Fabrication Contracts

12 Months Ended

Dec. 31, 2012

Fabrication Contracts

Fabrication Contracts

4.  Fabrication Contracts

Costs, estimated earnings and billings on uncompleted contracts consisted of the following (in thousands):

	December 31,
	2012			2011
Costs incurred on uncompleted contracts	$	1,133,835		$	895,337
Estimated earnings	195,742			157,893
	1,329,577			1,053,230
Less — billings to date	(1,334,730		)	(1,014,977		)
	$	(5,153	)	$	38,253

Costs, estimated earnings and billings on uncompleted contracts are presented in the accompanying financial statements as follows (in thousands):

	December 31,
	2012			2011
Costs and estimated earnings in excess of billings on uncompleted contracts	$	159,098		$	122,214
Billings on uncompleted contracts in excess of costs and estimated earnings	(164,251		)	(83,961		)
	$	(5,153	)	$	38,253