Property and Equipment

12 Months Ended

Dec. 31, 2011

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



	2011			2010
Automobiles and trucks	$	1,541		$	2,134
Building and improvements	13,520			13,026
Construction equipment	132,317			122,792
Dredges and dredging equipment	96,278			91,018
Office equipment	3,882			3,528
	247,538			232,498
Less: accumulated depreciation	(119,440		)	(100,170		)
Net book value of depreciable assets	128,098			132,328
Construction in progress	8,655			13,629
Land	9,354			9,354
	$	146,107		$	155,311

For the years ended December 31, 2011, 2010 and 2009 depreciation expense was $22.1 million, $19.4 million, and $15.5 million, respectively, substantially all of which is included in the cost of contract revenue in the Company’s Consolidated Statements of Income. The assets of the Company are pledged as collateral for the Company’s line of credit.

Construction in progress is stated at cost, which includes the cost of materials, labor and other direct costs attributable to the construction. No provision for depreciation is made on construction in progress until such time as the relevant assets are completed and put into use. Construction in progress at December 31, 2011 represents repairs and upgrades of barges and cranes, and refurbishment of dredges.

- 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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