Property and Equipment

9 Months Ended

Sep. 30, 2011

Property, Plant and Equipment Disclosure

Property and Equipment

The following is a summary of property and equipment at September 30, 2011 and December 31, 2010:



	September 30, 2011			December 31, 2010
Automobiles and trucks	$	1,552		$	2,134
Building and improvements	13,361			13,026
Construction equipment	130,525			122,792
Dredges and dredging equipment	94,831			91,018
Office equipment	3,802			3,528
	244,071			232,498
Less: accumulated depreciation	(114,881		)	(100,170		)
Net book value of depreciable assets	129,190			132,328
Construction in progress	10,996			13,629
Land	9,354			9,354
	$	149,540		$	155,311

For the three months ended September 30, 2011 and 2010, depreciation expense was $5.6 million and $4.9 million, respectively, and for the comparable nine month period depreciation expense was $16.7 million and $14.0 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Income. The assets of the Company are pledged as collateral for the Company’s line of credit.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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