4. BILLINGS, COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

3 Months Ended

Mar. 31, 2015

Billings Costs And Estimated Earnings On Uncompleted Contracts

BILLINGS, COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The components of billings, costs and estimated earnings on uncompleted contracts are summarized below:

	March 31, 2015			December 31, 2014
Costs incurred on uncompleted contracts	$	12,979		$	10,500
Estimated earnings on uncompleted contracts		4,841			3,893
		17,820			14,393
Less: Billings to date on uncompleted contracts		(12,508	)		(7,585	)
	$	5,312		$	6,808
Included in the accompanying consolidated balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	5,946		$	6,808
Billings in excess of costs and estimated earnings on uncompleted contracts		(634	)		–
	$	5,312		$	6,808

The balance in costs and estimated earnings in excess of billings on uncompleted contracts at March 31, 2015 and December 31, 2014 consisted of earned but unbilled revenues related to fixed-price projects.

The balance in billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2015 and December 31, 2014 consisted of unearned billings related to fixed-price projects.