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COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS | 12 Months Ended
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Dec. 31, 2012
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS [Abstract] |
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS | 2. COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS At December 31, 2012, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of:
| U.S. Government | Commercial | Total
Costs incurred on uncompleted contracts | $214,888,101 | $42,636,753 | $257,524,854
Estimated earnings | 85,320,636 | 23,782,285 | 109,102,921
| 300,208,737 | 66,419,038 | 366,627,775
Less billings to date | 215,743,090 | 42,631,694 | 258,374,784
Costs and estimated earnings in excess of billings on uncompleted contracts | $84,465,647 | $23,787,344 | $108,252,991
At December 31, 2011, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of:
| 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
| 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
The above amounts are included in the accompanying balance sheets under the following captions at December 31, 2012 and December 31, 2011:
| 2012 | 2011
Costs and estimated earnings in excess of billings on |  |
uncompleted contracts | $ 108,909,844 | $ 79,126,828
Billings in excess of costs and estimated earnings on |  |
uncompleted contracts | (656,853) | (116,466)
Totals | $ 108,252,991 | $ 79,010,362
Unbilled costs and estimated earnings are billed in accordance with applicable contract terms. As of December 31, 2012, approximately $20 million of the balances above are not expected to be collected within one year. There are no amounts billed under retainage provisions. 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 years ended December 31, 2012, 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 $1,300,000, $3,000,000 and $10,200,000, respectively, from that which would have been reported had the revised estimate 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 at least reasonably possible that additional significant costs could occur on contracts prior to completion.

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