View Filing Data

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2011	Aug. 01, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
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		58,915,249

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 95,997	$ 48,478
Accounts receivable - net	108,152	95,548
Contract revenues in excess of billings	27,120	24,842
Inventories	31,464	31,734
Prepaid expenses	2,787	3,448
Other current assets	30,580	18,919
Total current assets	296,100	222,969
PROPERTY AND EQUIPMENT - Net	309,296	323,231
GOODWILL	98,049	98,049
OTHER INTANGIBLE ASSETS - Net	1,987	3,280
INVENTORIES - Noncurrent	27,760	27,128
INVESTMENTS IN JOINT VENTURES	6,615	7,329
OTHER	17,527	11,839
TOTAL	757,334	693,825
LIABILITIES AND EQUITY
Accounts payable	70,237	82,721
Accrued expenses	33,911	32,809
Billings in excess of contract revenues	12,319	14,484
Current portion of note payable	2,500	2,500
Current portion of equipment debt	111	303
Total current liabilities	119,078	132,817
LONG TERM NOTE PAYABLE	5,000	5,000
7 3/8% SENIOR NOTES	250,000
7 3/4% SENIOR SUBORDINATED NOTES		175,000
DEFERRED INCOME TAXES	92,239	92,466
OTHER	9,516	11,717
Total liabilities	475,833	417,000
COMMITMENTS AND CONTINGENCIES (Note 9)
EQUITY:
Common stock-$.0001 par value; 90,000,000 authorized, 58,915,249 and 58,770,369 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively.	6	6
Additional paid-in capital	266,961	266,329
Accumulated earnings	14,112	12,261
Accumulated other comprehensive income	109	357
Total Great Lakes Dredge & Dock Corporation Equity	281,188	278,953
NONCONTROLLING INTERESTS	313	(2,128)
Total equity	281,501	276,825
TOTAL	$ 757,334	$ 693,825

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	58,915,249	58,915,249
Common stock, shares outstanding	58,770,369	58,770,369

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements Of Operations
Contract revenues	$ 154,959	$ 180,135	$ 310,297	$ 341,535
Costs of contract revenues	135,193	145,546	263,089	276,462
Gross profit	19,766	34,589	47,208	65,073
General and administrative expenses	(13,622)	(14,374)	(25,711)	(25,444)
Gain on sale of assets, net	2,513		2,771	255
Operating income	8,657	20,215	24,268	39,629
Interest expense, net	(4,911)	(2,995)	(10,861)	(6,215)
Equity in loss of joint ventures	(123)	(131)	(714)	(853)
Loss on extinguishment of debt			(5,145)
Income before income taxes	3,623	17,089	7,548	32,561
Income tax provision	(1,455)	(6,755)	(2,982)	(12,994)
Net income	2,168	10,334	4,566	19,567
Net (income) loss attributable to noncontrolling interests	(462)	474	(468)	567
Net income attributable to Great Lakes Dredge & Dock Corporation	$ 1,706	$ 10,808	$ 4,098	$ 20,134
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.03	$ 0.18	$ 0.07	$ 0.34
Basic weighted average shares	58,875	58,602	58,830	58,575
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.03	$ 0.18	$ 0.07	$ 0.34
Diluted weighted average shares	59,184	58,781	59,228	58,748
Dividends declared per share	$ 0.02	$ 0.02	$ 0.04	$ 0.03

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Earnings [Member]	Accumulated Other Comprehensive Income (Loss)[Member]	Noncontrolling Interests [Member]	Total
BALANCE - Value at Dec. 31, 2009	$ 6	$ 263,579	$ (18,336)	$ 539	$ (1,239)	$ 244,549
BALANCE - Shares at Dec. 31, 2009	58,542,038
Share-based compensation, Value		861				861
Share-based compensation, Shares	33,480
Vesting of restricted stock units, including impact of shares withheld for taxes	13,202
Exercise of stock options, Value		414				414
Exercise of stock options, Shares	83,236
Dividends declared and paid			(1,992)			(1,992)
Dividend equivalents paid on restricted stock units			(12)			(12)
Comprehensive income (loss):
Net income (loss)			20,134		(567)	19,567
Reclassification of derivative gains to earnings, net of tax				(216)		(216)
Change in fair value of derivatives, net of tax				(359)		(359)
Total comprehensive income (loss)					(567)	18,992
BALANCE - Value at Jun. 30, 2010	$ 6	264,854	(206)	(36)	(1,806)	262,812
BALANCE - Shares at Jun. 30, 2010	58,671,956
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		$ 843				$ 843
Share-based compensation, Shares	57,215
Vesting of restricted stock units, including impact of shares withheld for taxes	81,387	(250,000)				(250,000)
Exercise of stock options, Value		$ 27				$ 27
Exercise of stock options, Shares	6,278
Excess income tax benefit from share based compensation		52				52
Acquisition of noncontrolling interest in NASDI, LLC		(40)			1,973	1,933
Dividends declared and paid			(2,236)			(2,236)
Dividend equivalents paid on restricted stock units			(11)			(11)
Comprehensive income (loss):
Net income (loss)			4,098		468	4,566
Reclassification of derivative gains to earnings, net of tax				(1,067)		(1,067)
Change in fair value of derivatives, net of tax				819		819
Total comprehensive income (loss)					468	4,318
BALANCE - Value at Jun. 30, 2011	$ 6	$ 266,961	$ 14,112	$ 109	$ 313	$ 281,501
BALANCE - Shares at Jun. 30, 2011	58,915,249

Condensed Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements Of Equity
Reclassification of derivative gains to earnings, tax	$ 709	$ 143
Change in fair value of derivatives, tax	$ 544	$ 239

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
OPERATING ACTIVITIES:
Net income	$ 4,566	$ 19,567
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	18,804	17,993
Equity in loss of joint ventures	714	853
Loss on extinguishment of 7 3/4% senior subordinated notes	5,145
Deferred income taxes	1,010	(2,958)
Gain on dispositions of property and equipment	(2,771)	(255)
Amortization of deferred financing fees	775	803
Share-based compensation expense	843	861
Excess income tax benefit from share-based compensation	(52)
Changes in assets and liabilities:
Accounts receivable	(13,025)	18,934
Contract revenues in excess of billings	(2,278)	14,867
Inventories	(362)	1,823
Prepaid expenses and other current assets	(12,432)	2,093
Accounts payable and accrued expenses	(5,523)	577
Billings in excess of contract revenues	(2,165)	2,189
Other noncurrent assets and liabilities	(3,694)	(1,702)
Net cash flows provided by (used in) operating activities	(10,445)	75,645
INVESTING ACTIVITIES:
Purchases of property and equipment	(13,583)	(12,973)
Proceeds from dispositions of property and equipment	7,275	210
Net cash flows used in investing activities	(6,308)	(12,763)
FINANCING ACTIVITIES:
Proceeds from issuance of 7 3/8% senior notes	250,000
Redemption of 7 3/4% senior subordinated notes	(175,000)
Senior subordinated notes redemption premium	(2,264)
Deferred financing fees	(5,829)
Dividends paid	(2,236)	(1,992)
Dividend equivalents paid on restricted stock units	(11)	(12)
Taxes paid on vested share awards	(250)
Repayment of capital lease debt	(217)	(740)
Exercise of stock options	27	414
Excess income tax benefit from share-based compensation	52
Borrowings under revolving loans		14,968
Repayments of revolving loans		(25,968)
Net cash flows provided by (used in) financing activities	64,272	(13,330)
Net change in cash and cash equivalents	47,519	49,552
Cash and cash equivalents at beginning of period	48,478	3,250
Cash and cash equivalents at end of period	95,997	52,802
Supplemental Cash Flow Information
Cash paid for interest	2,728	6,747
Cash paid for income taxes	5,155	8,431
Non-cash Investing Activity
Property and equipment purchased but not yet paid	4,303	1,444
Property and equipment purchased on equipment notes		$ 32
Acquisition of noncontrolling interest in NASDI, LLC	40
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Excess Tax Benefit from Share-based Compensation, Financing Activities	$ 52

Basis Of Presentation

6 Months Ended

Jun. 30, 2011

Basis Of Presentation

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 filed on Form 10-K for the year ended December 31, 2010. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company's financial position as of June 30, 2011, its results of operations for the three and six months ended June 30, 2011 and 2010 and its cash flows for the six months ended June 30, 2011 and 2010 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 has reclassified certain of its gains, net of losses, on the sale of assets during the first quarter of 2011, of $258, from costs of contract revenues to gain on sale of assets, net within the consolidated statement of operations to conform to the current year presentation. In the prior year gains, net of losses, on the sale of assets included in costs of contract revenues were $62 and $236 for the three and six months ended June 30, 2010.

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 22% of total costs of contract revenues over the last 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 and 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, 2010 for the goodwill in both the dredging and demolition segments with no indication of goodwill impairment as of the test date. As of the test date, the fair value of both the dredging segment and the demolition segment were in excess of their carrying values by approximately 25%. The decline in the operating results and related cash flow forecasts in the demolition segment during the past year has likely reduced the amount by which the estimated fair value of the demolition segment exceeds the carrying value of the demolition segment's assets. A more than insignificant decline in the demolition segment's future operating results or cash flow forecasts versus the segment's current forecasts could potentially trigger a goodwill impairment charge in a future period. No test was performed in the first six months of 2011 because no triggering event occurred that would require a test to be performed. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2011.

The condensed consolidated results of operations for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year.

Future adoption of accounting standards

In May 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to their accounting guidance to clarify existing standards and to improve comparability of fair value measurements disclosed in financial statements prepared in accordance with GAAP and International Financial Reporting Standards ("IFRS"). The amendment clarifies the FASB's intent as it relates to existing measurement guidance and revises some requirements for measuring or disclosing information about fair value measurements. The amendment will be effective for Great Lakes on January 1, 2012 and is not expected to have a significant impact our consolidated financial statements.

In June 2011, the FASB issued an amendment to their accounting guidance that requires presentation of net income and total comprehensive income, together with their components, either in a single continuous statement or in two separate but consecutive statements. The amendment does not alter any current recognition or measurement requirements in respect of items of other comprehensive income. When adopted, Great Lakes will cease to present the components of other comprehensive income within the statements of equity. The amendment will be effective for Great Lakes on January 1, 2012, with early adoption permitted.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-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.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

2.	Earnings per share

Basic earnings per share is computed by dividing net income attributable to Great Lakes Dredge & Dock Corporation 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. At June 30, 2011 and 2010, the impact of options to purchase shares of common stock was dilutive and, accordingly, no options are excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. In addition, the impact of restricted stock units was dilutive. The computations for basic and diluted earnings per share from continuing operations are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Numerator:
Net income attributable to Great Lakes Dredge & Dock Corporation - numerator for basic and diluted earnings per share	$	1,706	$	10,808	$	4,098	$	20,134
Denominator:
Denominator for basic earnings per share - weighted average shares outstanding		58,875		58,602		58,830		58,575
Dilutive impact of outstanding restricted stock units issued		180		135		216		134
Dilutive impact of outstanding stock options issued		129		44		182		39

Denominator for diluted earnings per share adjusted weighted average shares		59,184		58,781		59,228		58,748


Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation	$	0.03	$	0.18	$	0.07	$	0.34


Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation	$	0.03	$	0.18	$	0.07	$	0.34

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

3.	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 June 30, 2011, the Company held certain derivative contracts that it uses to manage commodity price risk and interest rate risk. The Company does not hold or issue derivatives for speculative or trading purposes. At June 30, 2011 the Company held a position in a money market fund where quoted prices are not available in an active market. The fair value of these financial instruments are summarized as follows:


			Fair Value Measurements at Reporting Date Using
Description	At June 30, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Cash equivalents	$	20,012	$	—	$	20,012	$	—
Fuel hedge contracts		182		—		182		—
Interest rate swap contracts-assets		1,141		—		—		1,141

Total assets measured at fair value	$	21,335	$	—	$	20,194	$	1,141

			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Fuel hedge contracts	$	595	$	—	$	595	$	—
Interest rate swap contracts-assets		1,264		—		—		1,264

Total assets measured at fair value	$	1,859	$	—	$	595	$	1,264

Interest rate swaps

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 remained in place. The swap is 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 verifies the fair value of the interest rate swaps using a quantitative model that contains both observable and unobservable inputs. The unobservable inputs relate primarily to the LIBOR rate and long-term nature of the contracts. The Company believes that these unobservable inputs are significant and accordingly the Company determines the fair value of these interest rate swap contracts using Level 3 inputs.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Interest Rate Swaps			Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Interest Rate Swaps
	2011			2010

Balance at January 1,	$	1,264		$	(20	)
Total unrealized gains (losses): included in earnings		(568	)		773
Settlements		445			440

Balance at June 30,	$	1,141		$	1,193


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Interest Rate Swaps			Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Interest Rate Swaps
	2011			2010

Balance at April 1,	$	1,299		$	774
Total unrealized losses: included in earnings		(603	)		(21	)
Settlements		445			440

Balance at June 30,	$	1,141		$	1,193

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 June 30, 2011, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2011. As of June 30, 2011, there were 2.7 million gallons remaining on these contracts which represent approximately 76% of the Company's forecasted fuel purchases through December 2011. Under these swap agreements, the Company will pay fixed prices ranging from $2.35 to $3.33 per gallon.

At June 30, 2011 and December 31, 2010, the fair value asset of the fuel hedge contracts was estimated to be $299 and $595, respectively, and is recorded in other current assets. The gain reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the period ended June 30, 2011 was $1,067. The remaining gains included in accumulated other comprehensive income at June 30, 2011 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 money market fund, interest rate and fuel hedge contracts outstanding as of June 30, 2011 and December 31, 2010 is as follows:


	Fair Value
	At June 30, 2011
	Balance Sheet Location	Fair Value Asset		Balance Sheet Location	Fair Value Liability

Cash equivalents	Cash and cash equivalents	$	20,012
Fuel hedge contracts	Other current assets		299	Accrued expenses	$	(117	)
Interest rate swaps	Other current assets		1,101	Accrued expenses		(86	)
Interest rate swaps	Other assets		126	Other liabilities		—

Total		$	21,538		$	(203	)


	Fair Value
	At December 31, 2010
	Balance Sheet Location	Fair Value Asset		Balance Sheet Location	Fair Value Liability

Interest rate swaps	Other current assets	$	816	Other liabilities	$	—
Interest rate swaps	Other assets		448	Other liabilities		—
Fuel hedge contracts	Other current assets		595	Accrued expenses		—

Total		$	1,859		$	—

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 June 30, 2011. 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 $246,875 at June 30, 2011, based on recent transactions.

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Share Based Compensation

6 Months Ended

Jun. 30, 2011

Share Based Compensation

Share Based Compensation

4.	Share based compensation

The Company's 2007 Long-Term Incentive Plan permits the grant 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. The Company believes that such awards better align the interests of its employees with those of its shareholders and attract and retain the best possible talent.

In June 2011, the Company granted 444,178 options to purchase shares of common stock and 263,428 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 compensation in stock grants. Compensation cost charged to income related to all share-based compensation arrangements was $323 and $843, respectively, for the three months and six months ended June 30, 2011 and $561 and $861, respectively, for the three and six months ended June 30, 2010.

- 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 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Accounts Receivable

6 Months Ended

Jun. 30, 2011

Accounts Receivable

Accounts Receivable

5.	Accounts receivable

Accounts receivable at June 30, 2011 and December 31, 2010 are as follows:


	June 30,			December 31,
	2011			2010
Completed contracts	$	26,964		$	20,093
Contracts in progress		64,041			64,399
Retainage		18,786			12,711

		109,791			97,203
Allowance for doubtful accounts		(1,639	)		(1,655	)


Total accounts receivable	$	108,152		$	95,548

At June 30, 2011 and December 31, 2010, $6,344 and $5,923, respectively, of retainage from long-term projects was not expected to be collected within the next twelve months and is classified as other non-current assets.

Contracts In Progress

6 Months Ended

Jun. 30, 2011

Contracts In Progress

Contracts In Progress

6.	Contracts in progress

The components of contracts in progress at June 30, 2011 and December 31, 2010 are as follows:


	June 30,			December 31,
	2011			2010
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	289,449		$	287,291
Amounts billed		(263,335	)		(263,665	)

Costs and earnings in excess of billings for contracts in progress		26,114			23,626
Costs and earnings in excess of billings for completed contracts		1,006			1,216


Total contract revenues in excess of billings	$	27,120		$	24,842


Billings in excess of costs and earnings:
Amounts billed	$	(430,920	)	$	(429,688	)
Costs and earnings for contracts in progress		418,601			415,204


Total billings in excess of contract revenues	$	(12,319	)	$	(14,484	)

Accrued Expenses

6 Months Ended

Jun. 30, 2011

Accrued Expenses

Accrued Expenses

7.	Accrued expenses

Accrued expenses at June 30, 2011 and December 31, 2010 are as follows:


	June 30,		December 31,
	2011		2010
Insurance	$	9,669	$	11,039
Payroll and employee benefits		8,338		13,573
Interest		7,837		604
Percentage of completion adjustment		4,750		3,232
Income and other taxes		1,257		2,977
Other		2,060		1,384

Total accrued expenses	$	33,911	$	32,809

Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

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 June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Dredging
Contract revenues	$	125,085		$	165,599		$	261,682		$	314,640
Operating income		13,594			21,462			31,415			41,031

Demolition
Contract revenues	$	29,874		$	14,536		$	48,615		$	26,895
Operating loss		(4,937	)		(1,247	)		(7,147	)		(1,402	)

Total
Contract revenues	$	154,959		$	180,135		$	310,297		$	341,535
Operating income		8,657			20,215			24,268			39,629

In addition, foreign dredging revenue of $16,065 and $37,936 for the three months and six months ended June 30, 2011 and $13,641 and $39,213 for the three months and six months ended June 30, 2010, respectively, was primarily attributable to work done in Bahrain.

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

- Definition

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

+ References

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

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

Commitments And Contingencies

6 Months Ended

Jun. 30, 2011

Commitments And Contingencies

Commitments And Contingencies

9.	Commitments and contingencies

Commercial commitments

The Company entered into a credit agreement (the "Credit Agreement") with Bank of America N.A. as administrative agent and issuing lender, various other financial institutions as lenders and certain subsidiaries of the Company as loan parties. The Credit Agreement provides for a revolving credit facility of up to $145,000 in borrowings and includes sublimits for the issuance of letters of credit and swingline loans. The revolving credit facility matures on June 12, 2012. The revolving credit facility bears interest at rates selected at the option of Great Lakes, currently equal to either LIBOR plus an applicable margin or the Base Rate (as defined in the Credit Agreement), plus an applicable margin. The applicable margins for LIBOR loans and Base Rate loans, as well as any non-use fee, are subject to adjustment based upon the Company's ratio of Total Funded Debt to Adjusted Consolidated EBITDA (each as defined in the Credit Agreement). As of June 30, 2011, the Company had no borrowings and $9,119 of letters of credit outstanding, resulting in $135,881 of availability under the Credit Agreement.

The Company obtains its performance, bid and payment bonds through a bonding agreement (the "Bonding Agreement") with Travelers Casualty and Surety Company of America. The bonds issued under the Bonding Agreement are customarily required for dredging and marine construction projects, as well as demolition projects. As of June 30, 2011, Great Lakes had outstanding bonds valued at $297,869; however, the revenue value remaining in backlog related to these projects totaled $120,439.

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 June 30, 2011, Great Lakes had $15,703 of letters of credit outstanding under this facility.

The Company also has $250,000 of 7.375% senior notes outstanding, which mature in February 2019.

The Company's obligations under the Credit Agreement and Bonding Agreement are secured by liens on a substantial portion of Great Lakes' assets. As of December 31, 2010, the net book value of the Company's operating equipment securing the Company's obligations under the Credit Agreement and Bonding Agreement was $95,658 and $70,662, respectively. Great Lakes' obligations under its international letter of credit facility are secured by the Company's foreign accounts receivable.

The Credit Agreement, the Bonding Agreement and the indenture relating to the senior notes contain various restrictive covenants, including a limitation on dividends, limitations on redemption and repurchases of capital stock, limitations on the incurrence of additional indebtedness and requirements to maintain certain financial covenants.

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

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. 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 or its former subsidiary, NATCO Limited Partnership, is named as a defendant in approximately 251 asbestos-related personal injury lawsuits, the majority of which were filed between 1989 and 2000. All of the cases, filed against the Company prior to 1996, were administratively dismissed in May 1996 and any cases filed since that time have similarly been administratively transferred to the inactive docket. Over the last year, hundreds of lawsuits have been reactivated in an effort to clean out the administrative docket. Prior to the commencement of discovery in any of the reactivated cases, counsel for plaintiffs agreed to name a group of cases that they intended to pursue and to dismiss the remaining cases without prejudice. Plaintiffs have currently named 38 cases against the Company that they intend to pursue, each of which involves one plaintiff. The remaining cases against the Company either have been or will be dismissed. 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. The Company is presently unable to quantify the amounts of damages being sought in these lawsuits because none of the complaints specify a damage amount. 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 38 lawsuits 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 and has engaged in further discussions with the Massachusetts Attorney General's office. 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 is continuing to conduct 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.

On April 6, 2011, NASDI received a subpoena from the District Attorney for Richmond County, New York in connection with a grand jury investigation. The subpoena directs NASDI to furnish certain documents relating to one project performed by NASDI and one of its subcontractors. The subpoena appears to be related to the activities of NASDI's subcontractor for this project. The Company fully complied with the production of requested documents and has received no further communications. Based on the Company's internal investigation to date, the Company does not believe that it will have any liability with respect to this matter. In addition, the Company intends to continue to fully cooperate with the New York grand jury subpoena.

The Company has not accrued any amounts with respect to these 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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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.

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+ Details

Acquisition Of Noncontrolling Interest

6 Months Ended

Jun. 30, 2011

Acquisition Of Noncontrolling Interest

Acquisition Of Noncontrolling Interest

10.

Acquisition of noncontrolling interest

Effective January 1, 2011 the Company reacquired Mr. Christopher Berardi's membership interest in NASDI for no cost per 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

6 Months Ended

Jun. 30, 2011

Subsidiary Guarantors

Subsidiary Guarantors

11.

Subsidiary guarantors

The Company's long-term debt at June 30, 2011 includes $250,000 of 7.375% senior notes due February 1, 2019. The Company's obligations under these senior unsecured notes are guaranteed by the Company's wholly-owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several.

In connection with the private placement of the senior unsecured notes, the Company entered into an agreement giving registration rights to initial purchasers of the senior unsecured notes (the "Registration Rights Agreement"). The terms of the Registration Rights Agreement require, among other things, that the Company will use its commercially reasonable efforts to consummate an offer ("the "Exchange Offer") to exchange the senior notes for registered, publicly tradable notes that have substantially identical terms as the senior notes (the "Exchange Notes"). The Exchange Notes will be guaranteed by the Company's wholly-owned domestic subsidiaries (the "Exchange Notes Guarantors"). The Company commenced the Exchange Offer in August 2011 and expects to consummate the Exchange Offer in September 2011. The Exchange Note Guarantors are presented in this supplemental financial information as "Subsidiary Guarantors" as if the Exchange Notes and the guarantees of the Exchange Notes Guarantors had been outstanding at June 30, 2011. The Exchange Notes are not included in this supplemental financial information as they were not outstanding at June 30, 2011.

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 June 30, 2011 and December 31, 2010;

(ii)

statements of operations for the three and six months ended June 30, 2011 and 2010; and

(iii)

statements of cash flows for the six months ended June 30, 2011 and 2010.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2011

(In thousands)


	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	95,598	$	399	$	—	$	—		$	95,997
Accounts receivable—net		105,131		3,021		—		—			108,152
Receivables from affiliates		30,854		7,305		60,917		(99,076	)		—
Contract revenues in excess of billings		27,105		101		—		(86	)		27,120
Inventories		31,464		—		—		—			31,464
Prepaid expenses		2,656		—		131		—			2,787
Other current assets		20,024		7		10,549		—			30,580

Total current assets		312,832		10,833		71,597		(99,162	)		296,100

PROPERTY AND EQUIPMENT—Net		309,137		159		—		—			309,296
GOODWILL		97,799		250		—		—			98,049
OTHER INTANGIBLE ASSETS—Net		1,786		201		—		—			1,987
INVESTMENTS IN SUBSIDIARIES		3,525		—		556,129		(559,654	)		—
INVENTORIES — Noncurrent		27,760		—		—		—			27,760
INVESTMENTS IN JOINT VENTURES		6,615		—		—		—			6,615
OTHER ASSETS		12,406		—		6,333		(1,212	)		17,527

TOTAL	$	771,860	$	11,443	$	634,059	$	(660,028	)	$	757,334


LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	68,896	$	1,341	$	—	$	—			70,237
Payables to affiliates		93,013		5,001		420		(98,434	)		—
Accrued expenses		25,269		787		7,855		—			33,911
Billings in excess of contract revenues		12,258		789		—		(728	)		12,319
Current portion of note payable		2,500		—		—		—			2,500
Current portion of equipment debt		111		—		—		—			111

Total current liabilities		202,047		7,918		8,275		(99,162	)		119,078

LONG TERM NOTE PAYABLE		5,000		—		—		—			5,000
7 3/8% SENIOR NOTES		—		—		250,000		—			250,000
DEFERRED INCOME TAXES		—		—		93,451		(1,212	)		92,239
OTHER		8,684		—		832		—			9,516

Total liabilities		215,731		7,918		352,558		(100,374	)		475,833

Total Great Lakes Dredge & Dock Corporation Equity		556,129		3,525		281,188		(559,654	)		281,188
NONCONTROLLING INTERESTS		—		—		313		—			313

TOTAL EQUITY		556,129		3,525		281,501		(559,654	)		281,501

TOTAL	$	771,860	$	11,443	$	634,059	$	(660,028	)	$	757,334

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2010

(In thousands)


	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation			Eliminations			Consolidated Totals
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	48,416	$	62	$	—		$	—		$	48,478
Accounts receivable—net		93,983		1,565		—			—			95,548
Receivables from affiliates		5,338		5,798		6,745			(17,881	)		—
Contract revenues in excess of billings		24,777		94		—			(29	)		24,842
Inventories		31,734		—		—			—			31,734
Prepaid expenses		3,246		—		202			—			3,448
Other current assets		9,853		8		9,058			—			18,919

Total current assets		217,347		7,527		16,005			(17,910	)		222,969

PROPERTY AND EQUIPMENT—Net		322,958		273		—			—			323,231
GOODWILL		97,799		250		—			—			98,049
OTHER INTANGIBLE ASSETS—Net		3,017		263		—			—			3,280
INVESTMENTS IN SUBSIDIARIES		2,311		—		528,425			(530,736	)		—
INVENTORIES — Noncurrent		27,128		—		—			—			27,128
INVESTMENTS IN JOINT VENTURES		7,329		—		—			—			7,329
OTHER ASSETS		7,704		—		4,350			(215	)		11,839

TOTAL	$	685,593	$	8,313	$	548,780		$	(548,861	)	$	693,825


LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	81,534	$	1,187	$	—		$	—		$	82,721
Payables to affiliates		14,151		3,655		—			(17,806	)		—
Accrued expenses		30,511		693		1,605			—			32,809
Billings in excess of contract revenues		14,121		467		—			(104	)		14,484
Current portion of note payable		2,500		—		—			—			2,500
Current portion of equipment debt		303		—		—			—			303

Total current liabilities		143,120		6,002		1,605			(17,910	)		132,817

LONG TERM NOTE PAYABLE		5,000		—		—			—			5,000
7 3/4% SENIOR SUBORDINATED NOTES		—		—		175,000			—			175,000
DEFERRED INCOME TAXES		—		—		92,681			(215	)		92,466
OTHER		9,048		—		2,669			—			11,717

Total liabilities		157,168		6,002		271,955			(18,125	)		417,000

Total Great Lakes Dredge & Dock Corporation Equity		528,425		2,311		278,953			(530,736	)		278,953
NONCONTROLLING INTERESTS		—		—		(2,128	)		—			(2,128	)

TOTAL EQUITY		528,425		2,311		276,825			(530,736	)		276,825

TOTAL	$	685,593	$	8,313	$	548,780		$	(548,861	)	$	693,825

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING INCOME STATEMENT

FOR THE THREE MONTHS ENDED JUNE 30, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

CONTRACT REVENUES	$	151,223		$	6,269		$	—		$	(2,533	)	$	154,959
COSTS OF CONTRACT REVENUES		(132,879	)		(4,847	)		—			2,533			(135,193	)

GROSS PROFIT		18,344			1,422			—			—			19,766

OPERATING EXPENSES
General and administrative expenses		12,522			208			892			—			13,622
Gain on sale of assets		(2,513	)		—			—			—			(2,513	)

Total operating income (loss)		8,335			1,214			(892	)		—			8,657

INTEREST EXPENSE (Net)		(49	)		(54	)		(4,808	)		—			(4,911	)
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES		1,160			—			11,567			(12,727	)		—
EQUITY IN LOSS OF JOINT VENTURE		(123	)		—			—			—			(123	)
LOSS ON EXTENGUISHMENT OF DEBT		—			—			—			—			—

INCOME (LOSS) BEFORE INCOME TAXES		9,323			1,160			5,867			(12,727	)		3,623

INCOME TAX (PROVISION) BENEFIT		2,244			—			(3,699	)		—			(1,455	)


NET INCOME (LOSS)		11,567			1,160			2,168			(12,727	)		2,168
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		—			—			(462	)		—			(462	)

NET INCOME (LOSS) ATTRIBUTABLE TO GREAT LAKES DREDGE & DOCK CORPORATION	$	11,567		$	1,160		$	1,706		$	(12,727	)	$	1,706

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING INCOME STATEMENT

FOR THE THREE MONTHS ENDED JUNE 30, 2010

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

CONTRACT REVENUES	$	179,218		$	1,703		$	—		$	(786	)	$	180,135
COSTS OF CONTRACT REVENUES		(144,436	)		(1,896	)		—			786			(145,546	)

GROSS PROFIT		34,782			(193	)		—			—			34,589

General and administrative expenses		13,296			152			926			—			14,374

Total operating income (loss)		21,486			(345	)		(926	)		—			20,215

INTEREST EXPENSE (Net)		3			(18	)		(2,980	)		—			(2,995	)
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES		(363	)		—			21,354			(20,991	)		—
EQUITY IN LOSS OF JOINT VENTURE		(131	)		—			—			—			(131	)

INCOME (LOSS) BEFORE INCOME TAXES		20,995			(363	)		17,448			(20,991	)		17,089

INCOME TAX PROVISION		359			—			(7,114	)		—			(6,755	)


NET INCOME (LOSS)		21,354			(363	)		10,334			(20,991	)		10,334
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		—			—			474			—			474

NET INCOME (LOSS) ATTRIBUTABLE TO GREAT LAKES DREDGE & DOCK CORPORATION	$	21,354		$	(363	)	$	10,808		$	(20,991	)	$	10,808

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING INCOME STATEMENT

FOR THE SIX MONTHS ENDED JUNE 30, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

CONTRACT REVENUES	$	305,262		$	9,586		$	—		$	(4,551	)	$	310,297
COSTS OF CONTRACT REVENUES		(259,788	)		(7,852	)		—			4,551			(263,089	)

GROSS PROFIT (LOSS)		45,474			1,734			—			—			47,208

OPERATING EXPENSES
General and administrative expenses		23,726			421			1,564			—			25,711
Gain on sale of assets		(2,771	)		—			—			—			(2,771	)

Total operating income		24,519			1,313			(1,564	)		—			24,268

INTEREST EXPENSE (Net)		(129	)		(99	)		(10,633	)		—			(10,861	)
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES		1,214			—			28,118			(29,332	)		—
EQUITY IN LOSS OF JOINT VENTURE		(714	)		—			—			—			(714	)
LOSS ON EXTENGUISHMENT OF DEBT		—			—			(5,145	)		—			(5,145	)

INCOME (LOSS) BEFORE INCOME TAXES		24,890			1,214			10,776			(29,332	)		7,548

INCOME TAX (PROVISION) BENEFIT		3,228			—			(6,210	)		—			(2,982	)


NET INCOME (LOSS)		28,118			1,214			4,566			(29,332	)		4,566
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		—			—			(468	)		—			(468	)

NET INCOME (LOSS) ATTRIBUTABLE TO GREAT LAKES DREDGE & DOCK CORPORATION	$	28,118		$	1,214		$	4,098		$	(29,332	)	$	4,098

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING INCOME STATEMENT

FOR THE SIX MONTHS ENDED JUNE 30, 2010

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

CONTRACT REVENUES	$	340,047		$	3,529		$	—		$	(2,041	)	$	341,535
COSTS OF CONTRACT REVENUES		(274,968	)		(3,535	)		—			2,041			(276,462	)

GROSS PROFIT		65,079			(6	)		—			—			65,073

OPERATING EXPENSES
General and administrative expenses		23,480			347			1,617			—			25,444

Total operating income (loss)		41,599			(353	)		(1,617	)		—			39,629

INTEREST EXPENSE (Net)		(4	)		(37	)		(6,174	)		—			(6,215	)
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES		(390	)		—			40,702			(40,312	)		—
EQUITY IN LOSS OF JOINT VENTURE		(853	)		—			—			—			(853	)

INCOME (LOSS) BEFORE INCOME TAXES		40,352			(390	)		32,911			(40,312	)		32,561

INCOME TAX PROVISION		350			—			(13,344	)		—			(12,994	)


NET INCOME (LOSS)		40,702			(390	)		19,567			(40,312	)		19,567
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		—			—			567			—			567

NET INCOME (LOSS) ATTRIBUTABLE TO GREAT LAKES DREDGE & DOCK CORPORATION	$	40,702		$	(390	)	$	20,134		$	(40,312	)	$	20,134

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

AS OF JUNE 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	$	3,004		$	3,230		$	(16,679	)	$	—	$	(10,445	)

INVESTING ACTIVITIES:
Purchases of property and equipment		(13,583	)		—			—			—		(13,583	)
Dispositions of property and equipment		7,275			—			—			—		7,275


Net cash flows used in investing activities		(6,308	)		—			—			—		(6,308	)


FINANCING ACTIVITIES:
Proceeds from issuance of 7 3/8% senior unsecured 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		—			—			(5,829	)		—		(5,829	)
Dividends paid		—			—			(2,236	)		—		(2,236	)
Dividend equivalents paid on restricted stock units		—			—			(11	)		—		(11	)
Taxes paid on vested share awards		—			—			(250	)		—		(250	)
Net change in accounts with affiliates		50,703			(2,893	)		(47,810	)		—		—
Repayments of long-term debt		(217	)		—			—			—		(217	)
Exercise of stock options		—			—			27			—		27
Excess income tax benefit from share-based compensation		—			—			52			—		52


Net cash flows provided by (used in) financing activities		50,486			(2,893	)		16,679			—		64,272


NET CHANGE IN CASH AND EQUIVALENTS		47,182			337			—			—		47,519

CASH AND CASH EQUIVALENTS — Beginning of year		48,416			62			—			—		48,478


CASH AND CASH EQUIVALENTS — End of year	$	95,598		$	399		$	—		$	—	$	95,997

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

AS OF JUNE 30, 2010

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations		Consolidated Totals

OPERATING ACTIVITIES —
Net cash flows provided by (used in) operating activities	$	98,716		$	1,336		$	(24,407	)	$	—	$	75,645

INVESTING ACTIVITIES:
Purchases of property and equipment		(12,973	)		—			—			—		(12,973	)
Dispositions of property and equipment		210			—			—			—		210


Net cash flows used in investing activities		(12,763	)		—			—			—		(12,763	)


FINANCING ACTIVITIES:
Dividends paid		—			—			(1,992	)		—		(1,992	)
Dividend equivalents paid on restricted stock units		—			—			(12	)		—		(12	)
Net change in accounts with affiliates		(36,063	)		(1,348	)		37,411			—		—
Repayments of long-term debt		(740	)		—			—			—		(740	)
Exercise of stock options		414			—			—			—		414
Borrowings under revolving loans		—			—			14,968			—		14,968
Repayments of revolving loans		—			—			(25,968	)		—		(25,968	)


Net cash flows provided by (used in) financing activities		(36,389	)		(1,348	)		24,407			—		(13,330	)


NET CHANGE IN CASH AND EQUIVALENTS		49,564			(12	)		—			—		49,552

CASH AND CASH EQUIVALENTS — Beginning of year		3,028			222			—			—		3,250


CASH AND CASH EQUIVALENTS — End of year	$	52,592		$	210		$	—		$	—	$	52,802