Property and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at September 30, 2021 and December 31, 2020:

	September 30,		December 31,
	2021		2020
Automobiles and trucks	$	2,354	$	2,379
Building and improvements		34,797		44,324
Construction equipment		137,134		142,661
Vessels and other equipment		81,928		79,499
Office equipment		6,263		5,577
		262,476		274,440
Less: Accumulated depreciation		(190,091)		(186,615)
Net book value of depreciable assets		72,385		87,825
Construction in progress		6,415		1,809
Land		27,885		35,863
	$	106,685	$	125,497

During the quarter ended June 30, 2021 the Company sold its land, building and improvements located in Tampa, Florida.  The book value of the assets and related accumulated depreciation have been removed from the balance sheet and the Company recognized a net gain on the sale of $6.7 million.

For the three months ended September 30, 2021 and 2020, depreciation expense was $5.2 million and $5.3 million, respectively. For the nine months ended September 30, 2021 and 2020, depreciation expense was $15.7 million and $16.6 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed 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 condensed consolidated financial statements for further discussion of property and equipment.