Contracts in Progress

9 Months Ended

Sep. 30, 2013

Contractors [Abstract]

Contracts in Progress

Contracts in Progress

Contracts in progress are as follows at September 30, 2013 and December 31, 2012:

	September 30, 2013			December 31, 2012
Costs incurred on uncompleted contracts	$	377,370		$	343,524
Estimated earnings	73,858			64,358
	451,228			407,882
Less: Billings to date	(440,725		)	(405,006		)
	$	10,503		$	2,876
Included in the accompanying consolidated balance sheet under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	25,146			$	19,245
Billings in excess of costs and estimated earnings on uncompleted contracts	(14,643		)	(16,369		)
	$	10,503		$	2,876

Costs and estimated earnings in excess of billings on completed contracts, net of billings totaled $0.3 million at September 30, 2013.

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.