Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 55,287 $ 88,072
Contract receivables, net 72,474 13,042
Contract retainage 4,313 11,000
Costs and estimated earnings in excess of billings on uncompleted contracts 12,982 6,513
Prepaid expenses and other 13,075 3,674
Inventory 6,278 4,265
Deferred tax assets 10,157 1,301
Income tax receivable 3,347 2,755
Total current assets 177,913 130,622
Property, plant and equipment, net 216,722 197,652
Long-term contracts receivable, net 625  
Other receivables   5,907
Other assets 675 675
Total assets 395,935 334,856
Current liabilities:    
Accounts payable 20,502 5,262
Billings in excess of costs and estimated earnings on uncompleted contracts 49,363 7,215
Accrued employee costs 3,512 4,506
Accrued expenses 2,610 1,528
Total current liabilities 75,987 18,511
Deferred tax liabilities 37,149 29,153
Total liabilities 113,136 47,664
Shareholders' equity:    
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued and outstanding      
Common stock, no par value, 20,000,000 shares authorized, 14,376,443 and 14,340,971 shares issued and outstanding at December 31, 2011 and December 31, 2010 9,921 9,846
Additional paid-in capital 91,933 91,112
Retained earnings 180,945 186,234
Total shareholders' equity 282,799 287,192
Total liabilities and shareholders' equity $ 395,935 $ 334,856