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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 10. Segment information The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has determined it has one reportable segment: dredging. As the Company operates in one reportable segment, the CODM is provided financial reports which include (i) a consolidated statement of operations, (ii) plant expenses (as described below), (iii) a summary of contract revenues by work type and backlog by customer type, (iv) a consolidated balance sheet and (v) a contract analysis of revenues and margins by project. These financial reports assist the CODM in assessing the Company’s financial performance and in allocating resources appropriately. The dredging segment provides dredging services, which generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. The Company derives its revenue primarily in the United States and manages its business activities on a consolidated basis. The accounting policies of the dredging segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM uses net income and Adjusted EBITDA to evaluate income generated from segment assets in deciding whether to reinvest profits into the operating segment or into other parts of the entity. Net income and Adjusted EBITDA are used to monitor budgeted versus actual results and to assess performance of the segment. Net income from the Company’s reportable segment is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Contract revenues |  | $ | 193,755 |  |  | $ | 170,086 |  |  | $ | 436,620 |  |  | $ | 368,746 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Direct contract cost |  |  | 111,838 |  |  |  | 101,025 |  |  |  | 246,007 |  |  |  | 218,592 |
Plant expenses excluding depreciation expense * |  |  | 34,707 |  |  |  | 28,113 |  |  |  | 63,349 |  |  |  | 52,612 |
Depreciation expense |  |  | 10,644 |  |  |  | 11,108 |  |  |  | 21,175 |  |  |  | 22,128 |
General and administrative expenses |  |  | 19,478 |  |  |  | 16,161 |  |  |  | 39,516 |  |  |  | 32,272 |
Other (gains) losses |  |  | 1 |  |  |  | (906 | ) |  |  | (459 | ) |  |  | (2,922 | )
Interest expense |  |  | 4,363 |  |  |  | 4,398 |  |  |  | 8,859 |  |  |  | 8,457 |
Interest income |  |  | (148 | ) |  |  | (200 | ) |  |  | (193 | ) |  |  | (368 | )
Other expense (income) |  |  | (246 | ) |  |  | (128 | ) |  |  | 122 |  |  |  | (553 | )
Income tax provision |  |  | 3,423 |  |  |  | 2,842 |  |  |  | 15,133 |  |  |  | 9,831 |
Net income |  | $ | 9,695 |  |  | $ | 7,673 |  |  | $ | 43,111 |  |  | $ | 28,697 |
* Consists of indirect expenses that are allocated to contracts, including, but not limited to: maintenance, supplies, wear and insurance.

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- Definition The entire disclosure for reporting segments including data and tables. 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