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
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net Income $ 15,431 $ 10,342
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt (recovery) expense (475) 794
Depreciation 19,693 18,746
Loss on sale of asset 85  
Deferred income taxes 6,945 5,401
Compensation expense-restricted stock 917 479
Changes in operating assets and liabilities:    
Contracts receivable and retainage 16,878 (30,608)
Costs and estimated earnings in excess of billings on uncompleted contracts 2,924 (45,472)
Prepaid subcontractor costs   33,145
Prepaid expenses and other assets 1,874 841
Inventory 869 (111)
Accounts payable (31,779) 3,432
Billings in excess of costs and estimated earnings on uncompleted contracts (15,186) 16,711
Accrued employee costs 949 2,353
Accrued expenses 136 (864)
Accrued contract losses 412 (2,251)
Current income taxes 642 861
Net cash provided by operating activities 20,315 13,799
Cash flows from investing activities:    
Capital expenditures (26,712) (12,523)
Proceeds on the sale of equipment 934  
Net cash used in investing activities (25,778) (12,523)
Cash flows from financing activities:    
Proceeds from exercise of stock options   6
Borrowings against line of credit 22,000 32,000
Payments on line of credit (22,000) (32,000)
Payments of dividends on common stock (4,399) (4,379)
Net cash used in financing activities (4,399) (4,373)
Net change in cash and cash equivalents (9,862) (3,097)
Cash and cash equivalents at beginning of period 36,569 24,888
Cash and cash equivalents at end of period $ 26,707 $ 21,791