Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 7,845 $ 7,066
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 12,958 12,376
Loss on sale of asset 85  
Deferred income taxes 4,046 4,323
Compensation expense-restricted stock 652 341
Changes in operating assets and liabilities:    
Contracts receivable and retainage 34,097 (29,263)
Costs and estimated earnings in excess of billings on uncompleted contracts 7,163 (10,565)
Prepaid expenses and other assets 746 (2,091)
Inventory 542 (110)
Accounts payable (33,431) 18,415
Billings in excess of costs and estimated earnings on uncompleted contracts (15,445) 14,385
Accrued employee costs (334) 2,173
Accrued expenses (592) (2,040)
Current income taxes (194) 170
Net cash provided by operating activities 18,138 15,180
Cash flows from investing activities:    
Capital expenditures, net (21,334) (7,431)
Proceeds on the sale of equipment 925  
Net cash used in investing activities (20,409) (7,431)
Cash flows from financing activities:    
Borrowings against line of credit 22,000 26,000
Payments on line of credit (22,000) (26,000)
Payments of dividends on common stock (2,931) (2,919)
Net cash used in financing activities (2,931) (2,919)
Net change in cash and cash equivalents (5,202) 4,830
Cash and cash equivalents at beginning of period 36,569 24,888
Cash and cash equivalents at end of period $ 31,367 $ 29,718