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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

pay-versus-performance

 

 

 

AVERAGE
SUMMARY

AVERAGE

VALUE OF INITIAL FIXED $100
INVESTMENT BASED ON:
(4)

 

 

YEAR(1)

SUMMARY
COMPENSATION
TABLE TOTAL FOR
PEO
($)
(2)

COMPENSATION
ACTUALLY PAID
TO PEO
($)
(3)

COMPENSATION
TABLE TOTAL
FOR NON-PEO
NAMED
EXECUTIVE
OFFICERS
($)
(2)

COMPENSATION
ACTUALLY PAID
TO NON-PEO
NAMED
EXECUTIVE
OFFICERS
($)
(3)

TOTAL
SHAREHOLDER
RETURN
($)

PEER GROUP
TOTAL
SHAREHOLDER
RETURN
($)
(5)

NET
INCOME
($ IN MM)

[ADJUSTED
EBITDA]
4
($ IN MM)
(6)

2022

3,801,960

(307,784)

899,163

308,910

52.5

152.7

(34.1)

17.0

2021

3,103,804

3,587,147

1,125,138

1,114,133

138.8

160.2

49.4

127.4

2020

3,300,791

5,711,252

1,226,647

1,571,869

116.2

133.8

66.1

151.1

 

(1)
Lasse J. Petterson served as the Company’s principal executive officer (“PEO”) for the entirety of 2020, 2021 and 2022 and the Company’s other named executive officers for the applicable years were as follows:
-
2022: Scott L. Kornblau; Vivienne R. Schiffer; James J. Tastard; Eleni Beyko; and David E. Simonelli.
-
2021: Scott L. Kornblau; David E. Simonelli; Vivienne R. Schiffer; James J. Tastard; and Mark W. Marinko.
-
2020: Mark W. Marinko; David E. Simonelli; James J. Tastard; William H. Hanson; Kathleen M. LaVoy; and Annette W. Cyr.

 

(2)
Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson.

 

(3)
To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table.

 

(4)
Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2019. Historic stock price performance is not necessarily indicative of future stock price performance.
(5)
The TSR Peer Group consists of Ameresco, Inc., Argan, Inc., Badger Daylighting Infrastructure Solutions Ltd., Construction Partners, Inc., Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc., Hill International, Inc., IES Holdings, Inc., Infrastructure and Energy Alternatives, Inc., Limbach Holdings, Inc., Logistec Corporation, Matrix Service Company, Mistras Group, Inc., MYR Group Inc., NV5 Global, Inc., Oceaneering International, Inc., Orion Group Holdings, Inc., Sterling Construction Company, Inc., Team, Inc. and Tidewater Inc. Aegion Corporation was removed from the peer group due to an acquisition and Seacor Holdings was removed due to a merger. Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc. and Oceaneering International, Inc. were added to the peer group.
(6)
As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted EBITDA continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in the Company’s 2022 annual incentive compensation program. Adjusted EBITDA is a non-GAAP financial measure that represents net income excluding certain items which we do not believe are indicative of our ordinary results of operations.

 

reconciliation of compensation actually paid adjustments

 

YEAR

TOTAL COMPENSATION REPORTED IN SUMMARY COMPENSATION TABLE

(MINUS)
VALUE OF STOCK AWARDS REPORTED

PLUS
YEAR-END FAIR VALUE OF OUTSTANDING AND UNVESTED STOCK AWARDS GRANTED IN FISCAL YEAR

PLUS/(MINUS)
CHANGE IN FAIR VALUE OF OUTSTANDING AND UNVESTED STOCK AWARDS GRANTED IN PRIOR FISCAL YEARS

PLUS
FAIR VALUE AT VESTING OF STOCK AWARDS GRANTED AND VESTED DURING FISCAL YEAR

PLUS/(MINUS)
CHANGE IN FAIR VALUE OF STOCK AWARDS GRANTED IN PRIOR FISCAL YEARS AND VESTED DURING FISCAL YEAR

(MINUS)
PRIOR YEAR-END FAIR VALUE OF STOCK AWARDS GRANTED IN PRIOR FISCAL YEAR AND WERE FORFEITED DURING FISCAL YEAR

COMPENSATION ACTUALLY PAID

 

($)(a)

($)(b)

($)(c)

($)(d)

($)(e)

($)(f)

($)(g)

($)

Lasse J. Petterson

2022

3,801,960

(2,971,996)

1,132,981

(731,570)

(113,768)

(1,425,391)

(307,784)

2021

3,103,804

(1,366,286)

1,033,610

454,725

1,176,741

(815,447)

3,587,147

2020

3,300,791

(1,160,000)

3,222,199

368,870

115,069

(135,677)

5,711,252

Average other named executive officer(h)

2022

899,163

(500,712)

189,048

(108,345)

(26,446)

(143,798)

308,910

2021

1,125,138

(406,642)

400,649

55,170

45,478

(105,660)

1,114,133

2020

1,226,647

(206,647)

521,995

44,331

8,095

(22,552)

1,571,869

(a)
Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the Average Other Named Executive Officers, amounts shown represent averages.
(b)
Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(c)
Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(d)
Represents the change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the applicable named executive officer as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(e)
Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(f)
Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(g)
Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(h)
See footnote 1 above for the named executive officers included in the average for each year.
   
Company Selected Measure Name Adjusted EBITDA    
Named Executive Officers, Footnote [Text Block]
(1)
Lasse J. Petterson served as the Company’s principal executive officer (“PEO”) for the entirety of 2020, 2021 and 2022 and the Company’s other named executive officers for the applicable years were as follows:
-
2022: Scott L. Kornblau; Vivienne R. Schiffer; James J. Tastard; Eleni Beyko; and David E. Simonelli.
-
2021: Scott L. Kornblau; David E. Simonelli; Vivienne R. Schiffer; James J. Tastard; and Mark W. Marinko.
-
2020: Mark W. Marinko; David E. Simonelli; James J. Tastard; William H. Hanson; Kathleen M. LaVoy; and Annette W. Cyr.
   
Peer Group Issuers, Footnote [Text Block]
(5)
The TSR Peer Group consists of Ameresco, Inc., Argan, Inc., Badger Daylighting Infrastructure Solutions Ltd., Construction Partners, Inc., Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc., Hill International, Inc., IES Holdings, Inc., Infrastructure and Energy Alternatives, Inc., Limbach Holdings, Inc., Logistec Corporation, Matrix Service Company, Mistras Group, Inc., MYR Group Inc., NV5 Global, Inc., Oceaneering International, Inc., Orion Group Holdings, Inc., Sterling Construction Company, Inc., Team, Inc. and Tidewater Inc. Aegion Corporation was removed from the peer group due to an acquisition and Seacor Holdings was removed due to a merger. Helix Energy Solutions Group, Inc., Helmerich & Payne, Inc. and Oceaneering International, Inc. were added to the peer group.
   
PEO Total Compensation Amount $ 3,801,960 $ 3,103,804 $ 3,300,791
PEO Actually Paid Compensation Amount $ (307,784) 3,587,147 5,711,252
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson.

 

(3)
To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table.
   
Non-PEO NEO Average Total Compensation Amount $ 899,163 1,125,138 1,226,647
Non-PEO NEO Average Compensation Actually Paid Amount $ 308,910 1,114,133 1,571,869
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(2)
Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Petterson and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the named executive officers for the applicable year other than Mr. Petterson.

 

(3)
To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Petterson and for the average of the other named executive officer is set forth following the footnotes to this table.
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

img152329643_115.jpg 

 

   
Compensation Actually Paid vs. Net Income [Text Block]

CAP and Company Net Income

img152329643_116.jpg 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

   
Compensation Actually Paid vs. Company Selected Measure [Text Block]

CAP and Company Adjusted EBITDA

img152329643_117.jpg 

Table of Contents
   
Tabular List [Table Text Block]

The following is a list of performance measures, which in our assessment represent the most important performance measures used by the Compensation Committee to link compensation actually paid to the named executive officers for 2022. Please see the “CD&A” for a further description of the metrics used in the Company’s executive compensation program.

Adjusted EBITDA
Adjusted EBIT
Earnings per Share
Stock Price
Offshore wind business objectives for Mr. Petterson and Ms. Beyko
   
Total Shareholder Return Amount $ 52.5 138.8 116.2
Peer Group Total Shareholder Return Amount 152.7 160.2 133.8
Net Income (Loss) $ (34,100,000) $ 49,400,000 $ 66,100,000
Company Selected Measure Amount 17,000,000.0 127,400,000 151,100,000
PEO Name Lasse J. Petterson Lasse J. Petterson Lasse J. Petterson
Reconciliation Of Compensation Actually Paid Adjustment [Table Text Block]

reconciliation of compensation actually paid adjustments

 

YEAR

TOTAL COMPENSATION REPORTED IN SUMMARY COMPENSATION TABLE

(MINUS)
VALUE OF STOCK AWARDS REPORTED

PLUS
YEAR-END FAIR VALUE OF OUTSTANDING AND UNVESTED STOCK AWARDS GRANTED IN FISCAL YEAR

PLUS/(MINUS)
CHANGE IN FAIR VALUE OF OUTSTANDING AND UNVESTED STOCK AWARDS GRANTED IN PRIOR FISCAL YEARS

PLUS
FAIR VALUE AT VESTING OF STOCK AWARDS GRANTED AND VESTED DURING FISCAL YEAR

PLUS/(MINUS)
CHANGE IN FAIR VALUE OF STOCK AWARDS GRANTED IN PRIOR FISCAL YEARS AND VESTED DURING FISCAL YEAR

(MINUS)
PRIOR YEAR-END FAIR VALUE OF STOCK AWARDS GRANTED IN PRIOR FISCAL YEAR AND WERE FORFEITED DURING FISCAL YEAR

COMPENSATION ACTUALLY PAID

 

($)(a)

($)(b)

($)(c)

($)(d)

($)(e)

($)(f)

($)(g)

($)

Lasse J. Petterson

2022

3,801,960

(2,971,996)

1,132,981

(731,570)

(113,768)

(1,425,391)

(307,784)

2021

3,103,804

(1,366,286)

1,033,610

454,725

1,176,741

(815,447)

3,587,147

2020

3,300,791

(1,160,000)

3,222,199

368,870

115,069

(135,677)

5,711,252

Average other named executive officer(h)

2022

899,163

(500,712)

189,048

(108,345)

(26,446)

(143,798)

308,910

2021

1,125,138

(406,642)

400,649

55,170

45,478

(105,660)

1,114,133

2020

1,226,647

(206,647)

521,995

44,331

8,095

(22,552)

1,571,869

(a)
Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the Average Other Named Executive Officers, amounts shown represent averages.
(b)
Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(c)
Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(d)
Represents the change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the applicable named executive officer as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(e)
Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(f)
Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(g)
Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes.
(h)
See footnote 1 above for the named executive officers included in the average for each year.
   
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EBITDA    
Non-GAAP Measure Description [Text Block]
(6)
As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted EBITDA continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in the Company’s 2022 annual incentive compensation program. Adjusted EBITDA is a non-GAAP financial measure that represents net income excluding certain items which we do not believe are indicative of our ordinary results of operations.
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EBIT    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Earnings per Share    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Stock Price    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Offshore wind business objectives for Mr. Petterson and Ms. Beyko    
PEO [Member] | (Minus) Value of Stock Awards Reported [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (2,971,996) $ (1,366,286) $ (1,160,000)
PEO [Member] | Plus Year-end Fair Value of Outstanding and Unvested Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,132,981 1,033,610 3,222,199
PEO [Member] | Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (731,570) 454,725 368,870
PEO [Member] | Plus Fair Value at Vesting of Stock Awards Granted and Vested During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
PEO [Member] | Plus/(Minus) Change in Fair Value of Stock Awards Granted in Prior Fiscal Years and Vested During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (113,768) 1,176,741 115,069
PEO [Member] | Prior Year-end Fair Value of Stock Awards Granted in Prior Fiscal Year and Were Forfeited During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,425,391) (815,447) (135,677)
Non-PEO NEO [Member] | (Minus) Value of Stock Awards Reported [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (500,712) (406,642) (206,647)
Non-PEO NEO [Member] | Plus Year-end Fair Value of Outstanding and Unvested Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 189,048 400,649 521,995
Non-PEO NEO [Member] | Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (108,345) 55,170 44,331
Non-PEO NEO [Member] | Plus Fair Value at Vesting of Stock Awards Granted and Vested During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
Non-PEO NEO [Member] | Plus/(Minus) Change in Fair Value of Stock Awards Granted in Prior Fiscal Years and Vested During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (26,446) 45,478 8,095
Non-PEO NEO [Member] | Prior Year-end Fair Value of Stock Awards Granted in Prior Fiscal Year and Were Forfeited During Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (143,798) $ (105,660) $ (22,552)