Summary of Significant Accounting Principles (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018, the aggregate amount of the remaining performance obligations was approximately $340.7 million. Of this amount, the Company expects to recognize $318.1 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 June 30, 2018 and Statement of Operations for the six months ended June 30, 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	$	53,287	$	53,764	$	(477	)
Liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts	$	25,069	$	25,818	$	(749	)
Deferred income taxes	15,084		14,974		110
Equity
Retained earnings	$	68,911	$	68,749	$	162



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

Contract revenues	$	296,610	$	295,861	$	749
Cost of contract revenues	260,019		259,542		477
Gross profit	36,591		36,319		272
Income tax expense	3,149		3,039		110
Net income	$	6,350	$	6,188	$	162

Basic income per share	$	0.22	$	0.22	$	—
Diluted income per share	$	0.22	$	0.22	$	—

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 June 30, 2018 and December 31, 2017:



	June 30, 2018			December 31, 2017
Automobiles and trucks	$	1,802		$	1,940
Building and improvements	42,555			38,062
Construction equipment	156,695			166,203
Vessels and other equipment	95,736			85,113
Office equipment	7,416			8,039
	304,204			299,357
Less: Accumulated depreciation	(195,843		)	(191,407		)
Net book value of depreciable assets	108,361			107,950
Construction in progress	3,459			245
Land	35,863			38,083
	$	147,683		$	146,278