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Note 20 - Quarterly Financial Information
 12 Months Ended
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.