NOTE 3 — COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
Cost and estimated earnings on uncompleted contracts consist of the following:
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December 31, |
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|
2013 |
2012 |
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|
(Dollars in thousands) |
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|
Costs and estimated earnings incurred on uncompleted contracts |
$ | 51,550 | $ | 192,948 | ||||
|
Less billings to date |
(38,236 | ) | (208,743 | ) | ||||
|
Total |
$ | 13,314 | $ | (15,795 | ) | |||
These amounts are included in the consolidated balance sheets under the following captions:
|
December 31, |
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|
2013 |
2012 |
|||||||
|
(Dollars in thousands) |
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|
Costs and estimated earnings in excess of billings on uncompleted contracts |
$ | 21,217 | $ | 9,613 | ||||
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
(7,903 | ) | (25,408 | ) | ||||
|
Total |
$ | 13,314 | $ | (15,795 | ) | |||
The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term.