Note 3 - Construction Joint Ventures

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3.	Construction Joint Ventures

The Company participates in various construction joint venture partnerships. Generally, each construction joint venture is formed to construct a specific project and is jointly controlled by the joint venture partners. Refer to Note 6 of the Notes to Consolidated Financial Statements in the 2014 Form 10-K for further information about our joint ventures. 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 (amounts in thousands):

	March 31, 2015			December 31, 2014
Total combined:
Current assets	$	26,336		$	18,132
Less current liabilities		(54,946	)		(49,035	)
Net assets	$	(28,610	)	$	(30,903	)
Backlog	$	67,489		$	55,063

Sterling’s noncontrolling interest in backlog	$	24,053		$	15,889
Sterling’s receivables from and equity in net assets of construction joint ventures	$	9,698		$	9,153

	Three Months Ended March 31,
	2015		2014
Total combined:
Revenues	$	13,006	$	19,237
Income before tax		2,413		560

Sterling’s noncontrolling interest:
Revenues	$	4,552	$	8,931
Income before tax		335		559

Approximately $24 million of the Company’s backlog at March 31, 2015 was attributable to projects performed by joint ventures. The majority of this amount is attributable to the Company’s joint venture with Shimmick Construction Company, where the Company has a 30% interest.

The caption “Receivables from and equity in construction joint ventures” includes undistributed earnings and receivables owed to the Company. Undistributed earnings are typically released to the joint venture partners after the customer accepts the project as complete and the warranty period, if any, has passed.

- 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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