Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Dec. 31, 2011

4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Information with respect to uncompleted contracts as of December 31 is as follows (in thousands):


	2011			2010
Costs incurred on uncompleted contracts	$	271,397		$	164,095
Estimated profit earned to date		23,769			27,644

		295,166			191,739
Less billings to date		331,547			192,441

	$	(36,381	)	$	(702	)

The above amounts are included in the accompanying consolidated balance sheets at December 31 under the following captions (in thousands):


	2011			2010
Costs and estimated earnings in excess of billings on uncompleted contracts	$	12,982		$	6,513
Billings in excess of costs and estimated earnings on uncompleted contracts		(49,363	)		(7,215	)

	$	(36,381	)	$	(702	)