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0.9333333333333333 1 rg /GS0 gs 514.50 105.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 105.75 67.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 677.75 m 372.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 653.75 m 372.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 677.75 m 376.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 653.75 m 376.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 677.75 m 443.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 653.75 m 443.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 677.75 m 447.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 653.75 m 447.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 677.75 m 514.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 653.75 m 514.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 677.75 m 518.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 653.75 m 518.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 677.75 m 585.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 653.75 m 585.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 516.75 m 372.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 516.75 m 376.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 516.75 m 443.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 516.75 m 447.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 516.75 m 514.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 516.75 m 518.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 516.75 m 585.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 425.75 m 372.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 413.75 m 372.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 411.75 m 372.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 425.75 m 376.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 413.75 m 376.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 411.75 m 376.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 425.75 m 443.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 413.75 m 443.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 411.75 m 443.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 425.75 m 447.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 413.75 m 447.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 411.75 m 447.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 425.75 m 514.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 413.75 m 514.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 411.75 m 514.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 425.75 m 518.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 413.75 m 518.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 411.75 m 518.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 425.75 m 585.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 413.75 m 585.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 411.75 m 585.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 308.75 m 372.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 308.75 m 376.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 308.75 m 443.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 308.75 m 447.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 308.75 m 514.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 308.75 m 518.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 308.75 m 585.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 144.75 m 372.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 144.75 m 376.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 144.75 m 443.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 144.75 m 447.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 144.75 m 514.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 144.75 m 518.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 144.75 m 585.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 118.75 m 372.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 118.75 m 376.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 118.75 m 443.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 118.75 m 447.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 118.75 m 514.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 118.75 m 518.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 118.75 m 585.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 105.75 m 372.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 93.75 m 372.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 91.75 m 372.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 105.75 m 376.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 93.75 m 376.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 91.75 m 376.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 105.75 m 443.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 93.75 m 443.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 91.75 m 443.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 105.75 m 447.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 93.75 m 447.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 91.75 m 447.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 105.75 m 514.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 93.75 m 514.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 91.75 m 514.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 105.75 m 518.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 93.75 m 518.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 91.75 m 518.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 105.75 m 585.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 93.75 m 585.5 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 91.75 m 585.5 91.75 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 706.17 Td (GRANITE CONSTRUCTION INCORPORATED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 162.90 693.17 Td (CONDENSED CONSOLIDATED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.55 681.31 Td (\(Unaudited - in thousands, except share and per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 658.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 668.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 658.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.40 668.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 658.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 668.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.50 658.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 644.48 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 644.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 644.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 644.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 631.32 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 631.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 631.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 631.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 618.32 Td (Cash and cash equivalents \($60,406, $73,115 and $46,993 related to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 608.32 Td (consolidated construction joint ventures \(CCJVs\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 609.42 Td (169,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 609.42 Td (189,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 609.42 Td (198,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 595.32 Td (Short-term marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 595.32 Td (67,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 595.32 Td (64,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 595.32 Td (43,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 582.32 Td (Receivables, net \($55,215, $52,613 and $51,431 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 582.32 Td (351,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 582.32 Td (419,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 582.32 Td (307,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 569.32 Td (Costs and estimated earnings in excess of billings \($2,965, $5,046 and $356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 559.32 Td (related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 560.42 Td (90,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 560.42 Td (73,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 560.42 Td (76,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 546.32 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 546.32 Td (58,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 546.32 Td (55,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 546.32 Td (59,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 533.32 Td (Equity in construction joint ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 533.32 Td (235,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 533.32 Td (247,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 533.32 Td (240,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 520.32 Td (Other current assets \($7,047, $7,500 and $4,829 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 520.32 Td (54,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 520.32 Td (39,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 520.32 Td (37,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 507.32 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 507.32 Td (1,027,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 507.32 Td (1,088,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 507.32 Td (962,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 494.32 Td (Property and equipment, net \($26,161, $20,500 and $12,925 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 494.32 Td (412,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 494.32 Td (406,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 494.32 Td (398,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 481.32 Td (Long-term marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 481.32 Td (59,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 481.32 Td (62,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 481.32 Td (72,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 468.32 Td (Investments in affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 468.32 Td (36,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 468.32 Td (35,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 468.32 Td (34,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 455.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 455.32 Td (53,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 455.32 Td (53,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 455.32 Td (53,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 442.32 Td (Deferred income taxes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 442.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 442.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 442.32 Td (5,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 429.32 Td (Other noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 429.32 Td (87,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 429.32 Td (85,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 429.32 Td (84,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 416.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 416.32 Td (1,678,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 416.32 Td (1,733,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 416.32 Td (1,612,230) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 397.48 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 397.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 397.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 397.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 384.32 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 384.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 384.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 384.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 371.32 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 371.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 371.32 Td (14,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 371.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 371.32 Td (14,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 371.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 371.32 Td (14,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 358.32 Td (Accounts payable \($19,386, $26,419 and $16,309 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 358.32 Td (170,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 358.32 Td (199,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 358.32 Td (139,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 345.32 Td (Billings in excess of costs and estimated earnings \($34,467, $33,704 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 335.32 Td ($23,538 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 336.42 Td (91,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 336.42 Td (97,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 336.42 Td (89,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 322.32 Td (Accrued expenses and other current liabilities \($1,426, $1,544 and $1,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 312.32 Td (related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 313.42 Td (224,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 313.42 Td (218,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 313.42 Td (226,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 299.32 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 299.32 Td (501,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 299.32 Td (529,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 299.32 Td (469,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 286.32 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 286.32 Td (228,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 286.32 Td (229,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 286.32 Td (243,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 273.32 Td (Deferred income taxes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 273.32 Td (5,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 273.32 Td (5,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 273.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 260.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 260.32 Td (47,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 260.32 Td (45,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 260.32 Td (43,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 247.32 Td (Commitments and contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 234.32 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 221.32 Td (Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 208.32 Td (Common stock, $0.01 par value, authorized 150,000,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 198.32 Td (outstanding: 39,815,232 shares as of March 31, 2017, 39,621,140 shares as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 188.32 Td (December 31, 2016 and39,563,620 shares as of March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 188.42 Td (398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 188.42 Td (396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 188.42 Td (396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 174.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 174.32 Td (152,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 174.32 Td (150,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 174.32 Td (144,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 161.32 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 161.37 Td (\(257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 161.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 161.37 Td (\(371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 161.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 161.32 Td (\(1,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 161.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 148.32 Td (Retained ) Tj ET Q q 0 0 0 rg BT 86.04 148.32 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 148.32 Td (706,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 148.32 Td (735,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 148.32 Td (683,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 135.32 Td (Total Granite Construction Incorporated shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 135.32 Td (859,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 135.32 Td (885,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 135.32 Td (827,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 122.32 Td (Non-controlling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 122.32 Td (36,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 122.32 Td (36,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 122.32 Td (28,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 109.32 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 109.32 Td (896,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 109.32 Td (922,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 109.32 Td (855,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 96.32 Td (Total liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 96.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 96.32 Td (1,678,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 96.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 96.32 Td (1,733,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 96.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 96.32 Td (1,612,230) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 81.25 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) 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0.9333333333333333 1 rg /GS0 gs 437.50 325.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 325.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 325.50 12.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 325.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 299.50 410.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 299.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 299.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 299.50 12.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 299.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 273.50 410.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 273.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 273.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 273.50 12.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 273.50 66.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 706.5 m 437.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 706.5 m 441.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 706.5 m 507.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 706.5 m 519.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 706.5 m 585.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 706.5 m 437.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 693.5 m 437.5 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 706.5 m 441.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 693.5 m 441.5 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 706.5 m 507.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 693.5 m 507.5 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 706.5 m 519.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 693.5 m 519.5 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 706.5 m 585.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 693.5 m 585.5 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 641.5 m 437.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 641.5 m 441.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 641.5 m 507.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 641.5 m 519.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 641.5 m 585.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 628.5 m 437.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 628.5 m 441.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 641.5 m 507.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 628.5 m 507.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 641.5 m 519.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 628.5 m 519.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 641.5 m 585.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 628.5 m 585.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 576.5 m 437.5 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 576.5 m 441.5 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 576.5 m 507.5 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 576.5 m 519.5 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 576.5 m 585.5 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 563.5 m 437.5 563.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 563.5 m 441.5 563.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 563.5 m 507.5 563.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 563.5 m 519.5 563.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 563.5 m 585.5 563.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 524.5 m 437.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 524.5 m 441.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 524.5 m 507.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 524.5 m 519.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 524.5 m 585.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 511.5 m 437.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 511.5 m 441.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 511.5 m 507.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 511.5 m 519.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 511.5 m 585.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 446.5 m 437.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 446.5 m 441.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 446.5 m 507.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 446.5 m 519.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 446.5 m 585.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 433.5 m 437.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 433.5 m 441.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 433.5 m 507.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 433.5 m 519.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 446.5 m 585.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 433.5 m 585.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 405.5 m 437.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 405.5 m 441.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 405.5 m 507.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 405.5 m 519.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 405.5 m 585.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 379.5 m 437.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 379.5 m 441.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 379.5 m 507.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 379.5 m 519.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 379.5 m 585.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 365.5 m 437.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 363.5 m 437.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 365.5 m 441.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 363.5 m 441.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 365.5 m 507.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 363.5 m 507.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 365.5 m 519.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 363.5 m 519.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 365.5 m 585.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 363.5 m 585.5 363.5 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 737.87 Td (GRANITE CONSTRUCTION INCORPORATED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 126.60 723.87 Td (CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.45 711.06 Td (\(Unaudited - in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 697.23 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 697.23 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.00 697.23 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 684.07 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 684.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 671.07 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 671.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 671.07 Td (226,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 671.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 671.07 Td (209,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 658.07 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 658.07 Td (207,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 658.07 Td (195,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 645.07 Td (Construction Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 645.07 Td (34,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 645.07 Td (34,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 632.07 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 632.07 Td (468,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 632.07 Td (439,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 619.07 Td (Cost of revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 619.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 606.07 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 606.07 Td (198,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 606.07 Td (182,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 593.07 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 593.07 Td (204,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 593.07 Td (181,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 580.07 Td (Construction Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 580.07 Td (39,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 580.07 Td (35,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 567.07 Td (Total cost of revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 567.07 Td (443,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 567.07 Td (400,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 554.23 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 554.07 Td (25,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 554.07 Td (39,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 541.07 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 541.07 Td (61,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 541.07 Td (56,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 528.07 Td (Gain on sales of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 528.12 Td (\(270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 528.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 528.07 Td (\(600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 528.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.23 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 515.12 Td (\(36,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 515.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 515.07 Td (\(16,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 515.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 502.07 Td (Other \(income\) expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 502.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 489.07 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 489.12 Td (\(1,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 489.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 489.07 Td (\(836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 489.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 476.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 476.07 Td (2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 476.07 Td (3,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 463.07 Td (Equity in income of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 463.12 Td (\(916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 463.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 463.07 Td (\(1,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 463.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 450.07 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 450.12 Td (\(870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 450.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 450.07 Td (\(1,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 450.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.50 437.07 Td (Total other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.30 437.12 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 437.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 437.07 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 437.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 423.18 Td (Loss before benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 423.22 Td (\(36,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 423.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 423.17 Td (\(15,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 423.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 409.07 Td (Benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 409.12 Td (\(12,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 409.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 409.07 Td (\(5,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 409.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 396.23 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 396.12 Td (\(23,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 396.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 396.07 Td (\(9,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 396.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 383.07 Td (Amount attributable to non-controlling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 383.07 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 383.07 Td (\(678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 383.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 369.18 Td (Net loss attributable to Granite Construction Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 369.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 369.22 Td (\(23,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 369.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 369.17 Td (\(10,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 369.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 342.23 Td (Net loss per) Tj ET Q q 0 0 0 rg BT 79.81 342.23 Td ( shar) Tj ET Q q 0 0 0 rg BT 101.02 342.23 Td (e attributable to common shar) Tj ET Q q 0 0 0 rg BT 230.27 342.23 Td (eholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.88 342.23 Td (\(see Note 1) Tj ET Q q 0 0 0 rg BT 314.04 342.23 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 329.07 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 329.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 329.12 Td (\(0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 329.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 329.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.80 329.07 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 329.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 316.07 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 316.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 316.12 Td (\(0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 316.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 316.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.80 316.07 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 581.65 316.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 303.23 Td (Weighted average shares of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.00 303.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 290.07 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg 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STATEMENTS OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.45 729.07 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.78 729.07 Td (Unaudited - in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.17 729.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 716.23 Td (Thr) Tj ET Q q 0 0 0 rg BT 46.49 716.23 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 142.14 716.23 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 716.23 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 716.23 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 703.07 Td (Operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 703.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 703.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 690.07 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 690.12 Td (\(23,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 690.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 690.07 Td (\(9,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 690.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 677.07 Td (Adjustments to reconcile net loss to net cash provided by \(used in\) operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.00 677.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 664.07 Td (Depreciation, depletion and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 664.07 Td (14,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 664.07 Td (13,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 651.07 Td (Gain on sales of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 651.12 Td (\(270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 651.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 651.07 Td (\(600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 651.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 638.07 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 638.07 Td (8,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 638.07 Td (5,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 625.07 Td (Equity in net income from unconsolidated joint ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 625.12 Td (\(1,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 625.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 625.07 Td (\(8,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 625.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 612.07 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.00 612.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 599.07 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 599.07 Td (68,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 599.07 Td (33,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 586.07 Td (Costs and estimated earnings in excess of billings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 586.12 Td (\(25,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 586.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 586.07 Td (\(21,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 586.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 573.07 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 573.12 Td (\(3,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 573.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 573.07 Td (\(3,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 573.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 560.07 Td (Contributions to unconsolidated construction joint ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 560.12 Td (\(813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 560.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 560.07 Td (\(2,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 560.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 547.07 Td (Distributions from unconsolidated construction joint ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 547.07 Td (16,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 547.07 Td (4,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 534.07 Td (Other assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 534.12 Td (\(18,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 534.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 534.07 Td (\(12,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 534.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 521.07 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 521.12 Td (\(28,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 521.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 521.07 Td (\(22,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 521.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 508.07 Td (Accrued expenses and other current liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 508.07 Td (7,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 508.07 Td (13,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 495.07 Td (Net cash provided by \(used in\)operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 495.07 Td (13,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 495.07 Td (\(10,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 495.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 482.07 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 482.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.00 482.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 469.07 Td (Purchases of marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 469.12 Td (\(29,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 469.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 469.07 Td (\(19,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 469.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 456.07 Td (Maturities of marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 456.07 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 456.07 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 443.07 Td (Proceeds from called marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 443.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 443.07 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 430.07 Td (Purchases of property and equipment \($6,207 and $8,066 related to CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 430.12 Td (\(21,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 430.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 430.07 Td (\(24,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 430.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 417.07 Td (Proceeds from sales of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 417.07 Td (1,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 417.07 Td (772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 404.07 Td (Other investing activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 404.07 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 404.07 Td (\(274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 404.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 391.07 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 391.12 Td (\(20,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 391.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 391.07 Td (\(34,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 391.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 378.07 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 378.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.00 378.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 365.07 Td (Long-term debt principal repayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 365.12 Td (\(1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 365.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 365.07 Td (\(1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 365.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 352.07 Td (Cash dividends paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 352.12 Td (\(5,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 352.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 352.07 Td (\(5,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 352.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 339.07 Td (Repurchases of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 339.12 Td (\(6,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 339.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 339.07 Td (\(4,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 339.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 326.07 Td (Other financing activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 326.12 Td (\(157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 326.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 326.07 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 313.07 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 313.12 Td (\(13,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 313.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 313.07 Td (\(10,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 313.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 300.07 Td (Decrease in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 300.12 Td (\(19,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 300.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 300.07 Td (\(54,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 300.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 287.07 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 287.07 Td (189,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 287.07 Td (252,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 274.07 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 274.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 274.07 Td (169,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 274.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 274.07 Td (198,298) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 248.50 391.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 248.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 248.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 248.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 248.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 248.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 224.50 391.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 224.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 224.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 224.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 224.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 224.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 200.50 391.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 200.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 200.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 200.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 200.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 200.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 176.50 391.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 176.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 176.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 176.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 176.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 176.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 152.50 391.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 152.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 152.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 152.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 152.50 66.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 152.50 4.00 -12.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 251.12 Td (Supplementary Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.12 Td (Cash paid during the period for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 227.12 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 227.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 227.12 Td (1,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 227.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 227.12 Td (558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 215.12 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 215.12 Td (1,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 215.12 Td (6,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.12 Td (Other non-cash operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 191.12 Td (Performance guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 191.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 191.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 191.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 191.12 Td (11,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.12 Td (Non-cash investing and financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 167.12 Td (Restricted stock units issued, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 167.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 167.12 Td (11,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 167.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 167.12 Td (20,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 155.12 Td (Accrued cash dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 155.12 Td (5,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 155.12 Td (5,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 143.12 Td (Accrued equipment purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 143.12 Td (749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 143.12 Td (\(3,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 143.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 129.00 Td (The accompanying notes are an integral part of these condensed consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 95.90 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 139.36 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 147.15 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 159.27 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 337.75 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 432.76 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 449.55 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 457.32 745.20 Td (TEMENTS) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 30.100000000000023 m 176.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 30.100000000000023 m 304.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 30.100000000000023 m 432.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 30.100000000000023 m 560.5 30.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 694.70 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 694.70 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 108.93 694.70 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 676.70 Td (The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 664.70 Td (\(we, us, our) Tj ET Q q 0 0 0 rg BT 132.00 664.70 Td (, the Companyor Granite\) and are unaudited, pursuant to the rules and regulations of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 652.70 Td (and Exchange Commission \(SEC\) and should be read in conjunction with our ) Tj ET Q q 0 0 0 rg BT 384.61 652.70 Td (Annual Report on Form 10-K for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 640.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 640.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.96 640.70 Td (.Certain information and footnote disclosures normally included in financial statements prepared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 628.70 Td (in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 397.87 628.70 Td (America \(U.S. GAAP\) have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 616.70 Td (condensed or omitted. Further) Tj ET Q q 0 0 0 rg BT 183.13 616.70 Td (, the condensed consolidated financial statements reflect, in the opinion of management, all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 604.70 Td (normal recurring adjustments necessary to state fairly our financial position at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.62 604.70 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.22 604.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.66 604.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.66 604.70 Td ( and the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 592.70 Td (our operations and cash flows for the periods presented. ) Tj ET Q q 0 0 0 rg BT 288.86 592.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.91 592.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 592.70 Td ( condensed consolidated balance sheet data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 580.70 Td (was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP) Tj ET Q q 0 0 0 rg BT 542.61 580.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 562.70 Td (Our operations are typically af) Tj ET Q q 0 0 0 rg BT 184.99 562.70 Td (fected more by weather conditions during the first and fourth quarters of our fiscal year which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 550.70 Td (may alter our construction schedules and can create variability in our revenues and profitability) Tj ET Q q 0 0 0 rg BT 443.60 550.70 Td (. ) Tj ET Q q 0 0 0 rg BT 448.42 550.70 Td (Therefore, the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 538.70 Td (operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.03 538.70 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.02 538.70 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 538.70 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.44 538.70 Td ( are not necessarily indicative of the results to be expected for the full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 526.70 Td (year) Tj ET Q q 0 0 0 rg BT 79.66 526.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 508.70 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 508.70 Td (e prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 496.70 Td (financial statements, except for the adoption of ) Tj ET Q q 0 0 0 rg BT 252.94 496.70 Td (Accounting Standards Update \(ASU\) No. 2016-01, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.00 496.70 Td (Financial Instruments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 484.70 Td (- Overall \(Subtopic 825-10\): Recognition and Measur) Tj ET Q q 0 0 0 rg BT 278.69 484.70 Td (ement of Financial ) Tj ET Q q 0 0 0 rg BT 356.55 484.70 Td (Assets and Financial Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.49 484.70 Td ( and ) Tj ET Q q 0 0 0 rg BT 502.38 484.70 Td (ASU No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 472.70 Td (2016-05, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.33 472.70 Td (Derivatives and Hedging \(T) Tj ET Q q 0 0 0 rg BT 212.34 472.70 Td (opic 815\): Effect of Derivative Contract Novations on Existing Hedge ) Tj ET Q q 0 0 0 rg BT 494.32 472.70 Td (Accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 460.70 Td (Relationships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.94 460.70 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.27 460.70 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 460.70 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.08 460.70 Td (March31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.68 460.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.68 460.70 Td (ASU No. 2016-01 eliminated the requirement to disclose the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 448.70 Td (method\(s\) and significant assumptions used to estimate the fair value that is required to be disclosed for financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 436.70 Td (instruments measured at amortized cost on the consolidated balance sheet, which related to our marketable securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 424.70 Td (debt \(see Note 5\). ) Tj ET Q q 0 0 0 rg BT 136.03 424.70 Td (ASU No. 2016-05 had no impact on our condensed consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 406.70 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 406.70 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 131.89 406.70 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 193.65 406.70 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 386.30 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 173.54 386.30 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 304.16 386.30 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 360.83 386.30 Td (Accounting Standards Codification) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 501.91 386.30 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.91 386.30 Td (ASC\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 374.30 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 374.30 Td (opic 606, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.13 374.30 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 150.79 374.30 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.97 374.30 Td (, and subsequently issued several related ) Tj ET Q q 0 0 0 rg BT 434.09 374.30 Td (ASUs \(T) Tj ET Q q 0 0 0 rg BT 473.66 374.30 Td (opic 606\), which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 362.30 Td (provide guidance for recognizing revenue from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 358.83 362.30 Td (The core principle of ) Tj ET Q q 0 0 0 rg BT 445.27 362.30 Td (T) Tj ET Q q 0 0 0 rg BT 450.68 362.30 Td (opic 606 is that revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 350.30 Td (will be recognized when promised goods or services are transferred to customers in an amount that reflects consideration for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 338.30 Td (which entitlement is expected in exchange for those goods or services. ) Tj ET Q q 0 0 0 rg BT 347.17 338.30 Td (T) Tj ET Q q 0 0 0 rg BT 352.58 338.30 Td (opic 606 will be ef) Tj ET Q q 0 0 0 rg BT 427.38 338.30 Td (fective commencing with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 326.30 Td (quarter ending March 31, 2018. ) Tj ET Q q 0 0 0 rg BT 191.95 326.30 Td (W) Tj ET Q q 0 0 0 rg BT 200.59 326.30 Td (e currently anticipate adopting ) Tj ET Q q 0 0 0 rg BT 324.80 326.30 Td (T) Tj ET Q q 0 0 0 rg BT 330.21 326.30 Td (opic 606 using the modified retrospective transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 314.30 Td (approach that may result in a cumulative adjustment to beginning retained earnings as of January 1, 2018, which we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 302.30 Td (elect to only apply to contracts with customers that are not substantially complete as of January 1, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.30 Td (Although we are in the process of assessing the financial impact of ) Tj ET Q q 0 0 0 rg BT 332.74 284.30 Td (T) Tj ET Q q 0 0 0 rg BT 338.15 284.30 Td (opic 606 on our consolidated financial statements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 272.30 Td (related footnotes, we do not expect ) Tj ET Q q 0 0 0 rg BT 205.27 272.30 Td (T) Tj ET Q q 0 0 0 rg BT 210.68 272.30 Td (opic 606 to have a material impact on our Construction Materials segment) Tj ET Q q 0 0 0 rg BT 510.32 272.30 Td (s revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 260.30 Td (While we continue to assess the impact to both our Lar) Tj ET Q q 0 0 0 rg BT 282.76 260.30 Td (ge Project Construction and Construction segments, our Lar) Tj ET Q q 0 0 0 rg BT 522.54 260.30 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 248.30 Td (Project Construction segment is more likely to be impacted than our Construction segment in the following areas:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 230.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 230.30 Td (Multiple performance obligations - In accordance with ) Tj ET Q q 0 0 0 rg BT 320.13 230.30 Td (T) Tj ET Q q 0 0 0 rg BT 325.54 230.30 Td (opic 606, construction contracts with customers, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 218.30 Td (those related to contract modifications, will be reviewed to determine if there are multiple performance obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 206.30 Td (If separate performance obligations are identified, the timing of revenue recognition could be impacted. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 194.30 Td (our assessment to-date on currently active construction contracts with customers, we have identified a few ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 182.30 Td (construction contracts that will have multiple performance obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 170.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 170.30 Td (Mobilization costs - Mobilization costs generally consist of costs to mobilize equipment and labor to a job site. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 158.30 Td (Mobilization costs are currently recorded as job costs as they are incurred. ) Tj ET Q q 0 0 0 rg BT 398.43 158.30 Td (T) Tj ET Q q 0 0 0 rg BT 403.84 158.30 Td (opic 606 requires mobilization costs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 146.30 Td (be capitalized as an asset on the consolidated balance sheets and amortized to contract cost over the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 134.30 Td (duration of the contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 116.30 Td (In addition to the above, we are expecting to have certain reclassifications in the consolidated balance sheets as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 104.30 Td (significant additional disclosures related to revenue.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 30.100000000000023 m 176.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 30.100000000000023 m 304.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 30.100000000000023 m 432.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 30.100000000000023 m 560.5 30.100000000000023 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 708.60 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 156.96 708.60 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 205.87 708.60 Td (ASU No. 2016-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.92 708.60 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 321.62 708.60 Td (opic 842\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.67 708.60 Td (, which requires lessees to recognize the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 696.60 Td (for all leases \(with the exception of short-term leases\) at the commencement date: \(a\) a lease liability) Tj ET Q q 0 0 0 rg BT 466.08 696.60 Td (, which is a lessee) Tj ET Q q 0 0 0 rg BT 540.78 696.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 684.60 Td (obligation to make lease payments arising from a lease, measured on a discounted basis; and \(b\) a right-of-use asset, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 672.60 Td (is an asset that represents the lessee) Tj ET Q q 0 0 0 rg BT 207.95 672.60 Td (s right to use, or control the use of, a specified asset for the lease term. ) Tj ET Q q 0 0 0 rg BT 491.85 672.60 Td (The ) Tj ET Q q 0 0 0 rg BT 509.34 672.60 Td (ASU will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 660.60 Td (ef) Tj ET Q q 0 0 0 rg BT 70.59 660.60 Td (fective commencing with our quarter ending March 31, 2019. ) Tj ET Q q 0 0 0 rg BT 319.50 660.60 Td (W) Tj ET Q q 0 0 0 rg BT 328.14 660.60 Td (e are currently assessing the potential impact of this ) Tj ET Q q 0 0 0 rg BT 537.24 660.60 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 648.60 Td (on our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.60 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 151.96 630.60 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 200.87 630.60 Td (ASU No. 2017-01, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.92 630.60 Td (Business Combinations \(T) Tj ET Q q 0 0 0 rg BT 383.01 630.60 Td (opic 805\): Clarifying the Definition of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 618.60 Td (Business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 618.60 Td (which) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.44 618.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.94 618.60 Td (is intended to help companies evaluate whether transactions should be accounted for as acquisitions \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 606.60 Td (disposals\) of assets or businesses by providing a more robust framework to use in determining when a set of assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 594.60 Td (activities is a business. ) Tj ET Q q 0 0 0 rg BT 156.42 594.60 Td (This ) Tj ET Q q 0 0 0 rg BT 176.14 594.60 Td (ASU will be ef) Tj ET Q q 0 0 0 rg BT 236.23 594.60 Td (fective commencing with our quarter ending March 31, 2018. ) Tj ET Q q 0 0 0 rg BT 485.14 594.60 Td (W) Tj ET Q q 0 0 0 rg BT 493.78 594.60 Td (e do not expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 582.60 Td (the adoption of this ) Tj ET Q q 0 0 0 rg BT 142.44 582.60 Td (ASU to have a material impact on our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.60 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 151.96 564.60 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 200.87 564.60 Td (ASU 2017-04, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.70 564.60 Td (Intangibles - Goodwill and Other \(T) Tj ET Q q 0 0 0 rg BT 406.06 564.60 Td (opic 350\): Simplifying the T) Tj ET Q q 0 0 0 rg BT 517.35 564.60 Td (est for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 552.60 Td (Goodwill Impairment,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.89 552.60 Td ( which eliminates Step 2 from the goodwill impairment test. ) Tj ET Q q 0 0 0 rg BT 394.72 552.60 Td (The annual, or interim, goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 540.60 Td (impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. ) Tj ET Q q 0 0 0 rg BT 471.78 540.60 Td (An impairment char) Tj ET Q q 0 0 0 rg BT 552.13 540.60 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 528.60 Td (should be recognized for the amount by which the carrying amount exceeds the reporting unit) Tj ET Q q 0 0 0 rg BT 440.66 528.60 Td (s fair value; however) Tj ET Q q 0 0 0 rg BT 524.39 528.60 Td (, the loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 516.60 Td (recognized should not exceed the total amount of goodwill allocated to that reporting unit. ) Tj ET Q q 0 0 0 rg BT 426.33 516.60 Td (This ) Tj ET Q q 0 0 0 rg BT 446.06 516.60 Td (ASU will be ef) Tj ET Q q 0 0 0 rg BT 506.14 516.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 504.60 Td (commencing with our quarter ending March 31, 2020. ) Tj ET Q q 0 0 0 rg BT 282.21 504.60 Td (W) Tj ET Q q 0 0 0 rg BT 290.85 504.60 Td (e do not expect the adoption of this ) Tj ET Q q 0 0 0 rg BT 433.60 504.60 Td (ASU to have a material impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 492.60 Td (on our consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 474.60 Td (3. ) Tj ET Q q 0 0 0 rg BT 63.00 474.60 Td (Revisions inEstimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 456.60 Td (Our profit recognition related to construction contracts is based on estimates of costs to complete each project. ) Tj ET Q q 0 0 0 rg BT 507.13 456.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 444.60 Td (estimatescan vary significantly in the normal course of business as projects progress, circumstances develop and evolve, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 432.60 Td (and uncertainties are resolved.) Tj ET Q q 0 0 0 rg BT 186.93 432.60 Td (When we experience significant changes in our estimates of costs to complete, we under) Tj ET Q q 0 0 0 rg BT 540.51 432.60 Td (go a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 420.60 Td (process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 408.60 Td (recorded in a prior period rather than as revisions in estimates for the current period. ) Tj ET Q q 0 0 0 rg BT 402.70 408.60 Td (W) Tj ET Q q 0 0 0 rg BT 411.33 408.60 Td (e use the cumulative catch-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 396.60 Td (upmethod applicable to construction contract accounting to account for revisions in estimates.Under this method, revisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 384.60 Td (in estimates are accounted for in their entirety in the period of change.) Tj ET Q q 0 0 0 rg BT 346.04 384.60 Td (There can be no assurance that we will not experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 372.60 Td (further changes in circumstances or otherwise be required to revise our cost estimates in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 354.60 Td (In our review of these changes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.83 354.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.81 354.60 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.64 354.60 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.24 354.60 Td (, we did not identify any material amounts that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 342.60 Td (should have been recorded in a prior period. In our review of these changes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.93 342.60 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.92 342.60 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.74 342.60 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.34 342.60 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 330.60 Td (identified and corrected amounts that should have been recorded during the three months ended September 30, 2016. ) Tj ET Q q 0 0 0 rg BT 532.95 330.60 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 318.60 Td (correction resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.40 318.60 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.30 318.60 Td ( decrease to Lar) Tj ET Q q 0 0 0 rg BT 269.68 318.60 Td (ge Project Construction revenue and gross profit and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.90 318.60 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.80 318.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 306.60 Td (increase in net loss attributable to Granite Construction Incorporated.) Tj ET Q q 0 0 0 rg BT 342.18 306.60 Td (W) Tj ET Q q 0 0 0 rg BT 350.82 306.60 Td (e have assessed the impact of this correction to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 294.60 Td (financial statements of prior periods) Tj ET Q q 0 0 0 rg BT 209.99 294.60 Td ( and to the financial statements for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 294.60 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.90 294.60 Td (, and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 282.60 Td (concluded that the amounts were not material and are not expected to be material to the financial statements for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 270.60 Td (ending December 31, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 252.60 Td (In the normal course of business, we have revisions in estimated costs associated with unresolved af) Tj ET Q q 0 0 0 rg BT 463.27 252.60 Td (firmative claims and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 240.60 Td (back char) Tj ET Q q 0 0 0 rg BT 101.40 240.60 Td (ges. ) Tj ET Q q 0 0 0 rg BT 119.55 240.60 Td (The estimated or actual recovery related to these estimated costs may be recorded in future periods, which can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 228.60 Td (cause fluctuations in the gross profit impact from revisions in estimates. ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 30.100000000000023 m 176.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 30.100000000000023 m 304.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 30.100000000000023 m 432.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 30.100000000000023 m 560.5 30.100000000000023 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 708.10 Td (Revisions in estimates for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.63 708.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.22 708.10 Td ( included a net increase in revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.82 708.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.71 708.10 Td ( related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 696.10 Td (to the estimated cost recovery of customer af) Tj ET Q q 0 0 0 rg BT 242.47 696.10 Td (firmative claims, which included increases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.57 696.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.47 696.10 Td ( that were also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 684.10 Td (af) Tj ET Q q 0 0 0 rg BT 70.59 684.10 Td (fected by an increase in estimated contract costs in excess of the estimated recovery during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 672.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 672.10 Td (. Estimated contract costs in excess of estimated cost recovery were recorded in prior periods for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 660.10 Td (of) Tj ET Q q 0 0 0 rg BT 71.15 660.10 Td (fsetting decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.39 660.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.28 660.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.10 Td (Revisions in estimates for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.82 642.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.80 642.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.63 642.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.22 642.10 Td ( included increases in revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.06 642.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.95 642.10 Td ( related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.10 Td (the estimated cost recovery of customer af) Tj ET Q q 0 0 0 rg BT 232.19 630.10 Td (firmative claims, which included increases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.30 630.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 630.10 Td ( that were also af) Tj ET Q q 0 0 0 rg BT 533.31 630.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 618.10 Td (by an increase in estimated contract costs in excess of the estimated recovery during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.85 618.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 606.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 606.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.82 606.10 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.91 606.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.80 606.10 Td ( had estimated contract costs in excess of estimated cost recovery that were recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 594.10 Td (prior periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.10 Td (Revisions in estimates for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.63 576.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.22 576.10 Td ( included a reduction of cost of revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.10 576.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.10 Td (related to the estimated recovery of back char) Tj ET Q q 0 0 0 rg BT 245.23 564.10 Td (ges all of which had estimated contract costs in excess of estimated cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 552.10 Td (recovery recorded in prior periods. ) Tj ET Q q 0 0 0 rg BT 204.43 552.10 Td (There was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.29 552.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.29 552.10 Td ( estimated recovery of back char) Tj ET Q q 0 0 0 rg BT 388.32 552.10 Td (ges during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 540.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 540.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 522.10 Td (The impact to gross profit from significant revisions in estimates related to estimated and actual customer af) Tj ET Q q 0 0 0 rg BT 495.47 522.10 Td (firmative claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 510.10 Td (and recovery of back char) Tj ET Q q 0 0 0 rg BT 166.65 510.10 Td (ges as well as the associated estimated contract costs are included in the tables below) Tj ET Q q 0 0 0 rg BT 506.44 510.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 492.10 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 474.10 Td (The change in project profitability from revisions in estimates, both increases and decreases, which individually had an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 462.10 Td (impact of $1.0 million or more on gross profit during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 462.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.95 462.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.78 462.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.38 462.10 Td ( was a net increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.67 462.10 Td ($1.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 450.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 450.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.55 450.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.99 450.10 Td ( project due to the settlement of an outstanding claim. ) Tj ET Q q 0 0 0 rg BT 340.25 450.10 Td (There were no changes in project profitability from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 438.10 Td (revisions in estimates, which individually had an impact of $1.0 million or more on gross profit during the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 426.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 426.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 426.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 408.10 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 390.10 Td (The changes in project profitability from revisions in estimates, both increases and decreases, which individually had an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 378.10 Td (impact of $1.0 million or more on gross profit were net decreases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.92 378.10 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.81 378.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 378.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.14 378.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.52 378.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.51 378.10 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 366.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 366.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 366.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.41 366.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.41 366.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.08 366.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.89 366.10 Td (The amounts attributable to non-controlling interests were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.11 366.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.00 366.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 354.10 Td (net decrease for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.32 354.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.92 354.10 Td ( and there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.77 354.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.77 354.10 Td ( amounts attributable to non-controlling interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 342.10 Td (during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.14 342.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.73 342.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.55 342.10 Td (The projects are summarized as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 324.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 81.15 324.10 Td (eases) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 285.60 340.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 285.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 285.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 285.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 285.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 285.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 259.60 340.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 259.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 259.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 259.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 259.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 259.60 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 313.6 m 403.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 313.6 m 411.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 298.6 m 411.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 313.6 m 481.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 298.6 m 481.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 313.6 m 485.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 298.6 m 485.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 313.6 m 493.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 298.6 m 493.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 313.6 m 563.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 298.6 m 563.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 285.6 m 403.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 285.6 m 411.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 285.6 m 481.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 298.6 m 485.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 285.6 m 485.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 298.6 m 493.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 285.6 m 493.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 298.6 m 563.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 285.6 m 563.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 285.6 m 481.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 285.6 m 563.5 285.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 303.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 303.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 430.89 303.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 526.54 303.28 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 289.16 Td (\(dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 289.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 289.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 276.17 Td (Number of projects with upward estimate changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 276.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 276.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 263.17 Td (Range of increase in gross profit from each project, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.50 263.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 263.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 263.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 263.17 Td (1.0 - 1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 250.17 Td (Increase on project profitability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.50 250.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 250.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 250.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 250.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 229.10 Td (The increases during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 229.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 229.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.33 229.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.93 229.10 Td ( were due to owner) Tj ET Q q 0 0 0 rg BT 384.36 229.10 Td (-directed scope changes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 211.10 Td (Decr) Tj ET Q q 0 0 0 rg BT 83.36 211.10 Td (eases) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 172.60 340.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 172.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 172.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 172.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 172.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 172.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 146.60 340.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 146.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 146.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 146.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 146.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 146.60 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 200.60000000000002 m 403.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 200.60000000000002 m 411.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 185.60000000000002 m 411.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 200.60000000000002 m 481.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 185.60000000000002 m 481.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 200.60000000000002 m 485.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 185.60000000000002 m 485.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 200.60000000000002 m 493.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 185.60000000000002 m 493.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 200.60000000000002 m 563.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 185.60000000000002 m 563.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 172.60000000000002 m 403.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 172.60000000000002 m 411.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 172.60000000000002 m 481.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 185.60000000000002 m 485.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 172.60000000000002 m 485.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 185.60000000000002 m 493.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 172.60000000000002 m 493.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 185.60000000000002 m 563.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 172.60000000000002 m 563.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 172.60000000000002 m 481.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 172.60000000000002 m 563.5 172.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 190.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 190.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 430.89 190.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 526.54 190.28 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 176.16 Td (\(dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 176.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 176.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 163.17 Td (Number of projects with downward estimate changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 163.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 163.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 150.17 Td (Range of reduction in gross profit from each project, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.50 150.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 150.17 Td (1.3 - 4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 150.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 150.17 Td (2.1 - 3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 137.17 Td (Decreaseon project profitability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.50 137.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 137.17 Td (13.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 137.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 137.17 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 116.10 Td (The decreasesduring the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.18 116.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.16 116.10 Td ( months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.99 116.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.59 116.10 Td ( were due to higher costs than originally anticipated as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 104.10 Td (additional design, weather and owner) Tj ET Q q 0 0 0 rg BT 212.47 104.10 Td (-related costs, net of estimated and actual recovery from customer af) Tj ET Q q 0 0 0 rg BT 486.34 104.10 Td (firmative claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 92.10 Td (The decreases during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.18 92.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.16 92.10 Td ( months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.99 92.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.59 92.10 Td ( were due to lower productivity and higher costs than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 80.10 Td (originally anticipated.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 30.100000000000023 m 176.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 30.100000000000023 m 304.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 30.100000000000023 m 432.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 30.100000000000023 m 560.5 30.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 708.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 63.00 708.25 Td (Marketable Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (All marketable securities were classified as held-to-maturity as of the dates presented and the carryingamounts of held-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (maturity securities were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 643.75 250.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 643.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 643.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 643.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 643.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 643.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 643.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 617.75 250.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 617.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 617.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 617.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 617.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 617.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 617.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 591.75 250.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 591.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 591.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 591.75 79.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 667.75 m 313.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 643.75 m 313.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 667.75 m 317.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 643.75 m 317.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 667.75 m 396.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 643.75 m 396.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 667.75 m 400.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 643.75 m 400.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 667.75 m 479.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 643.75 m 479.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 667.75 m 483.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 643.75 m 483.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 667.75 m 562.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 643.75 m 562.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 643.75 m 479.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 643.75 m 562.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 617.75 m 313.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 617.75 m 317.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 617.75 m 396.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 617.75 m 400.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 617.75 m 479.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 617.75 m 483.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 617.75 m 562.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 591.75 m 313.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 578.75 m 313.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 591.75 m 317.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 578.75 m 317.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 591.75 m 396.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 578.75 m 396.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 591.75 m 400.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 578.75 m 400.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 591.75 m 479.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 578.75 m 479.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 591.75 m 483.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 578.75 m 483.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 591.75 m 562.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 578.75 m 562.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 566.75 m 313.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 564.75 m 313.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 566.75 m 317.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 564.75 m 317.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 566.75 m 396.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 564.75 m 396.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 566.75 m 400.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 564.75 m 400.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 566.75 m 479.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 564.75 m 479.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 566.75 m 483.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 564.75 m 483.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 578.75 m 562.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 566.75 m 562.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 564.75 m 562.5 564.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 648.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 658.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 648.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.40 658.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.50 648.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 658.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 648.43 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 634.32 Td (U.S. Government and agency obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 634.32 Td (12,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 634.32 Td (10,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 634.32 Td (23,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 621.32 Td (Commercial paper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 621.32 Td (54,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 621.32 Td (54,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 621.32 Td (19,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 608.32 Td (Total short-term marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 608.32 Td (67,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 608.32 Td (64,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 608.32 Td (43,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 595.32 Td (U.S. Government and agency obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 595.32 Td (59,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 595.32 Td (62,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.32 Td (72,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 582.32 Td (Total long-term marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 582.32 Td (59,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 582.32 Td (62,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 582.32 Td (72,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 569.32 Td (Total marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 569.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 569.32 Td (127,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 569.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 569.32 Td (127,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 569.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 569.32 Td (115,654) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 548.25 Td (Scheduled maturities of held-to-maturity investments were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 513.75 420.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 513.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 487.75 420.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 487.75 79.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 537.75 m 483.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 513.75 m 483.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 537.75 m 562.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 513.75 m 562.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 487.75 m 483.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 475.75 m 483.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 473.75 m 483.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 475.75 m 562.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 473.75 m 562.5 473.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 518.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 528.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 518.43 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 504.32 Td (Due within one year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 504.32 Td (67,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 491.32 Td (Due in one tofive years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 491.32 Td (59,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 478.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 478.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 478.32 Td (127,813) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 457.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 63.00 457.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 81.14 457.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.46 457.25 Td (V) Tj ET Q q 0 0 0 rg BT 89.77 457.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 142.63 457.25 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 439.25 Td (The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 427.25 Td (balance sheets on a recurring basis for each of the fair value levels: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 387.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 387.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 387.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 387.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 387.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 361.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 361.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 361.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 361.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 361.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 416.75 m 266.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 416.75 m 270.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 416.75 m 340.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 400.75 m 340.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 416.75 m 344.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 400.75 m 344.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 416.75 m 414.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 400.75 m 414.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 416.75 m 418.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 400.75 m 418.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 416.75 m 488.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 400.75 m 488.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 416.75 m 492.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 400.75 m 492.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 416.75 m 562.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 400.75 m 562.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 387.75 m 266.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 387.75 m 270.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 387.75 m 340.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 387.75 m 344.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 387.75 m 414.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 387.75 m 418.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 387.75 m 488.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 387.75 m 492.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 387.75 m 562.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 361.75 m 266.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 349.75 m 266.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 347.75 m 266.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 361.75 m 270.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 349.75 m 270.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 347.75 m 270.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 361.75 m 340.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 349.75 m 340.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 347.75 m 340.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 361.75 m 344.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 349.75 m 344.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 347.75 m 344.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 361.75 m 414.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 349.75 m 414.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 347.75 m 414.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 361.75 m 418.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 349.75 m 418.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 347.75 m 418.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 361.75 m 488.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 349.75 m 488.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 347.75 m 488.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 361.75 m 492.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 349.75 m 492.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 347.75 m 492.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 349.75 m 562.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 347.75 m 562.5 347.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.05 405.43 Td (Fair Value Measurement at Reporting Date Using) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 391.48 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.55 391.48 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.55 391.48 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.55 391.48 Td (Level 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.05 391.48 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 378.48 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 378.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 378.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 378.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 378.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.32 Td (Money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 365.32 Td (28,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 365.32 Td (28,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 352.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 352.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 352.32 Td (28,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 352.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 352.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 352.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 352.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 352.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.32 Td (28,091) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 325.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 325.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 325.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 325.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 325.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 299.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 299.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 299.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 299.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 299.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 338.75 m 266.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 325.75 m 266.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 338.75 m 270.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 325.75 m 270.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 338.75 m 340.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 325.75 m 340.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 338.75 m 344.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 325.75 m 344.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 338.75 m 414.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 325.75 m 414.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 338.75 m 418.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 325.75 m 418.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 338.75 m 488.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 325.75 m 488.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 338.75 m 492.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 325.75 m 492.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 338.75 m 562.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 325.75 m 562.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 299.75 m 340.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 299.75 m 414.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 299.75 m 488.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 299.75 m 266.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 287.75 m 266.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 285.75 m 266.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 299.75 m 270.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 287.75 m 270.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 285.75 m 270.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 299.75 m 340.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 287.75 m 340.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 285.75 m 340.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 299.75 m 344.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 287.75 m 344.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 285.75 m 344.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 299.75 m 414.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 287.75 m 414.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 285.75 m 414.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 299.75 m 418.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 287.75 m 418.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 285.75 m 418.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 299.75 m 488.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 287.75 m 488.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 285.75 m 488.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 299.75 m 492.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 287.75 m 492.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 285.75 m 492.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 299.75 m 562.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 287.75 m 562.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 285.75 m 562.5 285.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 329.48 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 316.48 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 303.32 Td (Money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 303.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 303.32 Td (10,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 303.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 303.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 303.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 303.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 303.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 303.32 Td (10,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 290.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 290.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 290.32 Td (10,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 290.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 290.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 290.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 290.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 290.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 290.32 Td (10,057) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 263.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 263.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 263.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 263.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 263.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 263.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 263.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 263.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 263.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 237.75 203.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 237.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 237.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 237.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 237.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 237.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 237.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 237.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 237.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 276.75 m 266.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 263.75 m 266.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 276.75 m 270.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 263.75 m 270.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 276.75 m 340.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 263.75 m 340.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 276.75 m 344.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 263.75 m 344.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 276.75 m 414.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 263.75 m 414.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 276.75 m 418.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 263.75 m 418.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 276.75 m 488.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 263.75 m 488.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 276.75 m 492.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 263.75 m 492.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 276.75 m 562.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 263.75 m 562.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 237.75 m 266.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 237.75 m 270.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 237.75 m 340.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 237.75 m 344.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 237.75 m 414.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 237.75 m 418.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 237.75 m 488.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 237.75 m 492.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 237.75 m 562.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 225.75 m 266.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 223.75 m 266.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 225.75 m 270.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 223.75 m 270.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 225.75 m 340.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 223.75 m 340.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 225.75 m 344.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 223.75 m 344.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 225.75 m 414.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 223.75 m 414.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 225.75 m 418.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 223.75 m 418.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 225.75 m 488.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 223.75 m 488.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 225.75 m 492.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 223.75 m 492.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 225.75 m 562.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 223.75 m 562.5 223.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 267.48 Td (March 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 254.48 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.51 254.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 254.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 254.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 254.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 254.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 241.32 Td (Money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 241.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 241.32 Td (46,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 241.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 241.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 241.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 241.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 241.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 241.32 Td (46,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 228.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 228.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 228.32 Td (46,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 228.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 228.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 228.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 228.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 228.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 228.32 Td (46,094) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (A) Tj ET Q q 0 0 0 rg BT 69.67 207.25 Td (reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 172.75 250.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 172.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 172.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 172.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 172.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 172.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 172.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 146.75 250.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 146.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 146.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 146.75 79.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 196.75 m 313.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 172.75 m 313.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 196.75 m 317.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 172.75 m 317.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 196.75 m 396.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 172.75 m 396.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 196.75 m 400.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 172.75 m 400.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 196.75 m 479.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 172.75 m 479.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 196.75 m 483.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 172.75 m 483.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 196.75 m 562.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 172.75 m 562.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 172.75 m 479.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 172.75 m 562.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 146.75 m 313.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 146.75 m 317.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 146.75 m 396.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 146.75 m 400.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 146.75 m 479.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 146.75 m 483.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 146.75 m 562.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 134.75 m 313.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 132.75 m 313.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 134.75 m 317.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 132.75 m 317.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 134.75 m 396.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 132.75 m 396.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 134.75 m 400.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 132.75 m 400.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 134.75 m 479.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 132.75 m 479.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 134.75 m 483.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 132.75 m 483.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 134.75 m 562.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 132.75 m 562.5 132.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 177.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 187.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 177.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.40 187.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.50 177.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.00 177.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 187.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 177.43 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 163.32 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 163.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 163.32 Td (28,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 163.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 163.32 Td (10,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 163.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 163.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 163.32 Td (46,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 150.32 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 150.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 150.32 Td (141,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 150.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 150.32 Td (179,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 150.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 150.32 Td (152,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 137.32 Td (Total cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 137.32 Td (169,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 137.32 Td (189,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 137.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 137.32 Td (198,298) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 708.25 Td (Interest Rate Swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 690.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 690.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 690.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.63 690.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 690.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.66 690.25 Td (, the fair value of the cash flow hedge that we entered into in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (January 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.15 678.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.04 678.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.04 678.25 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.93 678.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.37 678.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.26 678.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 360.92 678.25 Td (, and was included in other current assets in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (condensed consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.38 666.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.98 666.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.42 666.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 666.25 Td ( and in accrued expenses and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 654.25 Td (current liabilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.19 654.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.79 654.25 Td (. During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 654.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.75 654.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.19 654.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.19 654.25 Td (, the unrealized gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (losses, net of taxes, on the ef) Tj ET Q q 0 0 0 rg BT 177.79 642.25 Td (fective portion were gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.25 642.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.14 642.25 Td ( and losses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 642.25 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.69 642.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 502.35 642.25 Td (, and were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.25 Td (reported as a component of accumulated other comprehensive loss. During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.37 630.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.97 630.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 618.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 618.25 Td (, there was no inef) Tj ET Q q 0 0 0 rg BT 156.40 618.25 Td (fective portion. ) Tj ET Q q 0 0 0 rg BT 219.81 618.25 Td (The interest expense reclassified from accumulated other comprehensive loss during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 606.25 Td (the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.53 606.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.13 606.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.68 606.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.57 606.25 Td (. ) Tj ET Q q 0 0 0 rg BT 296.39 606.25 Td (W) Tj ET Q q 0 0 0 rg BT 305.03 606.25 Td (e estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.79 606.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.68 606.25 Td ( to be reclassified from accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 594.25 Td (other comprehensive loss into pre-tax earnings within the next twelve months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 576.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 576.25 Td (, the fair value of the interest rate swap that was terminated in December 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.53 576.25 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.42 576.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.25 Td (was included in other current assets on the condensed consolidated balance sheets. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.94 564.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.92 564.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 552.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 552.25 Td (, we recorded net gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.39 552.25 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.28 552.25 Td ( that were included in other income, net on our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 540.25 Td (consolidated statements of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 522.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 89.02 522.25 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 505.25 Td (The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 493.25 Td (the condensed consolidated balance sheets were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 445.75 140.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 445.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 445.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 445.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 445.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 445.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 445.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 445.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 445.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 445.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 408.75 245.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 408.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 408.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 408.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 408.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 408.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 408.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 408.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 408.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 408.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 408.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 382.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 382.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 382.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 382.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 382.75 4.00 -15.00 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 450.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.20 460.43 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.65 450.43 Td (Hierarchy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.25 460.43 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.95 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.40 460.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.25 460.43 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.95 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 460.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.45 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.25 460.43 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.95 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.40 460.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.45 450.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 436.48 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 423.32 Td (Held-to-maturity marketable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 413.32 Td (securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.35 413.42 Td (Level 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.10 413.42 Td (127,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.10 413.42 Td (127,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.10 413.42 Td (127,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.10 413.42 Td (127,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.10 413.42 Td (115,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 413.42 Td (115,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 399.48 Td (Liabilities \(including current maturities\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 386.32 Td (2019 Notes) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 117.83 390.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.35 386.32 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.10 386.32 Td (120,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.10 386.32 Td (125,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.10 386.32 Td (120,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.10 386.32 Td (124,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.10 386.32 Td (160,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 386.32 Td (169,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 372.42 Td (Credit ) Tj ET Q q 0 0 0 rg BT 98.94 372.42 Td (Agreement term loan) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 183.91 376.95 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.35 372.42 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 372.42 Td (93,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.10 372.42 Td (92,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 372.42 Td (95,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 372.42 Td (93,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.10 372.42 Td (98,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 372.42 Td (99,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 357.42 Td (Credit ) Tj ET Q q 0 0 0 rg BT 98.94 357.42 Td (Agreement - revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 347.42 Td (credit facility) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.58 351.95 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.35 347.42 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 347.42 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.10 347.42 Td (29,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 347.42 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 347.42 Td (29,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 347.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 347.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 63.00 329.78 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.25 325.25 Td (See Note 10 for definitions of 2019 Notes and Credit ) Tj ET Q q 0 0 0 rg BT 258.72 325.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 307.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.36 307.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 307.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.39 307.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.39 307.25 Td (, we did not record any fair value adjustments related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 295.25 Td (nonfinancial assets and liabilities measured at fair value on a nonrecurring basis.) 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697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 673.75 m 479.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 697.75 m 483.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 673.75 m 483.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 697.75 m 562.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 673.75 m 562.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 634.75 m 311.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 634.75 m 315.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 634.75 m 395.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 634.75 m 399.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 634.75 m 479.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 634.75 m 483.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 634.75 m 562.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 634.75 m 479.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 634.75 m 562.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 595.75 m 311.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 595.75 m 315.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 595.75 m 395.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 595.75 m 399.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 595.75 m 479.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 595.75 m 483.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 595.75 m 562.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 595.75 m 479.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 595.75 m 562.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 569.75 m 479.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 569.75 m 562.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 569.75 m 311.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 557.75 m 311.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 555.75 m 311.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 569.75 m 315.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 557.75 m 315.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 555.75 m 315.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 569.75 m 395.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 557.75 m 395.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 555.75 m 395.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 569.75 m 399.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 557.75 m 399.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 555.75 m 399.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 569.75 m 479.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 557.75 m 479.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 555.75 m 479.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 569.75 m 483.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 557.75 m 483.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 555.75 m 483.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 569.75 m 562.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 557.75 m 562.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 555.75 m 562.5 555.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 678.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 688.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.00 678.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.90 688.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.00 678.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 688.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 678.43 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 664.32 Td (Construction contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 664.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 664.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 664.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.32 Td (Completed and in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 651.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 651.32 Td (227,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 651.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 651.32 Td (288,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 651.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 651.32 Td (178,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 638.32 Td (Retentions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 638.32 Td (82,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 638.32 Td (84,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 638.32 Td (93,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 625.32 Td (Total construction contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 625.32 Td (310,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 625.32 Td (373,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 625.32 Td (272,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 612.32 Td (Construction Material sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 612.32 Td (25,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 612.32 Td (29,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 612.32 Td (23,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 599.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 599.32 Td (15,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 599.32 Td (17,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.32 Td (11,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 586.32 Td (Total gross receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 586.32 Td (351,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 586.32 Td (419,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 586.32 Td (307,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 573.32 Td (Less: allowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 573.32 Td (474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 573.32 Td (573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 573.32 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 560.32 Td (Total net receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 560.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 560.32 Td (351,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 560.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 560.32 Td (419,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 560.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 560.32 Td (307,483) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 539.25 Td (Receivables include amounts billed and billable to clients for services provided as of the end of the applicable period and do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 527.25 Td (not bear interest. ) Tj ET Q q 0 0 0 rg BT 132.24 527.25 Td (T) Tj ET Q q 0 0 0 rg BT 137.65 527.25 Td (o the extent costs are not contractually billable or have not been earned, such as claim recovery estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 515.25 Td (the associated revenue is included in costs and estimated earnings in excess of billings or billings ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 454.02 515.25 Td (i) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.02 515.25 Td (n excess of costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 503.25 Td (estimated earnings in the condensed consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 324.86 503.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.30 503.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.90 503.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.90 503.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.49 503.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.92 503.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 491.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 491.25 Td (, the aggregate claim recovery estimates included in these balances were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 491.25 Td ($12.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.24 491.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.24 491.25 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.13 491.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 479.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.94 479.25 Td ($12.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.83 479.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.49 479.25 Td (. Included in other receivables at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.49 479.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.09 479.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.09 479.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.67 479.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.11 479.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 467.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 467.25 Td (were items such as estimated recovery from back char) Tj ET Q q 0 0 0 rg BT 301.89 467.25 Td (ge claims, notes receivable, fuel tax refunds, receivables from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 455.25 Td (vendors and income tax refunds. No such receivables individually exceeded 10% of total net receivables at any of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 443.25 Td (dates. ) Tj ET Q q 0 0 0 rg BT 88.00 443.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.44 443.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.04 443.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.04 443.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.62 443.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.06 443.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.66 443.25 Td ( the estimated recovery from back char) Tj ET Q q 0 0 0 rg BT 498.51 443.25 Td (ge claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 431.25 Td (included in other receivables was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.78 431.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.67 431.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 431.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.56 431.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 431.25 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.89 431.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 422.56 431.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 413.25 Td (Certain construction contracts include retainage provisions. ) Tj ET Q q 0 0 0 rg BT 303.02 413.25 Td (The balances billed but not paid by customers pursuant to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 401.25 Td (provisions generally become due upon completion and acceptance of the project work or products by the owners. ) Tj ET Q q 0 0 0 rg BT 517.86 401.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 389.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 389.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.60 389.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.18 389.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.62 389.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.22 389.25 Td (, no retention receivable individually exceeded 10% of total net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 377.25 Td (receivables at any of the presented dates, the majority of the retentions receivable are expected to be collected within one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 365.25 Td (year and there were no retentions receivables determined to be uncollectible.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 31.50 708.25 Td (7. ) Tj ET Q q 0 0 0 rg BT 63.00 708.25 Td (Construction Joint ) Tj ET Q q 0 0 0 rg BT 145.60 708.25 Td (V) Tj ET Q q 0 0 0 rg BT 151.91 708.25 Td (entur) Tj ET Q q 0 0 0 rg BT 175.06 708.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 690.25 Td (e participate in various construction joint ventures. ) Tj ET Q q 0 0 0 rg BT 276.96 690.25 Td (W) Tj ET Q q 0 0 0 rg BT 285.59 690.25 Td (e have determined that certain of these joint ventures are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (consolidated because they are variable interest entities \(VIEs\), and we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 462.72 678.25 Td (. ) Tj ET Q q 0 0 0 rg BT 467.54 678.25 Td (W) Tj ET Q q 0 0 0 rg BT 476.17 678.25 Td (e continually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (evaluate whether there are changes in the status of the ) Tj ET Q q 0 0 0 rg BT 281.06 666.25 Td (VIEs or changes to the primary beneficiary designation of the ) Tj ET Q q 0 0 0 rg BT 530.24 666.25 Td (VIE. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 654.25 Td (Based on our assessments during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.23 654.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.83 654.25 Td (, we determined no change to the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (beneficiary was required for existing construction joint ventures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 624.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 624.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.10 624.25 Td (, there was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.89 624.25 Td ($4.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.01 624.25 Td ( of constructionrevenue to be recognized onunconsolidated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 612.25 Td (line item construction joint venture contracts of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.38 612.25 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.50 612.25 Td ( represented our share and the remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.71 612.25 Td ($3.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.82 612.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 600.25 Td (represented our partners) Tj ET Q q 0 0 0 rg BT 162.21 600.25 Td ( share. ) Tj ET Q q 0 0 0 rg BT 190.63 600.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.26 600.25 Td (e are not able to estimate amounts that may be required beyond the remaining cost of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 588.25 Td (work to be performed. ) Tj ET Q q 0 0 0 rg BT 154.73 588.25 Td (These costs could be of) Tj ET Q q 0 0 0 rg BT 248.42 588.25 Td (fset by billings to the customer or by proceeds from our partners) Tj ET Q q 0 0 0 rg BT 508.44 588.25 Td ( and/or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (guarantees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 558.25 Td (Consolidated Construction Joint V) Tj ET Q q 0 0 0 rg BT 204.99 558.25 Td (entures \(CCJVs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 540.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 540.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.10 540.25 Td (, we were engaged in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 540.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.83 540.25 Td ( active CCJV) Tj ET Q q 0 0 0 rg BT 294.97 540.25 Td ( projects with total contract values ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.91 540.25 Td ($48.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.81 540.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 528.25 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.28 528.25 Td ($292.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.17 528.25 Td (. Our share of revenue remaining to be recognized on these CCJVsranged from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 528.25 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.35 528.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.12 528.25 Td ($157.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 516.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 516.25 Td (. Our proportionate share of the equity in these joint ventures was between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.36 516.25 Td (50.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.19 516.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.63 516.25 Td (65.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.46 516.25 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.01 516.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.99 516.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 504.25 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.33 504.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.92 504.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.36 504.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.36 504.25 Td (, total revenue from CCJVs was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.62 504.25 Td ($35.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.51 504.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.95 504.25 Td ($22.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.84 504.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 534.50 504.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 492.25 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.55 492.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.53 492.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.36 492.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 492.25 Td ( and 2016, CCJVs used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.07 492.25 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.96 492.25 Td ( and provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.45 492.25 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.34 492.25 Td ( of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 480.25 Td (cash flows, respectively) Tj ET Q q 0 0 0 rg BT 158.15 480.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 462.25 Td (Unconsolidated Construction Joint V) Tj ET Q q 0 0 0 rg BT 215.54 462.25 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 444.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 444.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 444.25 Td (, wewere engaged in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.22 444.25 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.44 444.25 Td ( active unconsolidated joint venture projects with total contract values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 432.25 Td (ranging from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.99 432.25 Td ($78.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.88 432.25 Td ( to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.66 432.25 Td ($3.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.77 432.25 Td (. Our proportionate share of the equity in these unconsolidated construction joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 420.25 Td (ventures ranged from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.02 420.25 Td (20.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.85 420.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.63 420.25 Td (50.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.46 420.25 Td (. ) Tj ET Q q 0 0 0 rg BT 219.91 420.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.35 420.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 420.25 Td (, our share of the revenue remaining to be recognized on these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 408.25 Td (unconsolidated construction joint ventures ranged from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.83 408.25 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.72 408.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 408.25 Td ($475.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.39 408.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 390.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 390.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 390.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 390.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.63 390.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 390.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.66 390.25 Td (, one of our unconsolidated construction joint ventures was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (located in Canada and, therefore, the associated disclosures throughout this footnote include amounts that were translated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (from Canadian dollars to U.S. dollars using the spot rate in ef) Tj ET Q q 0 0 0 rg BT 308.61 366.25 Td (fect as of the reporting date for balance sheet items, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 354.25 Td (average rate in ef) Tj ET Q q 0 0 0 rg BT 131.94 354.25 Td (fect during the reporting period for the results of operations. ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 708.10 Td (The following is summary financial informationrelated to unconsolidated construction joint ventures:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 673.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 673.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 673.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 673.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 673.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 673.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 673.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 647.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 647.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 647.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 647.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 621.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 621.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 621.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 621.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 621.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 621.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 621.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 595.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 595.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 595.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 595.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 595.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 595.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 595.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 569.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 569.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 569.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 569.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 569.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 569.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 569.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 543.60 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 543.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 543.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 543.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 543.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 543.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 543.60 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 697.6 m 310.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 673.6 m 310.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 697.6 m 314.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 673.6 m 314.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 697.6 m 394.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 673.6 m 394.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 697.6 m 398.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 673.6 m 398.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 697.6 m 478.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 673.6 m 478.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 697.6 m 482.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 673.6 m 482.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 697.6 m 562.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 608.6 m 310.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 608.6 m 314.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 608.6 m 394.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 608.6 m 398.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 608.6 m 478.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 608.6 m 482.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 595.6 m 310.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 595.6 m 314.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 595.6 m 394.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 595.6 m 398.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 595.6 m 478.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 595.6 m 482.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 595.6 m 562.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 556.6 m 310.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 556.6 m 314.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 556.6 m 394.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 556.6 m 398.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 556.6 m 478.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 556.6 m 482.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 556.6 m 562.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 543.6 m 310.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 543.6 m 314.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 543.6 m 394.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 543.6 m 398.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 543.6 m 478.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 543.6 m 482.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 543.6 m 562.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 531.6 m 310.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 529.6 m 310.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 531.6 m 314.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 529.6 m 314.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 531.6 m 394.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 529.6 m 394.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 531.6 m 398.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 529.6 m 398.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 531.6 m 478.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 529.6 m 478.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 531.6 m 482.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 529.6 m 482.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 531.6 m 562.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 529.6 m 562.5 529.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 678.31 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 688.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 678.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.90 688.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 678.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 688.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 678.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 664.17 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 664.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 664.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 664.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.17 Td (Cash, cash equivalents and marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 651.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 651.17 Td (399,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 651.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 651.17 Td (537,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 651.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 651.17 Td (408,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 638.17 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 151.41 642.70 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 638.17 Td (703,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 638.17 Td (644,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 638.17 Td (710,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 625.17 Td (Noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 625.17 Td (205,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 625.17 Td (207,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 625.17 Td (224,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 612.17 Td (Less partners interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 612.17 Td (876,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 612.17 Td (935,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 612.17 Td (904,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 599.17 Td (Granite) Tj ET Q q 0 0 0 rg BT 116.76 599.17 Td (s interest) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 152.59 603.70 Td (1,2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 599.17 Td (432,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 599.17 Td (454,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 599.17 Td (438,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 586.17 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 586.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 586.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 586.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 573.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 573.17 Td (660,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 573.17 Td (696,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 573.17 Td (658,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 560.17 Td (Less partners) Tj ET Q q 0 0 0 rg BT 127.63 560.17 Td ( interest and adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 226.77 564.70 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 560.17 Td (447,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 560.17 Td (472,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 560.17 Td (455,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 547.17 Td (Granites interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 547.17 Td (213,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 547.17 Td (223,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 547.17 Td (203,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 534.17 Td (Equity in construction joint ventures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 212.09 538.70 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 534.17 Td (219,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 534.17 Td (230,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 534.17 Td (235,635) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 518.38 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 514.30 Td (Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.02 514.30 Td (March31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.26 514.30 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 503.50 Td (December 31, 2016 and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.22 503.50 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.46 503.50 Td ( was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.96 503.50 Td ($83.1 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.46 503.50 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.96 503.50 Td ($83.1 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.46 503.50 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.96 503.50 Td ($77.4 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.46 503.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 441.85 503.50 Td (, related to performance ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 492.70 Td (guarantees. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 484.78 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 480.70 Td (Included in this balance as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.39 480.70 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.63 480.70 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.63 480.70 Td (December 31, 2016 and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.85 480.70 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.09 480.70 Td ( was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.58 480.70 Td ($69.7 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.09 480.70 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.59 480.70 Td ($65.4 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.09 480.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.58 480.70 Td ($43.7 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 469.90 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 469.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 136.40 469.90 Td (, related to Granite) Tj ET Q q 0 0 0 rg BT 206.37 469.90 Td (s share of estimated cost recovery of customer af) Tj ET Q q 0 0 0 rg BT 382.14 469.90 Td (firmative claims. In addition, this balance ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 459.10 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 96.24 459.10 Td ($7.9 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.24 459.10 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.74 459.10 Td ($5.6 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.74 459.10 Td ( related to Granite) Tj ET Q q 0 0 0 rg BT 269.46 459.10 Td (s share of estimated recovery of back char) Tj ET Q q 0 0 0 rg BT 420.97 459.10 Td (ge claims as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.96 459.10 Td (March31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.19 459.10 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 448.30 Td (December 31, 2016, respectively) Tj ET Q q 0 0 0 rg BT 181.12 448.30 Td (. ) Tj ET Q q 0 0 0 rg BT 185.46 448.30 Td (There was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.94 448.30 Td (no) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 233.94 448.30 Td ( estimated recovery of back char) Tj ET Q q 0 0 0 rg BT 350.96 448.30 Td (ge claims as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.95 448.30 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.19 448.30 Td (. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 441.58 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 437.50 Td (Partners) Tj ET Q q 0 0 0 rg BT 97.75 437.50 Td ( interest and adjustments includes amounts to reconcile total liabilities as reported by our partners to Granite) Tj ET Q q 0 0 0 rg BT 490.14 437.50 Td (s interest adjusted ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 426.70 Td (to reflect our accounting policies.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 419.98 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 415.90 Td (As of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.92 415.90 Td (March31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.16 415.90 Td (, December 31, 2016 and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.88 415.90 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.12 415.90 Td ( this balance included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.59 415.90 Td ($16.4 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.10 415.90 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.60 415.90 Td ($16.6 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.10 415.90 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.59 415.90 Td ($4.8 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.60 415.90 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 405.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 105.90 405.10 Td (, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 394.30 Td (consolidated balance sheets.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 357.80 337.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 357.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 357.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 357.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 331.80 337.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 331.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 331.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 331.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 305.80 337.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 305.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 305.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 305.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 279.80 337.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 279.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 279.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 279.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 253.80 337.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 253.80 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 253.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 253.80 79.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 383.79999999999995 m 400.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 383.79999999999995 m 479.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 370.79999999999995 m 479.5 370.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 383.79999999999995 m 483.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 370.79999999999995 m 483.5 370.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 383.79999999999995 m 562.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 370.79999999999995 m 562.5 370.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 357.79999999999995 m 400.5 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 357.79999999999995 m 479.5 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 357.79999999999995 m 483.5 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 370.79999999999995 m 562.5 370.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 357.79999999999995 m 562.5 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 318.79999999999995 m 400.5 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 318.79999999999995 m 479.5 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 318.79999999999995 m 483.5 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 318.79999999999995 m 562.5 318.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 305.79999999999995 m 400.5 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 305.79999999999995 m 479.5 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 305.79999999999995 m 483.5 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 305.79999999999995 m 562.5 305.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 266.79999999999995 m 400.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 266.79999999999995 m 479.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 266.79999999999995 m 483.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 266.79999999999995 m 562.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 253.79999999999995 m 400.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 241.79999999999995 m 400.5 241.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 239.79999999999995 m 400.5 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 253.79999999999995 m 479.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 241.79999999999995 m 479.5 241.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 239.79999999999995 m 479.5 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 253.79999999999995 m 483.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 241.79999999999995 m 483.5 241.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 239.79999999999995 m 483.5 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 253.79999999999995 m 562.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 241.79999999999995 m 562.5 241.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 239.79999999999995 m 562.5 239.79999999999995 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 374.37 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 374.53 Td (Thr) Tj ET Q q 0 0 0 rg BT 428.89 374.53 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 524.54 374.53 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 361.36 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.50 361.53 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 361.53 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 348.37 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 348.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 348.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 335.37 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 335.37 Td (otal) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 92.41 339.90 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 335.37 Td (451,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 335.37 Td (494,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 322.37 Td (Less partners) Tj ET Q q 0 0 0 rg BT 127.63 322.37 Td ( interest and adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 226.77 326.90 Td (1,2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 322.37 Td (323,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 322.37 Td (347,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 309.37 Td (Granites interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 309.37 Td (127,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 309.37 Td (146,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 296.37 Td (Cost of revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 296.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 296.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 283.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 283.37 Td (442,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 283.37 Td (461,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 270.37 Td (Less partners) Tj ET Q q 0 0 0 rg BT 127.63 270.37 Td ( interest and adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 226.77 274.90 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 270.37 Td (316,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 270.37 Td (324,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 257.37 Td (Granites interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 257.37 Td (125,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 257.37 Td (137,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 244.37 Td (Granite) Tj ET Q q 0 0 0 rg BT 116.76 244.37 Td (s interest in gross) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 186.48 244.37 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 188.98 244.37 Td (profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 244.37 Td (1,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 244.37 Td (8,803) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 228.58 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 224.50 Td (While Granite) Tj ET Q q 0 0 0 rg BT 119.65 224.50 Td (s interest in revenue, cost of revenue and gross profit were correctly stated, ) Tj ET Q q 0 0 0 rg BT 391.64 224.50 Td (T) Tj ET Q q 0 0 0 rg BT 396.51 224.50 Td (otal revenue and revenue for partners) Tj ET Q q 0 0 0 rg BT 533.02 224.50 Td ( interest ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 213.70 Td (and adjustments for the three months ended March 31, 2016 were misstated in our Quarterly Report for the quarter ended March 31, 2016. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 202.90 Td (T) Tj ET Q q 0 0 0 rg BT 67.87 202.90 Td (otal revenue and revenue for partner) Tj ET Q q 0 0 0 rg BT 198.88 202.90 Td () Tj ET Q q 0 0 0 rg BT 201.38 202.90 Td (s interest and adjustments as reported was \(in thousands\): ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.59 202.90 Td ($288,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.34 202.90 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.83 202.90 Td ($141,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.58 202.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 542.98 202.90 Td (, for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 192.10 Td (the three months ended March 31, 2016. ) Tj ET Q q 0 0 0 rg BT 210.55 192.10 Td (T) Tj ET Q q 0 0 0 rg BT 215.42 192.10 Td (otal revenue and revenue for partner) Tj ET Q q 0 0 0 rg BT 346.43 192.10 Td () Tj ET Q q 0 0 0 rg BT 348.93 192.10 Td (s interest and adjustments should have been \(in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 181.30 Td (thousands\): ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 106.75 181.30 Td ($494,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.50 181.30 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.99 181.30 Td ($347,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.74 181.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 239.14 181.30 Td (, for the three months ended March 31, 2016 and are reflected in the table. ) Tj ET Q q 0 0 0 rg BT 508.37 181.30 Td (The ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 170.50 Td (misstatements did not have any impact on the consolidated financial statements in any period. ) Tj ET Q q 0 0 0 rg BT 403.00 170.50 Td (W) Tj ET Q q 0 0 0 rg BT 410.77 170.50 Td (e assessed the materiality of the errors in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 159.70 Td (accordance with the SEC) Tj ET Q q 0 0 0 rg BT 156.22 159.70 Td (s Staf) Tj ET Q q 0 0 0 rg BT 176.30 159.70 Td (f ) Tj ET Q q 0 0 0 rg BT 181.05 159.70 Td (Accounting Bulletin 99 and concluded that the errors were not material to either of these previously ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 148.90 Td (issued financial statements. ) Tj ET Q q 0 0 0 rg BT 163.48 148.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 207.88 148.90 Td (, we will revise our previously issued financial statements prospectively to correct these errors.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 142.18 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 138.10 Td (Partners) Tj ET Q q 0 0 0 rg BT 97.75 138.10 Td ( interest and adjustments represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 127.30 Td (Granite) Tj ET Q q 0 0 0 rg BT 92.49 127.30 Td (s interestadjusted to reflect our accounting policies and estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 109.30 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.36 109.30 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 109.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.39 109.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.39 109.30 Td (, unconsolidated construction joint venture net income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.39 109.30 Td ($8.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 97.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 97.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.33 97.30 Td ($33.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 97.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.88 97.30 Td (, of which our share was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.13 97.30 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.02 97.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.46 97.30 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 97.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 488.01 97.30 Td (. ) Tj ET Q q 0 0 0 rg BT 492.83 97.30 Td (These joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 85.30 Td (venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 73.30 Td (the extent the applicable states have joint venture level taxes.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 708.25 Td (Line Item Joint V) Tj ET Q q 0 0 0 rg BT 134.95 708.25 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 690.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 690.25 Td (, we had) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.14 690.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.14 690.25 Td ( active line item joint venture construction projects with total contract values of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.32 690.25 Td ($66.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 678.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.33 678.25 Td ($75.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 678.25 Td ( of whichour portion was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.76 678.25 Td ($44.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 678.25 Td ( and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.09 678.25 Td ($28.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.98 678.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 450.64 678.25 Td (. ) Tj ET Q q 0 0 0 rg BT 455.09 678.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.53 678.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.13 678.25 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (share of revenue remaining to be recognized on these line item joint ventures was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.77 666.25 Td ($10.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.67 666.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.10 666.25 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 666.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 654.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.66 654.25 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.21 654.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.19 654.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.02 654.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.62 654.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.06 654.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.06 654.25 Td (, our portion of revenue from line item joint ventures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.05 642.25 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.94 642.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.38 642.25 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.27 642.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.93 642.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 624.25 Td (8. ) Tj ET Q q 0 0 0 rg BT 63.00 624.25 Td (Investments in ) Tj ET Q q 0 0 0 rg BT 127.45 624.25 Td (Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 606.25 Td (Our investments in af) Tj ET Q q 0 0 0 rg BT 149.19 606.25 Td (filiates balance is related to our investments in unconsolidated non-construction entities that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 594.25 Td (account for using the equity method of accounting, including investments in real estate entities and a non-real estate entity) Tj ET Q q 0 0 0 rg BT 551.37 594.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (Our investments in af) Tj ET Q q 0 0 0 rg BT 149.19 576.25 Td (filiates balanceconsists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 541.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 541.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 541.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 541.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 541.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 541.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 541.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 515.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 515.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 515.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 515.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 515.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 515.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 515.75 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 565.75 m 310.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 541.75 m 310.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 565.75 m 314.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 541.75 m 314.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 565.75 m 394.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 541.75 m 394.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 565.75 m 398.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 541.75 m 398.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 565.75 m 478.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 541.75 m 478.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 565.75 m 482.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 541.75 m 482.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 565.75 m 562.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 541.75 m 562.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 541.75 m 394.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 541.75 m 478.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 541.75 m 562.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 515.75 m 562.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 515.75 m 310.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 503.75 m 310.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 501.75 m 310.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 515.75 m 314.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 503.75 m 314.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 501.75 m 314.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 515.75 m 394.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 503.75 m 394.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 501.75 m 394.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 515.75 m 398.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 503.75 m 398.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 501.75 m 398.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 515.75 m 478.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 503.75 m 478.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 501.75 m 478.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 515.75 m 482.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 503.75 m 482.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 501.75 m 482.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 515.75 m 562.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 503.75 m 562.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 501.75 m 562.5 501.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 546.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 556.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 546.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.90 556.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 546.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 556.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 546.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 532.32 Td (Equity method investments in real estate affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 532.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 532.32 Td (26,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 532.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 532.32 Td (25,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 532.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 532.32 Td (25,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 519.32 Td (Equity method investment in other affiliate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 519.32 Td (9,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 519.32 Td (9,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 519.32 Td (9,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 506.32 Td (Total investments in affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 506.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 506.32 Td (36,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 506.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 506.32 Td (35,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 506.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 506.32 Td (34,619) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 485.25 Td (The following table provides summarized balance sheet information for our af) Tj ET Q q 0 0 0 rg BT 376.05 485.25 Td (filiates accounted for under the equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 473.25 Td (on a combined basis:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 438.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 438.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 438.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 438.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 412.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 412.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 412.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 412.75 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 462.75 m 310.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 438.75 m 310.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 462.75 m 314.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 438.75 m 314.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 462.75 m 394.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 438.75 m 394.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 462.75 m 398.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 438.75 m 398.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 462.75 m 478.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 438.75 m 478.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 462.75 m 482.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 438.75 m 482.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 462.75 m 562.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 438.75 m 562.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 438.75 m 478.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 438.75 m 562.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 399.75 m 310.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 399.75 m 314.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 399.75 m 394.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 399.75 m 398.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 399.75 m 478.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 399.75 m 482.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 399.75 m 562.5 399.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 443.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 453.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 443.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.90 453.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 443.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 453.48 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 443.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 429.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 429.32 Td (150,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 429.32 Td (155,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 429.32 Td (177,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 416.32 Td (Net assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 416.32 Td (93,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 416.32 Td (99,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 416.32 Td (103,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 403.32 Td (Granites share of net assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 403.32 Td (36,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 403.32 Td (35,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 403.32 Td (34,619) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 382.25 Td (The equity method investments in real estate af) Tj ET Q q 0 0 0 rg BT 251.93 382.25 Td (filiates included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.57 382.25 Td ($21.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.46 382.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.46 382.25 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.35 382.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.79 382.25 Td ($19.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.68 382.25 Td ( in residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (real estate in ) Tj ET Q q 0 0 0 rg BT 115.85 370.25 Td (T) Tj ET Q q 0 0 0 rg BT 121.26 370.25 Td (exas as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.19 370.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.78 370.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.78 370.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.37 370.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.81 370.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.41 370.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 446.07 370.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.89 370.25 Td (The remaining balances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 358.25 Td (were in commercial real estate in ) Tj ET Q q 0 0 0 rg BT 197.75 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 203.16 358.25 Td (exas. Of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.70 358.25 Td ($150.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.59 358.25 Td ( in total assets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.13 358.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.73 358.25 Td (, real estate entities had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 346.25 Td (total assets ranging from less than $0.1 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.98 346.25 Td ($63.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.87 346.25 Td ( and the non-real estate entity had total assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.25 346.25 Td ($21.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 334.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 334.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 316.25 Td (9. ) Tj ET Q q 0 0 0 rg BT 63.00 316.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 73.37 316.25 Td (operty and Equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 298.25 Td (Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td (net in the condensed consolidated balance sheets and were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 251.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 251.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 251.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 251.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 251.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 251.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 251.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 225.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 225.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 225.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 225.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 225.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 225.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 225.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 199.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 199.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 199.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 199.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 199.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 199.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 199.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 173.75 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 173.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 173.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 173.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 173.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 173.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 173.75 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 275.75 m 310.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 251.75 m 310.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 275.75 m 314.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 251.75 m 314.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 275.75 m 394.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 251.75 m 394.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 275.75 m 398.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 251.75 m 398.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 275.75 m 478.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 251.75 m 478.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 275.75 m 482.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 251.75 m 482.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 275.75 m 562.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 251.75 m 562.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 251.75 m 394.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 251.75 m 478.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 251.75 m 562.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 186.75 m 310.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 186.75 m 314.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 186.75 m 394.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 186.75 m 398.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 186.75 m 478.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 186.75 m 482.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 186.75 m 562.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 160.75 m 310.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 160.75 m 314.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 160.75 m 394.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 160.75 m 398.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 160.75 m 478.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 160.75 m 482.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 160.75 m 562.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 148.75 m 310.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 146.75 m 310.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 148.75 m 314.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 146.75 m 314.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 148.75 m 394.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 146.75 m 394.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 148.75 m 398.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 146.75 m 398.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 148.75 m 478.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 146.75 m 478.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 148.75 m 482.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 146.75 m 482.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 148.75 m 562.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 146.75 m 562.5 146.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 256.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 266.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 256.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.90 266.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 256.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 266.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 256.43 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 242.32 Td (Equipment and vehicles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 242.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 242.32 Td (768,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 242.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 242.32 Td (756,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 242.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 242.32 Td (750,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 229.32 Td (Quarry property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 229.32 Td (175,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 229.32 Td (174,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 229.32 Td (179,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 216.32 Td (Land and land improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 216.32 Td (112,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 216.32 Td (110,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 216.32 Td (110,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 203.32 Td (Buildings and leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 203.32 Td (83,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 203.32 Td (82,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 203.32 Td (83,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 190.32 Td (Office furniture and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 190.32 Td (56,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 190.32 Td (56,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 190.32 Td (62,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 177.32 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 177.32 Td (1,196,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 177.32 Td (1,181,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 177.32 Td (1,186,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 164.32 Td (Less: accumulated depreciation and depletion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 164.32 Td (784,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 164.32 Td (774,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 164.32 Td (788,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 151.32 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 151.32 Td (412,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 151.32 Td (406,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 151.32 Td (398,750) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 708.25 Td (10. ) Tj ET Q q 0 0 0 rg BT 63.00 708.25 Td (Debt Covenants and Events of Default) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (Our debt and credit agreements require us to comply with various af) Tj ET Q q 0 0 0 rg BT 335.79 690.25 Td (firmative, restrictive and financial covenants, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (the financial covenants described below) Tj ET Q q 0 0 0 rg BT 222.29 678.25 Td (. Our failure to comply with any of these covenants, or to pay principal, interest or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (other amounts when due thereunder) Tj ET Q q 0 0 0 rg BT 205.89 666.25 Td (, would constitute an event of default under the applicable agreements. Under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 654.25 Td (circumstances, the occurrence of an event of default under one of our debt or credit agreements \(or the acceleration of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (maturity of the indebtedness under one of our agreements\) may constitute an event of default under one or more of our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.25 Td (debt or credit agreements. Default under our debt and credit agreements could result in \(i\) us no longer being entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 618.25 Td (borrow under the agreements; \(ii\) termination of the agreements; \(iii\) the requirement that any letters of credit under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 606.25 Td (agreements be cash collateralized; \(iv\) acceleration of the maturity of outstanding indebtedness under the agreements; and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 594.25 Td (or \(v\) foreclosure on any collateral securing the obligations under the agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 576.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 576.25 Td (, we had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.08 576.25 Td ($293.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.97 576.25 Td ( credit facility) Tj ET Q q 0 0 0 rg BT 308.41 576.25 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.17 576.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.07 576.25 Td ( was a revolving credit facility and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.25 Td ($93.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.89 564.25 Td ( was a term loan that matures on October 28, 2020 \(the Maturity Date\) and has a sublimit for letters of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 552.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.83 552.25 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.72 552.25 Td ( \(the Credit ) Tj ET Q q 0 0 0 rg BT 184.65 552.25 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 241.29 552.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.73 552.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.33 552.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.33 552.25 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.22 552.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.27 552.25 Td ($93.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.16 552.25 Td ( term loan was included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 540.25 Td (in current maturities of long-term debt and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.76 540.25 Td ($88.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 540.25 Td ( was included in long-term debt on the condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 528.25 Td (consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 177.96 528.25 Td (As of December 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 528.25 Td ($95.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.88 528.25 Td ( of the term loan was outstanding with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.96 528.25 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.86 528.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 516.25 Td (included in current maturities of long-term debt and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.70 516.25 Td ($90.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.59 516.25 Td ( included in long-term debt on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 504.25 Td (condensed consolidated balance sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 486.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 486.25 Td ( and December 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 486.25 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.96 486.25 Td ( had been drawn from the Credit ) Tj ET Q q 0 0 0 rg BT 439.86 486.25 Td (Agreement to service the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 474.25 Td (2016 installment of the 2019 Notes \(defined below\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 456.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 456.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 456.25 Td (, December 31, 2016 and March 31, 2016, senior notes payable in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.12 456.25 Td ($120.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.02 456.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 444.25 Td ($120.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.89 444.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.33 444.25 Td ($160.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.22 444.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 252.88 444.25 Td (, were due to a group of institutional holders and had an interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 432.25 Td (6.1) Tj ET Q q 0 0 0 rg BT 75.13 432.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.46 432.25 Td ( per annum \(2019 Notes\). ) Tj ET Q q 0 0 0 rg BT 201.76 432.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.20 432.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 432.25 Td (, three equal annual installments from 2017 through 2019 are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 420.25 Td (remaining. ) Tj ET Q q 0 0 0 rg BT 107.99 420.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.43 420.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.03 420.25 Td (, December 31, 2016 and March 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 420.25 Td ($1) Tj ET Q q 0 0 0 rg BT 377.28 420.25 Td (10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.17 420.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.17 420.25 Td ($1) Tj ET Q q 0 0 0 rg BT 440.80 420.25 Td (10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.69 420.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.13 420.25 Td ($150.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 408.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 408.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 144.55 408.25 Td (, of the outstanding balances were included in long-term debt on the condensed consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 396.25 Td (sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (Of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.77 378.25 Td ($40.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.66 378.25 Td ( due for the 2017 installment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.91 378.25 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.81 378.25 Td ( is included in long-term debt on the condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (balance sheets as of March 31, 2017 and December 31, 2016 as we have the ability and intent to pay these installments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 354.25 Td (using borrowings under the Credit ) Tj ET Q q 0 0 0 rg BT 202.15 354.25 Td (Agreement or by obtaining other sources of financing. ) Tj ET Q q 0 0 0 rg BT 421.63 354.25 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.72 354.25 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.61 354.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 342.25 Td (the 2017 installment was included in current maturities of long-term debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.87 342.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.46 342.25 Td ( and December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 324.25 Td (Of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.77 324.25 Td ($40.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.66 324.25 Td ( due for the 2016 installment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.91 324.25 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.81 324.25 Td ( was included in long-term debt on the condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 312.25 Td (consolidated balance sheets as of March 31, 2016 as we had the ability and intent to pay these installments using borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 300.25 Td (under the Credit ) Tj ET Q q 0 0 0 rg BT 129.93 300.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 179.17 300.25 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.26 300.25 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 300.25 Td ( of the 2016 installment was included in current maturities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 288.25 Td (long-term debt as of March 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 270.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 270.25 Td (, we were in compliance with all covenants contained in the Credit ) Tj ET Q q 0 0 0 rg BT 419.57 270.25 Td (Agreement and related to the note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (purchase agreement governing our 2019 Notes. ) Tj ET Q q 0 0 0 rg BT 254.70 258.25 Td (W) Tj ET Q q 0 0 0 rg BT 263.34 258.25 Td (e are not aware of any non-compliance by any of our unconsolidated real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (estate entities with the covenants contained in their debt agreements. ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 713.25 Td (1) Tj ET Q q 0 0 0 rg BT 31.45 713.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 63.00 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 72.45 713.25 Td (eighted ) Tj ET Q q 0 0 0 rg BT 105.50 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 111.98 713.25 Td (verage Shar) Tj ET Q q 0 0 0 rg BT 163.18 713.25 Td (es Outstanding and Net Loss Per) Tj ET Q q 0 0 0 rg BT 302.74 713.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 325.62 713.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 695.25 Td (The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 683.25 Td (diluted net income per share as well as the calculation of basic and diluted net loss per share:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 646.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 646.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 646.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 646.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 646.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 620.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 620.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 620.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 620.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 620.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 592.75 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 592.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 592.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 562.75 339.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 562.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 562.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 562.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 562.75 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 672.75 m 402.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 672.75 m 406.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 672.75 m 482.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 672.75 m 486.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 672.75 m 562.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 646.75 m 402.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 646.75 m 406.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 659.75 m 482.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 646.75 m 482.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 659.75 m 486.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 646.75 m 486.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 659.75 m 562.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 646.75 m 562.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 577.75 m 402.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 577.75 m 406.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 577.75 m 482.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 577.75 m 486.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 577.75 m 562.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 549.75 m 402.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 547.75 m 402.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 549.75 m 406.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 547.75 m 406.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 549.75 m 482.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 547.75 m 482.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 549.75 m 486.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 547.75 m 486.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 549.75 m 562.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 547.75 m 562.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 547.75 m 402.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 549.75 m 402.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 536.75 m 402.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 534.75 m 402.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 536.75 m 406.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 534.75 m 406.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 536.75 m 482.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 534.75 m 482.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 536.75 m 486.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 534.75 m 486.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 536.75 m 562.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 534.75 m 562.5 534.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 663.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.40 663.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 431.89 663.48 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 527.54 663.48 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 650.31 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 650.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 650.48 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 66.00 637.48 Td (Numerator \(basic and diluted\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 637.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 637.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 624.32 Td (Net loss allocated to common shareholders for basic calculation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 624.37 Td (\(23,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 624.37 Td (\(10,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 624.32 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 66.00 611.48 Td (Denominator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 611.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 611.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 597.42 Td (Weighted average common shares outstanding, basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 597.42 Td (39,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 597.42 Td (39,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 582.42 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 108.86 582.42 Td (fect of common stock options and restricted stock units) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 329.93 586.95 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 582.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 582.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 567.42 Td (Weighted average common shares outstanding, diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 567.42 Td (39,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 567.42 Td (39,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 553.32 Td (Net loss per share, basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 553.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 553.37 Td (\(0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 553.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 553.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 553.37 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 553.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 539.32 Td (Net loss per share, diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 539.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 539.37 Td (\(0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 539.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 539.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 539.37 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 539.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 523.53 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 519.45 Td (Due to the net loss for the three months ended March 31, 2017 and 2016, restricted stock units and common stock options representing ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 508.65 Td (approximately ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 117.23 508.65 Td (673,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.48 508.65 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.98 508.65 Td (544,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.23 508.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 240.62 508.65 Td (, have been excluded from the number of shares used in calculating diluted net loss per ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 497.85 Td (share, as their inclusion would be antidilutive.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 479.85 Td (12. ) Tj ET Q q 0 0 0 rg BT 63.00 479.85 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 461.85 Td (The following tables summarize our equity activity for the periods presented \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 416.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 416.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 416.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 416.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 416.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 416.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 416.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 390.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 390.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 390.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 390.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 390.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 390.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 390.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 364.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 364.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 364.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 364.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 364.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 364.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 364.35 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 451.35 m 310.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 416.35 m 310.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 451.35 m 314.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 416.35 m 314.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 451.35 m 394.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 416.35 m 394.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 451.35 m 398.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 416.35 m 398.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 451.35 m 478.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 416.35 m 478.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 451.35 m 482.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 416.35 m 482.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 451.35 m 562.5 451.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 416.35 m 562.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 416.35 m 394.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 416.35 m 478.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 351.35 m 310.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 351.35 m 314.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 351.35 m 394.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 351.35 m 398.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 351.35 m 478.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 351.35 m 482.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 351.35 m 562.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 339.35 m 310.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 337.35 m 310.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 339.35 m 314.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 337.35 m 314.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 339.35 m 394.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 337.35 m 394.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 339.35 m 398.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 337.35 m 398.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 351.35 m 478.5 351.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 339.35 m 478.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 337.35 m 478.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 339.35 m 482.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 337.35 m 482.5 337.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 339.35 m 562.5 339.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 337.35 m 562.5 337.35 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.30 441.03 Td (Granite) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.90 431.03 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 421.03 Td (Incorporated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.20 431.03 Td (Non-controlling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.45 421.03 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.35 421.03 Td (Total Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 407.08 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 156.34 407.08 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 406.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 406.92 Td (885,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 406.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 406.92 Td (36,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 406.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 406.92 Td (922,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 393.92 Td (Purchases of common stock) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 177.92 398.45 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 393.97 Td (\(6,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 393.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 393.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 393.97 Td (\(6,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 393.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 380.92 Td (Other transactions with shareholders and employees) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 274.55 385.45 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 380.92 Td (8,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 380.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.92 Td (8,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 367.92 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 367.97 Td (\(23,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 367.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 367.97 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 367.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 367.97 Td (\(23,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 367.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 354.92 Td (Dividends on common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 354.97 Td (\(5,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 354.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 354.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 354.97 Td (\(5,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 354.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 342.08 Td (Balance at March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 341.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 341.92 Td (859,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 341.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 341.92 Td (36,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 341.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.92 Td (896,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 338.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 307.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 307.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 307.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 307.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 307.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 307.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 307.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 281.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 281.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 281.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 281.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 281.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 281.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 281.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 255.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 255.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 255.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 255.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 255.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 255.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 255.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 229.35 247.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 229.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 229.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 229.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 229.35 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 229.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 229.35 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 322.35 m 310.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 307.35 m 310.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 322.35 m 314.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 307.35 m 314.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 322.35 m 394.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 307.35 m 394.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 322.35 m 398.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 307.35 m 398.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 322.35 m 478.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 307.35 m 478.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 322.35 m 482.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 307.35 m 482.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 322.35 m 562.5 322.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 307.35 m 562.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 307.35 m 394.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 307.35 m 398.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 307.35 m 478.5 307.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 229.35000000000002 m 310.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 229.35000000000002 m 314.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 229.35000000000002 m 394.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 229.35000000000002 m 398.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 229.35000000000002 m 478.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 229.35000000000002 m 482.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 229.35000000000002 m 562.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 229.35000000000002 m 310.5 229.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 217.35000000000002 m 310.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 215.35000000000002 m 310.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 217.35000000000002 m 314.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 215.35000000000002 m 314.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 217.35000000000002 m 394.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 215.35000000000002 m 394.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 217.35000000000002 m 398.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 215.35000000000002 m 398.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 217.35000000000002 m 478.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 215.35000000000002 m 478.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 217.35000000000002 m 482.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 215.35000000000002 m 482.5 215.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 217.35000000000002 m 562.5 217.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 215.35000000000002 m 562.5 215.35000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 312.02 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 312.03 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 312.03 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 298.08 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 156.34 298.08 Td ( 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 297.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 297.92 Td (839,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 297.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 297.92 Td (30,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 297.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 297.92 Td (870,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 284.92 Td (Purchases of common stock) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 177.92 289.45 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 284.97 Td (\(4,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 284.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 284.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 284.97 Td (\(4,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 284.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 271.92 Td (Other transactions with shareholders and employees) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 274.55 276.45 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 271.92 Td (5,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 271.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 271.92 Td (5,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 258.92 Td (Transactions with non-controlling interests, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 258.92 Td (2,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 258.97 Td (\(3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 258.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 258.97 Td (\(904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 258.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 245.92 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 245.97 Td (\(10,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 245.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 245.92 Td (678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 245.97 Td (\(9,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 245.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 232.92 Td (Dividends on common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 232.97 Td (\(5,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 232.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 232.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 232.97 Td (\(5,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 232.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 220.08 Td (Balance at March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 219.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 219.92 Td (827,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 219.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 219.92 Td (28,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 219.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 219.92 Td (855,744) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 204.13 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 200.05 Td (Represents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 107.66 200.05 Td (131,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.91 200.05 Td ( shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 189.25 Td (Equity Incentive Plan.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 182.53 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 178.45 Td (Amounts are comprised primarily of amortized restricted stock units.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 171.73 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 167.65 Td (Represents ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 107.66 167.65 Td (101,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.91 167.65 Td ( shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 156.85 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 138.85 Td ( ) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 708.25 Td (13. ) Tj ET Q q 0 0 0 rg BT 63.00 708.25 Td (Legal Pr) Tj ET Q q 0 0 0 rg BT 99.75 708.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (In the ordinary course of business, we or our joint ventures and af) Tj ET Q q 0 0 0 rg BT 325.80 690.25 Td (filiates are involved in various legal proceedings alleging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 678.25 Td (among other things, public liability issues, breach of contract or tortious conduct in connection with the performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 666.25 Td (services and/or materials provided. ) Tj ET Q q 0 0 0 rg BT 205.27 666.25 Td (W) Tj ET Q q 0 0 0 rg BT 213.91 666.25 Td (e are also subject to government inquiries and reporting requirements seeking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 654.25 Td (information concerning our compliance with government construction contracting requirements and various laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 642.25 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 112.25 642.25 Td (The outcomes of such proceedings and government inquiries cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 493.70 642.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 624.25 Td (Some of the matters in which we or our joint ventures and af) Tj ET Q q 0 0 0 rg BT 305.53 624.25 Td (filiates are involved may include compensatory) Tj ET Q q 0 0 0 rg BT 494.54 624.25 Td (, punitive, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 612.25 Td (other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 600.25 Td (not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 588.25 Td (contracts could be terminated or suspended, we could be debarred or incur other administrative penalties or sanctions, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (payment of our costs could be disallowed.) Tj ET Q q 0 0 0 rg BT 233.89 576.25 Td (While any of our pending legal proceedings may be subject to early resolution as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.25 Td (a result of our ongoing ef) Tj ET Q q 0 0 0 rg BT 164.18 564.25 Td (forts to settle, whether or when any legal proceeding will be resolvedthrough settlement is neither ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 552.25 Td (predictable nor guaranteed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 534.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 112.34 534.25 Td (, it is possible that future developments in such proceedings and inquiries could require us to \(i\) adjust existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 522.25 Td (accruals, or \(ii\) record new accruals that we did not originally believe to be probable or that could not be reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 510.25 Td (estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 498.25 Td (particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 486.25 Td (estimated, we also disclose certain matters where the loss is considered reasonably possible and is reasonably estimable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 468.25 Td (Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 456.25 Td (probable and the amounts of such liabilities are reasonably estimable, are recorded in our condensed consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 444.25 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 92.26 444.25 Td (The aggregate liabilities recorded as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.52 444.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.12 444.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.12 444.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 444.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.14 444.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.74 444.25 Td ( related to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 432.25 Td (matters were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.12 432.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.01 432.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.01 432.25 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.90 432.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.34 432.25 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.23 432.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 400.90 432.25 Td (, and were primarily included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 420.25 Td (accrued expenses and other current liabilities. ) Tj ET Q q 0 0 0 rg BT 247.65 420.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.09 420.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.69 420.25 Td (, we had outstanding matters related to contractually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 408.25 Td (agreed-upon liquidated damages that had a range of possible loss that, while considered reasonably possible, had a low end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 396.25 Td (that was immaterial. ) Tj ET Q q 0 0 0 rg BT 146.68 396.25 Td (The outcome of these matters could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 396.39 396.25 Td (fect on our financial position, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 384.25 Td (operations and / or cash flows in the future. ) Tj ET Q q 0 0 0 rg BT 238.88 384.25 Td (The aggregate range of possible loss related to reasonably possible amounts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 372.25 Td (excess of accrued losses recorded for probable loss contingencies, was immaterial as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.09 372.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.69 372.25 Td (. ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 177.05 759.60 Td (GRANITE CONSTRUCTION INCORPORA) Tj ET Q q 0 0 0 rg BT 410.18 759.60 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 54.25 745.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 97.71 745.20 Td (T) Tj ET Q q 0 0 0 rg BT 105.50 745.20 Td (O ) Tj ET Q q 0 0 0 rg BT 117.62 745.20 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 296.10 745.20 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.11 745.20 Td ( ST) Tj ET Q q 0 0 0 rg BT 407.90 745.20 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 745.20 Td (TEMENTS - CONTINUED) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 276.65 730.80 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 30.100000000000023 m 176.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 30.100000000000023 m 304.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 30.100000000000023 m 432.5 30.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 30.100000000000023 m 560.5 30.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 708.25 Td (14. ) Tj ET Q q 0 0 0 rg BT 63.00 708.25 Td (Business Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 690.25 Td (Summarized ) Tj ET Q q 0 0 0 rg BT 116.04 690.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 151.87 690.25 Td (information ) Tj ET Q q 0 0 0 rg BT 201.58 690.25 Td (is ) Tj ET Q q 0 0 0 rg BT 210.75 690.25 Td (as ) Tj ET Q q 0 0 0 rg BT 221.58 690.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 254.08 690.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 267.69 690.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 638.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 638.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 638.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 638.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 638.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 638.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 638.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 638.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 638.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 612.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 612.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 612.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 612.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 612.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 586.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 586.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 586.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 586.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 586.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 560.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 560.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 560.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 560.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 560.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 534.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 534.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 534.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 534.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 534.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 508.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 508.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 508.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 508.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 508.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 482.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 482.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 482.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 482.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 482.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 456.75 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 456.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 456.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 456.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 456.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 456.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 456.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 456.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 456.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 679.75 m 297.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 679.75 m 301.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 679.75 m 364.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 664.75 m 364.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 679.75 m 368.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 664.75 m 368.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 679.75 m 436.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 664.75 m 436.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 679.75 m 440.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 664.75 m 440.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 679.75 m 503.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 664.75 m 503.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 679.75 m 507.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 664.75 m 507.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 679.75 m 562.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 664.75 m 562.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 638.75 m 297.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 638.75 m 301.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 638.75 m 364.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 638.75 m 368.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 638.75 m 436.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 638.75 m 440.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 638.75 m 503.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 638.75 m 507.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 638.75 m 562.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 599.75 m 297.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 599.75 m 301.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 599.75 m 364.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 599.75 m 368.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 599.75 m 436.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 599.75 m 440.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 599.75 m 503.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 599.75 m 507.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 599.75 m 562.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 599.75 m 364.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 599.75 m 368.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 599.75 m 436.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 599.75 m 440.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 599.75 m 503.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 599.75 m 507.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 599.75 m 562.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 534.75 m 297.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 534.75 m 301.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 534.75 m 364.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 534.75 m 368.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 534.75 m 436.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 534.75 m 440.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 534.75 m 503.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 534.75 m 507.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 534.75 m 562.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 495.75 m 297.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 495.75 m 301.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 495.75 m 364.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 495.75 m 368.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 495.75 m 436.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 495.75 m 440.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 495.75 m 503.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 495.75 m 507.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 495.75 m 562.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 495.75 m 364.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 495.75 m 368.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 495.75 m 436.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 495.75 m 440.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 495.75 m 503.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 495.75 m 507.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 495.75 m 562.5 495.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 669.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.90 669.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.40 643.43 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 653.43 Td (Large Project) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.90 643.43 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.40 653.43 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 643.43 Td (Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.55 643.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 629.48 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 616.32 Td (Total revenue from reportable segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 616.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 616.32 Td (226,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 616.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 616.32 Td (207,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 616.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 616.32 Td (48,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 616.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 616.32 Td (482,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 603.32 Td (Elimination of intersegment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 603.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 603.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 603.37 Td (\(14,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 603.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 603.37 Td (\(14,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 603.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 590.32 Td (Revenue from external customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 590.32 Td (226,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 590.32 Td (207,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 590.32 Td (34,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 590.32 Td (468,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 577.32 Td (Gross profit \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 577.32 Td (27,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 577.32 Td (2,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 577.37 Td (\(5,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 577.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 577.32 Td (25,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 564.32 Td (Depreciation, depletion and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 564.32 Td (4,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 564.32 Td (1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 564.32 Td (5,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 564.32 Td (12,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 551.32 Td (Segment assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 551.32 Td (149,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 551.32 Td (306,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 551.32 Td (289,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 551.32 Td (746,581) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 525.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 525.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 525.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 525.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 525.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 512.32 Td (Total revenue from reportable segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 512.32 Td (209,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 512.32 Td (195,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 512.32 Td (48,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 512.32 Td (453,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 499.32 Td (Elimination of intersegment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 499.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 499.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 499.37 Td (\(14,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 499.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 499.37 Td (\(14,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 499.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 486.32 Td (Revenue from external customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 486.32 Td (209,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 486.32 Td (195,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 486.32 Td (34,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 486.32 Td (439,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.32 Td (Gross profit \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 473.32 Td (26,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 473.32 Td (13,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 473.37 Td (\(1,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 473.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 473.32 Td (39,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 460.32 Td (Depreciation, depletion and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 460.32 Td (4,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 460.32 Td (1,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 460.32 Td (5,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.32 Td (11,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 447.32 Td (Segment assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 447.32 Td (141,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 447.32 Td (297,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 447.32 Td (295,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 447.32 Td (734,470) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 426.25 Td (A) Tj ET Q q 0 0 0 rg BT 69.67 426.25 Td ( reconciliation of segment gross profit to consolidated loss before benefit from income taxesis as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 385.75 356.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 385.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 385.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 385.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 359.75 356.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 359.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 359.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 333.75 356.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 333.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 333.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 333.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 415.75 m 419.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 415.75 m 489.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 400.75 m 489.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 415.75 m 493.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 400.75 m 493.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 415.75 m 563.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 400.75 m 563.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 385.75 m 419.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 385.75 m 489.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 385.75 m 493.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 385.75 m 563.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 385.75 m 489.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 385.75 m 563.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 333.75 m 419.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 333.75 m 489.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 333.75 m 493.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 333.75 m 563.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 321.75 m 419.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 319.75 m 419.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 333.75 m 489.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 321.75 m 489.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 319.75 m 489.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 321.75 m 493.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 319.75 m 493.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 333.75 m 563.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 321.75 m 563.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 319.75 m 563.5 319.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.40 405.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 438.89 405.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 534.54 405.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 390.46 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 390.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 390.43 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 376.32 Td (Total gross profitfrom reportable segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 376.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 376.32 Td (25,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 376.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 376.32 Td (39,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 363.32 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 363.32 Td (61,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 363.32 Td (56,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 350.32 Td (Gain on sales of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 350.37 Td (\(270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 350.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 350.37 Td (\(600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.65 350.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 337.32 Td (Total other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 337.37 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 337.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 337.37 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.65 337.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 324.32 Td (Loss before benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 324.37 Td (\(36,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 324.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 324.37 Td (\(15,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.65 324.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (Item 2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 213.02 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 236.64 742.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 264.05 742.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 302.31 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.92 742.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 424.27 742.25 Td (AND) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.93 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.43 742.25 Td (RESUL) Tj ET Q q 0 0 0 rg BT 480.86 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 509.11 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 97.26 730.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 712.25 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 142.17 712.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 181.99 712.25 Td (e) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 694.25 Td (Fr) Tj ET Q q 0 0 0 rg BT 72.63 694.25 Td (om time to time, Granite makes certain comments and disclosur) Tj ET Q q 0 0 0 rg BT 327.78 694.25 Td (es in r) Tj ET Q q 0 0 0 rg BT 352.40 694.25 Td (eports and statements, including in this Quarterly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (Report on Form 10-Q, or statements made by its officers or dir) Tj ET Q q 0 0 0 rg BT 314.83 682.25 Td (ectors, that ar) Tj ET Q q 0 0 0 rg BT 370.85 682.25 Td (e not based on historical facts, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 670.25 Td (statements r) Tj ET Q q 0 0 0 rg BT 111.24 670.25 Td (egar) Tj ET Q q 0 0 0 rg BT 129.20 670.25 Td (ding futur) Tj ET Q q 0 0 0 rg BT 168.55 670.25 Td (e events, occurr) Tj ET Q q 0 0 0 rg BT 231.76 670.25 Td (ences, cir) Tj ET Q q 0 0 0 rg BT 269.71 670.25 Td (cumstances, activities, performance, outcomes and r) Tj ET Q q 0 0 0 rg BT 479.29 670.25 Td (esults, that may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 658.25 Td (constitute forwar) Tj ET Q q 0 0 0 rg BT 131.24 658.25 Td (d-looking statements within the meaning of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 468.52 658.25 Td (Act of 1995.These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 646.25 Td (forwar) Tj ET Q q 0 0 0 rg BT 89.86 646.25 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 183.92 646.25 Td (e identified by wor) Tj ET Q q 0 0 0 rg BT 258.26 646.25 Td (ds such as futur) Tj ET Q q 0 0 0 rg BT 326.51 646.25 Td (e, outlook, assumes, believes, expects, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 634.25 Td (estimates, anticipates, intends, plans, appears, may) Tj ET Q q 0 0 0 rg BT 329.16 634.25 Td (, will, should, could, would, continue, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (the negatives ther) Tj ET Q q 0 0 0 rg BT 133.72 622.25 Td (eof or other comparable terminology or by the context in which they ar) Tj ET Q q 0 0 0 rg BT 418.29 622.25 Td (e made. In addition, other written ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 610.25 Td (or oral statements that constitute forwar) Tj ET Q q 0 0 0 rg BT 224.58 610.25 Td (d-looking statements have been made and may in the futur) Tj ET Q q 0 0 0 rg BT 457.77 610.25 Td (e be made by or on behalf ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 598.25 Td (of Granite.These forwar) Tj ET Q q 0 0 0 rg BT 162.08 598.25 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 256.14 598.25 Td (e estimates r) Tj ET Q q 0 0 0 rg BT 306.32 598.25 Td (eflecting the best judgment of senior management and r) Tj ET Q q 0 0 0 rg BT 528.68 598.25 Td (eflect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 586.25 Td (our curr) Tj ET Q q 0 0 0 rg BT 96.24 586.25 Td (ent expectations r) Tj ET Q q 0 0 0 rg BT 166.96 586.25 Td (egar) Tj ET Q q 0 0 0 rg BT 184.92 586.25 Td (ding futur) Tj ET Q q 0 0 0 rg BT 224.27 586.25 Td (e events, occurr) Tj ET Q q 0 0 0 rg BT 287.49 586.25 Td (ences, cir) Tj ET Q q 0 0 0 rg BT 325.43 586.25 Td (cumstances, activities, performance, outcomes and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 574.25 Td (r) Tj ET Q q 0 0 0 rg BT 66.52 574.25 Td (esults.These expectations may or may not be r) Tj ET Q q 0 0 0 rg BT 253.06 574.25 Td (ealized.Some of these expectations may be based on beliefs, assumptions or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 562.25 Td (estimates that may pr) Tj ET Q q 0 0 0 rg BT 148.45 562.25 Td (ove to be incorr) Tj ET Q q 0 0 0 rg BT 211.68 562.25 Td (ect.In addition, our business and operations involve numer) Tj ET Q q 0 0 0 rg BT 449.61 562.25 Td (ous risks and uncertainties, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 550.25 Td (many of which ar) Tj ET Q q 0 0 0 rg BT 132.35 550.25 Td (e beyond our contr) Tj ET Q q 0 0 0 rg BT 207.79 550.25 Td (ol, which could r) Tj ET Q q 0 0 0 rg BT 275.19 550.25 Td (esult in our expectations not being r) Tj ET Q q 0 0 0 rg BT 419.25 550.25 Td (ealized or otherwise materially ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 538.25 Td (affect our business, financial condition, r) Tj ET Q q 0 0 0 rg BT 227.34 538.25 Td (esults of operations, cash flows and liquidity) Tj ET Q q 0 0 0 rg BT 405.40 538.25 Td (.Such risks and uncertainties include, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 526.25 Td (but ar) Tj ET Q q 0 0 0 rg BT 86.80 526.25 Td (e not limited to, those mor) Tj ET Q q 0 0 0 rg BT 191.42 526.25 Td (e specifically described in our ) Tj ET Q q 0 0 0 rg BT 314.26 526.25 Td (Annual Report on Form 10-K under Item 1A. Risk Factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.74 526.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (Due to the inher) Tj ET Q q 0 0 0 rg BT 127.89 514.25 Td (ent risks and uncertainties associated with our forwar) Tj ET Q q 0 0 0 rg BT 343.91 514.25 Td (d-looking statements, the r) Tj ET Q q 0 0 0 rg BT 450.19 514.25 Td (eader is cautioned not to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 502.25 Td (place undue r) Tj ET Q q 0 0 0 rg BT 117.61 502.25 Td (eliance on them.The r) Tj ET Q q 0 0 0 rg BT 206.95 502.25 Td (eader is also cautioned that the forwar) Tj ET Q q 0 0 0 rg BT 362.12 502.25 Td (d-looking statements contained her) Tj ET Q q 0 0 0 rg BT 502.56 502.25 Td (ein speak only ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 490.25 Td (as of the date of this Quarterly Report on Form 10-Q and, except as r) Tj ET Q q 0 0 0 rg BT 341.20 490.25 Td (equir) Tj ET Q q 0 0 0 rg BT 361.94 490.25 Td (ed by law) Tj ET Q q 0 0 0 rg BT 399.52 490.25 Td (, we undertake no obligation to r) Tj ET Q q 0 0 0 rg BT 530.53 490.25 Td (evise or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 478.25 Td (update any forwar) Tj ET Q q 0 0 0 rg BT 136.52 478.25 Td (d-looking statements for any r) Tj ET Q q 0 0 0 rg BT 256.69 478.25 Td (eason) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.02 478.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 460.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 442.25 Td (e are one of the lar) Tj ET Q q 0 0 0 rg BT 146.13 442.25 Td (gest diversified heavy civil contractors and construction materials producers in the United States, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 430.25 Td (engaged in the construction and improvement of streets, roads, highways, mass transit facilities, airport infrastructure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (bridges, trenchless and under) Tj ET Q q 0 0 0 rg BT 179.45 418.25 Td (ground utilities, power) Tj ET Q q 0 0 0 rg BT 270.07 418.25 Td (-related facilities, water) Tj ET Q q 0 0 0 rg BT 364.54 418.25 Td (-related facilities, utilities, tunnels, dams and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 406.25 Td (other infrastructure-related projects. ) Tj ET Q q 0 0 0 rg BT 209.42 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 218.05 406.25 Td (e have three reportable business segments: Construction, Lar) Tj ET Q q 0 0 0 rg BT 461.13 406.25 Td (ge Project Construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 394.25 Td (and Construction Materials \(see Note 14 of Notes to the Condensed Consolidated Financial Statements\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (In addition to business segments, we review our business by operating groups and by public and private market sectors. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (operating groups are defined as follows: \(i\) California; \(ii\) Northwest, which primarily includes of) Tj ET Q q 0 0 0 rg BT 456.05 364.25 Td (fices in ) Tj ET Q q 0 0 0 rg BT 487.15 364.25 Td (Alaska, ) Tj ET Q q 0 0 0 rg BT 519.37 364.25 Td (Arizona, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (Nevada, Utah and ) Tj ET Q q 0 0 0 rg BT 137.23 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 145.87 352.25 Td (ashington; \(iii\) Heavy Civil, which primarily includes of) Tj ET Q q 0 0 0 rg BT 371.76 352.25 Td (fices in California, Florida, New ) Tj ET Q q 0 0 0 rg BT 503.85 352.25 Td (Y) Tj ET Q q 0 0 0 rg BT 510.08 352.25 Td (ork and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 340.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 340.25 Td (exas; and \(iv\) Kenny) Tj ET Q q 0 0 0 rg BT 151.34 340.25 Td (, which primarily includes an of) Tj ET Q q 0 0 0 rg BT 278.91 340.25 Td (fice in Illinois. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 322.25 Td (The four primary economic drivers of our business are \(i\) the overall health of the U.S. economy; \(ii\) federal, state and local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 310.25 Td (public funding levels; \(iii\) population growth resulting in public and private development; and \(iv\) the need to replace or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 298.25 Td (repair aging infrastructure. Changes in these drivers can either reduce our revenues and/or gross profit mar) Tj ET Q q 0 0 0 rg BT 489.32 298.25 Td (gins or provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td (opportunities for revenue growth and gross profit mar) Tj ET Q q 0 0 0 rg BT 278.04 286.25 Td (gin improvement.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 84.48 742.25 Td (ent Economic Envir) Tj ET Q q 0 0 0 rg BT 169.29 742.25 Td (onment and Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (Both public and private markets remain highly competitive. Private market activity) Tj ET Q q 0 0 0 rg BT 394.76 724.25 Td (, across geographies and end markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 712.25 Td (continues to drive growth opportunities. Current backlog of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.79 712.25 Td ($3.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.90 712.25 Td ( reflects a backdrop of consistent, modest economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 700.25 Td (growth. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (The five-year Fixing ) Tj ET Q q 0 0 0 rg BT 147.70 682.25 Td (America) Tj ET Q q 0 0 0 rg BT 184.90 682.25 Td (s Surface ) Tj ET Q q 0 0 0 rg BT 224.15 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 229.90 682.25 Td (ransportation \(F) Tj ET Q q 0 0 0 rg BT 297.76 682.25 Td (AST\) ) Tj ET Q q 0 0 0 rg BT 326.36 682.25 Td (Act, passed in December 2015, remains a stabilizing force ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 670.25 Td (for state departments of transportation. ) Tj ET Q q 0 0 0 rg BT 220.55 670.25 Td (The F) Tj ET Q q 0 0 0 rg BT 243.42 670.25 Td (AST) Tj ET Q q 0 0 0 rg BT 262.13 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.07 670.25 Td (Act authorizes $305 billion over fiscal years 2016 through 2020 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 658.25 Td (highway) Tj ET Q q 0 0 0 rg BT 96.79 658.25 Td (, highway and motor vehicle safety) Tj ET Q q 0 0 0 rg BT 236.65 658.25 Td (, public transportation, motor carrier safety) Tj ET Q q 0 0 0 rg BT 407.89 658.25 Td (, hazardous materials safety) Tj ET Q q 0 0 0 rg BT 518.30 658.25 Td (, rail, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 646.25 Td (research, technology) Tj ET Q q 0 0 0 rg BT 145.09 646.25 Td (, and statistics programs.It has improved state and local visibility and planning, but it is not a growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 634.25 Td (catalyst. ) Tj ET Q q 0 0 0 rg BT 98.36 634.25 Td (Though overall public bidding activity is now stable, public transportation and infrastructure investment continues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (to lag repair and capacity demand nationally) Tj ET Q q 0 0 0 rg BT 240.06 622.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 604.25 Td (Notably in early ) Tj ET Q q 0 0 0 rg BT 129.93 604.25 Td (April, the California legislature approved the passage of SB1, ) Tj ET Q q 0 0 0 rg BT 378.85 604.25 Td (The Road Repair and ) Tj ET Q q 0 0 0 rg BT 466.05 604.25 Td (Accountability ) Tj ET Q q 0 0 0 rg BT 527.42 604.25 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 592.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 87.82 592.25 Td (The bill will provide $52.4 billion of incremental funding for state and local transportation over the next 10 years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 580.25 Td (This significant, long-term transportation funding ef) Tj ET Q q 0 0 0 rg BT 271.66 580.25 Td (fort in California is a win for public, industry) Tj ET Q q 0 0 0 rg BT 451.81 580.25 Td (, and labor stakeholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 568.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 568.25 Td (e continue to anticipate positive, multi-year demand impact from improved public-spending trends beginning late in 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 556.25 Td (e expect this will boost our growth opportunities mostly for our Construction and Construction Materials segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 538.25 Td (The market for our Lar) Tj ET Q q 0 0 0 rg BT 155.00 538.25 Td (ge Project Construction segment remains robust. ) Tj ET Q q 0 0 0 rg BT 351.35 538.25 Td (As we prioritize the tens of billions of dollars) Tj ET Q q 0 0 0 rg BT 535.57 538.25 Td ( worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 526.25 Td (of future North ) Tj ET Q q 0 0 0 rg BT 125.49 526.25 Td (American projects, we expect to build and maintain a broad roster of bidding opportunities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (foreseeable future. ) Tj ET Q q 0 0 0 rg BT 139.72 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 148.36 514.25 Td (e are focused on appropriately managing risk in all of our bidding, allowing us to focus on projects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 502.25 Td (with appropriate returns relative to risks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 484.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 96.61 484.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.44 484.25 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 466.25 Td (Our operations are typically af) Tj ET Q q 0 0 0 rg BT 184.99 466.25 Td (fected more by weather conditions during the first and fourth quarters of our fiscal year which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 454.25 Td (may alter our construction schedules and can create variability in our revenues and profitability) Tj ET Q q 0 0 0 rg BT 443.60 454.25 Td (. ) Tj ET Q q 0 0 0 rg BT 448.42 454.25 Td (Therefore, the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (operations of a given quarter are not indicative of the results to be expected for the full year) Tj ET Q q 0 0 0 rg BT 428.69 442.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (The following table presents a financial summary for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 424.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.63 424.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.46 424.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.06 424.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 424.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 424.25 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 386.75 355.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 386.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 386.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 360.75 355.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 360.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 360.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 334.75 355.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 334.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 334.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 413.75 m 418.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 413.75 m 488.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 399.75 m 488.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 413.75 m 492.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 399.75 m 492.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 413.75 m 562.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 399.75 m 562.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 386.75 m 418.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 386.75 m 488.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 386.75 m 492.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 386.75 m 562.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 386.75 m 488.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 386.75 m 562.5 386.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.40 404.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 437.89 404.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.54 404.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 390.31 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 390.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 390.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 377.32 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 377.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 377.32 Td (468,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 377.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 377.32 Td (439,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 364.32 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 364.32 Td (25,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 364.32 Td (39,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 351.32 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 351.37 Td (\(36,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 351.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 351.37 Td (\(16,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 351.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 338.32 Td (Total other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 338.37 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 338.37 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 325.32 Td (Net loss attributable to Granite Construction Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 325.37 Td (\(23,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 325.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 325.37 Td (\(10,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 325.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.75 286.25 Td (otal Revenue by Segment) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 247.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 247.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 247.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 247.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 247.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 221.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 221.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 221.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 221.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 221.75 39.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 275.75 m 379.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 275.75 m 383.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 260.75 m 383.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 275.75 m 432.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 260.75 m 432.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 275.75 m 436.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 260.75 m 436.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 275.75 m 475.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 260.75 m 475.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 275.75 m 479.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 260.75 m 479.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 275.75 m 528.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 260.75 m 528.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 275.75 m 532.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 260.75 m 532.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 275.75 m 571.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 260.75 m 571.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 247.75 m 379.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 247.75 m 383.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 247.75 m 432.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 247.75 m 436.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 247.75 m 475.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 247.75 m 479.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 247.75 m 528.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 247.75 m 532.5 247.75 l s 0 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i [] 0 d 0 J 0 j 3 M 528.5 196.75 m 532.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 194.75 m 532.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 196.75 m 571.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 194.75 m 571.5 194.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.40 265.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 424.89 265.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 520.54 265.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 251.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 251.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 251.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 238.32 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 238.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 238.32 Td (226,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 238.32 Td (48.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 238.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 238.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 238.32 Td (209,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 238.32 Td (47.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 238.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 225.32 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 225.32 Td (207,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 225.32 Td (44.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 225.32 Td (195,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 225.32 Td (44.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 212.32 Td (Construction Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 212.32 Td (34,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 212.32 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 212.32 Td (34,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 212.32 Td (7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 199.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 199.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 199.32 Td (468,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.10 199.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 199.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 199.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 199.32 Td (439,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.10 199.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 199.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Construction Revenue) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 705.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 705.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 705.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 705.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 705.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 705.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 627.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 627.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 627.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 601.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 601.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 601.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 601.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 601.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 601.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 601.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 601.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 601.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 575.75 316.00 -13.00 re f /GS0 gs 0.8 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475.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 705.75 m 479.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 705.75 m 528.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 705.75 m 532.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 705.75 m 571.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 549.75 m 379.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 549.75 m 383.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 549.75 m 432.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 549.75 m 436.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 549.75 m 475.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 549.75 m 479.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 549.75 m 528.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 549.75 m 532.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 549.75 m 571.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 537.75 m 379.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 535.75 m 379.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 537.75 m 383.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 535.75 m 383.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 537.75 m 432.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 535.75 m 432.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 537.75 m 436.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 535.75 m 436.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 537.75 m 475.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 535.75 m 475.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 537.75 m 479.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 535.75 m 479.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 549.75 m 528.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 537.75 m 528.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 535.75 m 528.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 537.75 m 532.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 535.75 m 532.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 537.75 m 571.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 535.75 m 571.5 535.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.40 722.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 424.89 722.48 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 520.54 722.48 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 709.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 709.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 709.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 696.32 Td (California:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 683.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 683.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 683.32 Td (58,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 683.32 Td (25.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 683.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 683.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 683.32 Td (70,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 683.32 Td (33.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 683.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 670.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 670.32 Td (24,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 670.32 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 670.32 Td (34,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 670.32 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 657.32 Td (Northwest:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 657.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 657.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 644.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 644.32 Td (68,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 644.32 Td (30.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 644.32 Td (51,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 644.32 Td (24.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 631.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 631.32 Td (12,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 631.32 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 631.32 Td (10,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 631.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 618.32 Td (Heavy Civil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 605.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 605.32 Td (8,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 605.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 605.32 Td (5,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 605.32 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 592.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 592.32 Td (1,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 592.32 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 592.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 592.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 579.32 Td (Kenny:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 566.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 566.32 Td (35,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 566.32 Td (15.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 566.32 Td (21,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 566.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 553.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 553.32 Td (19,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 553.32 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 553.32 Td (15,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 553.32 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 540.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 540.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 540.32 Td (226,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.10 540.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 540.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 540.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 540.32 Td (209,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.10 540.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 540.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (Construction revenue for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 519.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.60 519.25 Td ( increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.85 519.25 Td ($17.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.74 519.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.57 519.25 Td (8.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.40 519.25 Td (, comparedto the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (periodin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.33 507.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.33 507.25 Td (. ) Tj ET Q q 0 0 0 rg BT 126.14 507.25 Td (The increase was primarily due to an increase in beginning contract backlog in the public sectors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 495.25 Td (Northwest and Kenny operating groups. ) Tj ET Q q 0 0 0 rg BT 225.56 495.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 356.98 495.25 Td (fset by a decrease in the volume of work in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 483.25 Td (California operating group primarily due to weather conditions that impaired our ability to work.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 465.25 Td (Large Pr) Tj ET Q q 0 0 0 rg BT 101.41 465.25 Td (oject Construction Revenue) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 428.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 428.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 428.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 428.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 428.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 428.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 428.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 428.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 428.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 402.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 402.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 402.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 402.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 402.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 376.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 376.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 376.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 376.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 376.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 376.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 376.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 376.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 376.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 350.75 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 350.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 350.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 350.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 350.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 350.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 350.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 350.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 350.75 39.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 454.75 m 379.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 454.75 m 383.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 454.75 m 432.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 441.75 m 432.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 454.75 m 436.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 441.75 m 436.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 454.75 m 475.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 441.75 m 475.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 454.75 m 479.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 441.75 m 479.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 454.75 m 528.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 441.75 m 528.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 454.75 m 532.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 441.75 m 532.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 454.75 m 571.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 441.75 m 571.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 428.75 m 379.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 428.75 m 383.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 428.75 m 432.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 428.75 m 436.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 428.75 m 475.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 428.75 m 479.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 428.75 m 528.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 428.75 m 532.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 428.75 m 571.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 428.75 m 432.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 428.75 m 475.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 428.75 m 528.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 428.75 m 571.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 350.75 m 379.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 350.75 m 383.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 350.75 m 432.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 350.75 m 436.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 350.75 m 475.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 350.75 m 479.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 350.75 m 528.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 350.75 m 532.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 350.75 m 571.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 338.75 m 379.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 336.75 m 379.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 338.75 m 383.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 336.75 m 383.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 338.75 m 432.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 336.75 m 432.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 338.75 m 436.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 336.75 m 436.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 338.75 m 475.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 336.75 m 475.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 338.75 m 479.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 336.75 m 479.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 338.75 m 528.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 336.75 m 528.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 338.75 m 532.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 336.75 m 532.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 338.75 m 571.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 336.75 m 571.5 336.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.40 445.48 Td (Thr) Tj ET Q q 0 0 0 rg BT 424.89 445.48 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 520.54 445.48 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 432.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 432.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 432.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 419.32 Td (Heavy Civil) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 114.60 423.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 419.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 419.32 Td (161,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 419.32 Td (78.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 419.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 419.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 419.32 Td (157,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 419.32 Td (80.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 419.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 406.32 Td (Northwest) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 107.66 410.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 406.32 Td (3,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 406.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 406.32 Td (6,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 406.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 393.32 Td (California) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 106.54 397.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 393.32 Td (10,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 393.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 393.32 Td (7,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 393.32 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 380.32 Td (Kenny) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 367.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 367.32 Td (25,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.10 367.32 Td (12.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 367.32 Td (19,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 367.32 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 354.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 354.32 Td (6,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 354.32 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 354.32 Td (5,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 354.32 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 341.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 341.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 341.32 Td (207,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.10 341.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 341.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 341.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 341.32 Td (195,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.10 341.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 341.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 325.53 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 321.45 Td (For the periods presented, this Lar) Tj ET Q q 0 0 0 rg BT 189.23 321.45 Td (ge Project Construction revenue was earned only from the public sector) Tj ET Q q 0 0 0 rg BT 446.65 321.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 303.45 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.70 303.45 Td (ge Project Construction revenue for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.46 303.45 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.06 303.45 Td ( increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.31 303.45 Td ($1) Tj ET Q q 0 0 0 rg BT 445.94 303.45 Td (1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.83 303.45 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.66 303.45 Td (5.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.49 303.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 291.45 Td (comparedto the same periodin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.29 291.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.29 291.45 Td (. ) Tj ET Q q 0 0 0 rg BT 216.11 291.45 Td (The increases were primarily due to progress on new projects in the Heavy Civil and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 279.45 Td (Kenny operating groups. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 258.45 Td (Construction Materials Revenue) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 221.95 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 221.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 221.95 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 221.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 221.95 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 221.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 221.95 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 221.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.50 221.95 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 195.95 316.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 195.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 195.95 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 195.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 195.95 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 195.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 195.95 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 195.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.50 195.95 40.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 247.95000000000005 m 379.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 247.95000000000005 m 383.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 247.95000000000005 m 432.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 234.95000000000005 m 432.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 247.95000000000005 m 436.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 234.95000000000005 m 436.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 247.95000000000005 m 476.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 234.95000000000005 m 476.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 247.95000000000005 m 480.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 234.95000000000005 m 480.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 247.95000000000005 m 529.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 234.95000000000005 m 529.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 247.95000000000005 m 533.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 234.95000000000005 m 533.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 247.95000000000005 m 573.5 247.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 234.95000000000005 m 573.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 221.95000000000005 m 379.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 221.95000000000005 m 383.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 221.95000000000005 m 432.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 221.95000000000005 m 436.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 221.95000000000005 m 476.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 221.95000000000005 m 480.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 234.95000000000005 m 529.5 234.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 221.95000000000005 m 529.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 221.95000000000005 m 533.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 221.95000000000005 m 573.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 221.95000000000005 m 432.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 221.95000000000005 m 476.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 221.95000000000005 m 529.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 221.95000000000005 m 573.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 195.95000000000005 m 432.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 195.95000000000005 m 529.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 195.95000000000005 m 379.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 183.95000000000005 m 379.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 181.95000000000005 m 379.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 195.95000000000005 m 383.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 183.95000000000005 m 383.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 181.95000000000005 m 383.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 195.95000000000005 m 432.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 183.95000000000005 m 432.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 181.95000000000005 m 432.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 195.95000000000005 m 436.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 183.95000000000005 m 436.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 181.95000000000005 m 436.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 195.95000000000005 m 476.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 183.95000000000005 m 476.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 181.95000000000005 m 476.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 195.95000000000005 m 480.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 183.95000000000005 m 480.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 181.95000000000005 m 480.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 195.95000000000005 m 529.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 183.95000000000005 m 529.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 181.95000000000005 m 529.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 195.95000000000005 m 533.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 183.95000000000005 m 533.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 181.95000000000005 m 533.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 195.95000000000005 m 573.5 195.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 183.95000000000005 m 573.5 183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 181.95000000000005 m 573.5 181.95000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.40 238.68 Td (Thr) Tj ET Q q 0 0 0 rg BT 425.89 238.68 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 521.54 238.68 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 225.51 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 225.68 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 225.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 212.52 Td (California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 212.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 212.52 Td (24,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 212.52 Td (70.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 212.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 212.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 212.52 Td (24,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.10 212.52 Td (69.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.65 212.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 199.52 Td (Northwest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 199.52 Td (10,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 199.52 Td (29.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 199.52 Td (10,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.10 199.52 Td (30.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 186.52 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 186.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 186.52 Td (34,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 186.52 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 186.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 186.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 186.52 Td (34,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.10 186.52 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.65 186.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 165.45 Td (Construction Materials revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.45 165.45 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.44 165.45 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.26 165.45 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 165.45 Td ( remained relatively flat comparedto the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 153.45 Td (periodin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.33 153.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.33 153.45 Td (. ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Contract Backlog) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (Our contract backlog consists of the unearned revenue on awarded contracts, including 100% of our consolidated joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 712.25 Td (venture contractsand our proportionate share of unconsolidated joint venture contracts. ) Tj ET Q q 0 0 0 rg BT 414.92 712.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.56 712.25 Td (e generally include a project in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 700.25 Td (our contract backlog at the time it is awarded and to the extent we believe funding is probable. Certain government contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 688.25 Td (where funding is appropriated on a periodic basis are included in contract backlog at the time of the award when it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (probable the contract value will be funded and executed. ) Tj ET Q q 0 0 0 rg BT 291.24 676.25 Td (A) Tj ET Q q 0 0 0 rg BT 297.55 676.25 Td (warded contracts that include unexercised contract options and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 664.25 Td (unissued task orders are included in contract backlog to the extent options are exercised or task order issuance is probable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 652.25 Td (Substantially all of the contracts in our contract backlog may be canceled or modified at the election of the customer; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 640.25 Td (however) Tj ET Q q 0 0 0 rg BT 97.03 640.25 Td (, we have not been materially adversely af) Tj ET Q q 0 0 0 rg BT 265.66 640.25 Td (fected by contract cancellations or modifications in the past.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.75 622.25 Td (otal Contract Backlog by Segment) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 598.75 141.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 598.75 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 598.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 598.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 598.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 598.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 598.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 572.75 141.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 572.75 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 572.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 572.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 572.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 572.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 572.75 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 611.75 m 204.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 598.75 m 204.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 611.75 m 208.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 598.75 m 208.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 611.75 m 275.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 598.75 m 275.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 611.75 m 279.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 598.75 m 279.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 611.75 m 324.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 598.75 m 324.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 611.75 m 328.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 598.75 m 328.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 611.75 m 394.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 598.75 m 394.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 611.75 m 398.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 598.75 m 398.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 611.75 m 443.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 598.75 m 443.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 611.75 m 447.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 598.75 m 447.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 611.75 m 513.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 598.75 m 513.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 611.75 m 517.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 598.75 m 517.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 611.75 m 562.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 598.75 m 562.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 598.75 m 275.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 598.75 m 324.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 598.75 m 394.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 598.75 m 513.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 572.75 m 204.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 572.75 m 208.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 572.75 m 275.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 572.75 m 279.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 572.75 m 324.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 572.75 m 328.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 572.75 m 394.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 572.75 m 398.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 572.75 m 443.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 572.75 m 447.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 572.75 m 513.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 572.75 m 517.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 572.75 m 562.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 560.75 m 204.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 558.75 m 204.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 560.75 m 208.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 558.75 m 208.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 560.75 m 275.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 558.75 m 275.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 560.75 m 279.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 558.75 m 279.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 560.75 m 324.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 558.75 m 324.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 560.75 m 328.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 558.75 m 328.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 560.75 m 394.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 558.75 m 394.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 560.75 m 398.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 558.75 m 398.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 560.75 m 443.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 558.75 m 443.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 560.75 m 447.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 558.75 m 447.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 560.75 m 513.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 558.75 m 513.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 560.75 m 517.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 558.75 m 517.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 560.75 m 562.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 558.75 m 562.5 558.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 602.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.90 602.48 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 602.48 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.40 602.48 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 589.32 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 589.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 589.32 Td (1,175,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 589.32 Td (34.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 589.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 589.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 589.32 Td (1,030,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 589.32 Td (29.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 589.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 589.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 589.32 Td (999,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 589.32 Td (29.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 589.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 576.32 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 576.32 Td (2,259,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 576.32 Td (65.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 576.32 Td (2,453,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 576.32 Td (70.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 576.32 Td (2,386,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 576.32 Td (70.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 563.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 563.32 Td (3,435,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.10 563.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 563.32 Td (3,484,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 563.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 563.32 Td (3,385,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 563.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (Construction ) Tj ET Q q 0 0 0 rg BT 121.61 542.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 162.43 542.25 Td (Backlog) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 518.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 518.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 518.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 518.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 518.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 518.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 518.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 518.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 492.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 492.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 492.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 492.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 492.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 492.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 492.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 492.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 466.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 466.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 466.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 466.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 466.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 466.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 466.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 440.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 440.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 440.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 440.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 440.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 440.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 440.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 440.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 414.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 414.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 414.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 414.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 414.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 414.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 414.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 414.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 388.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 388.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 388.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 388.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 388.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 388.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 388.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 362.75 142.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 362.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 362.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 362.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 362.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 362.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 362.75 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 531.75 m 205.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 518.75 m 205.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 531.75 m 209.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 518.75 m 209.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 531.75 m 275.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 518.75 m 275.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 531.75 m 279.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 518.75 m 279.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 531.75 m 324.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 518.75 m 324.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 531.75 m 328.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 518.75 m 328.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 531.75 m 394.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 518.75 m 394.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 531.75 m 398.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 518.75 m 398.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 531.75 m 443.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 518.75 m 443.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 531.75 m 447.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 518.75 m 447.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 531.75 m 513.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 518.75 m 513.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 531.75 m 517.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 518.75 m 517.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 531.75 m 562.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 518.75 m 562.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 362.75 m 205.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 362.75 m 209.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 362.75 m 275.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 362.75 m 279.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 362.75 m 324.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 362.75 m 328.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 362.75 m 394.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 362.75 m 398.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 362.75 m 443.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 362.75 m 447.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 362.75 m 513.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 362.75 m 517.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 362.75 m 562.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 350.75 m 205.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 348.75 m 205.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 350.75 m 209.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 348.75 m 209.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 350.75 m 275.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 348.75 m 275.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 350.75 m 279.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 348.75 m 279.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 350.75 m 324.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 348.75 m 324.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 350.75 m 328.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 348.75 m 328.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 350.75 m 394.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 348.75 m 394.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 350.75 m 398.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 348.75 m 398.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 350.75 m 443.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 348.75 m 443.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 350.75 m 447.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 348.75 m 447.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 350.75 m 513.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 348.75 m 513.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 350.75 m 517.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 348.75 m 517.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 350.75 m 562.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 348.75 m 562.5 348.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 522.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.40 522.48 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 522.48 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.40 522.48 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 509.32 Td (California:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 509.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 496.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 496.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 496.32 Td (291,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 496.32 Td (24.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 496.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 496.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 496.32 Td (227,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 496.32 Td (22.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 496.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 496.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 496.32 Td (281,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 496.32 Td (28.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 496.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 483.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 483.32 Td (118,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 483.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 483.32 Td (73,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 483.32 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 483.32 Td (48,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 483.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 470.32 Td (Northwest:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 457.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 457.32 Td (367,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 457.32 Td (31.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 457.32 Td (311,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 457.32 Td (30.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 457.32 Td (307,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 457.32 Td (30.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 444.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 444.32 Td (27,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 444.32 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 444.32 Td (27,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 444.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 444.32 Td (40,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 444.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 431.32 Td (Heavy Civil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 418.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 418.32 Td (86,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 418.32 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 418.32 Td (92,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 418.32 Td (8.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 418.32 Td (79,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 418.32 Td (7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 405.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 405.32 Td (3,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 405.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 405.32 Td (4,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 405.32 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 405.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 405.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 392.32 Td (Kenny:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 379.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 379.32 Td (204,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 379.32 Td (17.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 379.32 Td (235,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 379.32 Td (22.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 379.32 Td (203,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 379.32 Td (20.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 366.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 366.32 Td (75,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 366.32 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 366.32 Td (58,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 366.32 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 366.32 Td (38,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 366.32 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 353.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 353.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 353.32 Td (1,175,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.10 353.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 353.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 353.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 353.32 Td (1,030,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 353.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 353.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 353.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 353.32 Td (999,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 353.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 353.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 332.25 Td (Construction contract backlog of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.85 332.25 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.97 332.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.18 332.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.78 332.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.33 332.25 Td ($145.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.22 332.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.05 332.25 Td (14.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.88 332.25 Td (, higher than at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.37 332.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 320.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 320.25 Td ( due to an improved success rate of bidding activity in the California operating group, the public sector of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 308.25 Td (Northwest operating group and the private sector of the Kenny operating group. ) Tj ET Q q 0 0 0 rg BT 384.67 308.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 516.09 308.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 296.25 Td (decreases from the progress and completion of existing projects in the Heavy Civil operating group and the public sector of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.25 Td (the Kenny operating group. Significant new awards during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.97 284.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 284.25 Td (, included a $21.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 272.25 Td (million highway reconstruction project in California and a $32.7 million shared use path project in Nevada.) 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448.5 640.75 m 513.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 628.75 m 513.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 626.75 m 513.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 640.75 m 517.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 628.75 m 517.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 626.75 m 517.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 640.75 m 561.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 628.75 m 561.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 626.75 m 561.5 626.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 722.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.40 722.48 Td (March 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 722.48 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.40 722.48 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 709.32 Td (Heavy Civil) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 114.60 713.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 709.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.65 709.32 Td (1,596,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 709.32 Td (70.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 709.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 709.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 709.32 Td (1,746,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 709.32 Td (71.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 709.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 709.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 709.32 Td (1,911,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 709.32 Td (80.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 709.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 696.32 Td (Northwest) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 107.66 700.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 696.32 Td (88,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 696.32 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 696.32 Td (91,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 696.32 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 696.32 Td (117,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 696.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 683.32 Td (California) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 106.54 687.85 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 683.32 Td (77,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 683.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 683.32 Td (86,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 683.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 683.32 Td (17,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 683.32 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 670.32 Td (Kenny:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 657.32 Td (Public sector) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 135.93 661.85 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.15 657.32 Td (403,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 657.32 Td (17.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 657.32 Td (428,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 657.32 Td (17.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 657.32 Td (246,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 657.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 644.32 Td (Private sector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 644.32 Td (93,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 644.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 644.32 Td (100,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 644.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 644.32 Td (93,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 644.32 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 631.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.65 631.32 Td (2,259,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.10 631.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 631.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 631.32 Td (2,453,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.10 631.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 631.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 631.32 Td (2,386,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 631.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 631.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 615.53 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 611.45 Td (For the periods presented, all Lar) Tj ET Q q 0 0 0 rg BT 185.22 611.45 Td (ge Project Construction contract backlog was related to contracts with public agencies. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 604.73 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 600.65 Td (As of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.92 600.65 Td (March31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.16 600.65 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.66 600.65 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.39 600.65 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.88 600.65 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.12 600.65 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.62 600.65 Td ($1.5 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.62 600.65 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.12 600.65 Td ($2.1 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.13 600.65 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.62 600.65 Td ($9.2 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.62 600.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 501.02 600.65 Td (, of the Kenny ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 589.85 Td (public sector contract backlog was translated from Canadian dollars to U.S. dollars at the spot rate in ef) Tj ET Q q 0 0 0 rg BT 434.98 589.85 Td (fect at the reporting date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 571.85 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.70 571.85 Td (ge Project Construction contract backlog of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.31 571.85 Td ($2.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.43 571.85 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.59 571.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.18 571.85 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.74 571.85 Td ($194.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.63 571.85 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.46 571.85 Td (7.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.29 571.85 Td (, lower than at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 559.85 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.58 559.85 Td ( due to progress on existing projects. Our contract backlog as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.57 559.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.17 559.85 Td (, does not include our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 547.85 Td (30 percent share of an approximate $855.0 millionproject associated with Grand Parkway in Houston that we expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 535.85 Td (book into contract backlog in the second quarter of 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 517.85 Td (Non-controlling partners) Tj ET Q q 0 0 0 rg BT 164.73 517.85 Td ( share of Lar) Tj ET Q q 0 0 0 rg BT 215.35 517.85 Td (ge Project Construction contract backlog asof) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 517.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 517.85 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 517.85 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.98 517.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 505.85 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.94 505.85 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.54 505.85 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.09 505.85 Td ($134.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.98 505.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.98 505.85 Td ($141.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.87 505.85 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.31 505.85 Td ($70.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.20 505.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 412.86 505.85 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 487.85 Td (Gross Profit \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 469.85 Td (The following table presents gross profit \(loss\) by business segment for the respective periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 432.35 349.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 432.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 432.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 432.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 432.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 406.35 349.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 406.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 406.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 406.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 406.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 380.35 349.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 380.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 380.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 380.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 380.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 354.35 349.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 354.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 354.35 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 354.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 354.35 71.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 459.35 m 412.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 459.35 m 416.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 459.35 m 487.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 445.35 m 487.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 459.35 m 491.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.35 m 491.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 459.35 m 562.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 445.35 m 562.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 432.35 m 412.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 432.35 m 416.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 432.35 m 487.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.35 m 491.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 432.35 m 562.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 432.35 m 487.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 432.35 m 562.5 432.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 354.35 m 412.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 354.35 m 416.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 354.35 m 487.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 354.35 m 491.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 354.35 m 562.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 354.35 m 562.5 354.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 329.35 m 412.5 329.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 327.35 m 412.5 327.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 329.35 m 416.5 329.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 327.35 m 416.5 327.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 329.35 m 487.5 329.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 327.35 m 487.5 327.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 329.35 m 491.5 329.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 327.35 m 491.5 327.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 329.35 m 562.5 329.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 327.35 m 562.5 327.35 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 450.08 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.40 450.03 Td (Thr) Tj ET Q q 0 0 0 rg BT 436.89 450.03 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 532.54 450.03 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 435.91 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 436.08 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 436.08 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 422.92 Td (Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 422.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 422.92 Td (27,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 422.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 422.92 Td (26,933) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.00 409.91 Td (Percent ofsegment revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.15 409.91 Td (12.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 409.91 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.15 409.91 Td (12.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.65 409.91 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 396.92 Td (Large Project Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 396.92 Td (2,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 396.92 Td (13,505) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.00 383.91 Td (Percent ofsegment revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.15 383.91 Td (1.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.15 383.91 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 370.92 Td (Construction Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 370.97 Td (\(5,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 370.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 370.97 Td (\(1,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 370.92 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.00 357.91 Td (Percent of segment revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.80 357.96 Td (\(15.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 357.91 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.80 357.96 Td (\(3.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.65 357.91 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 344.92 Td (Total gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 344.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 344.92 Td (25,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 344.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 344.92 Td (39,245) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 331.91 Td (Percent of total revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.15 331.91 Td (5.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 331.91 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.15 331.91 Td (8.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.65 331.91 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 310.85 Td (Construction gross profit for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.66 310.85 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.64 310.85 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.47 310.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.06 310.85 Td ( increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.32 310.85 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.21 310.85 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.04 310.85 Td (3.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.87 310.85 Td (, comparedto the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 298.85 Td (periodin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.33 298.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.33 298.85 Td (. ) Tj ET Q q 0 0 0 rg BT 126.14 298.85 Td (The increased gross profit was primarily due to increased revenue volume partially of) Tj ET Q q 0 0 0 rg BT 468.62 298.85 Td (fset by a decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 286.85 Td (Construction gross profit as a percentage of segment revenue from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.80 286.85 Td (12.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.63 286.85 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.41 286.85 Td (12.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.24 286.85 Td ( for the three months ended March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 274.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 274.85 Td ( and 2017, respectively) Tj ET Q q 0 0 0 rg BT 175.10 274.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 256.85 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.70 256.85 Td (ge Project Construction gross profit for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.83 256.85 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.82 256.85 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.64 256.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.24 256.85 Td ( decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.16 256.85 Td ($1) Tj ET Q q 0 0 0 rg BT 461.78 256.85 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.68 256.85 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.51 256.85 Td (81.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.34 256.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 244.85 Td (when compared to the same periodin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.45 244.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.45 244.85 Td (. Lar) Tj ET Q q 0 0 0 rg BT 254.15 244.85 Td (ge Project Construction gross profit as a percentage of segment revenue for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 232.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.72 232.85 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.70 232.85 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.53 232.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.13 232.85 Td ( decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.82 232.85 Td (1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 232.85 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.09 232.85 Td (6.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.92 232.85 Td (, when compared to the same period in 2016. ) Tj ET Q q 0 0 0 rg BT 525.19 232.85 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 220.85 Td (decreases were primarily due to net changes from revisions in estimates \(see Note 3 of Notes to the Condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 208.85 Td (Consolidated Financial Statements\). Progress on projects that began in late 2016 and early 2017 partially of) Tj ET Q q 0 0 0 rg BT 497.71 208.85 Td (fset the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 196.85 Td (decreases from revisions in estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 178.85 Td (Construction Materials gross loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.98 178.85 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 178.85 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.79 178.85 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.39 178.85 Td ( increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.64 178.85 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.54 178.85 Td (, or over 100%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 166.85 Td (when compared to same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.73 166.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.73 166.85 Td (. ) Tj ET Q q 0 0 0 rg BT 225.55 166.85 Td (The decrease was primarily due to a decrease in both aggregate and asphalt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 154.85 Td (production from exceptionally wet weather resulting in less fixed-cost absorption. ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 150.42 742.25 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (The following table presents the components of selling, general and administrative expenses for the respective periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 685.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 685.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 685.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 685.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 685.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 659.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 659.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 659.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 633.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 633.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 633.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 607.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 607.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 607.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 607.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 607.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 581.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 581.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 581.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 581.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 581.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 555.75 351.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 555.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 555.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 555.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 555.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 713.75 m 414.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 713.75 m 418.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 698.75 m 418.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 713.75 m 488.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 698.75 m 488.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 713.75 m 492.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 698.75 m 492.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 713.75 m 562.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 698.75 m 562.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 685.75 m 414.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 685.75 m 418.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 685.75 m 488.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 685.75 m 492.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 685.75 m 562.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 633.75 m 414.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 633.75 m 418.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 633.75 m 488.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 633.75 m 492.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 633.75 m 562.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 620.75 m 414.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 620.75 m 418.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 633.75 m 488.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 620.75 m 488.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 620.75 m 492.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 620.75 m 562.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 568.75 m 414.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 568.75 m 418.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 568.75 m 488.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 568.75 m 492.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 568.75 m 562.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 555.75 m 414.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 555.75 m 418.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 568.75 m 488.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 555.75 m 488.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 555.75 m 492.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 555.75 m 562.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 555.75 m 562.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 530.75 m 414.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 528.75 m 414.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 530.75 m 418.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 528.75 m 418.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 530.75 m 488.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 528.75 m 488.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 530.75 m 492.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 528.75 m 492.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 530.75 m 562.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 528.75 m 562.5 528.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 704.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.40 703.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 437.89 703.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.54 703.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 689.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 689.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 689.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 676.32 Td (Selling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 676.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 676.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 663.32 Td (Salaries and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 663.32 Td (14,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 663.32 Td (13,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 650.32 Td (Restricted stock unit amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 650.32 Td (756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 650.32 Td (714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 637.32 Td (Other selling expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 637.32 Td (3,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 637.32 Td (1,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 624.32 Td (Totalselling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 624.32 Td (18,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 624.32 Td (15,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 611.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 611.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 611.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 598.32 Td (Salaries and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 598.32 Td (19,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 598.32 Td (19,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 585.32 Td (Restricted stock unit amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 585.32 Td (8,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 585.32 Td (5,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 572.32 Td (Other general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 572.32 Td (15,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 572.32 Td (15,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 559.32 Td (Total general and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 559.32 Td (43,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 559.32 Td (40,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 546.32 Td (Total selling, general and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 546.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 546.32 Td (61,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 546.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 546.32 Td (56,133) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 533.31 Td (Percent of revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.15 533.31 Td (13.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 533.31 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.15 533.31 Td (12.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.65 533.31 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 512.25 Td (Selling, general and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.38 512.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.37 512.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.19 512.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 512.25 Td ( increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.54 512.25 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.43 512.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.26 512.25 Td (10.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.09 512.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 500.25 Td (compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.29 500.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.29 500.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (Selling Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 464.25 Td (Selling expenses include the costs for estimating and bidding, business development and materials facility permits. Selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 452.25 Td (expenses can vary depending on the volume of projects in process and the number of employees assigned to estimating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 440.25 Td (bidding activities.) Tj ET Q q 0 0 0 rg BT 136.60 440.25 Td (As projects are completed or the volume of work slows down, wetemporarily redeploy project employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 428.25 Td (to bid on new projects, moving their salaries and relatedcostsfrom cost of revenue to selling expenses. Selling expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 416.25 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.33 416.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.31 416.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.14 416.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.73 416.25 Td ( increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.49 416.25 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.38 416.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.21 416.25 Td (19.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.04 416.25 Td (, comparedto the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.33 416.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.33 416.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 404.25 Td (primarily due to increases in salaries and related expenses and in other selling expenses from timing of bidding activity) Tj ET Q q 0 0 0 rg BT 538.88 404.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (General and ) Tj ET Q q 0 0 0 rg BT 115.59 386.25 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 368.25 Td (General and administrative expenses include costs related to our operational of) Tj ET Q q 0 0 0 rg BT 378.26 368.25 Td (fices that are not allocated to direct contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 356.25 Td (costs and expenses related to our corporate functions. Other general and administrative expenses include travel and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 344.25 Td (entertainment, outside services, information technology) Tj ET Q q 0 0 0 rg BT 285.07 344.25 Td (, depreciation, occupancy) Tj ET Q q 0 0 0 rg BT 386.59 344.25 Td (, training, of) Tj ET Q q 0 0 0 rg BT 435.84 344.25 Td (fice supplies, changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 332.25 Td (fair market value of our Non-Qualified Deferred Compensation plan liability and other miscellaneous expenses, none of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 320.25 Td (which individually exceeded 10% of total general and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 381.88 320.25 Td (T) Tj ET Q q 0 0 0 rg BT 387.29 320.25 Td (otal general and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 308.25 Td (expensesfor the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.48 308.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.46 308.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.29 308.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.88 308.25 Td ( increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.64 308.25 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.53 308.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.36 308.25 Td (6.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.19 308.25 Td (, comparedto the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.48 308.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.48 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 296.25 Td (primarily due to an increase in restricted stock unit amortization from an increase in awards issued during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.86 296.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.84 296.25 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 284.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 284.25 Td ( that immediately vested.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 742.25 Td (Other Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.05 724.25 Td (following ) Tj ET Q q 0 0 0 rg BT 122.43 724.25 Td (table ) Tj ET Q q 0 0 0 rg BT 144.37 724.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 179.64 724.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.35 724.25 Td (components ) Tj ET Q q 0 0 0 rg BT 245.18 724.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.01 724.25 Td (other ) Tj ET Q q 0 0 0 rg BT 279.05 724.25 Td (income ) Tj ET Q q 0 0 0 rg BT 310.99 724.25 Td (expensefor ) Tj ET Q q 0 0 0 rg BT 359.86 724.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.57 724.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 417.60 724.25 Td (periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 685.75 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 685.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 685.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 685.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 685.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 659.75 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 659.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 659.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 633.75 347.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 633.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 633.75 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 713.75 m 410.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 713.75 m 414.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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w 0 i [] 0 d 0 J 0 j 3 M 490.5 685.75 m 562.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 633.75 m 410.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 633.75 m 414.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 633.75 m 486.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 633.75 m 490.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 633.75 m 562.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 621.75 m 410.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 619.75 m 410.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 621.75 m 414.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 619.75 m 414.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 621.75 m 486.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 619.75 m 486.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 621.75 m 490.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 619.75 m 490.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 621.75 m 562.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 619.75 m 562.5 619.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 704.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 703.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 435.89 703.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 531.54 703.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 689.31 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 689.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 689.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 676.32 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 676.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 676.37 Td (\(1,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 676.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 676.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 676.37 Td (\(836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 676.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 663.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 663.32 Td (2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 663.32 Td (3,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 650.32 Td (Equity in income of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 650.37 Td (\(916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 650.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 650.37 Td (\(1,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 650.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 637.32 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 637.37 Td (\(870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 637.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 637.37 Td (\(1,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 637.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 624.32 Td (Total other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 624.37 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 624.37 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 63.00 600.25 Td (Interest expense ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 130.19 600.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.07 600.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.05 600.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.88 600.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 303.48 600.25 Td ( decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 347.89 600.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 396.78 600.25 Td ( when compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 63.00 588.25 Td (2016 primarily due to a reduction of the principal balance of our ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 322.91 588.25 Td (2019 Notes \(as defined in the Senior Notes Payable section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 576.25 Td (below\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 93.27 576.25 Td (from payments made in the fourth quarter of 2016. Equity in income of af) Tj ET Q q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 388.56 576.25 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 418.27 576.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 576.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.14 576.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 564.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 126.60 564.25 Td ( decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 171.01 564.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 219.90 564.25 Td ( when compared to the same period in 2016 primarily due to) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.78 564.25 Td ( a reduction of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 552.25 Td (associated with the non-real estate entity from bad weather) Tj ET Q q 0 0 0 rg BT 297.91 552.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 302.91 552.25 Td (Other income, net ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 377.33 552.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.21 552.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.19 552.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.02 552.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 550.62 552.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 63.00 540.25 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 104.91 540.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 153.81 540.25 Td ( when compared to the same period in 2016 primarily due to) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 395.69 540.25 Td ( the termination of an interest rate swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 528.25 Td (in the fourth quarter of 2016, partially of) Tj ET Q q 0 0 0 rg BT 225.55 528.25 Td (fset by changes in the fair market value of our Non-Qualified Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 516.25 Td (Compensation plan assets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 498.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 101.80 498.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 480.25 Td (The following table presentsthe benefit from income taxes for the respective periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 441.75 349.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 441.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 441.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 441.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 441.75 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 469.75 m 412.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 469.75 m 416.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 469.75 m 488.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 454.75 m 488.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 469.75 m 492.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 454.75 m 492.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 469.75 m 564.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 454.75 m 564.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 441.75 m 412.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 441.75 m 416.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 441.75 m 488.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 441.75 m 492.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 441.75 m 564.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 441.75 m 488.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 441.75 m 564.5 441.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 460.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.40 459.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 437.89 459.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.54 459.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 445.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 445.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 445.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 432.32 Td (Benefit fromincome taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 432.37 Td (\(12,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.80 432.37 Td (\(5,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 419.32 Td (Effective tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 419.32 Td (34.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 419.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 419.32 Td (37.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 419.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 398.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 398.25 Td (e calculate our income tax provision at the end of each interim period by estimating our annual ef) Tj ET Q q 0 0 0 rg BT 461.04 398.25 Td (fective tax rate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 386.25 Td (applying that rate to our year) Tj ET Q q 0 0 0 rg BT 178.59 386.25 Td (-to-date ordinary earnings. ) Tj ET Q q 0 0 0 rg BT 289.76 386.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 315.39 386.25 Td (fect of changes in enacted tax laws, tax rates or tax status is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 374.25 Td (recognized in the interim period in which the change occurs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 356.25 Td (Our ef) Tj ET Q q 0 0 0 rg BT 88.64 356.25 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.42 356.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.41 356.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.23 356.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.83 356.25 Td ( decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.52 356.25 Td (34.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.35 356.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.79 356.25 Td (37.8%) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 454.62 356.25 Td ( when compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0.027450980392156862 0.027450980392156862 0.027450980392156862 rg BT 63.00 344.25 Td (same period in 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 144.37 344.25 Td (. ) Tj ET Q q 0 0 0 rg BT 149.19 344.25 Td (This change was primarily due to the income tax benefit of share-based compensation relative to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 332.25 Td (increase in the loss before benefit from income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 314.25 Td (Certain Legal Pr) Tj ET Q q 0 0 0 rg BT 135.02 314.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 296.25 Td (As discussed in Note 13 of Notes to the Condensed Consolidated Financial Statements, under certain circumstances the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.25 Td (resolution of certain legal proceedings to which we are subject could have direct or indirect consequences that could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 272.25 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 138.88 272.25 Td (fect on our financial position, results of operations, cash flows and/or liquidity) Tj ET Q q 0 0 0 rg BT 451.78 272.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 254.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 105.52 254.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.14 254.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 158.31 254.25 Td (Resour) Tj ET Q q 0 0 0 rg BT 188.68 254.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 236.25 Td (The timing dif) Tj ET Q q 0 0 0 rg BT 120.59 236.25 Td (ferences between our cash inflows and outflows require us to maintain adequate levels of working capital. ) Tj ET Q q 0 0 0 rg BT 547.21 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 555.85 236.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 224.25 Td (believe our cash and cash equivalents, short-term investments, available borrowing capacity and cash expected to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 212.25 Td (generated from operations will be suf) Tj ET Q q 0 0 0 rg BT 212.49 212.25 Td (ficient to meet our expected working capital needs, capital expenditures, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 200.25 Td (commitments, cash dividend payments, and other liquidity requirements associated with our existing operations for the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 188.25 Td (twelve months. ) Tj ET Q q 0 0 0 rg BT 126.42 188.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.06 188.25 Td (e maintain a collateralized credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 188.25 Td ($293.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.59 188.25 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.35 188.25 Td ($161.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.25 188.25 Td ( was available at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 176.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 176.25 Td (, to provide capital needs to fund growth opportunities, either internal or generated through acquisitions \(see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 164.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 89.94 164.25 Td (Agreement discussion below\) or to pay installments on our 2019 Notes \(see Senior Notes Payable discussion below\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 152.25 Td (If we experience a prolonged change in our business operating results or make a significant acquisition, we may need ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 140.25 Td (additional sources of financing, which, if available,may be limited by the terms of our existing debt covenants, or may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 128.25 Td (require the amendment of our existing debt agreements. ) Tj ET Q q 0 0 0 rg BT 288.58 128.25 Td (There can be no assurance that suf) Tj ET Q q 0 0 0 rg BT 426.11 128.25 Td (ficient capital will continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 116.25 Td (available in the future or that it will be available on terms acceptable to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 98.25 Td (Our revenue, gross profit and the resulting cash flows can dif) Tj ET Q q 0 0 0 rg BT 307.47 98.25 Td (fer significantly from period to period due to a variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 86.25 Td (factors, including our projects) Tj ET Q q 0 0 0 rg BT 185.55 86.25 Td ( progressions toward completion, outstanding contract change orders and claims and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 74.25 Td (payment terms of our contracts. ) Tj ET Q q 0 0 0 rg BT 192.22 74.25 Td (W) Tj ET Q q 0 0 0 rg BT 200.86 74.25 Td (e typically invoice our customers on a monthly basis. Our contracts frequently call for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 62.25 Td (retention that is a specified percentage withheld from each payment until the contract is completed and the work accepted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 50.25 Td (the customer) Tj ET Q q 0 0 0 rg BT 113.82 50.25 Td (. ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 742.10 Td (The following table presents our cash, cash equivalents and marketable securities, including amounts from our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 730.10 Td (construction joint ventures \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 175.48 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.48 730.10 Td (CCJVs) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 208.82 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.82 730.10 Td (\), as of the respective dates:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 694.60 286.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 694.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 694.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 694.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 694.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 694.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 694.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 668.60 286.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 668.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 668.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 668.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 668.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 668.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 668.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 642.60 286.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 642.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 642.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 642.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 642.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 642.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 642.60 67.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 719.6 m 349.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 694.6 m 349.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 719.6 m 353.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 694.6 m 353.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 719.6 m 420.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 694.6 m 420.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 719.6 m 424.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 694.6 m 424.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 719.6 m 491.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 694.6 m 491.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 719.6 m 495.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 694.6 m 495.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 719.6 m 562.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 694.6 m 562.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 668.6 m 349.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 668.6 m 353.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 668.6 m 420.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 668.6 m 424.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 668.6 m 491.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 668.6 m 495.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 668.6 m 420.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 668.6 m 491.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 642.6 m 349.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 642.6 m 353.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 642.6 m 420.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 642.6 m 424.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 642.6 m 491.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 642.6 m 495.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 642.6 m 562.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 630.6 m 349.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 628.6 m 349.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 630.6 m 353.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 628.6 m 353.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 630.6 m 420.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 628.6 m 420.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 630.6 m 424.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 628.6 m 424.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 630.6 m 491.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 628.6 m 491.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 630.6 m 495.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 628.6 m 495.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 630.6 m 562.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 628.6 m 562.5 628.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 699.31 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 709.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 699.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.40 709.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.50 699.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 710.33 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 700.33 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 685.17 Td (Cash and cash equivalents excluding CCJVs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 685.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 685.17 Td (109,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 685.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 685.17 Td (116,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 685.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 685.17 Td (151,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 672.17 Td (CCJV) Tj ET Q q 0 0 0 rg BT 90.27 672.17 Td ( cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 195.79 676.70 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 672.17 Td (60,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 672.17 Td (73,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 672.17 Td (46,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 659.17 Td (Total consolidated cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 659.17 Td (169,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 659.17 Td (189,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 659.17 Td (198,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 646.17 Td (Short-term and long-term marketable securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 255.38 650.70 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 646.17 Td (127,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 646.17 Td (127,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 646.17 Td (115,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 633.17 Td (Total cash, cash equivalents and marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 633.17 Td (297,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 633.17 Td (317,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 633.17 Td (313,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 630.10 Td () Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 623.38 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 619.30 Td (The volume and stage of completion of contracts from our CCJVs may cause fluctuations in joint venture cash and cash equivalents ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 608.50 Td (between periods. ) Tj ET Q q 0 0 0 rg BT 130.57 608.50 Td (These funds generally are not available for the working capital or other liquidity needs of Granite until distributed.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 601.78 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 597.70 Td (See Note4 of Notes to the Condensed Consolidated Financial Statements for the composition of our marketable securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 579.70 Td (Our primary sources of liquidity are cash and cash equivalents, marketable securities and cash generated from operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 567.70 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 567.70 Td (e may also from time to time access our Credit ) Tj ET Q q 0 0 0 rg BT 260.48 567.70 Td (Agreement \(defined below\), issue and sell equity) Tj ET Q q 0 0 0 rg BT 456.15 567.70 Td (, debt or hybrid securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 555.70 Td (or engage in other capital markets transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 537.70 Td (Our cash and cash equivalents consisted of deposits and money market funds held with established national financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 525.70 Td (institutions. Marketable securities consist of U.S.Government and agency obligations and commercial paper) Tj ET Q q 0 0 0 rg BT 497.61 525.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 507.70 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 507.70 Td (otal consolidated cash and cash equivalents decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.38 507.70 Td ($19.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.27 507.70 Td ( during 2017 due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.03 507.70 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.93 507.70 Td ( decrease in cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 495.70 Td (cash equivalents excluding CCJVs and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.97 495.70 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.86 495.70 Td ( decrease in CCJV) Tj ET Q q 0 0 0 rg BT 355.82 495.70 Td ( cash and cash equivalents - see Cash Flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 483.70 Td (discussion below) Tj ET Q q 0 0 0 rg BT 130.96 483.70 Td (. Granite) Tj ET Q q 0 0 0 rg BT 168.72 483.70 Td (s portion of CCJV) Tj ET Q q 0 0 0 rg BT 241.60 483.70 Td ( cash and cash equivalents was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.67 483.70 Td ($36.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.56 483.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.56 483.70 Td ($44.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.46 483.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.89 483.70 Td ($29.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.79 483.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 471.70 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.66 471.70 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.26 471.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.26 471.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.84 471.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.28 471.70 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.88 471.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 367.54 471.70 Td (. Granite) Tj ET Q q 0 0 0 rg BT 405.30 471.70 Td (s portion of unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 459.70 Td (construction joint venture cash and cash equivalents was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.82 459.70 Td ($1) Tj ET Q q 0 0 0 rg BT 301.45 459.70 Td (14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.34 459.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.34 459.70 Td ($151.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.24 459.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.67 459.70 Td ($120.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.57 459.70 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.73 459.70 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 447.70 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 447.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 447.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.58 447.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.02 447.70 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.62 447.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 302.28 447.70 Td (. ) Tj ET Q q 0 0 0 rg BT 307.10 447.70 Td (The assets of each consolidated and unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 435.70 Td (construction joint venture relate solely to that joint venture. ) Tj ET Q q 0 0 0 rg BT 302.76 435.70 Td (The decision to distribute joint venture assets must generally be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 423.70 Td (made jointly by a majority of the members and, accordingly) Tj ET Q q 0 0 0 rg BT 302.28 423.70 Td (, these assets, including those associated with estimated cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 411.70 Td (recovery of customer af) Tj ET Q q 0 0 0 rg BT 158.05 411.70 Td (firmative claims and back char) Tj ET Q q 0 0 0 rg BT 281.14 411.70 Td (ge claims, are generally not available for the working capital needs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 399.70 Td (Granite until distributed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 381.70 Td (Our principal uses of liquidity are paying the costs and expenses associated with our operations, servicing outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 369.70 Td (indebtedness, making capital expenditures and paying dividends on our capital stock.) Tj ET Q q 0 0 0 rg BT 406.34 369.70 Td (W) Tj ET Q q 0 0 0 rg BT 414.98 369.70 Td (e may also from time to time prepay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 357.70 Td (or repurchase outstanding indebtedness and acquire assets or businesses that are complementary to our operations.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Cash Flows) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 703.75 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 703.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 703.75 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 703.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 703.75 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 677.75 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 677.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 677.75 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 677.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 677.75 78.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 731.75 m 398.5 731.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 731.75 m 402.5 731.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 731.75 m 480.5 731.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 716.75 m 480.5 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 731.75 m 484.5 731.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 716.75 m 484.5 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 731.75 m 562.5 731.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 716.75 m 562.5 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 703.75 m 398.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 703.75 m 402.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 703.75 m 480.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 703.75 m 484.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 703.75 m 562.5 703.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 721.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 429.89 721.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 525.54 721.43 Td (ch 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.00 707.31 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 707.48 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.00 707.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 694.32 Td (Net cash \(used in\) provided by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 694.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 694.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 681.32 Td (Operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 681.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 681.32 Td (13,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 681.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 681.37 Td (\(10,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 681.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 668.32 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 668.37 Td (\(20,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 668.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 668.37 Td (\(34,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 668.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 655.32 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 655.37 Td (\(13,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 655.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 655.37 Td (\(10,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 655.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 631.25 Td (As a lar) Tj ET Q q 0 0 0 rg BT 93.92 631.25 Td (ge construction and heavy civil contractor and construction materials producer) Tj ET Q q 0 0 0 rg BT 407.57 631.25 Td (, our operating cash flows are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 619.25 Td (to seasonal cycles, as well as the cycles associated with winning, performing and closing projects. ) Tj ET Q q 0 0 0 rg BT 456.78 619.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 506.69 619.25 Td (, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 607.25 Td (cash flows are impacted by the timing related to funding construction joint ventures and the resolution of uncertainties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 595.25 Td (inherent in the complex nature of the work that we perform, including claims settlements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 577.25 Td (Cash provided by operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.74 577.25 Td ($13.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.63 577.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.01 577.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.99 577.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.82 577.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.42 577.25 Td ( represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.89 577.25 Td ($23.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.78 577.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 565.25 Td (increase from the cash used in operating activities during the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.85 565.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.85 565.25 Td (.) Tj ET Q q 0 0 0 rg BT 394.67 565.25 Td (The change was primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.45 565.25 Td ($13.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 553.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 553.25 Td ( increase in net distributions from unconsolidated joint ventures and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 553.25 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.11 553.25 Td ( increase in cash provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 541.25 Td (working capital primarily due to an increase in accounts receivable collections. ) Tj ET Q q 0 0 0 rg BT 381.58 541.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 513.00 541.25 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 529.25 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.89 529.25 Td ( increase in net loss after adjusting for non-cash items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 511.25 Td (Cashused in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.20 511.25 Td ($20.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.09 511.25 Td ( for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.47 511.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.46 511.25 Td ( months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.28 511.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.88 511.25 Td (represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.36 511.25 Td ($13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.25 511.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 499.25 Td (decrease in the cash used in investing activities during the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.75 499.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 499.25 Td (. ) Tj ET Q q 0 0 0 rg BT 383.57 499.25 Td (The change was primarily due to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 487.25 Td (increase in maturities, net of purchases and proceeds, of marketable securities and a decrease in purchases, net of sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 475.25 Td (proceeds, of property and equipment \(see Capital Expenditures discussion below\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 457.25 Td (Cashused infinancing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.30 457.25 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.19 457.25 Td ( for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.57 457.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.55 457.25 Td ( months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.38 457.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.98 457.25 Td ( represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.45 457.25 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.35 457.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 445.25 Td (increase in the cash used in financing activities during the sameperiod in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.19 445.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.19 445.25 Td (. ) Tj ET Q q 0 0 0 rg BT 383.00 445.25 Td (The change was primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.79 445.25 Td ($2.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 433.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 433.25 Td ( increase in repurchases of common stock related to shares surrendered to pay taxes for vested restricted stock. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 415.25 Td (Capital Expenditur) Tj ET Q q 0 0 0 rg BT 145.89 415.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 397.25 Td (During the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.55 397.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.53 397.25 Td ( months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.36 397.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 397.25 Td (, we had capital expenditures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.63 397.25 Td ($21.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.52 397.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.22 397.25 Td ($24.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.11 397.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 385.25 Td (during thesame period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.70 385.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.70 385.25 Td (. Major capital expenditures are typically for aggregate and asphalt production facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 373.25 Td (aggregate reserves, construction equipment, buildings andleasehold improvements andinvestments inour information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 361.25 Td (technology systems. ) Tj ET Q q 0 0 0 rg BT 146.42 361.25 Td (The timing and amount of such expenditures can vary based on the progress of planned capital projects, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 349.25 Td (the type and size of construction projects, changes in business outlook and other factors. ) Tj ET Q q 0 0 0 rg BT 418.28 349.25 Td (W) Tj ET Q q 0 0 0 rg BT 426.92 349.25 Td (e currently anticipate 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 337.25 Td (capital expenditures to be consistent with 2016. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 319.25 Td (Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 301.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 301.25 Td (e recognize derivative instruments as either assets or liabilities in the condensed consolidated balance sheets at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 289.25 Td (using Level 2 inputs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (In January 2016, we entered into an interest rate swap designed to convert the interest rate on our term loan from a variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 259.25 Td (to fixed interest rate \(see Credit ) Tj ET Q q 0 0 0 rg BT 191.29 259.25 Td (Agreement section below\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 241.25 Td (In March 2014, we entered into an interest rate swap designed to convert the interest rate on our 2019 Notes \(as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 229.25 Td (below\) from a fixed to variable interest rate, which we terminated in December 2016 \(see Senior Notes Payable section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 217.25 Td (below\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 199.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 74.48 199.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 92.54 199.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 109.02 199.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 181.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 181.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 181.25 Td (, we had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.08 181.25 Td ($293.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.97 181.25 Td ( credit facility \(the Credit ) Tj ET Q q 0 0 0 rg BT 360.98 181.25 Td (Agreement\), of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.94 181.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.84 181.25 Td ( was a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 169.25 Td (revolving credit facility and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.85 169.25 Td ($93.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.74 169.25 Td ( was a term loan that matures on October 28, 2020 \(the Maturity Date\) and has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 157.25 Td (sublimit for letters of credit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.30 157.25 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.19 157.25 Td (. ) Tj ET Q q 0 0 0 rg BT 249.64 157.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.08 157.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.68 157.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.68 157.25 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.57 157.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.62 157.25 Td ($93.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.51 157.25 Td ( term loan was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 145.25 Td (included in current maturities of long-term debt and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.70 145.25 Td ($88.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.59 145.25 Td ( was included in long-term debt on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 133.25 Td (condensed consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 222.67 133.25 Td (As of December 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.70 133.25 Td ($95.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.59 133.25 Td ( of the term loan was outstanding and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.33 133.25 Td ($5.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 121.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 121.25 Td ( was included in current maturities of long-term debt and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.14 121.25 Td ($90.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.03 121.25 Td ( was included in long-term debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 109.25 Td (on the condensed consolidated balance sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 91.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 91.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 91.25 Td ( and December 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 91.25 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.96 91.25 Td ( had been drawn from the Credit ) Tj ET Q q 0 0 0 rg BT 439.86 91.25 Td (Agreement for the 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 79.25 Td (installment of the 2019 Notes \(defined below\). ) Tj ET Q q 0 0 0 rg BT 251.85 79.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.29 79.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.89 79.25 Td (, the total stated amount of all issued and outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 67.25 Td (letters of credit under the Credit ) Tj ET Q q 0 0 0 rg BT 192.96 67.25 Td (Agreement was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.93 67.25 Td ($8.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.82 67.25 Td (. ) Tj ET Q q 0 0 0 rg BT 311.64 67.25 Td (The total unused availability under the Credit ) Tj ET Q q 0 0 0 rg BT 495.21 67.25 Td (Agreement was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 55.25 Td ($161.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.89 55.25 Td (. ) Tj ET Q q 0 0 0 rg BT 126.71 55.25 Td (The letters of credit will expire between ) Tj ET Q q 0 0 0 rg BT 288.59 55.25 Td (August 2017 and October 2017. ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 742.10 Td (Borrowings under the Credit ) Tj ET Q q 0 0 0 rg BT 179.65 742.10 Td (Agreement bear interest at LIBOR or a base rate \(at our option\), plus an applicable mar) Tj ET Q q 0 0 0 rg BT 528.78 742.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 730.10 Td (based on certain financial ratios calculated quarterly) Tj ET Q q 0 0 0 rg BT 271.14 730.10 Td (. LIBOR varies based on the applicable loan term, market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 718.10 Td (and other external factors. ) Tj ET Q q 0 0 0 rg BT 169.71 718.10 Td (The applicable mar) Tj ET Q q 0 0 0 rg BT 246.72 718.10 Td (gin was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.05 718.10 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.88 718.10 Td ( for loans bearing interest based on LIBOR and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.77 718.10 Td (0.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.60 718.10 Td ( for loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 706.10 Td (bearing interest at the base rate at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.32 706.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.92 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.37 706.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 316.71 706.10 Td (, the ef) Tj ET Q q 0 0 0 rg BT 344.01 706.10 Td (fective interest rate using three-month LIBOR and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 694.10 Td (base rate was between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.62 694.10 Td (2.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.45 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.89 694.10 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.72 694.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 278.38 694.10 Td (, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.10 694.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 694.10 Td ( and we elected to use LIBOR. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 676.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 676.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 676.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 676.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.63 676.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 676.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.66 676.10 Td (, the fair value of the cash flow hedge that we entered into in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 664.10 Td (January 2016, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.65 664.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.54 664.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.54 664.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.43 664.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.87 664.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.76 664.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 363.42 664.10 Td (, and was included in other current assets in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 652.10 Td (condensed consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.38 652.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.98 652.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.42 652.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 652.10 Td ( and in accrued and other current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 640.10 Td (liabilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.38 640.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.98 640.10 Td (. During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.33 640.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.93 640.10 Td ( and 2016, the unrealized gains and losses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 628.10 Td (net of taxes, on the ef) Tj ET Q q 0 0 0 rg BT 148.90 628.10 Td (fective portion were gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.35 628.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.25 628.10 Td ( and losses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.91 628.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.80 628.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 473.46 628.10 Td (, and were reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 616.10 Td (a component of accumulated other comprehensive loss. During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.73 616.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.33 616.10 Td ( and 2016, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 604.10 Td (no inef) Tj ET Q q 0 0 0 rg BT 90.87 604.10 Td (fective portion. ) Tj ET Q q 0 0 0 rg BT 154.27 604.10 Td (The interest expense reclassified from accumulated other comprehensive loss during the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 592.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 592.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 592.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.53 592.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.42 592.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 575.10 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 107.99 575.10 Td (Agreement provides for the release of the liens securing the obligations, at our option and expense, so long as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 563.10 Td (certain conditions as defined by the terms in the Credit ) Tj ET Q q 0 0 0 rg BT 284.05 563.10 Td (Agreement are satisfied \(Collateral Release Period\). However) Tj ET Q q 0 0 0 rg BT 542.43 563.10 Td (, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 551.10 Td (subsequent to exercising the option, our Consolidated Fixed Char) Tj ET Q q 0 0 0 rg BT 324.72 551.10 Td (ge Coverage Ratio is less than 1.25 or our Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 539.10 Td (Leverage Ratio is greater than 2.50, then we would be required to promptly re-pledge substantially all of the assets of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 527.10 Td (Company and our subsidiaries that are guarantors or borrowers under the Credit ) Tj ET Q q 0 0 0 rg BT 384.58 527.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 433.45 527.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 527.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 527.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 515.10 Td (conditions for the exercise of our right under the Credit ) Tj ET Q q 0 0 0 rg BT 286.27 515.10 Td (Agreement to have liens released were not satisfied.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 497.10 Td (Senior) Tj ET Q q 0 0 0 rg BT 90.60 497.10 Td ( Notes Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 479.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 479.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 479.10 Td (, December 31, 2016 and March 31, 2016, senior notes payable in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.12 479.10 Td ($120.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.02 479.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 467.10 Td ($120.0 million and $160.0 million, respectively) Tj ET Q q 0 0 0 rg BT 252.88 467.10 Td (, were due to a group of institutional holders and had an interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 455.10 Td (6.1) Tj ET Q q 0 0 0 rg BT 75.13 455.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.46 455.10 Td ( per annum \(2019 Notes\). ) Tj ET Q q 0 0 0 rg BT 201.76 455.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.20 455.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 455.10 Td (, three equal annual installments from 2017 through 2019 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 443.10 Td (remaining. ) Tj ET Q q 0 0 0 rg BT 107.99 443.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.43 443.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.03 443.10 Td (, December 31, 2016 and March 31, 2016, $1) Tj ET Q q 0 0 0 rg BT 377.28 443.10 Td (10.0 million, $1) Tj ET Q q 0 0 0 rg BT 440.80 443.10 Td (10.0 million and $150.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 431.10 Td (million, respectively) Tj ET Q q 0 0 0 rg BT 144.55 431.10 Td (, of the outstanding balances were included in long-term debt on the condensed consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 419.10 Td (sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (Of the $40.0 million due for the 2017 installment, $30.0 million is included in long-term debt on the condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (balance sheets as of March 31, 2017 and December 31, 2016 as we have the ability and intent to pay these installments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (using borrowings under the Credit ) Tj ET Q q 0 0 0 rg BT 202.15 377.10 Td (Agreement or by obtaining other sources of financing. ) Tj ET Q q 0 0 0 rg BT 421.63 377.10 Td (The remaining $10.0 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (the 2017 installment was included in current maturities of long-term debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.87 365.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.46 365.10 Td ( and December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 347.10 Td (Of the $40.0 million due for the 2016 installment, $30.0 million was included in long-term debt on the condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 335.10 Td (consolidated balance sheets as of March 31, 2016 as we had the ability and intent to pay these installments using borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 323.10 Td (under the Credit ) Tj ET Q q 0 0 0 rg BT 129.93 323.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 179.17 323.10 Td (The remaining $10.0 million of the 2016 installment was included in current maturities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 311.10 Td (long-term debt as of March 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 293.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 293.10 Td (, the fair value of the interest rate swap that was terminated in December 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.53 293.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.42 293.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (was included in other current assets on the condensed consolidated balance sheets. During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.60 269.10 Td (, we recorded net gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.39 269.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.28 269.10 Td ( that were included in other income, net on our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (consolidated statements of operations.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Sur) Tj ET Q q 0 0 0 rg BT 78.38 742.25 Td (ety Bonds and Real Estate Mortgages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 724.25 Td (e are generally required to provide various types of surety bonds that provide an additional measure of security under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 712.25 Td (certain public and private sector contracts. ) Tj ET Q q 0 0 0 rg BT 234.32 712.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.82 712.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.42 712.25 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.68 712.25 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.79 712.25 Td ( of our contract backlog was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 700.25 Td (bonded. Performance bonds do not have stated expiration dates; rather) Tj ET Q q 0 0 0 rg BT 344.18 700.25 Td (, we are generally released from the bonds after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 688.25 Td (owner accepts the work performed under contract. ) Tj ET Q q 0 0 0 rg BT 266.62 688.25 Td (The ability to maintain bonding capacity to support our current and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (level of contracting requires that we maintain cash and working capital balances satisfactory to our sureties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 658.25 Td (Our unconsolidated real estate held for development and sale is subject to mortgage indebtedness. ) Tj ET Q q 0 0 0 rg BT 456.87 658.25 Td (This indebtedness is non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 646.25 Td (recourse to Granite but is recourse to the real estate entities. ) Tj ET Q q 0 0 0 rg BT 304.39 646.25 Td (The terms of this indebtedness are typically renegotiated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 634.25 Td (reflect the evolving nature of the real estate projects as they progress through acquisition, entitlement and development. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (Modification of these terms may include changes in loan-to-value ratios requiring the real estate entity to repay portions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 610.25 Td (the debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 592.25 Td (Covenants and Events of Default) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 574.25 Td (Our debt and credit agreements require us to comply with various af) Tj ET Q q 0 0 0 rg BT 335.79 574.25 Td (firmative, restrictive and financial covenants, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 562.25 Td (the financial covenants described below) Tj ET Q q 0 0 0 rg BT 222.29 562.25 Td (. Our failure to comply with any of these covenants, or to pay principal, interest or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 550.25 Td (other amounts when due thereunder) Tj ET Q q 0 0 0 rg BT 205.89 550.25 Td (, would constitute an event of default under the applicable agreements. Under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 538.25 Td (circumstances, the occurrence of an event of default under one of our debt or credit agreements \(or the acceleration of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 526.25 Td (maturity of the indebtedness under one of our agreements\) may constitute an event of default under one or more of our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (debt or credit agreements. Default under our debt and credit agreements could result in \(i\) us no longer being entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 502.25 Td (borrow under the agreements; \(ii\) termination of the agreements; \(iii\) the requirement that any letters of credit under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 490.25 Td (agreements be cash collateralized; \(iv\) acceleration of the maturity of outstanding indebtedness under the agreements and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 478.25 Td (\(v\) foreclosure on any collateral securing the obligations under the agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 460.25 Td (The most significant financial covenants under the terms of our Credit ) Tj ET Q q 0 0 0 rg BT 345.98 460.25 Td (Agreement and the note purchase agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 448.25 Td (governing the 2019 Notes require the maintenance of a minimum Consolidated ) Tj ET Q q 0 0 0 rg BT 381.91 448.25 Td (T) Tj ET Q q 0 0 0 rg BT 387.32 448.25 Td (angible Net ) Tj ET Q q 0 0 0 rg BT 436.01 448.25 Td (W) Tj ET Q q 0 0 0 rg BT 444.65 448.25 Td (orth, a minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 436.25 Td (Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 418.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 418.25 Td ( and pursuant to the definitions in the agreements, our Consolidated ) Tj ET Q q 0 0 0 rg BT 424.14 418.25 Td (T) Tj ET Q q 0 0 0 rg BT 429.55 418.25 Td (angible Net ) Tj ET Q q 0 0 0 rg BT 478.24 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 486.88 418.25 Td (orth was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.54 418.25 Td ($855.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 406.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.89 406.25 Td (, which exceeded the minimum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.46 406.25 Td ($701.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.35 406.25 Td ( and our Consolidated Leverage Ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 406.25 Td (1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 406.25 Td (, which did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 394.25 Td (exceed the maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.85 394.25 Td (3.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 394.25 Td (. Our Consolidated Interest Coverage Ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.20 394.25 Td (1) Tj ET Q q 0 0 0 rg BT 377.82 394.25 Td (1.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.32 394.25 Td (, which exceeded the minimum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.89 394.25 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.39 394.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.44 376.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 376.25 Td (, we were in compliance with all covenants contained in the Credit ) Tj ET Q q 0 0 0 rg BT 419.57 376.25 Td (Agreement and related to the 2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 91.15 364.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.79 364.25 Td (e are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (contained in their debt agreements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 334.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 83.38 334.25 Td (e Pur) Tj ET Q q 0 0 0 rg BT 106.25 334.25 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 142.44 334.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 316.25 Td (On ) Tj ET Q q 0 0 0 rg BT 77.17 316.25 Td (April 7, 2016, the Board of Directors authorized us to purchase up to $200.0 million of our common stock at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (management) Tj ET Q q 0 0 0 rg BT 116.87 304.25 Td (s discretion, which replaced the former authorization including the amount available. ) Tj ET Q q 0 0 0 rg BT 459.07 304.25 Td (W) Tj ET Q q 0 0 0 rg BT 467.71 304.25 Td (e did not purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td (shares under the share purchase program in any of the periods presented. ) Tj ET Q q 0 0 0 rg BT 356.33 292.25 Td (The specific timing and amount of any future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 280.25 Td (purchases will vary based on market conditions, securities law limitations and other factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 263.25 Td (W) Tj ET Q q 0 0 0 rg BT 72.45 263.25 Td (ebsite ) Tj ET Q q 0 0 0 rg BT 98.83 263.25 Td (Access) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 245.25 Td (Our website address is www) Tj ET Q q 0 0 0 rg BT 176.77 245.25 Td (.graniteconstruction.com. On our website we make available, free of char) Tj ET Q q 0 0 0 rg BT 470.08 245.25 Td (ge, our ) Tj ET Q q 0 0 0 rg BT 499.80 245.25 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 233.25 Td (on Form 10-K, Quarterly Reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 221.25 Td (as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (Commission \(SEC\). ) Tj ET Q q 0 0 0 rg BT 154.76 209.25 Td (The information on our website is not incorporated into, and is not part of, this report. ) Tj ET Q q 0 0 0 rg BT 500.34 209.25 Td (These reports, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 197.25 Td (and any amendments to them, are also available at the website of the SEC, www) Tj ET Q q 0 0 0 rg BT 384.48 197.25 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 416.60 197.25 Td (.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 28.100000000000023 m 176.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 28.100000000000023 m 304.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 28.100000000000023 m 432.5 28.100000000000023 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 28.100000000000023 m 560.5 28.100000000000023 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (Item 3. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 108.93 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 115.41 742.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 141.81 742.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 204.69 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 211.17 742.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 310.65 742.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 346.03 742.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 393.35 742.25 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 724.25 Td (There has been no significant change in our exposure to market risks since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.74 724.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.32 724.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 706.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 49.49 706.25 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 706.25 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 121.07 706.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 145.24 706.25 Td (PROCEDURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 688.25 Td (Evaluation ) Tj ET Q q 0 0 0 rg BT 112.18 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.01 688.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 162.83 688.25 Td (e ) Tj ET Q q 0 0 0 rg BT 169.77 688.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 195.14 688.25 Td (ols ) Tj ET Q q 0 0 0 rg BT 209.31 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.93 688.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 238.30 688.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 267.56 688.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 670.25 Td (Our management carried out, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.33 670.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.93 670.25 Td (, with the participation of our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 465.19 670.25 Td (ficer and our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 658.25 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 113.08 658.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 131.00 658.25 Td (, an evaluation of the ef) Tj ET Q q 0 0 0 rg BT 225.22 658.25 Td (fectiveness of our disclosure controls and procedures \(as defined in Rules 13a-15\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 646.25 Td (and 15d-15\(e\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 245.16 646.25 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 411.21 646.25 Td (Act\)\). Based on that evaluation, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 634.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 140.57 634.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 253.12 634.25 Td (ficer concluded that, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.19 634.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.79 634.25 Td (, our disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (procedures were ef) Tj ET Q q 0 0 0 rg BT 138.88 622.25 Td (fective to provide reasonable assurance that material information required to be disclosed by us in reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 610.25 Td (we file under the Exchange ) Tj ET Q q 0 0 0 rg BT 174.34 610.25 Td (Act is recorded, processed, summarized and reported within the time periods specified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 598.25 Td (SEC rules and forms and that information required to be disclosed by us in the reports we file or submit under the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 586.25 Td (Act is accumulated and communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 436.31 586.25 Td (ficer and Chief Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 574.25 Td (Of) Tj ET Q q 0 0 0 rg BT 73.37 574.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 91.29 574.25 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 175.89 556.25 Td (ols Over) Tj ET Q q 0 0 0 rg BT 211.53 556.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 538.25 Td (During the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.74 538.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.34 538.25 Td (, there were no changes to our internal control over financial reporting that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 526.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 113.63 526.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 300.58 526.25 Td (fect, our internal control over financial reporting. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 508.25 Td (P) Tj ET Q q 0 0 0 rg BT 32.37 508.25 Td (AR) Tj ET Q q 0 0 0 rg BT 46.46 508.25 Td (T) Tj ET Q q 0 0 0 rg BT 52.95 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.45 508.25 Td (II. ) Tj ET Q q 0 0 0 rg BT 68.23 508.25 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 106.85 508.25 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 154.99 508.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 490.25 Td (Item 1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 490.25 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 97.46 490.25 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 472.25 Td (Thedescription of the matters set forth inPart I, Item 1 of thisReport under Note 13 of Notes to the Condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 460.25 Td (Consolidated Financial Statements is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 442.25 Td (Item 1A. RISK F) Tj ET Q q 0 0 0 rg BT 99.03 442.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 119.96 442.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (There have been no material changes in the risk factors previously disclosed in Item 1A. Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 506.21 424.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 412.25 Td (Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.55 412.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.14 412.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 394.25 Td (Item 2. UNREGISTERED SALES OF) Tj ET Q q 0 0 0 rg BT 192.21 394.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 233.79 394.25 Td ( SECURITIES ) Tj ET Q q 0 0 0 rg BT 298.82 394.25 Td (AND USE OF) Tj ET Q q 0 0 0 rg BT 358.46 394.25 Td ( PROCEEDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 376.25 Td (The following table sets forth information regarding the repurchase of shares of our common stock during the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.38 364.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 364.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 269.75 220.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 269.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 269.75 66.00 -13.00 re f /GS0 gs 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426.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 269.75 m 426.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 353.75 m 491.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 269.75 m 491.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 353.75 m 495.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 269.75 m 495.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 353.75 m 558.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 269.75 m 558.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 353.75 m 562.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 269.75 m 562.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 269.75 m 283.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 269.75 m 352.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 269.75 m 422.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 269.75 m 491.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 269.75 m 558.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 230.75 m 283.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 230.75 m 287.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 230.75 m 352.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 230.75 m 356.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 230.75 m 422.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 230.75 m 426.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 230.75 m 491.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 230.75 m 495.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 230.75 m 558.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 230.75 m 562.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 218.75 m 283.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 216.75 m 283.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 218.75 m 287.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 216.75 m 287.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 218.75 m 352.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 216.75 m 352.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 218.75 m 356.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 216.75 m 356.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 218.75 m 422.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 216.75 m 422.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 218.75 m 426.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 216.75 m 426.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 218.75 m 491.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 216.75 m 491.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 218.75 m 495.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 216.75 m 495.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 218.75 m 558.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 216.75 m 558.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 218.75 m 562.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 216.75 m 562.5 216.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 274.43 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 274.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.45 294.43 Td (T) Tj ET Q q 0 0 0 rg BT 296.20 294.43 Td (otal number) Tj ET Q q 0 0 0 rg BT 348.52 294.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.55 284.43 Td (of shar) Tj ET Q q 0 0 0 rg BT 330.09 284.43 Td (es ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.70 274.43 Td (pur) Tj ET Q q 0 0 0 rg BT 311.08 274.43 Td (chased) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 339.97 278.96 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 274.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.50 294.43 Td (Average price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 284.43 Td (paid per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.40 274.43 Td (share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 274.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.45 344.43 Td (Total number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 334.43 Td (of shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 324.43 Td (purchased as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.90 314.43 Td (part of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.25 304.43 Td (publicly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 294.43 Td (announced) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.20 284.43 Td (plans or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.75 274.43 Td (programs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 274.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.25 344.43 Td (Appr) Tj ET Q q 0 0 0 rg BT 520.85 344.43 Td (oximate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.15 334.43 Td (dollar) Tj ET Q q 0 0 0 rg BT 526.53 334.43 Td ( value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.55 324.43 Td (of shar) Tj ET Q q 0 0 0 rg BT 537.09 324.43 Td (es ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 314.43 Td (that may yet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.10 304.43 Td (be pur) Tj ET Q q 0 0 0 rg BT 525.98 304.43 Td (chased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.85 294.43 Td (under) Tj ET Q q 0 0 0 rg BT 531.23 294.43 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.20 284.43 Td (plans or) Tj ET Q q 0 0 0 rg BT 543.75 284.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.10 274.43 Td (pr) Tj ET Q q 0 0 0 rg BT 513.92 274.43 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 545.58 278.96 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 260.32 Td (January 1, 2017 through January 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 260.32 Td (2,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 260.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 260.32 Td (56.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 260.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.60 260.32 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 247.32 Td (February 1, 2017 through February 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 247.32 Td (912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 247.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 247.32 Td (55.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 247.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.60 247.32 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 247.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 234.32 Td (March 1, 2017 through March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 234.32 Td (127,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 234.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 234.32 Td (49.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 234.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.60 234.32 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 221.32 Td (130,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 221.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 221.32 Td (49.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 205.53 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 201.45 Td (The number of shares purchased is in connection with employee tax withholding for units vested under our 2012 Equity Incentive Plan.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 63.00 194.73 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.92 190.65 Td (On ) Tj ET Q q 0 0 0 rg BT 78.68 190.65 Td (April 7, 2016, the Board of Directors authorized us to purchase up to $200.0 million of our common stock at management) Tj ET Q q 0 0 0 rg BT 520.33 190.65 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 179.85 Td (discretion, which replaced the former authorization including the amount available. ) Tj ET Q q 0 0 0 rg BT 365.23 179.85 Td (W) Tj ET Q q 0 0 0 rg BT 373.00 179.85 Td (e did not purchase shares under the share purchase ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 169.05 Td (plan in any of the periods presented. ) Tj ET Q q 0 0 0 rg BT 195.80 169.05 Td (The specific timing and amount of any future purchases will vary based on market conditions, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 158.25 Td (securities law limitations and other factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 140.25 Td (Item 4. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 140.25 Td (MINE SAFETY) Tj ET Q q 0 0 0 rg BT 131.80 140.25 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 122.25 Td (The information concerning mine safety violations or other regulatory matters required by Section 1503\(a\) of the Dodd-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 110.25 Td (Frank ) Tj ET Q q 0 0 0 rg BT 88.65 110.25 Td (W) Tj ET Q q 0 0 0 rg BT 97.29 110.25 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 272.25 110.25 Td (Act and Item 104 of Regulation S-K \(17CFR 229.104\) is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 98.25 Td (Exhibit 95 to this Quarterly Report on Form 10-Q.) 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