Note 3 - Construction Joint Ventures

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures Disclosure [Text Block]

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 6 of the Notes to Consolidated Financial Statements in the 2011 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 condensed consolidated financial statements are shown below (in thousands):

	September 30, 2012			December 31, 2011
Total combined:
Current assets	$	120,130		$	108,458
Less current liabilities		(65,949	)		(86,023	)
Net assets	$	54,181		$	22,435
Backlog	$	314,736		$	539,844

Sterling’s noncontrolling interest in backlog	$	100,514		$	127,130
Sterling’s receivables from and equity in construction joint ventures	$	10,767		$	6,057

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Total combined:
Revenues	$	121,107	$	128,450	$	336,317	$	328,686
Income before tax		35,349		10,516		55,648		26,921

Sterling’s proportionate share:
Revenues	$	21,238	$	21,060	$	59,123	$	46,090
Income before tax		3,686		1,676		7,022		3,688

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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