7. Percentage of Completion

The Company utilizes the POC Method to recognize revenues under a contract with a customer. In the consolidated balance sheets “costs and estimated earnings in excess of billings” are reported as a current asset and “billings in excess of costs and estimated earnings” are included in accrued and other liabilities as follows (in thousands):

	June 30, 2014			September 30, 2013
Cumulative contract revenues earned to date	$	171,238		$	109,565
Less contract billings to date		(171,238	)		(97,165	)
Costs and estimated earnings in excess of billings	$	—		$	12,400

As of June 30, 2014, the Company had no contracts with characteristics that require utilization the POC Method.