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
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 10,342 $ 3,999
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt 794  
Depreciation 18,746 17,415
Deferred income taxes 5,401 1,721
Compensation expense - restricted stock 479 594
Excess tax benefit from share-based payment arrangements   (3)
Changes in operating assets and liabilities:    
Contracts receivable (31,811) (19,312)
Contract retainage 1,203 3,169
Costs and estimated earnings in excess of billings on uncompleted contracts (45,472) (3,770)
Prepaid subcontractor costs 33,145 (16,385)
Prepaid expenses and other assets 841 (1,894)
Inventory (111) 947
Accounts payable 3,432 38,422
Billings in excess of costs and estimated earnings on uncompleted contracts 16,711 (35,482)
Accrued employee costs 2,353 3,135
Accrued expenses (864) 1,702
Accrued contract losses (2,251) 9,484
Current income taxes 861 (1,467)
Net cash provided by (used in) operating activities 13,799 2,275
Cash flows from investing activities:    
Capital expenditures, net (12,523) (26,849)
Net cash used in investing activities (12,523) (26,849)
Cash flows from financing activities:    
Proceeds from exercise of stock options 6 18
Excess tax benefit from share-based payment arrangements   3
Borrowings against line of credit 32,000  
Payments on line of credit (32,000)  
Payments of dividends on common stock (4,379) (4,368)
Net cash used in financing activities (4,373) (4,347)
Net change in cash and cash equivalents (3,097) (28,921)
Cash and cash equivalents at beginning of period 24,888 55,287
Cash and cash equivalents at end of period $ 21,791 $ 26,366