Contracts in Process

3 Months Ended

Mar. 31, 2012

Contracts in Process

Contracts in Process

4. Contracts in Process

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

(in thousands)	March 31, 2012		December 31, 2011
Costs incurred on uncompleted contracts	$	1,026,740	$	943,442
Estimated earnings		101,852		84,363
		1,128,592		1,027,805
Less: Billings to date		1,103,469		1,009,056
	$	25,123	$	18,749

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

(in thousands)	March 31, 2012			December 31, 2011
Costs and estimated earnings in excess of billings on uncompleted contracts	$	53,873		$	43,694
Billings in excess of costs and estimated earnings on uncompleted contracts		(28,750	)		(24,945	)
	$	25,123		$	18,749