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Contracts in Progress
 12 Months Ended
Dec. 31, 2011
Contracts in Progress [Abstract]  
Contracts in Progress
Contracts in Progress

Contracts in progress are as follows at December 31, 2011 and December 31, 2010:

 
2011
 
2010
Costs incurred on uncompleted contracts
$
232,267

 
$
268,603

Estimated earnings
44,261

 
79,208

 
276,528

 
347,811

Less:  Billings to date
(267,081
)
 
(326,097
)
 
$
9,447

 
$
21,714

Included in the accompanying consolidated balance sheet under the following captions:
 

 
 

Costs and estimated earnings in excess of billings on uncompleted contracts.
$
15,112

 
$
26,103

Billings in excess of costs and estimated earnings on uncompleted contracts.
(5,665
)
 
(4,389
)
 
$
9,447

 
$
21,714


Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes, insurance, job supervision and equipment charges. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined. An amount equal to contract costs attributable to claims is included in revenues when realization is probable and the amount can be reliably estimated.