Property and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The following is a summary of property and equipment at September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017
Automobiles and trucks	$	1,802		$	1,940
Building and improvements	43,247			38,062
Construction equipment	156,611			166,203
Vessels and other equipment	95,525			85,113
Office equipment	7,839			8,039
	305,024			299,357
Less: Accumulated depreciation	(199,198		)	(191,407		)
Net book value of depreciable assets	105,826			107,950
Construction -in- progress	2,698			245
Land	35,863			38,083
	$	144,387		$	146,278

For the three months ended September 30, 2018 and 2017, depreciation expense was $6.1 million and $6.2 million, respectively. For the nine months ended September 30, 2018 and 2017, depreciation expense was $18.6 million and $18.7 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s 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 11).

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

See Note 2 to the Company's consolidated financial statements for further discussion of property and equipment.