I want you to kind of tell us what the thought process is behind not doing a stock buyback with your stock here at $11 and instead devoting a good amount of capital to a project that you think might earn a 10% return?

John A. Fees

Well, I will start off by saying the majority of the projects that we pursue do not require capital expenditure on our part. Most of our projects, as you can see by looking at the liability side of our balance sheet, have advances from customers, where they are essentially giving us cash before we begin work on their projects.

Alexander Bocock - Investment Management of Virginia, LLC

And so, they don’t require working capital either?

Michael S. Taff

It''s generally cash positive throughout the tenure of the project. And so, from that standpoint it''s not using our own capital to pursue that project.

John A. Fees

And if you take a look at our cash balance that we have, I think if you take a look what''s really available to think about deploy, you got to look at it from a standpoint of really discounting those types of things out of the equation. And because as we''ve seen in this quarter, there is a reasonable lumpiness to this business and I think a company that plays in the space that we play in which is a reasonable amount of lump sum contracting and we do that because on an ongoing run rate basis, we believe we''ll get better margins. You have to have some cash cushion to be able to continue to run the business and to keep the business going forward. So, I think you got a throw all of those things into consideration when you analyze how much cash there is, what''s available, and what''s the deployment scenario relative to all that.

Michael S. Taff

Yes. But Alex, I mean I think as John said earlier, we look at how do we return, what''s the best way for us to return value to the shareholder and doing a buyback is certainly something we''ve had discussions with the Board and would consider continue to do that as well.

Alexander Bocock - Investment Management of Virginia, LLC

So I mean the stock is critically much lower than any of us would have dreamed and we are thankful that you didn''t do a buyback when it was in the 30s and look cheap at that point. But how low is too low, at what point do you think your stock is cheap and where is the buyback?

Michael S. Taff

Again, I think it''s something that we would continue to have dialog with and it''s something that I would anticipate that John and I will have dialog with among the executive management team as well as our Board of Directors on a near-term basis.

Operator

And I''m sure that there are no further questions at this time. I would now like to turn the call back over to Mr. Jay Roueche for closing comments.

Jay Roueche

All right. Thank you Becky and thank you all again for joining us today. Just a quick reminder that today''s call included forward-looking statements. For more information on these, I encourage you to see our SEC filings. We look forward to much more discussion with you all at one of the upcoming investor conferences in December or February. And if you have follow ups after the call, please call either Robby or me for questions or clarifications and operator, this concludes the call.

Operator