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Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information | Note 18 — Quarterly Financial Information (Unaudited) The offshore marine construction industry in the Gulf of Mexico is highly seasonal as a result of weather conditions and the timing of capital expenditures by oil and gas companies. Historically, a substantial portion of our services has been performed during the summer and fall months. As a result, historically a disproportionate portion of our revenues and net income is earned during such period. The following is a summary of consolidated quarterly financial information for 2012 and 2011 (in thousands, except per share data):
|  | Quarter Ended |
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
2012 |  |  |  |  |  |  |  |  |
Net revenues (1) | $ | 229,842 | $ | 197,461 | $ | 217,110 | $ | 201,696 |
Gross profit (loss) (2) |  | 72,483 |  | 28,438 |  | 57,919 |  | (108,925) |
Net income (loss) |  | 65,737 |  | 44,651 |  | 14,875 |  | (171,560) |
Net income (loss) applicable to common shareholders: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 16,874 | $ | 2,425 | $ | 10,362 | $ | (99,679) |
Income (loss) from discontinued operations (3) |  | 48,853 |  | 42,216 |  | 4,503 |  | (71,888) |
Net income (loss) applicable to common shareholders | $ | 65,727 | $ | 44,641 | $ | 14,865 | $ | (171,567) |
Basic earnings (loss) per common share: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | (0.95) |
Income (loss) from discontinued operations |  | 0.46 |  | 0.40 |  | 0.04 |  | (0.69) |
Basic earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | (1.64) |
Diluted earnings (loss) per common share: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | (0.95) |
Income (loss) from discontinued operations |  | 0.46 |  | 0.40 |  | 0.04 |  | (0.69) |
Diluted earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | (1.64) |
|  | Quarter Ended |
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
2011 |  |  |  |  |  |  |  |  |
Net revenues (4) | $ | 122,748 | $ | 165,861 | $ | 213,278 | $ | 200,113 |
Gross profit (5) |  | 14,395 |  | 44,043 |  | 64,972 |  | 26,273 |
Net income (6) |  | 25,867 |  | 41,323 |  | 46,026 |  | 16,763 |
Net income applicable to common shareholders: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (9,315) | $ | 10,547 | $ | 15,999 | $ | 17,487 |
Income (loss) from discontinued operations |  | 35,172 |  | 30,766 |  | 30,017 |  | (734) |
Net income applicable to common shareholders | $ | 25,857 | $ | 41,313 | $ | 46,016 | $ | 16,753 |
Basic earnings per common share: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (0.09) | $ | 0.10 | $ | 0.15 | $ | 0.17 |
Income (loss) from discontinued operations |  | 0.33 |  | 0.29 |  | 0.28 |  | (0.01) |
Basic earnings per common share | $ | 0.24 | $ | 0.39 | $ | 0.43 | $ | 0.16 |
Diluted earnings per common share: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (0.09) | $ | 0.10 | $ | 0.15 | $ | 0.17 |
Income (loss) from discontinued operations |  | 0.33 |  | 0.29 |  | 0.29 |  | (0.01) |
Diluted earnings per common share | $ | 0.24 | $ | 0.39 | $ | 0.44 | $ | 0.16 |
(1) Excludes revenues from discontinued operatio ns of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended March 31, June 30, September 30 and December 3 1, 2012. (2) Excludes gross profit (loss) from discontinued operations of $89.2 million, $64.8 million, $27.8 million and $(102.6) million for the quarters ended March 31, June 30, September 30 and December 31, 2012. Includes impairment charges totalin g $14.6 million in th e second quarter of 2012, $4.6 million in the third quarter of 2012 and $158.0 million in the fourth quarter of 2012 (Note 2). (3) Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (Note 3). (4) Excludes revenues from discontinued operation s of $168.9 million, $172.5 million, $159.2 million and $196.1 million for the quarters ended March 31, June 30, Septem ber 30 and December 31, 2011. (5) Excludes gross profit from discontinued oper ations of $62.7 million, $56.2 million, $57.3 million and $4.8 million for the quarters ended March 31, June 30, September 30 and December 31, 2011. The fourth quarter includes a $6.6 million impairment charge to reduce our Australian well intervention equipment to its estimated fair value at December 31, 2011. (6) Our net income in the fourth quarter of 2011 includes a $10.6 million other than temporary impairment loss on our equity investment in our Australian joint venture (Note 5). The fourth quarter also includes a $31.3 million tax benefit related to reorganization of our Australian well intervention operations.

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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 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: 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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