effective january 1 , 2010 our new reportable segments are : construction , large project construction , construction materials and real estate . additionally , we reclassified certain costs between cost of revenue and selling , general and administrative expenses to better represent our direct cost of revenue . these reclassifications did not have an impact on our previously reported net operating results . in the fourth quarter of 2009 we incurred restructuring charges as part of the above mentioned organizational change . included in the charges were amounts associated with a reduction in force and an impairment charge related to certain plant facilities in the northwest . our market sector information reflects three regions defined as follows : 1 ) california ; 2 ) northwest , which includes our offices in alaska , nevada , utah and washington ; and 3 ) east which includes our offices in arizona , florida , new york and texas . each of these regions includes operations from our construction , large project construction , and construction materials lines of business . in october 2010 , we announced our enterprise improvement plan which includes continued actions to reduce our cost structure , enhance operating efficiencies and strengthen our business to achieve long-term profitable growth . the enterprise improvement plan includes new business plans to orderly divest of our real estate investment business and certain fixed assets consistent with our business strategy to focus on our core business . as a result of the enterprise improvement plan , we incurred additional restructuring charges related to further workforce reductions as well as real estate and fixed asset impairments . the majority of restructuring charges associated with the enterprise improvement plan were recorded in the fourth quarter of 2010. see note 11 of “ notes to the consolidated financial statements ” and “ restructuring charges ” below for further information . critical accounting policies and estimates the financial statements included in “ item 8. financial statements and supplementary data ” have been prepared in accordance with accounting principles generally accepted in the united states of america ( “ u.s . gaap ” ) . the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities , revenue and expenses , and related disclosure of contingent assets and liabilities . our estimates , judgments and assumptions are continually evaluated based on available information and experiences ; however , actual amounts could differ from those estimates . certain of our accounting policies and estimates require higher degrees of judgment in their application . these include revenue and earnings recognition for construction contracts , the valuation of real estate held for development and sale and insurance estimates . the audit/compliance committee of our board of directors has reviewed our disclosure of critical accounting estimates . replace_table_token_26_th revenue and earnings recognition for construction contracts revenue and earnings on construction contracts , including construction joint ventures , are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs . revenue in an amount equal to cost incurred is recognized prior to contracts reaching at least 25 % completion , thus deferring the related profit . it is our judgment that until a project reaches at least 25 % completion , there is insufficient information to determine the estimated profit on the project with a reasonable level of certainty . in the case of large , complex design/build projects we may defer profit recognition beyond the point of 25 % completion based on an evaluation of specific project risks . the factors considered in this evaluation include the stage of design completion , the stage of construction completion , status of outstanding purchase orders and subcontracts , certainty of quantities of labor and materials , certainty of schedule and the relationship with the owner . revenue from contract claims is recognized when we have a signed agreement and payment is assured . revenue from contract change orders , which occur in most large projects , is recognized when the owner has agreed to the change order in writing . provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue . all contract costs , including those associated with claims and change orders , are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined . contract costs consist of direct costs on contracts , including labor and materials , amounts payable to subcontractors , direct overhead costs and equipment expense ( primarily depreciation , fuel , maintenance and repairs ) . all state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us , with provisions to pay us for work performed through the date of termination . the accuracy of our revenue and profit recognition in a given period is dependent on the accuracy of our estimates of the cost to complete each project . cost estimates for all of our significant projects use a detailed “ bottom up ” approach and we believe our experience allows us to provide materially reliable estimates . there are a number of factors that can contribute to changes in estimates of contract cost and profitability . story_separator_special_tag our wholly owned subsidiaries , granite construction company and granite northwest , inc. , are members of a joint venture known as yrc which is contracted by the odot to construct a new road alignment of u.s. highway 20 near eddyville , oregon . in addition to previous geologic landslide issues , unanticipated ground movement was observed at several hillsides beginning in 2010. in some locations , the ground movements have caused damage to completed portions of bridge structures . although design work towards a new mitigation plan on the project is continuing by yrc under protest , the corrective work required to complete the project has not yet been determined . yrc and odot are engaged in the contractual dispute resolution process to determine the parties ' responsibilities for design issues and which party bears the financial responsibility for the corrective work . at this time , the company can not predict the timing of the resolution of the contractual disputes or of the determination of the corrective work required , nor reasonably estimate the impact those events will have on the projected financial results for this project . if the required corrective work is determined to be substantial , and yrc is determined to bear the financial responsibility for the corrective work , the company 's results of operations , liquidity and cash flows for one or more future periods could be materially adversely affected . we will continue to incur additional costs to advance the design work and to maintain the job site while the design work is continuing and the dispute resolution process is proceeding . during the years ended december 31 , 2011 and 2010 , adjustments of $ 4.5 million and $ 10.2 million , respectively , have been made in the consolidated statements of operations to account for the revisions in estimated total cost in excess of estimated total revenue . the revisions in 2011 primarily related to additional costs for the design work and the revisions in 2010 were to maintain the project site until the start of the 2012 construction season while the design work is continuing and the company and odot continue to work on a resolution of outstanding issues . construction materials gross profit in 2011 increased $ 4.6 million compared to 2010 . construction materials gross profit as a percent of segment revenue for 2011 increased to 7.5 % from 5.4 % in 2010 . the increase was primarily due to increased production efficiencies of certain plants to meet growing construction revenue . real estate gross profit remained relatively unchanged during 2011 when compared to 2010 as the residential , commercial and private markets remained depressed . replace_table_token_44_th selling , general and administrative expenses the following table presents the components of selling , general and administrative expenses for the respective periods : replace_table_token_45_th selling , general and administrative expenses for 2011 decreased $ 29.3 million , or 15.3 % , compared to 2010 . selling expenses selling expenses include the costs of business and aggregate resource development , estimating and bidding . selling compensation can vary depending on the volume of projects in process and the number of employees assigned to estimating and bidding activities . as projects are completed or the volume of work slows down , we temporarily redeploy project employees to bid on new projects , moving their salaries and related costs from cost of revenue to selling expenses . total selling expenses for 2011 decreased $ 10.9 million , or 20.4 % , compared to 2010 , primarily due to workforce reductions associated with our enterprise improvement plan . general and administrative expenses general and administrative expenses include costs related to our operational offices that are not allocated to direct contract costs and expenses related to our corporate functions . these costs include variable cash and restricted stock performance-based incentives for select management personnel on which our compensation strategy heavily relies . the cash portion of these incentives is expensed when earned while the restricted stock portion is expensed over the vesting period of the restricted stock award ( generally three years ) . total general and administrative expenses for 2011 decreased $ 18.4 million or 13.3 % compared to 2010 . salaries and related expenses decreased $ 14.1 million compared to 2010 primarily due to the reduction in workforce associated with our enterprise improvement plan , as well as temporary benefit reductions and other ongoing efforts to reduce our cost structure . other general and administrative expenses for 2011 decreased $ 6.6 million or 12.8 % compared to 2010 due to our efforts to reduce our cost structure and discretionary spending , including a decrease of approximately $ 5.5 million in travel expenses , consulting fees and occupancy . other general and administrative expenses include information technology , occupancy , office supplies , depreciation , travel and entertainment , outside services , training and other miscellaneous expenses none of which individually exceeded 10 % of total selling , general and administrative expenses . replace_table_token_46_th restructuring charges the following table presents the components of restructuring charges during the respective periods : replace_table_token_47_th in october 2010 , we announced our enterprise improvement plan that included continued actions to reduce our cost structure , enhance operating efficiencies and strengthen our business to achieve long-term profitable growth . as a result of the enterprise improvement plan , we incurred restructuring charges during the fourth quarter of 2010 and throughout 2011. the charges were primarily related to impairment charges on certain real estate investments of our real estate segment associated with new business plans to orderly divest our real estate investment business by 2013 , subject to market conditions and our ability to negotiate sales of certain assets at prices acceptable to us . the portion of the impairment charges associated with our real estate business attributable to noncontrolling interests was approximately $ 20.0 million for the year end december 31 , 2010 and was insignificant during 2011.

debt and contractual obligations the following table summarizes our significant obligations outstanding as of december 31 , 2011 : replace_table_token_58_th 1 included in the total is $ 32.7 million related to mortgages , the terms of which include variable interest rates that range from 3.75 % to 7.0 % . the future payments were calculated using rates in effect as of december 31 , 2011 and may differ from actual results . 2 these obligations represent the minimum rental commitments and minimum royalty requirements under all noncancellable operating leases . see note 18 of “ notes to the consolidated financial statements. ” 3 these obligations represent firm purchase commitments for equipment and other goods and services not connected with our construction contract backlog which are individually greater than $ 10,000 and have an expected fulfillment date after february 29 , 2012 . 4 the timing of expected payment of deferred compensation is based on estimated dates of retirement . actual dates of retirement could be different and would cause the timing of payments to change . in addition to the significant obligations described above , as of december 31 , 2011 , we had the following obligations , which were excluded from the foregoing table : approximately $ 2.3 million associated with uncertain tax positions filed on our tax returns were excluded because we can not make a reasonably reliable estimate of the timing of potential payments relative to such reserves ; and asset retirement obligations of $ 23.2 million associated with our owned and leased quarry properties were excluded because the majority of them have an estimated settlement date beyond five years ( see note 8 of “ notes to the consolidated financial statements ” ) credit agreement we have a $ 100.0 million committed secured revolving credit facility , with a sublimit for letters of credit of $ 50.0 million ( the “ credit agreement ” ) , which expires on june 22 , 2013. borrowings under the credit agreement bear interest at libor plus an applicable margin . libor varies based on the applicable loan term .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt and contractual obligations the following table summarizes our significant obligations outstanding as of december 31 , 2011 : replace_table_token_58_th 1 included in the total is $ 32.7 million related to mortgages , the terms of which include variable interest rates that range from 3.75 % to 7.0 % . the future payments were calculated using rates in effect as of december 31 , 2011 and may differ from actual results . 2 these obligations represent the minimum rental commitments and minimum royalty requirements under all noncancellable operating leases . see note 18 of “ notes to the consolidated financial statements. ” 3 these obligations represent firm purchase commitments for equipment and other goods and services not connected with our construction contract backlog which are individually greater than $ 10,000 and have an expected fulfillment date after february 29 , 2012 . 4 the timing of expected payment of deferred compensation is based on estimated dates of retirement . actual dates of retirement could be different and would cause the timing of payments to change . in addition to the significant obligations described above , as of december 31 , 2011 , we had the following obligations , which were excluded from the foregoing table : approximately $ 2.3 million associated with uncertain tax positions filed on our tax returns were excluded because we can not make a reasonably reliable estimate of the timing of potential payments relative to such reserves ; and asset retirement obligations of $ 23.2 million associated with our owned and leased quarry properties were excluded because the majority of them have an estimated settlement date beyond five years ( see note 8 of “ notes to the consolidated financial statements ” ) credit agreement we have a $ 100.0 million committed secured revolving credit facility , with a sublimit for letters of credit of $ 50.0 million ( the “ credit agreement ” ) , which expires on june 22 , 2013. borrowings under the credit agreement bear interest at libor plus an applicable margin . libor varies based on the applicable loan term .
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 Suspicious Activity Report : effective january 1 , 2010 our new reportable segments are : construction , large project construction , construction materials and real estate . additionally , we reclassified certain costs between cost of revenue and selling , general and administrative expenses to better represent our direct cost of revenue . these reclassifications did not have an impact on our previously reported net operating results . in the fourth quarter of 2009 we incurred restructuring charges as part of the above mentioned organizational change . included in the charges were amounts associated with a reduction in force and an impairment charge related to certain plant facilities in the northwest . our market sector information reflects three regions defined as follows : 1 ) california ; 2 ) northwest , which includes our offices in alaska , nevada , utah and washington ; and 3 ) east which includes our offices in arizona , florida , new york and texas . each of these regions includes operations from our construction , large project construction , and construction materials lines of business . in october 2010 , we announced our enterprise improvement plan which includes continued actions to reduce our cost structure , enhance operating efficiencies and strengthen our business to achieve long-term profitable growth . the enterprise improvement plan includes new business plans to orderly divest of our real estate investment business and certain fixed assets consistent with our business strategy to focus on our core business . as a result of the enterprise improvement plan , we incurred additional restructuring charges related to further workforce reductions as well as real estate and fixed asset impairments . the majority of restructuring charges associated with the enterprise improvement plan were recorded in the fourth quarter of 2010. see note 11 of “ notes to the consolidated financial statements ” and “ restructuring charges ” below for further information . critical accounting policies and estimates the financial statements included in “ item 8. financial statements and supplementary data ” have been prepared in accordance with accounting principles generally accepted in the united states of america ( “ u.s . gaap ” ) . the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities , revenue and expenses , and related disclosure of contingent assets and liabilities . our estimates , judgments and assumptions are continually evaluated based on available information and experiences ; however , actual amounts could differ from those estimates . certain of our accounting policies and estimates require higher degrees of judgment in their application . these include revenue and earnings recognition for construction contracts , the valuation of real estate held for development and sale and insurance estimates . the audit/compliance committee of our board of directors has reviewed our disclosure of critical accounting estimates . replace_table_token_26_th revenue and earnings recognition for construction contracts revenue and earnings on construction contracts , including construction joint ventures , are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs . revenue in an amount equal to cost incurred is recognized prior to contracts reaching at least 25 % completion , thus deferring the related profit . it is our judgment that until a project reaches at least 25 % completion , there is insufficient information to determine the estimated profit on the project with a reasonable level of certainty . in the case of large , complex design/build projects we may defer profit recognition beyond the point of 25 % completion based on an evaluation of specific project risks . the factors considered in this evaluation include the stage of design completion , the stage of construction completion , status of outstanding purchase orders and subcontracts , certainty of quantities of labor and materials , certainty of schedule and the relationship with the owner . revenue from contract claims is recognized when we have a signed agreement and payment is assured . revenue from contract change orders , which occur in most large projects , is recognized when the owner has agreed to the change order in writing . provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue . all contract costs , including those associated with claims and change orders , are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined . contract costs consist of direct costs on contracts , including labor and materials , amounts payable to subcontractors , direct overhead costs and equipment expense ( primarily depreciation , fuel , maintenance and repairs ) . all state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us , with provisions to pay us for work performed through the date of termination . the accuracy of our revenue and profit recognition in a given period is dependent on the accuracy of our estimates of the cost to complete each project . cost estimates for all of our significant projects use a detailed “ bottom up ” approach and we believe our experience allows us to provide materially reliable estimates . there are a number of factors that can contribute to changes in estimates of contract cost and profitability . story_separator_special_tag our wholly owned subsidiaries , granite construction company and granite northwest , inc. , are members of a joint venture known as yrc which is contracted by the odot to construct a new road alignment of u.s. highway 20 near eddyville , oregon . in addition to previous geologic landslide issues , unanticipated ground movement was observed at several hillsides beginning in 2010. in some locations , the ground movements have caused damage to completed portions of bridge structures . although design work towards a new mitigation plan on the project is continuing by yrc under protest , the corrective work required to complete the project has not yet been determined . yrc and odot are engaged in the contractual dispute resolution process to determine the parties ' responsibilities for design issues and which party bears the financial responsibility for the corrective work . at this time , the company can not predict the timing of the resolution of the contractual disputes or of the determination of the corrective work required , nor reasonably estimate the impact those events will have on the projected financial results for this project . if the required corrective work is determined to be substantial , and yrc is determined to bear the financial responsibility for the corrective work , the company 's results of operations , liquidity and cash flows for one or more future periods could be materially adversely affected . we will continue to incur additional costs to advance the design work and to maintain the job site while the design work is continuing and the dispute resolution process is proceeding . during the years ended december 31 , 2011 and 2010 , adjustments of $ 4.5 million and $ 10.2 million , respectively , have been made in the consolidated statements of operations to account for the revisions in estimated total cost in excess of estimated total revenue . the revisions in 2011 primarily related to additional costs for the design work and the revisions in 2010 were to maintain the project site until the start of the 2012 construction season while the design work is continuing and the company and odot continue to work on a resolution of outstanding issues . construction materials gross profit in 2011 increased $ 4.6 million compared to 2010 . construction materials gross profit as a percent of segment revenue for 2011 increased to 7.5 % from 5.4 % in 2010 . the increase was primarily due to increased production efficiencies of certain plants to meet growing construction revenue . real estate gross profit remained relatively unchanged during 2011 when compared to 2010 as the residential , commercial and private markets remained depressed . replace_table_token_44_th selling , general and administrative expenses the following table presents the components of selling , general and administrative expenses for the respective periods : replace_table_token_45_th selling , general and administrative expenses for 2011 decreased $ 29.3 million , or 15.3 % , compared to 2010 . selling expenses selling expenses include the costs of business and aggregate resource development , estimating and bidding . selling compensation can vary depending on the volume of projects in process and the number of employees assigned to estimating and bidding activities . as projects are completed or the volume of work slows down , we temporarily redeploy project employees to bid on new projects , moving their salaries and related costs from cost of revenue to selling expenses . total selling expenses for 2011 decreased $ 10.9 million , or 20.4 % , compared to 2010 , primarily due to workforce reductions associated with our enterprise improvement plan . general and administrative expenses general and administrative expenses include costs related to our operational offices that are not allocated to direct contract costs and expenses related to our corporate functions . these costs include variable cash and restricted stock performance-based incentives for select management personnel on which our compensation strategy heavily relies . the cash portion of these incentives is expensed when earned while the restricted stock portion is expensed over the vesting period of the restricted stock award ( generally three years ) . total general and administrative expenses for 2011 decreased $ 18.4 million or 13.3 % compared to 2010 . salaries and related expenses decreased $ 14.1 million compared to 2010 primarily due to the reduction in workforce associated with our enterprise improvement plan , as well as temporary benefit reductions and other ongoing efforts to reduce our cost structure . other general and administrative expenses for 2011 decreased $ 6.6 million or 12.8 % compared to 2010 due to our efforts to reduce our cost structure and discretionary spending , including a decrease of approximately $ 5.5 million in travel expenses , consulting fees and occupancy . other general and administrative expenses include information technology , occupancy , office supplies , depreciation , travel and entertainment , outside services , training and other miscellaneous expenses none of which individually exceeded 10 % of total selling , general and administrative expenses . replace_table_token_46_th restructuring charges the following table presents the components of restructuring charges during the respective periods : replace_table_token_47_th in october 2010 , we announced our enterprise improvement plan that included continued actions to reduce our cost structure , enhance operating efficiencies and strengthen our business to achieve long-term profitable growth . as a result of the enterprise improvement plan , we incurred restructuring charges during the fourth quarter of 2010 and throughout 2011. the charges were primarily related to impairment charges on certain real estate investments of our real estate segment associated with new business plans to orderly divest our real estate investment business by 2013 , subject to market conditions and our ability to negotiate sales of certain assets at prices acceptable to us . the portion of the impairment charges associated with our real estate business attributable to noncontrolling interests was approximately $ 20.0 million for the year end december 31 , 2010 and was insignificant during 2011.

