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
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net Income (loss) $ 14,371 $ (5,129)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 11,433 10,056
Asset impairments   7,690
Deferred income taxes 5,915 (5,280)
Compensation expense-restricted stock 389 467
Excess tax benefit from share-based payment arrangements   (9)
Changes in operating assets and liabilities:    
Contracts receivable (8,058) (77,430)
Contract retainage 2,193 8,173
Costs and estimated earnings in excess of billings on uncompleted contracts (12,813) (9,739)
Billings in excess of costs and estimated earnings on uncompleted contracts (22,146) 23,329
Accounts payable 8,668 14,738
Prepaid expenses and other assets (8,784) 599
Inventory 986 (1,427)
Accrued employee costs 3,917 (643)
Accrued expenses 585 1,139
Current income taxes (817) 1,481
Net cash used in operating activities (4,161) (31,985)
Cash flows from investing activities:    
Capital expenditures, net (17,623) (22,318)
Net cash used in investing activities (17,623) (22,318)
Cash flows from financing activities:    
Proceeds from exercise of stock options   37
Excess tax benefit from share-based payment arrangements   9
Payments of dividends on common stock (2,913) (1,742)
Net cash used in financing activities (2,913) (1,696)
Net change in cash and cash equivalents (24,697) (55,999)
Cash and cash equivalents at beginning of period 55,287 88,072
Cash and cash equivalents at end of period $ 30,590 $ 32,073