Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2022 and December 31, 2021:

	March 31,		December 31,
	2022		2021
Automobiles and trucks	$	2,312	$	2,337
Building and improvements		34,861		34,796
Construction equipment		136,589		137,786
Vessels and other equipment		81,781		82,455
Office equipment		6,527		6,430
		262,070		263,804
Less: Accumulated depreciation		(193,814)		(191,542)
Net book value of depreciable assets		68,256		72,262
Construction in progress		8,833		6,507
Land		27,885		27,885
	$	104,974	$	106,654

For the three months ended March 31, 2022 and 2021, depreciation expense was $5.2 million and $5.3 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.