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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 9 Months Ended
Sep. 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:

   
September 30, 2012
 
   
U.S
       
   
Government
  
Commercial
  
Total
 
           
Costs incurred on uncompleted Contracts
 $204,275,188  $37,127,946  $241,403,134 
Estimated earnings
  78,181,599   20,813,841   98,995,440 
Sub-total
  282,456,787   57,941,787   340,398,574 
Less billings to date
  205,883,663   38,306,230   244,189,893 
Costs and estimated earnings in excess of billings on uncompleted contracts
 $76,573,124  $19,635,557  $96,208,681 
 
   
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 nine months ended September 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 $1,000,000 and $2,600,000, 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.