0000700923 2010-12-31 0000700923 2009-12-31 0000700923 2011-07-29 0000700923 2011-06-30 0000700923 2011-01-01 2011-06-30 0000700923 2010-01-01 2010-06-30 0000700923 2010-06-30 0000700923 2011-04-01 2011-06-30 0000700923 2010-04-01 2010-06-30 0000700923 2010-03-31 0000700923 2011-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares 62623000 107172000 29299000 10544000 2144000 3719000 223923000 96591000 46599000 11204000 1831000 380148000 41309000 17974000 138832000 30000000 17971000 636000 187439000 200000 145149000 47360000 192709000 380148000 384813000 181865000 153237000 384813000 824000 947000 55492000 46878000 2055000 1888000 0.01 0.01 4000000 4000000 0 0 0 0 0.01 0.01 100000000 100000000 20213045 20007081 20209735 20007081 3310 0 140285000 123572000 16713000 11048000 83000 256000 5838000 12000 208000 -53000 5589000 2236000 3353000 289174000 257292000 31882000 21612000 167000 446000 10549000 23000 411000 -83000 10078000 3945000 6133000 0.17 0.16 0.31 0.30 19868000 20791000 19844000 20761000 19539000 5987000 3717000 5831000 13251000 8217000 13610000 41128000 3809000 7749000 392000 816000 132000 148000 21000 42000 5779000 -8522000 -1364000 -1905000 4059000 -5485000 5102000 -1887000 -2060000 -5551000 12770000 13403000 281000 471000 5750000 7132000 -5469000 -6661000 20000000 16000 32000 132000 148000 80000 519000 -18932000 622000 7820000 -27214000 7364000 448000 14242000 -9304000 620000 -10372000 -22524000 44940000 37576000 35409000 37120000 <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Organization, Business, Basis of Presentation </b></font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Organization</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group&nbsp;Inc. (the "Company") consists of the following wholly owned subsidiaries: The L. E. Myers&nbsp;Co., a Delaware corporation; Hawkeye Construction,&nbsp;Inc., an Oregon corporation; Harlan Electric Company, a Michigan corporation; Sturgeon Electric Company,&nbsp;Inc., a Michigan corporation; MYR Transmission Services,&nbsp;Inc., a Delaware corporation; ComTel Technology&nbsp;Inc., a Colorado corporation; MYRpower,&nbsp;Inc., a Delaware corporation and Great Southwestern Construction,&nbsp;Inc., a Colorado corporation. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Business </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company performs construction services in two business segments: Transmission and Distribution ("T&amp;D"), and Commercial and Industrial ("C&amp;I"). T&amp;D customers include electric utilities, private developers, cooperatives, municipalities and other transmission owners nationwide. The Company provides a broad range of services, which includes design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair throughout the continental United States. The Company also provides C&amp;I electrical contracting services to facility owners and general contractors in the western United States. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Interim Consolidated Financial Information </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.&nbsp;GAAP") for interim financial reporting and pursuant to the rules and regulations of the SEC. Certain information and note disclosures typically included in financial statements prepared in accordance with U.S.&nbsp;GAAP have been omitted in accordance with these rules and regulations. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial condition of the Company as of June&nbsp;30, 2011, and the results of operations, and cash flows for the three and six months ended June&nbsp;30, 2011 and 2010. The results of operations for the three and six months ended June&nbsp;30, 2011 are not necessarily indicative of the results for the full year or the results for any future periods. The consolidated balance sheet as of December&nbsp;31, 2010 has been derived from the audited financial statements as of that date. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December&nbsp;31, 2010, included in the Company's annual report on Form&nbsp;10-K. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Use of Estimates</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with U.S.&nbsp;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. The most significant estimates are related to estimates to complete on contracts, insurance reserves, accounts receivable reserves, the recoverability of goodwill and intangibles, and estimates surrounding stock-based compensation. Actual results could differ from these estimates. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Recently Issued Accounting Pronouncements </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically, changes to U.S.&nbsp;GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASUs") to the FASB's Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recent ASUs not listed below are either not applicable to the Company or have minimal impact on our consolidated financial statements.</font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2010, the FASB issued ASU No.&nbsp;2010-06 to ASC 820 which required new disclosures and clarified existing disclosures about fair value measurement. Specifically, this update amends ASC 820 to now require: (a)&nbsp;a reporting entity to disclose separately the amounts of significant transfers in and out of Level&nbsp;1 and Level&nbsp;2 fair value measurements and to describe the reasons for the transfers; and (b)&nbsp;in the reconciliation for fair value measurements using significant unobservable inputs, a reporting entity should present separately information about purchases, sales, issuances, and settlements. In addition, this update clarifies the requirements of the following existing disclosures: (a)&nbsp;for purposes of reporting fair value measurement for each class of assets and liabilities, a reporting entity needs to use judgment in determining the appropriate classes of assets and liabilities; and (b)&nbsp;a reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. This update became effective for interim and annual reporting periods beginning after December&nbsp;15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level&nbsp;3 fair value measurements, which became effective for interim and reporting periods beginning after December&nbsp;15, 2010. The adoption of this standard modification did not have an impact on the Company's consolidated financial condition, results of operations or cash flows, and there were no material impacts to the Company's financial statement disclosures.</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>3. Supplemental Cash Flows</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental disclosures of cash flow information are as follows: </font></p> <div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 20%; PADDING-TOP: 0pt"> <p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p> <!-- User-specified TAGGED TABLE --> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET --> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="50"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="50"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="44"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="44"></td> <td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="3" align="left"><font size="2">&nbsp;</font><br /></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Three months ended<br /> June&nbsp;30,</b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Six months ended<br /> June&nbsp;30, </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="3" nowrap="nowrap" align="left"> <div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 53pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>(In thousands) <!-- COMMAND=ADD_SCROPPEDRULE,53pt --></b></font></div></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Cash paid during the period for:</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Income taxes</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">4,323</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">1,524</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">4,611</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">2,873</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Interest expense</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">142</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">186</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">310</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">369</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Noncash investing activities:</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of property and equipment for which payment was pending</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">4,069</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">1,171</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">4,069</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">1,171</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of property and equipment through like-kind exchange of similar assets</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">&#151;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">2,924</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">&#151;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">2,924</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr></table></div> <!-- end of user-specified TAGGED TABLE --></div> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the Company had recorded property and equipment of approximately $4.1&nbsp;million for which payment was pending. As of December&nbsp;31, 2010, the Company had purchased $3.3&nbsp;million of property and equipment for which payment was pending, all of which was paid during the six months ended June&nbsp;30, 2011.</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>4. Contracts in Process</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net asset (liability) position for contracts in process consisted of the following: </font></p> <div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 20%; PADDING-TOP: 0pt"> <p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p> <!-- User-specified TAGGED TABLE --> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET --> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="58"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="64"></td> <td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="2" nowrap="nowrap" align="left"> <div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 53pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>(In thousands) <!-- COMMAND=ADD_SCROPPEDRULE,53pt --></b></font></div></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>June&nbsp;30, 2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December&nbsp;31, 2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Costs incurred on uncompleted contracts</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">932,906</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">810,463</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Estimated earnings</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">114,350</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">92,102</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt">&nbsp;</p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,047,256</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">902,565</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Less: Billings to date</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,034,730</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">918,771</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt">&nbsp;</p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">12,526</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(16,206</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr></table></div> <!-- end of user-specified TAGGED TABLE --></div> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: </font></p> <div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 20%; PADDING-TOP: 0pt"> <p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p> <!-- User-specified TAGGED TABLE --> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET --> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="53"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="64"></td> <td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="2" nowrap="nowrap" align="left"> <div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 53pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>(In thousands) <!-- COMMAND=ADD_SCROPPEDRULE,53pt --></b></font></div></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>June&nbsp;30, 2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December&nbsp;31, 2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Costs and estimated earnings in excess of billings on uncompleted contracts</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">54,479</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">29,299</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Billings in excess of costs and estimated earnings on uncompleted contracts</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">(41,953</font></td> <td style="FONT-FAMILY: times"><font size="2">)</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">(45,505</font></td> <td style="FONT-FAMILY: times"><font size="2">)</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt">&nbsp;</p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">12,526</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">(16,206</font></td> <td style="FONT-FAMILY: times"><font size="2">)</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="2">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr></table></div> <!-- end of user-specified TAGGED TABLE --></div></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>5. Income Taxes </b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The difference between the U.S. federal statutory tax rate of 35% and the Company's effective tax rates for the three and six months ended June&nbsp;30, 2011 and 2010 was principally due to state income taxes. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company had approximately $0.6&nbsp;million of total unrecognized tax benefits as of June&nbsp;30, 2011 and December&nbsp;31, 2010, which was included in other liabilities in the accompanying consolidated balance sheets. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense as a result of the unrecognized tax benefits was a benefit of less than $0.1&nbsp;million for both of the six-month periods ended June&nbsp;30, 2011 and 2010. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is subject to taxation in various jurisdictions. The Company continues to remain subject to examination by U.S. federal authorities for certain open tax years (2009 and 2010), and by various state authorities for the years 2006 through 2010.</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>6. Commitments and Contingencies</b></font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Letters of Credit</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At both June&nbsp;30, 2011 and December&nbsp;31, 2010, the Company had one outstanding irrevocable standby letter of credit totaling $15.0&nbsp;million related to the Company's payment obligation under its insurance programs. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Leases </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company leases real estate and construction and office equipment under operating leases with terms ranging from one to five years. As of June&nbsp;30, 2011, future minimum lease payments for these operating leases were as follows: $3.2&nbsp;million for the remainder of 2011, $4.4&nbsp;million for 2012, $1.9&nbsp;million for 2013, $0.6&nbsp;million for 2014, and $0.1&nbsp;million for 2015. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Purchase Commitments for Construction Equipment </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the Company has approximately $3.8&nbsp;million in outstanding purchase orders for certain construction equipment with cash outlay requirements scheduled to occur in the third quarter. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Employment Agreements</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2009, the Company had recorded a contingent severance payment liability of approximately $1.6&nbsp;million related to the employment agreements it entered into with six executive officers in December 2007. The liability represented the amount the named executive officers would have been eligible to receive under the terms of the employment agreements if they were to voluntarily terminate employment without "good reason" (as defined in the employment agreements.) In March 2010, the Company amended and restated the employment agreements, and, among other things, removed the provision for severance pay that would have been payable upon a voluntary termination without good reason. The revised severance pay provisions in the employment agreements are all under the employer's control. As a result, the Company eliminated the $1.6&nbsp;million liability related to this provision. The benefit of reversing this liability was included as a reduction to selling, general and administrative expenses in the accompanying consolidated statement of operations for the six months ended June&nbsp;30, 2010. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Surety Bonds</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain circumstances, the Company is required to provide performance bonds in connection with its future performance on contractual commitments. The Company has indemnified its sureties for any expenses paid out under these performance bonds. As of June&nbsp;30, 2011, the total original face value amount of outstanding performance bonds was approximately $786.1&nbsp;million of which approximately $422.4&nbsp;million was not yet complete and unrecognized in revenue.</font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Collective bargaining agreements </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of the Company's subsidiaries' field labor employees are covered by collective bargaining agreements. The agreements require the subsidiaries to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If a subsidiary withdraws from one or more multi-employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could be assessed liabilities for additional contributions related to the underfunding of these plans. Although the Company has been informed that several of the multi-employer pension plans to which our subsidiaries contribute have been labeled with a "critical" status, the Company is not aware of any potential significant liabilities related to this issue. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Litigation and Other Legal Matters </i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is from time to time party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, will have a material adverse effect on the Company's financial position, results of operations or cash flows. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our present business as well as in respect of our divested businesses. Some of these include claims related to our current services and operations, and asbestos-related claims concerning historic operations of a predecessor affiliate. The Company believes that it has strong defenses to these claims as well as adequate insurance coverage in the event any asbestos-related claim is not resolved in our favor. These claims have not had a material impact on the Company to date and the Company believes that the likelihood that a future material adverse outcome will result from these claims is remote. However, if facts and circumstances change in the future, the Company cannot be certain that an adverse outcome of one or more of these claims would not have a material adverse effect on the Company's financial condition, results of operations or cash flows.</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>7. Stock-Based Compensation</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains two award plans under which stock-based compensation has been granted, the 2006 Stock Option Plan (the "2006 Plan") and the 2007 Long-Term Incentive Plan (the "LTIP"). Upon the adoption of the LTIP awards were no longer granted under the 2006 Plan. The LTIP provides for grants of (a)&nbsp;incentive stock options qualified as such under U.S. federal income tax laws, (b)&nbsp;stock options that do not qualify as incentive stock options, (c)&nbsp;stock appreciation rights, (d)&nbsp;restricted stock awards, (e)&nbsp;performance awards, (f)&nbsp;phantom stock, (g)&nbsp;stock bonuses, (h)&nbsp;dividend equivalents, or (i)&nbsp;any combination of such awards. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Stock Options</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June&nbsp;30, 2011, the Company granted options to purchase 90,080 shares of the Company's common stock to various employees, including the Company's named executive officers. The grant date fair value of these options, using the Black-Scholes-Merton option-pricing model, was approximately $11.88 per share. These options vest ratably, on an annual basis, over a three-year period. During the six months ended June&nbsp;30, 2011, employees exercised 140,049 options. Total intrinsic value of options exercised was $2.5&nbsp;million for the six months ended June&nbsp;30, 2011. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Restricted Stock</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June&nbsp;30, 2011, the Company granted restricted stock awards covering 47,918 shares of common stock to various employees, including the Company's named executive officers, and 17,367 shares of common stock to eligible members of the Board of Directors. The restricted stock awards granted to employees vest as follows: 41,230 shares vest ratably, on an annual basis, over a five-year period beginning on March&nbsp;24, 2012, and 6,688 shares cliff vest on May&nbsp;12, 2016. The restricted stock awards granted to the eligible members of the Board of Directors vest ratably, on an annual basis, over a three-year period. The grant date fair value of the restricted stock was as follows: $24.18 for 58,597 shares and $24.67 for 6,688 shares, which was equal to the closing market price of the Company's common stock on the date of grant. On March&nbsp;24, 2011, a total of 11,128 shares of restricted stock from a prior grant vested. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Performance Awards</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June&nbsp;30, 2011, the Company granted performance stock awards covering 34,179 shares of common stock, at target level, to certain key management personnel, including the Company's named executive officers. The grant date fair value of the performance stock awards was $24.18, which was equal to the closing market price of the Company's common stock on the date of grant. The performance stock awards will cliff vest on December&nbsp;31, 2013, subject to the achievement of certain specified levels of the Company's average return-on-equity ("ROE") over the performance period. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Stock-Compensation Expense</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company recognizes stock-based compensation expense on a straight-line basis over the vesting period. Stock-based compensation cost is adjusted for changes in estimated and actual forfeitures and also for changes in estimated performance shares that will be earned. The Company recognized stock-based compensation expense of approximately $1.0&nbsp;million and $0.8&nbsp;million for the six months ended June&nbsp;30, 2011 and 2010, respectively, in selling, general and administrative expenses. Stock-based compensation expense for the six months ended June&nbsp;30, 2011 included a net reduction in expense of $0.2&nbsp;million related to a change in the estimated forfeiture rates for the various awards and a change in the estimated number of performance shares that are expected to be earned. As of June&nbsp;30, 2011, there was approximately $4.8&nbsp;million of total unrecognized stock-based compensation cost related to awards granted under the LTIP, net of estimated forfeitures. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Retainer Share Election Program</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company's independent directors receives a retainer to be paid annually in cash, unless the director chooses to receive a portion of the retainer in the form of common stock. For the six months ended June&nbsp;30, 2011, a total of 1,843 shares of the Company's stock, valued at approximately $45,000, was issued to directors of the Company who elected to receive stock in lieu of cash. The fair value of the stock issued was $24.67 per share, which was equal to the closing market price of the Company's common stock on May&nbsp;12, 2011, the date of issuance.</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>8. Segment Information</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in the following table was derived from internal financial reports used for corporate management purposes: </font></p> <div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 20%; PADDING-TOP: 0pt"> <p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p> <!-- User-specified TAGGED TABLE --> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET --> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" width="10" align="left"></td> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="51"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="51"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="51"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="51"></td> <td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="3" align="left"><font size="2">&nbsp;</font><br /></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Three months ended<br /> June&nbsp;30,</b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Six months ended<br /> June&nbsp;30, </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" colspan="3" nowrap="nowrap" align="left"> <div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 53pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>(In thousands) <!-- COMMAND=ADD_SCROPPEDRULE,53pt --></b></font></div></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Contract revenues:</b></font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">T&amp;D</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">139,662</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">107,763</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">257,687</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">210,597</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">C&amp;I</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">45,648</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">32,522</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">77,917</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">78,577</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt">&nbsp;</p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">185,310</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">140,285</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">335,604</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">289,174</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" colspan="2"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Operating income (loss):</b></font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">T&amp;D</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">11,832</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">8,769</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">25,375</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">14,892</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">C&amp;I</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">824</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,734</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,676</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3,948</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="white"> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="0">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">General Corporate</font></p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(6,669</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(4,665</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(13,441</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(8,291</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt">&nbsp;</p></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,987</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,838</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">13,610</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td> <td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,549</font></td> <td style="FONT-FAMILY: times" valign="bottom"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom" colspan="3">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr></table></div> <!-- end of user-specified TAGGED TABLE --></div></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>9. Earnings Per Share</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding for the reporting period. Diluted earnings per share is computed similarly, except that it reflects the potential dilutive impact that would occur if dilutive securities were exercised into common shares. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has issued restricted stock awards which vest over a service period that ranges from three to five years. These awards contain rights to dividends or dividend equivalents. Awards containing such rights that are unvested are considered to be participating securities and would be included in the computation of earnings per share pursuant to the two-class method. Under the two-class method, earnings are allocated between the Company's common stockholders and participating securities. The application of the two-class method during the three and six months ended June&nbsp;30, 2011 and 2010 did not have a material impact on the earnings per share calculation. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The weighted average number of common shares used to compute basic and diluted net income per share was as follows: </font></p> <div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 60%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 20%; PADDING-TOP: 0pt"> <p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p> <!-- User-specified TAGGED TABLE --> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET --> <td style="FONT-FAMILY: times" align="left"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="61"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="61"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="61"></td> <td style="FONT-FAMILY: times" width="12"></td> <td style="FONT-FAMILY: times" width="7" align="right"></td> <td style="FONT-FAMILY: times" width="61"></td> <td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" align="left"><font size="2">&nbsp;</font><br /></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Three months ended<br /> June&nbsp;30,</b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Six months ended<br /> June&nbsp;30, </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom"> <th style="FONT-FAMILY: times" align="left"><font size="1">&nbsp;</font><br /></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th> <th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2010 </b></font></th> <th style="FONT-FAMILY: times"><font size="1">&nbsp;</font></th></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average basic common shares outstanding</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,058,503</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">19,867,530</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,021,018</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">19,844,457</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Potential common shares arising from stock options and restricted stock</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">919,524</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">923,027</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">935,072</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">916,482</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr> <tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"> <td style="FONT-FAMILY: times"> <p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average diluted common shares outstanding</font></p></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,978,027</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,790,557</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,956,090</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td> <td style="FONT-FAMILY: times" align="right"><font size="2">20,760,939</font></td> <td style="FONT-FAMILY: times"><font size="2">&nbsp;</font></td></tr> <tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top"> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right">&nbsp;</td> <td style="FONT-FAMILY: times" valign="bottom">&nbsp;</td></tr></table></div> <!-- end of user-specified TAGGED TABLE --></div> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three and six months ended June&nbsp;30, 2011 and 2010, potential common shares related to the assumed exercise of 89,975 and 105,957 stock options, respectively, were excluded from the diluted earnings per share calculation because the exercise price of those options was greater than the average market price of the common shares (anti-dilutive). For the three months and six months ended June&nbsp;30, 2011 and 2010, potential common shares related to the unvested portion of performance awards of 59,755 and 40,256, respectively, were excluded from the denominator of the diluted earnings per share calculation as either the underlying performance obligation was not met as of the end of those periods or the inclusion would have been anti-dilutive for the applicable period.</font></p></td></tr></table> 20400939 2011 Q2 Accelerated Filer Yes 0000700923 MYR GROUP INC. 10-Q 2011-06-30 false --12-31 80000 202948000 10544000 111322000 83000 14000 167000 43000 275000 1674000 444000 -1567000 44713000 <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>2. Fair Value Measurements</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting guidance provided by ASC 820 defines fair value, establishes methods used to measure fair value, and expands disclosure requirements about fair value measurements. The fair value accounting guidance establishes a three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level&nbsp;1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level&nbsp;2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level&nbsp;3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the carrying value of cash and cash equivalents, accounts receivable and payable, accrued liabilities, and certain other financial assets and liabilities approximated fair value due to the short maturities of these instruments.</font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the Company held cash of $24.8&nbsp;million. The Company also held cash equivalents in money market funds that were subject to the disclosure requirements of the fair value accounting guidance. The net carrying value of the Company's cash equivalents was $10.6&nbsp;million, which was equal to the fair value at June&nbsp;30, 2011 based upon Level&nbsp;1 inputs. </font></p> <p style="FONT-FAMILY: times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying amount reported in the consolidated balance sheet as of June&nbsp;30, 2011 for long-term debt was $10.0&nbsp;million. Using a discounted cash flow technique that incorporates a market interest rate adjusted for risk profile based upon Level&nbsp;3 inputs, the Company estimated the fair value of its debt to be $9.9&nbsp;million at June&nbsp;30, 2011.</font></p></td></tr></table> 7886000 229000 -7430000 8422000 45505000 34044000 -928000 -2081000 313000 -57000 676000 971000 913000 1002000 403000 506000 300000 659000 45000 45000 46000 46000 99742000 54479000 9171000 2198000 2928000 214471000 46599000 11037000 1384000 58447000 41953000 35046000 17791000 10000000 18017000 611000 201000 147250000 55577000 185310000 335604000 165771000 294476000 13698000 27651000 229000 300000 160000 370000 -10000 -32000 2114000 5034000 0.19 0.18 0.41 0.39 20059000 20978000 20021000 20956000 4567000 8814000 606000 954000 17000 61000 19069000 25180000 786000 749000 22273000 16417000 -872000 -3552000 -983000 -208000 300000 10601000 22824000 275000 444000