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CONTRACTS IN PROGRESS
 6 Months Ended
Jun. 30, 2015
CONTRACTS IN PROGRESS [Abstract]  
CONTRACTS IN PROGRESS
5. CONTRACTS IN PROGRESS

Costs and recognized earnings in excess of billings on uncompleted contracts and billings in excess of costs and recognized earnings on uncompleted contracts consist of the following (in thousands):
 
  
June 30,
2015
  
December 31,
2014
 
Costs incurred on contracts in progress
 
$
609,094
  
$
531,129
 
Estimated earnings
  
89,067
   
73,540
 
   
698,161
   
604,669
 
Less progress billings
  
692,447
   
618,530
 
  
$
5,714
  
$
(13,861
)
The above is included in the accompanying condensed consolidated balance sheet under the following captions:
        
Costs and recognized earnings in excess of billings on uncompleted contracts
  
35,573
   
28,098
 
Billings in excess of costs and recognized earnings on uncompleted contracts
  
(29,859
)
  
(41,959
)
  
$
5,714
  
$
(13,861
)