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Note 20 - Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information [Text Block] |
20. | Quarterly Financial Information
The following table summarizes the unaudited quarterly results of operations for 2014 and 2013 (amounts in thousands, except per share data):
|  | 2014 Quarters Ended (unaudited) |  |  |  |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |  |  | Total |
Revenues |  | $ | 134,538 |  |  | $ | 194,806 |  |  | $ | 189,275 |  |  | $ | 153,611 |  |  | $ | 672,230 |
Gross profit |  |  | 7,869 |  |  |  | 12,499 |  |  |  | 8,356 |  |  |  | 3,697 |  |  |  | 32,421 |
Income (loss) before income taxes and earnings attributable to noncontrolling interests |  |  | 480 |  |  |  | 2,473 |  |  |  | (1,671 | ) |  |  | (5,875 | ) |  |  | (4,593 | )
Net income (loss) attributable to Sterling common stockholders |  |  | 205 |  |  |  | 1,200 |  |  |  | (3,935 | ) |  |  | (7,251 | ) |  |  | (9,781 | )
Net income (loss) per share attributable to Sterling common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.01 |  |  | $ | 0.07 |  |  | $ | (0.21 | ) |  | $ | (0.39 | ) |  | $ | (0.54 | )
Diluted |  |  | 0.01 |  |  |  | 0.07 |  |  |  | (0.21 | ) |  |  | (0.39 | ) |  |  | (0.54 | )
|  | 2013 Quarters Ended (unaudited) |  |  |  |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |  |  | Total |
Revenues |  | $ | 111,035 |  |  | $ | 133,350 |  |  | $ | 185,935 |  |  | $ | 125,916 |  |  | $ | 556,236 |
Gross profit (loss) |  |  | 1,385 |  |  |  | (16,635 | ) |  |  | 8,359 |  |  |  | (23,053 | ) |  |  | (29,944 | )
Income (loss) before income taxes and earnings attributable to noncontrolling interests |  |  | (7,219 | ) |  |  | (25,967 | ) |  |  | 1,715 |  |  |  | (37,333 | ) |  |  | (68,804 | )
Net loss attributable to Sterling common stockholders |  |  | (4,580 | ) |  |  | (17,025 | ) |  |  | (189 | ) |  |  | (52,135 | ) |  |  | (73,929 | )
Net loss per share attributable to Sterling common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.39 | ) |  | $ | (0.93 | ) |  | $ | (0.06 | ) |  | $ | (3.52 | ) |  | $ | (4.91 | )
Diluted |  |  | (0.39 | ) |  |  | (0.93 | ) |  |  | (0.06 | ) |  |  | (3.52 | ) |  |  | (4.91 | )
The Company’s operating revenues tend to be somewhat higher in the summer months which are typically due to warmer and dryer weather conditions. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. However, from time to time, the Company’s operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. During the third and fourth quarters of 2014, the Company recorded changes in estimated revenues and gross margin which resulted in net charges of $4.5 million and $9.5 million, respectively. Gross profit was depressed by downward revisions of gross profit on problem projects, the majority of which are being constructed in Texas, primarily due to spot shortages of commodities, over-stretched sub-contractors and vendors, and intense competition for craft labor. During the first, second and fourth quarters of 2013, the Company recorded changes in estimated revenues and gross margin which resulted in net charges of $4.3 million, $20.6 million and $37.7 million, respectively. A significant portion of these revisions were attributable to three projects. Furthermore, during the fourth quarter, management recorded a valuation allowance of $28.2 million on the net deferred tax assets as a result of the fourth quarter revisions mentioned above. Refer to Note 12 for our disclosure regarding income taxes and deferred assets and liabilities.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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