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Mergers and Acquisitions | 12 Months Ended
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Dec. 31, 2013
Mergers and Acquisitions |
Mergers and Acquisitions | [2] Mergers and Acquisitions (a) Information regarding acquisitions that are material in the aggregate On January 3, 2011, the Company completed the acquisition of Fisk Electric Company (“Fisk”) to expand the Company’s nationwide electrical construction capabilities. On April 1, 2011, the Company completed the acquisition of Anderson Companies (“Anderson”) to strengthen the Company’s position in the southeastern United States. On June 1, 2011, the Company completed the acquisition of Frontier-Kemper Constructors, Inc. (“Frontier-Kemper”) to bolster the Company’s tunneling business in the United States and expand the Company’s geographic reach into Canada. On August 18, 2011, the Company completed the acquisition of Becho, Inc. (“Becho”) to bolster the Company’s drilling capabilities in the southwestern United States. The transactions were accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the acquisitions occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the acquisitions been completed on January 1, 2010, or of future results.
Pro Forma (unaudited) |  | Year ended |
(in thousands, except per share data) |  | December 31, 2011 |
Revenues |  | $ | 3,894,867 |
Income from Construction Operations |  | $ | 178,631 |
Net Income |  | $ | 88,123 |
Basic earnings per common share |  | $ | 1.87 |
Diluted earnings per common share |  | $ | 1.84 |
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on acquisition debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at acquisition; (iii) additional amortization expense related to identifiable intangible assets arising from the acquisitions; (iv) elimination of acquisition related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of Fisk, Anderson, Frontier-Kemper and Becho, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the acquisitions been in effect on January 1, 2010 or of future results. (b) Merger with GreenStar Services Corporation On July 1, 2011, the Company acquired GreenStar Services Corporation (“GreenStar”) via a merger of GreenStar into a wholly owned subsidiary of the Company to expand the Company’s presence in the northeastern markets. GreenStar, one of the nation’s largest specialty contractors, is primarily comprised of the following operating entities: Five Star Electric Corporation and WDF, Inc., which are located in New York, and Nagelbush Mechanical, Inc., which is located in Florida. The transaction was accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the merger occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the merger been completed on January 1, 2010, or of future results.
Pro Forma (unaudited) |  | Year ended |
(in thousands, except per share data) |  | December 31, 2011 |
Revenues |  | $ | 4,068,804 |
Income from Construction Operations |  | $ | 207,579 |
Net Income |  | $ | 108,712 |
Basic earnings per common share |  | $ | 2.30 |
Diluted earnings per common share |  | $ | 2.27 |
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on merger debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at the merger date; (iii) additional amortization expense related to identifiable intangible assets arising from the merger; (iv) elimination of merger related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of GreenStar, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the merger been in effect on January 1, 2010 or of future results. (c) Acquisition of Lunda Construction Company On July 1, 2011, the Company completed the acquisition of Lunda Construction Company (“Lunda”) to expand the Company’s civil business into the Midwestern United States. Lunda is a heavy civil contractor engaged in the construction, rehabilitation and maintenance of bridges, railroads, and other civil structures in the Midwest and throughout the United States. The transaction was accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the acquisition occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the acquisitions been completed on January 1, 2010, or of future results.
Pro Forma (unaudited) |  | Year ended |
(in thousands, except per share data) |  | December 31, 2011 |
Revenues |  | $ | 3,872,694 |
Income from Construction Operations |  | $ | 191,565 |
Net Income |  | $ | 98,270 |
Basic earnings per common share |  | $ | 2.08 |
Diluted earnings per common share |  | $ | 2.05 |
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on acquisition debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at acquisition; (iii) additional amortization expense related to identifiable intangible assets arising from the acquisitions; (iv) elimination of acquisition related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of Lunda, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the acquisitions been in effect on January 1, 2010, or of future results.

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