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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 6 Months Ended
Jun. 30, 2013
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, 2013
 
U.S
   
 
Government
Commercial
Total
       
Costs incurred on uncompleted
     
contracts
$237,662,363
$52,127,357
$289,789,720
Estimated earnings
88,824,737
27,420,732
116,245,469
Sub-total
326,487,100
79,548,089
406,035,189
Less billings to date
242,302,347
52,849,929
295,152,276
Costs and estimated earnings in excess of billings on uncompleted contracts
 
$84,184,753
 
$26,698,160
  $110,882,913

 
December 31, 2012
 
 
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
Sub-total
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

The above amounts are included in the accompanying balance sheets under the following captions at June 30, 2013 and December 31, 2012:

 
June 30, 2013
December 31, 2012
Costs and estimated earnings in excess of billings on
   
uncompleted contracts
$ 111,303,474
$ 108,909,844
Billings in excess of costs and estimated earnings on
   
uncompleted contracts
 (420,561)
 (656,853)
     
Totals
$ 110,882,913
$ 108,252,991

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, 2013 and 2012, 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 $2,797,000 and $528,000, 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.