Note 4 - Cost and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Long-term Contracts or Programs Disclosure [Text Block]

NOTE 4 — COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Cost and estimated earnings on uncompleted contracts consist of the following:

	December 31,
	2019			2018
	(Dollars in thousands)
Costs and estimated earnings incurred on uncompleted contracts	$	196,550		$	278,797
Less billings to date		(160,940	)		(255,069	)
Total	$	35,610		$	23,728

These amounts are included in the consolidated balance sheets under the following captions:

	December 31,
	2019			2018
	(Dollars in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	38,365		$	42,130
Billings in excess of costs and estimated earnings on uncompleted contracts		(2,755	)		(18,402	)
Total	$	35,610		$	23,728

The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term.