Construction Joint Ventures

6 Months Ended

Jun. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

3.	Construction Joint Ventures

We participate in various construction joint ventures. Generally, each construction joint venture is formed to accomplish a specific project and is jointly controlled by the joint venture partners. See Note 1 to the consolidated financial statements in the 2010 Form 10-K for further information. Condensed combined financial amounts of joint ventures in which the Company has a noncontrolling interest and the Company's share of such amounts which are included in the Company's consolidated financial statements as of and for the three and six months ended June 30, 2011 are shown below along with comparable amounts as of December 31, 2010 and for the three and six months ended June 30, 2010 (in thousands):

	June 30, 2011			December 31, 2010
Total combined:
Current assets	$	97,734		$	79,588
Less current liabilities		(66,432	)		(61,629	)
Net assets	$	31,302		$	17,959
Backlog	$	762,502		$	750,398

Sterling’s noncontrolling interest in backlog	$	162,698		$	93,931
Sterling’s receivables from and equity in construction joint ventures	$	5,910		$	6,744

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Total combined:
Revenues	$	113,550	$	66,532	$	200,236	$	98,663
Income before tax		9,478		5,484		16,405		8,124

Sterling’s proportionate share:
Revenues	$	14,189	$	8,335	$	25,030	$	12,352
Income before tax		1,184		690		2,012		1,021

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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