Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Depreciable lives of property and equipment

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows:



Automobiles and trucks	3 to 5 years
Buildings and improvements	5 to 30 years
Construction equipment	3 to 15 years
Vessels and dredges	1 to 15 years
Office equipment	1 to 5 years

The following is a summary of property and equipment at March 31, 2013 and December 31, 2012:



	March 31, 2013			December 31, 2012
Automobiles and trucks	$	2,180		$	1,591
Building and improvements	22,828			22,037
Construction equipment	140,115			140,835
Dredges and dredging equipment	96,927			96,927
Office equipment	4,245			4,095
	266,295			265,485
Less: accumulated depreciation	(141,768		)	(136,556		)
Net book value of depreciable assets	124,527			128,929
Construction in progress	8,774			6,949
Land	14,793			14,793
	$	148,094		$	150,671

- Definition

Tabular disclosure of the useful life and salvage value of 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.

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