Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 6,529 $ 1,440
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt expense 320 400
Depreciation 12,878 13,140
Amortization of deferred revenue (2,654) 0
Gain on sale of asset (369) (10)
Deferred income taxes 3,899 (715)
Compensation expense - restricted stock 1,619 1,153
Changes in operating assets and liabilities:    
Contracts receivable and retainage 9,783 41,446
Costs and estimated earnings in excess of billings on uncompleted contracts 1,550 1,631
Prepaid expenses and other assets (1,396) 946
Inventory (1,234) 245
Accounts payable (7,522) (24,493)
Billings in excess of costs and estimated earnings on uncompleted contracts 247 (9,538)
Deferred revenue (8,718) 0
Accrued employee costs 1,144 (516)
Accrued expenses 1,479 (2,803)
Accrued contract losses (5,974) (604)
Current income taxes 105 1,450
Net cash provided by operating activities 11,686 23,172
Cash flows from investing activities:    
Capital expenditures (3,290) (2,953)
Net cash received in acquisition 1,588 0
Proceeds from the sale of equipment 5,548 10
Net cash provided by (used in) investing activities 3,846 (2,943)
Cash flows from financing activities:    
Payments of dividends on common stock (295) (2,930)
Net cash used in financing activities (295) (2,930)
Net change in cash and cash equivalents 15,237 17,299
Cash and cash equivalents at beginning of period 34,828 36,085
Cash and cash equivalents at end of period $ 50,065 $ 53,384