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Note 4 - Costs and Estimated Earnings on Uncompleted Contracts
 3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Long-term Contracts or Programs Disclosure [Text Block]
4
. C
OSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 
Costs and estimated earnings in excess of billings on uncompleted contracts consist of:
 
   
March 31, 2015
  
   
U.S
                  
   
Government
    
Commercial
    
Total
  
                         
Costs incurred on uncompleted
contracts
   $ 308,735,093     $ 97,357,559     $ 406,092,652  
                         
Estimated earnings
     59,792,771       41,912,231       101,705,002  
                         
Sub-total
     368,527,864       139,269,790       507,797,654  
                         
Less billings to date
     322,540,371       102,464,371       425,004,742  
                         
Costs and estimated earnings
in excess of billings on
uncompleted contracts
   $ 45,987,493     $ 36,805,419     $ 82,792,912  
 
   
December 31, 2014
  
   
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  
                         
Sub-total
     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  
 
The above amounts are included in the accompanying balance sheets under the following captions at March 31, 2015 and December 31, 2014:
 
   
March 31, 2015
    
December 31, 2014
  
Costs and estimated earnings in excess of billings on
uncompleted contracts
   $ 82,916,324     $ 79,054,139  
Billings in excess of costs and estimated earnings on
uncompleted contracts
     (123,412 )     (193,650 )
                 
Totals
   $ 82,792,912     $ 78,860,489  
 
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 three months ended March 31, 2014, 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 $1,477,000, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. The effect of such revisions in the three months ended March 31, 2015 was immaterial.
 
Although management believes it has established adequate procedures for estimating costs to complete uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.