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, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income (loss) $ 6,779 $ (6,964)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 5,650 5,023
Asset impairments   7,690
Deferred income taxes 3,424 50
Compensation expense-restricted stock 164 233
Changes in operating assets and liabilities:    
Contracts receivable 20,708 (19,538)
Contract retainage (1,794) 10,994
Costs and estimated earnings in excess of billings on uncompleted contracts (7,620) (12,172)
Prepaid expenses and other assets (457) 1,211
Inventory 538 (161)
Accounts payable (2,760) 5,459
Billings in excess of costs and estimated earnings on uncompleted contracts (26,288) 6,705
Accrued employee costs 3,637 (1,015)
Accrued expenses 222 990
Current income taxes 1,456 (4,601)
Net cash provided by (used in) operating activities 3,659 (6,096)
Cash flows from investing activities:    
Capital expenditures, net (14,792) (18,968)
Net cash used in investing activities (14,792) (18,968)
Cash flows from financing activities:    
Payments of dividends on common stock (1,457) (871)
Net cash used in financing activities (1,457) (871)
Net change in cash and cash equivalents (12,590) (25,935)
Cash and cash equivalents at beginning of period 55,287 88,072
Cash and cash equivalents at end of period $ 42,697 $ 62,137