Annual report pursuant to Section 13 and 15(d)

CONTRACT

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CONTRACT
 12 Months Ended
Dec. 31, 2011
Contract Receivable
  
CONTRACT

3. CONTRACTS RECEIVABLE

Amounts due on contracts as of December 31 were as follows (in thousands):

 

     2011      2010  

Completed contracts

      

Current receivables

    $ 11,521       $ 2,458   

Long term receivables due after one year

      625         —     

Contracts in progress:

      

Current receivables

      60,977         10,632   

Retainage due within one year

      4,313         11,000   
  

 

 

     

 

 

  
     77,436         24,090   

Less allowance for doubtful accounts

      24         48   
  

 

 

     

 

 

  
   $ 77,412       $ 24,042   
  

 

 

     

 

 

  
Contract Costs
  
CONTRACT

12. CONTRACT COSTS

We define material, freight, equipment rental and sub-contractor services included in the direct costs of revenue associated with projects as pass-through costs. Since we use the percentage-of-completion accounting method to recognize revenue on construction contracts, by using a direct labor efforts expended method, pass-through costs have little or no impact in the determination of gross margin for a particular pay period. Pass-through costs included in revenue were 45.3%, 36.1% and 36.6% for the years ended December 31, 2011, 2010 and 2009, respectively.