Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 2012

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

3. Costs and Estimated Earnings on Uncompleted Contracts

Revenues from contracts, representing the majority of our revenues, are recognized on the percentage of completion method, measured by the percentage of contract costs incurred to date compared to estimated total contract costs for each contract. This method is used because management considers contract costs to be the best available measure of progress on these contracts. Our remaining revenues are recognized when risk and title passes to the customer, which is generally upon shipment of product.

Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed by year end.

(dollars in thousands)	June 30, 2012			December 31, 2011
Costs incurred on uncompleted contracts	$	52,953		$	57,345
Estimated earnings		15,830			17,512
		68,783			74,857
Less billings to date		(68,632	)		(73,861	)
	$	151		$	996
Included in the accompanying consolidated balance sheets under the following captions:
Costs and estimated earnings in excess on uncompleted contacts	$	6,857		$	10,643
Billings in excess of costs and estimated earnings on uncompleted contracts		(6,706	)		(9,647	)
	$	151		$	996