GRANITE CONSTRUCTION INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Shareholders’ Equity
(in thousands, except share data)
| Outstanding Shares | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Granite Shareholders’ Equity | Non-Controlling Interests | Total Equity | |
|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2020 | 45,668,541 | $457 | $555,407 | $(5,035) | $424,835 | $975,664 | $15,946 | $991,610 |
| Net income | — | — | — | — | 10,096 | 10,096 | (7,682) | 2,414 |
| Other comprehensive income | — | — | — | 1,676 | — | 1,676 | — | 1,676 |
| RSUs vested | 235,234 | 2 | (2) | — | — | — | — | — |
| Repurchases of common stock (1) | (68,580) | (1) | (2,729) | — | — | (2,730) | — | (2,730) |
| Dividends on common stock ($0.52 per share) | — | — | — | — | (23,826) | (23,826) | — | (23,826) |
| Transactions with non-controlling interests, net | — | — | — | — | — | — | 19,617 | 19,617 |
| Stock-based compensation expense and other | 5,065 | — | 7,076 | — | (274) | 6,802 | — | 6,802 |
| Balances at December 31, 2021 | 45,840,260 | $458 | $559,752 | $(3,359) | $410,831 | $967,682 | $27,881 | $995,563 |
| Cumulative effect of newly adopted accounting standard (see Note 1) | — | — | (26,961) | — | 10,543 | (16,418) | — | (16,418) |
| Balances at January 1, 2022 | 45,840,260 | $458 | $532,791 | $(3,359) | $421,374 | $951,264 | $27,881 | $979,145 |
| Net income | — | — | — | — | 83,302 | 83,302 | (4,445) | 78,857 |
| Other comprehensive income | — | — | — | 4,147 | — | 4,147 | — | 4,147 |
| Repurchases of common stock (1) | (2,376,020) | (24) | (70,877) | — | — | (70,901) | — | (70,901) |
| RSUs vested | 262,748 | 3 | (3) | — | — | — | — | — |
| Dividends on common stock ($0.52 per share) | — | — | — | — | (23,292) | (23,292) | — | (23,292) |
| Transactions with non-controlling interests, net | — | — | — | — | — | — | 8,693 | 8,693 |
| Stock-based compensation expense and other | 16,919 | — | 8,496 | — | — | 8,496 | — | 8,496 |
| Balances at December 31, 2022 | 43,743,907 | $437 | $470,407 | $788 | $481,384 | $953,016 | $32,129 | $985,145 |
(1)During the years ended December 31, 2022 and 2021, there were 75,303 shares and 68,580 shares, respectively, withheld related to employee taxes for RSUs vested under our equity incentive plans. During the year ended December 31, 2022, we also repurchased 2,298,353 shares under the Board approved share repurchase program.
| Outstanding Shares | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Granite Shareholders’ Equity | Non-Controlling Interests | Total Equity | |
|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2022 | 43,743,907 | $437 | $470,407 | $788 | $481,384 | $953,016 | $32,129 | $985,145 |
| Net income | — | — | — | — | 43,599 | 43,599 | (14,012) | 29,587 |
| Other comprehensive income | — | — | — | 93 | — | 93 | — | 93 |
| Repurchases of common stock (1) | (102,413) | (1) | (4,124) | — | — | (4,125) | — | (4,125) |
| RSUs vested | 288,876 | 3 | (3) | — | — | — | — | — |
| Dividends on common stock ($0.52 per share) | — | — | 301 | — | (23,139) | (22,838) | — | (22,838) |
| Capped call transactions | — | — | (39,641) | — | — | (39,641) | — | (39,641) |
| Redemption of warrants | — | — | (13,201) | — | — | (13,201) | — | (13,201) |
| Common stock issued in debt extinguishment | 1,390,500 | 14 | 49,321 | — | — | 49,335 | — | 49,335 |
| Exercise of bond hedge | (1,390,516) | (14) | 14 | — | — | — | — | — |
| Transactions with non-controlling interests, net | — | — | — | — | — | — | 31,551 | 31,551 |
| Stock-based compensation expense and other | 13,764 | — | 11,060 | — | — | 11,060 | — | 11,060 |
| Balances at December 31, 2023 | 43,944,118 | $439 | $474,134 | $881 | $501,844 | $977,298 | $49,668 | $1,026,966 |
(1)Amounts represent shares withheld for employee taxes for RSUs vested under our equity incentive plans. During the year ended December 31, 2023, we did not repurchase any shares under the Board-approved share repurchase program.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.