Exhibit 20.2

GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(Unaudited — in Thousands, Except Per Share Data)

			Three Months Ended												Nine Months Ended
			September 30,						Variance						September 30,						Variance
Operations			2003			2002			Amount			Percent			2003			2002			Amount			Percent
Revenue			$	580,200		$	583,728		$	(3,528	)		(0.6	)	$	1,351,765		$	1,311,883		$	39,882			3.0
Gross profit			$	82,059		$	77,221		$	4,838			6.3		$	168,259		$	167,992		$	267			0.2
	Gross profit as a percent of revenue			14.1	%		13.2	%		0.9	%		—			12.4	%		12.8	%		(0.4	%)		—
General and administrative expenses			$	42,533		$	40,182		$	2,351			5.9		$	115,478		$	106,168		$	9,310			8.8
	G&A expenses as a percent of revenue			7.3	%		6.9	%		0.4	%		—			8.5	%		8.1	%		0.4	%		—
Other income (expense) Interest income			$	1,145		$	2,122		$	(977	)		(46.0	)	$	4,633		$	6,014		$	(1,381	)		(23.0	)
	Interest expense		$	(1,939	)	$	(2,527	)	$	588			23.3		$	(6,577	)	$	(6,703	)	$	126			1.9
	Gain on sales of property and equipment		$	3,018		$	939		$	2,079			221.4		$	3,546		$	1,570		$	1,976			125.9
	Other, net		$	49		$	1,118		$	(1,069	)		(95.6	)	$	20,452		$	1,077		$	19,375			1799.0
		Total other income	$	2,273		$	1,652		$	621			37.6		$	22,054		$	1,958		$	20,096			1026.4
Income before provision for income taxes and minority interest			$	41,799		$	38,691		$	3,108			8.0		$	74,835		$	63,782		$	11,053			17.3
Minority interest			$	(834	)	$	(1,927	)	$	1,093			56.7		$	(1,099	)	$	(2,694	)	$	1,595			59.2
Net income			$	25,834		$	23,069		$	2,765			12.0		$	46,646		$	37,984		$	8,662			22.8
Net income per share:
	Basic		$	0.64		$	0.57		$	0.07			12.3		$	1.16		$	0.95		$	0.21			22.1
	Diluted		$	0.63		$	0.57		$	0.06			10.5		$	1.14		$	0.94		$	0.20			21.3
Weighted average shares of common stock:
	Basic			40,217			40,188			29			0.1			40,160			40,039			121			0.3
	Diluted			40,908			40,788			120			0.3			40,741			40,615			126			0.3

					Variance						September 30,				Variance
	September 30,		Dec. 31,
Financial Position	2003		2002		Amount			Percent			2003		2002		Amount			Percent
Working capital	$	238,158	$	220,396	$	17,762			8.1		$	238,158	$	223,443	$	14,715			6.6
Current ratio		1.59		1.67		(0.08	)		(4.8	)		1.59		1.54		0.05			3.2
Long-term debt	$	127,473	$	132,380	$	(4,907	)		(3.7	)	$	127,473	$	131,264	$	(3,791	)		(2.9	)
Total liabilities to equity ratio		1.22		1.16		0.06			5.2			1.22		1.37		(0.15	)		(10.9	)
Stockholders’ equity	$	493,024	$	454,869	$	38,155			8.4		$	493,024	$	446,587	$	46,437			10.4
Total assets	$	1,094,794	$	983,819	$	110,975			11.3		$	1,094,794	$	1,056,977	$	37,817			3.6
Book value per common share	$	11.87	$	11.03	$	0.84			7.6		$	11.87	$	10.79	$	1.08			10.0
Backlog	$	1,900,115	$	1,856,451	$	43,664			2.4		$	1,900,115	$	1,743,502	$	156,613			9.0