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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Mar. 05, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
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		58,999,404
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 316,516,845
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 113,288	$ 48,478
Accounts receivable-net	120,268	95,548
Contract revenues in excess of billings	26,412	24,842
Inventories	33,426	31,734
Prepaid expenses	3,979	3,448
Other current assets	28,405	18,919
Total current assets	325,778	222,969
PROPERTY AND EQUIPMENT-Net	310,520	323,231
GOODWILL	98,049	98,049
OTHER INTANGIBLE ASSETS-Net	814	3,280
INVENTORIES-Noncurrent	30,103	27,128
INVESTMENTS IN JOINT VENTURES	6,923	7,329
OTHER	16,273	11,839
TOTAL	788,460	693,825
LIABILITIES AND EQUITY
Accounts payable	82,745	82,721
Accrued expenses	31,121	32,809
Billings in excess of contract revenues	13,627	14,484
Current portion of note payable	2,500	2,500
Current portion of equipment debt	533	303
Total current liabilities	130,526	132,817
LONG TERM NOTE PAYABLE	2,500	5,000
7 3/8% SENIOR NOTES	250,000
7 3/4% SENIOR SUBORDINATED NOTES		175,000
DEFERRED INCOME TAXES	104,352	92,466
OTHER	8,545	11,717
Total liabilities	495,923	417,000
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock-$.0001 par value; 90,000,000 authorized, 58,999,404 and 58,770,369 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively.	6	6
Additional paid-in capital	267,918	266,329
Retained earnings	24,042	12,261
Accumulated other comprehensive income	3	357
Total Great Lakes Dredge & Dock Corporation equity	291,969	278,953
NONCONTROLLING INTERESTS	568	(2,128)
Total equity	292,537	276,825
TOTAL	$ 788,460	$ 693,825

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	58,999,404	58,770,369
Common stock, shares outstanding	58,999,404	58,770,369

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Operations [Abstract]
CONTRACT REVENUES	$ 627,333	$ 686,922	$ 622,244
COSTS OF CONTRACT REVENUES	534,316	564,140	534,000
GROSS PROFIT	93,017	122,782	88,244
OPERATING EXPENSES:
GENERAL AND ADMINISTRATIVE EXPENSES	50,434	54,352	45,993
GAIN ON SALE OF ASSETS-Net	(11,711)
Total operating income	54,294	68,430	42,251
OTHER EXPENSE:
Interest expense-net	(21,665)	(13,542)	(16,150)
Equity in loss of joint ventures	(406)	(614)	(384)
Loss on foreign currency transactions-net	(282)
Loss on extinguishment of debt	(5,145)
Total other expense	(27,498)	(14,156)	(16,534)
INCOME BEFORE INCOME TAXES	26,796	54,274	25,717
INCOME TAX EXPENSE	(9,545)	(20,554)	(10,983)
NET INCOME	17,251	33,720	14,734
Net (income) loss attributable to noncontrolling interests	(723)	889	2,734
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OF GREAT LAKES DREDGE & DOCK CORPORATION	$ 16,528	$ 34,609	$ 17,468
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.28	$ 0.59	$ 0.30
Basic weighted-average shares	58,891	58,647	58,507
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation	$ 0.28	$ 0.59	$ 0.30
Diluted weighted-average shares	59,230	58,871	58,612

Consolidated Statements Of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss)[Member]	Noncontrolling Interests [Member]	Total
BALANCE - Value at Dec. 31, 2008	$ 6	$ 262,501	$ (31,812)	$ (3,415)	$ 833	$ 228,113
BALANCE - Shares at Dec. 31, 2008	58,484,242
Acquisition of Yankee Environmental Services					662	662
Share-based compensation, Value		1,078				1,078
Share-based compensation, Shares	57,796
Dividends declared and paid			(3,974)			(3,974)
Dividend equivalents paid on restricted stock units			(18)			(18)
Comprehensive income (loss):
Net income (loss)			17,468		(2,734)	14,734
Reclassification of derivative gains (losses) to earnings, net of tax				3,164		3,164
Change in fair value of derivatives, net of tax				790		790
Total comprehensive income (loss):					(2,734)	18,688
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		2,094				2,094
Share-based compensation, Shares	79,067
Vesting of restricted stock units, including impact of shares withheld for taxes, shares	13,302
Exercise of stock options, Value		656				656
Exercise of stock options, Shares	135,962
Dividends declared and paid			(3,988)			(3,988)
Dividend equivalents paid on restricted stock units			(24)			(24)
Comprehensive income (loss):
Net income (loss)			34,609		(889)	33,720
Reclassification of derivative gains (losses) to earnings, net of tax				(321)		(321)
Change in fair value of derivatives, net of tax				139		139
Total comprehensive income (loss):					(889)	33,538
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		1,838				1,838
Share-based compensation, Shares	116,329
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
Excess income tax benefit from share based compensation		55				55
Acquisition of noncontrolling interest in NASDI, LLC		(40)			1,973	1,933
Dividends declared and paid			(4,711)			(4,711)
Dividend equivalents paid on restricted stock units			(36)			(36)
Comprehensive income (loss):
Net income (loss)			16,528		723	17,251
Currency translation adjustment (net of tax of $177)				(267)		(267)
Reclassification of derivative gains (losses) to earnings, net of tax				(1,437)		(1,437)
Change in fair value of derivatives, net of tax				1,350		1,350
Total comprehensive income (loss):					723	16,897
BALANCE - Value at Dec. 31, 2011	$ 6	$ 267,918	$ 24,042	$ 3	$ 568	$ 292,537
BALANCE - Shares at Dec. 31, 2011	58,999,404

Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Equity [Abstract]
Dividends declared and paid, per share	$ 0.08	$ 0.07	$ 0.07
Reclassification of derivative gains (losses) to earnings, tax	$ 882	$ 213	$ 2,101
Change in fair value of derivatives, tax	824	$ 92	$ 524
Currency translation adjustment, tax	$ 177

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
OPERATING ACTIVITIES:
Net income	$ 17,251	$ 33,720	$ 14,734
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	40,838	34,301	33,023
Equity in loss of joint ventures	406	614	384
Distribution from equity joint ventures			621
Loss on extinguishment of 7 3/4% senior subordinated notes	5,145
Deferred income taxes	14,332	7,405	1,401
Gain on dispositions of property and equipment	(11,711)	(505)	(651)
Gain on adjustment of contingent earnout	(1,400)
Amortization of deferred financing fees	1,515	1,607	1,677
Unrealized foreign currency loss	513
Share-based compensation expense	1,838	2,094	1,078
Excess income tax benefit from share-based compensation	(55)
Changes in assets and liabilities:
Accounts receivable	(25,659)	56,603	(33,281)
Contract revenues in excess of billings	(3,759)	3,510	2,925
Inventories	(4,667)	2,630	9,836
Prepaid expenses and other current assets	(12,340)	(847)	3,529
Accounts payable and accrued expenses	3,888	(5,053)	12,591
Billings in excess of contract revenues	(857)	(11,078)	5,119
Other noncurrent assets and liabilities	(715)	(1,470)	1,012
Net cash flows provided by operating activities	24,563	123,531	53,998
INVESTING ACTIVITIES:
Purchases of property and equipment	(33,433)	(25,258)	(24,666)
Proceeds from dispositions of property and equipment	16,717	431	1,028
Acquisition of Matteson assets		(37,869)
Acquisition of controlling interest in Yankee Environmental Services			(1,229)
Net cash flows used in investing activities	(16,716)	(62,696)	(24,867)
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	(5,962)
Repayment of long term note payable	(2,500)
Dividends paid	(4,711)	(3,988)	(3,974)
Dividend equivalents paid on restricted stock units	(36)	(24)	(18)
Taxes paid on settlement of vested share awards	(291)
Repayments of equipment debt	(1,911)	(1,251)	(1,867)
Exercise of stock options	27	656
Excess income tax benefit from share-based compensation	55
Borrowings under revolving loans		14,968	158,877
Repayments of revolving loans		(25,968)	(189,377)
Net cash flows provided by (used in) financing activities	57,407	(15,607)	(36,359)
Effect of foreign currency exchange rates on cash and cash equivalents	(444)
Net increase (decrease) in cash and cash equivalents	64,810	45,228	(7,228)
Cash and cash equivalents at beginning of year	48,478	3,250	10,478
Cash and cash equivalents at end of year	113,288	48,478	3,250
Supplemental Cash Flow Information
Cash paid for interest	12,485	13,269	14,764
Cash paid for income taxes	5,270	16,332	8,677
Non-cash Investing Activity
Property and equipment purchased but not yet paid	5,222	8,559	4,187
Property and equipment purchased on capital leases and equipment notes	2,127	109	$ 615
Acquisition of noncontrolling interest in NASDI, LLC	$ 40
Purchase price of Matteson assets comprised of promissory notes and other liabilities		$ 9,140

Nature Of Business And Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Nature Of Business And Summary Of Significant Accounting Policies [Abstract]

Nature Of Business And Summary Of Significant Accounting Policies

1.	NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization—Great Lakes Dredge & Dock Corporation and its subsidiaries (the "Company" or "Great Lakes") are in the business of marine construction, primarily dredging, and commercial and industrial demolition. The Company's primary dredging customers are domestic and foreign government agencies, as well as private entities, and its primary demolition customers are general contractors, corporations that commission projects, nonprofit institutions such as universities and hospitals, and local government and municipal agencies.

Principles of Consolidation and Basis of Presentation—The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Revenue and Cost Recognition on Contracts—Substantially all of the Company's contracts for dredging services are fixed-price contracts, which provide for remeasurement based on actual quantities dredged. The majority of the Company's demolition contracts are also fixed-price contracts, with others managed as time-and-materials. Contract revenues are recognized under the percentage-of-completion method, based on the Company's engineering estimates of the physical percentage completed for dredging projects and using a cost-to-cost approach for demolition projects. For dredging projects, costs of contract revenues are adjusted to reflect the gross profit percentage expected to be achieved upon ultimate completion. For demolition contracts, contract revenues are adjusted to reflect the estimated gross profit percentage. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company's contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across our projects, does not significantly affect our results across reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Claims for additional compensation due to the Company are not recognized in contract revenues until such claims are settled. Billings on contracts are generally submitted after verification with the customers of physical progress and may not match the timing of revenue recognition. The difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Modifications may be negotiated when a change from the original contract specification is encountered, and a change in project scope, performance methodology and/or material disposal is necessary. Thus, the resulting modification is considered a change in the scope of the original project to which it relates. Significant expenditures incurred incidental to major contracts are deferred and recognized as contract costs based on contract performance over the duration of the related project. These expenditures are reported as prepaid expenses.

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. In the current year consolidated statements of operations, the Company has presented gains, net of losses, on the sale of assets as a separate line item in operating income. In the prior years, gains, net of losses, on the sale of assets were included in costs of contract revenues and were $467 and $614 for the years ended December 31, 2010 and 2009, respectively.

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 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.

Classification of Current Assets and Liabilities—The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year.

Cash Equivalents—The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents.

Accounts Receivable, net—Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. A portion of retainage will not be collected until after one year and is classified as other non-current assets. The Company provides an allowance for estimated uncollectible accounts receivable when events or conditions indicate that amounts outstanding are not recoverable.

Inventories—Inventories consist of pipe and spare parts used in the Company's dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Inventories are stated at the lower of net realizable value or weighted average historical cost.

Property and Equipment—Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are:


Class		Useful Life (years)
Buildings and improvements		10
Furniture and fixtures		5-10
Vehicles, dozers, and other light operating equipment and systems		3-5
Heavy operating equipment (dredges and barges)		10-30

Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases.

Goodwill and Other Intangible Assets—Goodwill represents the excess of cost over fair value. Other identifiable intangible assets mainly represent developed technology and databases, customer relationships, and customer contracts acquired in business combinations and are being amortized over a one to ten-year period. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Company assesses the fair values of its reporting units using both a market-based approach and an income-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses, appropriate discount rates and other variables. The estimates are based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates.

The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit's estimated revenue and Adjusted EBITDA. The Company analyzed companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighed the results of this approach less than the income approach.

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. In 2011, the Company early adopted new accounting guidance that allows for the option to perform a qualitative assessment prior to calculating the fair value of a reporting unit in the first step of the annual goodwill impairment testing. The adoption of this new accounting principle had no impact as the Company chose to perform a quantitative assessment of impairment in the current year. The Company performed its most recent annual test of impairment as of July 1, 2011 for the goodwill in both the dredging and demolition segments with no indication of goodwill impairment as of the test date. As of the test date, the fair value of both the dredging segment and the demolition segment were in excess of their carrying values by approximately 35% and 8%, respectively. Given the small margin with which the demolition segment's fair value is in excess of its carrying value, a more than insignificant decline in the demolition segment's future operating results or cash flow forecasts versus the segment's current forecasts could potentially cause a goodwill impairment charge to be recognized in a future period. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2012 should no triggering events occur which would require a test prior to the next annual test.

Long-Lived Assets—Long-lived assets are comprised of property and equipment and intangible assets subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. No triggering events were identified in 2011 or 2010.

Self-insurance Reserves—The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers' compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves.

The Company was previously a member of an insurance association that provided personal injury coverage for its maritime workforce in excess of self-insurance retention limits. Under the prior plan the Company was subject to retroactive premium adjustments based on the association's claims experience and investment performance. The Company accrued for retroactive premium adjustments when assessed by the insurance association. As the Company is no longer a member of the insurance association, there were no assessments accrued for the year ended December 31, 2011. During the years ended December 31, 2010 and 2009, there were $2,207 and $1,983 recorded for retroactive assessments, respectively.

Income Taxes—The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. The Company's current policy is to repatriate all earnings from foreign subsidiaries' operations as generated and at this time no amounts are considered to be permanently reinvested in those operations.

Hedging Instruments—The Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions.

The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment is discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occuring.

Foreign Currency Translation—The financial statements of the Company's foreign subsidiaries where the operations are primarily denominated in the foreign currency are translated into U.S. dollars for reporting. Balance sheet accounts are translated at the current foreign exchange rate at the end of each period and income statement accounts are translated at the average foreign exchange rate for each period. Gains and losses on foreign currency translations are reflected as a currency translation adjustment, net of tax, in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in loss on foreign currency transactions, net.

Noncontrolling Interest—The Company previously owned 65% of the profits interests of NASDI, LLC ("NASDI"), a demolition service provider located in the Boston, Massachusetts area. 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. 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.

On January 1, 2009 the Company acquired a 65% interest in Yankee Environmental Services, LLC ("Yankee"). Noncontrolling interest at December 31, 2011 is related to the membership interest the Company does not own in Yankee.

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 years ended December 31, 2011, 2010 and 2009, 299,132, zero and zero options to purchase shares of common stock ("NQSO"), respectively, were excluded from the calculation of diluted earnings per share. The options were excluded based on the application of the treasury stock method, as such options were determined to be anti-dilutive.

The computations for basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009 are as follows:


	2011		2010		2009

Net income attributable to common shareholders of Great Lakes Dredge & Dock Corporation	$	16,528	$	34,609	$	17,468

Weighted-average common shares outstanding—basic		58,890,780		58,646,511		58,506,608
Effect of stock options and restricted stock units		339,039		224,426		105,674


Weighted-average common shares outstanding—diluted		59,229,819		58,870,937		58,612,282


Earnings per share—basic	$	0.28	$	0.59	$	0.30
Earnings per share—diluted	$	0.28	$	0.59	$	0.30

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 on our consolidated financial statements.

In June and December 2011, the FASB issued amendments 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.

- 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

Restricted And Escrowed Cash

12 Months Ended

Dec. 31, 2011

Restricted And Escrowed Cash [Abstract]

Restricted And Escrowed Cash

2.	RESTRICTED AND ESCROWED CASH

At December 31, 2011 and 2010, other noncurrent assets include $1,500 of cash held in escrow as security for the Company's lease rental obligation under a long-term equipment operating lease.

At December 31, 2011 the Company held cash and cash equivalents of $6,489 in an escrow account related to its sale of real estate in Channelview, TX. The escrow is intended to transfer the proceeds from the sale to the purchase of a like-kind property, and due to the availability of the funds to the Company is not deemed to be restricted.

Accounts Receivable And Contracts In Progress

12 Months Ended

Dec. 31, 2011

Accounts Receivable And Contracts In Progress [Abstract]

Accounts Receivable And Contracts In Progress

3.	ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS

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


	2011			2010
Completed contracts	$	38,317		$	20,093
Contracts in progress		69,469			64,399
Retainage		20,692			18,634

		128,478			103,126
Allowance for doubtful accounts		(1,839	)		(1,655	)


Total accounts receivable	$	126,639		$	101,471


Current portion of accounts receivable, net	$	120,268		$	95,548
Long-term retainage		6,371			5,923

Total accounts receivable	$	126,639		$	101,471

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


	2011			2010
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	173,187		$	287,291
Amounts billed		(152,045	)		(263,665	)

Costs and earnings in excess of billings for contracts in progress		21,142			23,626
Costs and earnings in excess of billings for completed contracts		7,459			1,216


Total contract revenues in excess of billings	$	28,601		$	24,842


Current portion of contract revenues in excess of billings	$	26,412		$	24,842
Portion included in other noncurrent assets		2,189			—

Total contract revenues in excess of billings	$	28,601		$	24,842


Billings in excess of costs and earnings:
Amounts billed	$	(427,797	)	$	(429,688	)
Costs and earnings for contracts in progress		414,170			415,204


Total billings in excess of contract revenues	$	(13,627	)	$	(14,484	)

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Property And Equipment

12 Months Ended

Dec. 31, 2011

Property And Equipment [Abstract]

Property And Equipment

4.	PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2011 and 2010 are as follows:


	2011			2010

Land	$	2,764		$	2,870
Buildings and improvements		5,184			5,190
Furniture and fixtures		3,636			3,074
Operating equipment		519,008			499,976


Total property and equipment		530,592			511,110

Accumulated depreciation		(220,072	)		(187,879	)


Property and equipment—net	$	310,520		$	323,231

Depreciation expense was $38,372, $33,874 and $32,251, for the years ended December 31, 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

5.	GOODWILL AND OTHER INTANGIBLE ASSETS

The change in the carrying amount of goodwill during the years ended December 31, 2011 and 2010 is as follows:


	Dredging Segment		Demolition Segment			Total

Goodwill	$	76,575	$	26,290		$	102,865
Accumulated impairment losses		—		(4,816	)		(4,816	)


Balance—January 1, 2010		76,575		21,474			98,049
		—		—			—


Balance—December 31, 2010		76,575		21,474			98,049
		—		—			—


Balance—December 31, 2011	$	76,575	$	21,474		$	98,049

At December 31, 2011 and 2010, the net book value of identifiable intangible assets was as follows:


As of December 31, 2011	Cost		Accumulated Amortization		Net

Customer relationships	$	1,481	$	1,279	$	202
Software and databases		1,209		1,063		146
Non-compete agreement		744		313		431
Trade names		88		53		35


	$	3,522	$	2,708	$	814


As of December 31, 2010

Customer relationships	$	1,481	$	1,223	$	258
Backlog		2,611		480		2,131
Software and databases		1,209		991		218
Non-compete agreement		744		137		607
Trade names		88		35		53
Other		83		70		13


	$	6,216	$	2,936	$	3,280

On December 31, 2010 the Company acquired the assets of L.W. Matteson, Inc. ("Matteson") resulting in the recognition of additional intangible assets (See Note 14). The weighted average amortization period for intangible assets acquired in 2010 is 1.8 years. Intangible assets that were fully amortized at December 31, 2011 , including backlog and other intangible assets, have been removed from the balance sheet.

Amortization expense was $2,466, $427 and $773, for the years ended December 31, 2011, 2010 and 2009, respectively, and is included as a component of general and administrative expenses. Amortization expense related to intangible assets is estimated to be $254 in 2012, $254 in 2013, $163 in 2014 and $143 in 2015.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accrued Expenses [Abstract]

Accrued Expenses

6.	ACCRUED EXPENSES

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


	2011		2010

Payroll and employee benefits	$	10,763	$	13,573
Insurance		8,285		11,039
Interest		7,759		604
Percentage of completion adjustment		1,855		3,232
Income and other taxes		1,261		2,977
Other		1,198		1,384

Total accrued expenses	$	31,121	$	32,809

Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-Term Debt [Abstract]

Long-Term Debt

7.	LONG-TERM DEBT

Long-term debt at December 31, 2011 and 2010 is as follows:


	2011			2010

Equipment notes payable	$	591		$	366
Note payable		5,000			7,500
7.375% senior notes		250,000			—
7.75% senior subordinated notes		—			175,000


Subtotal		255,591			182,866

Current portion of note payable		(2,500	)		(2,500	)
Current portion of equipment debt		(533	)		(303	)


Total	$	252,558		$	180,063

Credit agreement

On June 12, 2007, the Company entered into a credit agreement (as amended, the "Credit Agreement") with Bank of America N.A. (successor by merger to LaSalle Bank National Association) as Administrative Agent and Issuing Lender, various other financial institutions as lenders and certain subsidiaries of the Company as Loan Parties. The Credit Agreement, provides for a revolving credit facility of up to $145,000 in borrowings and includes sublimits for the issuance of letters of credit and swingline loans. The revolving credit facility matures on June 12, 2012. The revolving credit facility bears interest at rates selected at the option of Great Lakes, currently equal to either LIBOR plus an applicable margin or the Base Rate 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 Earnings before interest, taxes, depreciation and amortization ("EBITDA") (each as defined in the Credit Agreement).

The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed by its direct and indirect domestic subsidiaries. Additionally, the obligations are secured by a perfected first priority lien on certain equipment of Great Lakes' subsidiary, Great Lakes Dredge & Dock Company, LLC ("GLDD Company"); a perfected second priority lien on certain other equipment of GLDD Company, subject to a perfected first priority lien in favor of Great Lakes' bonding company; a perfected first priority lien on the intercompany receivables of Great Lakes and its direct and indirect domestic subsidiaries and having an equal priority to the liens of Great Lakes' bonding company; and a perfected second priority lien on the accounts receivable of Great Lakes and its direct and indirect subsidiaries that relate to bonded projects. The Credit Agreement contains various covenants and restrictions, including (i) limitations on dividends to $5 million per year, (ii) limitations on redemptions and repurchases of capital stock, (iii) limitations on the incurrence of indebtedness, liens, leases, and investments, and (iv) maintenance of certain financial covenants.

As of December 31, 2011, the Company had no borrowings and $26,900 of letters of credit outstanding, resulting in $118,100 of availability under the Credit Agreement. There were no borrowings from the revolving credit facility during 2011.

At December 31, 2011, the Company was in compliance with its various covenants under its Credit Agreement.

Senior notes

In January 2011, the Company issued $250,000 of 7.375% senior notes due February 1, 2019. The senior notes were issued at 100% of face value resulting in net proceeds of $244,171. Also in January 2011, the Company redeemed all of its $175,000 of 7.75% senior subordinated notes due December 2013 for $180,014, which included a redemption premium and accrued and unpaid interest. The net proceeds of the issuance of the senior notes were used to redeem the senior subordinated notes. The remaining net proceeds from the issuance of the senior notes were used to augment working capital and could be used in the future for acquisitions.

Other

Great Lakes has a $24,000 International Letter of Credit Facility with Wells Fargo HSBC Trade Bank. This facility is used for performance and advance payment guarantees on foreign contracts, including our long-term land reclamation project in Bahrain. The Company's obligations under the agreement are guaranteed by the Company's foreign accounts receivable. In addition, the Export-Import Bank of the United States ("Ex-Im Bank") has issued a guarantee under the Ex-Im Bank's Working Capital Guarantee Program, which covers 90% of the obligations owing under the facility. At December 31, 2011, there were $11,724 of letters of credit outstanding under this facility.

In accordance with the purchase of Matteson (See Note 14), the Company issued a secured promissory note in the amount of $7,500 to the former owners of Matteson. Remaining principal payments of $2,500 each are due on December 31, 2012 and 2013. Interest payments at the annual rate of 6% are due quarterly.

The scheduled principal payments through the maturity date of the Company's long-term debt, excluding equipment notes, at December 31, 2011, are as follows:


Years Ending December 31

2012	$	2,500
2013		2,500
2014		—
2015		—
Thereafter		250,000


Total	$	255,000

The Company incurred amortization of deferred financing fees for its long term debt of $1,515, $1,607 and $1,677 for each of the years ended December 31, 2011, 2010 and 2009.

The Company sometimes enters into equipment note arrangements or capital leases to finance the acquisition of dozers, excavators and other operating equipment. In 2011 and 2010, the Company entered into equipment notes totaling $2,127 and $109, respectively. The current portion of equipment notes payable is $533 and $303, at December 31, 2011 and 2010, respectively. The long-term portion of these equipment notes is included in other long-term liabilities and totaled $58 and $63 at December 31, 2011 and 2010, respectively. The terms of these equipment notes extend through 2013. The net book value of the related assets was $2,450 and $1,335 at December 31, 2011 and 2010, respectively. Payments on these equipment notes will be $533 and $58 in 2012 and 2013.

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

8.	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. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period in which the event giving rise to the transfer occurred. At December 31, 2011 and 2010, 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 value of these financial instruments are summarized as follows:


			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 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		1,264		—		—		1,264

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

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 swaps 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. At the end of the fourth quarter of 2011, the unobservable inputs began to be corroborated by observable market data and accordingly the Company has transferred the swaps into Level 2 of the fair value hierarchy.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2011			2010
Interest rate swap contracts
Balance at January 1,	$	1,264		$	(20	)
Total unrealized gains (losses) included in earnings		(1,396	)		419
Settlements		887			865
Transfers out of Level 3		(755	)

Balance at December 31,	$	—		$	1,264

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 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 December 31, 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 September 2012. As of December 31, 2011, there were 5.2 million gallons remaining on these contracts which represent approximately 59% of the Company's forecasted fuel purchases through September 2012. Under these swap agreements, the Company will pay fixed prices ranging from $2.65 to $2.98 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 consolidated balance sheets. Gains and losses realized upon settlement of fuel hedge contracts are reclassified from accumulated other comprehensive income (loss) as the fuel is utilized, as an increase or a reduction of fuel expense, which is a component of costs of contract revenues in the consolidated statements of operations.

At December 31, 2011 and 2010, the fair value asset of the fuel hedge contracts was estimated to be $449 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 December 31, 2011 was $1,437. The remaining gains included in accumulated other comprehensive income at December 31, 2011 will be reclassified into earnings over the next nine 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 Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company's risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis.

The fair value of derivative instruments outstanding as of December 31, 2011 and 2010, respectively, is as follows:


	Balance Sheet Location	Fair Value at December 31,
Asset derivatives:		2011		2010
Derivatives designated as hedges
Fuel hedge contracts	Other current assets	$	449	$	595
Derivatives not designated as hedges
Interest rate swaps	Other current assets		755		816
Interest rate swaps	Other assets		—		448
Foreign exchange contracts	Other current assets		155		—

Total asset derivatives		$	1,359	$	1,859

The carrying value of other 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 December 31, 2011 (See Note 7). The senior notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the senior notes. The fair value of the Company's senior notes is $247,500 at December 31, 2011, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

9.	INCOME TAXES

The Company's pre- tax income from domestic and foreign operations for the years ended December 31, 2011, 2010 and 2009 is as follows:


	2011		2010			2009

Domestic operations	$	21,590	$	56,333		$	28,745
Foreign operations		5,206		(2,059	)		(3,028	)


Total pre-tax income	$	26,796	$	54,274		$	25,717

The provision for income taxes as of December 31, 2011, 2010 and 2009 is as follows:


	2011			2010			2009

Federal:
Current	$	(5,657	)	$	11,602		$	7,632
Deferred		13,762			6,772			1,737
State:
Current		403			2,431			1,967
Deferred		700			(602	)		(521	)
Foreign—current		337			351			168


Total	$	9,545		$	20,554		$	10,983

The Company's income tax provision reconciles to the provision at the statutory U.S. federal income tax rate of 35% as of December 31, 2011, 2010 and 2009 as follows:


	2011			2010			2009

Tax provision at statutory U.S. federal income tax rate	$	9,378		$	18,996		$	9,001
State income tax—net of federal income tax benefit		730			1,497			729
Foreign income tax benefit		(1,367	)		440			—
Secondary offering expenses		—			—			207
Tax on (income) loss attributable to noncontrolling interests		(253	)		268			957
Changes in unrecognized tax benefits		15			(1,215	)		—
Changes in valuation allowance		1,588			59			—
Other		(546	)		509			89


Income tax provision	$	9,545		$	20,554		$	10,983

At December 31, 2011 and 2010, the Company had net operating loss carryforwards for state income tax purposes totaling $26,159 and $17,481, respectively. The outstanding carryforwards will expire between 2017 and 2026. At December 31, 2011 and 2010, a valuation allowance has been established for a portion of the deferred tax asset related to these state net operating loss carryforwards in the amount of $492 and $271, respectively.

The Company also has foreign net operating loss carryforwards of approximately $10,164 and $7,463 as of December 31, 2011 and 2010, respectively. The net operating losses expire between 2012 and 2031. At December 31, 2011 and 2010, a full valuation allowance has been established for the deferred tax asset of $2,632 and $1,265, respectively, related to foreign net operating loss carryforwards, as the Company believes it is more likely than not that the net operating loss carryforwards will not be realized.

As of December 31, 2011 and 2010, the Company had $633 and $630, respectively, in unrecognized tax benefits, the recognition of which would have an impact of $347 and $345 on the effective tax rate.

The Company does not expect that total unrecognized tax benefits will significantly increase or decrease within the next 12 months. Below is a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period.


	2011		2010			2009

Unrecognized tax benefits—January 1	$	630	$	2,038		$	2,220
Gross increases—tax positions in prior period		3		—			142
Gross increases—current period tax positions		—		—			69
Gross decreases—expirations in prior period		—		(113	)		(231	)
Gross decreases—tax positions in prior period		—		(1,015	)		(42	)
Settlements		—		(280	)		(120	)


Unrecognized tax benefits—December 31,	$	633	$	630		$	2,038

The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2011 and 2010, the Company had approximately $196 and $175, respectively, of interest and penalties recorded.

The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2008 are closed and no longer subject to examination. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2007. In foreign jurisdictions in which the Company operates, years prior to 2009 are closed and are no longer subject to examination.

The Company's deferred tax assets (liabilities) at December 31, 2011 and 2010 are as follows:


	2011			2010

Deferred tax assets:
Accrued liabilities	$	8,177		$	10,387
Tax credit carryforwards		391			—
Foreign NOLs		2,632			1,265
State NOLs		1,285			777
Valuation allowance		(3,124	)		(1,536	)


Total deferred tax assets		9,361			10,893


Deferred tax liabilities:
Depreciation and amortization		(106,671	)		(94,713	)
Investment in NASDI, LLC and Yankee Environmental Services		(942	)		(155	)
Fuel hedges		(179	)		(237	)


Total deferred tax liabilities		(107,792	)		(95,105	)


Net deferred tax liabilities	$	(98,431	)	$	(84,212	)


As reported in the balance sheet:
Net current deferred tax assets (included in other current assets)	$	5,921		$	8,254
Net noncurrent deferred tax liabilities		(104,352	)		(92,466	)


Net deferred tax liabilities	$	(98,431	)	$	(84,212	)

Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. With the exception of certain state and foreign net operating loss carryforwards, a valuation allowance has not been recorded to reduce the balance of deferred tax assets at either December 31, 2011, or December 31, 2010, because the Company believes that it is more likely than not that the deferred income tax assets will ultimately be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-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 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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 Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

10.

SHARE-BASED COMPENSATION

The Company's 2007 Long-Term Incentive Plan (the "Incentive Plan"), as approved by the Board of Directors on September 18, 2007, permits the grant of stock options, stock appreciation rights, restricted stock and restricted stock units ("RSUs") to its employees and directors for up to 5.8 million shares of common stock.

Compensation cost charged to expense related to these stock-based compensation arrangements was $1,838, $2,094 and $1,078 for the years ended December 31, 2011, 2010 and 2009, respectively.

Non-qualified stock options

The NQSO awards were granted with an exercise price equal to the market price of the Company's common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date, and have ten year exercise periods.

The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company's common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined based upon a simplified assumption that the NQSOs will be exercised evenly from vesting to expiration, as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected life.

For grants issued in 2011 and 2010, the volatility assumptions were based on historical volatility of Great Lakes and comparable publicly-traded companies, primarily more mature and well-established companies in the engineering and construction sector.

For grants issued in 2009, the volatility assumptions were based upon historical volatilities of comparable companies whose shares are traded using daily stock price returns equivalent to the expected term of the option. Due to a lack of sufficient historical information at the time these NQSOs were issued (since the Company's shares were not publicly traded until December 2006) the historical volatility data for the Company was not considered in determining expected volatility. The Company also considered implied volatility data for comparable companies, using current exchange traded options.

There is not an active market for options on the Company's common stock and, as such, implied volatility for the Company's stock was not considered. Additionally, the Company's general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock.

The weighted-average grant-date fair value of options granted during the years ended December 31, 2011, 2010 and 2009 was 2.23, $2.52 and $1.86 respectively. The fair value of each option was estimated using the following assumptions:


	2011	2010	2009
Expected volatility	50.0%	50.0%	60.0%
Expected dividends	1.6%	1.2%	1.8%
Expected term (in years)	5.5 - 6.5	5.5 - 6.5	5.0 - 6.0
Risk free rate	1.5% - 2.2%	2.2% - 2.8%	2.2%

A summary of stock option activity under the Incentive Plan as of December 31, 2011, and changes during the year ended December 31, 2011, is presented below:


Options	Shares			Weighted Average Exercise Price		Weighted- Average Remaining Contract Term (yrs)		Aggregate Intrinsic Value ($000's)

Outstanding as of January 1, 2011		840,444		$	4.99
Granted		444,178			5.33
Exercised		(6,278	)		4.35
Forfeited or Expired		(18,929	)		5.06

Outstanding as of December 31, 2011		1,259,415		$	5.11		8.2	$	607


Vested at December 31, 2011		602,395		$	4.96		7.3	$	502
Vested or expected to vest at December 31, 2011		1,248,140		$	5.11		8.2	$	603

Restricted stock units

RSUs generally vest in one installment on the third anniversary of the grant date. The fair value of RSUs was based upon the Company's stock price on the date of grant. A summary of the status of the Company's non-vested RSUs as of December 31, 2011, and changes during the year ended December 31, 2011, is presented below:


Nonvested Restricted Stock Units	Shares			Weighted- Average Grant- Date Fair Value

Outstanding as of January 1, 2011		355,298		$	4.97
Granted		305,428			5.36
Vested		(154,511	)		5.32
Forfeited		(41,332	)		5.24

Outstanding as of December 31, 2011		464,883		$	5.08


Expected to vest at December 31, 2011		446,695		$	5.08

As of December 31, 2011, there was $2,881 of total unrecognized compensation cost related to non-vested NQSOs and RSUs granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.3 years.

The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee's U.S. federal income tax liability resulting from the issuance of the shares through the Company's retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $291 for the year ended December 31, 2011.

In September 2010, Jonathan W. Berger and Bruce J. Biemeck each received 9,208 shares of the Company's common stock per the terms of their respective employment agreements. In March 2011, Messrs. Berger and Biemeck each received 16,490 shares of the Company's common stock per the terms of their respective employment agreements.

Director compensation

The Company uses a combination of cash and stock-based compensation to attract and retain qualified candidates to serve on our Board of Directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the Board or any of its committees. All of our directors are non-employee directors with the exception of Messrs. Berger and Biemeck. Douglas B. Mackie, the Company's former President and CEO, remains a director but is no longer an employee of the Company. Through December 31, 2011, Mr. Mackie has received $39 in compensation for the prorated portion of his term as a director subsequent to the end of his consulting agreement. Stock-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company received an annual retainer of $125, payable quarterly in arrears, and was paid 50% in cash and 50% in common stock of the Company. The Chairman of the Board receives an additional $150 of compensation, paid in stock. This was prorated to $123 from the date of appointment through the end of 2011.

In the years ended December 31, 2011 and 2010, 83,349 and 60,651 shares, respectively, of the Company's common stock were issued to non-employee directors under the Incentive Plan.

- 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
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Retirement Plans

12 Months Ended

Dec. 31, 2011

Retirement Plans [Abstract]

Retirement Plans

11.

RETIREMENT PLANS

The Company sponsors four 401(k) savings plans, one covering substantially all non-union salaried employees ("Salaried Plan"), a second covering its non-union hourly employees ("Hourly Plan"), a third plan specifically for its employees that are members of a tugboat union and a fourth for the salary and non-union employees of the Company's rivers & lakes division. Under the Salaried Plan and Hourly Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees' contributions. Additionally, the Salaried Plan includes a profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of the Salaried Plan. The Company's expense for matching and discretionary contributions for 2011, 2010 and 2009, was $3,942, $4,726 and $4,086, respectively.

The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act ("ERISA") as amended by the Multiemployer Pension Plan Amendments Act ("MPPAA"). Based upon these plans' most recently available annual reports, the Company's contribution to these plans were less than 5% of each such plan's total contributions. Information on significant multiemployer pension plans in which the Company participates is included in the table below:


	Federal Identification Number		Pension Protetion Act of 2006 Certified Zone Status at December 31,		Expiration of Collective Bargaining Arrangement with the Company


						Company's Contributions
Pension Plan Legal Name			2011	2010		2011		2010		2009

Massachusetts Laborers Pension Fund		04-6128298 001	Yellow	Yellow	Various dates in 2012	$	3,423	$	3,084	$	2,614
Central Pension Fund of the IUOE & Participating Employers		36-6052390 001	Green	Green	September 30, 2012		1,759		2,141		1,974
Excavators Union Local 731 Pension Fund		13-1809825 002	Green	Green	February 29, 2012		716		317		4
Seafarers Pension Trust		13-6100329 001	Green	Green	June 30, 2012		699		943		974
International Union of Operating Engineers Local 4 Pension Fund		04-6013863 001	Green	Green	May 31, 2014		583		624		602
Employers & Operating Engineers Local 520 Pension Fund		37-6053929 001	Green	Green	December 31, 2014		340		55		74
Iron Workers Locals 40, 361 & 417 Pension Fund		51-6102576 001	Yellow	Yellow	June 30, 2014		303		183		—
Other pension plans							686		711		420

						$	8,509	$	8,058	$	6,662

At December 31, 2011 a funding improvement plan was in place for the Massachusetts Laborers Pension Fund and the Iron Workers Locals 40, 361 & 417 Pension Fund. Neither plan required the Company to pay a surcharge on contributions for years presented. The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan's termination or the Company's withdrawal from a plan, the Company may be liable for a portion of the plan's unfunded vested benefits. However, information from the plans' administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-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 132R
-Paragraph 8
-Subparagraph m
-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 106
-Paragraph 518
-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 87
-Paragraph 264
-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 Emerging Issues Task Force (EITF)
-Number 03-2
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-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 FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-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 158
-Paragraph 7, 21, 22
-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 132R
-Paragraph 5, 6, 7, 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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

12.

COMMITMENTS AND CONTINGENCIES

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

The Travelers bonding agreement contains provisions requiring the Company to maintain certain financial ratios and restricting the Company's ability to pay dividends, incur indebtedness, create liens and take certain other actions. At December 31, 2011, the Company was in compliance with its various covenants under the bonding agreement with Travelers. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At December 31, 2011, the Company had outstanding performance bonds valued at approximately $336,086; however, the revenue value remaining in backlog related to these projects totaled approximately $247,037.

Legal proceedings

As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company.

Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company accrues reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition.

The Company or its former subsidiary, NATCO Limited Partnership, was named as a defendant in approximately 251 asbestos-related personal injury lawsuits, the majority of which were filed between 1989 and 2000. The claims were filed on behalf of seamen or their personal representatives alleging injury or illness from exposure to asbestos while employed as seamen on Company-owned vessels. In these cases, the Company is typically one of many defendants, including manufacturers and suppliers of products containing asbestos, as well as other vessel owners. Following certain administrative proceedings, counsel for plaintiffs agreed to name a group of cases that they intended to pursue and to dismiss the remaining cases without prejudice. Plaintiffs have currently named 39 cases against the Company that they intend to pursue, each of which involves one plaintiff. The remaining cases against the Company were 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 39 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, 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.

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 engaged in routine communications with the District Attorney's office. 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 three 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.

Lease obligations

The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2020. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company's Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions.

Future minimum operating lease payments at December 31, 2011, are as follows:


2012	$	16,432
2013		14,816
2014		14,286
2015		13,963
2016		13,952
Thereafter		20,166


Total minimum operating lease payments	$	93,615

Total rent expense under long-term operating lease arrangements for the years ended December 31, 2011, 2010 and 2009 was $16,968, $17,397 and $17,718, respectively. This excludes expenses for equipment and facilities rented on a short-term, as-needed basis.

- 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
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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+ Details

Related-Party Transactions

12 Months Ended

Dec. 31, 2011

Related-Party Transactions

13.

RELATED-PARTY TRANSACTIONS

The demolition business is operated out of a building owned by a minority interest owner in Yankee and prior to 2011, a profits interest owner in NASDI. In 2011, 2010 and 2009, NASDI and Yankee paid the minority interest owner $483, $312 and $312, respectively, for rent and property taxes.

Our rivers & lakes group operates out of a facility owned by the former owner of Matteson. The Company paid $103 in rent to the building owner during 2011. As the purchase of Matteson occurred on December 31, 2010, the Company paid no rents in 2010.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Business Combinations And Reorganizations

12 Months Ended

Dec. 31, 2011

Business Combinations And Reorganizations [Abstract]

Business Combinations And Reorganizations

14.

BUSINESS COMBINATIONS AND REORGANIZATIONS

Matteson acquisition

On December 31, 2010, the Company acquired the assets of L.W. Matteson, Inc., a maintenance dredging, environmental dredging and levee construction company located in Burlington, IA, for a base purchase price of $45 million. The Matteson acquisition expands the Company's service offering into inland river, lakes and environmental dredging and levee construction using dredge material. The purchase price was subject to an adjustment based upon the closing working capital balance, which resulted in the recognition of additional purchase price of $369. Furthermore, the seller may receive cash payments for any of the calendar years ended 2011, 2012 and 2013 if certain earnings based criteria are met. Per the purchase agreement, if Business EBITDA for any of these calendar years exceeds $9.0 million but is equal to or less than $12.0 million, the earnout payment shall be an amount equal to the product of (i) the amount by which Business EBITDA for such earnout period exceeds $9.0 million multiplied by (ii) 15%, and if Business EBITDA for such earnout period is greater than $12.0 million, the earnout payment shall be in an amount equal to the sum of (i) $450 plus (ii) the product of (x) the amount by which Business EBITDA for such earnout period exceeds $12.0 million multiplied by (y) 25%. There is no limit to the amount of earnout the seller may receive. In 2011 and 2010, the fair value of the recorded earnout liability was $240 and $1,640 of which $0 and $547 is recorded in accrued liabilities and $240 and $1,093 is recorded in other liabilities, respectively. The liability was reduced as projected future earnings lowered the estimated calculation of the contingent earnout.

The acquisition was funded with $37.5 million in cash and a seller note of $7.5 million. The following table summarizes the allocation of purchase price:


Property, plant and equipment	$	36,173
Inventories		4,637
Accounts receivable		4,173
Intangible assets		2,670
Other assets and liabilities—net		(644	)

Total	$	47,009

The purchase price has been allocated to the assets acquired and liabilities assumed using estimated fair values as of the acquisition date.

As the acquisition took place on December 31, 2010, no income or earnings of Matteson were included in the consolidated statement of operations of the Company for the period ended December 31, 2010.

The following unaudited pro forma consolidated financial information present the consolidated results of operations of the Company as they may have appeared had the acquisition described above occurred as of January 1, 2009 for purposes of the unaudited pro forma consolidated statements of operations.

The unaudited pro forma consolidated financial information are provided for illustrative purposes only and do not purport to present what the actual results of operations would have been had the transaction actually occurred on the date indicated, nor does it purport to represent results of operations for any future period. The information does not reflect any cost savings or other benefits that may be obtained through synergies among the operations of the Company.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


	2010		2009
	(Unaudited)
Revenue as reported	$	686,922	$	622,244
Revenue of purchased businesses for the period prior to acquisition		37,183		41,003

Pro forma revenue	$	724,105	$	663,247

Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation	$	34,609	$	17,468
Net income of Matteson including pro forma acquisition accounting adjustments		3,257		4,134

Pro forma net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation	$	37,866	$	21,602

Senior management reorganization

In April 2010, the Board of Directors of the Company eliminated the position of Chief Operating Officer and created a new position, President of Dredging Operations. In connection with this operational restructuring, Richard M. Lowry, Chief Operating Officer, left the Company and is receiving severance in accordance with his Employment Agreement.

On September 7, 2010, the Company announced the resignation of Douglas B. Mackie as President and Chief Executive Officer and the appointment of Jonathan W. Berger as Chief Executive Officer. Mr. Mackie continues to serve as a director. Also, on September 7, 2010, the Company announced the resignation of Deborah A. Wensel as Senior Vice President, Chief Financial Officer, Treasurer and Secretary and the appointment of Bruce J. Biemeck as President and Chief Financial Officer.

The Company recorded expense of $6,428 in connection with the severance arrangements with its former executives in 2010. These payments are being made over a one to three year period per the terms of each former executive's arrangement and, as of December 31, 2011 and 2010, $2,335 and $4,474, respectively, remained unpaid and was included in accrued expenses and other liabilities.

Effective September 7, 2010, Messrs Berger and Biemeck continued as directors but are no longer appointed to Board Committees, and Mr. Biemeck no longer serves as Lead Director.

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

15.

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 2011, 2010 and 2009, is provided as follows:


	2011		2010			2009

Dredging:
Contract revenues	$	520,134	$	608,969		$	574,311
Operating income		53,793		70,504			49,844
Depreciation and amortization		37,176		31,532			29,853
Total assets		742,292		646,158			626,746
Property and equipment—net		298,140		315,140			281,520
Goodwill		76,575		76,575			76,575
Investment in joint ventures		6,923		7,329			7,943
Capital expenditures		22,860		28,838			23,924
Demolition:
Contract revenues		107,199		77,953			47,933
Operating income (loss)		501		(2,074	)		(7,593	)
Depreciation and amortization		3,662		2,769			3,170
Total assets		46,168		47,667			38,680
Property and equipment—net		12,380		8,091			9,637
Goodwill		21,474		21,474			21,474
Capital expenditures		7,852		1,025			3,375
Total:
Contract revenues		627,333		686,922			622,244
Operating income		54,294		68,430			42,251
Depreciation and amortization		40,838		34,301			33,023
Total assets		788,460		693,825			665,426
Property and equipment—net		310,520		323,231			291,157
Goodwill		98,049		98,049			98,049
Investment in joint ventures		6,923		7,329			7,943
Capital expenditures		30,712		29,863			27,299

The Company classifies the revenue related to its dredging projects into the following types of work:


	2011		2010		2009

Capital dredging—U.S.	$	156,251	$	300,873	$	203,147
Capital dredging—foreign		77,232		82,898		134,123
Beach nourishment dredging		135,164		106,163		62,133
Maintenance dredging		116,016		119,035		174,908
Rivers & lakes		35,471		—		—


Total dredging	$	520,134	$	608,969	$	574,311

The Company derived revenues and gross profit from foreign project operations for the years ended December 31, 2011, 2010, and 2009, as follows:


	2011			2010			2009

Contract revenues	$	77,232		$	82,898		$	134,123
Costs of contract revenues		(63,256	)		(76,708	)		(124,355	)


Gross profit	$	13,976		$	6,190		$	9,768

In 2011, 2010 and 2009, the majority of the Company's foreign revenue came from projects in the Middle East, primarily 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. As of December 31, 2011 and 2010, long-lived assets with a net book value of $96,376 and $110,586, respectively, were located outside of the U.S.

The Company's primary dredging customer is the U.S. Army Corps of Engineers (the "Corps"), which has responsibility for federally funded projects related to waterway navigation and flood control. In 2011, 2010 and 2009, 43.1%, 53.5% and 56.0%, respectively, of contract revenues were earned from dredging contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. At December 31, 2011 and 2010, approximately 36.9% and 32.9%, respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on dredging contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government dredging contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company's dredging operations can be influenced by the level and timing of federal funding.

In addition, the Company's work overseas is primarily with the government of Bahrain which accounted for 7.6%, 8.1% and 20.3% of total revenue in 2011, 2010 and 2009, respectively. At December 31, 2011 and 2010, approximately 21.4% and 20.7%, respectively, of accounts receivable, including retainage and contract revenues in excess of billings, were due on dredging contracts with the government of Bahrain. There is a dependence on future projects in the Bahrain region, as vessels are currently located there. However, certain of the vessels located in Bahrain can be moved back to the U.S. or all can be moved to other international markets as opportunities arise.

- 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)
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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

Subsidiary Guarantors

12 Months Ended

Dec. 31, 2011

Subsidiary Guarantors [Abstract]

Subsidiary Guarantors

16.

SUBSIDIARY GUARANTORS

The Company's long-term debt at December 31, 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.

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 December 31, 2011 and 2010;

(ii)

statements of operations for the years ended December 31, 2011, 2010 and 2009; and

(iii)

statements of cash flows for the years ended December 31, 2011, 2010 and 2009.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2011

(In thousands)


	Subsidiary Guarantors		Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	108,985	$	4,303	$	—	$	—		$	113,288
Accounts receivable—net		118,530		1,738		—		—			120,268
Receivables from affiliates		79,683		7,729		49,724		(137,136	)		—
Contract revenues in excess of billings		26,323		153		—		(64	)		26,412
Inventories		33,426		—		—		—			33,426
Prepaid expenses		3,847		—		132		—			3,979
Other current assets		12,082		125		16,198		—			28,405

Total current assets		382,876		14,048		66,054		(137,200	)		325,778

PROPERTY AND EQUIPMENT—Net		310,459		61		—		—			310,520
GOODWILL		97,799		250		—		—			98,049
OTHER INTANGIBLE ASSETS—Net		675		139		—		—			814
INVENTORIES—Noncurrent		30,103		—		—		—			30,103
INVESTMENTS IN JOINT VENTURES		6,923		—		—		—			6,923
INVESTMENTS IN SUBSIDIARIES		4,385		—		627,754		(632,139	)		—
OTHER ASSETS		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 note payable		2,500		—		—		—			2,500
Current portion of equipment debt		533		—		—		—			533

Total current liabilities		206,921		8,705		52,100		(137,200	)		130,526

LONG TERM NOTE PAYABLE		2,500		—		—		—			2,500
7 3/8% SENIOR 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 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
INVENTORIES—Noncurrent		27,128		—		—			—			27,128
INVESTMENTS IN JOINT VENTURES		7,329		—		—			—			7,329
INVESTMENTS IN SUBSIDIARIES		2,311		—		528,425			(530,736	)		—
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 STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

Contract revenues	$	619,643		$	19,941		$	—		$	(12,251	)	$	627,333
Costs of contract revenues		(527,769	)		(18,798	)		—			12,251			(534,316	)

Gross profit (loss)		91,874			1,143			—			—			93,017

OPERATING EXPENSES:
General and administrative expenses		46,285			797			3,352			—			50,434
Gain on sale of assets—net		(11,722	)		—			11			—			(11,711	)

Operating income (loss)		57,311			346			(3,363	)		—			54,294

Interest expense—net		(780	)		(156	)		(20,729	)		—			(21,665	)
Equity in earnings (loss) of subsidiaries		2,075			—			56,442			(58,517	)		—
Equity in loss of joint ventures		(406	)		—			—			—			(406	)
Loss on foreign currency transactions—net		(264	)		(18	)		—			—			(282	)
Loss on extinguishment of debt		—			—			(5,145	)		—			(5,145	)


Income (loss) before income taxes		57,936			172			27,205			(58,517	)		26,796

Income tax (provision) benefit		404			5			(9,954	)		—			(9,545	)


Net income (loss)		58,340			177			17,251			(58,517	)		17,251

Net income attributable to noncontrolling interests		—			—			(723	)		—			(723	)

Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	58,340		$	177		$	16,528		$	(58,517	)	$	16,528

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2010

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

Contract revenues	$	683,460		$	8,538		$	—		$	(5,076	)	$	686,922
Costs of contract revenues		(559,754	)		(9,462	)		—			5,076			(564,140	)

Gross profit (loss)		123,706			(924	)		—			—			122,782

OPERATING EXPENSES:
General and administrative expenses		50,084			702			3,566			—			54,352

Operating income (loss)		73,622			(1,626	)		(3,566	)		—			68,430

Interest expense—net		26			(95	)		(13,473	)		—			(13,542	)
Equity in earnings (loss) of subsidiaries		(1,721	)		—			72,886			(71,165	)		—
Equity in loss of joint ventures		(614	)		—			—			—			(614	)

Income (loss) before income taxes		71,313			(1,721	)		55,847			(71,165	)		54,274

Income tax (provision) benefit		1,573			—			(22,127	)		—			(20,554	)


Net income (loss)		72,886			(1,721	)		33,720			(71,165	)		33,720

Net income attributable to noncontrolling interests		—			—			889			—			889

Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	72,886		$	(1,721	)	$	34,609		$	(71,165	)	$	34,609

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2009

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

Contract revenues	$	618,556		$	7,776		$	—		$	(4,088	)	$	622,244
Costs of contract revenues		(530,803	)		(7,240	)		(45	)		4,088			(534,000	)

Gross profit (loss)		87,753			536			(45	)		—			88,244

OPERATING EXPENSES:
General and administrative expenses		41,809			1,034			3,150			—			45,993

Operating income (loss)		45,944			(498	)		(3,195	)		—			42,251

Interest expense—net		(41	)		(115	)		(15,994	)		—			(16,150	)
Equity in earnings (loss) of subsidiaries		(613	)		—			47,308			(46,695	)		—
Equity in loss of joint ventures		(384	)		—			—			—			(384	)

Income (loss) before income taxes		44,906			(613	)		28,119			(46,695	)		25,717

Income tax (provision) benefit		2,402			—			(13,385	)		—			(10,983	)


Net income (loss)		47,308			(613	)		14,734			(46,695	)		14,734

Net income attributable to noncontrolling interests		—			—			2,734			—			2,734

Net income (loss) attributable to Great Lakes Dredge & Dock Corporation	$	47,308		$	(613	)	$	17,468		$	(46,695	)	$	17,468

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2011

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	51,145		$	(764	)	$	(25,818	)	$	—	$	24,563

INVESTING ACTIVITIES:
Purchases of property and equipment		(33,426	)		(7	)		—			—		(33,433	)
Dispositions of property and equipment		16,717			—			—			—		16,717


Net cash flows used in investing activities		(16,709	)		(7	)		—			—		(16,716	)

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	)
Repayment of long term note payable		(2,500	)		—			—			—		(2,500	)
Dividends paid		—			—			(4,711	)		—		(4,711	)
Dividend equivalents paid on restricted stock units		—			—			(36	)		—		(36	)
Taxes paid on settlement of vested share awards		—			—			(291	)		—		(291	)
Net change in accounts with affiliates		33,962			2,038			(36,000	)		—		—
Capital contributions		(3,418	)		3,418			—			—		—
Repayments of equipment debt		(1,911	)		—			—			—		(1,911	)
Exercise of stock options		—			—			27			—		27
Excess income tax benefit from share-based compensation		—			—			55			—		55


Net cash flows provided by financing activities		26,133			5,456			25,818			—		57,407

Effect of exchange rate changes on cash and cash equivalents		—			(444	)		—			—		(444	)


Net change in cash and equivalents		60,569			4,241			—			—		64,810

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


Cash and cash equivalents at end of period	$	108,985		$	4,303		$	—		$	—	$	113,288

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2010

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations		Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	157,248		$	(1,026	)	$	(32,691	)	$	—	$	123,531

INVESTING ACTIVITIES:
Purchases of property and equipment		(25,204	)		(54	)		—			—		(25,258	)
Dispositions of property and equipment		414			17			—			—		431
Purchase of Matteson		(37,869	)		—			—			—		(37,869	)


Net cash flows used in investing activities		(62,659	)		(37	)		—			—		(62,696	)

FINANCING ACTIVITIES:
Dividends paid		—			—			(3,988	)		—		(3,988	)
Dividend equivalents paid on restricted stock units		—			—			(24	)		—		(24	)
Net change in accounts with affiliates		(48,606	)		903			47,703			—		—
Repayments of equipment debt		(1,251	)		—			—			—		(1,251	)
Exercise of stock options		656			—			—			—		656
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		(49,201	)		903			32,691			—		(15,607	)


Net change in cash and equivalents		45,388			(160	)		—			—		45,228

Cash and cash equivalents at beginning of period		3,028			222			—			—		3,250


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

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2009

(In thousands)


	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals

OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	82,946		$	(2,545	)	$	(26,403	)	$	—		$	53,998

INVESTING ACTIVITIES:
Purchases of property and equipment		(24,666	)		—			—			—			(24,666	)
Dispositions of property and equipment		1,028			—			—			—			1,028
Acquisition of controlling interest in Yankee Environmental Services		(1,229	)		(1,891	)		—			1,891			(1,229	)


Net cash flows provided by (used in) investing activities		(24,867	)		(1,891	)		—			1,891			(24,867	)

FINANCING ACTIVITIES:
Dividends paid		—			—			(3,974	)		—			(3,974	)
Dividend equivalents paid on restricted stock units		—			—			(18	)		—			(18	)
Members' capital contribution to acquire assets of Yankee		—			1,891			—			(1,891	)		—
Net change in accounts with affiliates		(63,657	)		2,762			60,895			—			—
Capital contributions		—			—			—			—			—
Repayments of equipment debt		(1,867	)		—			—			—			(1,867	)
Borrowings under revolving loans		—			—			158,877			—			158,877
Repayments of revolving loans		—			—			(189,377	)		—			(189,377	)


Net cash flows provided by (used in) financing activities		(65,524	)		4,653			26,403			(1,891	)		(36,359	)

Net change in cash and equivalents		(7,445	)		217			—			—			(7,228	)

Cash and cash equivalents at beginning of period		10,473			5			—			—			10,478


Cash and cash equivalents at end of period	$	3,028		$	222		$	—		$	—		$	3,250

Schedule II-Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Schedule II-Valuation And Qualifying Accounts [Abstract]

Schedule II-Valuation And Qualifying Accounts

Great Lakes Dredge & Dock Corporation

Schedule II—Valuation and Qualifying Accounts

For the Years Ended December 31, 2011, 2010 and 2009

(In thousands)


			Additions
	Beginning Balance		Charged to costs and expenses		Charged to other accounts		Deductions			Ending balance
Description
Year ended December 31, 2009
Allowances deducted from assets to which they apply:

Allowances for doubtful accounts	$	1,250	$	69	$	—	$	(69	)	$	1,250


Year ended December 31, 2010
Allowances deducted from assets to which they apply:

Allowances for doubtful accounts	$	1,250	$	447	$	—	$	(42	)	$	1,655


Year ended December 31, 2011
Allowances deducted from assets to which they apply:

Allowances for doubtful accounts	$	1,655	$	260	$	—	$	(76	)	$	1,839