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
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 7,066 $ 14,371
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 12,376 11,433
Deferred income taxes 4,323 5,915
Compensation expense - restricted stock 341 389
Changes in operating assets and liabilities:    
Contracts receivable (29,083) (8,058)
Contract retainage (180) 2,193
Costs and estimated earnings in excess of billings on uncompleted contracts (10,565) (12,813)
Prepaid subcontractor costs (1,827) (7,510)
Prepaid expenses and other assets (264) (1,274)
Inventory (110) 986
Accounts payable 18,415 8,668
Billings in excess of costs and estimated earnings on uncompleted contracts 14,385 (22,146)
Accrued employee costs 2,173 3,917
Accrued expenses (758) 585
Accrued contract losses (1,282)  
Current income taxes 170 (817)
Net cash provided by (used in) operating activities 15,180 (4,161)
Cash flows from investing activities:    
Capital expenditures, net (7,431) (17,623)
Net cash used in investing activities (7,431) (17,623)
Cash flows from financing activities:    
Borrowings against line of credit 26,000  
Payments on line of credit (26,000)  
Payments of dividends on common stock (2,919) (2,913)
Net cash used in financing activities (2,919) (2,913)
Net change in cash and cash equivalents 4,830 (24,697)
Cash and cash equivalents at beginning of period 24,888 55,287
Cash and cash equivalents at end of period $ 29,718 $ 30,590