Property and Equipment

3 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

The following is a summary of property and equipment at March 31, 2014 and December 31, 2013:



	March 31, 2014			December 31, 2013
Automobiles and trucks	$	2,038		$	2,148
Building and improvements	22,828			22,828
Construction equipment	145,770			145,309
Dredges and dredging equipment	93,889			93,963
Office equipment	4,919			4,545
	269,444			268,793
Less: accumulated depreciation	(149,403		)	(144,121		)
Net book value of depreciable assets	120,041			124,672
Construction in progress	3,422			2,458
Land	36,992			14,793
	$	160,455		$	141,923

For the three months ended March 31, 2014, and 2013, depreciation expense was $5.6 million and $5.3 million, 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 February 2014, the Company purchased approximately 340 acres of land located in the upper Houston Ship Channel, Harris County, Texas for approximately $22 million. The site is to be used as a private dredge material placement area, after certain improvements are completed in early 2014. The Company drew on the revolver portion of its credit facility to purchase the land.

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

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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