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Note 3 - Contracts and Accounts Receivable

6 Months Ended

Jun. 30, 2020

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

3. Contracts and Accounts Receivable

Contracts and accounts receivable consist of the following:

	*June 30,*			*December 31,*
	*2020*			*2019*
	(Dollars in thousands)
Contracts receivable:
Costs incurred on fee building projects	$	56,482		$	93,281
Estimated earnings		938			2,052
		57,420			95,333
Less: amounts collected during the period		(53,642	)		(84,979	)
Contracts receivable	$	3,778		$	10,354

Contracts receivable:
Billed	$	—		$	—
Unbilled		3,778			10,354
		3,778			10,354
Accounts receivable:
Escrow receivables		3,151			5,392
Other receivables		183			236
Contracts and accounts receivable	$	7,112		$	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 June 30, 2020 are expected to be billed and collected within 30 days. Accounts payable at June 30, 2020 and December 31, 2019 includes $2.9 million and $9.6 million, respectively, related to costs incurred under the Company’s fee building contracts.