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Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2014
Contractors [Abstract]  
Long-term Contracts or Programs Disclosure [Text Block]

2.              COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS


At December 31, 2014, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of:


   

U.S. Government

   

Commercial

   

Total

 

Costs incurred on uncompleted contracts

  $ 299,871,583     $ 90,272,545     $ 390,144,128  
                         

Estimated earnings

    56,708,610       39,773,983       96,482,593  
                         
      356,580,193       130,046,528       486,626,721  

Less billings to date

    313,441,471       94,324,761       407,766,232  
                         

Costs and estimated earnings in excess of billings on uncompleted contracts

  $ 43,138,722     $ 35,721,767     $ 78,860,489  

At December 31, 2013, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of:


   

U.S. Government

   

Commercial

   

Total

 
                         

Costs incurred on uncompleted contracts

  $ 259,050,407     $ 62,502,116     $ 321,552,523  
                         

Estimated earnings

    95,590,879       30,694,605       126,285,484  
                         
      354,641,286       93,196,721       447,838,007  

Less billings to date

    272,783,120       62,733,921       335,517,041  
                         

Costs and estimated earnings in excess of billings on uncompleted contracts

  $ 81,858,166     $ 30,462,800     $ 112,320,966  

The above amounts are included in the accompanying balance sheets under the following captions at December 31, 2014 and 2013:


   

2014

   

2013

 
                 

Costs and estimated earnings in excess of billings on uncompleted contracts

  $ 79,054,139     $ 112,597,136  
                 

Billings in excess of costs and estimated earnings on uncompleted contracts

    (193,650 )     (276,170 )
                 

Totals

  $ 78,860,489     $ 112,320,966  

Unbilled costs and estimated earnings are billed in accordance with applicable contract terms. As of December 31, 2014, approximately $3 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, 2014, 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 $42,568,000, $3,700,000 and $1,300,000, 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.