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:


	March 31,		June 30,
	2012		2011
	(in thousands)
Costs incurred and estimated earnings recognized on uncompleted contracts	$	655,582	$	583,334
Billings on uncompleted contracts		628,792		578,763

	$	26,790	$	4,571

Presented as:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	55,052	$	40,056
Billings on uncompleted contracts in excess of costs and estimated earnings		28,262		35,485

	$	26,790	$	4,571

Progress billings in accounts receivable at March 31, 2012 and June 30, 2011 included retentions to be collected within one year of $19.6 million and $13.9 million, respectively. Contract retentions collectible beyond one year totaled $0.8 million at March 31, 2012 and $0.9 million at June 30, 2011.