Note 3 - Contracts and Accounts Receivable

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

3. Contracts and Accounts Receivable

Contracts and accounts receivable consist of the following:

	March 31,			December 31,
	2020			2019
	(Dollars in thousands)
Contracts receivable:
Costs incurred on fee building projects	$	35,497		$	93,281
Estimated earnings		730			2,052
		36,227			95,333
Less: amounts collected during the period		(24,620	)		(84,979	)
Contracts receivable	$	11,607		$	10,354
Contracts receivable:
Billed	$	—		$	—
Unbilled		11,607			10,354
		11,607			10,354
Accounts receivable:
Escrow receivables		3,679			5,392
Other receivables		351			236
Contracts and accounts receivable	$	15,637		$	15,982

Billed contracts receivable represent amounts billed to customers that have yet to be collected. Unbilled contracts receivable represents the contract revenue recognized but not yet invoiced. All unbilled receivables as of  March 31, 2020 and  December 31, 2019 are expected to be billed and collected within 30 days. Accounts payable at  March 31, 2020 and  December 31, 2019 includes $10.6 million and $9.6 million, respectively, related to costs incurred under the Company’s fee building contracts.