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
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:    
Net income (loss) $ (3,570) $ 11,399
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 15,215 14,412
Asset impairments 7,690  
Deferred income taxes (2,525) 678
Compensation expense-restricted stock 689 606
Excess tax benefit from share-based payment arrangements (29) (12)
Changes in operating assets and liabilities:    
Contracts receivable (43,768) 12,818
Contract retainage 6,288 (10,340)
Costs and estimated earnings in excess of billings on uncompleted contracts (13,767) 10,205
Prepaid expenses and other assets 1,334 108
Other receivables   (53)
Inventory (1,609) (334)
Accounts payable 12,222 (6,480)
Billings in excess of costs and estimated earnings on uncompleted contracts 29,570 3,357
Accrued employee costs (665) 495
Accrued expenses 2,278 1,213
Current income taxes (339) 625
Net cash provided by operating activities 9,014 38,697
Cash flows from investing activities:    
Capital expenditures, net (33,408) (11,381)
Net cash used in investing activities (33,408) (11,381)
Cash flows from financing activities:    
Proceeds from exercise of stock options 98 51
Excess tax benefit from share-based payment arrangements 29 12
Payments of dividends on common stock (2,613) (434)
Net cash used in financing activities (2,486) (371)
Net change in cash and cash equivalents (26,880) 26,945
Cash and cash equivalents at beginning of period 88,072 8,751
Cash and cash equivalents at end of period $ 61,192 $ 35,696