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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 6 Months Ended
Jun. 30, 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:

   
June 30, 2012
 
   
U.S
       
   
Government
  
Commercial
  
Total
 
          
Costs incurred on uncompleted Contracts
 $189,660,656  $32,650,144  $222,310,800 
Estimated earnings
  76,045,372   18,808,566   94,853,938 
Sub-total
  265,706,028   51,458,710   317,164,738 
Less billings to date
  194,687,800   33,759,272   228,447,072 
Costs and estimated earnings in excess of billings on uncompleted contracts
 $71,018,228  $17,699,438  $88,717,666 

   
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 six months ended June 30, 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 $0 and $1,800,000, 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.