Summary of Significant Accounting Principles (Tables)

9 Months Ended

Sep. 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 September 30, 2018, the aggregate amount of the remaining performance obligations was approximately $426.0 million. Of this amount, the Company expects to recognize $352.3 million, or 83%, 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 September 30, 2018 and Statement of Operations for the nine months ended September 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	$	57,411	$	58,232	$	(821	)
Liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts	$	24,528	$	25,731	$	(1,203	)
Deferred income taxes	12,682		12,545		137
Equity
Retained earnings	$	62,555	$	62,310	$	245



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

Contract revenues	$	421,682		$	420,479		$	1,203
Cost of contract revenues	379,154			378,333			821
Gross profit	42,528			42,146			382
Income tax expense	78			(59		)	137
Net loss	$	(6	)	$	(251	)	$	245

Basic loss per share	$	—		$	(0.01	)	$	0.01
Diluted loss per share	$	—		$	(0.01	)	$	0.01

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 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