Property and Equipment

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

The following is a summary of property and equipment at September 30, 2013 and December 31, 2012:



	September 30, 2013			December 31, 2012
Automobiles and trucks	$	2,180		$	1,591
Building and improvements	22,828			22,037
Construction equipment	142,131			140,835
Dredges and dredging equipment	100,142			96,927
Office equipment	4,479			4,095
	271,760			265,485
Less: accumulated depreciation	(151,928		)	(136,556		)
Net book value of depreciable assets	119,832			128,929
Construction in progress	11,938			6,949
Land	14,793			14,793
	$	146,563		$	150,671

For the three months ended September 30, 2013, and 2012 , depreciation expense was $5.3 million and $5.3 million, respectively, and for the nine month period, depreciation expense was $15.8 million and $16.0 million in 2013 and 2012, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. The assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 10).

In the third quarter 2013, part of the assets held for sale were sold to third party vendors, generating proceeds of approximately $81,000, and the Company elected to reduce the value of certain assets by approximately $15,000 to their current estimated market value. The Company continues to actively market the assets remaining as held for sale.

The Company’s long-lived assets are substantially located in the United States.

- 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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