Property and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

The following is a summary of property and equipment at June 30, 2015 and December 31, 2014:



	June 30, 2015			December 31, 2014
Automobiles and trucks	$	1,967		$	2,006
Building and improvements	31,480			28,641
Construction equipment	147,417			146,088
Dredges and dredging equipment	95,979			96,275
Office equipment	5,123			4,891
	281,966			277,901
Less: accumulated depreciation	(168,782		)	(161,276		)
Net book value of depreciable assets	113,184			116,625
Construction in progress	5,584			5,274
Land	39,874			39,874
	$	158,642		$	161,773

For the three months ended June 30, 2015 and 2014, depreciation expense was $5.2 million and $5.6 million, respectively. For the six months ended June 30, 2015 and 2014, depreciation expense was $10.6 million and $11.2 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).

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