Variable Interest Entities

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]



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):



	September 30, 2017		December 31, 2016
Assets:
Current assets:
Cash and cash equivalents	$	2,588	$	9,655
Contracts receivable, including retainage	30,134		15,046
Other current assets	13,936		10,208
Total current assets	46,658		34,909
Property and equipment, net	8,996		9,824
Goodwill	1,501		1,501
Total assets	$	57,155	$	46,234
Liabilities:
Current liabilities:
Accounts payable	$	27,109	$	21,274
Other current liabilities	14,667		8,782
Total current liabilities	41,776		30,056
Long-term liabilities:
Other long-term liabilities	271		5,373
Total liabilities	$	42,047	$	35,429



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenues	$	64,266	$	50,739	$	126,333	$	121,649
Operating income	3,666		2,720		6,307		4,894
Net income	1,834		1,357		3,149		2,440