Analysis of colonoscopy images plays a significant role in early detection of colorectal cancer. Automated tissue segmentation can be useful for two of the most relevant clinical target applications-lesion detection and classification, thereby providing important means to make both processes more accurate and robust. To automate video colonoscopy analysis, computer vision and machine learning methods have been utilized and shown to enhance polyp detectability and segmentation objectivity. This paper describes a polyp segmentation algorithm, developed based on fully convolutional network models, that was originally developed for the Endoscopic Vision Gastrointestinal Image Analysis (GIANA) polyp segmentation challenges. The key contribution of the paper is an extended evaluation of the proposed architecture, by comparing it against established image segmentation benchmarks utilizing several metrics with cross-validation on the GIANA training dataset. Different experiments are described, including examination of various network configurations, values of design parameters, data augmentation approaches, and polyp characteristics. The reported results demonstrate the significance of the data augmentation, and careful selection of the method's design parameters. The proposed method delivers state-of-the-art results with near real-time performance. The described solution was instrumental in securing the top spot for the polyp segmentation sub-challenge at the 2017 GIANA challenge and second place for the standard image resolution segmentation task at the 2018 GIANA challenge.