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Contracts in Progress
 9 Months Ended
Sep. 30, 2012
Contractors [Abstract]  
Contracts in Progress
Contracts in Progress

Contracts in progress are as follows at September 30, 2012 and December 31, 2011:
 
September 30,
2012
 
December 31,
2011
Costs incurred on uncompleted contracts
$
307,353

 
$
232,267

Estimated earnings
52,587

 
44,261

 
359,940

 
276,528

Less: Billings to date
(364,444
)
 
(267,081
)
 
$
(4,504
)
 
$
9,447

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

 
 

Costs and estimated earnings in excess of billings on uncompleted contracts
12,207

 
$
15,112

Billings in excess of costs and estimated earnings on uncompleted contracts
(16,711
)
 
(5,665
)
 
$
(4,504
)
 
$
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.