Settlements		-
Balance at September 30	$	1,198

Schedule Fair Value Measurements Balance Sheet Location


	Balance Sheet Location	Fair Value at
		September 30,		December 31,
Asset derivatives:		2012		2011
Derivatives designated as hedges
Fuel hedge contracts	Other current assets	$	-	$	449
Derivatives not designated as hedges
Interest rate swaps	Other current assets		430		755
Foreign exchange contracts	Other current assets		-		155
Total asset derivatives		$	430	$	1,359

Liability derivatives:
Derivatives designated as hedges
Fuel hedge contracts	Accrued expenses	$	459	$	-
Derivatives not designated as hedges
Foreign exchange contracts	Accrued expenses		13		-
Total liability derivatives		$	472	$	-

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-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 Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-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.

+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2012

Accrued Expenses [Abstract]

Accrued Expenses


	September 30,		December 31,
	2012		2011

Insurance	$	8,353	$	8,285
Payroll and employee benefits		7,567		10,763
Interest		3,200		7,759
Income and other taxes		1,689		1,261
Percentage of completion adjustment		1,313		1,855
Fuel hedge liability		459		-
Other		1,324		1,198
Total accrued expenses	$	23,905	$	31,121

Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

Segment Information


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Dredging
Contract revenues	$	138,811	$	134,591	$	395,944	$	396,273
Operating income		2,687		13,593		20,560		45,008

Demolition
Contract revenues	$	27,952	$	23,877	$	92,258	$	72,492
Operating income (loss)		(1,226)		1,193		213		(5,954)

Total
Contract revenues	$	166,763	$	158,468	$	488,202	$	468,765
Operating income		1,461		14,786		20,773		39,054

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Subsidiary Guarantors (Tables)

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Subsidiary Guarantors [Abstract]

Condensed Consolidating of Balance Sheet


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2012
(In thousands)

ASSETS	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals
CURRENT ASSETS:
Cash and cash equivalents	$	38,157	$	167	$	-	$	-	$	38,324
Accounts receivable — net		133,369		875		-		-		134,244
Receivables from affiliates		71,773		8,466		7,443		(87,682)		-
Contract revenues in excess of billings		62,213		206		-		(273)		62,146
Inventories		36,511		-		-		-		36,511
Prepaid expenses and other current assets		40,433		30		10,536		-		50,999
Total current assets		382,456		9,744		17,979		(87,955)		322,224

PROPERTY AND EQUIPMENT—Net		313,338		45		-		-		313,383
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		98,317		349		-		-		98,666
INVENTORIES — Noncurrent		37,354		-		-		-		37,354
INVESTMENTS IN JOINT VENTURES		7,076		-		-		-		7,076
INVESTMENTS IN SUBSIDIARIES		3,359		-		649,387		(652,746)		-
OTHER		11,351		3		6,629		-		17,983
TOTAL	$	853,251	$	10,141	$	673,995	$	(740,701)	$	796,686

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	91,308	$	711	$	-	$	-	$	92,019
Payables to affiliates		61,980		3,925		21,926		(87,831)		-
Accrued expenses		19,707		833		3,365		-		23,905
Billings in excess of contract revenues		20,808		133		-		(124)		20,817
Current portion of long term debt		2,587		-		-		-		2,587
Total current liabilities		196,390		5,602		25,291		(87,955)		139,328

LONG TERM NOTE PAYABLE		2,500		-		-		-		2,500
7 3/8% SENIOR NOTES		-		-		250,000		-		250,000
DEFERRED INCOME TAXES		172		-		104,177		-		104,349
OTHER		5,982		-		775		-		6,757
Total liabilities		205,044		5,602		380,243		(87,955)		502,934

Total Great Lakes Dredge & Dock Corporation Equity		648,207		4,539		293,543		(652,746)		293,543
NONCONTROLLING INTERESTS		-		-		209		-		209
TOTAL EQUITY		648,207		4,539		293,752		(652,746)		293,752
TOTAL	$	853,251	$	10,141	$	673,995	$	(740,701)	$	796,686


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2011
(In thousands)

ASSETS	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals
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
7 3/4% 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

Condensed Consolidating of Operations and Comprehensive Income


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	165,999	$	2,300	$	-	$	(1,536)	$	166,763
Costs of contract revenues		(153,011)		(2,268)		-		1,536		(153,743)
Gross profit		12,988		32		-		-		13,020

OPERATING EXPENSES:
General and administrative expenses		10,901		192		574		-		11,667
Gain on sale of assets—net		(192)		-		84		-		(108)
Operating income (loss)		2,279		(160)		(658)		-		1,461

Interest expense—net		(96)		(36)		(4,973)		-		(5,105)
Equity in earnings (loss) of subsidiaries		(37)		-		3,585		(3,548)		-
Equity in earnings of joint ventures		177		-		-		-		177
Loss on foreign currency transactions—net		(40)		-		-		-		(40)

Income (loss) before income taxes		2,283		(196)		(2,046)		(3,548)		(3,507)

Income tax (provision) benefit		1,461		-		(106)		-		1,355

Net income (loss)		3,744		(196)		(2,152)		(3,548)		(2,152)
Net loss attributable to noncontrolling interests		-		-		20		-		20
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	3,744	$	(196)	$	(2,132)	$	(3,548)	$	(2,132)


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	4,486	$	(196)	$	(1,390)	$	(4,290)	$	(1,390)


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

Contract revenues	$	155,426	$	6,796	$	-	$	(3,754)	$	158,468
Costs of contract revenues		(127,306)		(7,525)		-		3,754		(131,077)
Gross profit		28,120		(729)		-		-		27,391

OPERATING EXPENSES:
General and administrative expenses		11,630		214		892		-		12,736
Gain on sale of assets—net		(131)		-		-		-		(131)
Operating income (loss)		16,621		(943)		(892)		-		14,786

Interest expense—net		(450)		(61)		(5,060)		-		(5,571)
Equity in earnings (loss) of subsidiaries		208		-		14,864		(15,072)		-
Equity in earnings of joint ventures		606		-		-		-		606
Loss on foreign currency transactions, net		(526)		(18)		-		-		(544)

Income (loss) before income taxes		16,459		(1,022)		8,912		(15,072)		9,277

Income tax (provision) benefit		(365)		-		(3,253)		-		(3,618)

Net income (loss)		16,094		(1,022)		5,659		(15,072)		5,659
Net income attributable to noncontrolling interests		-		-		(57)		-		(57)
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	16,094	$	(1,022)	$	5,602	$	(15,072)	$	5,602


Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	15,190	$	(1,022)	$	4,698	$	(14,168)	$	4,698

Condensed Consolidating of Cash Flows


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	(9,782)	$	57	$	(29,485)	$	-	$	(39,210)

INVESTING ACTIVITIES:
Purchases of property and equipment		(30,015)		-		-		-		(30,015)
Proceeds from dispositions of property and equipment		563		-		-		-		563

Net cash flows used in investing activities		(29,452)		-		-		-		(29,452)

FINANCING ACTIVITIES:
Deferred financing fees		-		-		(2,039)		-		(2,039)
Distributions paid to minority interests		-		-		(133)		-		(133)
Dividends paid		-		-		(3,726)		-		(3,726)
Dividend equivalents paid on restricted stock units		-		-		(39)		-		(39)
Taxes paid on settlement of vested share awards		-		-		(212)		-		(212)
Net change in accounts with affiliates		(31,092)		(4,203)		35,295		-		-
Repayments of equipment debt		(502)		-		-		-		(502)
Exercise of stock options		-		-		200		-		200
Excess income tax benefit from share-based compensation		-		-		139		-		139

Net cash flows provided by (used in) financing activities		(31,594)		(4,203)		29,485		-		(6,312)

Effect of foreign currency exchange rates on cash and cash equivalents		-		10		-		-		10

Net decrease in cash and cash equivalents		(70,828)		(4,136)		-		-		(74,964)

Cash and cash equivalents at beginning of period		108,985		4,303		-		-		113,288

Cash and cash equivalents at end of period	$	38,157	$	167	$	-	$	-	$	38,324


GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
(In thousands)

	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	41,250	$	(640)	$	(26,984)	$	-	$	13,626

INVESTING ACTIVITIES:
Purchases of property and equipment		(24,894)		(7)		-		-		(24,901)
Proceeds from dispositions of property and equipment		7,452		-		-		-		7,452

Net cash flows used in investing activities		(17,442)		(7)		-		-		(17,449)

FINANCING ACTIVITIES:
Proceeds from issuance of 7 3/8% senior notes		-		-		250,000		-		250,000
Redemption of 7 3/4% senior subordinated notes		-		-		(175,000)		-		(175,000)
Senior subordinated notes redemption premium		-		-		(2,264)		-		(2,264)
Deferred financing fees		-		-		(5,962)		-		(5,962)
Dividends paid		-		-		(3,473)		-		(3,473)
Dividend equivalents paid on restricted stock units		-		-		(20)		-		(20)
Taxes paid on vested share awards		-		-		(291)				(291)
Net change in accounts with affiliates		33,524		2,557		(36,081)		-		-
Capital contributions		(3,205)		3,205		-		-		-
Repayments of equipment debt		(274)		-		-		-		(274)
Exercise of stock options		-		-		27		-		27
Excess income tax benefit from share-based compensation		-		-		48		-		48

Net cash flows provided by financing activities		30,045		5,762		26,984		-		62,791

Effect of foreign currency exchange rates on cash and cash equivalents		-		(396)		-		-		(396)

Net increase in cash and cash equivalents		53,853		4,719		-		-		58,572

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

Cash and cash equivalents at end of period	$	102,269	$	4,781	$	-	$	-	$	107,050

Basis Of Presentation (Details)	36 Months Ended
Basis Of Presentation (Details)	Dec. 31, 2011
Maximum [Member]
Basis Of Presentation [Line Items]
Average equipment-related costs of total costs of contract revenue	25.00%
Minimum [Member]
Basis Of Presentation [Line Items]
Average equipment-related costs of total costs of contract revenue	21.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	462	0	0	0
Net income attributable to common shareholders of Great Lakes Dredge & Dock Corporation	$ (2,132)	$ 5,602	$ 3,373	$ 9,700
Weighted-average common shares outstanding - basic	59,253	58,930	59,154	58,863
Effect of stock options and restricted stock units		231	413	670
Weighted-average common shares outstanding - diluted	59,253	59,161	59,567	59,533
Earnings per share - basic	$ (0.04)	$ 0.10	$ 0.06	$ 0.16
Earnings per share - diluted	$ (0.04)	$ 0.09	$ 0.06	$ 0.16

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6510752

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-Publisher FASB
-Name Accounting Standards Codification
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-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.

+ Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (SX 210.5-03.21)
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6518256

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-Name Emerging Issues Task Force (EITF)
-Number 87-21
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-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 128
-Paragraph 8
-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 128
-Paragraph 171
-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 128
-Paragraph 40
-Subparagraph a
-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.

+ Details

Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Accounts Receivable [Line Items]
Retainage	$ 21,788	$ 20,692
Accounts Receivable, Gross	143,578	128,478
Allowance for doubtful accounts	(750)	(1,839)
Total accounts receivable	142,828	126,639
Current portion of accounts receivable-net	134,244	120,268
Long-term accounts receivable and retainage	8,584	6,371
Completed Contracts [Member]
Accounts Receivable [Line Items]
Contracts	27,119	38,317
Contracts In Progress [Member]
Accounts Receivable [Line Items]
Contracts	$ 94,671	$ 69,469

Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Costs and earnings in excess of billings on contracts in progress	$ 58,785	$ 21,142
Costs and earnings in excess of billings for completed contracts	3,361	7,459
Total contract revenues in excess of billings	62,146	28,601
Current portion of contract revenues in excess of billings	62,146	26,412
Portion included in other noncurrent assets		2,189
Total billings in excess of contract revenues	(20,817)	(13,627)
Costs And Earnings In Excess Of Billings [Member]
Costs and earnings for contracts in progress	333,058	173,187
Amounts billed	(274,273)	(152,045)
Billings In Excess Of Costs And Earnings [Member]
Costs and earnings for contracts in progress	430,751	414,170
Amounts billed	$ (451,568)	$ (427,797)

Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Jan. 31, 2011

May 31, 2009

Derivative asset, notional amount

$ 50,000

Derivative, average fixed interest rate

7.75%

Derivative underlying hedge percent

80.00%

Derivative, nonmonetary notional amount

5,000,000

Senior Notes

$ 250,000

Reclassification of derivative gain (loss) to earnings

^[1]

(85)

$ (183)

(348)

$ (1,250)

Fair value hedge liabilities

$ 459

Fair value hedge assets

$ 449

Senior notes interest rate

7.375%

3.29

2.86

Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member]

Senior Notes

$ 263,750

[1]	Net of income tax expense of $56 and $295 for the three months ended September 30, 2012 and 2011, respectively, and $231 and $830 for the nine months ended September 30, 2012 and 2011, respectively.

Fair Value Measurements (Fair Value Measurements at Reporting Date Using) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Assets, fair value disclosure		$ 1,359
Liabilities, fair value disclosure	$ 472
Fair Value, Inputs, Level 2 [Member]
Assets, fair value disclosure		1,359
Liabilities, fair value disclosure	472
Fuel Hedge Contracts [Member]
Assets, fair value disclosure		449
Liabilities, fair value disclosure	459
Fuel Hedge Contracts [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, fair value disclosure		449
Liabilities, fair value disclosure	459
Foreign Exchange Contract [Member]
Assets, fair value disclosure		155
Liabilities, fair value disclosure	13
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, fair value disclosure		155
Liabilities, fair value disclosure	13
Interest Rate Contract [Member]
Assets, fair value disclosure	430	755
Interest Rate Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, fair value disclosure	$ 430	$ 755

Fair Value Measurements (Fair Value Measurements Using Significant Unobservable) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011
Beginning Balance		$ 1,264
Fair value, measurement with unobservable inputs reconciliation, recurring basis, gain (loss) included in other comprehensive income (Loss)	$ 57	(511)
Settlement		445
Ending Balance	$ 1,198	$ 1,198

Fair Value Measurements (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Derivative asset, fair value, net,	$ 430	$ 1,359
Derivative asset, fair value, gross liability	472
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Other Current Assets [Member]
Derivative asset, fair value, gross asset	430	755
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Other Current Assets [Member]
Derivative asset, fair value, gross asset		155
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Accrued Liabilities [Member]
Derivative asset, fair value, gross liability	13
Fuel Hedge Contracts [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Derivative asset, fair value, gross asset		$ 449
Fuel Hedge Contracts [Member] \| Designated as Hedging Instrument [Member] \| Accrued Liabilities [Member]
Derivative asset, fair value, gross liability	$ 459

Accrued Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Accrued Expenses [Abstract]
Insurance	$ 8,353	$ 8,285
Payroll and employee benefits	7,567	10,763
Interest	3,200	7,759
Income and other taxes	1,689	1,261
Percentage of completion adjustment	1,313	1,855
Fuel hedge liability	459
Other	1,324	1,198
Total accrued expenses	$ 23,905	$ 31,121

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable to insurance entities to mitigate potential loss from various risks or to satisfy a promise to provide certain coverage's to employees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Long-term Debt (Details) $ in Thousands	9 Months Ended
Long-term Debt (Details) $ in Thousands	Sep. 30, 2012	Jun. 04, 2012 USD ($)
Total leverage ratio	3.75
Leverage ratio exceeds	3.75
Standby Letters of Credit [Member]
Line of credit facility, maximum borrowing capacity		$ 125,000
Revolving Credit Facility [Member]
Line of credit facility, maximum borrowing capacity		175,000
Line of credit facility optional increase capacity		50,000
Revolving credit facility, interest rate description	Depending on the Company's consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the new revolving credit facility will bear interest at the option of the Company of either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum.
Multicurrency [Member]
Line of credit facility, maximum borrowing capacity		50,000
Swingline Loans [Member]
Line of credit facility, maximum borrowing capacity		$ 10,000
Maximum [Member] \| LIBOR Rate [Member] \| Revolving Credit Facility [Member]
Revolving credit facility, basis spread on variable rate	2.50%
Maximum [Member] \| Base Rate [Member] \| Revolving Credit Facility [Member]
Revolving credit facility, basis spread on variable rate	1.50%
Minimum [Member] \| LIBOR Rate [Member] \| Revolving Credit Facility [Member]
Revolving credit facility, basis spread on variable rate	1.50%
Minimum [Member] \| Base Rate [Member] \| Revolving Credit Facility [Member]
Revolving credit facility, basis spread on variable rate	0.50%

Share Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2007
Share-based compensation arrangement by share-based payment award, number of shares available for grant					5,800
Allocated share-based compensation expense	$ 675	$ 381	$ 2,389	$ 1,224
Stock Options [Member]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	497
Restricted Stock [Member]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	273

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Contract revenues	$ 166,763	$ 158,468	$ 488,202	$ 468,765
Operating income (loss)	1,461	14,786	20,773	39,054
Foreign [Member]
Contract revenues	36,329	21,843	75,202	59,779
Dredging [Member]
Contract revenues	138,811	134,591	395,944	396,273
Operating income (loss)	2,687	13,593	20,560	45,008
Segment reporting information, intersegment revenue			1,374
Demolition [Member]
Contract revenues	27,952	23,877	92,258	72,492
Operating income (loss)	$ (1,226)	$ 1,193	213	$ (5,954)
Segment reporting information, intersegment revenue			$ 75

Commitments And Contingencies (Details)	9 Months Ended
Commitments And Contingencies (Details)	Sep. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jan. 31, 2011 USD ($)
Letters of credit outstanding	$ 33,252,000
Letter of credit remaining borrowing capacity	$ 141,748,000
Senior notes interest rate	7.375%		7.375%
Outstanding performance bonds	$ 457,924,000
Revenue value remaining from outstanding performance bonds	133,252,000
Senior Notes	$ 250,000,000	$ 250,000,000	$ 250,000,000
Asbestos related personal lawsuit injury	251
Actual cases	$ 40
Dismissal cases	3
Cases pending	37
Maximum [Member]
Bids bond range	$ 10,000,000
Judgement	13,272,000
Minimum [Member]
Bids bond range	1,000,000
Judgement	11,736,000
Foreign Line of Credit [Member]
Letters of credit , maximum borrowing capacity	$ 24,000,000

Acquisition Of Noncontrolling Interest (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Apr. 29, 2011	Mar. 31, 2011	Sep. 30, 2011	Jan. 02, 2011	Dec. 31, 2010
Acquisition Of Noncontrolling Interest [Abstract]
Owned profits interests				100.00%	65.00%
Reacquired membership interest					35.00%
Acquisition of Noncontrolling Interest		$ 1,973	$ 1,933
Adjustment of noncontrolling interests	$ 1,933

Subsidiary Guarantors (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011	Jan. 31, 2011
Subsidiary Guarantors [Abstract]
Senior Notes	$ 250,000	$ 250,000	$ 250,000
Senior notes interest rate	7.375%		7.375%

Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 38,324	$ 113,288
Accounts receivable - net	134,244	120,268
Contract revenues in excess of billings	62,146	26,412
Inventories	36,511	33,426
Prepaid expenses and other current assets	50,999	32,384
Total current assets	322,224	325,778
Property and equipment - net	313,383	310,520
Goodwill and other intangiable assets - net	98,666	98,863
Inventories- noncurrent	37,354	30,103
Investments in joint ventures	7,076	6,923
Other	17,983	16,273
Total	796,686	788,460
LIABILITIES AND EQUITY
Accounts payable	92,019	82,745
Accrued expenses	23,905	31,121
Billings in excess of contract revenues	20,817	13,627
Current portion of long term debt	2,587	3,033
Total current liabilities	139,328	130,526
Long term note payable	2,500	2,500
7 3/8% Senior notes	250,000	250,000
Deferred income taxes	104,349	104,352
Other	6,757	8,545
Total liabilities	502,934	495,923
EQUITY:
Total Great Lakes Dredge & Dock Corporation Equity	293,543	291,969
NONCONTROLLING INTERESTS	209	568
Total equity	293,752	292,537
TOTAL	796,686	788,460
GLDD Corporation [Member]
ASSETS
Receivables from affiliates	7,443	49,724
Prepaid expenses and other current assets	10,536	16,330
Total current assets	17,979	66,054
investments in subsidiaries	649,387	627,754
Other	6,629	5,547
Total	673,995	699,355
LIABILITIES AND EQUITY
Payables to affiliates	21,926	44,053
Accrued expenses	3,365	8,047
Total current liabilities	25,291	52,100
7 3/8% Senior notes	250,000	250,000
Deferred income taxes	104,177	103,959
Other	775	759
Total liabilities	380,243	406,818
EQUITY:
Total Great Lakes Dredge & Dock Corporation Equity	293,543	291,969
NONCONTROLLING INTERESTS	209	568
Total equity	293,752	292,537
TOTAL	673,995	699,355
Subsidiary Guarantors [Member]
ASSETS
Cash and cash equivalents	38,157	108,985
Accounts receivable - net	133,369	118,530
Receivables from affiliates	71,773	79,683
Contract revenues in excess of billings	62,213	26,323
Inventories	36,511	33,426
Prepaid expenses and other current assets	40,433	15,929
Total current assets	382,456	382,876
Property and equipment - net	313,338	310,459
Goodwill and other intangiable assets - net	98,317	98,474
Inventories- noncurrent	37,354	30,103
Investments in joint ventures	7,076	6,923
investments in subsidiaries	3,359	4,385
Other	11,351	10,729
Total	853,251	843,949
LIABILITIES AND EQUITY
Accounts payable	91,308	81,971
Payables to affiliates	61,980	85,865
Accrued expenses	19,707	22,445
Billings in excess of contract revenues	20,808	13,607
Current portion of long term debt	2,587	3,033
Total current liabilities	196,390	206,921
Long term note payable	2,500	2,500
Deferred income taxes	172	399
Other	5,982	7,786
Total liabilities	205,044	217,606
EQUITY:
Total Great Lakes Dredge & Dock Corporation Equity	648,207	626,343
Total equity	648,207	626,343
TOTAL	853,251	843,949
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	167	4,303
Accounts receivable - net	875	1,738
Receivables from affiliates	8,466	7,729
Contract revenues in excess of billings	206	153
Prepaid expenses and other current assets	30	125
Total current assets	9,744	14,048
Property and equipment - net	45	61
Goodwill and other intangiable assets - net	349	389
Other	3	3
Total	10,141	14,501
LIABILITIES AND EQUITY
Accounts payable	711	774
Payables to affiliates	3,925	7,234
Accrued expenses	833	629
Billings in excess of contract revenues	133	68
Total current liabilities	5,602	8,705
Total liabilities	5,602	8,705
EQUITY:
Total Great Lakes Dredge & Dock Corporation Equity	4,539	5,796
Total equity	4,539	5,796
TOTAL	10,141	14,501
Eliminations [Member]
ASSETS
Receivables from affiliates	(87,682)	(137,136)
Contract revenues in excess of billings	(273)	(64)
Total current assets	(87,955)	(137,200)
investments in subsidiaries	(652,746)	(632,139)
Other		(6)
Total	(740,701)	(769,345)
LIABILITIES AND EQUITY
Payables to affiliates	(87,831)	(137,152)
Billings in excess of contract revenues	(124)	(48)
Total current liabilities	(87,955)	(137,200)
Deferred income taxes		(6)
Total liabilities	(87,955)	(137,206)
EQUITY:
Total Great Lakes Dredge & Dock Corporation Equity	(652,746)	(632,139)
Total equity	(652,746)	(632,139)
TOTAL	$ (740,701)	$ (769,345)

Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Contract revenues	$ 166,763	$ 158,468	$ 488,202	$ 468,765
Costs of contract revenues	(153,743)	(131,077)	(431,271)	(394,166)
Gross profit	13,020	27,391	56,931	74,599
General and administrative expenses	11,667	12,736	36,390	38,447
Gain on sale of assets-net	(108)	(131)	(232)	(2,902)
Operating income	1,461	14,786	20,773	39,054
Interest expense-net	(5,105)	(5,571)	(15,747)	(16,432)
Equity in loss of joint ventures	177	606	153	(108)
Loss on foreign currency transactions-net	(40)	(544)	(55)	(544)
Loss on extinguishment of debt				(5,145)
Income before income taxes	(3,507)	9,277	5,124	16,825
Income tax (provision) benefits	1,355	(3,618)	(1,977)	(6,600)
Net income	(2,152)	5,659	3,147	10,225
Net loss attributable to noncontrolling interests	20	(57)	226	(525)
Net income attributable to Great Lakes Dredge & Dock Corporation	(2,132)	5,602	3,373	9,700
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	(1,390)	4,698	2,823
GLDD Corporation [Member]
General and administrative expenses	574	892	1,701	2,456
Gain on sale of assets-net	84		95
Operating income	(658)	(892)	(1,796)	(2,456)
Interest expense-net	(4,973)	(5,060)	(15,026)	(15,693)
Equity in earnings (loss) of subsidiaries	3,585	14,864	22,282	42,982
Loss on extinguishment of debt				(5,145)
Income before income taxes	(2,046)	8,912	5,460	19,688
Income tax (provision) benefits	(106)	(3,253)	(2,313)	(9,463)
Net income	(2,152)	5,659	3,147	10,225
Net loss attributable to noncontrolling interests	20	(57)	226	(525)
Net income attributable to Great Lakes Dredge & Dock Corporation	(2,132)	5,602	3,373	9,700
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	(1,390)	4,698	2,823
Subsidiary Guarantors [Member]
Contract revenues	165,999	155,426	487,910	460,688
Costs of contract revenues	(153,011)	(127,306)	(430,493)	(387,094)
Gross profit	12,988	28,120	57,417	73,594
General and administrative expenses	10,901	11,630	34,149	35,356
Gain on sale of assets-net	(192)	(131)	(327)	(2,902)
Operating income	2,279	16,621	23,595	41,140
Interest expense-net	(96)	(450)	(634)	(579)
Equity in earnings (loss) of subsidiaries	(37)	208	(639)	1,422
Equity in loss of joint ventures	177	606	153	(108)
Loss on foreign currency transactions-net	(40)	(526)	(55)
Income before income taxes	2,283	16,459	22,420	41,349
Income tax (provision) benefits	1,461	(365)	336	2,863
Net income	3,744	16,094	22,756	44,212
Net income attributable to Great Lakes Dredge & Dock Corporation	3,744	16,094	22,756	44,212
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	4,486	15,190	22,210
Non-Guarantor Subsidiaries [Member]
Contract revenues	2,300	6,796	6,350	16,382
Costs of contract revenues	(2,268)	(7,525)	(6,836)	(15,377)
Gross profit	32	(729)	(486)	1,005
General and administrative expenses	192	214	540	635
Operating income	(160)	(943)	(1,026)	370
Interest expense-net	(36)	(61)	(87)	(160)
Loss on foreign currency transactions-net		(18)
Income before income taxes	(196)	(1,022)	(1,113)	192
Net income	(196)	(1,022)	(1,113)	192
Net income attributable to Great Lakes Dredge & Dock Corporation	(196)	(1,022)	(1,113)	192
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	(196)	(1,022)	(1,117)
Eliminations [Member]
Contract revenues	(1,536)	(3,754)	(6,058)	(8,305)
Costs of contract revenues	1,536	3,754	6,058	8,305
Equity in earnings (loss) of subsidiaries	(3,548)	(15,072)	(21,643)	(44,404)
Income before income taxes	(3,548)	(15,072)	(21,643)	(44,404)
Net income	(3,548)	(15,072)	(21,643)	(44,404)
Net income attributable to Great Lakes Dredge & Dock Corporation	(3,548)	(15,072)	(21,643)	$ (44,404)
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation	$ (4,290)	$ (14,168)	$ (21,093)

Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
OPERATING ACTIVITIES:
Net income	$ (2,152)	$ 5,659	$ 3,147	$ 10,225
Adjustments to reconcile net income to net cash flows used in operating activities:
Depreciation and amortization			26,637	29,999
Equity in loss of joint ventures	(177)	(606)	(153)	108
Loss on extinguishment of 7 3/4% senior subordinated notes				5,145
Deferred income taxes			1,386	8,793
Gain on dispositions of property and equipment			(232)	(2,902)
Amortization of deferred financing fees			957	1,181
Unrealized foreign currency gain			207	525
Share-based compensation expense			2,389	1,224
Excess income tax benefit from share based compensation			(139)	(48)
Changes in assets and liabilities:
Accounts receivable			(16,260)	(13,279)
Inventories			(10,616)	(4,524)
Prepaid expenses and other current assets			(16,027)	(11,641)
Accounts payable and accrued expenses			(1,733)	(9,027)
Net cash flows used in operating activities			(39,210)	13,626
INVESTING ACTIVITIES:
Purchases of property and equipment			(30,015)	(24,901)
Proceeds from dispositions of property and equipment			563	7,452
Net cash flows used in investing activities			(29,452)	(17,449)
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			(2,039)	(5,962)
Distribution made to member or limited partner, cash distributions paid			(133)
Dividends paid			(3,726)	(3,473)
Dividend equivalents paid on restricted stock units			(39)	(20)
Taxes paid on settlement of vested share awards			(212)	(291)
Repayments of equipment debt			(502)	(274)
Exercise of stock options			200	27
Excess income tax benefit from share-based compensation			139	48
Net cash flows provided by (used in) financing activities			(6,312)	62,791
Effect of foreign currency exchange rates on cash and cash equivalents			10	(396)
Net increase (decrease) in cash and cash equivalents			(74,964)	58,572
Cash and cash equivalents at beginning of period			113,288	48,478
Cash and cash equivalents at end of period	38,324	107,050	38,324	107,050
Supplemental Cash Flow Information
Cash paid for interest			19,051	12,714
Cash paid (refunded) for income taxes			(4,840)	5,282
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid			7,693	3,366
Acquisition of noncontrolling interest in NASDI, LLC				40
GLDD Corporation [Member]
OPERATING ACTIVITIES:
Net income	(2,152)	5,659	3,147	10,225
Adjustments to reconcile net income to net cash flows used in operating activities:
Loss on extinguishment of 7 3/4% senior subordinated notes				5,145
Changes in assets and liabilities:
Net cash flows used in operating activities			(29,485)	(26,984)
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			(2,039)	(5,962)
Distribution made to member or limited partner, cash distributions paid			(133)
Dividends paid			(3,726)	(3,473)
Dividend equivalents paid on restricted stock units			(39)	(20)
Taxes paid on settlement of vested share awards			(212)	(291)
Net change in account with affiliate			35,295	36,081
Exercise of stock options			200	27
Excess income tax benefit from share-based compensation			139	48
Net cash flows provided by (used in) financing activities			29,485	26,984
Subsidiary Guarantors [Member]
OPERATING ACTIVITIES:
Net income	3,744	16,094	22,756	44,212
Adjustments to reconcile net income to net cash flows used in operating activities:
Equity in loss of joint ventures	(177)	(606)	(153)	108
Changes in assets and liabilities:
Net cash flows used in operating activities			(9,782)	41,250
INVESTING ACTIVITIES:
Purchases of property and equipment			(30,015)	(24,894)
Proceeds from dispositions of property and equipment			563	7,452
Net cash flows used in investing activities			(29,452)	(17,442)
FINANCING ACTIVITIES:
Net change in account with affiliate			(31,092)	(33,524)
Capital contributions				(3,205)
Repayments of equipment debt			(502)	(274)
Net cash flows provided by (used in) financing activities			(31,594)	30,045
Net increase (decrease) in cash and cash equivalents			(70,828)	53,853
Cash and cash equivalents at beginning of period			108,985	48,416
Cash and cash equivalents at end of period	38,157	102,269	38,157	102,269
Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net income	(196)	(1,022)	(1,113)	192
Changes in assets and liabilities:
Net cash flows used in operating activities			57	(640)
INVESTING ACTIVITIES:
Purchases of property and equipment				(7)
Net cash flows used in investing activities				(7)
FINANCING ACTIVITIES:
Net change in account with affiliate			(4,203)	(2,557)
Capital contributions				3,205
Net cash flows provided by (used in) financing activities			(4,203)	5,762
Effect of foreign currency exchange rates on cash and cash equivalents			10
Net increase (decrease) in cash and cash equivalents			(4,136)	4,719
Cash and cash equivalents at beginning of period			4,303	62
Cash and cash equivalents at end of period	167	4,781	167	4,781
Eliminations [Member]
OPERATING ACTIVITIES:
Net income	$ (3,548)	$ (15,072)	$ (21,643)	$ (44,404)

Label	Element	Value
Fair Value Inputs Level3 [Member]
Interest Rate Derivatives, at Fair Value, Net	us-gaap_InterestRateDerivativesAtFairValueNet	$ 1,141,000