Contracts and Accounts Receivable

9 Months Ended

Sep. 30, 2015

Receivables [Abstract]

Contracts and Accounts Receivable

Contracts and Accounts Receivable

Contracts and accounts receivable consist of the following:

	September 30,			December 31,
	2015			2014
	(Dollars in thousands)
Contracts receivable:
Costs incurred on fee building projects	$	96,014		$	89,056
Estimated earnings	6,144			4,506
	102,158			93,562
Less: amounts collected during the period	(91,532		)	(80,404		)
Contracts receivable	$	10,626		$	13,158
Contracts receivable:
Billed	$	—		$	2
Unbilled	10,626			13,156
	10,626			13,158
Accounts receivable:
Escrow receivables	458			—
Other receivables	—			6
Contracts and accounts receivable	$	11,084		$	13,164

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 billable pursuant to contract terms or administratively not invoiced. All unbilled receivables as of September 30, 2015 and December 31, 2014 are expected to be billed and collected within 90 days. Accounts payable at September 30, 2015 and December 31, 2014 includes $9.9 million and $11.9 million, respectively, related to costs incurred under the Company’s fee building contracts.