Equity Income from Unconsolidated Subsidiaries

9 Months Ended

Sep. 30, 2012

Equity Income from Unconsolidated Subsidiaries [Abstract]

EQUITY INCOME FROM UNCONSOLIDATED SUBSIDIARIES

4. EQUITY INCOME FROM UNCONSOLIDATED SUBSIDIARIES

Equity income from unconsolidated subsidiaries primarily reflects the Company’s ownership of 33.33% of the members’ equity of Louisiana TIMED Managers (“LTM”). LTM is a joint venture formed September 2002 between G.E.C. Inc., Parsons Brinckerhoff Quade & Douglas, Inc. and The LPA Group Incorporated, a subsidiary of Michael Baker Corporation, to manage a Louisiana Department of Transportation and Development transportation construction contract. Equity income from LTM for the three months ended September 30, 2012 and 2011 was $0.3 million and $0.5 million, respectively, and $1.8 million and $0.7 million, for the nine months ended September 30, 2012 and 2011, respectively.

The following tables present summarized financial information for the Company’s unconsolidated subsidiary, LTM:

	For the three months				For the nine months
	ended September 30,				ended September 30,
(In millions)	2012		2011		2012		2011
Contract revenue earned	$	2.5	$	3.8	$	10.5	$	10.2
Gross profit		0.8		1.4		5.2		2.0
Net income		1.1		1.4		5.5		2.0

	As of
	September 30,		December 31,
(In millions)	2012		2011
Current assets	$	6.9	$	7.3
Current liabilities		6.5		9.8

As of September 30, 2012 and December 31, 2011, the Company reported no receivables or unbilled revenues on contracts in progress from LTM for work performed by the Company as a subcontractor to LTM. Revenue from LTM pursuant to such subcontract agreement was $0.1 million and $0.2 million for the three months ended September 30, 2012 and 2011, respectively and $0.4 million and $1.5 million, for the nine months ended September 30, 2012 and 2011, respectively.