XML 40 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Net income (loss) attributable to Sterling common stockholders $ (4,215) $ 4,255
Plus: Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures 12,076 3,519
Net income 7,861 7,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,384 8,436
Gain on disposal of property and equipment (2,724) (154)
Deferred tax expense (benefit) (3,136) 1,665
Stock-based compensation expense 264 258
Interest expense accreted on noncontrolling interests 497 424
Loss (gain) on sale of securities and other (696) 245
Tax impact from exercise of stock options 129  
Other changes in operating assets and liabilities:    
Increase in contracts receivable (13,913) (7,334)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 378 (9,382)
Increase in income tax receivable   (1,131)
(Increase) decrease in prepaid expenses and other assets (3,986) 203
(Increase) decrease in receivables from and equity in construction joint ventures (832) 834
Increase in trade payables 22,208 3,148
Increase in billings in excess of costs and estimated earnings on uncompleted contracts 5,854 1,217
Increase in accrued compensation and other liabilities 1,843 365
Net cash provided by operating activities 23,131 6,568
Cash flows from investing activities:    
Additions to property and equipment (17,856) (15,171)
Proceeds from sale of property and equipment 6,847 564
Purchases of short-term securities, available for sale (19,083) (83,162)
Sales of short-term securities, available for sale 14,742 58,601
Net cash used in investing activities (15,350) (39,168)
Cash flows from financing activities:    
Cumulative daily drawdowns – Credit Facility 3,000 2,000
Cumulative daily repayments – Credit Facility (3,000) (2,000)
Repayments under long-term obligations (73) (37)
Purchases of treasury stock   (1,841)
Issuance of common stock pursuant to warrants and options exercised 47 122
Distributions to noncontrolling interest owners (4,885) (4,818)
Utilization of tax impact from exercise of stock options (129)  
Net cash used in financing activities (5,040) (6,574)
Net increase (decrease) in cash and cash equivalents 2,741 (39,174)
Cash and cash equivalents at beginning of period 16,371 49,441
Cash and cash equivalents at end of period 19,112 10,267
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 534 64
Cash paid during the period for income taxes 2,755 2,029
Non-cash items:    
Revaluation of noncontrolling interest – RLW put/call liability, net of tax 476  
Reclassification of amounts payable to noncontrolling interest owner   1,054
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies $ 15,196