Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating activities:      
Net income (loss) $ (1,804) $ 13,093 $ 20,804
Depreciation 20,692 19,282 18,512
Asset impairments 7,690    
Deferred income taxes (860) 3,364 5,137
Excess tax benefits from share-based payment arrangement (146) (124) (24)
Compensation expense-stock compensation plans 906 825 677
Changes in operating assets and liabilities:      
Contracts receivable, net (60,057) 75,826 8,146
Contract retainage 6,687 (10,125) (263)
Costs and estimated earnings in excess of billings on uncompleted contracts (6,469) 11,460 (7,834)
Prepaid expenses and other assets (9,401) (691) (322)
Inventory (2,013) (41) 1,464
Other receivables   (53) 1,640
Accounts payable 15,240 (11,256) (547)
Billings in excess of costs and estimated earnings on uncompleted contracts 42,148 (1,720) (30,996)
Accrued employee costs (1,317) (404) (1,284)
Accrued expenses 1,082 (531) (2,370)
Current income taxes (446) (2,755) (1,752)
Net cash provided by operating activities 11,932 96,150 10,988
Cash flows from investing activities:      
Capital expenditures, net (41,545) (16,475) (15,250)
Proceeds from the sale of equipment     1,000
Net cash used in investing activities (41,545) (16,475) (14,250)
Cash flows from financing activities:      
Proceeds from exercise of stock options 167 101 21
Excess tax benefit from share-based payment arrangements 146 124 24
Payments of dividends on common stock (3,485) (579) (1,871)
Net cash used in financing activities (3,172) (354) (1,826)
Net increase (decrease) in cash and cash equivalents (32,785) 79,321 (5,088)
Cash and cash equivalents at beginning of period 88,072 8,751 13,839
Cash and cash equivalents at end of period 55,287 88,072 8,751
Supplemental cash flow information:      
Interest paid 132 72 71
Income taxes paid, net of refunds $ 660 $ 7,644 $ 7,893