Property and Equipment

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The following is a summary of property and equipment at March 31, 2017 and December 31, 2016:

	March 31, 2017			December 31, 2016
Automobiles and trucks	$	2,277		$	2,525
Building and improvements	37,277			37,269
Construction equipment	162,633			165,023
Vessels and other equipment	88,659			88,659
Office equipment	7,317			7,125
	298,163			300,601
Less: accumulated depreciation	(184,013		)	(181,293		)
Net book value of depreciable assets	114,150			119,308
Construction in progress	1,535			543
Land	38,231			38,231
	$	153,916		$	158,082

For the three months ended March 31, 2017 and 2016, depreciation expense was $6.3 million and $6.7 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations.  Substantially all of the assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 10).

Substantially all of the Company’s long-lived assets are located in the United States.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. Approximately $6.4 million remain as held for sale on the Company's Consolidated Balance Sheet at March 31, 2017. The Company expects to dispose of the remaining assets within one year of the balance sheet date.