FORM 10-K

United States Securities and Exchange CommissionWashington, DC 20549

(Mark One)

☒☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934.

For the fiscal year ended December 31, 2015 .

☐☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from -to- .

Commission File No. 1-6314

Tutor Perini Corporation(Exact name of registrant as specified in its charter)

Massachusetts 04-1717070(State of Incorporation) (IRS Employer Identification No.)

15901 Olden Street, Sylmar, California 91342(Address of principal executive offices) (Zip Code)

(818) 362-8391(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Name of each exchange on which registeredCommon Stock, $1.00 par value The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best ofregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer , ” “largeaccelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting Common Stock held by non-affiliates of the registrant was $829,622,621 as of June 30, 2015 , the last business day of the registrant’s most recently completedsecond fiscal quarter.

The number of shares of Common Stock, $1.00 par value per share, outstanding at February 23, 2016 was 49,072,710.

Documents Incorporated by Reference

Portions of the definitive proxy statement relating to the registrant’s annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K

TUTOR PERINI CORPORATION

2015 ANNUAL REPORT ON FORM 10-K

TABLE OF CO NTENTS

PAGEPART IItem 1 Business 3 Item 1A Risk Factors 11 Item 1B Unresolved Staff Comments 14 Item 2 Properties 15 Item 3 Legal Proceedings 15 Item 4 Mine Safety Disclosures 15

PART IIItem 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6 Selected Financial Data 17 Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A Quantitative and Qualitative Disclosures About Market Risk 28 Item 8 Financial Statements and Supplementary Data 28 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A Controls and Procedures 28 Item 9B Other Information 30

PART IIIItem 10 Directors, Executive Officers and Corporate Governance 30 Item 11 Executive Compensation 30 Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 30 Item 13 Certain Relationships and Related Transactions, and Director Independence 30 Item 14 Principal Accountant Fees and Services 30

PART IVItem 15 Exhibits and Financial Statement Schedules 31

Signatures 34

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PA RT I. Forward- L ooking Statements The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) , including without limitation, statements regarding our management’s expectations, hopes,beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are basedon our current expectations and beliefs concerning future developments and their potential effects on us. Our expectations, beliefs and projections are expressed in good faith and webelieve there is a reasonable basis for them. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statementsinvolve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from thoseexpressed or implied by such forward-looking statements. These risks and uncertainties are listed and discussed in Item 1A. Risk Factors, below. We undertake no obligation to updateor revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. ITEM 1. BUS INESS General Tutor Perini Corporation, formerly known as Perini Corporation, was incorporated in 1918 as a successor to businesses which had been engaged in providing construction servicessince 1894. Tutor Perini Corporation and its consolidated subsidiaries (“Tutor Perini,” “Company,” “we,” “us,” and “our,” unless the context indicates otherwise) is a leadingconstruction company, based on revenue, as ranked by Engineering News-Record (“ENR”), offering diversified general contracting, construction management and design-buildservices to private customers and public agencies throughout the world. Our corporate headquarters are in Sylmar, California, and we have various other principal office locationsthroughout the United States and certain U.S. territories (see Item 2. Properties for a listing of our major facilities). Our common stock is listed on the New York Stock Exchangeunder the symbol “TPC” . We are incorporated under the laws of the Commonwealth of Massachusetts. We and our predecessors have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time andwithin budget , while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, includingthe planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services , including site work,concrete forming and placement, steel erection, electrical, mechanical, plumbing, and heating, ventilation and air conditioning (HVAC). During 2015, we performed work on moretha n 1,500 construction projects. Our business is conducted through three basic segments: Civil, Building and Specialty Contractors, as described below in the “Business Segment Overview.” Historically, we have been recognized as one of the leading building contractors in the United States , as evidenced by our performance on several of the largest hospitality and gamingprojects, including CityCenter and the Cosmopolitan Casino and Resort, and large transportation projects , such as the McCarran International Airport Terminal 3 in Las Vegas,Nevada. In 2008, we embarked upon a strategy to better align our business to pursue markets with higher profit margins and the best long-term growth potential, while maintaining ourpresence as a leading contractor in the general building market. In September 2008, we completed a merger with Tutor-Saliba Corporation (“Tutor-Saliba”) to provide us withenhanced opportunities for growth not available to us on a stand-alone basis through increased size, scale, bonding capacity, immediate access to multiple geographic regions,management capabilities, complementary assets and expertise in large civil projects . The success of the Tutor-Saliba merger and the execution of the Company’s strategy to focus oncaptu ring higher-margin civil projects are best illustrated by the significant growth we have experienced in our Civil segment over the past five years . In 2010 and 2011, we took advantage of opportunities to expand our Company vertically and geographically through the strategic acquisitions of seven companies with demonstratedsuccess in their respective markets. These acquisitions strengthened our geographic presence in our Building and Civil segments and also significantly increased our specialtycontracting capabilities. In 2011, we completed an internal reorganization of our reporting segments with the creation of the Specialty Contractors segment, which we describe below. Furthermore, during 2014, we completed a reorganization , which resulted in the elimination of the Management Services segment. The Management Services segment formerlyconsisted of two subsidiary companies, Black Construction and Perini Management Services, which have since been included in the Civil and Building segments, respectively. We believe that the successful completion of our acquisition strategy has enabled us to realize cross-selling opportunities across an expanded geographic footprint, while continuing tofocus on vertical integration through increased self-performed work capabilities, thus further improving profitability and providing greater stability during economic cycles.

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Table of Contents Business Segment Overview Civil Segment Our Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across most of the major geographic regions of the UnitedStates. Our civil contracting services include construction and rehabilitation of highways, bridges, mass-transit systems , and water management and wastewater treatment facilities. The Civil segment is comprised of the Company’s legacy heavy civil construction operations (civil operations of the former Perini Corporation and Tutor-Saliba, including BlackConstruction) and three companies acquired by the Company in 2011. Frontier-Kemper is a heavy civil contractor engaged in: 1) the constructing of tunnels for highways, railroads,subways and rapid transit systems, shafts and other facilities for wat er supply, wastewater transport and hydroelectric projects , and 2) the developing and equipping of mines withinnovative hoisting, elevator and vertical conveyance systems. Lunda Construction is a heavy civil contractor engaged in the construction, rehabilitation and maintenance of bridges,railroads and other civil structures thro ughout the United States. Becho is engaged in drilling, foundation and excavation support for shoring, bridges, piers, roads and highwayprojects , primarily in the southwestern U nited S tates . We believe that the Company has benefitted through these acquisitions by allowing us to expand our geographic presence,enhance our civil construction capabilities and add experienced management with a proven, successful track record. Our Civil segment’s customers primarily award contracts through one of two methods: the traditional public “competitive bid” method, in which price is the major determining factor,or through a request for proposals where contracts are awarded based on a combination of technical capability and price. Traditionally, our Civil segment ’s customers require each contractor to pre-qualify for construction business by meeting criteria that include technical capabilities and financialstrength. Our financial strength and outstanding record of performance on challenging civil works projects often enable us to pre-qualify for projects in situations where smaller, lessdiversified contractors are unable to meet the qualification requirements. We believe this is a competitive advantage that makes us an attractive partner on the largest, most complexinfrastructure projects and prestigious design-build, or DBOM (design-build-operate-maintain) contracts, which combine the nation’s top contractors with engineering firms,equipment manufacturers and project development consultants in a competitive bid selection process to execute highly sophisticated projects. In its 2015 rankings, ENR ranked us as the nation’s fourth largest domestic heavy contractor, fourth largest contractor in the transportation market and fourteenth largest contractoroverall. We believe the Civil segment provides significant opportunities for growth due to the age and condition of existing infrastructure coupled with large government funding sourcesaimed at the replacement and repair of aging U.S. infrastructure and popular, often bipartisan, support from the public and elected officials for infrastructure improvement programs.Funding for major civil infrastructure projects is typically provided through a combination of one or more of the following: local, regional, state, and federal loans ; grants ; otherdirect allocations sourced through tax revenue ; bonds; and user fees. We have been active in civil construction since 1894 and believe we have a particular expertise in large, complex civil construction projects. We have completed or are currentlyworking on some of the most significant civil construction projects in the United States. For example, we are currently working on various segments of the East Side Access project inNew York City; the first segment of the California High-Speed Rail project; the Alaskan Way Viaduct Replacement (SR-99 bored tunnel) project in Seattle, Washington; the ThirdStreet Light Rail - Central Subway project in San Francisco, California; the platform over the eastern rail yard and the Amtrak Tunnel at Hudson Yards in New York City; therehabilitation of the Verrazano-Narrows Bridge in New York; the New Irvington Tunnel in Fremont, California; and the construction of express toll lanes along I-95 in Maryland. Wehave also performed runway widening and reconstruction projects at the John F. Kennedy International Airport in Queens, New York and the Caldecott Tunnel Fourth Bore projectnear Oakland, California . Building Segment Our Building segment has significant experience providing services to a number of specialized building markets for private and public works customers, including the hospitality andgaming, transportation, health care , corporate and municipal offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-techmarkets. We believe the success of the Building segment results from our proven ability to manage and perform large, complex projects with aggressive fast-track schedules, elaboratedesigns and advanced mechanical, electrical and life safety systems, while providing accurate budgeting and strict quality control. Although price is a key competitive factor, webelieve our strong reputation, long-standing customer relationships and significant level of repeat and referral business have enabled us to achieve our leading position.

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Table of Contents The Building segment is comprised of several operating units that provide general contracting, design-build, preconstruction and construction services in various regions of the UnitedStates. Tutor Perini Building Corp. focuses on large, complex building projects nationwide, including significant projects in the hospitality and gaming, commercial office, education,government facilities, and multi-unit residential markets. Rudolph and Sletten focuses on large, complex projects in California in the commercial office, technology, industrial,education, and government facilities markets. Roy Anderson Corp. (formerly known as Anderson Companies) provides its services, including disaster rapid response services, topublic and private customers primarily throughout the southeastern United States. Perini Management Services provides diversified construction and design-build services to U.S.military and government agencies, as well as to surety companies and multi-national corporations in the United States and locations overseas. We believe that our national resourcesand strong résumé of notable projects will enable future growth on large, complex building projects. In its 2015 rankings, ENR ranked us as the tenth largest general building contractor in the United States. We are a recognized leader in the hospitality and gaming market, specializingin the construction of high-end resorts and casinos . We work with hotel operators, Native American tribal councils, developers and architectural firms to provide diversifiedconstruction services to meet the challenges of new construction and renovation of hotel and resort properties. We believe that our reputation for completing projects on time is asignificant competitive advantage in this market, as any delay in project completion could result in significant loss of revenue for the customer. We have recently completed, or are currently working on, large private and public building projects across a wide array of building end markets , including commercial offices, multi-unit residential, health care , hospitality and gaming transportation, education, and entertainment . Specific projects include: a large office and research and development building innorthern California for a confidential technology customer; the Panorama Tower in Miami, Florida; Tower C, Tower D and the Retail Gallery at Hudson Yards and the GeorgeWashington Bridge Bus Station redevelopment in New York City; the Washington Hospital expansion in Fremont, California; the Graton Rancheria Resort and Casino in RohnertPark, California; the Chumash Casino Resort expansion in Santa Ynez, California; the Scarlet Pearl Casino Resort in D’Iberville, Mississippi; the Broadway Plaza retail developmentin Walnut Creek, California; Kaiser Hospital Buildings in San Leandro and Redwood City, California; and courthouses in San Bernardino and San Diego, California and BrowardCounty, Florida. As a result of our reputation and track record, we were previously awarded and completed contracts for several marquee projects in the hospitality and gamingmarket, including the Resorts World New York Casino in Jamaica, New York, and CityCenter, The Cosmopolitan Resort and Casino, the Wynn Encore Hotel and Planet Hollywood ,all in Las Vegas, Nevada. These projects span a wide array of building end markets and illustrate our Building segment’s résumé of successfully completed large-scale public andprivate projects . Specialty Contractors Segment Our Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil andbuilding construction projects in the industrial, commercial, hospitality and gaming , and mass - transit end markets . This segment provides the Company with unique strengths andcapabilities that position us as a full-service contractor with greater control over s cheduled work, project delivery and risk management. The Specialty Contractors segment is comprised of several operating units that provide unique services in various regions of the United States. Five Star Electric is one of the largestspecialty contractors in New York City providing construction services in the electrical sector , including power, lighting, fire alarm, security, telecommunications, low voltage andwireless systems. Five Star Electric has established itself as an industry leader performing work in both the public and private sectors including high-end residential, hotel andcommercial towers, transportation, water treatment plants, schools and universities, health care, retail, sports and government facilities. Fisk Electric covers many of the majorcommercial, transportation and industrial electrical construction markets in the southwestern and southeastern United States , with the ability to cover other attractive marketsnationwide. Fisk’s expertise is in technology design and the development of electrical and technology systems for major projects spanning a broad variety of project types, includingcommercial office buildings, sports arenas, hospitals, research laboratories, hotels and casinos, convention centers, manufacturing plants, refineries and water and wastewatertreatment facilities. WDF, Nagelbush and Desert Mechanical each provide mechanical, plumbing, HVAC and fire protection services to a range of customers in a wide variety ofmarkets, including transportation, commercial/industrial, schools and universities and residential. WDF services the New York City metropolitan region, Nagelbush operates primarilyin Florida and Desert Mechanical operates primarily in the western United States. Superior Gunite specializes in pneumatically placed structural concrete utilized in infrastructureprojects nationwide, such as bridges, dams, tunnels and retaining walls . In its 2015 rankings, ENR ranked us as the fifth largest electrical contractor , tenth largest mechanical contractor and seventh largest specialty contractor in the United States.Through Five Star Electric and WDF collectively, we are also the largest specialty contractor in the New York City metropolitan area. This ranking represents the collective revenue of the Company’s specialty contracting subsidiaries as reported to ENR.

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Table of Contents We have recently completed, or are currently working on , several electrical and mechanical projects at the World Trade Center and at Hudson Yards in New York City; two signalsystem modernization projects in New York City; and the new hospital at the University of Texas Southwestern Medical Center. This segment has supported , or is currentlysupporting, several large projects in our Building and Civil segments, including the Alaskan Way Viaduct Replacement (SR-99 bored tunnel) project in Seattle, Washington; theMcCarran International Airport Terminal 3 in Las Vegas, Nevada; the Resorts World New York Casino in Jamaica, New York; various segments of the Greenwich Street Corridor andEast Side Access projects in New York City; the Caldecott Tunnel Fourth Bore project near Oakland, California; the New Irvington Tunnel in Fremont, California; and severalmarquee projects in the hospitality and gaming market, including CityCenter, The Cosmopolitan Resort and Casino and Planet Hollywood , all in Las Vegas, Nevada. The majority of work performed by our Specialty Contractors units is contracted directly with state and local municipal agencies, real estate developers, general contractors ,commercial and industrial customers and school districts . A smaller , but growing , component of its work is performed as a subcontractor to the Company’s Building and Civilsegments . Markets and Customers We provide diversified construction services to a variety of end markets and customers. The following tables set forth certain reportable segment information relating to theCompany’s operation for the years ended December 31, 2015, 2014 and 2013.

Revenue by Business Segment Year Ended December 31,(in thousands) 2015 2014 2013Civil $ 1,889,907 $ 1,687,144 $ 1,441,416 Building 1,802,535 1,503,837 1,551,979 Specialty Contractors 1,228,030 1,301,328 1,182,277

Total $ 4,920,472 $ 4,492,309 $ 4,175,672

Civil Segment Revenue by End Market Year Ended December 31,(in thousands) 2015 2014 2013Bridges $ 662,553 $ 535,733 $ 501,867 Mass Transit 450,436 534,110 364,148 Highways 388,963 156,443 211,316 Other 387,955 460,858 364,085

Total $ 1,889,907 $ 1,687,144 $ 1,441,416

Building Segment Revenue by End Market Year Ended December 31,(in thousands) 2015 2014 2013Municipal and Government $ 335,762 $ 300,274 $ 325,258 Industrial Buildings 266,921 90,194 34,802 Hospitality and Gaming 250,757 101,819 376,620 Office 226,928 2,722 12,125 Education Facilities 186,944 337,062 280,685 Health Care Facilities 164,963 127,963 296,294 Condominiums 125,949 115,251 14,177 Mixed Use 112,737 159,083 60,647 Other 131,574 269,469 151,371

Total $ 1,802,535 $ 1,503,837 $ 1,551,979

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Specialty Contractors Segment Revenue by End Market Year Ended December 31,(in thousands) 2015 2014 2013Condominiums $ 266,648 $ 105,670 $ 133,916 Education Facilities 195,647 230,645 123,910 Industrial Buildings 164,480 276,008 212,438 Transportation 149,971 61,288 —Mass Transit 107,120 217,318 174,778 Mixed Use 96,072 36,008 8,234 Wastewater Treatment 73,094 69,000 81,155 Office Buildings 67,334 129,350 137,189 Other 107,664 176,041 310,657

Total $ 1,228,030 $ 1,301,328 $ 1,182,277

Revenue by Customer Type Year Ended December 31,2015 2014 2013

State and Local Government Agencies 55 % 56 % 60 %Private Owners 40 % 40 % 35 %Federal Government Agencies 5 % 4 % 5 %

Total 100 % 100 % 100 %

State and Local Government Agencies . Our state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, schooldistricts and public universities. We provide services to our state and local customers primarily pursuant to contracts awarded through competitive bidding processes. Our buildingconstruction services for state and local government customers have included judicial and correctional facilities, schools and dormitories, health care facilities, convention centers,parking structures and other municipal buildings. Our civil contracting and building construction services are provided in locations throughout the country. Private Owners . Our private customers include real estate developers, health care companies, technology companies, hospitality and gaming resort owners, Native Americansovereign nations, public corporations and private universities. We provide services to our private customers through negotiated contract arrangements, as well as through competitivebids. Federal Government Agencies . Our federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and theNational Park Service. We provide services to federal agencies primarily pursuant to contracts for specific or multi-year assignments that involve new construction or infrastructurerepairs or improvements. A portion of our revenue from federal agencies is derived from projects in overseas locations. We expect this to continue for the foreseeable future as a resultof our experience and strong relationships with federal agencies, together with anticipated expenditures for defense, diplomatic and security-related construction work. Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of the government, among otherreasons. For additional information on measures of profit or loss and total assets, for both the United States and foreign and U.S. territories, see Note 9 of the Notes to Consolidated FinancialStatements.

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Table of Contents Backlog Backlog in our industry is a measure of the total value of work that is remaining to be performed on contracts awarded. We include a construction project in our backlog when acontract is awarded or a letter of commitment is obtained and we believe adequate funding is in place. As a result, we believe our backlog is firm, though cancellations or scopeadjustments may occur. Historically, we have not been negatively impacted by material cancellations or scope adjustments. Our backlog by segment and end market is as follows:

Backlog by Business Segment December 31,(in thousands) 2015 2014Civil $ 2,743,708 37 % $ 3,563,239 45 %Building 2,780,440 37 % 2,187,767 28 %Specialty Contractors 1,940,981 26 % 2,080,719 27 %

Total $ 7,465,129 100 % $ 7,831,725 100 % We estimate that approximately $4.4 billion, or 59% , of our backlog as of December 31, 2015 will be recognized as revenue in 2016.

Civil Segment Backlog by End Market December 31,(in thousands) 2015 2014Mass Transit $ 1,455,194 53 % $ 1,934,028 54 %Bridges 497,702 18 % 894,975 25 %Highways 505,998 18 % 349,399 10 %Other 284,814 11 % 384,837 11 %

Total $ 2,743,708 100 % $ 3,563,239 100 %

Building Segment Backlog by End Market December 31,(in thousands) 2015 2014Office $ 722,582 26 % $ 14,578 1 %Industrial Buildings 250,511 9 % 96,251 4 %Condominiums 352,251 13 % 244,549 11 %Municipal and Government 337,273 12 % 555,990 25 %Education Facilities 233,414 8 % 318,380 15 %Health Care Facilities 333,759 12 % 276,123 13 %Hospitality and Gaming 67,530 2 % 265,565 12 %Mixed Use 340,086 12 % 78,751 4 %Other 143,034 6 % 337,580 15 %

Total $ 2,780,440 100 % $ 2,187,767 100 %

Specialty Contractors Segment Backlog by End Market December 31,(in thousands) 2015 2014Mass Transit $ 596,455 31 % $ 805,253 39 %Condominiums 272,061 14 % 220,466 11 %Mixed Use 262,941 14 % 111,994 5 %Transportation 228,536 12 % 234,088 11 %Industrial Buildings 180,957 9 % 144,076 7 %Education Facilities 93,752 5 % 239,487 12 %Office 63,462 3 % 85,891 4 %Wastewater Treatment 57,963 3 % 98,669 5 %Other 184,854 9 % 140,795 6 %

Total $ 1,940,981 100 % $ 2,080,719 100 %

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Table of Contents Types of Contracts The general contracting and management services we provide consist of planning and scheduling the manpower, equipment, materials and subcontractors required for the timelycompletion of a project in accordance with the terms, plans and specifications contained in a construction contract. We provide these services by entering into traditional generalcontracting arrangements, such as fixed price, guaranteed maximum price and cost plus fee contracts. These contract types and the risks generally inherent therein are discussed below:

· Fixed price or lump-sum contracts are most commonly used for projects in the C ivil and S pecialty Contractors segments and generally commit the Company to provide allof the resources required to complete a project for a fixed sum. Usually , fixed price contracts transfer more risk to the Company but offer the opportunity for greater profits.

· Guaranteed maximum price ( “ GMP ” ) contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Companyfor amounts in excess of the GMP but may permit an opportunity for greater profits than under c ost p lus fee contracts through sharing agreements with the owner on anycost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts.

· U nit price contracts are most prevalent for projects in the C ivil and S pecialty Contractors segments and generally commit the Company to provide an undetermined numberof units or components that comprise a project at a fixed price per unit. This approach shifts the risk of estimating the quantity of units required to the project owner , but therisk of increased cost per unit is borne by the Company unless otherwise allowed for in the contract.

· Cost plus fee contracts provide for reimbursement of project costs plus a stipulated fee . Cost p lus fee contracts include cost plus fixed fee contracts and cost plus award feecontracts. C ost plus fixed fee contracts provide for reimbursement of project costs plus a fixed fee. C ost plus award fee contracts provide for reimbursement of the projectcosts plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost p lus fee contracts serve to minimize the Company ’s financial risk , butmay also limit profit s.

F ixed price contracts account for a substantial portion of our revenue and are expected to continue to represent a sizeable percentage of both total revenue and backlog. Thecomposition of revenue and backlog by type of contract for fiscal years 2015, 2014 and 2013 is as follows:

Year Ended December 31,Revenue 2015 2014 2013Fixed price 44 % 60 % 57 %Guaranteed maximum price 32 % 24 % 24 %Unit price 12 % 7 % 9 %Cost plus fee and other 12 % 9 % 10 %

100 % 100 % 100 %

As Of December 31,Backlog 2015 2014Fixed price 55 % 67 %Guaranteed maximum price 22 % 20 %Unit price 7 % 6 %Cost plus fee and other 16 % 7 %

100 % 100 %

Competition The markets in which we compete include numerous competitors. In the small to mid-size d work that we have targeted, we have continued to experience strong pricing competitionfrom our competitors. However, much of the work that we target is for larger, more complex projects where there are fewer active market participants because of the enhancedcapabilities and resources required to perform the work. As a result, on these larger projects we typically face fewer competitors . However, over the past year we have seen increasedcompetition especially from foreign competitors that have been pursuing major projects in the United States due to the relatively larger size and number of U.S. opportunities . Weanticipate that the increased level of foreign competition will persist for the foreseeable future .

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Table of Contents In our Civil segment, we compete principally with large civil construction firms, including Dragados USA ; Flatiron Construction Corp. ; Fluor Corp. ; Granite Construction ; KiewitCorp. ; Skanska USA ; Traylor Bros. , Inc. ; and The Walsh Group. In our Building segment, we compete with a variety of national and regional contractors. Our primary competitorsare AECOM (through its acquisitions of Tishman Construction and Hunt Construction Group) ; Balfour Beatty Construction ; Clark Construction Group ; DPR Construction ;Gilbane, Inc. ; Hensel Phelps Construction Co. ; McCarthy Building Companies, Inc. ; Skanska USA ; Suffolk Construction; Turner Construction Co. ; The Walsh Group ; and TheWhiting-Turner Contracting Co. In our Specialty Contractors segment, we compete principally with various regional and local electrical, mechanical and plumbing subcontractors. Webelieve price, experience, reputation, responsiveness, customer relationships, project completion track record, schedule control , risk management and quality of work are key factorscustomers consider when awarding contracts . Construction Costs I f prices for materials, labor or equipment increase excessively, provisions in certain types of contracts often shift all or a major portion of any adverse impact to the customer. In ourfixed price contracts, we attempt to insulate ourselves from the unfavorable effects of inflation , when possible, by incorporating escalating wage and price as sumptions into ourconstruction cost estimates , by obtaining firm fixed price quotes from major subcontractors and material suppliers , and by purchasing required materials early in the project schedule.Construction and other materials used in our construction activities are generally available locally from multiple sources and have been in adequate supply during recent years. Laborresources for our domestic projects are largely obtained through various labor unions with which we are associated. We have not experienced significant labor shortages in recentyears, nor do we expect to in the future. We employ expatriate and local labor in selected overseas areas . Environmental Matters Our properties and operations are subject to federal, state and municipal laws and regulations relating to the protection of the environment, including requirements for water discharges; air emissions ; the use, management and disposal of solid or hazardous materials or wastes ; and the cleanup of contamination. In certain circumstances, we may also be required tohire subcontractors to dispose of hazardous materials encountered on a project in accordance with a plan approved in advance by the owner. We believe that we are in substantialcompliance with all applicable environmental laws and regulations , and we continually evaluate whether we must take additional steps to ensure compliance with those laws andregulations. H owever, future requirements or amendments to current laws or regulations imposing more stringent requirements could require us to incur additional costs to maintainor achieve compliance. In addition, some environmental laws, such as the U.S. federal “Superfund” law and similar state statutes, can impose liability for the entire cost of cleanup of contaminated sites uponany of the current or former owners or operators or upon parties who generated waste at, or sent waste to, these sites, regardless of who owned the site at the time of the release or thelawfulness of the original disposal activity. Contaminants have been detected at some of the sites that we own and where we worked as a contractor in the past, and we have incurredcosts for the investigation and remediation of hazardous substances. We believe that our liability for these sites is not material , either individually or in the aggregate, and havepollution liability insurance available for such matters , and we receive indemnification from customers to cover the risks associated with environmental remediation. Insurance and Bonding All of our properties and equipment, as well as those of our joint ventures, are covered by insurance, in amounts that we believe are consistent with our risk of loss and industrypractice. Our wholly owned subsidiary, PCR Insurance Company, issues deductible reimbursement policies for subcontractor default insurance, auto liability, general liability andworkers’ compensation insurance, allowing us to centralize our claims and risk management functions to reduce our insurance-related costs. As a normal part of the construction business, we are often required to provide various types of surety bonds as an additional level of security of our performance. We also requiremany of our higher-risk subcontractors to provide surety bonds as security for payment of subcontractors and suppliers and to guarantee their performance. As an alternative totraditional surety bonds, we also have purchased subcontractor default insurance for certain construction projects to insure against the risk of subcontractor default. Employees The number of our employees varies based on the number of active projects, the type and magnitude of those projects, as well as our position within the lifecycle of those projects. Ourtotal number of employees a s of December 31, 2015 was 10,626 . We are signatory to numerous local and regional collective bargaining agreements, both directly and through trade associations, as a union contractor. These agreements cover allnecessary union crafts and are subject to various renewal dates. Estimated amounts for wage escalation related to the expiration of union contracts are included in our bids on variousprojects and, as a result, the expiration of any union contract in the next fiscal year is not expected to have any material impact on us. During the past several years, we have notexperienced any significant work stoppages caused by our union employees.

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Table of Contents Financial information about geographic areas is discussed in Note 9 to the Consolidated Financial Statements under the heading “Geographic Information”. Available Information Our website address is www.tutorperini.com. In the ‘‘Investor Relations’’ portion of our website, under “Financial Reports,” subsection ‘‘SEC Filings,’’ you may obtain freeelectronic copies of our annual reports on Form 10-K, quarterly reports on Form 10 ‑ Q, current reports on Form 8-K and all amendments to those reports, as well as reports underSection 16 of the Exchange Act of transactions in our stock by our directors and executive officers. These reports are made available on our website as soon as reasonably practicableafter we electronically file them with the Securities and Exchange Commission (“SEC”) . These reports, and any amendments to them, are also available at the Internet website of theSEC , http://www.sec.gov. The public may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room located at 100 F Street, N.E., Washington, D.C.20549. In order to obtain information about the operation of the Public Reference Room, you may call 1-800-732-0330. We also maintain various documents , including our Code ofBusiness Conduct and Ethics, Corporate Governance Guidelines and the charters of the Committees of our Board of Directors in the “Corporate Governance” portion of our website. ITEM 1A. RI SK FACTORS We are subject to a number of known and unknown risks and uncertainties that could have a material adverse effect on our operations. Set forth below , and elsewhere in this report ,are descriptions of the risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in thisreport and could have a material adverse effect on our financial condition, results of operations and cash flows. A significant slowdown or decline in economic conditions could adversely affect our operations. Although economic conditions in the United States have gradually improved following several challenging years during the aftermath of the global economic downturn in 2008, anysignificant future decline in economic conditions, or uncertainty regarding the economic outlook, could result in a decline in demand for infrastructure projects and commercialbuilding developments. In addition, any renewed instability in the financial and credit markets could negatively impact our customers ’ ability to pay us on a timely basis, or at all, forwork on projects already under construction, could cause our customers to delay or cancel construction projects in our backlog or could create difficulties for customers to obtainadequate financing to fund new construction projects. Such consequences could have an adverse impact on our future operating results. Lastly, we are more susceptible to adverseeconomic conditions in California and New York , as a significant portion of our operations are concentrated in those states. The level of federal, state and local government spending for infrastructure and other public projects could adversely affect the number of projects available to us in thefuture. The civil construction and public-works building markets are dependent on the amount of work funded by various government agencies, which depends on many factors including: thecondition of the existing infrastructure and buildings ; the need for new or expanded infrastructure and buildings ; and federal, state and local government spending levels. As a result,our future operating results could be negatively impacted by any decrease in demand for public projects or decrease or delay in government funding , which could result from a varietyof factors, including delays in the sale of voter-approved bonds, budget shortfalls, credit rating downgrades or long-term impairment in the ability of state and local governments toraise capital in the municipal bond market. Competition for new project awards is intense and our failure to compete effectively could reduce our market share and profits. New project awards are determined through either a competitive bid basis or on a negotiated basis. Projects are generally awarded based upon price but often take into account otherfactors, such as technical approach and qualifications, duration of project execution and past performance on similar projects completed. Within our industry, we compete with manyinternational, regional and local construction firms. Some of these competitors have achieved greater market penetration than we have in the markets in which we compete, and somehave greater resources than we do. If we are unable to compete successfully in such markets, our relative market share and profits could be reduced. If we are unable to accurately estimate the overall risks, revenue or costs on a contract, we may achieve a lower than anticipated profit or incur a loss on that contract. Accounting for contract related revenue and costs requires management to make significant estimates and assumptions that may change significantly throughout the project lifecycle,resulting in a material impact to our consolidated financial statements. In addition, cost overruns on fixed price and GMP contracts may result in lower profit s or loss es .

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Table of Contents We have a substantial amount of indebtedness which could adversely affect our financial position and prevent us from fulfilling our obligations under our debt agreements . We currently have , and expect to continue to have , a substantial amount of indebtedness. As of December 31, 2015, we had total debt of $823.4 million under our Senior Notes,Credit Agreement and other indebtedness. If we are unable to meet the terms of the financial covenants or fail to comply with any of the other restrictions contained in our indentures,an event of default could occur causing the debt related to that indenture to become immediately due. If such acceleration occurs, we may not be able to repay such indebtedness asrequired. Since indebtedness under our Credit Agreement is secured by substantially all of our assets, acceleration of this debt could result in foreclosure of those assets and a negativeimpact on our operations. In addition, a failure to meet the terms of our Credit Agreement could result in a reduction of future borrowing capacity under the Credit Agreement, causinga loss of liquidity. A loss of liquidity could adversely impact our ability to execute projects in our backlog, obtain new projects, engage subcontractors, and attract and retain keyemployees. We may not fully realize the revenue value reported in our backlog due to cancellations or reductions in scope . As of December 31, 2015 , our backlog of uncompleted construction work was approximately $7.5 billion. The revenue projected in our backlog may not be realized or, if realized,may not result in profits. For example, the cancellation or reduction in scope of any project in our backlog could have a material adverse effect on our financial condition, results ofoperations and cash flows. We are subject to significant legal proceedings which, if determined adversely to us, could harm our reputation, preclude us from bidding on future projects and/or have amaterial effect on us. We also may invest significant working capital on projects while legal proceedings are being settled. We are involved in various lawsuits, including the legal proceedings described under Item 3. Legal Proceedings . Litigation is inherently uncertain , and it is not possible to accuratelypredict what the final outcome will be of any legal proceeding. We must make certain assumptions and rely on estimates , which are inherently subject to risks and uncertainties , regarding potential outcomes of legal proceedings in order to determine an appropriate contingent liability and charge to income . Any result that is materially different than ourestimates could have a material adverse effect on our financial condition, results of operations and cash flows. In addition, any adverse judgments could harm our reputation andpreclude us from bidding on future projects. We occasionally bring claims against project owners for additional cost exceeding the contract price or for amounts not included in the original contract price. When these types ofevents occur and unresolved claims are pending, we may invest significant working capital in projects to cover cost overruns pending the resolution of the relevant claims. A failure topromptly recover on these types of claims could have a material effect on our liquidity and financial results. Our contracts require us to perform extra, or change order, work, which can result in disputes or claims and adversely affect our working capital, profits and cash flows. Our contracts generally require us to perform extra, or change order, work as directed by the customer even if the customer has not agreed in advance on the scope or price of the workto be performed. This process may result in disputes or claims over whether the work performed is beyond the scope of work directed by the customer and/ or exceeds the price thecustomer is willing to pay for the work performed. To the extent we do not recover our costs for this work or there are delays in the recovery of these costs, our cash flows andworking capital could be adversely impacted. Our actual results could differ from the assumptions and estimates used to prepare our financial statements. In preparing our financial statements, we are required under accounting principles generally accepted in the United States (“GAAP”) to make estimates and assumptions as of the dateof the financial statements. These estimates and assumptions affect the reported values of assets, liabilities, revenue and expenses, and the disclosure of contingent assets andliabilities. Areas requiring significant estimates by our management include:

• recognition of contract revenue, costs, profits or losses in applying the principles of percentage-of-completion accounting;• recognition of revenue related to project incentives or awards we expect to receive;• recognition of recoveries under contract change orders or claims;• estimated amounts for expected project losses, warranty costs, contract close-out or other costs;• collectability of billed and unbilled accounts receivable;• asset valuations;• income tax provisions and related valuation allowances;• determination of expense and potential liabilities under pension and other post-retirement benefit programs; and• accruals for other estimated liabilities, including litigation and insurance revenue /reserves.

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Table of Contents Our actual business and financial results could differ from our estimates of such results, which could have a material negative impact on our financial condition and reported resultsof operations. The construction services industry is highly schedule driven, and our failure to meet the schedule requirements of our contracts could adversely affect our reputation and/orexpose us to financial liability. Many of our contracts are subject to specific completion schedule requirements . Any failure to meet contractual schedule requirements could subject us to liquidated damages,liability for our customer’s actual cost arising out of our delay and damage to our reputation. We require substantial personnel, including construction and project managers and specialty subcontractor resources to execute and perform our contracts in backlog. Thesuccessful execution of our business strategies is also dependent upon our ability to attract, retain and implement succession plans for key officers. Our ability to execute and perform on our contracts in backlog depends in large part upon our ability to hire and retain highly skilled personnel, including project and constructionmanagement and trade labor resources, such as carpenters, masons and other skilled workers . In the event we are unable to attract, hire and retain the requisite personnel andsubcontractors necessary to execute and perform our backlog, we may experience delays in completing projects in accordance with project schedules or an increase in expected costs,both of which could have a material adverse effect on our financial results, our reputation and our relationships. In addition, if we lack the personnel and specialty subcontractorsnecessary to perform on our current contract backlog, we may find it necessary to curtail our pursuit of new projects. The execution of our business strategies also substantially depends on our ability to retain several key members of our management . Losing any of these individuals could adverselyaffect our business . The majority of these key officers are not bound by employment agreements. Volatility or lack of positive performance in our stock price may adversely affect ourability to retain key staff to whom we have provided share-based compensation. Additionally, because a substantial portion of our key executives' compensation is placed "at risk" andlinked to the performance of our business, when our operating results are negatively impacted , we are at greater risk of employee turnover. If we lose our existing key executives andare unable to execute a succession plan our operating results would likely be harmed. Systems and information technology interruption and breaches in data security could adversely impact our ability to operate and negatively impact our operating results. We are reliant on computer and other information technology that could be interrupted or damaged by a variety of factors including, but not limited to, cyber-attacks, naturaldisasters, power loss, telecommunications failures, acts of war, computer viruses and physical damage . The resulting consequence s could include a loss of critical data, a delay inoperations or an unintentional disclosure of confidential information, any of which could have a material impact to our Company and its consolidated financial statements. Our participation in construction joint ventures exposes us to liability and/or harm to our reputation for failures by our partners. As part of our business, we enter into joint venture arrangements typically to jointly bid on and execute particular projects, thereby reducing our risk profile while enhancing theexecution capability and financial reward of project teams. Success on these joint projects depends in large part on whether our joint venture partners satisfy their contractualobligations. We and our joint venture partners are generally jointly and severally liable for all liabilities and obligations of our joint ventures. If a joint venture partner fails to performor is financially unable to bear its portion of required capital contributions or other obligations, including liabilities stemming from lawsuits, we could be required to make additionalinvestments, provide additional services or pay more than our proportionate share of a liability to make up for our partner’s shortfall. Further, if we are unable to adequately addressour partner’s performance issues, the customer may terminate the project, which could result in legal liability to us, harm our reputation, reduce our profit on a project or, in somecases, result in a loss. We are subject to a number of risks as a U.S. government contractor, which could harm our reputation, result in fines or penalties against us and/or adversely impact ourfinancial condition. Failure to comply with laws and regulations related to government contracts could result in contract termination, suspension or debarment from contracting with the U.S. government,civil fines and criminal prosecution, any of which could have a material impact on our consolidated financial statements and future financial condition and performance.

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Table of Contents Weather can significantly affect our revenue and profitability. Inclement weather conditions, such as significant storms and unusual temperatures, can impact our ability to perform work . Adverse weather conditions can cause delays andincreases in project costs , resulting in variability in our revenue and profitability. In connection with mergers and acquisitions, we have recorded goodwill and other intangible assets that could become impaired and adversely affect our operating results.Assessing whether impairment has occurred requires us to make significant judgments and assumptions about the future, which are inherently subject to risks anduncertainties, and if actual events turn out to be materially less favorable than the judgments we make and the assumptions we use, we may be required to recordimpairment charges in the future. We had approximately $635.4 mil lion of goodwill and indefinite- lived intangible assets recorded on our Consolidated Balance Sheet as of December 31, 2015 . We assess theseassets for impairment annually, or more often if required. Our assessments involve a number of estimates and assumptions that are inherently subjective, require significant judgmentand regard highly uncertain matters that are subject to change. The use of different assumptions or estimates could materially affect the determination as to whether or not animpairment has occurred. In addition, if future events are materially less favorable than what we assumed or estimated in our impairment analysis, we may be required to recordimpairment charge, which could have a material impact on our consolidated financial statements. O ur international operations expose us to e conomic, political and other risks , as well as uncertainty related to U.S. Government funding, which could adversely affect ourrevenue and earnings. For the year ended December 31, 2015, we derived approximately $226.3 million of revenue from our work on projects located outside of the United States . Our internationaloperations expose us to risks inherent in doing business in certain hostile regions outside the United States, including: political risks ; risks of loss due to acts of war; unstableeconomic, financial and market conditions; potential incompatibility with foreign subcontractors and vendors; foreign currency controls and fluctuations; trade restrictions; logisticalchallenges; variations in taxes; and changes in labor conditions, labor strikes and difficulties in staffing and managing international operations. Failure to successfully manage risksassociated with our international operations could result in higher operating costs than anticipated or could delay or limit our ability to generate revenue and income from constructionoperations in key international markets. The U.S. federal government has approved various spending bills for the construction of defense- and diplomacy-related projects and has allocated significant funds to the defense ofU.S. interests around the world from the threat of terrorism. The federal government has also approved funds for development in conjunction with the relocation of military personnelinto Guam. However, federal government funding levels for construction projects in the Middle East have decreased significantly over the past few years as the U.S. government hasreduced the number of military troops and support personnel in the region. As a result, we have seen a decrease in the number and size of federal government projects available to usin this region. Any decrease in U.S. federal government funding for projects in Guam or in other U.S. Territories or countries in which we are pursuing work may result in projectdelays or cancellations, which could reduce our revenue and earnings. Conflicts of interest may arise involving certain of our directors. As of December 31, 2015 , our chairman and chief executive officer, Ronald N. Tutor and three trusts controlled by Mr. Tutor (the “Tutor Group”) owned approximately 18% of theoutstanding shares of our common stock. Under the terms of Mr. Tutor’s employment agreement, he has the right to designate one nominee for election as a member of the Company’sBoard of Directors so long as the Tutor Group owns at least 11.25% of the outstanding shares of the Company’s common stock. As of the date of this Form 10-K, there are 11 currentdirectors, one of whom was appointed by Mr. Tutor in November 2013. Mr. Tutor will be able to exert significant influence over the outcome of a range of corporate matters,including significant corporate transactions requiring a shareholder vote, such as a merger or a sale of the Company or its assets. This concentration of ownership and influence inmanagement and Board decision-making also could harm the price of our common stock by, among other things, discouraging a potential acquirer from seeking to acquire shares ofour common stock or otherwise attempting to obtain control of the Company. ITEM 1B. UNRESOL VED STAFF COMMENTS None.

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Table of Contents ITEM 2. PROP ERTIES We have office facilities and equipment yards in the following locations , which we believe are suitable and adequate for our current needs :

Offices Owned or Leased by Tutor Perini Business Segment(s)Sylmar, CA Leased Corporate & CivilBarricada, Guam Owned CivilBlack River Falls, WI Owned CivilEvansville, IN Owned CivilFort Lauderdale, FL Leased Building & SpecialtyFramingham, MA Owned BuildingGulfport, MS Owned BuildingHenderson, NV Owned Building & SpecialtyHouston, TX Owned SpecialtyJessup, MD Owned CivilLakeview Terrace, CA Leased SpecialtyMount Vernon, NY Leased SpecialtyNew Rochelle, NY Owned CivilOzone Park, NY Leased SpecialtyPhiladelphia, CA Leased BuildingRedwood City, CA Leased Building

Equipment Yards Owned or Leased by Tutor Perini Business Segment(s)Black River Falls, WI Owned CivilFontana, CA Leased CivilJessup, MD Owned CivilLakeview Terrace, CA Leased SpecialtyPeekskill, NY Owned CivilStockton, CA Owned Building

ITEM 3. LEG AL PROCEEDINGS Legal Proceedings are set forth in Note 7 of the Notes to Consolidated Financial Statements and are incorporated herein by reference. ITEM 4. MIN E SAFETY DISCLOSURES We do not own or operate any mines ; h owever, we may be considered a mine operator under the Federal Mine Safety and Health Act of 1977 because we provide construction-related services for customers in the mining industry . Accordingly, we provide i nformation concerning mine safety violations and other mining regulation matters in Exhibit 95 tothis Form 10-K . For the year ended December 31, 2015, revenue from mine construction services was $ 28.3 milli on.

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PA RT II. ITEM 5. MA RKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES Market Information Our common stock is traded on the New York Stock Exchange under the symbol “TPC” . The quarterly market high and low sales prices for our common stock in 2015 and 2014 were as follows :

2015 2014Market Price Range per Common Share: High Low High LowQuarter Ended

March 31 $ 26.71 $ 20.24 $ 30.04 $ 21.06 June 30 $ 24.74 $ 20.50 $ 32.11 $ 26.83 September 30 $ 21.86 $ 14.95 $ 32.51 $ 26.25 December 31 $ 19.57 $ 15.20 $ 29.25 $ 20.07

Holders At February 23, 2016, there were 465 holders of record of our common stock, including holders of record on behalf of an indeterminate number of beneficial owners. Dividends and Issuer Purchases of Equity Securities Our current debt agreements restrict us from paying dividends or repurchasing stock. Therefore, we did not pay dividends or repurchase stock during the year ended December 31,2015, nor do we have any immediate plans to do so. Issuance of Unregistered Securities None. Performance Graph The performance graph required by this Item 5 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of fiscal year 2015 .

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Table of Contents ITEM 6. SELE CTED FINANCIAL DATA Selected Consolidated Financial Information The following selected financial data should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item15. Exhibits and Financial Statement Schedules in this Annual Report. The following table presents selected financial data for the last five years. This selected financial data shouldbe read in conjunction with the consolidated financial statements and related notes included in Item 15. Exhibits and Financial Statement Schedules .

Year Ended December 31,(In thousands, except per share data) 2015 2014 2013 2012 2011CONSOLIDATED OPERATING RESULTSRevenue:

Civil $ 1,889,907 $ 1,687,144 $ 1,441,416 $ 1,335,993 $ 985,245 Building 1,802,535 1,503,837 1,551,979 1,592,441 1,928,612 Specialty Contractors 1,228,030 1,301,328 1,182,277 1,183,037 802,460

Total 4,920,472 4,492,309 4,175,672 4,111,471 3,716,317 Cost of operations (4,564,219) (3,986,867) (3,708,768) (3,696,339) (3,320,976)Gross profit 356,253 505,442 466,904 415,132 395,341 General and administrative expenses (250,840) (263,752) (263,082) (260,369) (226,965)Goodwill and intangible asset impairment — — — (376,574) —Income (Loss) from construction operations 105,413 241,690 203,822 (221,811) 168,376 Other income (expense), net 12,453 (9,536) (18,575) (1,857) 4,421 Interest expense (44,027) (44,716) (45,632) (44,174) (35,750)Income (Loss) before income taxes 73,839 187,438 139,615 (267,842) 137,047 (Provision) Benefit for income taxes (28,547) (79,502) (52,319) 2,442 (50,899)Net income (loss) $ 45,292 $ 107,936 $ 87,296 $ (265,400) $ 86,148

Earnings (Loss) per share of common stock:Basic $ 0.92 $ 2.22 $ 1.82 $ (5.59) $ 1.82 Diluted $ 0.91 $ 2.20 $ 1.80 $ (5.59) $ 1.80

Weighted-average common shares outstanding:Basic 48,981 48,562 47,851 47,470 47,226 Diluted 49,666 49,114 48,589 47,470 47,890

(a) During the year ended December 31, 2015, the Company had a decrease of $0.53 in diluted EPS due to unfavorable adjustments on various Five Star Electric projects in theSpecialty Contractors segment. In addition, there was a decrease of $0.28 in diluted EPS due to unfavorable adjustments to the estimated cost to complete a Building segmentproject in New York. The Company’s 2015 results were also impacted by an adverse appellate court decision related to a long-standing litigation matter for which the Company,as part of a 2011 Civil segment acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. This resulted in a decrease of$0.28 in diluted EPS. Refer to the Brightwater Matter discussion in Note 7 of the Notes to Consolidated Financial Statements for further discussion of this item. Furthermore, theCompany recorded favorable adjustments for a Civil segment runway reconstruction project, which resulted in an increase of $0.16 in diluted EPS in 2015. The Company's results for the year ended December 31, 2014 included a positive impact related to changes in the estimated recoveries for two Civil segment projects and aBuilding segment hospitality and gaming project, resulting in a $0.33 increase in diluted EPS. The Company's diluted EPS during the years ended December 31, 2013 and 2012 were positively impacted by $0.18 and $0.16, respectively, because of changes in the estimatedrecovery for the same hospitality and gaming project.

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As of and For the Year Ended December 31,(In thousands, except ratios and percentages) 2015 2014 2013 2012 2011CONSOLIDATED FINANCIAL POSITIONCurrent assets $ 2,635,245 $ 2,472,556 $ 2,085,920 $ 1,981,847 $ 1,950,034 Current liabilities 1,473,708 1,358,576 1,298,486 1,234,270 1,393,234 Working capital $ 1,161,537 $ 1,113,980 $ 787,434 $ 747,577 $ 556,800 Current ratio 1.79 1.82 1.61 1.61 1.40

Property and equipment, net $ 523,525 $ 527,602 $ 498,125 $ 485,095 $ 491,377 Total assets 4,042,441 3,773,315 3,397,438 3,296,410 3,613,127 Capitalization:

Total debt 823,448 865,359 733,884 737,090 672,507 Stockholders’ equity 1,420,227 1,365,505 1,247,535 1,143,864 1,399,827

Total capitalization $ 2,243,675 $ 2,230,864 $ 1,981,419 $ 1,880,954 $ 2,072,334 Total debt as a percentage of total capitalization 37 % 39 % 37 % 39 % 32 %Ratio of debt to equity 0.58 0.63 0.59 0.64 0.48 Shareholders' equity per common share $ 28.94 $ 28.06 $ 25.76 $ 24.05 $ 29.58

OTHER DATABacklog at year end $ 7,465,129 $ 7,831,725 $ 6,954,287 $ 5,603,624 $ 6,108,277 New awards 4,553,877 5,369,747 5,526,335 3,606,818 5,540,304 Capital expenditures 35,912 75,829 59,049 43,402 68,351 Net cash provided by (used in) operating activities 14,072 (56,678) 50,728 (67,863) (31,620)Net cash used in investing activities (32,415) (26,957) (43,574) (16,855) (375,221)Net cash (used in) provided by financing activities (41,788) 99,295 (55,287) 48,534 139,703 ITEM 7. MA NAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and theaccompanying Notes to Consolidated Financial Statements included in Item 15. Exhibits and Financial Statement Schedules in this Annual Report. This discussion contains forward-looking statements, which involve risks and uncertainties. For cautions about relying on such forward-looking statements, please refer to the section entitled “Forward-LookingStatements” at the beginning of this Annual Report immediately prior to Item 1. Our actual results could differ materially from those anticipated in the forward-looking statements as aresult of certain factors, including but not limited to those discussed in Item 1A. Risk Factors and elsewhere in this Annual Report. Executive Overview Consolidated revenue for 2015 was $4.9 billion compared to $4.5 billion for 2014 . This improvement was driven by increased volume in our Building and Civil segments, withvarious building projects in California and two large mass-transit projects in New York being the largest contributors. Consolidated revenue for 2014 was $4.5 billion compared to $4.2 billion for 2013 . This increase was primarily due to higher project execution activities in our Civil and SpecialtyContractors segments, including civil projects at Hudson Yards in New York, mass-transit projects in California and New York, bridge projects in the Midwest and New York andspecialty contracting projects on the East Coast. The increase was partially offset by decreased activity on hospitality and gaming projects in various states, health care projects inCalifornia, and tunnel projects on the West Coast. Income from construction operations for 2015 was $105.4 million compared to $241.7 million for 2014 . The decrease was primarily due to significant project charges recorded forvarious Five Star Electric projects in New York in the Specialty Contractors segment, decreased activity on certain higher-margin civil projects, unfavorable adjustments related to theestimate of costs to complete an office building project in New York and the adverse Brightwater litigation-related charge for a legacy civil project (see the Brightwater Matter in Note7 of the Notes to Consolidated Financial Statements). Income from construction operations for 2014 was $241.7 million compared to $203.8 million for 2013 . This increase was primarily due to the volume increase that year as discussedabove and net favorable adjustments to anticipated recoveries associated with two legal rulings issued in 2014.

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Table of Contents The effective tax rate was 38.7% , 42.4% and 37.5% for 2015 , 2014 and 2013 , respectively. The 2015 rate was favorably impacted by the resolution of certain state tax matters.The 2014 rate was unfavorably impacted by increased activity in higher state tax jurisdictions and higher non ‑deductible compensation expense. The 2013 rate was favorablyimpacted by certain discrete items mainly related to favorable federal and state tax audit settlements. Earnings per diluted share was $ 0.91 , $2.20 and $1.80 in 2015 , 2014 and 2013 , respectively. The primary reasons for the earnings decline in 2015 were the various above-mentioned factors that impacted income from construction operations. The earnings improvement in 2014 compared to 2013 was primarily due to the 2014 consolidated revenueincreases discussed above, certain higher-margin civil projects , net favorable adjustments associated with two legal rulings, and favorable adjustments for a large hospitality andgaming building project. Consolidated new awards in 2015 were $4.6 billion compared to $5.4 billion in 2014 and $5.5 billion in 2013 . The Building segment was the major contributor of new awards during2015. New awards in 2014 were generally balanced across all three segments, with the Building segment contributing a modestly higher volume. The Civil segment was the dominantcontributor of new awards during 2013. Consolidated backlog was $ 7.5 billion, $7.8 billion and $7.0 billion as of December 31, 2015 , 2014 and 2013 , respectively. The strong backlog at the end of 2015 was primarilydue to significant new awards in the Building segment, partially offset by the work off of backlog outpacing new awards in the Civil and Specialty Contractors segments. As ofDecember 31, 2015 , the mix of backlog by segment was approximately 37% , 37% and 26% for the Civil, Building and Specialty Contractors segments, respectively. The increasedbacklog at the end of 2014 was the result of significant new awards that outpaced revenue across all segments. Projects in the Civil segment’s backlog typically convert to revenue over a period of three to five years, whereas projects for the Building and Specialty Contractors segments typicallyconvert to revenue over a period of one to three years. We estimate that approximately $4.4 billion, or 59% of our backlog as of December 31, 2015 will be recognized as revenue in2016.

Backlog at New Awards Revenue Recognized Backlog at(in millions) December 31, 2014 in 2015 in 2015 December 31, 2015Civil $ 3,563.2 $ 1,070.4 $ (1,889.9) $ 2,743.7 Building 2,187.8 2,395.1 (1,802.5) 2,780.4 Specialty Contractors 2,080.7 1,088.4 (1,228.1) 1,941.0 Total $ 7,831.7 $ 4,553.9 $ (4,920.5) $ 7,465.1

(a) New award s consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existingcontracts.

In addition to our existing backlog, as of December 31, 2015 , we had approximately $3.6 billion of pending contract awards, including up to $1.5 billion in total construction value tobe managed for various future phases of the Hudson Yards project, $663 million for a large mass-transit project in New York (that was subsequently awarded in January 2016),approximately $845 million for seven building projects in California and approximately $300 million for two building projects in Florida (one of which was also subsequently awardedin January 2016). We expect to be awarded many of these projects in 2016. The outlook is favorable for our Company’s growth over the next several years. In addition to our large volume of backlog and pending awards, we expect significant new awardactivity based on long-term capital spending plans by various state, local and federal customers, favorable budget trends and typically bipartisan support for infrastructure investments.For example, the recently enacted $305-billion Fixing America’s Surface Transportation (FAST) Act, the first long-term transportation funding bill in the past 10 years, is expected toprovide state and local agencies with federal funding for numerous highway, bridge and mass-transit projects for 2016 through 2020. In addition, several very large, long-duration civilinfrastructure programs with which we are already involved are progressing, such as California’s High-Speed Rail system and the New York Metropolitan Transportation Authority’sEast Side Access project. Planning and early projects are also underway related to Amtrak’s Northeast Corridor Improvements, including the Gateway Program, which will eventuallybring new rail tunnels beneath the Hudson River to connect service between New Jersey and New York’s Penn Station. Finally, sustained low interest rates and capital costs areexpected to drive high demand and continued spending by private and public customers on building infrastructure projects. For a more detailed discussion of operating performance of each business segment, corporate general and administrative expense and other items, see “Results of Segment Operations”and “Corporate, Tax and Other Matters” below.

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(a)

Table of Contents Non- GAAP Measures Our consolidated financial statements are presented based on GAAP. We sometimes use non-GAAP measures of income from operations, net income, EPS and other measures that webelieve are appropriate to enhance an overall understanding of our historical financial performance and future prospects. We are providing the below non-GAAP measures to discloseadditional information to facilitate the comparison of past and present operations, as they are among the indicators that management uses as a basis for evaluating the Company’sfinancial performance, as well as for forecasting future periods. As such, management believes that these non-GAAP measures can be useful in measuring operating performance andshould be considered by investors, prospective investors and others. These non-GAAP measures are not intended to replace the presentation of our financial results in accordance withU. S. GAAP, and they should be considered in addition to, and not in lieu of, our GAAP results. The non-GAAP measures that we provide may not be comparable to other similarlytitled measures of other companies. The following table presents a reconciliation of reported income from construction operations under GAAP to adjusted income from construction operations for the year endedDecember 31, 2015 .

Reportable SegmentsSpecialty Consolidated

(in thousands) Civil Building Contractors Totals Corporate TotalYear Ended December 31, 2015Income from construction operations, as reported $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) $ 105,413 Litigation-related charge 23,860 — — 23,860 — 23,860 Adjusted income from construction operations $ 169,073 $ (1,240) $ 15,682 $ 183,515 $ (54,242) $ 129,273

(a) The Company recorded a non-cash, pre-tax charge of $23.9 million ( $13.8 million after tax) for an adverse appellate court decision related to a long-standing litigationmatter for which the Company , as part of an acquisition in 2011 , assumed liability as a minority partner in a joint venture for a project that had already been completed .(For further information, refer to the Brightwater Matter discussion in Note 7 of the Notes to Consolidated Financial Statements.)

The following table presents a reconciliation of reported net income and reported diluted EPS under GAAP to adjusted net income and adjusted diluted EPS for the year endedDecember 31, 2015 .

(in thousands, except per share data) Year Ended December 31,2015

Net income, as reported $ 45,292 Litigation-related charge, net of tax, as mentioned above 13,757 Adjusted net income $ 59,049

Diluted earnings per common share, as reported $ 0.91 Litigation-related charge, net of tax, as mentioned above 0.28 Adjusted diluted earnings per common share $ 1.19 There were no non-GAAP adjustments for the years ended December 31, 2014 and 2013.

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(a)

Table of Contents Results of Segment Operations The Company provides professional services to private and public customers in the fields of construction and construction management, including specialty construction servicesinvolving electrical, mechanical, heating, ventilation and air conditioning (HVAC), plumbing and pneumatically placed concrete primarily in the United States and its territories and incertain other international locations. The Company’s three principal business segments are: Civil, Building and Specialty Contractors. For more information on these businesssegments, see “Item 1. – Business” above. Civil Segment Revenue and income from construction operations for the Civil segment are summarized as follows:

Year Ended December 31,(in millions) 2015 2014 2013Revenue $ 1,889.9 $ 1,687.1 $ 1,441.4 Income from construction operations 145.2 220.6 177.7

Revenue for 2015 increased 12% compared to 2014 , principally due to progress on many projects in the New York area, including the CM006 and CS179 mass-transit projects, andincreased activity on various bridge projects in the Midwest. This increase was partially offset by decreased activity on certain tunnel projects on the West Coast. Revenue for 2014increased 17% compared to 2013 , primarily driven by increased activity on the Amtrak tunnel and the platform projects at Hudson Yards in New York, various mass-transit projectsin California and New York, various bridge projects in the Midwest and New York, and a runway reconstruction project in New York. This increase was partially offset by decreasedactivity on certain tunnel projects on the West Coast, certain highway projects on the East Coast and an airport parking apron project in Guam. Income from construction operations declined 34% in 2015 compared to 2014 , primarily due to reduced activity on certain higher-margin projects, the aforementioned Brightwaterlitigation-related charge of $23.9 million, decreased activity on certain tunnel projects on the West Coast, as well as net favorable adjustments in 2014 of $16.5 million to anticipatedrecoveries associated with two legal rulings. This decline was partially offset by increased activity, as well as favorable adjustments totaling $13.7 million on a runway reconstructionproject in New York. Income from construction operations increased 24% in 2014 compared to 2013 . The increase was primarily due to the revenue increase discussed above for2014 and the net favorable adjustments in 2014 mentioned above to anticipated recoveries associated with two legal rulings. This increase was partially offset by reduced activity oncertain higher-margin projects. Operating margin was 7.7% in 2015 , compared to 13.1% in 2014 and 12.3% in 2013 . The margin decline in 2015 and margin increase in 2014 were due to the reasons discussedabove regarding changes in revenue and income from construction operations. Excluding the Brightwater litigation-related charge and favorable adjustments for the runway project inNew York, operating margin in 2015 was 8.2%. Excluding the net favorable adjustments mentioned above, operating margin was 12.2% in 2014. The higher operating margins in the12% range in 2013 and 2014 were primarily driven by significant work performed on certain higher-margin projects. New awards in the Civil segment totaled $1.1 billion in 2015 , $1.7 billion in 2014 and $3.0 billion in 2013 . New awards in 2015 included a mass-transit project in New York valuedat $80 million, highway projects in Delaware, Maryland and Pennsylvania valued at $70 million, $60 million and $58 million, respectively, and a tunnel extension project in NewYork worth $56 million. New awards in 2014 included two mass-transit projects in New York collectively valued at $844 million, a runway reconstruction project in New York valuedat $243 million and three bridge projects in Wisconsin and Minnesota collectively valued at $181 million. New awards in 2013 included a mass-transit project valued at $840 millionand our $511 million share of a joint-venture mass-transit project, both in California, a concrete and steel platform project in New York worth $510 million, our approximately $200million share of a joint-venture bridge project between Minnesota and Wisconsin, two Wisconsin highway projects collectively valued at $191 million, and a $133 million tunnelproject and $102 million bridge project, both in New York. Backlog for the Civil segment was $2.7 billion as of December 31, 2015 , compared to $3.6 billion as of December 31, 2014 and $3.5 billion as of December 31, 2013 . Civil segmentbacklog is expected to grow in early 2016, primarily the result of a new award in January 2016 for a $663 million mass-transit project in New York. The segment continues toexperience strong demand reflected in a large pipeline of prospective projects and supported by favorable budget trends, agencies’ long-term spending plans and the recently enacted,five-year, $305-billion FAST Act. In particular, there are a number of large prospective civil projects expected to be bid beginning in the middle of 2016, with subsequent awardsanticipated in the second half of the year or early 2017. The Civil segment is well positioned to capture its share of these prospective projects. However, the segment faces continuedstrong competition from various other firms, including occasional aggressive bids from foreign competitors.

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Table of Contents Building Segment Revenue and income from construction operations for the Building segment are summarized as follows:

Year Ended December 31,(in millions) 2015 2014 2013Revenue $ 1,802.5 $ 1,503.8 $ 1,552.0 (Loss) Income from construction operations (1.2) 24.7 24.5

Revenue for 2015 increased 20% compared to 2014 , primarily driven by increased activity on various commercial office, technology, government, education and retail buildingprojects in California. Revenue for 2014 decreased 3% compared to 2013 , principally driven by decreased activity on hospitality and gaming projects in California, Arizona, Nevada,Louisiana, and Pennsylvania, health care projects in California, and a containerized housing project in Iraq. This decrease was partially offset by increased activity on certain mixed-use facility projects in New York (including Hudson Yards), California, and Louisiana, and an industrial project in California. Income from construction operations declined 105% in 2015 compared to 2014 , primarily due to unfavorable adjustments totaling $24.3 million to the estimated cost to complete anoffice building project in New York and favorable adjustments in 2014 totaling $11.4 million for a large hospitality and gaming project. Income from construction operations wasstable in 2014 compared to 2013 . There were also favorable adjustments in 2013 totaling $13.8 million for the same large hospitality and gaming project. Operating margin was -0.1% in 2015 , compared to 1.6% in 2014 and 1.6% in 2013 . The margin decline in 2015 was principally due to the factors discussed above that caused thesignificant decline in income from construction operations. Excluding the impact of the above-mentioned unfavorable adjustments for the office building project, operating margin in2015 was 1.3%. The higher operating margins in 2014 and 2013 were primarily driven by relatively stable revenue in both years, as well as the favorable adjustments mentioned abovein both years. Excluding these favorable adjustments, operating margins in 2014 and 2013 were 0.9% and 0.7%, respectively. New awards in the Building segment totaled $2.4 billion in 2015 , $1.9 billion in 2014 and $1.2 billion in 2013 . New awards in 2015 included a technology research and developmentoffice facility project valued at $800 million and $230 million of incremental funding for a biotechnology facility project, both in California, and a hospitality building project inPennsylvania worth $239 million. New awards in 2014 included a multi-unit residential tower project in Florida worth $255 million, two hospitality and gaming projects in Mississippiand California collectively valued at $225 million and a health care facility project in California valued at $211 million. New awards in 2013 included a concrete package for an officetower valued at $143 million and a bus station redevelopment project worth $100 million, both in New York. Backlog for the Building segment was $2.8 billion as of December 31, 2015 , compared to $2.2 billion as of December 31, 2014 and $1.8 billion as of December 31, 2013 . The strongbacklog growth in 2015 was due to the large volume of new awards, especially for projects in California. The Building segment has a large volume of pending awards for projects inCalifornia and Florida, as well as a large pipeline of prospective projects. Strong demand is expected due to continued customer spending supported by sustained low interest rates.The Building segment is well positioned to capture its share of prospective projects based on strong customer relationships and a long-term reputation for excellence in deliveringhigh-quality projects on time and within budget. The Company expects the Building segment to experience strong revenue growth and return to profitability in 2016. The increasedbacklog in 2014 was due to a large volume of new awards primarily in California and Florida. Specialty Contractors Segment Revenue and income from construction operations for the Specialty Contractors segment are summarized as follows:

Year Ended December 31,(in millions) 2015 2014 2013Revenue $ 1,228.0 $ 1,301.4 $ 1,182.3 Income from construction operations 15.7 51.0 49.0

Revenue for 2015 decreased 6% compared to 2014 , primarily due to decreased activity on various smaller electrical projects in the southern United States that have been impacted bythe low price of oil, electrical projects at the World Trade Center and mechanic projects at the United Nations in New York. This decrease was partially offset by increased activity onvarious electrical projects at Hudson Yards, two large mass-transit projects and various other electrical, mechanical and concrete placement projects, all in New York. Revenue for2014 increased 10% compared to 2013 , principally driven by increased activity on various mechanical projects on the East Coast, two signal system modernization projects in NewYork, and various electrical projects in the southern United States. This increase was partially offset by Hurricane Sandy-related projects performed.

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Table of Contents Income from construction operations declined 69% in 2015 compared to 2014 , primarily due to unfavorable adjustments totaling $45.6 million on various Five Star Electric projectsin New York, none of which were individually material . Nearly all of these projects are complete or nearing completion. Income from construction operations increased 4% in 2014compared to 2013 . This increase was principally the result of the 2014 revenue growth discussed above and improved financial performance in two business units. This increase waspartially offset by a favorable settlement in 2013 related to a large hospitality and gaming electrical subcontract. Operating margin was 1.3% in 2015 , compared to 3.9% in 2014 and 4.1% in 2013 . The margin decline in 2015 was principally due to the unfavorable adjustments on various FiveStar Electric projects. Excluding the impact of these adjustments, operating margin in 2015 was 4.8% . New awards in the Specialty Contractors segment totaled $1.1 billion in 2015 , $1.7 billion in 2014 and $1.3 billion in 2013 . New awards in 2015 included an electrical subcontractvalued at $90 million for a mass-transit project in New York and an electrical subcontract valued at $73 million for a Hudson Yards office tower in New York. New awards in 2014included a $321 million electrical subcontract for a mass-transit project in New York and two contracts totaling $175 million for electrical work on other mass-transit projects in NewYork and California. New awards in 2013 included two electrical contracts for an office tower and the platform at Hudson Yards, collectively valued at $82 million. Backlog for the Specialty Contractors segment was $1.9 billion as of December 31, 2015 , compared to $2.1 billion as of December 31, 2014 and $1.7 billion as of December 31, 2013. The Specialty Contractors segment has a significant pipeline of prospective projects, with demand for its services supported by strong continued spending on civil and buildingprojects. The Specialty Contractors segment is well positioned to capture its share of prospective projects based on the size and scale of our business units that operate in New York,Texas, Florida and California and the strong reputation held by these business units for high-quality work on larger, complex projects. The increased backlog in 2014 was due to alarge volume of new awards, particularly for mass-transit projects in New York. Corporate, Tax and Other Matters Corporate General and Administrative Expense Corporate general and administrative expenses was $54.2 million in 2015 , $54.6 million in 2014 and $47.4 million in 2013 . In 2015, there was lower performance-based incentivecompensation expense compared to 2014, but it was offset by increased depreciation expense. The lower corporate general and administrative expense in 2013 compared to 2014 wasprimarily due to lower performance-based incentive compensation expense. Other Income (Expense), Interest Expense and Provision for Income Taxes

Year Ended December 31,(in millions) 2015 2014 2013

Other income (expense), net $ 12.5 $ (9.5) $ (18.6)Interest expense (44.0) (44.7) (45.6)Provision for income taxes (28.5) (79.5) (52.3)

Other income (expense), net, improved by $22.0 million in 2015 compared to 2014 , and by $9.1 million in 2014 compared to 2013 . The improvement in both years was primarily dueto decreases in contingent earn-out liabilities related to past business acquisitions. The effective income tax rate was 38.7% for the year ended December 31, 2015 compared to 42.4% for 2014 . The largest contributor to the decreased tax rate in 2015 was theresolution of certain state tax matters. The effective income tax rate was 42.4% for the year ended December 31, 2014 compared to 37.5% for 2013. The largest contributor to thehigher tax rate in 2014 was increased net income and increased activity in higher state tax jurisdictions. Higher non ‑deductible compensation expense also contributed to this increase.

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Table of Contents Liquidity and Financial Co ndition Liquidity is provided by available cash and cash equivalents, cash generated from operations, credit facilities and access to capital markets. We have a committed line of credit totaling$300 million, which may be used for revolving loans, letters of credit and/or general purposes. We believe that for at least the next 12 months, cash generated from operations, alongwith our unused credit capacity of $141.8 million and cash position, is sufficient to support operating requirements. Cash and Working Capital Cash and cash equivalents were $75.5 million as of December 31, 2015 compared to $135.6 million as of December 31, 2014 , with balances including cash held by us and availablefor general corporate purposes of $18.4 million and $40.8 million, respectively , and our proportionate share of cash held by joint ventures, available only for joint venture-relateduses including distributions to joint venture partners, of $57.0 million and $94.7 million, respectively. In addition, our restricted cash, held primarily to secure insurance-relatedcontingent obligations, was $45.9 million and $44.4 million, a s of December 31, 2015 and 2014 , respectively. During the year ended December 31, 2015 , we generated $14.1 million in cash from operating activities. This was primarily due to final payments related to a settlement of a disputefor the CityCenter project in Las Vegas and on a settlement related to another completed building project. During the year, we also funded significant working capital associated withclaims and unapproved change orders which was partially offset by an increase in accounts payable. We are focused on increasing our available cash and improving our liquidity byresolving various claims and unapproved change orders, as well as billing and collecting other amounts in cost and estimated earnings in excess of billings. We utilized $32.4 millionin cash from investing activities due mainly to the purchase of construction equipment. We used $41.8 million in cash from financing activities, due primarily to borrowings under ourrevolving facility offset by cash used for scheduled debt repayments. During 2014, we used $56.7 million in cash from operating activities due primarily to the timing of collections in the Specialty and Building segments and cash payments for intereston our outstanding debt and income taxes. We used $27.0 million in cash from investing activities due primarily to the purchase of construction equipment of $75.0 million offset bythe proceeds from the sale of our auction rate securities of $44.5 million, and proceeds from the sale of construction equipment of $5.3 million. We received $99.3 million in cash fromfinancing activities, due primarily to borrowings under our revolving facility offset by cash used for scheduled debt repayments and business acquisition related payments. During 2013, we generated $50.7 million in cash from operating activities, due primarily to earnings sources and payments received related to the CityCenter matter, offset by cashpaid for interest and taxes and payments related to the Brightwater matter. We used $43.6 million in cash from investing activities, due primarily to the purchase of constructionequipment of $42.4 million. We used $55.2 million in cash from financing activities, due primarily to net debt repayments of $23.5 million and business acquisition related paymentsof $31.0 million. As of December 31, 2015, we had working capital of $1.2 billion, a ratio of current assets to current liabilities of 1.79 and a ratio of debt to equity of 0.58 compared to working capitalof $1.1 billion, and a ratio of current assets to current liabilities of 1.82 and a ratio of debt to equity of 0.63 at December 31, 2014 . Debt Senior Notes In October 2010, we issued $300 million of 7.625% senior unsecured notes (the “Senior Notes”) due November 1, 2018 and received proceeds of $293 million, net of debt discountsand issuance costs. Interest on the Senior Notes is payable semi-annually on May 1 and November 1 of each year. We may redeem the Senior Notes at a redemption price equal to101.9 percent of their principal amount prior to October 31, 2016 and subsequently without a redemption premium. However, if a change of control triggering event occurs, asdefined by the terms of the indenture, we are required to offer to redeem the notes at a redemption price equal to 101 percent of their principal amount. At the date of any redemption,any accrued and unpaid interest is also due. In addition, the indenture for the Senior Notes provides for customary events of default such as restrictions on the payment of dividendsand share repurchases. Credit Agreement – Revolving Credit Facility and Term Loan In June 2014, the Company entered into a Sixth Amended and Restated Credit Agreement (the “Original Facility”), restructuring its former $300 million Revolving Credit Facility and$200 million Term Loan, and providing for a $300 million revolving credit facility and a $250 million term loan (the “Original Term Loan”), both originally maturing on June 5, 2019.The obligations under the Original Facility are secured by a lien on substantially all real and personal property of the Company and its subsidiaries party thereto. See Note 5 of theNotes to Consolidated Financial Statements for a more detailed discussion of the terms of the Original Facility.

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Table of Contents Amended Credit Agreement As a result of the Company’s financial results for the fiscal year ended December 31, 2015, which included the previously reported $23.9 million non-cash, pre-tax charge from anadverse ruling on the Brightwater litigation matter in the third quarter as well as $45.6 million of pre-tax charges in the third and fourth quarters for Five Star Electric, the Companywas not in compliance with the required consolidated leverage ratio and consolidated fixed charge coverage ratio under the Original Facility, which are both calculated on a rollingfour quarter basis. The table below presents our actual and required consolidated fixed charge coverage ratio and consolidated leverage ratio under the Original Facility for the December 31, 2015quarter:

For the quarter ended December 31, 2015Actual Required

Fixed charge coverage ratio 1.11 : 1.00 > or = 1.25 : 1.00Leverage ratio 4.81 : 1.00 < or = 3.50 : 1.00 On February 26, 2016, we entered into Waiver and Amendment No. 1 (the “Amendment”) to the Original Facility (collectively, the “Credit Facility”) with Bank of America, N.A., asAdministrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. In the Amendment, the lenders waived these covenant violations and modified certainprovisions of the Original Facility. As a result of the Amendment, both the Revolver and the Term Loan will now mature on May 1, 2018. The Term Loan principal payments havealso been modified to include certain additional principal payments which will be applied against the balloon payment. Borrowings under the Credit Facility bear interest, based eitheron Bank of America’s prime lending rate, plus an applicable margin, or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin. Under the terms of theAmendment, for so long as the Company’s consolidated leverage ratio is greater than 3.5:1.0, it will not be permitted to make LIBOR-based borrowings under the Revolver and willbe subject to an increased interest rate on borrowings. The interest rate will be 100 to 200 basis points higher than the highest pricing tier under the Original Facility depending on theCompany’s consolidated leverage ratio. The Company also will be subject to increased commitment fees at these higher leverage ratio levels. The Amendment removes the accordionfeature of the Original Facility, which would have allowed for additional borrowings of up to $300 million. The Amendment also modifies several of the covenants in the Original Facility, including the Company’s maximum allowable consolidated leverage ratio to be at 4.25:1.00 in the firstquarter of 2016, stepping down to 4.00:1.00 in the second and third quarters of 2016 and then returning to the Original Facility’s range of 3.25:1.00 to 3.00:1.00 beginning with thefourth quarter of 2016. The Credit Facility will continue to require the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.25:1.00. Other usual andcustomary covenants for credit facilities of this type (such as, restrictions on the payment of dividends and share repurchases) were carried over from the Original Facility (subject tocertain modifications made in the Amendment).The Amendment adds covenants regarding the Company’s liquidity, including a cap on the cash balance in the Company’s bankaccount and a weekly minimum liquidity requirement (based on specified available cash balances and availability under the Revolver). The Amendment also requires the Company toachieve certain quarterly cash collection milestones and increases the lenders’ collateral package. Please refer to Note 5 of the Notes to Consolidated Financial Statements for a more detailed discussion for the terms of the Amendment. The Term Loan balance was $223.8 million at December 31, 2015. The next quarterly Term Loan payment under the Credit Facility is due and payable in March of 2016. We had $158.0 million of outstanding borrowings under our Revolver as of December 31, 2015 and $130.0 million of outstanding borrowings under our Revolver as of December 31,2014. We utilized the Revolver for letters of credit in the amount of $0.2 million as of December 31, 2015 and $1.0 million under the Revolver as of December 31, 2014. Accordingly,as of December 31, 2015, we had $141.8 million available to borrow under the Revolver There were no other material changes in our contractual debt obligations as of December 31, 2015. As of the filing date of this Form 10-K and giving effect to the Amendment, we arein compliance and expect to continue to be in compliance with the modified financial covenants under the Credit Facility. Equipment financing and mortgages We have certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loanswas approximately $70.6 million and $102.0 million at December 31, 2015 and 2014, respectively, with interest rates ranging from 2.12% to 4.85% and scheduled payments ofprincipal and interest over periods up to five years. The aggregate balance of transportation equipment financing loans was approximately $45.0 million and $40.6 million atDecember 31, 2015 and 2014, respectively, with interest rates ranging from a fixed 3.35% to the London Interbank Offered Rate

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Table of Contents (“LIBOR”) plus 3% and equal monthly installment payments over periods up to ten years and final balloon payments of $12.4 million in 2021 and $6.2 million in 2022 on theremaining loans outstanding at December 31, 2015. The aggregate balance of mortgage loans was approximately $17.7 million and $18.9 million at December 31, 2015 and 2014,respectively, with interest rates based on LIBOR plus applicable margins up to 3% or prime less 1.0%, depending on the loan, and equal monthly installment payments of periods up toten years with additional balloon payments of $5.6 million in 2016, $2.6 million in 2018 and $6.7 million in 2023. During 2011, we issued approximately $21.7 million of 5% promissory notes in conjunction with an acquisition. We paid all outstanding principal and accrued interest on these notesin 2015. Off-Balance Sheet Arrangements None Contractual Obligations Our outstanding contractual obligations as of December 31, 2015 are summarized in the following table:

Payments Due by PeriodContractual Obligations Total 1 year or less 2-3 years 4-5 years Over 5 years(in thousands)

Debt $ 823,448 $ 88,917 $ 531,583 $ 174,614 $ 28,334 Interest on debt 151,487 49,811 78,073 15,313 8,290 Operating leases 106,654 26,819 35,436 19,472 24,927 Acquisition-related liabilities 29,134 — 29,134 — —Pension benefit payments 33,646 1,815 3,630 3,630 24,571 Other 747 445 302 — —Total $ 1,145,116 $ 167,807 $ 678,158 $ 213,029 $ 86,122

(a) Debt and interest on debt payments reflect the terms of the Amendment. Amounts for interest on debt are based on interest rates in effect as of December 31, 2015. Critical Accounting Policies Our discussion and analysis of our financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance withGAAP . Our significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements. The preparation of the Consolidated Financial Statementsrequires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.Estimates are based on information available through the date of the issuance of the financial statements ; accordingly, actual results in future periods could differ from theseestimates. Significant judgments and estimates used in the preparation of the Consolidated Financial Statements apply to the following critical accounting policies: Method of Accounting for Contracts — Contract revenue is recognized on the percentage-of-completion method based on contract cost incurred to date compared to total estimatedcontract cost. The estimates used in the percentage-of-completion method during the contract performance period require judgment and assumptions regarding both future events andthe evaluation of contingencies such as the impact of change orders, liability claims, other contract disputes, the achievement of contractual performance standards, and potentialvariances in project schedule and costs. Changes to the total estimated contract cost for a given project are recognized in the period in which they are determined. In certain instances, we provide guaranteed completion dates and/or achievement of other performance criteria. Failure to meet schedule or performance guarantees could result inunrealized incentive fees or liquidated damages. In addition, depending on the type of contract, increases in contract cost related to the remediation of deficiencies can result in non-recoverable cost, which could exceed revenue realized from the projects. The Company generally provides limited warranties for work performed, with warranty periods typicallyextending for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. Claims arising from construction contracts have been made against the Company by customers, and the Company has made claims against customers for cost incurred in excess ofcurrent contract provisions. The Company recognizes revenue, but not profit, for certain significant claims when it is determined that recovery of incurred cost is probable and theamounts can be reliably estimated. These requirements are satisfied under GAAP’s Accounting Standards Codification (“ASC”) 605-35-25 when the contract or other evidenceprovides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date

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(a)

(a)

Table of Contents and not the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidencesupporting the claim is objective and verifiable. Recoverability of Goodwill — As of December 31, 2015, our goodwill balance was $585.0 million. Goodwill is not amortized to earnings, but instead is reviewed for impairment at areporting unit level annually, or more often if there are indicators between the annual review dates that signal that impairment is probable . The Civil, Building and SpecialtyContractors segments each represent a reporting unit. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an income approach(discounted cash flow method) and a market approach. The income approach is based on assumptions about future events including the positive impact of the FAST Act, the strengthand growth of the U.S. economy and the overall backlog of domestic projects. Accordingly, the fair value of the reporting units could be negatively impacted by competition seekingto benefit from the increased growth in construction in the United States and/ or delays in the bidding or awarding of contracts caused by issues related to economic, political or otherbureaucratic factors. In addition, the fair values of the reporting units could be positively impacted by an expedited award cycle driven by the need to address critical domesticinfrastructure issues and/ or an improvement in the U.S. economy that exceeds current expectations. The market approach is based on assumptions about how market data relates to theCompany. Future deviations from our assumptions or the use of different assumptions could have a material impact on our valuations. Lastly, we assess the reasonableness of theestimated fair value of our reporting units by comparing the estimated implied control premium for our Company to observable market information. The quantitative assessmentperformed in 2015 resulted in an estimated fair value for each of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for2015. A summary of key information and assumptions related to our 2015 quantitative impairment assessment is as follows:

2015 Quantitative Impairment Assessment Key Information and Assumptions

SpecialtyReporting Units Civil Building ContractorsNet book value of Goodwill at October 1, 2015 (in millions) $ 415.3 $ 13.5 $ 156.2 Fair value of reporting unit in excess of its net book value 15 % 12 % 13 %Weighting applied to income approach 67 % 100 % 67 %Weighting applied to market approach 33 % 0 % 33 %Key assumptions used in income approach:

Discount rate 13.5 % 14.5 % 14.5 %Average revenue growth rates for 2016 through 2020 2.3 % 3.7 % 3.1 %Terminal growth rate 2.5 % 2.5 % 2.5 %

Key assumptions used in market approach:EBITDA multiple 4.7 4.5 5.9 EBIT multiple 5.1 4.9 7.5 Control premium 25 % 25 % 25 %

(a) The weighing applied to the income approach reflects its correlation to each reporting unit’s economics.(b) A change in discount rate of 0.5% would have resulted in changes in the fair value s of the reporting units ra n ging from -3.8 % to 7.7 %.(c) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBIT is defined as earnings before interest and taxes. New Accounting Pronouncements — For discussion of recently adopted accounting standards and updates, see Note 1 of the Notes to Consolidated Financial Statements.

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(a)

(a)

(b)

(c)

(c)

Table of Contents ITEM 7A. QUANT ITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Interest rate risk is our primary market risk exposure. Borrowing under our Credit Agreement and certain other debt obligations have variable interest rates and are therefore subject tointerest rate risk. As of December 31, 2015, we had approximately $374.7 million of net borrowings with variable interest rates, after excluding borrowings with effective fixedinterest rates due to an interest rate swap agreement. If short-term floating interest rates were to increase by 0.50%, interest on these borrowings would increase by approximately $1.9million. ITEM 8. FINA NCIAL STATEMENTS AND SUPPLEMENTARY DATA The Report of Independent Registered Public Accounting Firm, Consolidated Financial Statements and Supplementary Schedules are set forth in Item 15 in this Annual Report onForm 10-K and are incorporated herein by reference. ITEM 9. CH ANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONT ROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures — An evaluation, of the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of December 31, 2015 was made under the supervision and with the participation of ourmanagement, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that,as of December 31, 2015 , our disclosure controls and procedures were effective, in that they provide reasonable assurance that information required to be disclosed in our reports filedor submitted under the Exchange Act were recorded, processed, summarized and reported within the time periods specified in the SEC ’s rules and forms. Our disclosure controls andprocedures are designed to ensure that information we are required to disclose in such reports is accumulated and communicated to management, including our Chief ExecutiveOfficer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Management’s Report on Internal Control over Financial Reporting — Our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, isresponsible for establishing and maintaining an adequate system of internal control over financial reporting as such term is defined in Exc hange Act Rules 13a—15(f). In designingand evaluating our system of internal control over financial reporting, we recognize that inherent limitations exist in any control system no matter how well designed and operated, andwe can only provide reasonable, not absolute, assurance of achieving the desired control objectives. In making this assessment, management utilized the criteria issued in InternalControl — Integrated Framework (2013) by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission . Based on this assessment, management concludedthat, as of December 31, 2015 , our internal control over financial reporting was effective based on those criteria. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of the effectiveness tofuture periods are subject to the risk that controls may become inadequate due to changes in conditions, or that the degree of compliance with policies and procedures may deteriorate. Deloitte & Touche LLP, the independent registered public accounting firm that audited our consolidated financial statements included in this Annual Report on Form 10-K, has issuedan attestation report on the Company’s internal control over financial reporting as of December 31, 2015 . This report appears on page 29 of this Form 10-K.

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Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders ofTutor Perini CorporationSylmar, California We have audited the internal control over financial reporting of Tutor Perini Corporation and subsidiaries (the "Company") as of December 31, 2015, based on criteria established inInternal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible formaintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanyingManagement’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based onour audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining anunderstanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis forour opinion. A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, orpersons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control overfinancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have amaterial effect on the financial statements. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, materialmisstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financialreporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies orprocedures may deteriorate. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on the criteria established inInternal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for theyear ended December 31, 2015 of the Company and our report dated February 29, 2016 expressed an unqualified opinion on those financial statements. /s/ Deloitte & Touche LLP Los Angeles, California February 29, 2016

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Table of Contents Changes in Internal Control over Financial Reporting — There were no changes in our internal control over financial reporting for the fiscal quarter ended December 31, 2015 thathave materially affected, or are reasonably likely to materially affect, our internal control over financial reporting . ITEM 9B. O THER INFORMATION Amended Credit Agreement We are party to the Sixth Amended and Restated Credit Facility (the “Original Facility”) providing a $300 million revolving credit facility and a $250 million term loan (the “TermLoan”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. On February 26, 2016, we entered into Waiver andAmendment No. 1 to the Original Facility (the “Amendment” together with the Original Agreement, the “Credit Facility”), providing the Company with certain waivers and amendingcertain material terms of the Original Facility, including increasing the applicable margin for determining the interest rate that the Company pays on borrowings under the CreditFacility, reducing the term of the Credit Facility by one year to May 1, 2018, modifying certain covenants and other provisions, including the consolidated leverage ratio covenant, andadding certain other provisions, including certain liquidity requirements, and adjusting principal amortization on the Term Loan. The Amendment also requires the Company toachieve certain quarterly cash collection milestones and increases the lenders’ collateral package. See “Management’s Discussion and Analysis of Financial Condition and Results ofOperations—Liquidity and Capital Resources” and Note 5 of the Notes to Consolidated Financial Statements for a more detailed discussion for the terms of the Amendment. The foregoing description of the Amendment does not constitute a complete summary and is qualified by reference in its entirety to the full text of the Amendment, a copy which isfiled herewith as Exhibit 10.14.

PAR T III. ITEM 10. DI RECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The information required by this Item 10 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of fiscal year 2015 . ITEM 11. EXEC UTIVE COMPENSATION The information required by this Item 11 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of fiscal year 2015 . ITEM 12. SECU RITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required by this Item 12 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of fiscal year 2015 . ITEM 13. CERT AIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information required by this Item 13 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of fiscal year 2015 . ITEM 14. PRINCIP AL ACCOUNTANT FEES AND SERVICES The information required by this Item 14 is hereby incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of f iscal year 2015 .

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PA RT IV. ITEM 15. EXHI BITS AND FINANCIAL STATEMENT SCHEDULES TUTOR PERINI CORPORATION AND SUBSIDIARIES

1. Financial Statements: Our consolidated financial statements a s of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 and the notes thereto,together with the report of the independent registered public accounting firm on those consolidated financial statements are hereby filed as part of this A nnual R eport onForm 10-K, beginning on page F-1.

2. Financial Statement Schedules:

All consolidated financial statement schedules are omitted because of the absence of the conditions under which they are required or because the required information isincluded in the Consolidated Financial Statements and in the Notes thereto.

3. Exhibits:

EXHIBIT INDEX The following designated exhibits are, as indicated below, either filed herewith or have heretofore been filed with the S EC under the Securities Act of 1933 or the Securities Act of1934 and are referred to and incorporated herein by reference to such filings. Exhibit 2. Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession

2.1 Agreement and Plan of Merger, dated as of April 2, 2008, by and among Tutor Perini Corporation, Trifecta Acquisition LLC, Tutor-Saliba Corporation,Ronald N. Tutor and shareholders of Tutor-Saliba Corporation signatory thereto (incorporated by reference to Exhibit 2.1 to Form 8-K filed on April 7,2008).

2.2 Amendment No. 1 to the Agreement and Plan of Merger, dated as of May 28, 2008, by and among Tutor Perini Corporation, Trifecta Acquisition LLC,Tutor-Saliba Corporation, Ronald N. Tutor and shareholders of Tutor-Saliba Corporation signatory thereto (incorporated by reference to Exhibit 2.2 toForm 10-Q filed on August 8, 2008).

2.3 Stock Purchase Agreement dated July 1, 2011 by and among Tutor Perini Corporation, Lunda Construction Company, and each of the Shareholders ofLunda Construction Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed on July 6, 2011). Exhibits, schedules (or similar attachments) tothe Stock Purchase Agreement are not filed. The Company will furnish a copy of any omitted exhibit or schedule to the Securities and ExchangeCommission upon request.

2.4 Agreement and Plan of Merger dated July 1, 2011 by and among Tutor Perini Corporation, GreenStar Services Corporation, Galaxy Merger, Inc., andGreenStar IH Rep LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed on July 6, 2011). Exhibits, schedules (or similar attachments) to theAgreement and Plan of Merger are not filed. The Company will furnish a copy of any omitted exhibit or schedule to the Securities and ExchangeCommission upon request.

Exhibit 3. Articles of Incorporation and By-laws3.1 Restated Articles of Organization (incorporated by reference to Exhibit 3.1 to Form10-K (File No. 001-06314) filed on March 31, 1997).3.3 Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on

April 12, 2000.)3.4 Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on

September 11, 2008.)3.5 Articles of Amendment to the Restated Articles of Organization of Tutor Perini Corporation (incorporated by reference to Exhibit 3.5 to Form 10-Q filed

on August 10, 2009).3.6 Second Amended and Restated By-laws of Tutor Perini Corporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on November 24, 2009).

Exhibit 4. Instruments Defining the Rights of Security Holders, Including Indentures4.1 Shareholders Agreement, dated April 2, 2008, by and among Tutor Perini Corporation, Ronald N. Tutor and the shareholders of Tutor-Saliba Corporation

signatory thereto (incorporated by reference to Exhibit 4.1 to Form 8-K filed on April 7, 2008).

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4.2 Amendment No. 1 to the Shareholders Agreement, dated as of September 17, 2010, by and between Tutor Perini Corporation and Ronald N. Tutor, asshareholder representative (incorporated by reference to Exhibit 4.1 to Form 8-K filed on September 20, 2010).

4.3 Amendment No. 2 to the Shareholders Agreement, dated as of June 2, 2011, by and between Tutor Perini Corporation and Ronald N. Tutor, as shareholderrepresentative (incorporated by reference to Exhibit 4.1 to Form 8-K filed on June 6, 2011).

4.4 Amendment No. 3 to the Shareholders Agreement, dated as of September 13, 2011, by and between Tutor Perini Corporation and Ronald N. Tutor, asshareholder representative (incorporated by reference to Exhibit 4.1 to Form 8-K filed on September 16, 2011).

4.5 Indenture, dated October 20, 2010, by and among Tutor Perini Corporation, certain subsidiary guarantors named therein and Wilmington Trust FSB, astrustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 21, 2010).

4.6 Registration Rights Agreement dated October 20, 2010, by and among Tutor Perini Corporation, certain subsidiary guarantors named therein and the initialpurchasers named therein (incorporated by reference to Exhibit 4.2 to Form 8-K filed on October 21, 2010).

Exhibit 10. Material Contracts10. 1 * Tutor Perini Corporation Amended and Restated (2004) Construction Business Unit Incentive Compensation Plan (incorporated by reference to

Exhibit 10.2 to Amendment No. 2 to Form S-1 (File No. 333-111338) filed on March 8, 2004).10. 2 * Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (as amended on October 2, 2014 and included as Exhibit A to the Company’s

Definitive Proxy Statement on Schedule 14A, filed with the SEC on October 2, 2014 and incorporated herein by reference.10.3* Tutor Perini Corporation 2004 Stock Option and Incentive Plan (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement on

Form DEF 14A filed on April 17, 2009).10.4* Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.19 to Amendment No. 1 to Form S-1 (File No. 333-

111338) filed on February 10, 2004).10.5* Form of Restricted Stock Unit Award Agreement under the Tutor Perini Corporation 2004 Stock Option and Incentive Plan (incorporated by reference to

Exhibit 10.24 to Tutor Perini Corporation’s Annual Report on Form 10-K for the year ended December 31, 2004 filed on March 4, 2005).10.6 Sixth Amended and Restated Credit Facility dated as of June 5, 2014, with Bank of America, N.A., in its capacity as administrative agent, Swing Line

lender and L/C Issuer (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 9, 2014).10. 7 Promissory Note, dated July 1, 2011, issued by Tutor Perini Corporation to GreenStar IH Rep LLC, in its capacity as the Interest Holder Representative on

behalf of certain equity holders of GreenStar (incorporated by reference to Exhibit 10.1 to Form 8-K filed on July 6, 2011).10. 8 * Employment Agreement dated as of March 21, 2011, by and between Tutor Perini Corporation and James A. Frost (incorporated by reference to

Exhibit 10.1 to Form 8−K filed on March 2 5 , 2011).10. 9 * Employment Agreement dated as of December 22 , 2014, by and between Tutor Perini Corporation and Ronald N. Tutor (incorporated by reference to

Exhibit 10.1 to Form 8-K filed on December 2 4 , 2014).10.1 0 * 2009 General Incentive Compensation Plan (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Form DEF 14A filed

on April 17, 2009).10.1 1 Commercial Lease Agreement, dated Ap ril 18, 2014 by and among Tutor Perini Corporation and Ronald N. Tutor (incorporated by reference to Exhibit

10.1 to Form 10-Q filed on May 7, 2014).10.1 2 Industrial Lease Agreement, dated April 18, 2014 by and among Tutor Perini Corporation and Kristra Investments, Ltd (incorporated by reference to

Exhibit 10.2 to Form 10-Q filed on May 7, 2014).10.13* Letter Agreement, dated November 9, 2015, by and between Gary Smalley and Tutor Perini Corporation (incorporated by reference to Exhibit 10.1 to Form

10-Q filed on November 16, 2015).10.14 Waiver and Amendment No. 1 to the Sixth Amended and Restated Credit Agreement dated as of February 26, 2016, with Bank of America, N.A., as

Administrative Agent and L/C Issuer and a syndicate of other lenders — filed herewith.Exhibit 21 Subsidiaries of Tutor Perini Corporation — filed herewith.Exhibit 23 Consent of Independent Registered Public Accounting Firm — filed herewith.Exhibit 24 Power of Attorney — filed herewith.Exhibit 31.1 Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—filed herewith.Exhibit 31.2 Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — filed herewith.Exhibit 32.1 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 —

filed herewith.

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Table of Contents Exhibit 32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 —

filed herewith.Exhibit 95 Mine Safety Disclosure — filed herewith.Exhibit 101.INS XBRL Instance Document.Exhibit 101.SCH XBRL Taxonomy Extension Schema Document.Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase Document.Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase Document.

* Management contract or compensatory arrangement required to be filed as an exhibit pursuant to Item 15(a)(3) of Form 10-K

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SIG NATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized. 5 Tutor Perini Corporation (Registrant) Dated: February 2 9 , 2016 By : /s/ Gary G. Smalley Gary G. Smalley Executive Vice President and Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities andon the dates indicated.

Signature Title Date ··Principal Executive Officer andDirector

/s/Ronald N. Tutor Ronald N. Tutor Chairman and Chief Executive Officer February 29, 2016 ··Principal Financial Officer /s/Gary G. Smalley Gary G. Smalley Executive Vice President and Chief Financial

Officer February 29, 2016

··Principal Accounting Officer /s/Ronald P. Marano II Ronald P. Marano II Vice President and Chief Accounting Officer February 29, 2016

· Other Directors

Marilyn A. Alexander ) Peter Arkley ) James A. Frost ) Sidney J. Feltenstein ) /s/ Gary G. SmalleyMichael R. Klein ) Gary G. SmalleyRobert C. Lieber ) Attorney in FactRaymond R. Oneglia ) Dale A. Reiss ) Donald D. Snyder ) Dickran M. Tevrizian, Jr. ) Dated: February 2 9 , 2016

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

TABLE OF CONTENTS

PagesConsolidated Financial Statements of the Registrant Report of Independent Registered Public Accounting Firm F-2 Consolidated Statements of Operations F- 3Consolidated Statements of Comprehensive Income F- 4Consolidated Balance Sheets F- 5Consolidated Statements of Cash Flows F- 6Consolidated Statements of Stockholders’ Equity F- 7Notes to Consolidated Financial Statements F-8

F- 1

Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders ofTutor Perini CorporationSylmar, California We have audited the accompanying consolidated balance sheets of Tutor Perini Corporation and subsidiaries (the "Company") as of December 31, 2015 and 2014 , and the relatedconsolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2015 . Thesefinancial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Tutor Perini Corporation and subsidiaries as of December 31,2015 and 2014 , and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 , in conformity with accountingprinciples generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting asof December 31, 2015 , based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the TreadwayCommission and our report dated February 29, 2016 expressed an unqualified opinion on the Company's internal control over financial reporting. 5/s/ Deloitte & Touche LLP Los Angeles, California February 29, 2016

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TUTOR PERINI CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Year Ended December 31,2015 2014 2013

REVENUE $ 4,920,472 $ 4,492,309 $ 4,175,672

COST OF OPERATIONS (4,564,219) (3,986,867) (3,708,768)

GROSS PROFIT 356,253 505,442 466,904

General and administrative expenses (250,840) (263,752) (263,082)

INCOME FROM CONSTRUCTION OPERATIONS 105,413 241,690 203,822

Other income (expense), net 12,453 (9,536) (18,575)Interest expense (44,027) (44,716) (45,632)

INCOME BEFORE INCOME TAXES 73,839 187,438 139,615

Provision for income taxes (28,547) (79,502) (52,319)

NET INCOME $ 45,292 $ 107,936 $ 87,296

BASIC EARNINGS PER COMMON SHARE $ 0.92 $ 2.22 $ 1.82

DILUTED EARNINGS PER COMMON SHARE $ 0.91 $ 2.20 $ 1.80

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:BASIC 48,981 48,562 47,851 DILUTED 49,666 49,114 48,589

The accompanying notes are an integral part of these consolidated financial statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

Years Ended December 31,2015 2014 2013

NET INCOME $ 45,292 $ 107,936 $ 87,296

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:Defined benefit pension plan adjustments 2,026 (8,155) $ 10,910 Foreign currency translation adjustment (3,214) (638) (738)Unrealized (loss) gain in fair value of investments 766 205 (555)Unrealized gain in fair value of interest rate swap (125) 349 578

Total other comprehensive (loss) income, net of tax $ (547) $ (8,239) $ 10,195

TOTAL COMPREHENSIVE INCOME $ 44,745 $ 99,697 $ 97,491

The accompanying notes are an integral part of these consolidated financial statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIESCONSOLIDA TED BALANCE SHEETS

(in thousands, except share data)

As of December 31,2015 2014

ASSETS

CURRENT ASSETS:Cash, including cash equivalents of $1,696 and $12,044 $ 75,452 $ 135,583 Restricted cash 45,853 44,370 Accounts receivable, including retainage of $484,255 and $382,891 1,473,615 1,479,504 Costs and estimated earnings in excess of billings 905,175 726,402 Deferred income taxes 26,306 17,962 Other current assets 108,844 68,735

Total current assets 2,635,245 2,472,556

PROPERTY AND EQUIPMENT, at cost:Land 41,382 41,307 Building and improvements 123,600 120,796 Construction equipment 431,080 426,379 Other equipment 181,940 159,148

778,002 747,630 Less - Accumulated depreciation 254,477 220,028

Total property and equipment, net 523,525 527,602

GOODWILL 585,006 585,006

INTANGIBLE ASSETS, NET 96,540 100,254

OTHER ASSETS 202,125 87,897

TOTAL ASSETS $ 4,042,441 $ 3,773,315

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:Current maturities of long-term debt $ 88,917 $ 81,292 Accounts payable, including retainage 937,464 798,174 Billings in excess of costs and estimated earnings 288,311 319,296 Accrued expenses and other current liabilities 159,016 159,814

Total current liabilities 1,473,708 1,358,576

LONG-TERM DEBT, less current maturities 734,531 784,067 DEFERRED INCOME TAXES 273,310 150,371 OTHER LONG-TERM LIABILITIES 140,665 114,796

TOTAL LIABILITIES 2,622,214 2,407,810

CONTINGENCIES AND COMMITMENTS (Note 7)

STOCKHOLDERS' EQUITY:Preferred stock– authorized 1,000,000 shares ( $1 par value), none issued — —Common stock - authorized 75,000,000 shares ( $1 par value), issued and outstanding - 49,072,710 shares and 48,671,492shares 49,073 48,671 Additional paid-in capital 1,035,516 1,025,941 Retained earnings 377,803 332,511 Accumulated other comprehensive loss (42,165) (41,618)

TOTAL STOCKHOLDERS' EQUITY 1,420,227 1,365,505

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,042,441 $ 3,773,315 The accompanying notes are an integral part of thes e consolidated financial statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEME NTS OF CASH FLOWS

(in thousands )

Year Ended December 31,2015 2014 2013

CASH FLOWS FROM OPERATING ACTIVITIESNet income $ 45,292 $ 107,936 $ 87,296 Adjustments to reconcile net income to net cash from operating activities:

Depreciation 37,919 40,216 43,383 Amortization of intangible assets and debt issuance costs 5,810 15,756 16,027 Share-based compensation expense 9,477 18,615 6,623 Excess income tax benefit from share-based compensation (186) (787) (1,148)Deferred income taxes 22,214 21,460 9,009 Loss on sale of investments — 1,786 —(Gain) loss on sale of property and equipment (2,909) 801 49 Other long-term liabilities 28,912 3,074 23,107 Other non-cash items (3,680) 3,273 (3,719)Changes in other components of working capital (128,777) (268,808) (129,899)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 14,072 (56,678) 50,728

CASH FLOWS FROM INVESTING ACTIVITIESAcquisition of property and equipment excluding financed purchases (35,912) (75,013) (42,360)Proceeds from sale of property and equipment 4,980 5,335 2,663 Proceeds from sale of available-for-sale securities — 44,497 —Change in restricted cash (1,483) (1,776) (3,877)NET CASH USED IN INVESTING ACTIVITIES (32,415) (26,957) (43,574)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from debt 1,013,205 1,156,739 653,280 Repayment of debt (1,054,371) (1,026,349) (676,795)Business acquisition-related payments — (26,430) (31,038)Excess income tax benefit from share-based compensation 186 787 1,148 Issuance of common stock and effect of cashless exercise (808) (1,771) (1,882)Debt issuance costs — (3,681) —NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (41,788) 99,295 (55,287)

Net (decrease) increase in cash and cash equivalents (60,131) 15,660 (48,133)Cash and cash equivalents at beginning of year 135,583 119,923 168,056 Cash and cash equivalents at end of year $ 75,452 $ 135,583 $ 119,923 The accompanying notes are an integral part of these cons olidated financial statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEME NTS OF STOCKHOLDERS’ EQUITY

(in thousands)

AccumulatedAdditional Other

Common Paid-in Retained ComprehensiveStock Capital Earnings (Loss) Income Total

Balance - December 31, 2012 $ 47,556 $ 1,002,603 $ 137,279 $ (43,574) $ 1,143,864 Net income — — 87,296 — 87,296 Other comprehensive income — — — 10,195 10,195

Total comprehensive income 97,491 Tax effect of share-based compensation — (7) — — (7)Share-based compensation expense — 6,623 — — 6,623 Issuance of common stock, net 865 (1,301) — — (436)Balance - December 31, 2013 $ 48,421 $ 1,007,918 $ 224,575 $ (33,379) $ 1,247,535 Net income — — 107,936 — 107,936 Other comprehensive loss — — — (8,239) (8,239)

Total comprehensive income 99,697 Tax effect of share-based compensation — 786 — — 786 Share-based compensation expense — 18,616 — — 18,616 Issuance of common stock, net 250 (1,379) — — (1,129)Balance - December 31, 2014 $ 48,671 $ 1,025,941 $ 332,511 $ (41,618) $ 1,365,505 Net income — — 45,292 — 45,292 Other comprehensive loss — — — (547) (547)

Total comprehensive income 44,745 Tax effect of share-based compensation — (186) — — (186)Share-based compensation expense — 9,477 — — 9,477 Issuance of common stock, net 402 284 — — 686 Balance - December 31, 2015 $ 49,073 $ 1,035,516 $ 377,803 $ (42,165) $ 1,420,227 The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents 1. Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States of America (“GAAP”) ascodified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company’s interests in constructionjoint ventures are accounted for using the proportionate consolidation method whereby the Company’s proportionate share of each joint venture’s assets, liabilities, revenue and cost ofoperations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based oninformation available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates. (d) Construction Contracts The Company and its affiliated entities recognize construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to datecompared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Pre-contract costs are expensed as incurred. Changes to totalestimated contract cost or losses, if any, are recognized in the period in which they are determined. The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantialcompletion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date as current, consistent with thelength of time of its project operating cycle. For example:

· Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and areclassified as a current asset.

· Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue)

recognized to date and are classified as a current liability. Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contractrevenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to thebilling terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved changeorders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizesrevenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. For claims, these requirements are satisfied u nderASC 605-35-25 when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date andnot the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting theclaim or change order is objective and verifiable.

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Table of Contents Reported cost s and estimated earnings in excess of billings consists of the following

As of December 31,(in thousands) 2015 2014Claims $ 407,164 $ 311,949 Unapproved change orders 270,019 161,375 Other unbilled costs and profits 227,992 253,078 Total costs and estimated earnings in excess of billings $ 905,175 $ 726,402 The prerequisite for billing claims and unapproved change orders is the final resolution and agreement between the parties. The prerequisite for billing other unbilled costs and profitsis provided in the defined billing terms of each of the applicable contracts. The amount of costs and estimated earnings in excess of billings as of December 31, 2015 estimated bymanagement to be collected beyond one year is approximately $353.2 million. (e) Changes in Estimates The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contractprofitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors;on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate;changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and, the expected, or actual, resolution terms for claims.The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist ofrevisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaininganticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract ata later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions inestimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements. (f) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years. (g) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. Insuch circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. ( h ) Recoverability of Goodwill Goodwill is not amortized to earnings, but instead is reviewed for impairment at a reporting unit level annually, or more often if there are indicators between the annual review datesthat signal that impairment is probable. The Civil, Building and Specialty Contractors segments each represent a reporting unit. We perform our annual quantitative impairmentassessment during the fourth quarter of each year using a weighted average of an income and a market approach. The income approach is based on estimated future cash flows for eachreporting unit, which then are discounted to their present value. The market approach is based on assumptions about how market data relates to the Company. The weighting of thesetwo approaches is based on their individual correlation to the economics of each reporting unit. The quantitative assessment performed in 2015 resulted in an estimated fair value foreach of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2015. ( i ) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if there are indicators betweenthe annual review dates that signal that impairment is probable. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an incomeapproach (relief from royalty method). The quantitative assessment performed in 2015 resulted in an estimated fair value for the non-amortizable trade names that exceeded theirrespective net book values; therefore, no impairment charge was necessary for 2015.

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Table of Contents ( j ) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assetsand liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Companyrecognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. ( k ) Earnings Per Share BasicEPSis calculatedbydividingnet incomebytheweighted-averagenumberof commonsharesoutstandingduringtheperiod. Potentially dilutivesecurities includerestrictedstockunitsandstockoptions.DilutedEPSreflectstheassumedexerciseorconversionofalldilutivesecuritiesusingthetreasurystockmethod. ThecalculationsofthebasicanddilutedEPSfortheyearsendedDecember31,2015,2014and2013underthetreasurystockmethodarepresentedbelow:

Year Ended December 31,(in thousands, except per share data) 2015 2014 2013Net income $ 45,292 $ 107,936 $ 87,296

Weighted-average common shares outstanding - basic 48,981 48,562 47,851 Effect of diluted stock options and unvested restricted stock 685 552 738 Weighted-average common shares outstanding - diluted 49,666 49,114 48,589

Net income (loss) per share:Basic $ 0.92 $ 2.22 $ 1.82 Diluted $ 0.91 $ 2.20 $ 1.80

Anti-dilutive securities not included above 1,372 9 860 ( l ) Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. Cash and cash equivalents, as reported in theaccompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general purposes and the Company’s proportionate share of amounts heldby construction joint ventures that are available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash is primarily held to secureinsurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Cash and cash equivalents and restricted cash consisted of the following:

As of December 31,(in thousands) 2015 2014Cash and cash equivalents $ 18,409 $ 40,846 Company's share of joint venture cash and cash equivalents 57,043 94,737 Total cash and cash equivalents $ 75,452 $ 135,583

Restricted cash $ 45,853 $ 44,370 (m) Share-Based Compensation The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including restricted stock units and stock options.Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award onthe date of grant and recognized on a straight-line basis over the requisite service period. ( n ) Insurance Liabilities The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for theamount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, theCompany assumes the risk for the amount

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Table of Contents of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurredusing historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate ofincurred but not reported claims based on data compiled from historical experience. ( o ) Other Comprehensive Income (Loss) ASC220,ComprehensiveIncome,establishesstandardsforreportinganddisplayingcomprehensiveincomeanditscomponentsintheconsolidatedfinancialstatements.TheCompanyreportsthechangeinpensionbenefitplansassets/liabilities,cumulativeforeigncurrencytranslation,changeinfairvalueofinvestmentsandchangeinfairvalueofinterestrateswapascomponentsofaccumulatedothercomprehensiveloss(“AOCI”). Thetaxeffectsofthecomponentsofothercomprehensiveincome(loss)areasfollows:

Year Ended December 31,2015 2014 2013

(in thousands)Before-Tax

Amount

Tax(Expense)

BenefitNet-of-Tax

AmountBefore-Tax

Amount

Tax(Expense)

BenefitNet-of-Tax

AmountBefore-Tax

AmountTax (Expense)

BenefitNet-of-Tax

AmountOther comprehensive income (loss):

Defined benefit pension plan adjustments $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) $ 18,675 $ (7,765) $ 10,910 Foreign currency translation adjustment (5,897) 2,683 (3,214) (1,086) 448 (638) (1,212) 474 (738)Unrealized gain (loss) in fair value of investments 1,123 (357) 766 346 (141) 205 (744) 189 (555)Unrealized gain (loss) in fair value of interest rate swap (37) (88) (125) 594 (245) 349 948 (370) 578

Total other comprehensive income (loss) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) $ 17,667 $ (7,472) $ 10,195 ThechangesinAOCIbalancesbycomponent(after-tax)forthethreeyearsendedDecember31,2015areasfollows :

(in thousands)Defined Benefit Pension

PlanForeign Currency

TranslationUnrealized Gain (Loss) inFair Value of Investments

Unrealized Gain (Loss) inFair Value of Interest Rate

Swap

Accumulated OtherComprehensive Income

(Loss), NetBalance as of December 31, 2012 $ (43,023) $ (13) $ 240 $ (778) $ (43,574)Other comprehensive income (loss) 10,910 (738) (555) 578 10,195 Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379)Other comprehensive income (loss) (8,155) (638) 205 349 (8,239)Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618)Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547)Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165)

There were no reclassifications from AOCI during the three years ended December 31, 2015. ( p ) New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . This ASU addresses when and how an entity should recognize revenue for the transfer of goods and/or services to customers. This ASU is effective for fiscalyear and interim periods within those years beginning after December 15, 2017. The Company is currently evaluating the effect that the adoption of this ASU will have on its financialstatements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) , which amends the consolidation standard and updates the analysis that a reporting entity mustperform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities arevariable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have feearrangements and related party relationships, among other provisions. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15,2015. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements.

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(1)

(1)

Table of Contents In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires that debt issuance costs related to a recognized debt liability bepresented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB also issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements —Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015, EITF Meeting . This update allows an entity to defer and present debt issuance costs related toline-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether thereare any outstanding borrowings on the line-of-credit arrangement. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15,2015. The adoption of these ASUs is not expected to have a material impact on the Company’s financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Subtopic 740-10). This ASU require entities to present all deferred tax assets andall deferred tax liabilities as noncurrent in a classified balance sheet. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016.The Company had $26.3 million of current deferred tax assets and $24.9 million of current deferred tax liabilities as of December 31, 2015, which will be presented as noncurrentupon adoption of this ASU. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic-842) which amends the existing guidance in ASC 840 Leases . This amendment requires the recognition of leaseassets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” toinclude the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initiallease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approachfor determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portionof the lea sed asset’s economic benefits. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company iscurrently evaluating the effect that the adoption of this ASU will have on its financial statements. 2. Consolidated Statement of Cash Flows Below are t he changes in other components of working capital, as shown in the Consolidated Statement of Cash Flows , and the supplemental disclosure of cash paid for interest andincome taxes, as well as non-cash transactions :

Year Ended December 31,(in thousands) 2015 2014 2013Decrease (Increase) in:

Accounts receivable $ 4,734 $ (186,384) $ (62,991)Costs and estimated earnings in excess of billings (178,774) (153,153) (107,983)Other current assets (38,616) (17,450) 25,250

Increase (Decrease) in:Accounts payable 139,290 33,667 59,169 Billings in excess of costs and estimated earnings (30,985) 51,711 (36,835)Accrued expenses (24,426) 2,801 (6,509)

Changes in other components of working capital $ (128,777) $ (268,808) $ (129,899)

Cash paid during the year for:Interest $ 45,055 $ 45,236 $ 41,207 Income taxes $ 35,299 $ 75,494 $ 28,898

Non-cash transactions during the year for:Property and equipment acquired through financing arrangements not included in financing activities $ — $ 816 $ 16,689

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Table of Contents 3. Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1 — quoted prices in active markets for identical assets and liabilitiesLevel 2 — inputs other than Level 1 inputs that are observable, either directly or indirectlyLevel 3 — unobservable inputs

The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurringbasis as of December 31, 2015 and 2014 :

December 31, 2015 December 31, 2014Fair Value Hierarchy Fair Value Hierarchy

(in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3Assets:

Cash and cash equivalents (a) $ 75,452 $ 75,452 $ — $ — $ 135,583 $ 135,583 $ — $ —Restricted cash (a) 45,853 45,853 — — 44,370 44,370 — —Investments in lieu of customer retainage (b) 41,566 35,350 6,216 — 33,224 25,761 7,463 —

Total $ 162,871 $ 156,655 $ 6,216 $ — $ 213,177 $ 205,714 $ 7,463 $ —

Liabilities:Interest rate swap contract (c) $ 45 $ — $ 45 $ — $ 381 $ — $ 381 $ —Contingent consideration (d) — — — — 24,814 — — 24,814

Total $ 45 $ — $ 45 $ — $ 25,195 $ — $ 381 $ 24,814

(a) Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined throughquoted market prices.

(b) Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, themajority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparableinstruments, and as such, the Company has classified these assets as Level 2.

(c) The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and thecounterparty’s credit risk.

(d) Represents earn-out payments for businesses acquired in 2011. The earn-out payments were estimated based on the projected operating results of the acquired businesses. The fairvalue of the earn-out payments was estimated by calculating their present value using discount rates ranging from 14% to 18% .

The following is a summary of changes in Level 3 liabilities during 2015 and 2014 :

Contingent(in thousands) ConsiderationBalance as of December 31, 2013 $ 46,022 Fair value adjustments included in other income (expense), net 5,592 Amount no longer subject to contingency (26,800)Balance as of December 31, 2014 $ 24,814 Fair value adjustments included in other income (expense), net (3,739)Amount no longer subject to contingency (21,075)Balance as of December 31, 2015 $ —

Auction Rate(in thousands) SecuritiesBalance as of December 31, 2013 $ 46,283 Purchases —Settlements (44,497)Realized loss included in other income (expense), net (1,786)Balance as of December 31, 2014 $ —

On April 30, 2014, the Company sold all of its auction rate securities for approximately $44.5 million and recognized a loss of $1.8 million.

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Table of Contents The carrying amount of cash and cash equivalents approximates fair value due to the short-term nature of these items. The carrying values of receivables, payables, other amountsarising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fairvalues of the Senior Notes as of December 31, 2015 and 2014 were $305.6 million and $310.3 million, respectively, compared to the carrying values of $299.0 million and $298.8million, respectively. The fair value of the S enior N otes was calculated using Level 1 inputs based on quoted prices in the active markets for the Senior Notes as of December 31,2015 and 2014 . For other fixed rate debt, fair value is determined using Level 3 inputs based on discounted cash flows for the debt at the Company’s current incremental borrowingrate for similar types of debt. The estimated fair values of other fixed rate debt as of December 31, 2015 and 2014 were $121.7 million and $164.3 million, respectively, compared tothe carrying amounts of $124.7 million and $162.3 million, respectively. The fair value of variable rate debt, which includes the Revolving Credit Facility and the Term Loan,approximated its carrying value of $399.7 million and $404.3 million as of December 31, 2015 and 2014 , respectively. 4. Goodwill and Other Intangible Assets The following table presents the changes in the carrying amount of goodwill allocated to the Company’s reporting units for the periods presented:

Specialty(in thousands) Civil Building Contractors TotalBalance as of December 31, 2013 $ 415,358 $ 13,455 $ 148,943 $ 577,756 2014 activity — — 7,250 7,250 Balance as of December 31, 2014 $ 415,358 $ 13,455 $ 156,193 $ 585,006 2015 activity — — — —Balance as of December 31, 2015 $ 415,358 $ 13,455 $ 156,193 $ 585,006

(a) Balances presented include historical accumulated impairment of $76.7 million for the Civil segment and $411.3 million for the Building segment.(b) In the second quarter of 2014, the Company made an acquisition-related adjustment for a small fire protection systems contractor which was acquired in September 2013 . The following table presents the carrying value and accumulated amortization, as appropriate, of intangible assets other than goodwill for the periods presented :

As of December 31, 2015 As of December 31, 2014Gross Net Gross Net

Carrying Accumulated Carrying Carrying Accumulated Carrying(in thousands) Value Amortization Value Value Amortization ValueTrade names (non-amortizable) $ 50,410 $ N/A $ 50,410 $ 50,410 $ N/A $ 50,410

Trade names (amortizable) 51,118 (11,316) 39,802 51,118 (8,829) 42,289

Customer relationships 23,155 (16,827) 6,328 23,155 (15,600) 7,555 Total $ 124,683 $ (28,143) $ 96,540 $ 124,683 $ (24,429) $ 100,254

(a) The weighted-average amortization period for amortizable trade names and customer relationships is 20 years and 11 years, respectively.

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(a)

(b)

(a)

(a)

(a)

(a)

Table of Contents Amortization expense related to amortizable intangible assets for the years ended December 31, 2015 , 2014 and 2013 totaled $3.7 million, $13.5 million and $13.1 million,respectively. The amortization expense for the years ended December 31, 2014 and 2013 includes amortization of construction contract backlog, which was fully amortized as ofDecember 31, 2014 . Future amortization expense related to amortizable intangible assets is as follows:

Fiscal Year (in millions)2016 $ 3.5 2017 3.5 2018 3.5 2019 3.5 2020 3.5 Thereafter 28.6

Total $ 46.1 5. Financial Commitments Long- T erm Debt Long-term debt consists of the following:

December 31,(in thousands) 2015 2014Senior Notes ( $300,000 face, less unamortized discount of $933 and $1,223 ) $ 299,067 $ 298,777 Revolving Credit Facility 158,000 130,000 Term Loan 223,750 242,500 Equipment financing, mortgages and acquisition-related notes 133,288 183,202 Other indebtedness 9,343 10,880 Total debt 823,448 — 865,359

Less – current maturities (88,917) (81,292)Long-term debt, net $ 734,531 $ 784,067 Senior Notes In October 2010, the Company issued $300 million of 7.625% senior unsecured notes (the “Senior Notes”) due November 1, 2018, in a private offering exempt from the registrationrequirements of the Securities Act of 1933. The Company received net proceeds of $293.2 million from the issuance, after discounts and issuance costs. The Senior Notes payinterest semi-annually on May 1 and November 1 of each year. The Company may redeem these notes at a redemption price equal to 101.9 percent of their principal amount prior toOctober 31, 2016 and subsequently without a redemptio n premium. However, if a change of control triggering event occurs, as defined by the terms of the indenture, the Company isrequired to offer to redeem the notes at a redemption price equal to 101 percent of their principal amount. At the date of any redemption, any accrued and unpaid interest is also due. The Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guaranteeobligations under the Company’s Credit Agreement as defined below . In addition, the indenture for the Senior Notes provides for customary events of default such as restrictions onthe payment of dividends and share repurchases. Credit Agreement – Revolving Credit Facility and Term Loan In June 2014, the Company entered into a Sixth Amended and Restated Credit Agreement (the “Original Facility”), restructuring its former $300 million Revolving Credit Facility and$200 million Term Loan and providing for a $300 million revolving credit facility (the “Original Revolver") and a $250 million term loan (the “Original Term Loan”), both maturingon June 5, 2019. Principal on the Original Term Loan was originally payable on a quarterly basis beginning on September 30, 2014, with approximate aggregate principal paymentsfor each year ending December 31, as follows: $7 million in 2014, $19 million in 2015, $26 million in 2016, $34 million in 2017, $41 million in 2018 and $123 million in 2019. TheCompany may repay all borrowings under the Original Facility at any time before maturity without penalty. Interest on the Original Revolver depended on how the Company utilized the facility to meet its liquidity needs. As a result, the interest rate could equal either Bank of America’sprime lending rate, plus an applicable margin, or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin, ranging from either 1.25% to 2.00% or 2.25% to 3.00% ,based on a pricing tier utilizing the Company’s consolidated leverage ratio. Similarly, the interest rate on the Original Term Loan was equal to LIBOR plus an applicable marginranging from 1.25% to 2.00% . The Company also has an interest rate swap agreement with a notional amount of

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Table of Contents $25 million that effectively converted interest on $25 million of the debt from a variable rate to a fixed rate of 0.975% . The swap expires in June 2016, and there is no requirementunder the Original Facility to enter into an additional swap agreement at that time. The Original Facility provides a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million. The Original Facility also allowed the Company to either increase the Original Facility or establish one or more new term loan commitments (an accordion feature), up to an aggregateamount not to exceed $300 million. Amended Credit Agreement On February 26, 2016, we entered into Waiver and Amendment No. 1 (the “Amendment”) to the Original Facility (collectively, the “Credit Facility”) with Bank of America, N.A., asAdministrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. As a result of the Company’s financial results for the fiscal year ended December 31, 2015,which included the previously reported $23.9 million non-cash, pre-tax charge from an adverse ruling on the Brightwater litigation matter in the third quarter as well as $45.6 millionof pre-tax charges in the third and fourth quarters for Five Star Electric, the Company was not in compliance with the required consolidated leverage ratio and consolidated fixedcharge coverage ratio under the Original Facility, which are both calculated on a rolling four quarter basis. In the Amendment, the lenders waived these covenant violations andmodified certain provisions of the Original Facility. The Credit Facility provides for a $300 million revolving credit facility (the “Revolver”) and a $250 million term loan (the “Term Loan”). As a result of the Amendment, both theRevolver and the Term Loan will now mature on May 1, 2018. The Term Loan principal payments have been modified to include certain additional principal payments which will beapplied against the balloon payment (discussed below). Borrowings under the Revolver bear interest, based either on Bank of America’s prime lending rate, plus an applicable margin,or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin. Borrowings under the Term Loan bear interest based on LIBOR plus an applicable margin. Under theterms of the Amendment, for so long as the Company’s consolidated leverage ratio is greater than 3.5 to 1.0, it will not be permitted to make LIBOR-based borrowings and will besubject to an increased interest rate on borrowings, with such rate being 100 basis points higher than the highest rate under the Original Facility while the Company’s consolidatedleverage ratio is greater than 3.5 to 1.0 but not more than 4.0 to 1.0, and an additional 100 basis points higher while the Company’s consolidated leverage ratio is greater than 4.0 to1.0. The Company also will be subject to increased commitment fees at these higher leverage ratio levels. In addition, until the Company’s consolidated leverage ratio goes below 3.5to 1.0, LIBOR-based borrowings will convert to base rate borrowings. The Amendment provides for the exclusion of the impact of the Brightwater litigation matter from thecalculation of the Company’s consolidated leverage ratio and consolidated fixed charge coverage ratio. Interest payments will be due on a monthly basis, rather than a quarterly basis.If the Company is in compliance with the leverage and fixed charge ratio covenants provided in the Original Facility as of December 31, 2016, interest payments will again be due ona quarterly basis thereafter. The Amendment also removes the accordion feature of the Original Facility, which would have allowed, as noted above, either an increase of $300 millionin the Revolver or the establishment of one or more new term loan commitments. The Amendment also modifies several of the covenants in the Original Facility, including the Company’s maximum allowable consolidated leverage ratio to be at 4.25 :1.00 in thefirst quarter of 2016, stepping down to 4.0 :1.0 in the second and third quarters of 2016 and then returning to the Original Facility’s range of 3.25 :1.00 to 3.00 :1.00 beginning with thefourth quarter of 2016. The Credit Facility will continue to require the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.25 :1.00. Other usual andcustomary covenants for credit facilities of this type (such as, restrictions on the payment of dividends and share repurchases) were included in the Original Facility (subject to certainmodifications made in the Amendment), while the Amendment adds covenants regarding the Company’s liquidity, including a cap on the cash balance in the Company’s bank accountand a weekly minimum liquidity requirement (based on specified available cash balances and availability under the Revolver). The Amendment also requires the Company to achievecertain quarterly cash collection milestones and increases the lenders’ collateral package. Beginning in the fourth quarter of 2016, the Company will be required to make quarterlyprincipal payments towards the Term Loan balloon payment, based on a percentage of certain forecasted cash collections for the prior quarter, in addition to the scheduledamortization payments of the Original Facility. Substantially all of the Company’s subsidiaries unconditionally guarantee our obligations under the Credit Facility. The obligations under the Credit Facility are secured by a lien onsubstantially all real and personal property of the Company and its subsidiaries party thereto. Under the Amendment, the Company agreed to increase the lenders’ collateral package,including by pledging to the lenders (i) the equity interests of each direct domestic subsidiary of the Company and (ii) 65% of the stock of each material first-tier foreign restrictedsubsidiary of the Company. The Term Loan balance was $223.8 million at December 31, 2015. The next quarterly Term Loan payment under the Credit Facility is due and payable in March of 2016.

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Table of Contents We had $158.0 million of outstanding borrowings under our Revolver as of December 31, 2015 and $130.0 million of outstanding borrowings under our Revolver as of December 31,2014. We utilized the Revolver for letters of credit in the amount of $0.2 million as of December 31, 2015 and $1.0 million under the Revolver as of December 31, 2014. Accordingly,as of December 31, 2015, we had $141.8 million available to borrow under the Revolver. There were no other material changes in our contractual debt obligations as of December 31, 2015. As of the filing date of this Form 10-K and giving effect to the Amendment, we arein compliance with the modified financial covenants under the Credit Facility. Equipment F inancing, M ortgages and A cquisition -R elated N ote s The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the asset s purchased. The aggregate balance of equipmentfinancing loans was approximately $70.6 million and $102.0 million at December 31, 2015 and 2014, respectively, with interest rates ranging from 2.12% to 4.85% with schedulescalling for equal principal and interest payments over periods up to five years. The aggregate balance of transportation-equipment financing loans was approximately $45.0 millionand $40.6 million at December 31, 2015 and 2014 , respectively, with interest rates ranging from a fixed 3.35% to LIBOR plus 3% and equal monthly installment payments overperiod s up to ten years and balloon payments of $12.4 million in 2021 and $6.15 million in 2022 on the remaining loans outstanding at December 31, 2015 . The aggregate balanceof mortgage loans was approximately $17.7 million and $18.9 million at December 31, 2015 and 2014 , respectively, with interest rates based on LIBOR plus applicable margins up to3% or prime less 1.0% , depending on the loan, and equal monthly installment payments over periods up to ten years with additional balloon payments of $5.6 million in 2016 , $2.6million in 2018 and $6.7 million in 2023 . During 2011, the Company issued approximately $21.7 million of 5% promissory notes in conjunction with an acquisition. The Company paid all outstanding principal and accruedinterest on these notes in 2015. The following table presents the future p rincipal payments required under all of the Company’s debt obligations , discussed above, including the terms of the Amendment.

Fiscal Year (in thousands)2016 $ 88,917 2017 124,008 2018 407,575 2019 169,790 2020 4,824 Thereafter 28,334

$ 823,448 Leases The Company leases certain construction equipment, vehicles and office space under non-cancelable operating leases. Future minimum rent payments under non-cancelable operatingleases as of December 31, 2015 are as follows:

Fiscal Year (in thousands)2016 $ 26,819 2017 19,958 2018 15,478 2019 10,549 2020 8,923 Thereafter 24,927

Subtotal $ 106,654

Less - Sublease rental agreements (3,833)Total $ 102,821

Rental expense under operating leases of construction equipment, vehicles and office space was $17.4 million in 2015 , $24.4 million in 2014 and $ 18.5 million in 2013 .

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Table of Contents 6 . Income Taxes Income before taxes is summarized as follows:

Year Ended December 31,(in thousands) 2015 2014 2013United States Operations $ 69,822 $ 170,517 $ 127,682 Foreign Operations $ 4,017 $ 16,921 $ 11,933 Total $ 73,839 $ 187,438 $ 139,615

The provision for income taxes is as follows:

Year Ended December 31,(in thousands) 2015 2014 2013Current expense:

Federal $ 5,465 $ 45,074 $ 29,034 State (362) 11,174 9,018 Foreign 1,126 3,203 4,256

Total current 6,229 59,451 42,308

Deferred (benefit) expense:Federal 19,583 9,992 9,547 State 2,735 10,059 577 Foreign — — (113)

Total deferred 22,318 20,051 10,011 Total provision $ 28,547 $ 79,502 $ 52,319

The following table is a reconciliation of the Company’s provision for income taxes at the statutory rates to the provision for income taxes at the Company’s effective rate.

2015 2014 2013(dollars in thousands) Amount Rate Amount Rate Amount RateFederal income expense at statutory tax rate $ 25,844 35.0 % $ 65,603 35.0 % $ 48,865 35.0 %State income taxes, net of federal tax benefit 1,250 1.7 10,367 5.5 6,236 4.5 Officers' compensation 2,900 3.9 3,657 2.0 1,732 1.2 Domestic Production Activities Deduction (1,499) (2.0) (5,170) (2.8) (3,641) (2.6)Impact of state tax rate changes on deferreds 2,435 3.3 3,245 1.7 — —Other (2,383) (3.2) 1,800 1.0 (873) (0.6)Provision for income taxes $ 28,547 38.7 % $ 79,502 42.4 % $ 52,319 37.5 %

The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2015 were significantly impacted by a favorable discrete item related to the reversalof FIN 48 reserves due to the resolution of certain state tax matters. The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2014 weresignificantly impacted by a shift in revenue to projects in higher state tax jurisdictions , causing an increase in the state tax rate. The increase in state tax rate was applied to deferredtax balances , which further increased the effective rate. Higher non ‑deductible compensation expense also contributed to this increase.

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Table of Contents The following is a summary of the significant components of the deferred tax assets and liabilities:

December 31,(in thousands) 2015 2014Deferred Tax AssetsTiming of expense recognition $ 58,048 $ 47,017 Net operating losses 3,564 2,188 Other, net 114,225 6,980

Deferred tax assets 175,837 56,185 Valuation allowance (460) (1,369)Net deferred tax assets 175,377 54,816

Deferred Tax LiabilitiesIntangible assets, due primarily to purchase accounting (99,549) (26,094)Fixed assets, due primarily to purchase accounting (101,022) (90,886)Construction contract accounting (7,530) (6,854)Joint ventures - construction (27,604) (30,654)Other (62,494) (10,012)

Deferred tax liabilities (298,199) (164,500)

Net deferred tax liability $ (122,822) $ (109,684)

T h e n et d e f e rr ed tax lia b ili t y i s cla ss i f ied i n t h e C o ns o li d at e d B ala n ce S h eets b a s ed o n w h en t h e f u t u r e tax b e n e f it or e x p e ns e is e x p ected to b e r e alized as f o ll o w s :

December 31,(in thousands) 2015 2014Current deferred tax asset $ 26,306 $ 17,962 Long-term deferred tax asset 149,071 36,854 Current deferred tax liability (24,889) (14,129)Long-term deferred tax liability (273,310) (150,371)

Net deferred tax liability $ (122,822) $ (109,684) T he Company had a valuation allowance of $0.5 million and $1.4 million as of December 31, 2015 and 2014, respectively, for federal and state capital loss carryforwards as theultimate utilization of this item was not likely. The Company has not provided for deferred income taxes or foreign withholding tax on basis differences in its non-U.S. subsidiaries that result from undistributed earningsaggregating $12.1 million which the Company has the intent and the ability to reinvest in its foreign operations. Generally, the U.S. income taxes imposed upon repatriation ofundistributed earnings would be reduced by foreign tax credits from foreign income taxes paid on the earnings. Determination of the deferred income tax liability on these basisdifferences is not reasonably estimable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penaltiesare added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2015 that, if recognized, would affectthe effective tax rate is $3.6 million. During 2014 , the Company recognized a net increase of $2.2 million in liabilities. The amount of gross unrecognized tax benefits as of December31, 2014 was $7.6 million. During 2013, the Company recognized a net increase of $1.4 million in liabilities. The amount of gross unrecognized tax benefits as of December 31,2013 was $5.5 million in liabilities . The Company does not expect any significant release of unrecognized tax benefits within the next twelve months.

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Table of Contents The Company accounts for its uncertain tax positions in accordance with GAAP. A reconciliation of the beginning and ending amounts of these tax benefits for the two years endedDecember 31, 2015 is as follows:

As of December 31,(in thousands) 2015 2014 2013Beginning balance $ 7,636 $ 5,459 $ 4,023

Change in tax positions of prior years (3,073) 426 182 Change in tax positions of current year 169 2,929 1,254 Reduction in tax positions for statute expirations (1,120) (1,178) —

Ending Balance $ 3,612 $ 7,636 $ 5,459

We conduct business internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly,in the normal course of business, we are subject to examination by taxing authorities principally throughout the United States, Guam and Canada. We are no longer under examinationby the taxing authority regarding any U.S. federal income tax returns for years before 2011 while the years open for examination under various state and local jurisdictions vary. 7. Contingencies and Commitments The Company and certain of its subsidiaries are involved in litigation and are contingently liable for commitments and performance guarantees arising in the ordinary course ofbusiness. The Company and certain of its customer s have made claims arising from the performance under their contracts. The Company recognizes certain significant claims forrecovery of incurred cost when it is probable that the claim will result in additional contract revenue and when the amount of the claim can be reliably estimated. These assessmentsrequire judgments concerning matters such as litigation developments and outcomes, the anticipated outcome of negotiations, the number of future claims and the cost of both pendingand future claims. In addition, because most contingencies are resolved over long periods of time, liabilities may change in the future due to various factors. Several matters are in the litigation and dispute resolution process and represent contingent losses or gains to the Company. The following discussion provides a background andcurrent status of the more significant matters. Tutor-Saliba-Perini Joint Venture vs. Los Angeles MTA Matter During 1995, Tutor-Saliba-Perini (“Joint Venture”) filed a complaint in the Superior Court of the State of California for the County of Los Angeles against the Los Angeles CountyMetropolitan Transportation Authority (“LAMTA”), seeking to recover costs for extra work required by LAMTA in connection with the construction of certain tunnel and stationprojects, all of which were completed by 1996. In 1999, LAMTA countered with civil claims under the California False Claims Act against the Joint Venture, Tutor-Saliba and PeriniCorporation jointly and severally (together, “TSP”), and obtained a judgment that was reversed on appeal and remanded for retrial before a different judge. Between 2005 and 2010, the court granted certain Joint Venture motions and LAMTA capitulated on others, which reduced the number of false claims LAMTA may seek and limitedLAMTA’s claims for damages and penalties. In September 2010, LAMTA dismissed its remaining claims and agreed to pay the entire amount of the Joint Venture’s remaining claimsplus interest. In the remanded proceedings, the Court subsequently entered judgment in favor of TSP and against LAMTA in the amount of $3.0 million after deducting $0.5 million,representing the tunnel handrail verdict plus accrued interest against TSP. The parties filed post-trial motions for costs and fees. The Court ruled that TSP’s sureties could recovercosts, LAMTA could recover costs for the tunnel handrail trial and no party could recover attorneys’ fees. TSP appealed the false claims jury verdict on the tunnel handrail claim andother issues, including the denial of TSP’s and its sureties’ request for attorneys’ fees. LAMTA subsequently filed its cross-appeal. In June 2014, the Court of Appeal issued itsdecision reversing judgment on the People’s Unfair Competition claim and reversing the denial of TSP’s Sureties’ request for attorney’s fees and affirming the remainder of thejudgment. In January 2015, payment was made by LAMTA in the amount of $3.8 million in settlement of all outstanding issues except for the attorney’s fees for TSP’s Sureties. On May 1, 2015, TSP’s Surety’s motions for attorney’s fees were heard, and the Court issued its written ruling on May 5, 2015 in favor of TSP’s Sureties for a total award of $2.1million. The Court denied adding interest onto these amounts. On June 26, 2015, payment was made by LAMTA for these amounts, which was received by TSP. Based on the Court’sdecision, the Company wrote off the remaining booked position, which was immaterial to its consolidated financial statements. On June 23, 2015, TSP’s Sureties filed a Notice ofAppeal challenging the amount awarded to seek an increase. The appeal remains pending while the Court prepares the trial record for the Court of Appeal . However, the Companydoes not expect the ultimate resolution of this matter to have a material effect on its consolidated financial statements.

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Table of Contents Long Island Expressway/Cross Island Parkway Matter The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange project for the New York State Department of Transportation (the “NYSDOT”). The $130million project was substantially completed in January 2004 and was accepted by the NYSDOT as finally complete in February 2006. The Company incurred significant added costsin completing its work and suffered extended schedule costs due to numerous design errors, undisclosed utility conflicts, lack of coordination with local agencies and otherinterferences for which the Company believes the NYSDOT is responsible. In March 2011, the Company filed its claim and complaint with the New York State Court of Claims and served to the New York State Attorney General’s Office, seeking damages inthe amount of $53.8 million. In May 2011, the NYSDOT filed a motion to dismiss the Company’s claim on the grounds that the Company had not provided required documentationfor project closeout and filing of a claim. In September 2011, the Company reached agreement on final payment with the Comptroller’s Office on behalf of the NYSDOT whichresulted in an amount of $0.5 million payable to the Company and formally closed out the project allowing the Company to re-file it s claim. The Company re-filed its claim in theamount of $53.8 million with the NYSDOT in February 2012 and with the Court of Claims in March 2012. In May 2012, the NYSDOT served its answer and counterclaims in theamount of $151 million alleging fraud in the inducement and punitive damages related to disadvantaged business enterprise (“DBE”) requirements for the project. The Courtsubsequently ruled that NYSDOT’s counterclaims may only be asserted as a defense and offset to the Company’s claims and not as affirmative claims. In November 2014, theAppellate Division First Department affirmed the dismissal of the City’s affirmative defenses and counterclaims based on DBE fraud. The Company does not expect the counterclaimsto have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become knownor the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. Fontainebleau Matter Desert Mechanical Inc. (“DMI”) and Fisk Electric Company (“Fisk”), wholly owned subsidiaries of the Company, were subcontractors on the Fontainebleau Project in Las Vegas(“Fontainebleau”), a hotel/casino complex with approximately 3,800 rooms. In June 2009, Fontainebleau filed for bankruptcy protection, under Chapter 11 of the U.S. BankruptcyCode, in the Southern District of Florida. Fontainebleau is headquartered in Miami, Florida. DMI and Fisk filed liens in Nevada for approximately $44 million, representing unreimbursed costs to date and lost profits, including anticipated profits. Other unaffiliatedsubcontractors have also filed liens. In June 2009, DMI filed suit against Turnberry West Construction, Inc., the general contractor, in the 8th Judicial District Court, Clark County,Nevada, and in May 2010, the court entered an order in favor of DMI for approximately $45 million. In January 2010, the Bankruptcy Court approved the sale of the property to Icahn Nevada Gaming Acquisition, LLC, and this transaction closed in February 2010. As a result of aJuly 2010 ruling relating to certain priming liens, there was approximately $125 million set aside from this sale, which is available for distribution to satisfy the creditor claims basedon seniority. At that time, the total estimated sustainable lien amount was approximately $350 million. The project lender filed suit against the mechanic’s lien claimants, includingDMI and Fisk, alleging that certain mechanic’s liens are invalid and that all mechanic’s liens are subordinate to the lender’s claims against the property. The Nevada Supreme Courtruled in October 2012 in an advisory opinion at the request of the Bankruptcy Court that lien priorities would be determined in favor of the mechanic lien holders under Nevada law. In October 2013, a settlement was reached by and among the Statutory Lienholders and the other interested parties. The agreed upon settlement has not had an impact on theCompany’s recorded accounting position as of the year ended December 31, 2015 . The execution of that settlement agreement continues under the supervision of a mediatorappointed by the Bankruptcy Court. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become knownor the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Honeywell Street/Queens Boulevard Bridges Matter In 1999, the Company was awarded a contract for reconstruction of the Honeywell Street/Queens Boulevard Bridges project for the City of New York (the “City”). In June 2003, aftersubstantial completion of the project, the Company initiated an action to recover $8.8 million in claims against the City on behalf of itself and its subcontractors. In March 2010, theCity filed counterclaims for $74.6 million and other relief, alleging fraud in connection with the DBE requirements for the project. In May 2010, the Company served the City with itsresponse to the City’s counterclaims and affirmative defenses. In August 2013, the Court granted the Company’s motion to dismiss the City’s affirmative defenses and counterclaimsrelating to fraud. In September 2013, the City filed a Notice of Appeal to

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Table of Contents the Court’s decision; said appeal was dismissed by the Appellate Court in November 2014. Discovery is ongoing and is expected to conclude in early 2016. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Westgate Planet Hollywood Matter Tutor-Saliba Corporation (“TSC”), a wholly owned subsidiary of the Company, contracted to construct a time share development project in Las Vegas which was substantiallycompleted in December 2009. The Company’s claims against the owner, Westgate Planet Hollywood Las Vegas, LLC (“WPH”), relate to unresolved owner change orders and otherclaims. The Company filed a lien on the project in the amount of $23.2 million, and filed its complaint with the District Court, Clark County, Nevada. Several subcontractors have alsorecorded liens, some of which have been released by bonds and some of which have been released as a result of subsequent payment. WPH has posted a mechanic’s lien release bondfor $22.3 million. WPH filed a cross-complaint alleging non-conforming and defective work for approximately $51 million, primarily related to alleged defects, misallocated costs, and liquidateddamages. WPH revised the amount of their counterclaims to approximately $45 million. Following multiple post-trial motions, final judgment was entered in this matter on March 20, 2014. TSC was awarded total judgment in the amount of $19.7 million on its breach ofcontract claim, which includes an award of interest up through the date of judgment, plus attorney’s fees and costs. WPH has paid $0.6 million of that judgment. WPH was awardedtotal judgment in the amount of $3.1 million on its construction defect claims, which includes interest up through the date of judgment. The awards are not offsetting. WPH and itsSureties have filed a notice of appeal. TSC has filed a notice of appeal on the defect award. In July 2014, the Court ordered WPH to post an additional supersedeas bond on appeal, inthe amount of $1.7 million, in addition to the lien release bond of $22.3 million, which increases the security up to $24.0 million. The Nevada Supreme Court is anticipated to rule onthis matter during the first quarter of 2016. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Management has made an estimate of the totalanticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claimsettlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Brightwater Matter In 2006, the Department of Natural Resources and Parks Wastewater Treatment Division of King County (“King County”), as Owner, and Vinci Construction Grands Projects/ParsonsRCI/Frontier-Kemper, Joint Venture (“VPFK”), as Contractor, entered into a contract to construct the Brightwater Conveyance System and tunnel sections in Washington State.Frontier-Kemper, a 20% minority partner in the joint venture, is a wholly owned subsidiary of the Company that was acquired in June 2011. In April 2010, King County filed a lawsuit alleging damages in the amount of $74 million, plus costs, for VPFK’s failure to complete specified components of the project in the KingCounty Superior Court, State of Washington. Shortly thereafter, VPFK filed a counterclaim in the amount of approximately $75 million, seeking reimbursement for additional costsincurred as a result of differing site conditions, King County’s defective specifications, and for damages sustained on VPFK’s tunnel boring machines (“TBM”), and increased costs asa result of hyperbaric interventions. VPFK’s claims were presented to a Dispute Resolution Board who generally found that King County was liable to VPFK for VPFK’s claims forencountering differing site conditions, including damages to the TBM, but not on claims related to defective design specifications. From June through August 2012, each party filedseveral motions for summary judgment on certain claims and requests in preparation for trial, which were heard and ruled upon by the Court. The Court granted and denied variousrequests of each party related to evidence and damages. In December 2012, a jury verdict was received in favor of King County in the amount of $155.8 million and a verdict in favor of VPFK in the amount of $26.3 million. In late April2013, the Court ruled on post-trial motions and ordered VPFK’s sureties to pay King County’s attorneys’ fees and costs in the amount of $14.7 million. All other motions were denied.On May 7, 2013, VPFK paid the full verdict amount and the associated fees, thus terminating any interest on the judgment. VPFK’s notice of appeal was filed on May 31, 2013. KingCounty has appealed approximately $17.0 million of the verdict award in VPFK’s favor and VPFK’s sureties have appealed the Court’s order granting King County’s request for legalfees and costs. Oral argument was held on March 9, 2015. The Company received notice on November 9, 2015, that the Court of Appeals of the State of Washington filed their decision that day, which affirmed the trial court’s judgment anddenied the appeals brought forth by both VPFK and King County. Management booked the impact of this judgment during the third quarter of 2015, resulting in a non-cash, pre-taxcharge of $23.9 million. The Court granted King County’s request for recovery of reasonable attorney fees and appellate costs but did not quantify an amount. The Company does notexpect the award of attorney fees, while not specifically determinable, to have a material financial impact on its consolidated financial statements.

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Table of Contents 156 Stations Matter In December 2003, Five Star Electric Corporation (“FSE”), a wholly owned subsidiary of the Company, entered into an agreement with the Prime Contractor Transit Technologies,L.L.C . , a Consortium member of Siemens Transportation Transit Technologies, L.L.C . , to assist in the installation of new public address and customer information screens systemfor each of the 156 stations for the New York City Transit Authority as the owner. In June 2012, an arbitration panel awarded FSE a total of approximately $11.9 million. Subsequently, the Court affirmed FSE’s position ; however, it decided that only $8.5 million ofthe total arbitration award of $11.9 million can be recovered against the payment bond. In December 2014, FSE filed its reply for the motion for re-argument with regard to thereduction in recoverable costs against the payment bond. This matter was fully settled in April 2015 and payment was received. The settlement amount was consistent with the Company’s recorded position and, accordingly, the settlementdid not have a material impact on the Company’s consolidated financial statements. U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter Rudolph and Sletten, Inc. (“R&S”), a wholly owned subsidiary of the Company, entered into a contract with the United States Department of Commerce, National Oceanic andAtmospheric Administration (“NOAA”) for the construction of a 287,000 square-foot facility for NOAA’s Southwest Fisheries Science Center Replacement Headquarters andLaboratory in La Jolla, California. The contract work began on May 24, 2010, and was substantially completed in September 2012. R&S incurred significant additional costs as aresult of a design that contained errors and omissions, NOAA’s unwillingness to correct design flaws in a timely fashion and a refusal to negotiate the time and pricing associated withchange order work. R&S has filed three certified claims against NOAA for contract adjustments related to the unresolved Owner change orders, delays, design deficiencies and other claims. The FirstCertified Claim was submitted on August 20, 2013, in the amount of $26.8 million ("First Certified Claim") and the Second Certified Claim was submitted on October 30, 2013, in theamount of $2.6 million ("Second Certified Claim") and the Third Certified Claim was submitted on October 1, 2014 in the amount of $0.7 million (“Third Certified Claim”). NOAA requested an extension to issue a decision on the First Certified Claim and on the Third Certified Claim, but did not request an extension of time to review the Second CertifiedClaim. On January 6, 2014, R&S filed suit in the United States Federal Court of Claims on the Second Certified Claim plus interest and attorney's fees and costs. This was followed bya submission of a lawsuit on the First Certified Claim on July 31, 2014. In February 2015 , the Court denied NOAA’s motion to dismiss the Second Certified Claim. In March 2015 ,the Contracting Officer issued decisions on all Claims accepting a total of approximately $1.0 million of claims and denying approximately $29.5 million of claims. On April 14,2015, the Court consolidated the cases and has commenced discovery through mid- 2016. No trial date has been set. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become knownor the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Five Star Electric Matter In the third quarter of 2015 , Five Star Electric Corp ("Five Star"), a subsidiary of the Company that was acquired in 2011, entered into a tolling agreement related to an ongoinginvestigation being conducted by the United States Attorney for the Eastern District of New York (“USAO EDNY”). The tolling agreement extended the statute of limitations to avoidthe expiration of any unexpired statute of limitations while the investigation is pending. Five Star has been cooperating with the USAO EDNY since late June 2014, when it was firstmade aware of the investigation, and has been providing information related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and, inaddition, most recently information regarding certain of Five Star’s employee compensation, benefit and tax practices. The investigation covers the period of 2005-2014. The Company cannot predict the ultimate outcome of the investigation and cannot accurately estimate any potential liability that Five Star or the Company may incur or the impact ofthe results of the investigation on Five Star or the Company. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington StateDepartment of Transportation ("WSDOT") for the construction of a large diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct,also known as State Route 99.

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Table of Contents The construction of the large diameter bored tunnel requires the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as awell casing for an exploratory well. The TBM was damaged and was required to be shut down for repair. STP has asserted that the steel pipe casing was a differing site condition thatWSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I differing sitecondition. WSDOT has not accepted that finding. The TBM is insured under a Builder’s Risk Insurance Policy (“the Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STPsubmitted the claims to the insurer and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the KingCounty Superior Court, State of Washington seeking declaratory relief concerning contract interpretation as well as damages as a result of the Insurers’ breach of its obligations underthe terms of the Policy, and added WSDOT as a defendant since WSDOT is an insured under the Policy and had filed its own claim for damages. In August 2015, the Insurers filed acomplaint in the Supreme Court, State of New York County seeking declaratory relief concerning contract interpretation. The Court in New York has stayed the Insurers’ lawsuitpending a decision from the Washington State Court. In October 2015, WSDOT filed a complaint against STP in the King County Superior Court, State of Washington for breach of contract and declaratory relief concerning contractinterpretation. As of December 2015, the Company has concluded that the potential for a material adverse financial impact due to the Insurer’s and WSDOT’s respective legal actions are neitherprobable nor remote. Management has made an estimate of the total anticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent newfacts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. 8. Share-Based Compensation

The Company’s executive share-based compensation plan provides for various types of share-based grants, including restricted stock units and stock options. Restricted stock unitsgive the holder the right to exchange their restricted stock units for shares of the Company’s common stock on a one -for- one basis. Stock options give the holder the right to purchaseshar es of the Company’s common stock at an exercise price equal to the fair value of the Company’s common stock on the date of the stock option’s award. Awards are usuallysubject to certain service and performance conditions and may not be sold or otherwise transferred until those restrictions have been satisfied. The term for stock options is limited to10 years from the date of grant. As of December 31, 2015 , there were 489,022 shares available to be granted under the Company’s share-based compensation plan. Many of theawards under the plan allow for the fractional earning of the entire award based on achieving separate vesting criteria for separate performance periods . The Company accounts foreach fractional portion of these awards as a separate grant, with the grant date established at the date when the performance target for a given period is set and communicated to thegrantee . A s of December 31, 2015 , there were 754,500 restricted stock units and 722,000 stock options that have been awarded, but are not yet granted.

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Table of Contents The following table summarizes restricted stock unit and stock option activity:

Restricted Stock Units Stock OptionsWeighted-Average

Grant Date Weighted-AverageFair Value Exercise/(Strike)

Number Per Share Number Price Per Share

Outstanding as of December 31, 2012 1,141,666 $ 18.12 1,315,465 $ 18.91 Granted 246,668 19.87 200,000 20.80 Expired or forfeited (176,667) 13.66 (140,000) 13.04 Vested/exercised (849,999) 19.91 (80,465) 13.16

Outstanding as of December 31, 2013 361,668 $ 17.30 1,295,000 $ 20.20 Granted 996,597 27.10 714,000 18.40 Expired or forfeited (20,000) 24.77 - -Vested/exercised (281,668) 16.76 (20,000) 12.54

Outstanding as of December 31, 2014 1,056,597 $ 26.54 1,989,000 $ 19.63 Granted 321,500 23.07 259,000 16.07 Expired or forfeited (281,560) 23.89 (250,000) 15.97 Vested/exercised (370,940) 27.07 - -

Outstanding as of December 31, 2015 725,597 $ 25.28 1,998,000 $ 19.62 The fair value of restricted stock units that vested during 2015 , 2014 and 2013 was approximately $8.0 million, $8.0 million and $17.5 million, respectively. The aggregate intrinsicvalue, representing the difference between the market value on the date of exercise and the option price of the stock options exercised during 2014 and 2013 was $0.3 million and$0.6 million, respectively. As of December 31, 2015 , the balance of unamortized restricted stock and stock option expense was $7.5 million and $1.9 million, respectively, which willbe recognized over weighted-average periods of 1.6 years for restricted stock units and 1.4 years for stock options. The 1,998,000 outstanding stock options as of December 31, 2015 had an intrinsic value of $3.0 million and a weighted-average remaining contractual life of 4.9 years . O f thoseoutstanding options : 1) 1,485,000 were exercisable with an intrinsic value of $1.6 million, a weighted-average exercise price of $19.57 per share and a weighted-average remainingcontractual life of 4.0 years; and 2) 513,000 have been granted but have not vested, of which 483,000 are expected to vest and have an intrinsic value of $1.3 m illion, a weighted-average exercise price of $19.27 and a weighted-average remaining contractual life of 7.3 years. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows:

For the Years Ended December 31,2015 2014 2013

Total stock options granted 259,000 714,000 200,000 Weighted-average grant date fair value $ 12.48 $ 17.69 $ 7.90 Weighted-average assumptions:

Risk-Free Rate 1.3 % 1.8 % 0.8 %Expected life of options 4.7 5.7 4.1 Expected volatility 45.5 % 50.6 % 51.2 %

Expected quarterly dividends $ — $ — $ —

(a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.(b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. The Company recognized, as part of general and administrative expense, cost for stock-based payment arrangements of $9.5 million, $18.6 million and $6.6 million for the yearsended December 31, 2015 , 2014 and 2013 , respectively, with related tax benefits for those years of $4.0 million, $7.5 million and $2.6 million, respectively.

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(a)

(b)

Table of Contents 9. Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of the manpower, equipment,materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company alsooffers self-performed construction services, including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and HVAC. Our business isconducted through three se gments: Civil, Building and Specialty Contractors, as described further below. These segments are determined based on how the Company’s Chairman andChief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure. The civil contracting services include construction andrehabilitation of highways, bridges, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services to a number of specialized building markets for private and public works customers, including the high-riseresidential, hospitality and gaming, transportation, health care , commercial and government offices, sports and entertainment, education, correctional facilities, biotech,pharmaceutical, industrial and high-tech markets. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil andbuilding construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides unique strengthens and capabilities whichposition the Company as a full-service contractor with greater control over scheduled work, project delivery and risk management. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2015 , 2014 and 2013 .

Reportable SegmentsSpecialty Segment Consolidated

(in thousands) Civil Building Contractors Total Corporate Total

2015Total Revenue $ 2,005,193 $ 1,900,492 $ 1,228,030 $ 5,133,715 $ — $ 5,133,715 Elimination of intersegment revenue (115,286) (97,957) — (213,243) — (213,243)Revenue from external customers $ 1,889,907 $ 1,802,535 $ 1,228,030 $ 4,920,472 $ — $ 4,920,472 Income from construction operations:

Before litigation-related charge $ 169,073 $ (1,240) $ 15,682 $ 183,515 $ (54,242)(a) $ 129,273 Litigation-related charge (b) (23,860) — — (23,860) — (23,860)

Total $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) $ 105,413 Capital Expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912

2014Total Revenue $ 1,730,468 $ 1,558,431 $ 1,301,328 $ 4,590,227 $ — $ 4,590,227 Elimination of intersegment revenue (43,324) (54,594) — (97,918) — (97,918)Revenue from external customers $ 1,687,144 $ 1,503,837 $ 1,301,328 $ 4,492,309 $ — $ 4,492,309 Income from construction operations 220,554 24,697 50,998 296,249 (54,559)(a) 241,690 Capital Expenditures $ 65,377 $ 735 $ 6,974 $ 73,086 $ 1,927 $ 75,013

2013Total Revenue $ 1,519,370 $ 1,622,705 $ 1,182,844 $ 4,324,919 $ — $ 4,324,919 Elimination of intersegment revenue (77,954) (70,726) (567) (149,247) — (149,247)Revenue from external customers $ 1,441,416 $ 1,551,979 $ 1,182,277 $ 4,175,672 $ — $ 4,175,672 Income from construction operations 177,667 24,579 49,008 251,254 (47,432)(a) 203,822 Capital Expenditures $ 32,489 $ 1,666 $ 4,137 $ 38,292 $ 6,999 $ 45,291

(a) Consists primarily of corporate general and administrative expenses.(b) The Company recorded a non-cash, pre-tax charge of $23.9 million for an adverse appellate court decision related to a long-standing litigation matter for which the Company, as

part of a 2011 acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. (For further information, refer to theBrightwater Matter discussion in Note 7.)

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Table of Contents During the year ended December 31, 2015 , the Company recorded unfavorable adjustments totaling $45.6 million in income from construction operations ( $0.53 in diluted EPS)related to various Five Star Electric projects in New York, none of which were individually material. Most of these projects are complete or nearing completion. In addition, therewere unfavorable adjustments to the estimated cost to complete a Building segment project, which has been completed and resulted in a decrease of $24.3 million in income fromconstruction operations ( $0.28 in diluted EPS) . Furthermore , the Company recorded a non-cash litigation-related charge for the Brightwater Matter, which resulted in a $23.9million in income from construction operations ( $0.28 in diluted EPS), as discussed in Note 7. Finally , the Company recorded favorable adjustments for a Civil segment runwayreconstruction project, which resulted in an increase of $13.7 million in income from construction operations ( $0.16 in diluted EPS) . During the year ended December 31, 2014, the Company's income from construction operations was positively impacted by changes in the estimated recoveries on two Civil segmentprojects and a Building segment hospitality and gaming project. These changes in estimates were driven by changes in cost recovery assumptions based on legal rulings pertaining tothe Civil segment projects, as well as agreements reached with a customer regarding the Building segment hospitality and gaming project. The Building project change in estimateresulted in an $11.4 million increase in income from construction operations ( $0.14 in diluted EPS) . With respect to the two Civil segment projects, there was a n increase of $25.9million in income from construction operations ( $0.30 in diluted EPS) and a $9.4 million decrease in income from construction operations ( $0.11 in diluted EPS) . During the year ended December 31, 2013, the Company’s income from construction operations was increased by $13.8 million ( $0.18 in diluted EPS) because of changes in theestimated recovery on a Building segment hospitality and gaming project. These changes were a result of changes in facts and circumstances that occurred during 2013. The above were the only changes in estimates considered individually material to the Company’s results of operations during the periods presented herein. The following table sets forth the total assets for the reportable segments as of December 31, 2015 and 2014.

December 31,(in thousands) 2015 2014Building $ 798,022 $ 680,933 Civil 1,964,674 1,814,170 Specialty Contractors 863,242 775,162 Corporate and other (a) 416,503 503,050 Total Assets $ 4,042,441 $ 3,773,315

(a) Consists principally of cash and cash equivalents and corporate transportation equipment. Geographic Information Information concerning principal geographic areas is as follows:

Year Ended December 31,(in thousands) 2015 2014 2013RevenueUnited States $ 4,694,165 $ 4,323,471 $ 4,000,380 Foreign and U.S. territories 226,307 168,838 175,292 Total $ 4,920,472 $ 4,492,309 $ 4,175,672

Income (loss) from construction operationsUnited States $ 128,869 $ 268,566 $ 238,989 Foreign and U.S. territories 30,786 27,683 12,265 Corporate (54,242) (54,559) (47,432)Total $ 105,413 $ 241,690 $ 203,822

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Table of Contents Income from construction operations has been allocated geographically based on the location of the job site.

December 31,(in thousands) 2015 2014AssetsUnited States $ 3,868,449 $ 3,612,997 Foreign and U.S. territories 173,992 160,318 Total Assets $ 4,042,441 $ 3,773,315 Reconciliation of Segment Information to Consolidated Amounts The following table reconciles segment results to the consolidated income before income taxes for the years ended December 31, 2015, 2014 and 2013.

Year Ended December 31,(in thousands) 2015 2014 2013Income from construction operations $ 105,413 $ 241,690 $ 203,822 Other income (expense), net 12,453 (9,536) (18,575)Interest expense (44,027) (44,716) (45,632)Income before income taxes $ 73,839 $ 187,438 $ 139,615 10. Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified servicerequirements. The plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings , ” as defined by the plan . The plan provides reducedbenefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”)for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, allbenefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presentedbelow includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. The Company historically has used the date of its fiscal year-end as its measurement date to determine the funded status of the plan. The long-term investment goals of our plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximizereturn within reasonable and prudent levels of risks; and achieve a fully funded status with regard to current pension liabilities. Some risk must be assumed in order to achieve theinvestment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return aretolerated in order to achieve the plan’s longer-term objectives. The plan’s assets are managed by a third-party investment manager. The investment manager is limited to pursuing the investment strategies regarding asset mix and purchases andsales of securities within the parameters defined in the Investment Objectives & Policy Statement and investment management agreement. Investment performance and risk ismeasured and monitored on an ongoing basis through quarterly investment meetings. A summary of net periodic benefit cost is as follows:

Year Ended December 31,(in thousands) 2015 2014 2013Interest cost $ 4,055 $ 4,144 $ 3,710 Expected return on plan assets (5,021) (4,797) (4,509)Recognized net actuarial losses 1,869 4,385 6,330

Net periodic benefit cost $ 903 $ 3,732 $ 5,531

Actuarial assumptions used to determine net cost:Discount rate 3.75 % 4.47 % 3.58 %Expected return on assets 6.50 % 6.75 % 6.75 %Rate of increase in compensation n.a. n.a. n.a.

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Table of Contents The target asset allocation for the Company’s pension plan by asset category for 2016 and the actual asset allocation a s of December 31, 2015 and 2014 by asset category are asfollows:

Percentage of Plan Assets as of December 31,Target

Allocation Actual AllocationAsset Category 2016 2015 2014Cash 5 % 4 % 6 %Equity securities:

Domestic 65 61 63 International 25 30 26

Fixed income securities 5 5 5 Total 100 % 100 % 100 % As of December 31, 2015 and 2014 , plan assets included approximately $ 44.1 million and $ 45.5 million, respectively, of investments in hedge funds which do not have readilydeterminable fair values. The underlying holdings of the funds are comprised of a combination of assets for which the estimate of fair value is determined using information providedby fund managers. The Company expects to contribute approximately $1.8 million to its defined benefit pension plan in 2016. Future benefit payments under the plans are estimated as follows:

Year ended December 31, (in thousands)2016 $ 6,399 2017 6,439 2018 6,601 2019 6,687 2020 6,720 Thereafter 33,510

$ 66,356 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2015 and 2014 , and a summary of the funded status asof December 31, 2015 and 2014

Year Ended December 31,(in thousands) 2015 2014Change in Fair Value of Plan AssetsBalance at beginning of year $ 75,956 $ 72,617 Actual return on plan assets (984) 3,711 Company contribution 2,900 5,213 Benefit payments (5,576) (5,585)Balance at end of year $ 72,296 $ 75,956

Year Ended December 31,(in thousands) 2015 2014Change in Benefit ObligationsBalance at beginning of year $ 110,923 $ 95,178 Interest cost 4,055 4,144 Assumption change (gain) loss (3,838) 17,054 Actuarial loss 378 132 Benefit payments (5,576) (5,585)Balance at end of year $ 105,942 $ 110,923

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Table of Contents

As of December 31,(in thousands) 2015 2014Funded status $ (33,646) $ (34,967)

Amounts recognized in Consolidated Balance Sheets consist of:Current liabilities $ (218) $ (218)Long-term liabilities (33,428) (34,749)

Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967)

Year Ended December 31,(in thousands) 2015 2014

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss:Net actuarial loss $ (56,824) $ (56,147)

Accumulated other comprehensive loss (56,824) (56,147)Cumulative Company contributions in excess of net periodic benefit cost 23,178 21,180 Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967) The net actuarial gain arising during the period, netted against the amortization of the previously existing actuarial loss resulted in a net other comprehensive loss of $0.7 million in2015 and $13.9 million in 2014 , and a net comprehensive gain of $18.7 million in 2013 . The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2016 is $1.7 million.

Year Ended December 31,2015 2014

Actuarial assumptions used to determine benefit obligation:Discount rate 4.10 % 3.75 %Rate of increase in compensation n.a. n.a.Measurement date December 31 December 31 The expected long-term rate of return on assets assumption was 6.5% for 2015 and 6.75% for 2014 . The expected long-term rate of return on assets assumption was developedconsidering forward looking capital market assumptions and historical return expectations for each asset class assuming the Company’s target asset allocation and full availability ofinvested assets. Plan assets are measured at fair value. The following provides a description of the valuation techniques employed for each major asset class: Corporate equities are valued at theclosing price reported on the active market on which the individual securities are purchased.Registered investment companies are public investment vehicles valued using the Net Asset Value (NAV) of shares held by the p lan at year-end. The NAV is a quoted price in anactive market and classified within Level 1 of the valuation hierarchy. Closely held funds held by the p lan, which are only available through private offerings, do not have readilydeterminable fair values. Estimates of fair value of these funds are determined using the information provided by the fund managers and it is generally based on the net asset value pershare or its equivalent. Corporate bonds are valued based on market values quoted by dealers who are market makers in these securities, and by independent pricing services which usemultiple valuation techniques that incorporate available market information and proprietary valuation models using market characteristics, such as benchmark yield curve, couponrates, credit spreads, estimated default rates and other features.

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Table of Contents The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 3 :

As of December 31, 2015 As of December 31, 2014Fair Value Hierarchy Fair Value Hierarchy

(in thousands) Level 1 Level 2 Level 3 Total Value Level 1 Level 2 Level 3 Total Value

Cash and cash equivalents $ 2,654 $ — $ — $ 2,654 $ 4,693 $ — $ — $ 4,693 Fixed Income 4,029 — — 4,029 3,824 — — 3,824 Equities 6,566 — — 6,566 7,676 — — 7,676 Mutual Funds 6,994 — — 6,994 6,550 — — 6,550 Equity Partnerships — 7,920 — 7,920 — 7,723 — 7,723 Hedge Fund Investments:

Cash 324 — — 324 1,010 — — 1,010 Long-Short Equity Fund — 12,640 16,370 29,010 — 15,878 12,755 28,633 Event-Driven Fund — 3,618 6,984 10,602 — 3,471 9,562 13,033 Distressed Credit — — 935 935 — — 1,320 1,320 Multi-Strategy Fund — — 1,262 1,262 — — 1,494 1,494 Private Credit — — 2,000 2,000 — — — —

Total $ 20,567 $ 24,178 $ 27,551 $ 72,296 $ 23,753 $ 27,072 $ 25,131 $ 75,956

Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event - driven, multi-strategy anddistressed credit. Generally , the redemption of the Company’s hedge fund investments is subject to certain notice-period requirements and , as such , the Company has classified theseassets as Level 3 assets. The table below sets forth a summary of changes in the fair value of the Level 3 assets:

Changes in Fair Value of Level 3 AssetsLong-Short Event-Driven Distressed Multi-Strategy

(in thousands) Equity Fund Fund Credit Fund Private Credit TotalBalance, December 31, 2013 $ 10,863 $ 8,863 $ 2,199 $ 1,799 $ — $ 23,724

Realized gains — — 13 3 — 16 Unrealized gains 843 505 57 59 — 1,464 Purchases 1,049 16 5 6 — 1,076 Sales — (2,512) (954) (373) — (3,839)Reclassified to Level 3 — 2,690 — — — 2,690

Balance, December 31, 2014 $ 12,755 $ 9,562 $ 1,320 $ 1,494 $ — $ 25,131 Realized gains (50) (16) (7) (9) — (82)Unrealized gains 581 (585) (28) (38) — (70)Purchases 5,631 — — 225 2,642 8,498 Sales (2,547) (1,977) (350) (410) (642) (5,926)

Balance, December 31, 2015 $ 16,370 $ 6,984 $ 935 $ 1,262 $ 2,000 $ 27,551

(a) The transfer of $2.7 million from Level 2 to Level 3 was comprised of certain hedge funds that were moved due to liquidity.

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(a)

Table of Contents The Company’s plans have benefit obligations in excess of the fair value of the plans’ assets. The following table provides information relating to each of the plans’ benefit obligationscompared to the fair value of its assets:

As of December 31, 2015 As of December 31, 2014Benefit Benefit

Pension Equalization Pension Equalization(in thousands) Plan Plan Total Plan Plan TotalProjected benefit obligation $ 102,495 $ 3,447 $ 105,942 $ 107,570 $ 3,353 $ 110,923 Accumulated benefit obligation 102,495 3,447 105,942 107,570 3,353 110,923 Fair value of plan assets 72,296 — 72,296 75,956 — 75,956

Projected benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967

Accumulated benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967 Section 401(k) Plans The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified servicerequirements. The 401(k) expense provision was $4.0 million in 2015 , $3.6 million in 2014 and $3.8 million in 2013 . The Company’s contribution is based on a non-discretionarymatch of employees’ contributions, as defined by each plan . Cash-Based Compensation Plans The Company has multiple cash-based compensation plans and a share-based incentive compensation plan for key employees , which are generally based on the Company’sachievement of a certain level of profit. For information on the Company’s share-based incentive compensation plan, see Note 8 . Multiemployer Plans In addition to the Company ’s defined benefit pension and contribution plans discussed above, the C ompany participates in multiemployer pension plans for its union constructionemployees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income SecurityAct, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from, a plan. The Companycurrently has no intention of withdrawing from any of the multiemployer pension plans in which it participates and , therefore , has not recognized a liability for its proportionate shareof any unfunded vested liabilities associated with these plans. The following tables summarize key information for the plans that the Company had significant involvement with during the years ended December 31, 2015 , 2014 and 201 3 .

Expiration

FIP/RP Date of

Pension Protections Act Status Company Contributions Collective

EIN/Pension Zone Status Pending Or (amounts in millions) Surcharge Bargaining

Pension Fund Plan Number 2015 2014 Implemented 2015 2014 2013 Imposed AgreementPension, Hospitalization and Benefit Plan of the Electrical Industry -Pension Trust Account

13-6123601/001 Green Green No 13.6 11.8 13.4 No 5/31/2016

Steamfitters Industry Pension Fund 13-6149680/001 Green Yellow No 6.2 5.1 4.3 No 6/30/2017

Excavators Union Local 731 Pension Fund 13-1809825/002 Green Green No 7.1 5.3 3.2 No 6/30/2016

Local 147 Construction Workers Retirement Fund 13-6528181 Green Green No 5.6 1.3 0.2 No 6/30/2018

Iron Workers Locals 40,361 & 417 Pension Fund 51-6102576/001 Yellow Yellow Implemented 5.2 0.7 0.5 No 6/30/2020

New York City District Council of Carpenters Pension Plan 51-0174276/001 Green Green No 3.1 2.6 1.6 No 6/30/2016

(a) These amounts exceeded 5% of the respective total plan contributions.(b) Pension Protection Act zone status is as of July 1, 2015 and 2014, respectively. In addition to the individually significant plans described above, the Company also contributed approximately $40.6 million in 2015 , $32.7 million in 2014 and $31.4 million in2013 to other multiemployer pension plans.

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(a) (a) (a)

(a) (a) (a)

(a)

(a)

(b)

Table of Contents 11. Related Party Transactions The Company leases certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer , at market lease rates . Under these leases theCompany paid $2.7 million , $2.4 million and $2.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and recognized expense of $3.2 million for theyear ended December 31, 2015 and $2.5 million for both the years ended December 31, 2014 and 2013. Raymond R. Oneglia, Vice Chairman of O&G Industries, Inc. (“O&G”), is a director of the Company, and O&G owns 500,000 shares of the Company’s common stock. TheCompany and O&G formed a joint venture to provide contracting services for a highway construction project. O&G provides equipment and service s to the joint venture oncustomary trade terms. The joint venture paid O&G $10.7 million, $7.0 million and $6.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Companyhas a 30% percent interest in the joint venture, which it accounts for using the proportionate consolidation method. Peter Arkley, Senior Managing Director, Construction Services Group, of Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant forvarious insurance related services. The Company paid Alliant $9.8 million, $14.2 million and $9.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. TheCompany owed Alliant $7.5 million and $4.0 million as of December 31, 2015 and 2014, respectively, for services rendered. 12. Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2015 and 2014 : (in thousands, except per share amounts)

First Second Third FourthYear Ended December 31, 2015 Quarter Quarter Quarter QuarterRevenues $ 1,066,465 $ 1,312,438 $ 1,340,739 $ 1,200,830 Gross profit 90,759 98,620 100,201 66,673 Income from construction operations 20,084 30,881 38,974 15,474 Income before income taxes 8,205 19,992 33,955 11,687 Net income 5,126 11,777 19,677 8,712

Earnings per share:Basic $ 0.11 $ 0.24 $ 0.40 $ 0.18 Diluted 0.10 0.24 0.40 0.18

First Second Third FourthYear Ended December 31, 2014 Quarter Quarter Quarter QuarterRevenues $ 955,233 $ 1,084,510 $ 1,250,689 $ 1,201,877 Gross profit 105,347 129,531 140,841 129,723 Income from construction operations 41,497 65,443 70,354 64,396 Income before income taxes 27,293 47,612 58,616 53,917 Net income 15,939 28,545 35,730 27,722

Earnings per share:Basic $ 0.33 $ 0.59 $ 0.74 $ 0.57 Diluted 0.33 0.58 0.73 0.56

1 3. Separate Financial Information of Subsidiary Guarantors of Indebtedness As discussed in Note 5, the Company’s obligation to pay principal and interest on its 7.625% senior unsecured notes due November 1, 2018 , is guaranteed on a joint and several basisby substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Company’s Credit Agreement (the “Guarantors”). The guarantees are fulland unconditional and the Guarantors are 100% -owned by the Company. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes,the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis.

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(a)

(b)

Table of Contents

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

ASSETSCash and cash equivalents $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 Restricted cash 3,369 3,283 39,201 — 45,853 Accounts receivable 358,437 1,179,919 82,004 (146,745) 1,473,615 Costs and estimated earnings in excess of billings 114,580 868,026 152 (77,583) 905,175 Deferred income taxes 2,255 21,356 2,695 — 26,306 Other current assets 60,119 48,482 11,662 (11,419) 108,844

Total current assets $ 585,956 $ 2,147,958 $ 137,078 $ (235,747) $ 2,635,245

Long-term investments $ — $ — $ — $ — $ —Property and equipment, net 105,306 414,143 4,076 — 523,525 Intercompany notes and receivables — 148,637 — (148,637) —Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 96,540 — — 96,540 Investment in subsidiaries 1,962,983 — — (1,962,983) — Other 64,486 128,094 15,268 (5,723) 202,125

$ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441

LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent maturities of long-term debt $ 107,283 $ 41,634 $ — $ (60,000) $ 88,917 Accounts payable 211,679 890,268 3,222 (167,705) 937,464 Billings in excess of costs and estimated earnings 89,303 203,003 1,716 (5,711) 288,311 Accrued expenses and other current liabilities 6,145 115,392 39,810 (2,331) 159,016

Total Current Liabilities $ 414,410 $ 1,250,297 $ 44,748 $ (235,747) $ 1,473,708

Long-term debt, less current maturities 659,433 80,821 — (5,723) 734,531 Deferred income taxes — 273,310 — — 273,310 Other long-term liabilities 106,588 3,278 30,799 — 140,665 Intercompany notes and advances payable 118,073 — 30,564 (148,637) —

Contingencies and commitments — — — — —

Stockholders’ equity 1,420,227 1,912,672 50,311 (1,962,983) 1,420,227 $ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441

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Table of Contents

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

ASSETSCash and cash equivalents $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583 Restricted cash 3,369 5,274 35,727 — 44,370 Accounts receivable 299,427 1,246,635 37,064 (103,622) 1,479,504 Costs and estimated earnings in excess of billings 70,344 700,362 152 (44,456) 726,402 Deferred income taxes — 15,639 — 2,323 17,962 Other current assets 39,196 42,750 24,397 (37,608) 68,735

Total current assets $ 487,423 $ 2,047,424 $ 121,072 $ (183,363) $ 2,472,556

Long-term investments — — — — —Property and equipment, net 92,413 430,876 4,313 — 527,602 Intercompany notes and receivables — 122,401 — (122,401) —Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 100,254 — — 100,254 Investment in subsidiaries 2,154,562 19,519 50 (2,174,131) — Other 83,503 9,847 — (5,453) 87,897

$ 2,817,901 $ 3,315,327 $ 125,435 $ (2,485,348) $ 3,773,315

LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent maturities of long-term debt 34,776 46,516 — — 81,292 Accounts payable 186,958 716,851 3,749 (109,384) 798,174 Billings in excess of costs and estimated earnings 139,020 185,807 2,672 (8,203) 319,296 Accrued expenses and other current liabilities 33,018 95,177 58,571 (26,952) 159,814

Total Current Liabilities $ 393,772 $ 1,044,351 $ 64,992 $ (144,539) $ 1,358,576

Long-term debt, less current maturities 712,460 112,060 — (40,453) 784,067 Deferred income taxes 142,457 7,914 — — 150,371 Other long-term liabilities 112,899 1,897 — — 114,796 Intercompany notes and advances payable 90,373 — 35,619 (125,992) —

Contingencies and commitments — — — — —

Stockholders’ equity 1,365,939 2,149,105 24,824 (2,174,363) 1,365,505 $ 2,817,900 $ 3,315,327 $ 125,435 $ (2,485,347) $ 3,773,315

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Table of Contents

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 2015

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Revenue $ 1,064,723 $ 4,104,871 $ 13,405 $ (262,527) $ 4,920,472 Cost of operations (918,322) (3,908,424) — 262,527 (4,564,219)

Gross profit $ 146,401 $ 196,447 $ 13,405 $ — $ 356,253

General and administrative expenses (77,806) (171,153) (1,881) — (250,840)

INCOME FROM CONSTRUCTION OPERATIONS $ 68,595 $ 25,294 $ 11,524 $ — $ 105,413

Equity in earnings of subsidiaries 23,367 — — (23,367) —Other income, net 8,155 3,745 553 — 12,453 Interest expense (41,007) (3,020) — — (44,027)

Income (Loss) before income taxes 59,110 26,019 12,077 (23,367) 73,839

Provision for income taxes (13,818) (10,060) (4,669) — (28,547)

NET INCOME (LOSS) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292

Other comprehensive income:

Other comprehensive income of subsidiaries (2,448) — — 2,448 — Change in pension benefit plans assets/liabilities 2,026 — — — 2,026 Foreign currency translation — (3,214) — — (3,214) Change in fair value of investments — 766 — — 766 Change in fair value of interest rate swap (125) — — — (125) Total other comprehensive (loss) income (547) (2,448) — 2,448 (547)

Total comprehensive income (loss) $ 44,745 $ 13,511 $ 7,408 $ (20,919) $ 44,745

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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 2014

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Revenue $ 959,010 $ 3,690,075 $ — $ (156,776) $ 4,492,309 Cost of operations (808,285) (3,353,098) 17,740 156,776 (3,986,867)

Gross profit 150,725 336,977 17,740 — 505,442

General and administrative expenses (80,151) (181,714) (1,887) — (263,752)

INCOME FROM CONSTRUCTION OPERATIONS 70,574 155,263 15,853 — 241,690

Equity in earnings of subsidiaries 95,501 — — (95,501) —Other (expense) income, net (8,322) (1,705) 491 — (9,536)Interest expense (40,658) (4,058) — — (44,716)

Income (Loss) before income taxes 117,095 149,500 16,344 (95,501) 187,438

Provision for income taxes (9,159) (63,411) (6,932) — (79,502)

NET INCOME (LOSS) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936

Other comprehensive income:

Other comprehensive income of subsidiaries (433) — — 433 —Change in pension benefit plans assets/liabilities (8,155) — — — (8,155)Foreign currency translation — (638) — — (638)Change in fair value of investments — 205 — — 205 Change in fair value of interest rate swap 349 — — — 349

Total other comprehensive income (loss) (8,239) (433) — 433 (8,239)

Total comprehensive income (loss) $ 99,697 $ 85,656 $ 9,412 $ (95,068) $ 99,697

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Table of Contents

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 2013

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Revenue $ 680,440 $ 3,315,608 $ — $ 179,624 $ 4,175,672 Cost of Operations (590,675) (2,960,569) 22,100 (179,624) (3,708,768)

Gross Profit 89,765 355,039 22,100 — 466,904

General and Administrative Expenses (77,507) (183,723) (1,852) — (263,082)

INCOME FROM CONSTRUCTION OPERATIONS 12,258 171,316 20,248 — 203,822

Equity in earnings of subsidiaries 122,875 — — (122,875) —Other (expense) income, net (27,162) 8,075 512 — (18,575)Interest expense (41,987) (3,645) — — (45,632)

Income (Loss) before income taxes 65,984 175,746 20,760 (122,875) 139,615

Benefit (Provision) for income taxes 21,312 (65,852) (7,779) — (52,319)

NET INCOME (LOSS) $ 87,296 $ 109,894 $ 12,981 $ (122,875) $ 87,296

Other comprehensive income:

Other comprehensive income of subsidiaries (1,293) — — 1,293 —Change in pension benefit plans assets/liabilities 10,910 — — — 10,910 Foreign currency translation — (738) — — (738)Change in fair value of investments — (555) — — (555)Change in fair value of interest rate swap 578 — — — 578

Total other comprehensive (loss) income 10,195 (1,293) — 1,293 10,195

Total comprehensive income (loss) $ 97,491 $ 108,601 $ 12,981 $ (121,582) $ 97,491

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Table of Contents

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWSYEAR ENDED DECEMBER 31, 2015

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Cash Flows from Operating Activities:Net income (loss) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,707 32,746 276 — 43,729 Equity in earnings of subsidiaries (23,367) — — 23,367 —share-based compensation expense 9,477 — — — 9,477 Excess income tax benefit from share-based compensation (186) — — — (186)Adjustment interest rate swap to fair value (224) 224 — — —Deferred income taxes 1,399 36,083 (15,268) — 22,214 (Gain) loss on sale of property and equipment 82 (2,991) — — (2,909)Other long-term liabilities (3,157) 32,069 — — 28,912 Other non-cash items (248) (3,432) — — (3,680)Changes in other components of working capital (154,300) 49,868 (24,345) — (128,777)

NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES $ (114,525) $ 160,526 $ (31,929) $ — $ 14,072

Cash Flows from Investing Activities:Acquisition of property and equipment excluding financed purchases (21,587) (14,286) (39) — (35,912)Proceeds from sale of property and equipment — 4,980 — — 4,980 (Increase) decrease in intercompany advances — (102,763) — 102,763 —Change in restricted cash — 1,991 (3,474) — (1,483)NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (21,587) $ (110,078) $ (3,513) $ 102,763 $ (32,415)

Cash Flows from Financing Activities:Proceeds from debt 981,855 31,350 — — 1,013,205 Repayment of debt (962,701) (91,670) — — (1,054,371)Excess income tax benefit from share-based compensation 186 — — — 186 Issuance of common stock and effect of cashless exercise (808) — — — (808)Increase (decrease) in intercompany advances 89,689 — 13,074 (102,763) —NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 108,221 $ (60,320) $ 13,074 $ (102,763) $ (41,788)

Net (Decrease) Increase in Cash and Cash Equivalents (27,891) (9,872) (22,368) — (60,131)Cash and Cash Equivalents at Beginning of Year 75,087 36,764 23,732 — 135,583 Cash and Cash Equivalents at End of Period $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452

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Table of Contents

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWSYEAR ENDED DECEMBER 31, 2014

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Cash Flows from Operating Activities:

Net income (loss) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization 4,592 51,109 271 — 55,972

Equity in earnings of subsidiaries (95,501) — — 95,501 —

share-based compensation expense 19,256 (641) — — 18,615

Excess income tax benefit from share-based compensation (787) — — (787)

Deferred income taxes 39,186 (17,726) — — 21,460

(Gain) loss on sale of investments 1,786 — — — 1,786

(Gain) loss on sale of property and equipment 833 (32) — — 801

Other long-term liabilities 20,221 (17,147) — — 3,074

Other non-cash items (7,029) 10,302 — — 3,273

Changes in other components of working capital (26,100) (264,203) 21,495 — (268,808)NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 64,393 $ (152,249) $ 31,178 $ — $ (56,678)

Cash Flows from Investing Activities:

Acquisition of property and equipment (17,626) (57,387) — — (75,013)

Proceeds from sale of property and equipment (784) 6,119 — — 5,335

Proceeds from sale of available-for-sale securities 44,497 — — — 44,497

Change in restricted cash 15,464 2,766 (20,006) — (1,776)NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 41,551 $ (48,502) $ (20,006) $ — $ (26,957)

Cash Flows from Financing Activities:

Proceeds from debt 1,078,932 77,807 — — 1,156,739

Repayment of debt (957,830) (68,519) — — (1,026,349)

Business acquisition related payments (26,430) — — — (26,430)

Excess income tax benefit from share-based compensation 787 — — — 787

Issuance of common stock and effect of cashless exercise (1,772) 1 — — (1,771)

Debt issuance costs (3,681) — — — (3,681)

Increase (decrease) in intercompany advances (209,858) 210,195 (337) — —NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (119,852) $ 219,484 $ (337) $ — $ 99,295

Net Increase (Decrease) in Cash and Cash Equivalents (13,908) 18,733 10,835 — 15,660 Cash and Cash Equivalents at Beginning of Year 88,995 18,031 12,897 — 119,923 Cash and Cash Equivalents at End of Period $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWSYEAR ENDED DECEMBER 31, 2013

(in thousands)

Non-Tutor Perini Guarantor Guarantor TotalCorporation Subsidiaries Subsidiaries Eliminations Consolidated

Cash Flows from Operating Activities:

Net income (loss) $ 87,296 $ 109,894 $ 12,981 $ (122,875) $ 87,296 Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization 10,893 48,246 271 — 59,410

Equity in earnings of subsidiaries (122,875) — — 122,875 —

share-based compensation expense 6,623 — — — 6,623

Excess income tax benefit from share-based compensation (1,148) — — (1,148)

Deferred income taxes 921 8,088 — — 9,009

(Gain) loss on sale of property and equipment — 49 — — 49

Other long-term liabilities 24,359 (1,252) — — 23,107

Other non-cash items (4,341) 622 — — (3,719)

Changes in other components of working capital 72,359 (184,543) (17,715) — (129,899)NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 74,087 $ (18,896) $ (4,463) $ — $ 50,728

Cash Flows from Investing Activities:

Acquisition of property and equipment (21,267) (21,093) — — (42,360)

Proceeds from sale of property and equipment 6 2,657 — — 2,663

Change in restricted cash 11,403 441 (15,721) — (3,877)NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (9,858) $ (17,995) $ (15,721) $ — $ (43,574)

Cash Flows from Financing Activities:

Proceeds from debt 627,520 25,760 — — 653,280

Repayment of debt (647,795) (29,000) — — (676,795)

Business acquisition related payments (31,038) — — — (31,038)

Excess income tax benefit from share-based compensation 1,148 — — — 1,148

Issuance of common stock and effect of cashless exercise (1,882) — — — (1,882)

Increase (decrease) in intercompany advances 12,150 (16,223) 4,073 — —NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (39,897) $ (19,463) $ 4,073 $ — $ (55,287)

Net Increase (Decrease) in Cash and Cash Equivalents 24,332 (56,354) (16,111) — (48,133)Cash and Cash Equivalents at Beginning of Year 64,663 74,385 29,008 — 168,056 Cash and Cash Equivalents at End of Period $ 88,995 $ 18,031 $ 12,897 $ — $ 119,923

F- 41

EXECUTION COPY

WAIVER AND AMENDMENT NO. 1TO

SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

This WAIVER AND AMENDMENT NO. 1 TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT, dated asof February 26, 2016 (this “ Amendment ”), is by and among TUTOR PERINI CORPORATION, a Massachusetts corporation (the “Borrower ”), the Guarantors party hereto, the Lenders party hereto and Bank of America, N.A., as Administrative Agent (in suchcapacity, the “ Administrative Agent ”) and L/C Issuer . Capitalized terms which are used in this Amendment without definition andwhich are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement.

R E C I T A L S :

WHEREAS, the Borrower, the Subsidiaries of the Borrower party thereto as Guarantors (the “ Guarantors ”), the lenders partythereto from time to time (the “ Lenders ”) and the Administrative Agent are parties to that certain Sixth Amended and RestatedCredit Agreement, dated as of June 5, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement ”);

WHEREAS, the Borrower has informed the Administrative Agent, the L/C Issuer and the Lenders that Events of Default (the“ Specified Defaults ”) have occurred pursuant to Section 8.01(b) of the Credit Agreement due to (i) the failure of the Borrower tomaintain the Consolidated Leverage Ratio required pursuant to Section 7.11(a) of the Credit Agreement with respect to the fiscalquarter ended December 31, 2015 and (ii) the failure of the Borrower to maintain the Consolidated Fixed Charge Coverage Ratiorequired pursuant to Section 7.11(b) of the Credit Agreement with respect to the fiscal quarter ended December 31, 2015;

WHEREAS, the Borrower, the Guarantors and the Administrative Agent are parties to that certain Fifth Amended andRestated Security Agreement, dated as of June 5, 2014 (as amended, restated, supplemented or otherwise modified from time to time,the “ Security Agreement ”);

WHEREAS, the Borrower has requested that the Administrative Agent, the L/C Issuer and the Lenders waive the SpecifiedDefaults and amend the Credit Agreement and the Security Agreement in certain respects; and

WHEREAS, the Administrative Agent, the L/C Issuer and the Lenders are willing to so waive the Specified Defaults andamend the Credit Agreement and the Security Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, andsubject to the terms and conditions hereof, the parties hereto agree as follows:

SECTION 1. WAIVER . Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, theAdministrative Agent, the L/C Issuer and the Lenders hereby waive the Specified Defaults.

SECTION 2. AMENDMENTS TO CREDIT AGREEMENT . Subject to the satisfaction of the conditions precedentset forth in Section 4 hereof, the Credit Agreement is hereby amended as follows:

2.1 Section 1.01 of the Credit Agreement is hereby amended to insert the following definitions therein in the properalphabetical location:

“ Amendment Fees and Expenses ” means (i) fees, costs and expenses paid in cash during the fiscal year endedDecember 31, 2016 in connection with the First Amendment in an aggregate amount not to exceed $9,000,000 (as suchamounts may be amortized during subsequent periods in accordance with GAAP) and (ii) fees paid to the Lenders onthe Amendment Effective Date in an aggregate amount not to exceed $3,700,000.

“ Bail-In Action ” means the exercise of any Write-Down and Conversion Powers by the applicable EEAResolution Authority in respect of any liability of an EEA Financial Institution.

“ Bail-In Legislation ” means, with respect to any EEA Member Country implementing Article 55 of Directive2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for suchEEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“ Compliance Date ” means the date on which the Borrower shall have delivered a Compliance Certificatepursuant to Section 6.02(b) with respect to the fiscal year ended December 31, 2016 demonstrating compliance withSection 7.11 as of end of such fiscal quarter.

“ Consolidated Available Cash ” means, as of any date of determination, the aggregate amount of Unrestrictedcash and Cash Equivalents held by the Loan Parties as of such date (excluding any cash held by Joint Ventures or theBlack business unit). For purposes hereof, “ Unrestricted ” means, when referring to cash and Cash Equivalents heldby the Loan Parties, that such cash and Cash Equivalents (i) do not appear or would not be required to appear as“restricted” on the financial statements of the Loan Parties and (ii) are not subject to a Lien in favor of any Personother than the Administrative Agent or any Lender pursuant to the Loan Documents.

“ Consolidated Liquidity ” means, as of any date of determination, an amount equal to the sum of (a)Consolidated Available Cash as of such date and (b) the aggregate unused Revolving Credit Commitments as of suchdate.

“ Cumulative Specified Cash Collections ” means, with respect to any fiscal quarter of the Borrower, theaggregate amount of Specified Cash Collections with respect to the period from March 1, 2016 through the end of suchfiscal quarter.

2

“ EEA Financial Institution ” means (a) any credit institution or investment firm established in any EEAMember Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in anEEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financialinstitution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)of this definition and is subject to consolidated supervision with its parent.

“ EEA Member Country ” means any of the member states of the European Union, Iceland, Liechtenstein, andNorway.

“ EEA Resolution Authority ” means any public administrative authority or any person entrusted with publicadministrative authority of any EEA Member Country (including any delegee) having responsibility for the resolutionof any EEA Financial Institution.

“ EU Bail-In Legislation Schedule ” means the EU Bail-In Legislation Schedule published by the Loan MarketAssociation (or any successor person), as in effect from time to time.

“ First Amendment ” means that certain Waiver and Amendment No. 1 to Sixth Amended and Restated CreditAgreement, dated as of the First Amendment Date, among the Company, the Guarantors, the Lenders party thereto, theL/C Issuer and the Administrative Agent.

“ First Amendment Date ” means February 26, 2016.

“ Specified Cash Collections ” means the projected cash receipts of the Borrower and its Subsidiaries set forthin the projection of major cash collections delivered by the Borrower to the Administrative Agent in connection withthe First Amendment.

“ Write-Down and Conversion Powers ” means, with respect to any EEA Resolution Authority, the write-downand conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for theapplicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-InLegislation Schedule.

2.2 Section 1.01 of the Credit Agreement is hereby amended to delete therefrom each of the following definitions: “Material Real Estate Asset ” and “ Mt. Wayte Realty ”.

3

The definition of “ Applicable Rate ” in Section 1.01 of the Credit Agreement is hereby amended to delete the table set forth thereinand insert therefor the following table:

Applicable Rate for Term Facility and Revolving Credit Facility

PricingTier

ConsolidatedLeverage

Ratio

Eurodollar Rate /Letter of Credit Fees

(other thanPerformance Letters

of Credit)

PerformanceLetters of

CreditBaseRate

CommitmentFee

1 Less than 1.00 to 1.00 2.25% 1.125% 1.25% 0.20%

2 Less than 2.00 to 1.00but greater than orequal to 1.00 to 1.00

2.50% 1.25% 1.50% 0.20%

3Less than 3.00 to 1.00but greater than orequal to 2.00 to 1.00

2.75% 1.375% 1.75% 0.25%

4Less than 3.50 to 1.00but greater than orequal to 3.00 to 1.00

3.00% 1.50% 2.00% 0.30%

5Less than 4.00 to 1.00but greater than orequal to 3.50 to 1.00

4.00% 2.00% 3.00% 0.35%

6 Greater than or equalto 4.00 to 1.00 5.00% 2.50% 4.00% 0.40%

Notwithstanding anything to the contrary set forth in the Credit Agreement, the determination of the Applicable Rate for the periodfrom the First Amendment Date through and including the first Business Day immediately following the date a ComplianceCertificate is delivered pursuant to Section 6.02(b) of the Credit Agreement for the period of four consecutive fiscal quarters endingMarch 31, 2016 shall be Pricing Tier 6.

2.4 The definition of “ Consolidated EBITDA ” in Section 1.01 of the Credit Agreement is hereby amended to (a) deletethe word “and” appearing at the end of clause (a)(iii) thereof and insert therefor a comma (“,”) and (b) insert at the end of clause (a)thereof the following new clauses (v) and (vi) :

, (v) non-cash losses incurred during the fiscal quarter ended September 30, 2015 in connection with construction ofthe Brightwater Conveyance System and tunnel sections in Washington State in an aggregate amount not to exceed$23,900,000 and (vi) Amendment Fees and Expenses for such period

2.5 The definition of “ Consolidated Fixed Charges ” in Section 1.01 of the Credit Agreement is hereby amended to insertat the end of clause (a) thereof the following phrase: “(excluding any Amendment Fees and Expenses)”.

4

2.6 The definition of “ Default Rate ” in Section 1.01 of the Credit Agreement is hereby amended to replace eachoccurrence of the figure “2%” with the following figure: “4%”.

2.7 The definition of “ Defaulting Lender ” in Section 1.01 of the Credit Agreement is hereby amended to (a) delete theword “or” appearing at the end of clause (c)(i) thereof and (b) insert immediately following clause (c)(ii) thereof the following newclause (iii) : “or (iii) become the subject of a Bail-in Action”.

2.8 The definition of “ Excluded Property ” in Section 1.01 of the Credit Agreement is hereby amended and restated in itsentirety as follows:

“ Excluded Property ” means, with respect to any Loan Party, (a) unless requested by the Administrative Agentor the Required Lenders (i) any owned or leased real property which is located outside of the United States, (ii) any IPRights for which a perfected Lien thereon is not effected either by filing of a Uniform Commercial Code financingstatement or by appropriate evidence of such Lien being filed in either the United States Copyright Office or theUnited States Patent and Trademark Office, (iii) any personal property (other than personal property described inclause (a)(ii) above) for which the attachment or perfection of a Lien thereon is not governed by the UniformCommercial Code; (b) the Equity Interests of any Joint Venture, to the extent a pledge thereof would violate, or requirethe consent of any counterparty under, the relevant joint venture or similar arrangements; (c) voting Equity Interests ofa Foreign Subsidiary in excess of 65% of the voting Equity Interests of such Foreign Subsidiary; (d) any propertywhich, subject to the terms of Section 7.09 , is subject to a Lien of the type described in Section 7.01(b) , Section7.01(i) and Section 7.01(p) pursuant to documents which prohibit such Loan Party from granting any other Liens insuch property; and (e) the property shown on Schedule 1.01 subject to a Lien of the type described in Section 7.01(b)and Section 7.01(p) .

2.9 The definition of “ Interest Payment Date ” in Section 1.01 of the Credit Agreement is hereby amended to deletetherefrom the phrase “the last Business Day of each March, June, September and December” and insert therefor the following phrase:“(i) the last Business Day of (A) prior to the Compliance Date, each calendar month and (B) from and after the Compliance Date,each March, June, September and December and (ii)”.

2.10 The definition of “ Maturity Date ” in Section 1.01 of the Credit Agreement is hereby amended to delete therefromthe date “June 5, 2019” and insert therefor the following date: “May 1, 2018”.

2.11 The definition of “ Restricted Subsidiary ” in Section 1.01 of the Credit Agreement is hereby amended and restated inits entirety as follows:

“ Restricted Subsidiary ” means (a) any Insignificant Subsidiary and (b) CIS.

5

2.12 Section 2.05(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(i) (A) If the Borrower or any Subsidiary Disposes of any property (other than any Disposition of anyproperty permitted by Section 7.05(a) , (c) or (d) ) that results in the realization by the Borrower or such Subsidiary ofNet Cash Proceeds, then the Borrower shall immediately upon receipt thereof by the Borrower or such Subsidiarydeliver to the Administrative Agent such Net Cash Proceeds as a prepayment of the Loans to be applied in accordancewith Section 2.05(b)(iii) below.

(B) For each fiscal quarter of the Borrower, commencing with the fiscal quarter ending September 30,2016, if, during the period from delivery of the Compliance Certificate with respect to the preceding fiscal quarter (or,in the case of the fiscal quarter ending September 30, 2016, from July 1, 2016) through the date of delivery of theCompliance Certificate with respect to such fiscal quarter, the Borrower and its Subsidiaries shall receive aggregatecash collections on the Specified Cash Collections greater than 50% of the projected Specified Cash Collections forsuch fiscal quarter, then the Borrower shall, within five (5) Business Days of delivery of the Compliance Certificatewith respect to such fiscal quarter, pay to the Administrative Agent an amount equal to 25% of the projected SpecifiedCash Collections for such fiscal quarter as a prepayment of the Loans to be applied in accordance with Section 2.05(b)(iii) below.

2.13 Section 2.07(a) of the Credit Agreement is hereby amended to delete from the table therein the following rows:

June 2018 $9,375,000September 2018 $11,250,000December 2018 $11,250,000

March 2019 $11,250,000 2.14 Section 2.14(a) of the Credit Agreement is hereby amended to (a) delete from clause (x) thereof the phrase “prior to

the Maturity Date for the Revolving Credit Facility” and (b) insert at the end thereof the following sentence: “Notwithstandinganything to the contrary in this

6

Section 2.14 , the Borrower shall not be permitted to request any Incremental Revolving Commitment or Incremental TermCommitment at any time after the First Amendment Date.”

2.15 Section 2.16(a)(iv) of the Credit Agreement is hereby amended to delete therefrom the phrase “No reallocation” andinsert therefor the following phrase “Subject to Section 11.20 , no reallocation”.

2.16 Section 4.02 of the Credit Agreement is hereby amended to (a) insert immediately following clause (c) thereof thenew following clause (d) :

(d) After giving effect to such proposed Credit Extension and application of the proceeds thereof,Consolidated Available Cash shall not exceed $30,000,000.

and (b) delete therefrom the phrase “ Sections 4.02(a) and (b) ” and insert therefor the following phrase: “ Sections 4.02(a) , (b) and(d) ”.

2.17 Section 5.20 of the Credit Agreement is hereby amended to delete therefrom the following sentence: “Except asotherwise disclosed on Schedule 5.20(a) , no Loan Party owns any Material Real Estate Asset.”

2.18 Section 6.01 of the Credit Agreement is hereby amended to (a) delete the period (“.”) appearing at the end of clause(b) thereof and insert therefor the following phrase: “; and” and (b) insert immediately following clause (b) thereof the following newclause (c) :

(c) as soon as available, but in any event within thirty days after the end of each of the first two fiscalmonths of each fiscal quarter of the Borrower (commencing with the fiscal month ending February 29, 2016), abalance sheet of the Borrower and its Subsidiaries as at the end of such fiscal month, and the related statements ofincome or operations and cash flows (with respect to cash flows, commencing with the fiscal month ending April 30,2016) (in each case, both for each business segment and on a consolidated basis) for such fiscal month and for theportion of the Borrower’s fiscal quarter and fiscal year then ended, setting forth in comparative form, as applicableunder GAAP, the figures for the corresponding fiscal month of the previous fiscal year and the corresponding portionof the previous fiscal quarter and fiscal year, all in reasonable detail and certified by the chief executive officer, chieffinancial officer, chief operating officer, treasurer, chief accounting officer or controller of the Borrower as fairlypresenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and itsSubsidiaries in accordance with GAAP, subject only to normal quarterly adjustments and year-end audit adjustmentsand the absence of footnotes.

2.19 Sections 6.02(f) and (g) of the Credit Agreement are hereby amended and restated in their entirety as follows:

(f) as soon as available and, in any event, within 45 days after the end of each calendar month, (i) asummary of all of the Borrower’s accounts receivable, including the aging and reconciliation of such accountsreceivable and an indication

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of which such accounts arise under contracts in which performance is backed by a bond, guaranty or other undertakingby a surety and (ii) a summary of all of the Borrower’s accounts payable, including the aging of such accountspayable, in each case, in form and scope reasonably satisfactory to the Administrative Agent;

(g) as soon as available and, in any event, within 45 days after the end of each calendar month, a monthlyWIP report with respect to such month that has been prepared in the Borrower’s ordinary course of business, in formand scope reasonably acceptable to the Administrative Agent, containing the following information: (i) eachconstruction contract (other than construction contracts that as of the end of the most recent fiscal year end of theBorrower, full performance has been rendered and all payments due thereunder received) and data regarding suchcontract’s status such as contract amount, projected cost, gross profit, percentage complete, earned revenue, earnedcost, and other balance sheet, backlog, project to date, current year, current quarter, current month information, as wellas completion date, certified as to consistency, accuracy and reasonableness of estimates by the treasurer or the chiefaccounting officer of the Borrower, and (ii) all active Joint Ventures and partnerships (which, in the case of anyconstruction Joint Venture, need not be listed until after a construction contract for such Joint Venture shall have beenaccepted) and identifying of any increase in an interest in a Joint Venture or partnership;

2.20 Section 6.02 of the Credit Agreement is hereby amended to (a) delete the word “and” appearing at the end of clause(j) thereof, (b) renumber clause (k) thereof as clause (l) and (c) insert immediately following clause (j) the following new clause (k) :

(k) on or prior to the third Business Day of each calendar week until the Compliance Date, (i) an updatedthirteen (13) week cash flow forecast setting forth all projected cash receipts and disbursements (by line item) of theBorrower and its Subsidiaries (both for each business unit and on a consolidated basis) on a weekly basis for thethirteen (13) week period commencing with the following calendar week, (ii) a report setting forth actual cash receiptsand disbursements (by line item) of the Borrower and its Subsidiaries (both for each business unit and on aconsolidated basis) for the preceding calendar week, together with a comparison of such amounts to the most recentcash flow forecast delivered by the Borrower and a narrative explanation of any material variances and (iii) a reportsetting forth (A) Consolidated Liquidity and Consolidated Available Cash as of the end of the preceding calendar weekand (B) cash collections received on Specified Cash Collections during the preceding calendar week and the currentfiscal quarter (with a comparison to Specified Cash Collections projected for such calendar quarter), in each case, inform and scope reasonably satisfactory to the Administrative Agent; and

2.21 Section 6.10(b) of the Credit Agreement is hereby amended and restated as follows:

(b) If requested by the Administrative Agent in its sole discretion, permit the Administrative Agent, andits representatives, upon reasonable advance

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notice to the Borrower, to conduct audits or appraisals of the Collateral; provided , that, unless an Event of Default hasoccurred and is continuing, no more than one audit and one appraisal per calendar year shall be at the expense of theBorrower.

2.22 Section 6.14 of the Credit Agreement is hereby amended and restated as follows:

6.14 Pledged Property . (a) Other than Excluded Property, cause (or, in the case of leased real property,use commercially reasonable efforts to cause) all real and personal property at any time owned by each Loan Party tobe subject at all times to first priority, perfected and, in the case of any such real property, title insured Liens in favorof the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the CollateralDocuments, subject in any case to Permitted Liens, and deliver such other documentation as the Administrative Agentmay reasonably request in connection with the foregoing, including, without limitation, appropriate UniformCommercial Code financing statements, certificates of title, security agreements, mortgages, real estate title insurancepolicies, surveys, environmental reports, standard “life of loan” flood hazard determinations, certified resolutions andother organizational and authorizing documents of such Person, favorable opinions of counsel to such Person (whichshall cover, among other things, the enforceability of the mortgages), and (b) use commercially reasonable efforts todeliver landlord’s waivers and collateral access agreements for any Material Leased Premises, all, in the case of eitherclause (a) or (b) , in form, content and scope reasonably satisfactory to the Administrative Agent and, in the case ofboth clause (a) or (b) , within 90 days (or, in the case of any mortgage on any real property and any documentationrelated thereto, 180 days) after request by the Administrative Agent (or such later date as the Administrative Agentshall agree).

2.23 Article VI of the Credit Agreement is hereby amended to insert at the end thereof the following new Section 6.15 :

6.15 Access and Cooperation . (a) Promptly provide the Administrative Agent and its professionals andadvisors (i) access to the property and business locations, books and records and management the Borrower and itsSubsidiaries and (ii) such information as the Administrative Agent or its professionals and advisors shall reasonablyrequest.

(b) Cooperate fully with the Administrative Agent and its professionals and advisors and provideassistance with any and all diligence the Administrative Agent or its professionals and advisors may reasonablyrequire.

(c) On a weekly basis until the Compliance Date, upon the request of the Administrative Agent, cause thesenior management of the Borrower to hold a conference call with the Administrative Agent and its professionals andadvisors regarding the weekly cash flow forecast and the related variance report.

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2.24 Section 7.01(g) of the Credit Agreement is hereby amended and restated as follows:

(g)(i) Liens, encumbrances and other matters reasonably acceptable to the Administrative Agent disclosed onthe title policies delivered to the Administrative Agent pursuant to Section 6.14 ; and (ii) encumbrances consisting ofeasements, rights of way, zoning restrictions, restrictions on the use of real estate, minor defects or irregularities of titleand similar encumbrances affecting real property which are not substantial in amount, and which do not in any casematerially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of thebusiness of the applicable Person;

2.25 Section 7.02(d)(iv) of the Credit Agreement is hereby amended to delete therefrom the figure “$15,000,000” andinsert therefor the following figure: “$50,000,000”.

2.26 Section 7.02(i)(i) of the Credit Agreement is hereby amended to delete therefrom the figure “$15,000,000” and inserttherefor the following figure: “$50,000,000”.

2.27 Section 7.03(p) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(p) [ Reserved ] ; and

2.28 Section 7.09 of the Credit Agreement is hereby amended to delete therefrom the phrase “Mt. Wayte Realty and”.

2.29 Section 7.11(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(a) Consolidated Leverage Ratio . Permit the Consolidated Leverage Ratio as of the end of any fiscalquarter of the Borrower set forth below to be greater than the ratio set forth below opposite such period:

Four Fiscal Quarters Ending

MaximumConsolidated Leverage

RatioMarch 31, 2016 4.25 to 1.00

June 30, 2016 through September 30, 2016 4.00 to 1.00December 31, 2016 through March 31, 2017 3.25 to 1.00June 30, 2017 through March 31, 2018 3.00 to 1.00

2.30 Section 7.11 of the Credit Agreement is hereby amended to insert at the end thereof the following new clauses (c) ,

(d) and (e) :

(c) Consolidated Liquidity . Permit Consolidated Liquidity as of the last Business Day of any calendarweek to be less than $40,000,000.

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(d) Specified Cash Collections . With respect to any fiscal quarter of the Borrower, commencing with thefiscal quarter ending March 31, 2016, permit the aggregate cumulative cash collections received by the Borrower andits Subsidiaries on the Specified Cash Collections during the period from March 1, 2016 through the date of deliveryof the Compliance Certificate with respect to such fiscal quarter in accordance with Section 6.02(b) to be less than80% of the Cumulative Specified Cash Collections with respect to such fiscal quarter.

(e) Consolidated Available Cash . At any time any Revolving Credit Loans or Swing Line Loans areoutstanding, permit Consolidated Available Cash to exceed $30,000,000 for any period of five (5) consecutiveBusiness Days.

2.31 Section 7.17 of the Credit Agreement is hereby amended and restated in its entirety as follows:

7.17 Permitted Accounts . Maintain any deposit, checking, operating, investment or other bank accountsother than (a) the deposit, checking, operating, investment and other bank accounts listed on Schedule 5.22 , (b) (i)payroll accounts and (ii) petty cash accounts opened in the ordinary course of business with balances not to exceed$100,000 for each such account and (c) all other deposit, checking, operating, investment and other bank accountsestablished after the Amendment Effective Date; provided , that, within one hundred twenty (120) days of the FirstAmendment Date (or such later date as the Administrative Agent shall agree) (in the case of any account existing as ofthe First Amendment Date) or within sixty (60) days of the opening of such account (or such later date as theAdministrative Agent shall agree) and prior to the deposit of any funds therein in excess of $10,000 (in the case of anyaccount opened after the First Amendment Date) (or such later date as the Administrative Agent shall agree) and at alltimes thereafter, each Loan Party shall cause each account of the Loan Parties described in the foregoing clauses (a)and (c) to be subject to a Control Agreement in form and substance reasonably acceptable to the Administrative Agent.

2.32 Section 8.01(b) of the Credit Agreement is hereby amended to delete therefrom the phrase “or 6.14 ” and inserttherefor the following phrase: “ 6.14 or 6.15 ”.

2.33 Section 11.04(e) of the Credit Agreement is hereby amended to delete therefrom the phrase “ten Business Days” andinsert therefor the following phrase: “five Business Days”.

2.34 Article XI of the Credit Agreement is hereby amended to insert at the thereof the following new Section 11.20 :

11.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions . Notwithstandinganything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among anysuch parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any LoanDocument, to the extent such liability is unsecured, may be

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subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, andacknowledges and agrees to be bound by:

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority toany such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA FinancialInstitution; and

(b) the effects of any Bail-in Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments ofownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may beissued to it or otherwise conferred on it, and that such shares or other instruments of ownership will beaccepted by it in lieu of any rights with respect to any such liability under this Agreement or any otherLoan Document; or

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

2.35 Schedule 1.01 to the Credit Agreement is hereby deleted and replaced with Exhibit B .

2.36 Exhibit D to the Credit Agreement is hereby deleted and replaced with Exhibit C hereto.

2.37 From and after the Effective Date until the Compliance Date, notwithstanding anything to the contrary set forth in theCredit Agreement, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans.

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SECTION 3. SECURITY AGREEMENT AMENDMENT . Subject to the satisfaction of the conditions precedentset forth in Section 4 hereof, the Security Agreement is hereby amended as follows:

3.1 Section 1 of the Security Agreement is hereby amended to delete therefrom the following sentence: “Notwithstandingthe foregoing, the Collateral shall not include any equity interests held by Pledgor in any Subsidiary or Joint Venture of Pledgor.”

3.2 Section 8 of the Security Agreement is hereby amended to insert at the end thereof the following new clause (m) :

(m) With respect to the grants of security interests hereunder, each Pledgor hereby authorizes theAdministrative Agent to file one or more financing or continuation statements, and amendments thereto, relative to allor any part of the Collateral (and hereby ratifies the filing of all financing statements previously filed by theAdministrative Agent relative to the Collateral); and to make all relevant filings with the United States Patent andTrademark Office and the United States Copyright Office. Each Pledgor hereby authorizes the Administrative Agent tofile financing statements (and hereby ratifies the filing of all financing statements previously filed by theAdministrative Agent) describing as the collateral covered thereby “all assets”, “all of the debtor’s personal property orassets” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateraldescribed in this Agreement.

SECTION 4. CONDITIONS. This Amendment shall become effective as of the date hereof (the “ Effective Date ”)upon:

(a) receipt by the Administrative Agent of duly executed counterparts to this Amendment from the Borrower, theGuarantors, the Administrative Agent, the L/C Issuer and the Required Lenders;

(b) (i) a consent fee shall have been received by the Administrative Agent for the account of each Lenderexecuting this Amendment by 5:00 p.m. (Los Angeles, California time) on February 29, 2016 equal to (A) 1.00% multipliedby (B) the sum of such Lender’s Revolving Credit Commitment and the Outstanding Amount of such Lender’s Term Loans,in each case as determined immediately prior to the effective date of this Amendment and (ii) all other fees and expensespayable to the Administrative Agent and the Lenders shall have been paid in full; and

(c) receipt by the Administrative Agent of each of the documents and certificates set forth on Exhibit A hereto, ineach case, in form and substance reasonably satisfactory to the Administrative Agent.

SECTION 5. REPRESENTATION AND WARRANTIES; COVENANTS.

5.1 Enforceability . Each Loan Party hereby represents and warrants that each of this Amendment and the CreditAgreement and the Security Agreement as amended hereby is the legal,

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valid and binding obligation of such Loan Party and is enforceable against such Loan Party in accordance with its terms.

5.2 Authorization; No Conflicts . Each Loan Party hereby represents and warrants that its execution and delivery of thisAmendment and performance of this Amendment and the Credit Agreement and the Security Agreement as amended hereby (i) havebeen duly authorized by all necessary corporate or other organizational action on the part of such Loan Party and are within suchLoan Party’s power and authority, (ii) do not (A) contravene the terms of such Loan Party’s Organization Documents, (B) conflictwith or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) anyContractual Obligation to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or anyof its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which suchLoan Party or its property is subject; or (c) violate any Law.

5.3 No Default; Representations and Warranties in Loan Documents . Each Loan Party hereby represents and warrantsthat, after giving effect to Sections 1 , 2 and 3 hereof, (i) no Default has occurred and is continuing and (ii) all of the representationsand warranties of such Loan Party contained in each Loan Document to which it is a party are true and correct on and as of the datehereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall betrue and correct as of such earlier date, and except that for purposes of this Section 5.3 , the representations and warranties containedin subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnishedpursuant to clauses (a) and (b) , respectively, of Section 6.01 of the Credit Agreement. The financial forecast of the Borrower and itsSubsidiaries delivered to the Administrative Agent in connection with this Amendment were prepared in good faith based onassumptions believed to be reasonable at the time.

5.4 Real Property . Set forth on Schedule I hereto is a list of all real property located in the United States that is owned orleased by the Loan Parties as of the Effective Date.

5.5 Joinder . On or prior to the date thirty (30) days after the date hereof (or such later date as the Administrative Agentshall agree), the Borrower shall cause Mt. Wayte Realty, LLC, a Massachusetts limited liability company, to become a Guarantor andcomply with Sections 6.12(b) and (c) of the Credit Agreement in connection therewith.

SECTION 6. RATIFICATION AND RELEASE .

6.1 Ratification . Each Loan Party hereby (a) ratifies and reaffirms all of its payment and performance obligations,contingent or otherwise, and each grant of security interests and liens in favor of the Administrative Agent, the L/C Issuer or theLenders, as the case may be, under each Loan Document to which it is a party, (b) agrees and acknowledges that the liens in favor ofthe Administrative Agent, the L/C Issuer or the Lenders under each Loan Document to which it is a party constitute valid, binding,enforceable and perfected first priority liens and security interests and are not subject to avoidance, disallowance or subordinationpursuant to any requirement of Law, (c) agrees and acknowledges the Obligations constitute legal, valid and binding obligations ofthe Loan Parties and that (x) no offsets, defenses or counterclaims to the Obligations or any

14

other causes of action with respect to the Obligations or the Loan Documents exist and (y) no portion of the Obligations is subject toavoidance, disallowance, reduction or subordination pursuant to any requirement of Law, (d) acknowledges and agrees that as ofFebruary 25, 2016, (i) the Outstanding Amount of the Revolving Credit Loans was $229,000,000.00, (ii) the Outstanding Amount ofthe Swing Line Loans was $0, (iii) the Outstanding Amount of the L/C Obligations was $150,000.00 and (iv) the OutstandingAmount of the Term Loans was $223,750,000.00, (e) agrees that such ratification and reaffirmation is not a condition to the continuedeffectiveness of the Loan Documents, and (f) agrees that neither such ratification and reaffirmation, nor the Administrative Agent’s,the L/C Issuer’s nor any Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to anyobligation or condition requiring a similar or any other ratification or reaffirmation from each party to the Credit Agreement withrespect to any subsequent modifications, consent or waiver with respect to the Credit Agreement or other Loan Documents. ThisAmendment shall constitute a “Loan Document” for purposes of the Credit Agreement.

6.2 Release; Covenant Not to Sue; Acknowledgement . (a) Each Loan Party hereby absolutely and unconditionallyreleases and forever discharges the Administrative Agent, the L/C Issuer, the Swing Line Lender, each Lender and each of theirrespective Related Parties (each a “ Released Party ”) from any and all claims, demands or causes of action of any kind, nature ordescription, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which any LoanParty has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause orthing whatsoever arising from the beginning of time to and including the Effective Date arising out of or in connection with theObligations, the Credit Agreement, this Amendment or any other Loan Document and/or the transactions contemplated hereby orthereby, whether such claims, demands and causes of action are matured or unmatured or known or unknown. It is the intention ofeach Loan Party in providing this release that the same shall be effective as a bar to each and every claim, demand and cause of actionspecified. Each Loan Party acknowledges that it may hereafter discover facts different from or in addition to those now known orbelieved to be true with respect to such claims, demands, or causes of action and agrees that this instrument shall be and remaineffective in all respects notwithstanding any such differences or additional facts. Each Loan Party understands, acknowledges andagrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunctionagainst any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of suchrelease.

(b) Each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely,unconditionally and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law, inequity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged byany Loan Party pursuant to the above release. If any Loan Party or any of their successors, assigns or other legal representativesviolates the foregoing covenant, each Loan Party, for itself and its successors, assigns and legal representatives, agrees to pay, inaddition to such other damages as any Released Party may sustain as a result of such violation, all reasonable attorneys’ fees and costsincurred by such Released Party as a result of such violation.

(c) Each Loan Party represents and warrants that, to its knowledge, there are no liabilities, claims, suits, debts, liens,

losses, causes of action, demands, rights, damages or costs,

15

or expenses of any kind, character or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have orclaim to have against any Released Party arising with respect to the Obligations, the Credit Agreement, this Amendment or any otherLoan Document and/or the transactions contemplated hereby or thereby.

(d) Notwithstanding anything to the contrary in this Section 6.2 and otherwise in this Amendment, the parties

acknowledge and expressly agree that the release, covenant not to sue, and other related promises set forth in this Section 6.2 do notextend to and are specifically excluded from the lawsuit filed by the Borrower, entitled Tutor Perini Corporation v. Banc of AmericaSecurities LLC, now known as Merrill Lynch, Pierce, Fenner & Smith Inc., successor by merger, and Bank of America, N.A., filedin the United States District Court, in the State of Massachusetts, Civil Action No. 11-10895-NMG (the “ ARS Litigation ”). Foravoidance of doubt, the provisions in this Section 6.2 and otherwise in this Amendment do not affect the rights of the Borrower tocontinue to pursue the ARS Litigation in its sole discretion and to receive and retain the proceeds from any settlement or judgmentthat may result from the ARS Litigation.

(e) Each of the Loan Parties has been advised by counsel with respect to the release contained in this Section 6.2 . Uponadvice of such counsel, each of the Loan Parties hereby waives and relinquishes all of the rights and benefits each Loan Party has, ormay have, with respect to the claims released under Section 1542 of the California Civil Code or any other similar statute. Section1542 states as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW ORSUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BYHIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. SECTION 7. MISCELLANEOUS.

7.1 Effect .

(a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,”“hereunder,” “hereof” or words of like import shall mean and be a reference to the Credit Agreement as modified hereby and eachreference in the other Loan Documents to the Credit Agreement, “thereunder,” “thereof,” or words of like import shall mean and be areference to the Credit Agreement as modified hereby.

(b) Upon the effectiveness of this Amendment, each reference in the Security Agreement to “this Agreement,”“hereunder,” “hereof” or words of like import shall mean and be a reference to the Security Agreement as modified hereby and eachreference in the other Loan Documents to the Security Agreement, “thereunder,” “thereof,” or words of like import shall mean andbe a reference to the Security Agreement as modified hereby.

(c) Except as specifically set forth in this Amendment, the execution, delivery and effectiveness of thisAmendment shall not (i) limit, impair, constitute an amendment, forbearance or waiver by, or otherwise affect any right, power orremedy of, the Administrative

16

Agent, the L/C Issuer or any Lender under the Credit Agreement, the Security Agreement or any other Loan Document or waive,affect or diminish any right of the Administrative Agent, the L/C Issuer or any Lender to demand strict compliance and performancetherewith, (ii) constitute a waiver of, or forbearance with respect to, any Default, whether known or unknown or (iii) alter, modify,amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, theSecurity Agreement or in any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall continue infull force and effect.

7.2 Severability . If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality,validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) theparties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions theeconomic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of aprovision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

7.3 Counterparts . This Amendment may be executed in one or more counterparts, each of which shall constitute anoriginal, but all of which taken together shall be one and the same instrument. This Amendment may also be executed by facsimile orelectronic transmission and each facsimile or electronic transmission signature hereto shall be deemed for all purposes to be anoriginal signatory page.

7.4 GOVERNING LAW . THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OFACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TOTHIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, ANDCONSTRUED IN ACCORDANCE WITH, THE LAW OF THE COMMONWEALTH OF MASSACHUSETTS.

7.5 Section Titles . The Section titles contained in this Amendment are and shall be without substance, meaning orcontent of any kind whatsoever and are not a part of the agreement between the parties hereto.

7.6 Reimbursement of Administrative Agent’s Expenses . Without limiting any of the Borrower’s obligations underSection 11.04(a) of the Credit Agreement, the Borrower shall reimburse the Administrative Agent for all out-of-pocket costs andexpenses incurred by it or any of its Related Parties in connection with the preparation, negotiation and execution of this Amendmentor any document, instrument, agreement delivered pursuant to this Amendment and all other costs and expenses of the AdministrativeAgent described in Section 11.04(a) of the Credit Agreement.

The Borrower acknowledges that it is obligated pursuant to Section 11.04(a) of the Credit Agreement to reimburse the AdministrativeAgent, not later than five Business Days after demand therefor, for all out-of-pocket expenses incurred by the Administrative Agentfrom time to time in connection with ongoing monitoring of the Loan Parties and their operations, including any financial advisorengaged by the Administrative Agent or its counsel.

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7.7 Entire Agreement . This Amendment contains the final and complete integration of all prior expressions by theparties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respectto the subject matter hereof superseding all prior oral or written understandings or agreements.

7.8 FATCA . For purposes of determining withholding Taxes imposed under FATCA, from and after the effective dateof this Amendment, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the AdministrativeAgent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury RegulationSection 1.1471-2(b)(2)(i).

[ Signature Pages Follow ]

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WITNESS the due execution hereof by the respective duly authorized officers of the undersigned of this Amendment as of the

date first written above.

BORROWER: TUTOR PERINI CORPORATION ,a Massachusetts corporation By: /s/ John D. Barrett Name: John D. BarrettTitle: Executive Vice President,Corporate Secretary and Treasurer

Signature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

GUARANTORS:

AIRTECH SYSTEMS INC. , a Delaware corporationANDERSON COMPANIES, INC. ,

a Delaware corporationBECHO, INC. ,

a Utah corporationBRICE BUILDING COMPANY, LLC ,

a Delaware limited liability companyDANIEL J. KEATING CONSTRUCTION COMPANY, LLC , a Delaware limited liability companyFIVE STAR ELECTRIC CORP. ,

a New York corporationGREENSTAR SERVICES CORPORATION ,

a Delaware corporationHARRELL CONTRACTING GROUP, LLC ,

a Mississippi limited liability companyINTERNATIONAL CONSTRUCTION MANAGEMENT SERVICES, INC. ,

a Delaware corporationKEATING PROJECT DEVELOPMENT, INC. ,

a Pennsylvania corporationLUNDA CONSTRUCTION COMPANY ,

a Wisconsin corporationNAGELBUSH MECHANICAL, INC. ,

a Florida corporationPERCON CONSTRUCTORS, INC. ,

a Delaware corporationR. E. DAILEY AND CO. ,

a Michigan corporationRA PROPERTIES, LLC ,

a Mississippi limited liability companyRUDOLPH AND SLETTEN, INC. ,

a California corporationTUTOR PERINI BUILDING CORP. ,

an Arizona corporationWDF/NAGELBUSH HOLDING CORP. ,

a Delaware corporation

By: /s/ William B. SparksName: William B. SparksTitle: Secretary and Treasurer

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

BLACK CONSTRUCTION INVESTMENTS, INC. ,

a Nevada corporationBOW EQUIPMENT LEASING COMPANY, INC. ,

a New Hampshire corporationCHERRY HILL CONSTRUCTION, INC. ,

a Maryland corporationDESERT MECHANICAL, INC. ,

a Nevada corporationE. E. BLACK, LIMITED ,

a Hawaii corporationFEDERATED FIRE PROTECTION SYSTEMS CORP. ,

a New York corporationG. W. MURPHY CONSTRUCTION COMPANY, INC. ,

a Hawaii corporationJOHNSON WESTERN CONSTRUCTORS, INC. ,

a California corporationJOHNSON WESTERN GUNITE COMPANY ,

a California corporationROY ANDERSON CORP ,

a Mississippi corporationSUPERIOR GUNITE ,

a California corporationSUPERIOR GUNITE LLC ,

a Delaware limited liability companyTUTOR HOLDINGS, LLC ,

a Delaware limited liability companyTUTOR MICRONESIA CONSTRUCTION, LLC ,

a Delaware limited liability companyTUTOR PACIFIC CONSTRUCTION, LLC ,

a Delaware limited liability companyTUTOR PACIFIC, INC. ,

a Hawaii corporationVALLEY CONCRETE & FRAMING, INC. ,

a California corporation By: /s/ William B. SparksName: William B. SparksTitle: Vice President, Secretary and Treasurer

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

FISK ACQUISITION, INC. ,

a Delaware corporationTUTOR PERINI MERGER COMPANY ,

a Delaware corporation

By: /s/ William B. SparksName: William B. SparksTitle: Executive Vice President,

Secretary and Treasurer

FISK ELECTRIC COMPANY ,a Texas corporation

FISK INTERNATIONAL, LTD. ,a Delaware corporation

By: /s/ William B. SparksName: William B. SparksTitle: Senior Vice President,

Secretary and Treasurer

PERINI MANAGEMENT SERVICES, INC. ,a Massachusetts corporation

By: /s/ William B. SparksName: William B. SparksTitle: Corporate Secretary and Treasurer

TPC AGGREGATES, LLC ,

a Nevada limited liability company

By: /s/ William B. SparksName: William B. SparksTitle: Vice President, Chief Financial Officer

and Assistant Secretary

TUTOR-SALIBA CORPORATION ,a California corporation

TUTOR-SALIBA LLC ,

By: /s/ William B. SparksName: William B. SparksTitle: Senior Vice President, Chief Financial

Officer, Treasurer and Secretary

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

FRONTIER-KEMPER CONSTRUCTORS, INC. ,

an Indiana corporation By: /s/ William B. SparksName: William B. SparksTitle: Vice-President and Secretary-Treasurer JAMES A. CUMMINGS, INC. ,

a Florida corporation By: /s/ William B. SparksName: William B. SparksTitle: Vice President and Treasurer FK MANAGEMENT SERVICES, INC. ,

an Indiana corporationFKC, LLC ,

an Indiana limited liability company

By: /s/ W . David RogstadName: W. David RogstadTitle: President and Chief Executive Officer

WDF INC. ,a New York corporation

By: /s/ Lawrence RomanName: Lawrence RomanTitle: President and Chief Executive Officer

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

BANK OF AMERICA , N.A. ,as Administrative Agent By: /s/ Carol Clements Name: Carol M. Clements Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

BANK OF AMERICA, N.A. ,as a Lender, L/C Issuer and Swing Line Lender By: /s/ Carol M. Clements Name: Carol M. Clements Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

SUNTRUST BANKas a Lender By: /s/ Min Park Name: Min Park

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

COMPASS BANKas a Lender By: /s/ James Ligman Name: James Ligman

Title: SVP

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

Santander Bank , N.A.as a Lender By: /s/ Paul Black Name: Paul Black

Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

U.S. Bank National Associationas a Lender By: /s/ Jeff Benedix Name: Jeff Benedix

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

Comerica Bankas a Lender By: /s/ Eric Choudhury Name: Eric Choudhury

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

KEYBANK NATIONAL ASSOCIATIONas a Lender By: /s/ Geoff Smith Name: Geoff Smith

Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

Fifth Third Bankas a Lender By: /s/ Aimee Nelson Name: Aimee Nelson

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

MUFG Union Bank , N.A. f/k/a Union Bank ,N.A. as a Lender By: /s/ Lauren Hom Name: Lauren Hom

Title: Director

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

GOLDMAN SACHS BANK USAas a Lender By: /s/ Jerry Li Name: Jerry Li

Title: Authorized Signatory

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

Citizens Bank , N.A.as a Lender By: /s André A. Nazareth Name: André A. Nazareth

Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

FIRST HAWAIIAN BANKas a Lender By: /s/ Darlene Blakeney Name: Darlene Blakeney

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

MANUFACTURERS BANK ,as a Lender By: /s/ Sandy Lee Name: Sandy Lee

Title: Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

Branch Banking & Trust Companyas a Lender By: /s/ Kelley Rumps Name: Kelley Rumps

Title: Senior Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

AMERICAN SAVINGS BANK, F.S.B. ,as a Lender By: /s/ Rian DuBach Name : Rian DuB ach

Title: First Vice President

S ignature Page to Waiver and Amendment No. 1 to

Sixth Amended and Restated Credit Agreement

EXHIBIT A

List of Closing Documents

1. Waiver and Amendment No. 1

2. Officer’s Certificate of Borrower

a. Certified Articles of Incorporation of Borrower

b. Bylaws of Borrower

c. Borrower Board Resolutions

d. Incumbency of Borrower

e. Guarantor Board Resolutions

3. Good Standing Certificate of Borrower

4. Opinion of Counsel to Borrower

5. Perfection Certificate

EXHIBIT B

Amended Schedule 1.01

Excluded Property

1. Warehouse/Office Harmon Industrial Park, Barrigada, Mariana Islands, Guam 96921

2. 2000 Boeing 737 700 S/N 30772 owned by Tutor-Saliba Corporation

EXHIBIT C

Amended Exhibit D

See attached.

EXHIBIT D

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: ________, ___

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen: Reference is made to that certain Sixth Amended and Restated Credit Agreement dated as of June 5, 2014 (as amended, restated, extended,supplemented or otherwise modified in writing from time to time, the “ Agreement ”), among Tutor Perini Corporation, a Massachusettscorporation (the “ Borrower ”), certain Subsidiaries of the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A.,as Administrative Agent, L/C Issuer and Swing Line Lender. Each capitalized term used herein but not otherwise defined herein shall have themeaning ascribed thereto in the Agreement. The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is theof the Borrower, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on thebehalf of the Borrower, and that: [Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto are the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of theBorrower ended as of the above date (the “ Subject Period ”), together with the report and opinion of an independent certified publicaccountant required by such section. [Use following paragraph 1 for fiscal quarter-end financial statements] 1. Attached hereto are the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of theBorrower ended as of the above date the (“ Subject Period ”). Such financial statements fairly present the financial condition, results ofoperations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only tonormal year ‑end audit adjustments and the absence of footnotes. 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made underhis/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting periodcovered by the attached financial statements. 3. A review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with aview to determining whether during such fiscal period the Borrower performed and observed all its Obligations under the Loan Documents,and [select one:] [to the best knowledge of the undersigned during such fiscal period, the Borrower performed and observed each covenant andcondition of the Loan Documents applicable to it, and no Default has occurred and is continuing.]

--or--

D- 1Form of Compliance Certificate

[the following covenants or conditions have not been performed or observed and the following is a list of each such Default and itsnature and status:]

4. The representations and warranties of the Borrower contained in Article V of the Agreement, and any representations and warrantiesof any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents, are true andcorrect on and as of the date hereof, except (i) to the extent that such representations and warranties specifically refer to an earlier date, inwhich case they are true and correct as of such earlier date, (ii) for purposes of this Compliance Certificate, the representations and warrantiescontained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuantto clauses (a) and (b) , respectively, of Section 6.01 of the Agreement, including the statements in connection with which this ComplianceCertificate is delivered, and (iii) as otherwise described on Schedule II attached hereto . 5. The financial covenant analyses and information set forth on Schedule I attached hereto are true and accurate on and as of the dateof this Compliance Certificate. 6. [Accompanying this Compliance Certificate are updates to Schedules 5.13 , 5.17 , 5.20(a) , 5.20(b) and 5.20(c) .]

--or--[There are no required updates to Schedules 5.13 , 5.17 , 5.20(a) , 5.20(b) and 5.20(c) at this time.]

IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of _________________, _____.

TUTOR PERINI CORPORATIONBy: Name: Title:

D- 2Form of Compliance Certificate

SCHEDULE I

to the Compliance Certificate

($ in 000 ’ s) I. Section 7.11(a) – Consolidated Leverage Ratio. A. Consolidated Funded Indebtedness at

Financial Statement Date [Sum of following (i) – (vii)] $

(i) obligations for borrowed money, and all obligations

evidenced by bonds (other than surety bonds), debentures, notes, loan agreements or other similar instruments $

(ii) purchase money Indebtedness $

(iii) all obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, and similar instruments (but excluding Performance Letters of Credit) $

(iv) all obligations in respect of the deferred purchase price of property or services (other than accounts payable inthe ordinary course of business) $

(v) all Attributable Indebtedness $

(vi) all Guarantees with respect to Indebtedness of the types specified in (i) through (v) above of another Person $

(vii) all recourse Indebtedness of the types referred to above of any Joint Venture (except joint ventures that are LLCs or corporations) in which Borrower or a Subsidiary is a general partner or joint venturer $

B. Consolidated EBITDA for four quarters

ending at Financial Statement Date [Sum of Lines (i) - (ix) minus Line (x)] $ (i) Consolidated Net Income $______ (ii) Consolidated Interest Charges $______ (iii) Provision for Income Taxes $______ (iv) Depreciation expenses $______ (v) Amortization expenses $______

D- 3Form of Compliance Certificate

(vi) Stock-based compensation expenses $ (vii) Non-cash losses incurred during fiscal quarterended 9/30/15 from construction of

Brightwater Conveyance System and tunnelsections of Washington State (not toexceed $23,900,000) $

(viii) Amendment Fees and Expenses (Sum of Lines(1) and (2) below) $ (1) Fees, costs and expenses paid

in cash during the fiscal yearended 12/31/16 in connection withthe First Amendment (not to exceed$9,000,000) $

(2) Fees paid to the Lenders on theAmendment Effective Date (not toexceed $3,700,000) $

(ix) Total non-cash goodwill and intangible asset

impairment charges $_____ (x) minus non-cash gains (other than accrual of revenue

in ordinary course) $_____

C. Consolidated Leverage Ratio [(Line I.A Consolidated EBITDAas calculated under the above B)] _____ to 1

Maximum permitted

Four Fiscal Quarters Ending Maximum ConsolidatedLeverage Ratio

March 31, 2016 4.25 to 1.00June 30, 2016 through September 30, 2016 4.00 to 1.00December 31, 2016 through March 31, 2017 3.25 to 1.00June 30, 2017 through March 31, 2018 3.00 to 1.00

II. Section 7.11(b) – Consolidated Fixed Charge Coverage Ratio.

A. Consolidated Adjusted EBITDA for Subject

Period [Line (i) minus sum of Lines (ii), (iii) and (iv)] $

(i) Consolidated EBITDA (From Line I.B) $

D- 4Form of Compliance Certificate

(ii) Consolidated Maintenance Capital Expenditure

for Subject Period paid in cash $

(iii) Restricted Payments during Subject Period paid in cash (other than pursuant to 7.06(a) and (b)) $

(iv) Income Taxes paid in cash $ B. Consolidated Fixed Charges [sum of Lines (i) and (ii) below]$

(i) Cash portion of Consolidated Interest Charges

during Subject Period (excluding anyAmendment Fees and Expenses) $

(ii) Consolidated Scheduled Funded Debt Payments

during Subject Period $

C. Consolidated Fixed Charge Coverage Ratio[(Line II.A. Line II.B)] _____ to 1 Minimum required 1.25 to 1

III. Section 7.11(c) – Consolidated Liquidity Minimum Requirement

A. Consolidated Available Cash as of end of

last full weekof Subject Period $

B. Aggregate unused Revolving Credit Commitments as of endof last full week of Subject Period $

C. Consolidated Liquidity [(Line III.A. + Line III.B)]

$ Minimum required $40,000,000

IV. Section 7.11(d) – Specified Cash Collections Minimum Requirement

A. Aggregate cumulative cash collections

received onSpecified Cash Collections fromMarch 1, 2016 through date hereof $

B. Cumulative Specified Cash Collections for Subject Period$

C. Specified Cash Collections Percentage[(Line IV.A Line IV.B)] %

Minimum required 80%

V. Section 7.11(e) –Consolidated Available Cash

A. Consolidated Available Cash (From LineIII.A) $

D- 5Form of Compliance Certificate

Maximum Permitted $30,000,000 VI. Section 2.05(b)(ii)(B) – Mandatory Payment

A. Aggregate cash collections received onSpecified Cash Collections during period from[July 1, 2016] [the preceding ComplianceCertificate] through the date hereof $

B. Projected Specified Cash Collections for the

Subject Period $ C. Percentage of projected Specified Cash

Collections received(Line VI.A Line VI.B) % D. Amount of prepayment due with respect tothe Subject Period (If Line VI.C > 50%, thenprepayment is required in amount equal to25% of Line VI.B) $

D- 6Form of Compliance Certificate

SCHEDULE II

D- 7Form of Compliance Certificate

SCHEDULE I

Real Property

See attached.

I- 1

SCHEDULE I

LOCATIONS OF OWNED AND LEASED PROPERTY

Business Unit Street Address City State Zip Code Owned/Leased

Anderson Companies, Inc. 1899 Beach Blvd Biloxi MS 39532 Owned

Anderson Companies, Inc. 11400 Reichold Road Gulfport MS 39503 Owned

Anderson Companies, Inc. 368 Highland Colony Parkway Ridgeland MS 39236 Leased

Anderson Companies, Inc. 3500 N Causeway Blvd Ste 350 Metairie LA 70001 Leased

Cherry Hill Construction, Inc. 630 Churchmans Road Suite 1&4 Newark DE 19702 Leased

Cherry Hill Construction, Inc. 7053 Brookdale Drive Elkridge MD 21075 Owned

Cherry Hill Construction, Inc. 8211 Washington Boulevard Jessup MD 20794 Owned

Cherry Hill Construction, Inc. 8219 Washington Boulevard Jessup MD 20794 Owned

Cherry Hill Construction, Inc. 8221 Washington Boulevard Jessup MD 20794 Owned

Cherry Hill Construction, Inc. 8225 Washington Boulevard Jessup MD 20794 Owned

Cherry Hill Construction, Inc. 8227 Washington Boulevard Jessup MD 20794 Owned

Cherry Hill Construction, Inc. 4710 Auth Place Suite 620 Suitland MD 20746 Leased

Cherry Hill Construction, Inc. Suite 201 5360 Robin Hood Road Norfolk VA 23513 Leased

Cherry Hill Construction, Inc. 7830 Backlick Road, Suite 200 Springfield VA 22150 Leased

Cherry Hill Construction, Inc. 5321 Brook Way Apt#1 Columbia MD 21044 Leased

Desert Mechanical, Inc. 15870 Olden Street Sylmar CA 91342 Leased

Desert Mechanical, Inc. 2955 N. Green Valley Pkwy Henderson NV 89014 Leased

Desert Mechanical, Inc. 4475 West Quail Ave Las Vegas NV 89118 Sub - LeasedFederated Fire Protection Systems

Corp. 255 West 36th St., Suite 1002 New York NY 10018 Leased

Fisk Electric Company 751 13th St, Building 264, TreasureIsland San Francisco CA 94130 Leased

Fisk Electric Company 15870 Olden Street Sylmar CA 91342 Leased

Fisk Electric Company 10125 NW 116 Way Ste 14 Medley FL 33178 Leased

Fisk Electric Company 181 James Drive West St Rose LA 70087 Owned

Fisk Electric Company 6283 S. Valley View Blvd. Las Vegas NV 89118 Leased

Fisk Electric Company 2013 Centimeter Circle Austin TX 78758 Leased

Fisk Electric Company 1617 W Crosby Road Ste 120 Carrollton TX 75006 Leased

Fisk Electric Company 10855 Westview Circle Drive Houston TX 77043 Owned

Fisk Electric Company 8964 Broadway Street San Antonio TX 78217 Owned

Five Star Electric Corp. 60 Broad St New York NY 10004 Leased

Five Star Electric Corp. 143-17 Archer Avenue aka 91-24 144Place Jamaica NY 11435 Leased

Five Star Electric Corp. 37-50 Railroad Ave Long Island City NY 11101 Leased

Five Star Electric Corp. 45-18 Court Sq Long Island City NY 11101 Leased

Five Star Electric Corp. 2 Rector Street New York NY 10006 Leased

Five Star Electric Corp. 350 West 31st Street New York NY 10018 Leased

Five Star Electric Corp. 90 West Street New York NY 10006 Leased

Five Star Electric Corp. 101-32 101st Street Ozone Park NY 11416 Leased

Five Star Electric Corp. 80-02 Kew Gardens Road Queens NY 11416 Leased

Five Star Electric Corp. 103-15 101st Street Ozone Park NY 11416 Leased

Five Star Electric Corp. 144-08 91st Avenue Jamaica NY 11435 Leased

Frontier-Kemper 1180 Diamond Avenue Evansville IN 47711 Leased

Frontier-Kemper 1501-A Allens Lane Evansville IN 47710 Leased

Frontier-Kemper 1617 Allen Road Evansville IN 47710 Owned

Frontier-Kemper 1695 Allen Road Evansville IN 47710 Owned

Frontier-Kemper 15900 Olden Street Sylmar CA 91342 Rent Expense Leased

Frontier-Kemper 1000 Main Street New Rochelle NY 10801 Rent Expense Leased

James A. Cummings, Inc. 5337 Milenia Lakes Blvd Orlando FL 32839 Leased

Johnson Western 930 Doolittle Drive San Leandro CA 94577 Leased

Johnson Western 940 Doolittle Drive San Leandro CA 94577 Leased

Johnson Western 2020 East Minor Stockton CA 95205

Johnson Western 833 South Director Seattle WA 98108 Leased

Lunda Construction 15601 Clayton Avenue Rosemount MN 55068 Owned

Lunda Construction 11516 96th Ave N Maple Grove MN 55369 Leased

Lunda Construction Clayton Avenue Rosemount MN 55068 Owned

Lunda Construction 620 Gebhardt Street Black River Falls WI 54615 Owned

Lunda Construction W2332 Crosstown Road Hilbert WI 54129 Owned

Lunda Construction 2000 Taylor Street Little Chute WI 54129 Owned

Lunda Construction 701 Moasis Drive Little Chute WI 54129 Owned

Lunda Construction W228 N2724 Duplainville Rd Waukesha, WI 53186 Owned

Nagelbush Mechanical, Inc. 5101 NW 21St Ave Ste 210 Fort Laudedale FL 33309 Leased

Nagelbush Mechanical, Inc. 2651 NW 55th Court Fort Lauderdale FL 33309 Leased

Rudolph and Sletten 16851 Hale Ave. Irvine CA 92606 Owned

Rudolph and Sletten 1600 Seaport Blvd., Ste. 350 Redwood City CA 94063 Leased

Rudolph and Sletten 1504 Eureka Rd., Ste 200 Roseville CA 95661 Leased

Rudolph and Sletten 10955 Vista Sorrento Pkwy Pacific Plaza San Diego CA 92130 Leased

Rudolph and Sletten 3614 Zephyr Court Stockton (Archives) CA 95206 Owned

Rudolph and Sletten 600 B Street San Diego CA 92101 Leased

Superior Gunite 12129 Foothill Blvd Lakeview Terrace CA 91342 Leased

Superior Gunite 12306 Van Nuys Blvd Lakeview Terrace CA 91342 Leased

Superior Gunite 8 Hope Street Jersey City NJ 7307 Leased

Tutor Perini Building Corp. 5055 E. Washington St. # 210 Phoenix Arizona 85034 Leased

Tutor Perini Building Corp. One East Broward Blvd., Suite 1300 Fort Lauderdale FL 33301 Leased

Tutor Perini Building Corp. 1645 Yellow Tulip Place Henderson Nevada 89012 Owned

Tutor Perini Building Corp. 2955 Green Valley Pkwy Henderson Nevada 89014 Owned

Tutor Perini Building Corp. Apex Parcel 103-10-010-007 Las Vegas Nevada 89105 Owned

Tutor Perini Building Corp. 360 W. 31st Street Suite 1102 New York NY 10001 Leased

Tutor Perini Building Corp. 360 W. 31st Street Suite 1104 New York NY 10001 Leased

Tutor Perini Building Corp. 1600 Arch Street Philadelphia PA 19103 Leased

Tutor Perini Building Corp. 130 N. 18th Street Philadelphia PA 19103 Leased

Tutor Perini Building Corp. 360 W. 31st Street Suite 301 New York NY 10001 Leased

Tutor Perini Building Corp. 350 W. 31st Street - 7th & 8th Floor New York NY 10001 Leased

Tutor Perini Building Corp. 360 W. 31st Street - Suite 1006 & 1008 New York NY 10001 Leased

Tutor Perini Building Corp. 30 S 15th Street Suite 1100 Philadelphia PA 19102 Leased

Tutor Perini Building Corp. 21 S 12th Street Suite 2105 Philadelphia PA 19107 Leased

Tutor Perini Corporation A-101 Greenwhich Shore Apts 124 RitchAvenue Greenwich CT 06830 Leased

Tutor Perini Corporation St. Hwy 73, Winslow Township Camden NJ 08009 Owned

Tutor Perini Corporation 521 City Island Avenue City Island NY 10464 Leased

Tutor Perini Corporation 29-76 Northern Boulevard Long Island City NY 11101 Leased

Tutor Perini Corporation 33-01 38th Avenue Long Island City NY 11101 Leased

Tutor Perini Corporation 1000 Main Street New Rochelle NY 10801 Owned

Tutor Perini Corporation 15H The Capital @ Chelea - 55 West26th Street New York NY 10010 Leased

Tutor Perini Corporation 360 W 31st Street; Suite 405 New York NY 10001 Leased

Tutor Perini Corporation 10 Little West Street Apt 18 E New York NY 10004 Leased

Tutor Perini Corporation 360 W 31st Street; Suite 1508 New York NY 10001 Leased

Tutor Perini Corporation 1022 Lower South Street Peekskill NY 10566 Owned

Tutor Perini Corporation 62 Sand Lane Staten Island NY 10305 Leased

Tutor Perini Corporation 261 City Island Avenue City Island NY 10464 Leased

Tutor Perini Corporation 63 Prospect Place Apt 12 A Hewlett NY 11557 Leased

Tutor Perini Corporation 65 Prospect Ave Apt 30W Hewlett NY 11557 Leased

Tutor Perini Corporation 500W 30th Street Apt 23A (AbingtonHouse) New York NY 10001 Leased

Tutor Perini Corporation 48 Centre Street Woodmere NY 11598 Leased

Tutor Perini Corporation 295 Chelsea Road Staten Island NY 10314 Leased

Tutor Perini Corporation 11171 Cherry Avenue Fontana CA 92335 Leased

Tutor Perini Corporation 515 John Muir Drive #A321 San Francisco CA 94132 Leased

Tutor Perini Corporation 55 New Montgomery st, Suite 511 San Francisco CA 94105 Leased

Tutor Perini Corporation 737 Post St, Apt 1016 San Francisco CA 94109 Leased

Tutor Perini Corporation 15870 Olden Street Sylmar CA 91342 Owned

Tutor Perini Corporation 15900 Olden Street Sylmar CA 91342 Owned

Tutor Perini Corporation 15901 Olden Street Sylmar CA 91342 Leased

Tutor Perini Corporation 73 Mt. Wayte Avenue Framingham MA 01701 Owned

Tutor Perini Corporation 350 West 42nd Street, Unit 54B, New York NY 10036 Leased

WDF Inc. 30 N. MacQuesten Pkwy Mt. Vernon NY 10550 Leased

WDF Inc. 718 S. Fulton Ave. Mt. Vernon NY 10550 Leased

WDF Inc. 150 Broadway Suite 1910 New York NY 10550 Leased

WDF Inc. 1125 Close Avenue Bronx NY 10472 Leased

WDF Inc. 1425 Watson Avenue (Shared Space w/WDF Federated Fire) Bronx NY 10472 Leased

WDF Inc. 1435 Watson Avenue Bronx NY 10472 Leased

WDF Inc. 500 West 30th Street New York NY 10001 Leased

WDF Inc. DBA WDF Federated FireProtection 1425 Watson Avenue Bronx NY 10472 Leased

Exhibit 21

Tutor Perini CorporationSubsidiaries of the Registrant

Percentageof Interest

Business or VotingSegment Place of Securities

Name (as applicable) Organization OwnedTutor Perini Corporation MassachusettsTutor Perini Building Corp. Building Arizona 100 %Desert Mechanical Inc. Specialty Contractors Nevada 100 %Black Construction Corporation Civil Guam 100 %Perini Management Services, Inc. Building Massachusetts 100 %James A. Cummings, Inc. Building Florida 100 %Cherry Hill Construction, Inc. Civil Maryland 100 %Rudolph and Sletten, Inc. Building California 100 %Keating Building Company Building Delaware 100 %Bow Equipment Leasing Company, Inc. N/A New Hampshire 100 %Superior Gunite Specialty Contractors California 100 %Fisk Electric Company Specialty Contractors Texas 100 %Roy Anderson Corp Building Mississippi 100 %Lunda Construction Company Civil Wisconsin 100 %Frontier-Kemper Constructors, Inc. Civil Indiana 100 %GreenStar Services Corporation Specialty Contractors Delaware 100 %Five Star Electric Corp. Specialty Contractors New York 100 %WDF Inc. Specialty Contractors New York 100 %Nagelbush Mechanical, Inc. Specialty Contractors Florida 100 %Becho, Inc. Civil Utah 100 %PCR Insurance Company Insurance Arizona 100 %

Exhibit 23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statement Nos. 333-116362, 333-138411, 333-157804, and 333-203191 on Form S-8 and Registration StatementNos. 333-161492 and 333-174915 on Form S-3, of our reports dated February 29, 2016, relating to the consolidated financial statements of Tutor Perini Corporation andsubsidiaries (the “Company”), and the effectiveness of the Company’s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Tutor PeriniCorporation for the year ended December 31, 2015.

/s/ Deloitte & Touche LLP Los Angeles, California February 2 9 , 201 6

Exhibit 24

Power of Attorney We, the undersigned, Directors of Tutor Perini Corporation, hereby severally constitute James A. Frost an d Gary G . Sm alley , and each of them singly, our true andlawful attorneys, with full power to them and to each of them to sign for us, and in our names in the capacities indicated below, any Annual Report on Form 10-K pursuantto Section 13 or 15(d) of the Securities Exchange Act of 1934 to be filed with the Securities and Exchange Commission and any and all amendments to said Annual Reporton Form 10-K, hereby ratifying and confirming our signatures as they may be signed by our said Attorneys to said Annual Report on Form 10-K and to any and allamendments thereto and generally to do all such things in our names and behalf and in our said capacities as will enable Tutor Perini Corporation to comply with theprovisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission. WITNESS our hands and common seal on the date set forth below. /s/Marilyn A. Alexander Director February 26 , 201 6Marilyn A. Alexander Date /s/Peter Arkley Director February 25 , 201 6Peter Arkley Date /s/Sidney J. Feltenstein Director February 26 , 201 6Sidney J. Feltenstein Date /s/James A. Frost Director February 26, 2016James A. Frost Date /s/Michael R. Klein Director February 26 , 201 6Michael R. Klein Date /s/Robert C. Lieber Director February 26 , 201 6Robert C. Lieber Date /s/Raymond R. Oneglia Director February 26 , 201 6Raymond R. Oneglia Date /s/Dale Anne Reiss Director February 26 , 201 6Dale Anne Reiss Date /s/Donald D. Snyder Director February 26 , 201 6Donald D. Snyder Date /s/Dickran M. Tevrizian, Jr. Director February 25 , 201 6Dickran M. Tevrizian, Jr. Date /s/Ronald N. Tutor Director February 26 , 201 6Ronald N. Tutor Date

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302OF THE SARBANES-OXLEY ACT OF 2002

I, Ronald N. Tutor, certify that:

1. I have reviewed this annual report on Form 10-K of Tutor Perini Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial

condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that

material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly duringthe period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the

disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (theregistrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internalcontrol over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s

auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely toadversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial

reporting. Date: February 2 9 , 201 6 /s/Ronald N. Tutor Ronald N. Tutor Chairman and Chief Executive Officer

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302OF THE SARBANES-OXLEY ACT OF 2002

I, Gary G. Smalley , certify that:

1. I have reviewed this annual report on Form 10-K of Tutor Perini Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial

condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that

material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly duringthe period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the

disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (theregistrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internalcontrol over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s

auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely toadversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial

reporting. Date: February 2 9 , 201 6 /s/ Gary G . Smalley Gary G . Smalley Executive Vice President and Chief Financial Officer

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Tutor Perini Corporation (the “Company”) on Form 10-K for the year ended December 31, 201 5 as filed with the Securities andExchange Commission on the date hereof (the “Report”), I, Ronald N. Tutor, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 2 9 , 201 6 /s/Ronald N. Tutor Ronald N. Tutor Chairman and Chief Executive Officer A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation andfurnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Tutor Perini Corporation (the “Company”) on Form 10-K for the year ended December 31, 201 5 as filed with the Securities andExchange Commission on the date hereof (the “Report”), I, Gary G . Smalley , Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 2 9 , 201 6 /s/ Gary G . Smalley Gary G . Smalley Executive Vice President and Chief Financial Officer A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation andfurnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 95

MINE SAFETY DISCLOSURE

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires domestic mine operators to disclose violations and orders issued under the Federal MineSafety and Health Act of 1977 (the “Mine Act”) by the federal Mine Safety and Health Administration (“MSHA”). We do not act as the owner of any mines but we may act as amining operator as defined under the Mine Act where we may be an independent contractor performing services or construction of such mine. Due to timing and other factors, thedata may not agree with the mine data retrieval system maintained by MSHA. The following table provides information for the year ended December 31, 201 5 .

Mine (1)

Mine Act§104

Violations(2)

Mine Act§104 (b)

Orders (3)

Mine Act§104 (d) Citations

and Orders (4)

Mine Act §110 (b)(2)

Violations (5)

Mine Act§107 (a)

Orders (6)

ProposedAssessments from

MSHA (In dollars ($)

MiningRelated

FatalitiesMine Act §104(e)Notice (yes/no) (7)

Pending LegalAction beforeFederal Mine

Safety and HealthReview

Commission(yes/no)

Year Ended December 31, 2015

Buchannan #1 Mine 4 - - - - $ 1,010 - No No

Gibson South Mine 6 - - - - $ 81,333 - No No

Wilson County Holdings 1 - - - - $ 440 - No No

Cardinal Mine 1 - - - - $ 190 - No No

Leer Mine 1 - - - - $ 100 - No No

Barrick Cortez 1 - - - - $ 4,961 - No No

River View Mine 1 - - - - $ 100 - No No

Willow Lake Portal 1 - - - - $ 39,659 - No No

Oaktown Fuels 1 - - - - $ 19,014 - No No

(1) United States mines.

(2) The total number of violations received from MSHA under §104 of the Mine Act, which includes citations for health or safety standards that could significantly and substantiallycontribute to a serious injury if left unabated.

(3) The total number of orders issued by MSHA under §104(b) of the Mine Act, which represents a failure to abate a citation under §104(a) within the period of time prescribed byMSHA.

(4) The total number of citations and orders issued by MSHA under §104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.

(5) The total number of flagrant violations issued by MSHA under §110(b)(2) of the Mine Act.

(6) The total number of orders issued by MSHA under §107(a) of the Mine Act for situations in which MSHA determined an imminent danger existed.

(7) A written notice from the MSHA regarding a pattern of violations, or a potential to have such pattern under §104(e) of the Mine Act.