Annual report pursuant to Section 13 and 15(d)

Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail)

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Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Basic:                      
Net income (loss) $ (3,110) [1] $ 3,276 $ 4,279 [1] $ 2,787 $ (8,090) [2] $ (10,372) [1] $ 7,592 $ 6,779 $ 7,232 $ (4,091) $ (1,804)
Less: Distributed loss / distributed and undistributed income (unvested restricted stock)                 75 46 39
Net income (loss) attributable to common shareholders                 7,157 (4,137) (1,843)
Denominator for basic earnings per share-weighted-average shares                 14,463 14,400 14,351
Basic earnings per share-common shareholders $ (0.22) [1] $ 0.23 $ 0.30 [1] $ 0.19 $ (0.56) [2] $ (0.72) [1] $ 0.52 $ 0.47 $ 0.50 $ (0.29) $ (0.13)
Diluted:                      
Net income (3,110) [1] 3,276 4,279 [1] 2,787 (8,090) [2] (10,372) [1] 7,592 6,779 7,232 (4,091) (1,804)
Less: Distributed loss / distributed and undistributed income (unvested restricted stock)                 75 46 39
Net income attributable to common shareholders                 $ 7,157 $ (4,137) $ (1,843)
Denominator for basic earnings per share-weighted-average shares                 14,463 14,400 14,351
Effect of dilutive securities:                      
Employee stock options                 6    
Denominator for dilutive earnings per share-weighted-average shares                 14,469 14,400 14,351
Diluted earnings per share-common shareholders $ (0.22) [1] $ 0.23 $ 0.30 [1] $ 0.19 $ (0.56) [2] $ (0.72) [1] $ 0.52 $ 0.47 $ 0.50 $ (0.29) $ (0.13)
[1] We recognized contract losses of $18.2 million in the three-month period ended December 31, 2013, $11.4 million in the three-month period ended June 20, 2013, and $20.6 million in the three-month period ended September 30, 2012, as required under the accounting for loss contracts under percentage of completion accounting. Losses in 2012 were due to the increase in estimated man-hours to complete one of our major deepwater contracts, 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. Contract losses increased in 2013 due mainly to the impact of de-scoping and final close-out of one of our major deepwater projects, as further discussed in the Note 1 under "Revenue Recognition" above.
[2] We determined the contract receivable balance owed by Bluewater Industries on the Cheviot project as describe in Note 1 "Assets held for sale" would not likely be collected in full and recorded a $14.5 million reserve as of December 31, 2012. In March 2013, we terminated our contract with Bluewater relating to this project.