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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 6 Months Ended
Jun. 30, 2011
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract]  
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts consist of:

   
June 30, 2011
 
   
U.S
       
   
Government
  
Commercial
  
Total
 
           
Costs incurred on uncompleted Contracts
 $142,824,520  $20,525,241  $163,349,761 
Estimated earnings
  58,365,173   13,130,702   71,495,875 
Sub-total
  201,189,693   33,655,943   234,845,636 
Less billings to date
  153,762,448   20,201,966   173,964,414 
Costs and estimated earnings in excess of billings on uncompleted contracts
 $47,427,245  $13,453,977  $60,881,222 

   
December 31, 2010
  
   
U.S
      
   
Government
  
Commercial
  
Total
Costs incurred on uncompleted contracts
 $120,072,649  $33,521,525  $153,594,174 
Estimated earnings
  51,712,912   17,647,006   69,359,918 
Sub-total
  171,785,561   51,168,531   222,954,092 
Less billings to date
  138,885,635   36,903,291   175,788,926 
Costs and estimated earnings in excess of billings on uncompleted contracts
 $32,899,926  $14,265,240  $47,165,166 

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the six months ended June 30, 2011 and 2010, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $1,800,000 and $2,000,000, respectively, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years.

Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.