Contracts in Progress

3 Months Ended

Mar. 31, 2012

Contracts in Progress [Abstract]

Contracts in Progress

Contracts in Progress

Contracts in progress are as follows at March 31, 2012 and December 31, 2011:

	March 31, 2012			December 31, 2011
Costs incurred on uncompleted contracts	$	281,249		$	232,267
Estimated earnings	49,696			44,261
	330,945			276,528
Less: Billings to date	(325,211		)	(267,081		)
	$	5,734		$	9,447
Included in the accompanying consolidated balance sheet under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	17,076			$	15,112
Billings in excess of costs and estimated earnings on uncompleted contracts	(11,342		)	(5,665		)
	$	5,734		$	9,447

Contract costs include all direct costs, such as materials and labor, and those indirect costs related to contract performance such as payroll taxes and insurance. Provisions for estimated losses on uncompleted contracts are made in the period in which such estimated 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.