Contracts in Process

12 Months Ended

Dec. 31, 2011

Contracts in Process

Contracts in Process

6. Contracts in Process

        The net asset (liability) position for contracts in process consisted of the following at December 31:

(in thousands)	2011		2010
Costs incurred on uncompleted contracts	$	943,442	$	810,463
Estimated earnings		84,363		92,102
		1,027,805		902,565
Less: Billings to date		1,009,056		918,771
	$	18,749	$	(16,206	)

        The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows at December 31:

(in thousands)	2011			2010
Costs and estimated earnings in excess of billings on uncompleted contracts	$	43,694		$	29,299
Billings in excess of costs and estimated earnings on uncompleted contracts		(24,945	)		(45,505	)
	$	18,749		$	(16,206	)