Summary of Significant Accounting Principles (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table summarizes the cumulative effect of the changes made to the Company’s unaudited Consolidated Balance Sheet as of January 1, 2018 from the adoption of Topic 606:



	Balance at December 31, 2017		Adjustments Due to Topic 606			Balance at January 1, 2018
Assets
Costs and estimated earnings in excess of billings on uncompleted contracts	$	46,006	$	1,383		$	47,389
Liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts	$	33,923	$	1,745		$	35,668
Deferred income taxes	13,243		(76		)	13,167
Equity
Retained earnings	$	62,847	$	(286	)	$	62,561

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed, or is partially completed and excludes unexercised contract options and potential orders. As of March 31, 2018, the aggregate amount of the remaining performance obligations was approximately $355.3 million. Of this amount, the Company expects to recognize $323.9 million, or 93%, in the next 12 months and the remaining balance thereafter.

The following tables summarize the impact of adopting Topic 606 on the Company’s unaudited Consolidated Balance Sheet as of March 31, 2018 and Statement of Operations for the three months ended March 31, 2018:



	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher (Lower)
Assets
Costs and estimated earnings in excess of billings on uncompleted contracts	$	42,706	$	42,959	$	(253	)
Liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts	$	35,769	$	36,099	$	(330	)
Deferred income taxes	14,361		14,338		23
Equity
Retained earnings	$	66,662	$	66,608	$	54



	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher (Lower)

Contract revenues	$	136,843	$	136,513	$	330
Cost of contract revenues	121,021		120,768		253
Gross profit	15,822		15,745		77
Income tax expense	1,489		1,466		23
Net income	$	4,101	$	4,047	$	54

Basic income per share	$	0.15	$	0.14	$	0.01
Diluted income per share	$	0.14	$	0.14	$	—

Depreciable lives of property and equipment

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows:



Automobiles and trucks	3 to 5 years
Buildings and improvements	5 to 30 years
Construction equipment	3 to 15 years
Vessels and other equipment	1 to 15 years
Office equipment	1 to 5 years

The following is a summary of property and equipment at March 31, 2018 and December 31, 2017:



	March 31, 2018			December 31, 2017
Automobiles and trucks	$	1,863		$	1,940
Building and improvements	38,053			38,062
Construction equipment	153,309			166,203
Vessels and other equipment	94,945			85,113
Office equipment	7,092			8,039
	295,262			299,357
Less: accumulated depreciation	(192,480		)	(191,407		)
Net book value of depreciable assets	102,782			107,950
Construction in progress	4,003			245
Land	38,083			38,083
	$	144,868		$	146,278