Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The table below outlines the total actual acquisition consideration allocated to the preliminary estimated fair values of TAS’s tangible and intangible assets and liabilities as of August 5, 2015:

Accounts receivable	$	54,344
Costs and estimated earnings in excess of billings on uncompleted contracts	4,372
Prepaid expenses and other current assets	828
Fixed assets, net	14,000
Investment in GLM Concrete Services, LLC	76
Goodwill	36,720
Other intangible assets	33,110
Accounts payable	(18,458		)
Accrued expenses and other current liabilities	(13,015		)
Total Acquisition Consideration	$	111,977

Summary of Pro Forma Results

	Orion Marine						Combined			Pro Forma		Combined
	Group			TAS			Historical			Adjustments		Pro Forma
Contract revenues	$	278,485		$	170,542		$	449,027		$	—	$	449,027
Cost of contract revenues	252,060			144,249			396,309			—		396,309
Gross profit	26,425			26,293			52,718			—		52,718
Selling, general and administrative expenses	23,953			12,309			36,262			—		36,262
Operating income	2,472			13,984			16,456			—		16,456
Other income/(expense)
Gain on sale of assets	165			29			194			—		194
Other income	467			737			1,204			—		1,204
Interest expense	(523		)	(253		)	(776		)	—		(776		)
Interest income	12			276			288					288
Other income, net	121			789			910			—		910
Income before income taxes	2,593			14,773			17,366			—		17,366
Income tax expense	1,006			—			1,006			—		1,006
Net income attributable to common stockholders	$	1,587		$	14,773		$	16,360		$	—	$	16,360
Earnings per common share:
Basic per share	$	0.06		$	—		$	0.60		$	—	$	0.60
Diluted per share	$	0.06		$	—		$	0.59		$	—	$	0.59
Shares used in the calculation of earnings per common share
Basic	27,430,162			—			27,430,162			—		27,430,162
Diluted	27,809,208			—			27,809,208			—		27,809,208

Pro forma results are included below.

Unaudited Pro Forma Combined Condensed Consolidated Statements of Operations

For the Nine Month Period Ended September 30, 2015

(in thousands except per share information)

	Orion Marine						Combined			Pro Forma		Combined
	Group			TAS			Historical			Adjustments		Pro Forma
Contract revenues	$	257,614		$	183,032		$	440,646		$	—	$	440,646
Cost of contract revenues	241,653			152,867			394,520			—		394,520
Gross profit	15,961			30,165			46,126			—		46,126
Selling, general and administrative expenses	27,550			16,772			44,322			—		44,322
Operating (loss) income	(11,589		)	13,393			1,804			—		1,804
Other income/(expense)
(Loss) gain on sale of assets	(2,062		)	547			(1,515		)	—		(1,515		)
Other income	1,253			727			1,980			—		1,980
Interest expense	(1,433		)	(459		)	(1,892		)	—		(1,892		)
Interest income	30			—			30					30
Other (expense) income, net	(2,212		)	815			(1,397		)	—		(1,397		)
(Loss) income before income taxes	(13,801		)	14,208			407			—		407
Income tax benefit	(2,945		)	—			(2,945		)	—		(2,945		)
Net (loss) income attributable to common stockholders	$	(10,856	)	$	14,208		$	(2,538	)	$	—	$	(2,538	)
(Loss) earnings per common share:
Basic per share	$	(0.40	)	$	—		$	(0.09	)	$	—	$	(0.09	)
Diluted per share	$	(0.40	)	$	—		$	(0.09	)	$	—	$	(0.09	)
Shares used in the calculation of (loss) earnings per common share
Basic	27,397,342			—			27,397,342			—		27,397,342
Diluted	27,397,342			—			27,600,056			—		27,600,056