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Costs and Estimated Earnings on Uncompleted Contracts
 3 Months Ended
Mar. 31, 2013
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts
3. Costs and Estimated Earnings on Uncompleted Contracts

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.

 

                 
(dollars in thousands)   March 31,
2013		     December 31,
2012		  

Costs incurred on uncompleted contracts

   $ 59,557     $ 51,035  

Estimated earnings

     19,063       16,644  
   

 

 

    

 

 

  
      78,620       67,679  

Less billings to date

     (78,658 )      (73,300 ) 
   

 

 

    

 

 

  
    $ (38 )    $ (5,621 ) 
   

 

 

    

 

 

  

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

                

Costs and estimated earnings in excess on uncompleted contracts

   $ 12,372     $ 5,747  

Billings in excess of costs and estimated earnings on uncompleted contracts

     (12,410 )      (11,368 ) 
   

 

 

    

 

 

  
    $ (38 )    $ (5,621 )