Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income (loss) $ 7,232 $ (4,091) $ (1,804)
Depreciation 25,087 23,396 20,692
Provision for losses on contract receivables    14,501   
Allowance for doubtful accounts 887    
Loss on the sale of assets 353    
Asset impairments       7,690
Deferred income taxes 3,788 (1,848) (883)
Compensation expense-stock compensation plans 672 (259) (146)
Excess tax benefits from share-based payment arrangements (116) 1,222 906
Changes in operating assets and liabilities:      
Contracts receivable, net (55,353) (1,937) (60,057)
Contract retainage 1,187 3,015 6,687
Costs and estimated earnings in excess of billings on uncompleted contracts 1,590 (13,335) (6,469)
Billings in excess of costs and estimated earnings on uncompleted contracts 9,418 (20,865) 42,148
Accounts payable 16,569 28,983 15,240
Prepaid subcontractor costs 33,145 (23,414) (9,731)
Prepaid expenses and other assets (385) (1,113) 330
Inventory (6,305) 1,254 (2,013)
Other receivables (20)    
Accrued contract losses (3,790) 3,790  
Accrued employee costs 1,854 944 (1,317)
Accrued expenses (1,462) 2,551 1,082
Current income taxes 3,652 (1,757) (423)
Net cash provided by operating activities 38,003 11,037 11,932
Cash flows from investing activities:      
Capital expenditures, net (21,353) (35,890) (41,545)
Proceeds on the sale of equipment 551    
Net cash used in investing activities (20,802) (35,890) (41,545)
Cash flows from financing activities:      
Borrowings against notes payable 45,000    
Payments on notes payable (45,000)    
Proceeds from exercise of stock options 203 17 167
Excess tax benefit from share-based payment arrangements 116 259 146
Payments of dividends on common stock (5,839) (5,822) (3,485)
Net cash used in financing activities (5,520) (5,546) (3,172)
Net increase (decrease) in cash and cash equivalents 11,681 (30,399) (32,785)
Cash and cash equivalents at beginning of period 24,888 55,287 88,072
Cash and cash equivalents at end of period 36,569 24,888 55,287
Supplemental cash flow information:      
Interest paid 843 99 132
Income taxes paid (received), net of payments (refunds) 3,138 2,291 660
Schedule of Noncash Financing Activities      
Reclassification of assets to held for sale $ 14,527