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Construction Contracts (Tables)
9 Months Ended
Sep. 30, 2018
Contractors [Abstract]  
Summary of balances and changes of construction contracts
The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the nine months ended September 30, 2018 (in thousands):

 
 
Construction contract costs and estimated earnings in excess of billings
 
Billings in excess of construction contract costs and estimated earnings
Balance as of January 1, 2018
 
$
245

 
$
3,591

Revenue recognized that was included in the balance at the beginning of the period
 

 
(3,591
)
Increases due to new billings, excluding amounts recognized as revenue during the period
 

 
2,400

Transferred to receivables
 
(245
)
 

Construction contract costs and estimated earnings not billed during the period
 
576

 

Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion
 
151

 
(633
)
Balance as of September 30, 2018
 
$
727

 
$
1,767

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2018 and December 31, 2017 were as follows (in thousands):

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Beginning backlog
 
$
37,921

 
$
116,657

 
$
49,167

 
$
217,718

New contracts/change orders
 
7,138

 
1,251

 
39,514

 
20,211

Work performed
 
(19,879
)
 
(41,165
)
 
(63,501
)
 
(161,186
)
Ending backlog
 
$
25,180

 
$
76,743

 
$
25,180

 
$
76,743

Net position of uncompleted construction contracts
The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2018 and December 31, 2017 (in thousands):

 
September 30,
2018
 
December 31,
2017
Costs incurred on uncompleted construction contracts
$
581,852

 
$
520,368

Estimated earnings
20,137

 
18,070

Billings
(603,029
)
 
(541,784
)
Net position
$
(1,040
)
 
$
(3,346
)

 
September 30,
2018
 
December 31,
2017
Construction contract costs and estimated earnings in excess of billings
$
727

 
$
245

Billings in excess of construction contract costs and estimated earnings
(1,767
)
 
(3,591
)
Net position
$
(1,040
)
 
$
(3,346
)