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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
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

The following tables summarize the impact of adopting Topic 606 on the Company’s Consolidated Balance Sheet as of December 31, 2018 and Statement of Operations for the year ended December 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
$
9,217

$
10,040

$
(823
)
Liabilities
 
 
 
Billings in excess of costs and estimated earnings on uncompleted contracts
$
21,761

$
22,886

$
(1,125
)
Deferred income taxes
49

(57
)
106

Equity
 
 
 
Retained earnings
$
(31,861
)
$
(32,057
)
$
196


 
As Reported
Balances Without Adoption of Topic 606
Effect of Change Higher (Lower)
Contract revenues
$
520,894

$
519,769

$
1,125

Cost of contract revenues
499,245

498,422

823

Gross profit
21,649

21,347

302

Income tax (benefit) expense
(12,233
)
(12,339
)
106

Net (loss) income
$
(94,422
)
$
(94,618
)
$
196

 
 
 
 
Basic (loss) income per share
$
(3.31
)
$
(3.32
)
$
0.01

Diluted (loss) income per share
$
(3.31
)
$
(3.32
)
$
0.01
Depreciable lives of property and equipment
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 December 31, 2018 and December 31, 2017:
 
December 31,
2018
 
December 31,
2017
Automobiles and trucks
$
1,709

 
$
1,940

Building and improvements
43,628

 
38,062

Construction equipment
161,113

 
166,203

Vessels and other equipment
90,217

 
85,113

Office equipment
8,061

 
8,039

 
304,728

 
299,357

Less: accumulated depreciation
(195,373
)
 
(191,407
)
Net book value of depreciable assets
109,355

 
107,950

Construction in progress
2,785

 
245

Land
35,863

 
38,083

 
$
148,003

 
$
146,278