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Costs And Estimated Earnings On Uncompleted Contracts
 6 Months Ended
Jun. 30, 2011
Costs And Estimated Earnings On Uncompleted Contracts  
Costs And Estimated Earnings On Uncompleted Contracts

4. Costs and Estimated Earnings on Uncompleted Contracts

 

$ in thousands    June 30,
2011		     December 31,
2010		  

Costs incurred on uncompleted contracts

    $   65,839      $ 76,137   

Estimated earnings

      17,275        17,471   
  

 

 

    

 

 

  
     83,114        93,608   

Less billings to date

      (78,041 )      (93,073 ) 
  

 

 

    

 

 

  
   $ 5,073      $ 535   
  

 

 

    

 

 

  
     June 30,
2011		     December 31,
2010		  

Included in the accompanying condensed consolidated balance sheets under the following captions:

     

Costs and estimated earnings in excess of billings on uncompleted contracts

    $   10,569      $ 8,345   

Billings in excess of costs and estimated earnings on uncompleted contracts

      (5,496 )      (7,810 ) 
  

 

 

    

 

 

  
   $ 5,073      $ 535   
  

 

 

    

 

 

  

Revenues from contracts, representing the majority of our revenues, are recognized on the percentage of completion method, measured by the percentage of contract costs incurred to date compared to estimated total contract costs for each contract. This method is used because management considers contract costs to be the best available measure of progress on these contracts.

Our remaining revenues are recognized when risk and title passes to the customer, which is generally upon shipment of product. Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed by year end.