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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 3 Months Ended
Mar. 31, 2012
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:

 
March 31, 2012
 
U.S
   
 
Government
Commercial
Total
       
Costs incurred on uncompleted
     
Contracts
$189,076,054
$28,167,371
$217,243,425
Estimated earnings
60,938,883
17,020,641
77,959,524
Sub-total
250,014,937
45,188,012
295,202,949
Less billings to date
184,277,184
28,341,779
212,618,963
Costs and estimated earnings
     
in excess of billings on
     
uncompleted contracts
$65,737,753
$16,846,233
$82,583,986

 
December 31, 2011
 
 
U.S.
   
 
Government
Commercial
Total
Costs incurred on uncompleted
     
contracts
$162,233,699
$24,713,310
$186,947,009
Estimated earnings
72,883,505
15,029,802
87,913,307
Sub-total
235,117,204
39,743,112
274,860,316
Less billings to date
171,694,325
24,155,629
195,849,954
Costs and estimated earnings in excess of billings on uncompleted contracts
$63,422,879
$15,587,483
$79,010,362

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontracts.

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 three months ended March 31, 2012 and 2011, 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 $600,000 and $1,200,000, 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.