Note 3 – Uncompleted Contracts

Contract terms of the Company's construction contracts generally provide for progress billings based on project milestones. The excess of costs incurred and estimated earnings over amounts billed on uncompleted contracts is reported as a current asset. The excess of amounts billed over costs incurred and estimated earnings recognized on uncompleted contracts is reported as a current liability. Gross and net amounts on uncompleted contracts are as follows:


	December 31, 2011		June 30, 2011
	(in thousands)
Costs incurred and estimated earnings recognized on uncompleted contracts	$	708,504	$	583,334
Billings on uncompleted contracts		683,790		578,763

	$	24,714	$	4,571


Presented as:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	56,530	$	40,056
Billings on uncompleted contracts in excess of costs and estimated earnings		31,816		35,485

	$	24,714	$	4,571

Progress billings in accounts receivable at December 31, 2011 and June 30, 2011 included retentions to be collected within one year of $15.3 million and $13.9 million, respectively. Contract retentions collectible beyond one year totaled $3.1 million at December 31, 2011 and $0.9 million at June 30, 2011.