Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]


	Property and Equipment

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



	December 31, 2014			December 31, 2013
Automobiles and trucks	$	2,006		$	2,148
Building and improvements	28,641			22,828
Construction equipment	146,088			145,309
Dredges and dredging equipment	96,275			93,963
Office equipment	4,891			4,545
	277,901			268,793
Less: accumulated depreciation	(161,276		)	(144,121		)
Net book value of depreciable assets	116,625			124,672
Construction in progress	5,274			2,458
Land	39,874			14,793
	$	161,773		$	141,923

For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $23.5 million, $21.1 million and $21.5 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Income. The assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 11).

As discussed in Note 3 (above), the Company purchased the assets of West Construction for approximately $9.3 million, which increased fixed assets by approximately $4.5 million. The Company drew from its Credit Facility (as defined in Note 11) to finance the acquisition of West Construction.

In 2013, the Company adopted a plan to dispose of under-utilized equipment. These assets were separately presented in the Consolidated Balance Sheets as "Assets Held for Sale" and were no longer depreciated. The carrying value of certain of these assets exceeded fair value, and consequently, the Company recorded an impairment loss of $2.0 million on those assets. The loss is recorded in the "Other" section of the Consolidated Statements of Operations. During 2014, the Company received proceeds of $0.5 million from the sale of certain of these assets. Approximately $0.4 million remain as held for sale on the Company's Consolidated Balance Sheets at December 31, 2014. The Company expects to dispose of the remaining assets within one year of the balance sheet date.

- 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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