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Note 10 - Variable Interest Entities

6 Months Ended

Jun. 30, 2015

Variable Interest Entities [Abstract]

10.

Variable Interest Entities

The Company owns a 50% interest in Myers, of which it is the primary beneficiary, and has consolidated Myers into the Company’s financial statements. Because the Company exercises primary control over activities of the partnership and it is exposed to the majority of potential losses of the partnership, the Company has consolidated Myers within the Company’s financial statements since August 1, 2011, the date of acquisition. Refer to Note 3 of the Notes to Consolidated Financial Statements included in the 2014 Form 10-K for additional information on the acquisition of this limited partnership.

The condensed financial information of Myers, which is reflected in the Company’s condensed consolidated balance sheets and statements of operations, is as follows (amounts in thousands):

	June 30, 2015		December 31, 2014
Assets:
Current assets:
Cash and cash equivalents	$	-	$	148
Contracts receivable, including retainage		24,321		21,327
Other current assets		11,779		7,656
Total current assets		36,100		29,131
Property and equipment, net		9,957		9,303
Goodwill		1,501		1,501
Total assets	$	47,558	$	39,935
Liabilities:
Current liabilities:
Accounts payable	$	23,938	$	15,795
Other current liabilities		9,435		9,000
Total current liabilities		33,373		24,795
Long-term liabilities:
Other long-term liabilities		295		16
Total liabilities	$	33,668	$	24,811

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014

Revenues	$	54,323	$	44,933	$	90,591	$	61,794
Operating income		3,088		2,749		3,669		3,299
Net income attributable to Sterling common stockholders		1,543		1,373		1,833		1,648