Contracts and Accounts Receivable

3 Months Ended

Mar. 31, 2016

Contracts and accounts receivable consist of the following:



	March 31,			December 31,
	2016			2015
	(Dollars in thousands)
Contracts receivable:
Costs incurred on fee building projects	$	40,914		$	139,677
Estimated earnings	2,023			10,213
	42,937			149,890
Less: amounts collected during the period	(29,970		)	(132,109		)
Contracts receivable	$	12,967		$	17,781

Contracts receivable:
Billed	$	32		$	—
Unbilled	12,935			17,781
	12,967			17,781
Accounts receivable:
Escrow receivables	5,118			6,179
Contracts and accounts receivable	$	18,085		$	23,960

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 March 31, 2016 and December 31, 2015 are expected to be billed and collected within 90 days. Accounts payable at March 31, 2016 and December 31, 2015 includes $12.0 million and $16.7 million, respectively, related to costs incurred under the Company’s fee building contracts.