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COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
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.