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QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2012
QUARTERLY OPERATING RESULTS (UNAUDITED) | 13. QUARTERLY OPERATING RESULTS (UNAUDITED) A summary of quarterly results of operations for the years ended December 31, 2012 and 2011 were as follows (in thousands, except per share data):
|  | March 31, 2012 |  |  | June 30, 2012 |  |  | September 30, 2012 (a) |  |  | December 31, 2012 (b) |
Revenue |  | $ | 113,083 |  |  | $ | 137,227 |  |  | $ | 141,793 |  |  | $ | 129,237 |
Gross profit |  |  | 12,668 |  |  |  | 13,905 |  |  |  | (13,379 | ) |  |  | (9,354 | )
Net Income |  |  | 6,779 |  |  |  | 7,592 |  |  |  | (10,372 | ) |  |  | (8,090 | )
Basic EPS |  |  | 0.47 |  |  |  | 0.52 |  |  |  | (0.72 | ) |  |  | (0.56 | )
Diluted EPS |  |  | 0.47 |  |  |  | 0.52 |  |  |  | (0.72 | ) |  |  | (0.56 | )
|  | March 31, 2011 (c) |  |  | June 30, 2011 |  |  | September 30, 2011 |  |  | December 31, 2011 |
Revenue |  | $ | 46,348 |  |  | $ | 87,251 |  |  | $ | 85,827 |  |  | $ | 88,406 |
Gross profit (loss) |  |  | (9,568 | ) |  |  | 4,846 |  |  |  | 4,004 |  |  |  | 5,246 |
Net income (loss) |  |  | (6,964 | ) |  |  | 1,835 |  |  |  | 1,559 |  |  |  | 1,766 |
Basic EPS |  |  | (0.49 | ) |  |  | 0.13 |  |  |  | 0.11 |  |  |  | 0.12 |
Diluted EPS |  |  | (0.49 | ) |  |  | 0.13 |  |  |  | 0.11 |  |  |  | 0.12 |
(a) | We recognized contract losses of $20.6 million in the three-month period ended September 30, 2012 which resulted in an unfavorable reduction in gross margin during the period of $26.8 million as required under the accounting for loss contracts under percentage of completion accounting. This loss was mainly due to the increase in estimated man-hours to complete one of our major deepwater contracts. These increased man-hours were primarily driven by revisions and delivery delays to specifications and designs by our customer in the third quarter of 2012 causing out-of-sequence work schedules to be used while executing the project. The customer also extended delivery of the first phase of the project as a result of these revisions. On March 7, 2013 we executed change orders with the customer which settled issues raised in a claim for additional costs on this project. Revenue for this claim was recorded in the three-month period ended December 31, 2012.
(b) | We determined the contract receivable balance owed by Bluewater Industries on the Cheviot project as describe in Note 2 would not likely be collected in full and recorded a $14.5 million reserve as of December 31, 2012.
(c) | On April 8, 2011, we received an unfavorable ruling regarding a disputed claim for costs incurred in connection with an April 2008 accident at our Texas facility involving four cranes. As a result, we recognized all recorded amounts as asset impairments in cost of revenue of $7.7 million, of which $5.9 million related to disputed crane rental costs and $1.8 million related to the remaining net book value of one of the cranes involved in the accident that is now deemed a total loss.

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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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