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Note 6 - Variable Interest Entities | 6 Months Ended
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Jun. 30, 2017
Notes to Financial Statements |
Variable Interest Entities [Text Block] |
6. | Variable Interest Entities
The Company owns a 50% interest in Myers & Sons Construction, L.P. (“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 6 of the Notes to Consolidated Financial Statements included in the 2016 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, 2017 |  | December 31, 2016
Assets: |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 2,348 |  |  | $ | 9,655 |
Contracts receivable, including retainage |  |  | 25,991 |  |  |  | 15,046 |
Other current assets |  |  | 11,702 |  |  |  | 10,208 |
Total current assets |  |  | 40,041 |  |  |  | 34,909 |
Property and equipment, net |  |  | 9,077 |  |  |  | 9,824 |
Goodwill |  |  | 1,501 |  |  |  | 1,501 |
Total assets |  | $ | 50,619 |  |  | $ | 46,234 |
Liabilities: |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 20,160 |  |  | $ | 21,274 |
Other current liabilities |  |  | 17,504 |  |  |  | 8,782 |
Total current liabilities |  |  | 37,664 |  |  |  | 30,056 |
Long-term liabilities: |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 321 |  |  |  | 5,373 |
Total liabilities |  | $ | 37,985 |  |  | $ | 35,429 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Revenues |  | $ | 38,783 |  |  | $ | 43,967 |  |  | $ | 62,067 |  |  | $ | 70,910 |
Operating income |  |  | 2,246 |  |  |  | 1,982 |  |  |  | 2,640 |  |  |  | 2,174 |
Net income attributable to Sterling common stockholders |  |  | 1,121 |  |  |  | 989 |  |  |  | 1,316 |  |  |  | 1,083 |

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- Definition Disclosure of variable interest entities (VIE), including, but not limited to the nature, purpose, size, and activities of the VIE, the carrying amount and classification of consolidated assets that are collateral for the VIE's obligations, lack of recourse if creditors (or beneficial interest holders) of a consolidated VIE have no recourse to the general credit of the primary beneficiary. + References No definition available. + Details
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- References No definition available. + Details
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