XML 42 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Net income (loss) attributable to Sterling common stockholders $ (3,223) $ 7,716
Plus: Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures 15,155 5,999
Net income 11,932 13,715
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,627 12,775
Gain on disposal of property and equipment (2,977) (226)
Deferred tax expense (benefit) (1,607) 3,834
Stock-based compensation expense 429 382
Interest expense accreted on noncontrolling interests 745 636
Loss (gain) on sale of securities and other (812) 33
Tax impact from exercise of stock options 143 (68)
Other changes in operating assets and liabilities:    
(Increase) decrease in contracts receivable (45,603) (16,101)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts (1,367) (15,072)
(Increase) decrease in income tax receivable (1,376) (1,366)
(Increase) decrease in prepaid expenses and other assets (3,467) 373
(Increase) decrease in receivables from and equity in construction joint ventures (4,710) (1,391)
Increase (decrease) in accounts payable 25,718 14,201
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 8,448 (3,155)
Increase (decrease) in accrued compensation and other liabilities 4,923 (3,933)
Net cash provided by operating activities 5,046 4,637
Cash flows from investing activities:    
Net assets of acquired companies, net of cash acquired   (3,911)
Additions to property and equipment (27,818) (19,592)
Proceeds from sale of property and equipment 11,915 930
Purchases of short-term securities, available-for-sale (29,910) (97,719)
Sales of short-term securities, available-for-sale 22,396 84,473
Net cash used in investing activities (23,417) (35,819)
Cash flows from financing activities:    
Cumulative daily drawdowns – Credit Facility 20,000 16,000
Cumulative daily repayments – Credit Facility (10,000) (8,000)
Repayments under long-term obligations (73) (55)
Purchases of treasury stock   (3,592)
Issuance of common stock pursuant to warrants and options exercised 68 155
Distributions to noncontrolling interest owners (6,589) (6,185)
Utilization of tax impact from exercise of stock options (143) 68
Other (229)  
Net cash provided by (used in) financing activities 3,034 (1,609)
Net increase (decrease) in cash and cash equivalents (15,337) (32,791)
Cash and cash equivalents at beginning of period 16,371 49,441
Cash and cash equivalents at end of period 1,034 16,650
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 418 232
Cash paid during the period for income taxes 2,905 2,391
Non-cash items:    
Revaluation of noncontrolling interest – RLW put/call liability, net of tax 1,239  
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  
Net liabilities assumed in connection with acquisitions   $ 1,961