Rand Logistics (RLOG) 10-Q/A 12 Nov 15 2016 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Rand Logistics, Inc.
Entity Central Index Key	1,294,250
Trading Symbol	rlog
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,188,838
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 2,258	$ 3,298
Accounts receivable, net (Note 4)	22,325	2,764
Income taxes receivable	91	91
Prepaid expenses and other current assets (Notes 5 and 8)	6,603	5,957
Deferred income taxes (Note 6)	329	347
Total current assets	31,606	12,457
PROPERTY AND EQUIPMENT, NET (Note 7)	222,392	206,276
OTHER ASSETS (Note 8)	202	569
DEFERRED DRYDOCK COSTS, NET (Note 9)	6,566	7,590
INTANGIBLE ASSETS, NET (Note 10)	11,797	13,205
GOODWILL (Note 10)	10,193	10,193
Total assets	282,756	250,290
CURRENT
Accounts payable	17,000	15,350
Accrued liabilities (Note 13)	7,691	7,628
Other current liability	158	166
Current portion of deferred payment liability	556	536
Total current liabilities	25,405	23,680
LONG-TERM PORTION OF DEFERRED PAYMENT LIABILITY	281	564
LONG-TERM DEBT (Note 14)	118,663	101,213
SUBORDINATED DEBT (Note 15)	78,126	72,500
OTHER LIABILITIES	455	479
DEFERRED INCOME TAXES (Note 6)	961	5,607
Total liabilities	$ 223,891	$ 204,043
COMMITMENTS AND CONTINGENCIES (Notes 16 and 17)
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, Issued and outstanding 300,000 shares (Note 18)	$ 14,900	$ 14,900
Common stock, $.0001 par value, Authorized 50,000,000 shares, Issuable and outstanding 18,062,513 shares at September 30, 2015 and 18,035,427 shares at March 31, 2015 (Note 18)	1	1
Additional paid-in capital	90,227	90,130
Accumulated deficit	(36,823)	(50,972)
Accumulated other comprehensive loss	(9,440)	(7,812)
Total stockholders’ equity	58,865	46,247
Total liabilities and stockholders’ equity	$ 282,756	$ 250,290

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	18,062,513	18,035,427
Common stock, shares outstanding	18,062,513	18,035,427
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	300,000	300,000
Preferred stock, shares outstanding	300,000	300,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Freight and related revenue	$ 43,835	$ 46,102	$ 82,803	$ 82,715
Fuel and other surcharges	5,563	8,168	9,527	14,864
Outside voyage charter revenue	2,535	0	4,430	0
TOTAL REVENUE	51,933	54,270	96,760	97,579
EXPENSES
Outside voyage charter fees (Note 19)	2,652	0	4,493	0
Vessel operating expenses	30,030	33,612	56,586	61,639
Repairs and maintenance	57	(5)	897	1,177
General and administrative	3,099	3,299	6,399	6,199
Depreciation	4,603	4,693	9,310	9,370
Amortization of drydock costs	885	856	1,767	1,712
Amortization of intangibles	272	308	556	616
Loss on foreign exchange, net	14	1,261	305	463
Total Operating Expenses	41,612	44,024	80,313	81,176
OPERATING INCOME	10,321	10,246	16,447	16,403
OTHER (INCOME) AND EXPENSES
Interest expense (Note 20)	2,962	3,707	5,981	7,464
Interest income	0	(2)	(4)	(4)
TOTAL OTHER (INCOME) AND EXPENSES	2,962	3,705	5,977	7,460
INCOME BEFORE INCOME TAXES	7,359	6,541	10,470	8,943
(BENIFIT FROM) PROVISION FOR INCOME TAXES (Note 6)
Deferred	(4,508)	705	(4,328)	1,048
TOTAL PROVISION FOR INCOME TAXES	(4,508)	705	(4,328)	1,048
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS	11,867	5,836	14,798	7,895
PREFERRED STOCK DIVIDENDS	328	290	649	581
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS	$ 11,539	$ 5,546	$ 14,149	$ 7,314
Net income per share basic (Note 23) (in dollars per share)	$ 0.64	$ 0.31	$ 0.79	$ 0.41
Net income per share diluted (Note 23) (in dollars per share)	$ 0.58	$ 0.29	$ 0.73	$ 0.39
Weighted average shares basic (in shares)	17,960,000	17,845,496	17,930,473	17,836,768
Weighted average shares diluted (in shares)	20,379,355	20,298,940	20,349,828	20,295,799

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS	$ 11,867	$ 5,836	$ 14,798	$ 7,895
Change in foreign currency translation adjustment	(1,654)	(1,584)	(1,628)	(182)
COMPREHENSIVE INCOME BEFORE PREFERRED STOCK DIVIDENDS	$ 10,213	$ 4,252	$ 13,170	$ 7,713

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Balances (in shares) at Mar. 31, 2014		300,000	17,933,859
Balances at Mar. 31, 2014	$ 60,747	$ 14,900	$ 1	$ 89,486	$ (40,277)	$ (3,363)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,420)				(9,420)
Preferred stock dividends	(1,168)				(1,168)
Restricted stock issued (Note 18) (in shares)		0	103,315
Restricted stock issued (Note 18)	610	$ 0	$ 0	610	0	0
Unrestricted stock issued (Note 18) (in shares)		0	26,067
Unrestricted stock issued (Note 18)	114	$ 0	$ 0	114	0	0
Stock repurchased and extinguished (in shares)			(38,373)
Stock repurchased and extinguished	(250)			(143)	(107)	0
Restricted stock units granted (in shares)			10,559
Restricted stock units granted	63			63	0	0
Translation adjustment	(4,449)					(4,449)
Balances (in shares) at Mar. 31, 2015		300,000	18,035,427
Balances at Mar. 31, 2015	46,247	$ 14,900	$ 1	90,130	(50,972)	(7,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2,931				2,931
Preferred stock dividends	(321)				(321)
Unrestricted stock issued (Note 18) (in shares)		0	10,276
Unrestricted stock issued (Note 18)	34	$ 0	$ 0	34	0	0
Restricted stock units granted (in shares)			0
Restricted stock units granted	12	$ 0	$ 0	12	0	0
Translation adjustment	26					26
Balances (in shares) at Jun. 30, 2015		300,000	18,045,703
Balances at Jun. 30, 2015	48,929	$ 14,900	$ 1	90,176	(48,362)	(7,786)
Balances (in shares) at Mar. 31, 2015		300,000	18,035,427
Balances at Mar. 31, 2015	46,247	$ 14,900	$ 1	90,130	(50,972)	(7,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	14,798
Translation adjustment	(1,628)
Balances (in shares) at Sep. 30, 2015		300,000	18,062,513
Balances at Sep. 30, 2015	58,865	$ 14,900	$ 1	90,227	(36,823)	(9,440)
Balances (in shares) at Jun. 30, 2015		300,000	18,045,703
Balances at Jun. 30, 2015	48,929	$ 14,900	$ 1	90,176	(48,362)	(7,786)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11,867				11,867
Preferred stock dividends	(328)				(328)
Unrestricted stock issued (Note 18) (in shares)		0	16,810
Unrestricted stock issued (Note 18)	36	$ 0	$ 0	36	0	0
Restricted stock units granted (in shares)			0
Restricted stock units granted	15	$ 0	$ 0	15	0	0
Translation adjustment	(1,654)					(1,654)
Balances (in shares) at Sep. 30, 2015		300,000	18,062,513
Balances at Sep. 30, 2015	$ 58,865	$ 14,900	$ 1	$ 90,227	$ (36,823)	$ (9,440)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ 14,798	$ 7,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of drydock costs	11,077	11,082
Amortization of intangibles and deferred financing costs	1,196	1,282
Deferred income taxes	(4,328)	1,048
Equity compensation granted	97	697
Unrealized foreign exchange loss	1,756	301
Deferred drydock costs paid	(1,539)	(2,020)
Changes in operating assets and liabilities:
Accounts receivable	(19,561)	(14,762)
Prepaid expenses and other current assets	(646)	(650)
Accounts payable and accrued liabilities	9,011	6,152
Other assets and liabilities, net	335	24
Income taxes payable (net)	0	(100)
NET CASH PROVIDED BY OPERATING ACTIVITIES	12,196	10,949
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(38,086)	(17,610)
NET CASH USED IN INVESTING ACTIVITIES	(38,086)	(17,610)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred payment liability obligation	(263)	(245)
Proceeds from long-term debt	35,426	0
Shares repurchased and extinguished	0	(250)
Long-term debt repayment	(10,100)	(261)
Debt financing cost	(498)	(277)
Proceeds from bank indebtedness		19,767
Repayment of bank indebtedness	0	(11,000)
Payment of preferred stock dividend	0	(291)
NET CASH PROVIDED BY FINANCING ACTIVITIES	24,565	7,443
EFFECT OF FOREIGN EXCHANGE RATES ON CASH	285	187
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,040)	969
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,298	2,602
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,258	3,571
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for interest, net of amount capitalized	4,193	6,849
Unpaid purchases of property and equipment	1,679	903
Unpaid purchases of deferred drydock costs	2	9
Payment of income taxes	$ 1	$ 100

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Rand Logistics, Inc. (the “Company”), a Delaware corporation, is a leading provider of bulk freight shipping services throughout the Great Lakes region. The Company believes that it is the only company providing significant domestic port-to-port services to both Canada and the United States in the Great Lakes region. The Company maintains this operating flexibility by operating both U.S. and Canadian flagged vessels in compliance with the Shipping Act, 1916, and the Merchant Marine Act, 1920, commonly referred to as the Jones Act in the U.S. and the Coasting Trade Act in Canada, respectively.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of Rand Finance Corp. (“Rand Finance”), Rand LL Holdings Corp. ("Rand LL Holdings") and Black Creek Shipping Holding Company, Inc. ("Black Creek Holdings"), wholly-owned subsidiaries of the Company, the accounts of Lower Lakes Towing Ltd. ("Lower Lakes"), Lower Lakes Transportation Company ("Lower Lakes Transportation") and Grand River Navigation Company, Inc. ("Grand River"), each of which is a wholly-owned subsidiary of Rand LL Holdings, Black Creek Shipping Company, Inc. ("Black Creek"), which is a wholly-owned subsidiary of Black Creek Holdings, and Lower Lakes Ship Repair Company Ltd. ("Lower Lakes Ship Repair") and Lower Lakes Towing (17) Ltd. ("Lower Lakes (17)"), each of which is a wholly-owned subsidiary of Lower Lakes. The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. In the opinion of management, the interim financial statements contain all adjustments necessary (consisting of normal recurring accruals) to present fairly the financial information contained herein. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full year, in part due to the seasonal nature of the business. The comparative balance sheet amounts and the Statement of Stockholder's equity for the year ended March 31, 2015 are derived from the audited consolidated financial statements for the fiscal year ended March 31, 2015. The statements and related notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements that were included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Accounts receivable and concentration of credit risk The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and Harmonized Sales Tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue. Marine operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis. Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost. Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method. Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 25 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g. property and equipment) and finite-lived intangible assets (e.g. customer lists) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g. tugs and barges), might be no longer recoverable. Examples of such triggering events include a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) or group of asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e. the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the asset’s carrying value to its fair value less costs to sell. To the extent that the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company has determined that there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the six month period ended September 30, 2015. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of goodwill The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. Accounting Standards Codification (“ASC”) 350 “Intangibles-Goodwill and Other” and Accounting Standards Update (“ASU”) 2011-08 Intangibles—Goodwill and Other (Topic 350) - Testing Goodwill for Impairment requires that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test. The second step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques with the primary techniques being a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2015, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units exceeded their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in our markets or other triggering events that indicated that it is more likely than not that the fair value of our reporting units was less than the carrying value of our reporting units during the six month period ended September 30, 2015. Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally 60 months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process. Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are inactive. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Income taxes The Company accounts for income taxes in accordance with ASC 740 “Income Taxes”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. Income tax expense (or benefit) for an interim period is based on income taxes computed for ordinary income or loss and income taxes computed for items or events that are not part of ordinary income or loss. At the end of each interim period, the Company applies an estimate of the effective tax rate expected to be applicable for the full fiscal year to the year-to-date ordinary income (or loss) at the end of the interim period. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. An examination by the U.S. federal taxing authority for the fiscal year ended March 31, 2012 was completed in 2014, with no adjustments warranted. Lower Lakes was examined by the Canadian taxing authority for the tax years 2009 and 2010 and such examination was completed in 2013. This audit did not result in any material adjustments for such periods. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years Federal (U.S.A) 2011 – 2014 Various states 2011 – 2014 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015 Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations. Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock based compensation awards. Actual results could differ from those estimates. Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant. Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ”. All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22. Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.

RECENTLY ISSUED PRONOUNCEMENTS

RECENTLY ISSUED PRONOUNCEMENTS	6 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED PRONOUNCEMENTS	RECENTLY ISSUED PRONOUNCEMENTS Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay of the effective date of the new standard by one year to annual periods beginning after December 15, 2017 and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. We are evaluating the effect, if any, that adopting this new accounting standard will have on our consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provide guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, “Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET Trade receivables are presented net of an allowance for doubtful accounts. The allowance was $nil as of September 30, 2015 and $nil as of March 31, 2015 . The Company manages and evaluates the collectability of its trade receivables as follows: management reviews aged accounts receivable listings and contact is made with customers that have extended beyond agreed upon credit terms. Senior management and operations are notified so that when they are contacted by such customers for a future delivery, they can request that the customer pay any past due amounts before any future cargo is booked for shipment. Customer credit risk is also managed by reviewing the history of payments by the customer, the size and credit quality of the customer, the period of time remaining within the shipping season and demand for future cargos.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Sep. 30, 2015
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: September 30, 2015 March 31, 2015 Prepaid insurance $ 520 $ 160 Fuel and lubricant inventories 4,315 4,018 Deposits and other prepaids 1,768 1,779 $ 6,603 $ 5,957

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the six month period ended September 30, 2015 was a deferred tax benefit of 41.3% compared to a deferred tax expense of 11.7% for the six month period ended September 30, 2014. The decrease in effective tax rate was primarily due to the implementation of a Federal valuation allowance against the Canadian net deferred tax assets relating to capital losses and implementation of a U.S. state valuation allowance against the U.S. state net deferred tax assets, which are primarily net operating losses. For state tax purposes, the Company is in a small net deferred tax liability position before the consideration of the valuation allowance at September 30, 2015. After the consideration of the reversing patterns of these liabilities on a separate jurisdiction basis, it is expected that a portion of these liabilities will reverse within the period of time available for existing deferred tax assets including net operating loss carry forwards. The Company recorded a small valuation allowance against the U.S. state net deferred tax assets as of September 30, 2015. The effective tax rate for the six month period ended September 30, 2015 was lower than the statutory tax rate due to the implementation of the valuation allowance related to the net U.S. Federal and state deferred tax assets, which are primarily net operating losses. The Company did not incur any income tax related interest expense or penalties related to uncertain tax positions during each of the six month periods ended September 30, 2015 and September 30, 2014.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT, NET Property and equipment, net are comprised of the following: September 30, 2015 March 31, 2015 Cost Vessels $ 302,913 $ 279,785 Leasehold improvements 98 102 Furniture and equipment 550 563 Vehicles 15 16 Computer, communication equipment and purchased software 2,929 2,901 $ 306,505 $ 283,367 Accumulated depreciation Vessels $ 81,731 $ 74,794 Leasehold improvements 82 78 Furniture and equipment 311 283 Vehicles 12 13 Computer, communication equipment and purchased software 1,977 1,923 84,113 77,091 $ 222,392 $ 206,276 Depreciable assets as at September 30, 2015 includes capital expenditures related to a recently acquired vessel that had not been placed into service as of September 30, 2015. Depreciation on this asset will commence after the vessel becomes available for commercial sailing. Property and equipment as of September 30, 2015 includes capitalized interest during the six month period ended September 30, 2015 of $715 ( $734 for the fiscal year ended March 31, 2015).

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets include certain customer contract related expenditures, which are amortized over a five year period. The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. September 30, 2015 March 31, 2015 Customer contract costs $ 333 $ 533 Prepaid expenses and other assets 6,472 5,993 Total $ 6,805 $ 6,526 Current portion (Note 5) 6,603 5,957 Other long term assets $ 202 $ 569

DEFERRED DRYDOCK COSTS, NET

DEFERRED DRYDOCK COSTS, NET	6 Months Ended
	Sep. 30, 2015
Deferred Drydock Costs [Abstract]
DEFERRED DRYDOCK COSTS, NET	DEFERRED DRYDOCK COSTS, NET Deferred drydock costs, net are comprised of the following: September 30, 2015 March 31, 2015 Drydock expenditures $ 15,907 $ 16,607 Accumulated amortization (9,341 ) (9,017 ) $ 6,566 $ 7,590 The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2014 $ 9,321 Drydock costs accrued and incurred 2,239 Amortization of drydock costs (3,343 ) Foreign currency translation adjustment (627 ) Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 987 Amortization of drydock costs (1,767 ) Foreign currency translation adjustment (244 ) Balance as of September 30, 2015 $ 6,566

INTANGIBLE ASSETS, NET AND GOOD

INTANGIBLE ASSETS, NET AND GOODWILL	6 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET AND GOODWILL	INTANGIBLE ASSETS, NET AND GOODWILL Intangibles, net are comprised of the following: September 30, 2015 March 31, 2015 Intangible assets: Deferred financing costs $ 6,754 $ 6,787 Trademarks and trade names 836 866 Customer relationships and contracts 14,852 15,378 Total identifiable intangibles $ 22,442 $ 23,031 Accumulated amortization: Deferred financing costs $ 1,295 $ 686 Trademarks and trade names 800 785 Customer relationships and contracts 8,550 8,355 Total accumulated amortization 10,645 9,826 Net intangible assets $ 11,797 $ 13,205 Goodwill $ 10,193 $ 10,193 Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: September 30, 2016 $ 2,299 September 30, 2017 2,264 September 30, 2018 2,264 September 30, 2019 2,264 September 30, 2020 1,354 $ 10,445

VESSEL ACQUISITION

VESSEL ACQUISITION	6 Months Ended
	Sep. 30, 2015
Vessel Acquisitions [Abstract]
VESSEL ACQUISITION	VESSEL ACQUISITION On March 11, 2014, Lower Lakes Towing entered into and consummated the transactions contemplated by a Memorandum of Agreement with Uni-Tankers M/T “Lalandia Swan” ApS (the "Seller"), pursuant to which Lower Lakes Towing purchased the Lalandia Swan from the Seller for a purchase price of $7,000 . Lower Lakes Towing subsequently transferred the title of such vessel to Lower Lakes (17). This acquisition was funded with borrowings under the subordinated debt described in Note 15. The vessel was converted to a self-unloading vessel. The Lalandia Swan was renamed the M.V. Manitoulin.

BANK INDEBTEDNESS

BANK INDEBTEDNESS	6 Months Ended
	Sep. 30, 2015
Line of Credit Facility [Abstract]
BANK INDEBTEDNESS	BANK INDEBTEDNESS As explained in Note 14, the outstanding amount under operating lines of credit under the Fourth Amended and Restated Credit Agreement as of March 27, 2015 were paid out of the proceeds of the Credit Agreement, as defined therein. As discussed in detail in Note 14, on March 11, 2014, Lower Lakes Towing, Lower Lakes Transportation, Grand River and Black Creek, as borrowers, and Rand LL Holdings, Rand Finance, Black Creek Holdings, Lower Lakes Ship Repair and Lower Lakes (17), and the Company as guarantors, entered into a Fourth Amended and Restated Credit Agreement (the "Fourth Amended and Restated Credit Agreement"), with General Electric Capital Corporation, as agent and a lender, and certain other lenders, which amended and restated the Third Amended and Restated Credit Agreement (the “Third Amended and Restated Credit Agreement”) entered into on August 30, 2012, as the same was amended from time to time. The Fourth Amended and Restated Credit Agreement provided that the line of credit bears interest, at the borrowers' option, at Canadian Prime Rate plus 3.00% or Canadian BA rate plus 4.00% on Canadian Dollar borrowings, and the U.S. Base rate plus 3.00% or LIBOR plus 4.00% on U.S. Dollar borrowings, compared to the Third Amended and Restated Credit Agreement, which bore interest at the Canadian Prime Rate plus 3.75% or Canadian BA rate plus 4.75% on Canadian Dollar borrowings, and the U.S. Base rate plus 3.75% or LIBOR plus 4.75% on U.S. Dollar borrowings. The Fourth Amended and Restated Credit Agreement was subject to the terms and conditions described in Note 14. Available collateral for borrowings and letters of credit were based on eligible accounts receivable, which were limited to 85% of those receivables that are not over 90 days old, not in excess of 20% - 30% per customer in each line and certain other standard limitations.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities are comprised of the following: September 30, 2015 March 31, 2015 Deferred financing and other transaction costs $ 42 $ 396 Payroll compensation and benefits 1,942 1,575 Preferred stock dividends 1,236 587 Professional fees 346 340 Interest 2,204 1,771 Winter work, deferred drydock expenditures and capital expenditures 425 1,293 Capital and franchise taxes 26 30 Other 1,470 1,636 $ 7,691 $ 7,628

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT September 30, 2015 March 31, 2015 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at maturity date of September 30, 2019. 41,963 44,213 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at maturity date of September 30, 2019. 76,700 57,000 $ 118,663 $ 101,213 Less amounts due within 12 months — — $ 118,663 $ 101,213 The effective interest rates at September 30, 2015 were 3.75% ( 3.75% at March 31, 2015) on the Canadian Revolving Facility and 3.04% ( 3.03% at March 31, 2015) on the U.S. Revolving Facility. On March 27, 2015, Rand Logistics, Inc. (“Rand”) and certain of its subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., in its capacity as agent and lender, and certain other lenders party thereto. Lower Lakes Towing, Lower Lakes Transportation, Grand River, and Black Creek are borrowers (the “Borrowers”) under the Credit Agreement. Black Creek, Lower Lakes Transportation, Grand River, Black Creek Holding, Rand LL Holdings and Rand Finance, each of which is a direct or indirect wholly-owned subsidiary of the Company and the Company itself are guarantors of all United States and Canadian obligations under the Credit Agreement (collectively, the “US Guarantors”). Lower Lakes Towing (17) and Lower Lakes Ship Repair are guarantors of all Canadian obligations under the Credit Agreement and are direct or indirect wholly-owned subsidiaries of Rand (collectively, the “Canadian Guarantors”; and together with the US Guarantors, the “Guarantors”). The proceeds of the Credit Agreement were used to extinguish certain indebtedness and to provide working capital financing and funds for other general corporate and permitted purposes. The obligations are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of the Borrowers and the Guarantors, including a pledge of all or a portion of the equity interests of the Borrowers and the Guarantors. The security interests are evidenced by pledge, security and guaranty agreements and other related agreements, including certain fleet mortgages. 14. LONG-TERM DEBT (continued) The credit facilities (the “Credit Facilities”) under the Credit Agreement consist of: • A revolving credit facility under which Lower Lakes may borrow up to US $80,000 (CDN or USD currency to be selected by Lower Lakes) with a final maturity date of September 30, 2019 (the “Canadian Revolving Facility”); • A revolving credit facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow up to USD $90,000 with a final maturity date of September 30, 2019 (the “U.S. Revolving Facility”); • A swing line facility under which Lower Lakes may borrow lesser of up to CDN $8,000 and the CDN maximum borrowing availability less the outstanding balance of the CDN revolving line at such time, with a final maturity date of September 30, 2019 (the “Canadian Swing Line Facility”); and • A swing line facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow lesser of up to USD $9,000 and the maximum borrowing availability less the outstanding balance of the U.S. revolving line at such time, with a final maturity date of September 30, 2019 (the “U.S. Swing Line Facility”). Borrowings under the Credit Facilities will bear interest, in each case plus an applicable margin, as follows: • Canadian Revolving Facility: if funded in Canadian Dollars, the BA Rate (as defined in the Credit Agreement) or, at the borrower’s option, the Canadian Prime Rate (as defined in the Credit Agreement) and if funded in U.S. Dollars, the Canadian Base Rate (as defined in the Credit Agreement) or, at the borrower’s option, the LIBOR Rate (as defined in the Credit Agreement); • U.S. Revolving Facility: the US Base Rate (as defined in the Credit Agreement) or, at the borrower’s option, the LIBOR Rate; • Canadian Swing Line Facility: the Canadian Prime Rate or, at the borrower’s option, the Canadian Base Rate; and • U.S. Swing Line Facility: the US Base Rate. The applicable margin to the BA Rate, Canadian Prime Rate, Canadian Base Rate, US Base Rate and the LIBOR Rate is subject to specified changes depending on the Senior Funded Debt to EBITDA Ratio (as defined in the Credit Agreement). The Borrowers will also pay a monthly commitment fee at an annual rate of 0.25% on the undrawn committed amount available under the Canadian Revolving Facility and the U.S. Revolving Facility (the “Revolving Facilities”), which rate shall increase to 0.375% in the event the undrawn committed amount is greater than or equal to 50% of the aggregate committed amount under the Revolving Facilities. Any amounts outstanding under the Credit Facilities are due at maturity. In addition, subject to certain exceptions, the Borrowers will be required to make principal repayments on amounts outstanding under the Credit Facilities from the net proceeds of specified types of asset sales, debt issuances and equity offerings. No such transactions have occurred as of September 30, 2015. The Credit Agreement contains certain negative covenants, including those limiting the Guarantors’, the Borrowers’, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Credit Agreement requires the Borrowers to maintain certain financial ratios. The Credit Agreement also contains affirmative covenants and events of default, including payment defaults, covenant defaults and cross defaults. If an event of default occurs, the agent would be entitled to take various actions, including the acceleration of amounts due under the outstanding Credit Facilities. As of September 30, 2015 , the Company was in compliance with the covenants contained in the Credit Agreement. As of September 30, 2015 , the Company had credit availability of USD $ 30,890 on the credit facilities based on eligible receivables and vessel collateral value. 14. LONG-TERM DEBT (continued) On March 11, 2014, Lower Lakes Towing, Lower Lakes Transportation, Grand River and Black Creek Shipping, as borrowers, Rand LL Holdings Corp. ("Rand LL Holdings"), Rand Finance, Black Creek Shipping Holdings Company, Inc. ("Black Creek Holdings"), Lower Lakes Ship Repair, Lower Lakes (17) and Rand, as guarantors, General Electric Capital Corporation, as agent and Lender, and certain other lenders, entered into a Fourth Amended and Restated Credit Agreement (the "Fourth Amended and Restated Credit Agreement"), which (i) amended and restated the existing Third Amended and Restated Credit Agreement to which the borrowers were a party, dated as of August 30, 2012, as the same has been amended from time to time, in its entirety, (ii) consolidated the existing U.S. term loans into a single term loan, (iii) provided for certain new loans and (iv) provided working capital financing, funds for other general corporate purposes and funds for other permitted purposes. The Fourth Amended and Restated Credit Agreement provided for (i) a revolving credit facility under which Lower Lakes Towing could borrow up to CDN $17,500 with a seasonal overadvance facility of the lesser of US $17,000 or CDN $17,500 less the principal amount outstanding under the seasonal overadvance facility for Lower Lakes Transportation, and a swing line facility of CDN $4,000 , subject to limitations, (ii) a revolving credit facility under which Lower Lakes Transportation could borrow up to US $17,500 with a seasonal overadvance facility of US $17,000 less the principal amount outstanding under the seasonal overadvance facility for Lower Lakes Towing, and a swing line facility of US $50 subject to limitations, (iii) the continuation of an existing Canadian dollar denominated term loan facility under which Lower Lakes Towing was obligated to the lenders in the amount of CDN $54,882 as of the date of the Fourth Amended and Restated Credit Agreement (the “CDN Term Loan”) and (iv) the modification and continuation of a U.S. dollar denominated term loan facility under which Grand River and Black Creek were obligated to the lenders in the amount of $55,246 as of the date of the Fourth Amended and Restated Credit Agreement (the “U.S. Term Loan”). Under the Fourth Amended and Restated Credit Agreement, the revolving credit facilities and swing line loans would expire on April 1, 2019. The outstanding principal amount of the CDN Term Loan borrowings was repayable as follows: (i) annual payments equal to one percent ( 1% ) of the initial principal amount thereof paid quarterly commencing September 1, 2014 and (ii) a final payment in the outstanding principal amount of the CDN Term Loan upon the CDN Term Loan’s maturity on April 1, 2019. The outstanding principal amount of the U.S. Term Loan borrowings would have been repayable as follows: (i) annual payments equal to one percent ( 1% ) of the initial principal amount thereof paid quarterly commencing September 1, 2014, and (iii) a final payment in the outstanding principal amount of the U.S. Term Loan upon the U.S. Term Loan’s maturity on April 1, 2019. Borrowings under the Canadian revolving credit facility, the Canadian swing line facility and the CDN Term Loan bore an interest rate per annum, at the borrowers' option, equal to (i) the Canadian Prime Rate (as defined in the Fourth Amended and Restated Credit Agreement), plus 3.00% per annum or (ii) the BA Rate (as defined in the Fourth Amended and Restated Credit Agreement) plus 4.00% per annum. Borrowings under the U.S. revolving credit facility, the U.S. swing line facility and the U.S. Term Loan bore interest, at the borrowers’ option, equal to (i) LIBOR (as defined in the Fourth Amended and Restated Credit Agreement) plus 4.00% per annum, or (ii) the U.S. Base Rate (as defined in the Fourth Amended and Restated Credit Agreement) plus 3.00% per annum. O bligations under the Fourth Amended and Restated Credit Agreement were secured by (i) a first priority lien and security interest on all of the borrowers’ and guarantors’ assets, tangible or intangible, real, personal or mixed, existing and newly acquired, (ii) a pledge by Rand LL Holdings of all of the outstanding capital stock of the borrowers other than Black Creek and Lower Lakes Towing, and a pledge of 65% of the outstanding capital stock of Lower Lakes Towing, (iii) a pledge by Black Creek Holdings of all of the outstanding capital stock of Black Creek, (iv) a pledge by Lower Lakes Towing of all of the outstanding capital stock of Lower Lakes Ship Repair and Lower Lakes (17) and (v) a pledge by Rand of all of the outstanding capital stock of Rand LL Holdings, Rand Finance and Black Creek Holdings. The indebtedness of each domestic borrower under the Fourth Amended and Restated Credit Agreement was unconditionally guaranteed by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty was secured by a lien on substantially all of the assets of each borrower and each guarantor. Each domestic borrower also guaranteed the obligations of the Canadian borrower and each Canadian guarantor guaranteed the obligations of the Canadian borrower. Under the Fourth Amended and Restated Credit Agreement, the borrowers were required to make mandatory prepayments of principal on term loan borrowings (i) if the outstanding balance of the term loans plus the outstanding balance of the seasonal facilities exceeded the sum of 85% of the orderly liquidation value of the vessels owned by the borrowers, less the amount of outstanding liens against the vessels with priority over the lenders’ liens, in an amount equal to such excess, (ii) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers therefrom and (iii) in an amount 14. LONG-TERM DEBT (continued) equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Fourth Amended and Restated Credit Agreement contained certain covenants, including those limiting the guarantors’, the borrowers’, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Fourth Amended and Restated Credit Agreement required the borrowers to maintain certain financial ratios. Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could have resulted in the loans under the Fourth Amended and Restated Credit Agreement being accelerated.
SUBORDINATED DEBT	SUBORDINATED DEBT September 30, 2015 March 31, 2015 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 34,200 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 $ 78,126 $ 72,500 On March 11, 2014, Lower Lakes Towing, Grand River and Black Creek, as borrowers, Rand LL Holdings, Rand Finance, Black Creek Holdings and Rand, as guarantors, Guggenheim Corporate Funding, LLC, as agent and Lender, and certain other lenders, entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”), which provided term loans to (i) partially repay outstanding indebtedness of borrowers under the Third Amended and Restated Credit Agreement, (ii) partially pay the acquisition and conversion costs for a new vessel, (iii) pay accrued but unpaid dividends due on our series A convertible preferred stock and (iv) provide working capital financing, funds for other general corporate purposes and funds for other permitted purposes. The Term Loan Credit Agreement initially provided for (i) a U.S. Dollar denominated term loan facility under which Lower Lakes Towing was obligated to the lenders in the amount of $34,200 (the “Second Lien CDN Term Loan”), (ii) a U.S. dollar denominated term loan facility under which Grand River and Black Creek were obligated to the Lenders in the amount of $38,300 (the “Second Lien U.S. Term Loan”) and (iii) an uncommitted incremental term loan facility of up to $32,500 . On September 28, 2015, the Company added $5,626 to the Second Lien CDN Term loan to fund certain shipyard payment in connection with the conversion of an acquired vessel to a self-unloader vessel. The outstanding principal amount of the Second Lien CDN Term Loan borrowings and the Second Lien U.S. Term Loan borrowings will be repayable upon their maturity on March 11, 2020. The Second Lien CDN Term Loan and Second Lien U.S. Term Loan bear an interest rate per annum at borrowers’ option, equal to (i) LIBOR (as defined in the Term Loan Credit Agreement) plus 9.50% per annum, or (ii) the U.S. Base Rate (as defined in the Term Loan Credit Agreement), plus 8.50% per annum. Obligations under the Term Loan Credit Agreement are secured by the first-priority liens and security interests in substantially all of the assets of the borrowers and the guarantors, including a pledge of all or a portion of the equity interests of the borrowers and the guarantors. The indebtedness of each domestic borrower under the Term Loan Credit Agreement is unconditionally guaranteed by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty is secured by a lien on substantially all of the assets of each borrower and each guarantor. Each domestic borrower also guarantees the obligations of the Canadian borrower and each Canadian guarantor guarantees the obligations of the Canadian borrower. Under the Term Loan Credit Agreement and subject to the terms of the Intercreditor Agreement (as defined below), the borrowers will be required to make mandatory prepayments of principal on term loan borrowings (i) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers therefrom, and (ii) in an amount equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Term Loan Credit Agreement contains certain covenants, including those limiting the guarantors, the borrowers, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Term Loan Credit Agreement requires the borrowers to maintain certain financial ratios. Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could result in the loans under the Term Loan Credit Agreement being accelerated. The obligations of the borrowers and the liens of the lenders under the Term Loan Credit Agreement are subject to the terms of an Intercreditor Agreement, which is further described below under the heading “Intercreditor Agreement”. 15. SUBORDINATED-DEBT (continued) On April 11, 2014, Rand and certain of its subsidiaries entered into a First Amendment (the "First Amendment") to the Term Loan Credit Agreement. The First Amendment extended the due date of certain post-closing deliverables. In connection with the Credit Agreement described above, on March 27, 2015 Rand and certain of its subsidiaries entered into a Second Amendment (the “Second Amendment”) to the Term Loan Credit Agreement (as amended, the “Amended Second Lien Credit Agreement”). The Second Amendment conformed certain provisions of the Amended Second Lien Credit Agreement to the Credit Agreement, reduced the uncommitted incremental facility to $22,500 , and also amended certain other covenants and terms thereof. As of September 30, 2015 , the Company was in compliance with covenants contained in the Amended Second Lien Credit Agreement. Intercreditor Agreement Also on March 11, 2014, Lower Lakes Towing, Lower Lakes Transportation, Grand River, Black Creek, Lower Lakes Ship Repair, Rand, Rand LL Holdings, Rand Finance, Black Creek Holdings and Lower Lakes (17) (collectively, the “Credit Parties”), General Electric Capital Corporation, as agent for the lenders under the Fourth Amended and Restated Credit Agreement (the “First Lien Lenders”) and Guggenheim Corporate Funding, LLC, as agent for the lenders under the Term Loan Credit Agreement (the “Second Lien Lenders”), entered into an Intercreditor Agreement (the “GE Intercreditor Agreement”), pursuant to which the Second Lien Lenders agreed to subordinate the obligations of the Credit Parties to them to the repayment of the obligations of the Credit Parties to the First Lien Lenders and further agreed to subordinate their liens on the assets of the Credit Parties to the liens granted in favor of the First Lien Lenders. Absent the occurrence of an Event of Default under the Fourth Amended and Restated Credit Agreement, the Second Lien Lenders were permitted to receive regularly scheduled principal and interest payments under the Term Loan Credit Agreement. In connection with the Credit Agreement and Amended Second Lien Credit Agreement described above, on March 27, 2015, Rand and certain of its subsidiaries (collectively, the "New Credit Parties") entered into an Intercreditor Agreement (the “Intercreditor Agreement”) with Bank of America, N.A., as agent for the lenders under the Credit Agreement (the “New First Lien Lenders”) and Guggenheim Corporate Funding, LLC, as agent for the lenders under the Amended Second Lien Credit Agreement (the “New Second Lien Lenders”). Under the Intercreditor Agreement the New Second Lien Lenders have agreed to subordinate the obligations of the New Credit Parties to them to the repayment of the obligations of the New Credit Parties to the New First Lien Lenders and have further agreed to subordinate their liens on the assets of the New Credit Parties to the liens granted in favor of the New First Lien Lenders. Absent the occurrence of an Event of Default under the Credit Agreement, the New Second Lien Lenders are permitted to receive regularly scheduled principal and interest payments under the Amended Second Lien Credit Agreement.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS The Company did not have any leases which met the criteria of a capital lease as of September 30, 2015 . Leases which do not qualify as capital leases are classified as operating leases. Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Operating leases $ 142 $ 150 $ 269 $ 295 Operating sublease 42 41 83 81 $ 184 $ 191 $ 352 $ 376 The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: September 30, 2016 $ 498 September 30, 2017 425 September 30, 2018 384 September 30, 2019 282 September 30, 2020 211 Thereafter 211 $ 2,011 As of September 30, 2015 , the Company had signed contractual commitments with several suppliers totaling $569 ( $19,707 as of March 31, 2015 ) in connection with capital expenditures and shipyard projects due in less than one year.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Sep. 30, 2015
Loss Contingency [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is not involved in any legal proceedings which management expects to have a material adverse effect on the Company's business, financial position, results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened which management believes may have a material adverse effect on the Company’s business, financial position, results of operations or liquidity. From time to time, the Company may be subject to ordinary routine litigation and claim incidental to the business involving principally commercial charter party disputes, and claims for alleged property damages, personal injuries and other matters. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. It is expected that larger claims would be covered by insurance, subject to customary deductibles, if they involve liabilities that may arise from allision, other marine casualty, damage to cargoes, oil pollution, death or personal injuries to crew. The Company evaluates the need for loss accruals under the requirements of ASC 450 – Contingencies. The Company records an estimated loss for any claim, lawsuit, investigation or proceeding when it is probable that a liability has been incurred and the amount of the loss can reasonably be estimated. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate, then the Company records the minimum amount in the range as the loss accrual. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. As of September 30, 2015 , an accrual of $457 ( $247 as of March 31, 2015 ) was recorded for various claims. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these claims.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY On September 21, 2011, the Company completed a public underwritten offering of 2,800,000 shares of the Company’s common stock for $6.00 per share. The Company’s proceeds from the offering, net of underwriter’s commissions and expenses, were $15,525 . On February 11, 2011, in connection with the Company's acquisition of two vessels, the Company issued 1,305,963 shares of the Company’s common stock to the seller of such vessels. Such shares were valued at the average of high and low price on that day of $5.175 . The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences that may be determined from time to time by the Board of Directors. On March 3, 2006, the Company issued 300,000 shares of series A convertible preferred stock. The shares of the Company's series A preferred stock: rank senior to the Company’s common stock with respect to liquidation and dividends; are entitled to receive a cash dividend at the annual rate of 7.75% (based on the $50 per share issue price) payable quarterly (subject to increases of 0.5% for each six month period in respect of which the dividend is not timely paid, up to a maximum of 12% , subject to reversion to 7.75% upon payment of all accrued and unpaid dividends); are convertible into shares of the Company’s common stock at any time at the option of the series A preferred stockholder at a conversion price of $6.20 per share (based on the $50 per share issue price and subject to adjustment) or 8.065 shares of common stock for each series A preferred share (subject to adjustment); are convertible into shares of the Company’s common stock (based on a conversion price of $6.20 per share, subject to adjustment) at the option of the Company if, after the third anniversary of the acquisition, the trading price of the Company’s common stock for 20 trading days within any 30 trading day period equals or exceeds $8.50 per share (subject to adjustment); may be redeemed by the Company in connection with certain change of control or acquisition transactions; will vote on an as-converted basis with the Company’s common stock; and have a separate vote over certain material transactions or changes involving the Company. The accrued preferred stock dividends payable at September 30, 2015 were $1,236 and at March 31, 2015 were $587 . As of September 30, 2015, the effective dividend rate of the preferred stock was 8.25% . As of March 31, 2015, the effective dividend rate of the preferred stock was 7.75% . 18. STOCKHOLDERS’ EQUITY (continued) Since January 2007, share-based compensation has been granted to management and directors from time to time. The Company had no surviving, outstanding share-based compensation agreements with employees or directors prior to that date except as described below. The Company has reserved 2,500,000 shares for issuance under the Company’s 2007 Long Term Incentive Plan (the “LTIP”) to employees, officers, directors and consultants. At September 30, 2015, a total of 402,548 shares ( 429,634 shares at March 31, 2015) were available under the LTIP for future awards. The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense Vesting Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Apr 11, 2012 2 45,754 8.68 Restricted Share Award Agreement — 33 — 66 Three years in equal installments on each anniversary date. Feb 22, 2013 4 32,387 5.96 Restricted Share Award Agreement — 23 — 46 Two years in equal installments on each anniversary date. Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement 25 25 51 50 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 71 34 134 34 Three years in equal installments on each anniversary date. For all share-based compensation, as employees and directors render service over the vesting periods, expense is recorded in general and administrative expenses. Share capital and additional paid-in capital are increased on the grant date with an offset to prepaid assets. Grant date fair value for all non-option share-based compensation is the average of the high and low trading prices on the date of grant. 18. STOCKHOLDERS’ EQUITY (continued) The general characteristics of share-based awards granted under the LTIP through September 30, 2015 are as follows: Stock Awards - All of the shares issued to non-employee outside directors vest immediately. The first award to non-employee outside directors in the amount of 12,909 shares was made on February 13, 2008 for services through March 31, 2008. During the fiscal year ended March 31, 2009, the Company awarded 15,948 shares for services from April 1, 2008 through December 31, 2008. The Company awarded 37,144 shares during the fiscal year ended March 31, 2010 for services from January 1, 2009 through March 31, 2010. During the fiscal year ended March 31, 2011, the Company awarded 14,007 shares for services provided from April 1, 2010 through March 31, 2011. During the fiscal year ended March 31, 2012, the Company awarded 10,722 shares for services from April 1, 2011 to March 31, 2012. During the fiscal year ended March 31, 2013, the Company awarded 10,854 shares for services provided from April 1, 2012 to March 31, 2013. During the fiscal year ended March 31, 2014, the Company awarded 19,256 shares for services rendered from April 1, 2013 to March 31, 2014. During the fiscal year ended March 31, 2015, the Company awarded 26,067 shares for services rendered from April 1, 2014 to March 31, 2015. For six month period ended September 30, 2015, the Company awarded 27,086 shares for services provided from April 1, 2015 through September 30, 2015. Grant date market value for all these awards is the average of the high and low trading prices of the Company’s common stock on the date of grant. On July 31, 2008, the Company’s Board of Directors authorized management to make payments effective as of that date to the participants in the management bonus program. Pursuant to the terms of the management bonus program, Rand issued 478,232 shares of common stock to such employee participants. Stock Options - Stock options granted to management employees vest over three years in equal annual installments. All options issued through September 30, 2015 expire ten years from the date of grant. Stock option grant date fair values are determined at the date of grant using a Black-Scholes option pricing model, a closed-form fair value model based on market prices at the date of grant. At each grant date the Company has estimated a dividend yield of 0% . The weighted average risk free interest rate within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant, which was 4.14% for the fiscal 2009 (July 2008) grant. Expected volatility for the fiscal 2009 grants was based on the prior 26 week period, which reflected trading and volume after the Company made major announcements on acquisitions and capital investments. Expected volatility was 39.49% for the fiscal 2009 grant. Options outstanding ( 479,785 ) at September 30, 2015, had a remaining weighted average contractual life of approximately two years and seven months. The Company recorded compensation expenses related to such stock options of $Nil for the three and six month periods ended September 30, 2015 and September 30, 2014. All of the stock options granted in February 2008 ( 243,199 ) and July 2008 ( 236,586 ), had vested as of September 30, 2015. None of the outstanding stock options were in-the money as of September 30, 2015 or March 31, 2015. Shares issued under Employees’ Retirement Savings Plans - The Company issued an aggregate of 204,336 shares to the individual retirement plans of all eligible Canadian employees under the LTIP from July 1, 2009 through September 30, 2015. The Canadian employees’ plans are managed by independent brokerages. These shares vested immediately but are subject to the Company’s Insider Trading Policy. The shares were issued using the fair value share price, as defined by the LTIP, as of the first trading day of each month for that previous period’s accrued expense. The Company granted $Nil of equity of such accrued compensation expense for each of the three and six month periods ended September 30, 2015 and 2014. Shares issued in lieu of cash compensation - The Company experienced a decrease in customer demand at the beginning of the 2009 sailing season and in an effort to maximize the Company’s liquidity, the Compensation Committee of the Company’s Board of Directors requested that five of the Company’s executive officers and all of its outside directors receive common stock as compensation in lieu of cash until the Company had better visibility about its outlook. As of November 16, 2009, the Company issued 158,325 shares to such officers and all of its outside directors at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. Beginning the third quarter of the fiscal year ended March 31, 2010, such executives' and outside directors’ compensation reverted back to cash. 18. STOCKHOLDERS’ EQUITY (continued) On September 16, 2010, the Company issued 15,153 shares to a key executive for payment of the fiscal year 2010 bonus at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. On February 15, 2013, the Company issued 94,993 shares to eligible Canadian and U.S. employees for a bonus at the average of the high and low trading prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. Restricted Stock Units - On June 27, 2014, the Company issued 30,050 Restricted Stock Units (“RSU”) to eligible U.S. and Canadian employees under the LTIP. Each RSU represents one share of the Company's common stock. The grant date fair value of each RSU was $5.99 , which represents the average of the high and low sale prices of the Company’s common stock on the date of grant. One-third of the RSUs vest on March 31 of each year, beginning on March 31, 2015. RSUs are not entitled to dividends or voting rights, if any, until the underlying shares of common stock are delivered. The total compensation cost of this grant is $204 , net of estimated forfeitures. The fair value of the RSU awards is recognized on a straight-line basis over the vesting period. The Company recorded expense of $15 for the three month period ended September 30, 2015 and $27 for the six month period ended September 30, 2015 compared to the $20 for both the three and six month periods ended September 30, 2014). On the first vesting date of March 31, 2015, 10,559 shares vested.

OUTSIDE VOYAGE CHARTER FEES

OUTSIDE VOYAGE CHARTER FEES	6 Months Ended
	Sep. 30, 2015
Outside Voyage Charter Fees [Abstract]
OUTSIDE VOYAGE CHARTER FEES	OUTSIDE VOYAGE CHARTER FEES Outside voyage charter fees relate to the subcontracting of external vessels chartered to service the Company’s customers and supplement the existing shipments made by the Company’s operated vessels.

INTEREST EXPENSE

INTEREST EXPENSE	6 Months Ended
	Sep. 30, 2015
Interest Expense [Abstract]
INTEREST EXPENSE	INTEREST EXPENSE Interest expense, net of interest capitalized is comprised of the following: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Bank indebtedness $ — $ 155 $ — $ 334 Amortization of deferred financing costs 316 333 640 666 Long-term debt-senior 989 1,265 2,014 2,519 Long-term debt-subordinated 2,020 1,992 4,001 3,953 Interest rate caps 3 3 5 5 Deferred payment liability 16 27 36 55 Interest capitalized (382 ) (68 ) (715 ) (68 ) $ 2,962 $ 3,707 $ 5,981 $ 7,464

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has identified only one reportable segment under ASC 280 “ Segment Reporting ”. Information about geographic operations is as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Revenue by country: Canada $ 28,126 $ 31,012 $ 53,266 $ 55,212 United States 23,807 23,258 43,494 42,367 $ 51,933 $ 54,270 $ 96,760 $ 97,579 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. September 30, 2015 March 31, 2015 Property and equipment, net by country: Canada $ 111,348 $ 92,436 United States 111,044 113,840 $ 222,392 $ 206,276 Intangible assets, net by country: Canada $ 6,536 $ 7,457 United States 5,261 5,748 $ 11,797 $ 13,205 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 148,970 $ 122,395 United States 133,786 127,895 $ 282,756 $ 250,290

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Fair value of financial instruments Financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable, long-term debts, a deferred payment liability, accrued liabilities and bank indebtedness. The estimated fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate book values because of the short-term maturities of these instruments. The estimated fair value of senior and subordinated debt approximates the carrying value as the debt bears interest at variable interest rates, which are based on rates for similar debt with similar credit rates in the open market. The deferred payment liabilities are valued based on the interest rate of similar debt in the open market. Fair value guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Commencing August 2014, the Company entered into rolling foreign currency hedge contracts of various amounts to mitigate currency fluctuation risk on its subordinated U.S. dollar denominated debt owed by Lower Lakes Towing. Fair value guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of September 30, 2015 and March 31, 2015: Fair value measurements at September 30, 2015 Fair value measurements at March 31, 2015 Carrying value at September 30, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $10 $— $10 $573 $— $573 The foreign currency hedge contracts are measured at fair value using available rates on the similar instruments and are classified within Level 2 of the valuation hierarchy. This contracts are accounted for using the mark-to-market accounting method as if they were terminated at the day of valuation. There were no transfers into or out of Levels 1 and 2 of the fair value hierarchy during the six month period ended September 30, 2015. The Company recorded a receivable of $10 as of September 30, 2015 for the foreign currency hedge contract on the Company’s U.S. dollar denominated subordinated debt owed by Lower Lakes Towing. For the three month period ended September 30, 2015, the fair value adjustments of the foreign currency hedge contract resulted in a gain of $2,215 ( $379 for three month period ended September 30, 2014) and $1,484 for the six month period ended September 30, 2015 ( $379 for the six month period ended September 30, 2014). This gain is included in the Company’s earnings and the fair value of settlement costs to terminate the contract is included in current assets on the Company's consolidated balance sheet. 22. FINANCIAL INSTRUMENTS (continued) The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at September 30, 2015 Fair Value as at March 31, 2015 Foreign currency hedge contracts Accounts receivable $10 $573 The Company has not designated this contract as a hedging instrument. The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (gain) loss -Recognized in earnings Three months ended September 30, 2015 Six months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2014 Foreign currency hedge contracts Gain on foreign exchange $(2,215) $(1,484) $(379) $(379) Foreign exchange risk Foreign currency exchange risk to the Company results primarily from changes in exchange rates between the Company’s reporting currency, the U.S. Dollar, and the Canadian dollar. As discussed above, in August 2014, the Company commenced entering into rolling foreign currency hedge contracts to mitigate currency fluctuation risk on its U.S. dollar denominated subordinated debt owed by Lower Lakes Towing. The Company is exposed to fluctuations in foreign exchange as a significant portion of revenue and operating expenses are denominated in Canadian dollars. Interest rate risk The Company is exposed to fluctuations in interest rates as a result of its banking facilities and senior debt bearing variable interest rates. In December 2012, the Company entered into two interest rate cap contracts covering 50% of its then outstanding term debt on the date of such contracts at a cap of three month LIBOR at 2.5% on its U.S. Term Debt borrowings and a cap of three month BA rates at 3.0% on its Canadian Term Debt borrowings. The notional amount on each of these instruments will decrease with each scheduled principal payment of the term loan under the Third Amended and Restated Credit Agreement, notwithstanding the termination of such agreement. The interest rate cap contracts will terminate on December 1, 2015. Such contracts cover approximately 50% of first lien loans as of September 30, 2015. Credit risk Accounts receivable credit risk is mitigated by the diversification of the Company’s customers among industries and the short shipping season. Liquidity risk A tightened credit in financial markets or an economic downturn in certain of our markets may adversely affect the ability of the Company’s customers and suppliers to obtain financing for significant operations and purchases and to perform their obligations under agreements with the Company. A tightening of credit could (i) result in a decrease in, or cancellation of, existing business, (ii) limit new business, (iii) negatively impact the Company’s ability to collect accounts receivable on a timely basis and (iv) affect the eligible receivables that are collateral for the Company’s lines of credit. Excluding vessel acquisitions or major vessel conversion contracts, the Company makes seasonal net incremental borrowings under its Credit Agreement during the first quarter of each fiscal year to fund working capital needed to commence the sailing season. Such borrowings are then reduced during the second half of each fiscal year.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company had a total of 18,062,513 shares of common stock issued and outstanding as of September 30, 2015, out of an authorized total of 50,000,000 shares. The fully diluted calculation utilizes a total of 20,379,355 and 20,349,828 shares for the three and six month periods ended September 30, 2015, respectively and 20,298,940 and 20,295,799 for the three and six month periods ended September 30, 2014, respectively. The convertible preferred shares convert to an aggregate of 2,419,355 common shares based on a conversion price of $6.20 . Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Numerator: Net income before preferred dividends $ 11,867 $ 5,836 $ 14,798 $ 7,895 Preferred stock dividends (328 ) (290 ) (649 ) (581 ) Net income applicable to common stockholders $ 11,539 $ 5,546 $ 14,149 $ 7,314 Denominator: Weighted average common shares for basic EPS 17,960,000 17,845,496 17,930,473 17,836,768 Effect of dilutive securities: Average price during period 2.68 6.09 3.03 6.16 Long term incentive stock option plan 479,785 479,785 479,785 479,785 Average exercise price of stock options 5.66 5.66 5.66 5.66 Shares that could be acquired with the proceeds of options — 446,172 — 440,554 Dilutive shares due to options — 33,613 — 39,231 Restricted Stock Units (RSU)-unvested 19,491 30,050 — 15,764 Average grant date fair value of unvested RSU 5.99 5.99 5.99 5.99 Shares that could be acquired with the proceeds of RSU — 29,574 — 15,319 Dilutive shares due to RSU — 476 — 445 Incremental shares due to unvested restricted shares — — — — Weighted average convertible preferred shares at $6.20 2,419,355 2,419,355 2,419,355 2,419,355 Weighted average common shares for diluted EPS 20,379,355 20,298,940 20,349,828 20,295,799 Basic EPS $ 0.64 $ 0.31 $ 0.79 $ 0.41 Diluted EPS $ 0.58 $ 0.29 $ 0.73 $ 0.39

SIGNIFICANT ACCOUNTING POLICI30

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Accounts receivable and concentration of credit risk	Accounts receivable and concentration of credit risk The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and Harmonized Sales Tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due.
Revenue and operating expenses recognition	Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue. Marine operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis.
Vessel acquisitions	Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.
Fuel and lubricant inventories	Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost.
Intangible assets and goodwill	Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method.
Property and equipment	Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 25 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Impairment of fixed assets and finite-lived intangible assets	Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g. property and equipment) and finite-lived intangible assets (e.g. customer lists) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g. tugs and barges), might be no longer recoverable. Examples of such triggering events include a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) or group of asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e. the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the asset’s carrying value to its fair value less costs to sell. To the extent that the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company has determined that there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the six month period ended September 30, 2015.
Impairment of goodwill	Impairment of goodwill The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. Accounting Standards Codification (“ASC”) 350 “Intangibles-Goodwill and Other” and Accounting Standards Update (“ASU”) 2011-08 Intangibles—Goodwill and Other (Topic 350) - Testing Goodwill for Impairment requires that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test. The second step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques with the primary techniques being a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2015, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units exceeded their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in our markets or other triggering events that indicated that it is more likely than not that the fair value of our reporting units was less than the carrying value of our reporting units during the six month period ended September 30, 2015.
Drydock costs	Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally 60 months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process.
Repairs and maintenance	Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are inactive. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired.
Income taxes	Income taxes The Company accounts for income taxes in accordance with ASC 740 “Income Taxes”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. Income tax expense (or benefit) for an interim period is based on income taxes computed for ordinary income or loss and income taxes computed for items or events that are not part of ordinary income or loss. At the end of each interim period, the Company applies an estimate of the effective tax rate expected to be applicable for the full fiscal year to the year-to-date ordinary income (or loss) at the end of the interim period. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. An examination by the U.S. federal taxing authority for the fiscal year ended March 31, 2012 was completed in 2014, with no adjustments warranted. Lower Lakes was examined by the Canadian taxing authority for the tax years 2009 and 2010 and such examination was completed in 2013. This audit did not result in any material adjustments for such periods. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years Federal (U.S.A) 2011 – 2014 Various states 2011 – 2014 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015
Foreign currency translation	Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations.
Advertising costs	Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock based compensation awards. Actual results could differ from those estimates.
Stock-based compensation	Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant.
Financial instruments	Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ”. All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22.
Fair value of financial instruments	Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.
Recently issued pronouncements	Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay of the effective date of the new standard by one year to annual periods beginning after December 15, 2017 and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. We are evaluating the effect, if any, that adopting this new accounting standard will have on our consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provide guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, “Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Amortization periods of intangible assets	Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line
Useful lives of property and equipment	Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 25 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Open tax years	An examination by the U.S. federal taxing authority for the fiscal year ended March 31, 2012 was completed in 2014, with no adjustments warranted. Lower Lakes was examined by the Canadian taxing authority for the tax years 2009 and 2010 and such examination was completed in 2013. This audit did not result in any material adjustments for such periods. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years Federal (U.S.A) 2011 – 2014 Various states 2011 – 2014 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015

PREPAID EXPENSES AND OTHER CU32

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Sep. 30, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Components of prepaid expenses and other current assets	Prepaid expenses and other current assets are comprised of the following: September 30, 2015 March 31, 2015 Prepaid insurance $ 520 $ 160 Fuel and lubricant inventories 4,315 4,018 Deposits and other prepaids 1,768 1,779 $ 6,603 $ 5,957

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net are comprised of the following: September 30, 2015 March 31, 2015 Cost Vessels $ 302,913 $ 279,785 Leasehold improvements 98 102 Furniture and equipment 550 563 Vehicles 15 16 Computer, communication equipment and purchased software 2,929 2,901 $ 306,505 $ 283,367 Accumulated depreciation Vessels $ 81,731 $ 74,794 Leasehold improvements 82 78 Furniture and equipment 311 283 Vehicles 12 13 Computer, communication equipment and purchased software 1,977 1,923 84,113 77,091 $ 222,392 $ 206,276

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Schedule of other assets	The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. September 30, 2015 March 31, 2015 Customer contract costs $ 333 $ 533 Prepaid expenses and other assets 6,472 5,993 Total $ 6,805 $ 6,526 Current portion (Note 5) 6,603 5,957 Other long term assets $ 202 $ 569

DEFERRED DRYDOCK COSTS, NET (Ta

DEFERRED DRYDOCK COSTS, NET (Tables)	6 Months Ended
	Sep. 30, 2015
Deferred Drydock Costs [Abstract]
Schedule of deferred drydock costs	Deferred drydock costs, net are comprised of the following: September 30, 2015 March 31, 2015 Drydock expenditures $ 15,907 $ 16,607 Accumulated amortization (9,341 ) (9,017 ) $ 6,566 $ 7,590
Summary of changes in deferred drydock costs	The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2014 $ 9,321 Drydock costs accrued and incurred 2,239 Amortization of drydock costs (3,343 ) Foreign currency translation adjustment (627 ) Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 987 Amortization of drydock costs (1,767 ) Foreign currency translation adjustment (244 ) Balance as of September 30, 2015 $ 6,566

INTANGIBLE ASSETS, NET AND GO36

INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	6 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Intangibles, net are comprised of the following: September 30, 2015 March 31, 2015 Intangible assets: Deferred financing costs $ 6,754 $ 6,787 Trademarks and trade names 836 866 Customer relationships and contracts 14,852 15,378 Total identifiable intangibles $ 22,442 $ 23,031 Accumulated amortization: Deferred financing costs $ 1,295 $ 686 Trademarks and trade names 800 785 Customer relationships and contracts 8,550 8,355 Total accumulated amortization 10,645 9,826 Net intangible assets $ 11,797 $ 13,205 Goodwill $ 10,193 $ 10,193
Schedule of expected amortization expense	Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: September 30, 2016 $ 2,299 September 30, 2017 2,264 September 30, 2018 2,264 September 30, 2019 2,264 September 30, 2020 1,354 $ 10,445

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Components of accrued liabilities	Accrued liabilities are comprised of the following: September 30, 2015 March 31, 2015 Deferred financing and other transaction costs $ 42 $ 396 Payroll compensation and benefits 1,942 1,575 Preferred stock dividends 1,236 587 Professional fees 346 340 Interest 2,204 1,771 Winter work, deferred drydock expenditures and capital expenditures 425 1,293 Capital and franchise taxes 26 30 Other 1,470 1,636 $ 7,691 $ 7,628

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	September 30, 2015 March 31, 2015 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at maturity date of September 30, 2019. 41,963 44,213 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at maturity date of September 30, 2019. 76,700 57,000 $ 118,663 $ 101,213 Less amounts due within 12 months — — $ 118,663 $ 101,213 September 30, 2015 March 31, 2015 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 34,200 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 $ 78,126 $ 72,500

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating lease rental and sublease rental payments	Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Operating leases $ 142 $ 150 $ 269 $ 295 Operating sublease 42 41 83 81 $ 184 $ 191 $ 352 $ 376
Schedule of future minimum rental commitments	The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: September 30, 2016 $ 498 September 30, 2017 425 September 30, 2018 384 September 30, 2019 282 September 30, 2020 211 Thereafter 211 $ 2,011

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of share-based compensation awards	The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense Vesting Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Apr 11, 2012 2 45,754 8.68 Restricted Share Award Agreement — 33 — 66 Three years in equal installments on each anniversary date. Feb 22, 2013 4 32,387 5.96 Restricted Share Award Agreement — 23 — 46 Two years in equal installments on each anniversary date. Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement 25 25 51 50 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 71 34 134 34 Three years in equal installments on each anniversary date.

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	6 Months Ended
	Sep. 30, 2015
Interest Expense [Abstract]
Components of interest expense	Interest expense, net of interest capitalized is comprised of the following: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Bank indebtedness $ — $ 155 $ — $ 334 Amortization of deferred financing costs 316 333 640 666 Long-term debt-senior 989 1,265 2,014 2,519 Long-term debt-subordinated 2,020 1,992 4,001 3,953 Interest rate caps 3 3 5 5 Deferred payment liability 16 27 36 55 Interest capitalized (382 ) (68 ) (715 ) (68 ) $ 2,962 $ 3,707 $ 5,981 $ 7,464

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Revenue and long-lived assets by geographical segment	Information about geographic operations is as follows: Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Revenue by country: Canada $ 28,126 $ 31,012 $ 53,266 $ 55,212 United States 23,807 23,258 43,494 42,367 $ 51,933 $ 54,270 $ 96,760 $ 97,579 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. September 30, 2015 March 31, 2015 Property and equipment, net by country: Canada $ 111,348 $ 92,436 United States 111,044 113,840 $ 222,392 $ 206,276 Intangible assets, net by country: Canada $ 6,536 $ 7,457 United States 5,261 5,748 $ 11,797 $ 13,205 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 148,970 $ 122,395 United States 133,786 127,895 $ 282,756 $ 250,290

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]	The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at September 30, 2015 Fair Value as at March 31, 2015 Foreign currency hedge contracts Accounts receivable $10 $573 The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of September 30, 2015 and March 31, 2015: Fair value measurements at September 30, 2015 Fair value measurements at March 31, 2015 Carrying value at September 30, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $10 $— $10 $573 $— $573
Schedule of contracts not designated for hedge accounting treatment, changes in fair value recorded in earnings	The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (gain) loss -Recognized in earnings Three months ended September 30, 2015 Six months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2014 Foreign currency hedge contracts Gain on foreign exchange $(2,215) $(1,484) $(379) $(379)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Three months ended September 30, 2015 Three months ended September 30, 2014 Six months ended September 30, 2015 Six months ended September 30, 2014 Numerator: Net income before preferred dividends $ 11,867 $ 5,836 $ 14,798 $ 7,895 Preferred stock dividends (328 ) (290 ) (649 ) (581 ) Net income applicable to common stockholders $ 11,539 $ 5,546 $ 14,149 $ 7,314 Denominator: Weighted average common shares for basic EPS 17,960,000 17,845,496 17,930,473 17,836,768 Effect of dilutive securities: Average price during period 2.68 6.09 3.03 6.16 Long term incentive stock option plan 479,785 479,785 479,785 479,785 Average exercise price of stock options 5.66 5.66 5.66 5.66 Shares that could be acquired with the proceeds of options — 446,172 — 440,554 Dilutive shares due to options — 33,613 — 39,231 Restricted Stock Units (RSU)-unvested 19,491 30,050 — 15,764 Average grant date fair value of unvested RSU 5.99 5.99 5.99 5.99 Shares that could be acquired with the proceeds of RSU — 29,574 — 15,319 Dilutive shares due to RSU — 476 — 445 Incremental shares due to unvested restricted shares — — — — Weighted average convertible preferred shares at $6.20 2,419,355 2,419,355 2,419,355 2,419,355 Weighted average common shares for diluted EPS 20,379,355 20,298,940 20,349,828 20,295,799 Basic EPS $ 0.64 $ 0.31 $ 0.79 $ 0.41 Diluted EPS $ 0.58 $ 0.29 $ 0.73 $ 0.39

SIGNIFICANT ACCOUNTING POLICI45

SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Sep. 30, 2015
Significant Accounting Policies [Line Items]
Amortization period of drydock costs	60 months
Vehicles [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Furniture and equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Computer equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	45.00%
Communication equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Trademarks and trade names [Member]
Significant Accounting Policies [Line Items]
Amortization period	10 years
Customer relationships and contracts [Member]
Significant Accounting Policies [Line Items]
Amortization period	15 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	30 days
Minimum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	5 years
Minimum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	7 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	60 days
Freight surcharges as a percent of revenue	5.00%
Maximum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	25 years
Maximum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	11 years

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

PREPAID EXPENSES AND OTHER CU47

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 520	$ 160
Fuel and lubricants	4,315	4,018
Deposits and other prepaids	1,768	1,779
Prepaid expenses and other current assets	$ 6,603	$ 5,957

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	(41.30%)	(11.70%)

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 306,505		$ 306,505		$ 283,367
Accumulated depreciation	84,113		84,113		77,091
Property and equipment, net	222,392		222,392		206,276
Interest Costs Capitalized	382	$ 68	715	$ 68	734
Vessels [Member]
Property, Plant and Equipment [Line Items]
Cost	302,913		302,913		279,785
Accumulated depreciation	81,731		81,731		74,794
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	98		98		102
Accumulated depreciation	82		82		78
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	550		550		563
Accumulated depreciation	311		311		283
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Cost	15		15		16
Accumulated depreciation	12		12		13
Computer, communication equipment and purchased software [Member]
Property, Plant and Equipment [Line Items]
Cost	2,929		2,929		2,901
Accumulated depreciation	$ 1,977		$ 1,977		$ 1,923

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Other Assets [Abstract]
Amortization period of customer contract costs	5 years
Customer contract costs	$ 333	$ 533
Prepaid expenses and other assets	6,472	5,993
Total	6,805	6,526
Current portion	6,603	5,957
Other long term assets	$ 202	$ 569

DEFERRED DRYDOCK COSTS, NET (Ba

DEFERRED DRYDOCK COSTS, NET (Balance Sheet Details) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Deferred Drydock Costs [Abstract]
Deferred expenditures	$ 15,907	$ 16,607
Accumulated amortization	(9,341)	(9,017)
Deferred drydock costs, net	$ 6,566	$ 7,590	$ 9,321

DEFERRED DRYDOCK COSTS, NET (Ch

DEFERRED DRYDOCK COSTS, NET (Changes in Deferred Balances) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Deferred Drydock Costs [Roll Forward]
Balance at beginning of period			$ 7,590	$ 9,321	$ 9,321
Drydock costs accrued			987		2,239
Amortization of drydock costs	$ (885)	$ (856)	(1,767)	$ (1,712)	(3,343)
Foreign currency translation adjustment			(244)		(627)
Balance at end of period	$ 6,566		$ 6,566		$ 7,590

INTANGIBLE ASSETS, NET AND GO53

INTANGIBLE ASSETS, NET AND GOODWILL (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 22,442	$ 23,031
Accumulated amortization	10,645	9,826
Intangible assets	11,797	13,205
Goodwill	10,193	10,193
Twelve month period ending:
September 30, 2016	2,299
September 30, 2017	2,264
September 30, 2018	2,264
September 30, 2019	2,264
September 30, 2020	1,354
Total	10,445
Deferred financing costs [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	6,754	6,787
Accumulated amortization	1,295	686
Trademarks and trade names [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	836	866
Accumulated amortization	800	785
Customer relationships and contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	14,852	15,378
Accumulated amortization	$ 8,550	$ 8,355

VESSEL ACQUISITION (Details)

VESSEL ACQUISITION (Details) $ in Thousands	Mar. 11, 2014USD ($)
Lower Lakes Towing (17) Ltd. [Member] | LalandiaSwan [Member]
Schedule of Significant Acquisitions and Disposals [Line Items]
Vessel purchase price	$ 7,000

BANK INDEBTEDNESS (Details)

BANK INDEBTEDNESS (Details)	Mar. 13, 2014	Sep. 01, 2012	Mar. 31, 2014
Line of Credit Facility [Line Items]
Collateral, minimum age of receivables eligible for collateral			90 days
Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Collateral, percent of receivables eligible for collateral if not aged over 90 days			85.00%
Minimum [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Collateral, receivables eligible for collateral if not aged over 90 days, percent limitation per one customer			20.00%
Maximum [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Collateral, receivables eligible for collateral if not aged over 90 days, percent limitation per one customer			30.00%
Canada, Dollars | Canadian Prime Rate [Member] | Third Amended & Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.75%
Canada, Dollars | Canadian Prime Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%
Canada, Dollars | Canadian BA Rate [Member] | Third Amended & Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		4.75%
Canada, Dollars | Canadian BA Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%
United States of America, Dollars | US Base Rate [Member] | Third Amended & Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.75%
United States of America, Dollars | US Base Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%
United States of America, Dollars | LIBOR [Member] | Third Amended & Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		4.75%
United States of America, Dollars | LIBOR [Member] | Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Payables and Accruals [Abstract]
Deferred financing and other transaction costs	$ 42	$ 396
Payroll compensation and benefits	1,942	1,575
Preferred stock dividends	1,236	587
Professional fees	346	340
Interest	2,204	1,771
Winter work, deferred drydock and capital expenditures	425	1,293
Capital and franchise taxes	26	30
Other	1,470	1,636
Accrued liabilities	$ 7,691	$ 7,628

LONG-TERM DEBT (Schedule of Lon

LONG-TERM DEBT (Schedule of Long-term Debt) (Details) - USD ($)	Sep. 29, 2015	Mar. 13, 2014	Sep. 30, 2015	Mar. 31, 2015	Mar. 27, 2015	Mar. 11, 2014
Debt Instrument [Line Items]
Subordinated Debt			$ 78,126,000	$ 72,500,000
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			118,663,000	101,213,000
Less amounts due within 12 months			0	0
Long-term debt, excluding current maturities			118,663,000	101,213,000
Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member] | Loans Payable [Member] | Canadian Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument Periodic Payment Percentage of Initial Principal		1.00%
Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member] | Loans Payable [Member] | Canadian Term Loan [Member] | Canadian Prime Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		3.00%
Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member] | Loans Payable [Member] | Canadian Term Loan [Member] | Canadian BA Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		4.00%
Fourth Amended and Restated Credit Agreement [Member] | Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument Periodic Payment Percentage of Initial Principal		1.00%
Fourth Amended and Restated Credit Agreement [Member] | Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		4.00%
Fourth Amended and Restated Credit Agreement [Member] | Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		3.00%
Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debtor-in-Possession Financing, Fee on Unused Borrowings					0.25%
MaximumUnusedCommitmentBeforeRateChange					50.00%
Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			$ 41,963,000	$ 44,213,000
Effective interest rate including effect of interest rate swap contracts			3.75%	3.75%
Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			$ 76,700,000	$ 57,000,000
Effective interest rate including effect of interest rate swap contracts			3.04%	3.03%
Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		9.50%
Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		8.50%
Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		9.50%
Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		8.50%
Canada, Dollars | Fourth Amended and Restated Credit Agreement [Member] | Canadian Prime Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		3.00%
Canada, Dollars | Secured Debt [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member] | Canadian Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						$ 54,882,000
Canada, Dollars | Revolving Credit Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						17,500,000
Canada, Dollars | Swing Line Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						4,000,000
Canada, Dollars | Swing Line Facility [Member] | Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 8,000,000
United States of America, Dollars | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt			$ 39,826,000	$ 34,200,000
United States of America, Dollars | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt			38,300,000	$ 38,300,000
United States of America, Dollars | Fourth Amended and Restated Credit Agreement [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		4.00%
United States of America, Dollars | Fourth Amended and Restated Credit Agreement [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		3.00%
United States of America, Dollars | Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount			$ 30,890,000
United States of America, Dollars | Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					80,000,000
United States of America, Dollars | Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					90,000,000
United States of America, Dollars | Secured Debt [Member] | Fourth Amended and Restated Credit Agreement [Member] | Grand River Navigation Company, Inc. [Member] | US Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						55,246,000
United States of America, Dollars | Subordinated Debt [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount						32,500,000
United States of America, Dollars | Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						34,200,000
Proceeds from Issuance of Debt	$ 5,626,000
United States of America, Dollars | Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						38,300,000
United States of America, Dollars | Subordinated Debt [Member] | Amended Second Lien Credit Agreement [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount					22,500,000
United States of America, Dollars | Revolving Credit Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Transportation Company [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						17,500,000
United States of America, Dollars | Swing Line Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Transportation Company [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						50,000
United States of America, Dollars | Swing Line Facility [Member] | Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 9,000,000
Maximum [Member] | Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debtor-in-Possession Financing, Fee on Unused Borrowings					0.375%
Maximum [Member] | Canada, Dollars | Seasonal Overadvance Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						17,500,000
Maximum [Member] | United States of America, Dollars | Seasonal Overadvance Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Towing Ltd. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						17,000,000
Maximum [Member] | United States of America, Dollars | Seasonal Overadvance Facility [Member] | Fourth Amended and Restated Credit Agreement [Member] | Lower Lakes Transportation Company [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity						$ 17,000,000

LONG-TERM DEBT (Additional Info

LONG-TERM DEBT (Additional Information) (Details) - USD ($)	Mar. 13, 2014	Mar. 11, 2014
Subordinated Debt [Member]
Debt Instrument [Line Items]
Covenant description, mandatory prepayment, net proceeds from disposition of assets	100.00%
Covenant description, mandatory prepayment, net proceeds from issuance of debt or equity securities	100.00%
Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | LIBOR [Member] | Subordinated Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | US Base Rate [Member] | Subordinated Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
Lower Lakes Towing Ltd. [Member] | Loans Payable [Member] | Canadian Term Loan [Member] | Canadian Prime Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Lower Lakes Towing Ltd. [Member] | Loans Payable [Member] | Canadian Term Loan [Member] | Canadian BA Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Covenant description, pledge of outstanding capital stock	65.00%
Covenant description, mandatory prepayment, outstanding balance to liquidation value	85.00%
Covenant description, mandatory prepayment, net proceeds from disposition of assets	100.00%
Covenant description, mandatory prepayment, net proceeds from issuance of debt or equity securities	100.00%
Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member] | LIBOR [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Grand River Navigation Company, Inc. [Member] | Loans Payable [Member] | US Term Loan [Member] | US Base Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
United States of America, Dollars | LIBOR [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
United States of America, Dollars | US Base Rate [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
United States of America, Dollars | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | Subordinated Debt [Member]
Debt Instrument [Line Items]
Face amount		$ 34,200,000
United States of America, Dollars | Grand River Navigation Company, Inc. [Member] | US Term Loan [Member] | Fourth Amended and Restated Credit Agreement [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Face amount		$ 55,246,000

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Commitments [Line Items]
Rental payments	$ 184	$ 191	$ 352	$ 376
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract]
September 30, 2016	498		498
September 30, 2017	425		425
September 30, 2018	384		384
September 30, 2019	282		282
September 30, 2020	211		211
Thereafter	211		211
Total	2,011		2,011
Contractual commitments	569		569		$ 19,707
Operating leases [Member]
Commitments [Line Items]
Rental payments	142	150	269	295
Operating sublease [Member]
Commitments [Line Items]
Rental payments	$ 42	$ 41	$ 83	$ 81

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Unasserted claim
Contingencies:
Contingency accrual	$ 457	$ 247

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	Sep. 21, 2011USD ($)$ / sharesshares	Feb. 11, 2011$ / sharesshares	Mar. 03, 2006d$ / sharesshares	Sep. 30, 2015USD ($)shares	Mar. 31, 2015USD ($)shares
Class of Stock [Line Items]
Number of shares offered	2,800,000
Sale of stock, price per share | $ / shares	$ 6
Proceeds from the offering, net of underwriter’s commissions and expenses | $	$ 15,525
Shares issued of the Company’s common stock to Buckeye		1,305,963
Share price, average of high and low price | $ / shares		$ 5.175
Preferred stock, shares authorized				1,000,000	1,000,000
Preferred Stock, Shares Issued				300,000	300,000
Preferred stock dividends | $				$ 1,236	$ 587
Effective interest rate of preferred dividends				8.25%	7.75%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized				1,000,000
Preferred Stock, Shares Issued			300,000
Cash dividend annual rate			7.75%
Price per share basis for dividend | $ / shares			$ 50
Dividend rate subject to percentage increase every six months			0.50%
Conversion price per share | $ / shares			$ 6.20
Price per share basis for conversion rate | $ / shares			$ 50
Conversion option rate, shares			8.065
Conversion option determination, number of trading days price per share exceeds $8.50 | d			20
Conversion option determination, number of trading days cutoff period | d			30
Conversion option determination, agreed upon price per common share | $ / shares			$ 8.50
Maximum [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Potential dividend rate, maximum			12.00%
Long Term Incentive Plan 2007 [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant					429,634

STOCKHOLDERS' EQUITY (Share-bas

STOCKHOLDERS' EQUITY (Share-based Compensation) (Details)	Mar. 31, 2015shares	Jul. 22, 2014executive$ / sharesshares	Jun. 27, 2014USD ($)$ / sharesshares	Jun. 05, 2013executive$ / sharesshares	Feb. 22, 2013executive$ / sharesshares	Feb. 15, 2013shares	Apr. 11, 2012executive$ / sharesshares	Sep. 16, 2010shares	Nov. 16, 2009shares	Jul. 31, 2008shares	Feb. 13, 2008shares	Jul. 31, 2008shares	Feb. 29, 2008shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / shares	Dec. 31, 2008shares	Mar. 31, 2015shares	Mar. 31, 2014shares	Mar. 31, 2013shares	Mar. 31, 2012shares	Mar. 31, 2011shares	Mar. 31, 2009executive	Mar. 31, 2010shares	Sep. 30, 2015$ / sharesshares	Feb. 11, 2011$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price, average of high and low price | $ / shares																											$ 5.175
Preferred Stock, Effective Dividend Rate, Percentage	7.75%													8.25%		8.25%			7.75%							8.25%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility rate measurement period																								6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																	2 years 7 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Weighted Average Value | $ / shares														$ 5.99	$ 5.99	$ 5.99	$ 5.99									$ 5.99
Long Term Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized														2,500,000		2,500,000										2,500,000
Number of shares available for grant	429,634																		429,634
Shares issued to non-employees											12,909					27,086		15,948	26,067	19,256	10,854	10,722	14,007		37,144
Long Term Incentive Plan 2007 [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded										478,232
Long Term Incentive Plan 2007 [Member] | Canadian employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded																										204,336
Expense recorded | $														$ 0	$ 0	$ 0	$ 0
Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recorded | $														$ 0	0	$ 0	0
Award vesting period																3 years
Options expiration period																10 years
Expected dividend rate																0.00%
Risk free interest rate																								4.14%
Expected volatility rate																								39.49%
Number of options outstanding														479,785		479,785										479,785
Options granted												236,586	243,199
Long Term Incentive Plan 2007 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	10,559
Expense recorded | $														$ 15,000	20,000	$ 27,000	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments Granted			30,050
Unrecognized compensation cost at March 31 | $			$ 204,000
Unvested, Weighted Average Value | $ / shares			$ 5.99
April 11, 2012 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded							45,754
Share price, average of high and low price | $ / shares							$ 8.68
Expense recorded | $														0	33,000	0	66,000
Number of key executives to receive awards | executive							2
Award vesting period							3 years
February 22, 2013 Grants [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded					32,387
Share price, average of high and low price | $ / shares					$ 5.96
Expense recorded | $														0	23,000	0	46,000
Number of key executives to receive awards | executive					4
Award vesting period					2 years
June 5, 2013 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded				54,337
Share price, average of high and low price | $ / shares				$ 5.55
Expense recorded | $														25,000	25,000	51,000	50,000
Number of key executives to receive awards | executive				6
Award vesting period				3 years
July 22, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		105,189
Share price, average of high and low price | $ / shares		$ 5.90
Expense recorded | $														$ 71,000	$ 34,000	$ 134,000	$ 34,000
Number of key executives to receive awards | executive		10
Award vesting period		3 years
Shares Issued in Lieu of Cash Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded						94,993		15,153	158,325
Number of executive officers asked to receive shares in lieu of cash compensation | executive																								5

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Interest Expense [Line Items]
Amortization of deferred financing costs	$ 316	$ 333	$ 640	$ 666
Interest rate caps	3	3	5	5
Deferred payment liability	16	27	36	55
Interest capitalized	(382)	(68)	(715)	(68)	$ (734)
Interest expense	2,962	3,707	5,981	7,464
Bank indebtedness
Interest Expense [Line Items]
Debt	0	155	0	334
Long-term debt - senior
Interest Expense [Line Items]
Debt	989	1,265	2,014	2,519
Subordinated note
Interest Expense [Line Items]
Debt	$ 2,020	$ 1,992	$ 4,001	$ 3,953

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Segment information:
Revenue	$ 51,933	$ 54,270	$ 96,760	$ 97,579
Property and equipment, net	222,392		222,392		$ 206,276
Intangible assets	11,797		11,797		13,205
Goodwill	10,193		10,193		10,193
Assets	282,756		282,756		250,290
Canada
Segment information:
Revenue	28,126	31,012	53,266	55,212
Property and equipment, net	111,348		111,348		92,436
Intangible assets	6,536		6,536		7,457
Goodwill	8,284		8,284		8,284
Assets	148,970		148,970		122,395
United States
Segment information:
Revenue	23,807	$ 23,258	43,494	$ 42,367
Property and equipment, net	111,044		111,044		113,840
Intangible assets	5,261		5,261		5,748
Goodwill	1,909		1,909		1,909
Assets	$ 133,786		$ 133,786		$ 127,895

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 12, 2012interest_rate_cap_contract
Derivative [Line Items]
Foreign currency hedge contracts	$ 10		$ 10		$ 573
Gain (loss) on foreign currency derivative instruments	$ 2,215	$ 379	$ 1,484	$ 379
Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Number of contracts entered into | interest_rate_cap_contract						2
Percent of outstanding term debt covered	50.00%		50.00%			50.00%
Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Foreign currency hedge contracts	$ 0		$ 0		0
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Foreign currency hedge contracts	$ 10		$ 10		$ 573
United States | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate						2.50%
Canada | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate						3.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 03, 2006	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Earnings Per Share [Line Items]
Common Stock, Shares, Issued		18,062,513			18,062,513		18,035,427
Common stock, shares authorized		50,000,000			50,000,000		50,000,000
Numerator:
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS		$ 11,867	$ 2,931	$ 5,836	$ 14,798	$ 7,895	$ (9,420)
PREFERRED STOCK DIVIDENDS		(328)		(290)	(649)	(581)
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS		$ 11,539		$ 5,546	$ 14,149	$ 7,314
Denominator:
Weighted average common shares for basic EPS		17,960,000		17,845,496	17,930,473	17,836,768
Effect of dilutive securities:
Average price during period (in dollars per share)		$ 2.68		$ 6.09	$ 3.03	$ 6.16
Long term incentive stock option plan (in shares)		479,785		479,785	479,785	479,785
Average exercise price of stock options (in dollars per share)		$ 5.66		$ 5.66	$ 5.66	$ 5.66
Incremental Common Shares Attributable to Share-based Payment Arrangements, Restricted Stock		0		0	0	0
Weighted average convertible preferred shares at $6.20	2,419,355	2,419,355		2,419,355	2,419,355	2,419,355
Weighted Average Number of Shares Outstanding, Diluted		20,379,355		20,298,940	20,349,828	20,295,799
Basic EPS (in dollars per share)		$ 0.64		$ 0.31	$ 0.79	$ 0.41
Diluted EPS (in dollars per share)		$ 0.58		$ 0.29	$ 0.73	$ 0.39
Series A Preferred Stock [Member]
Effect of dilutive securities:
Conversion price per share	$ 6.20
Stock Options [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0		446,172	0	440,554
Dilutive shares due to options		0		33,613	0	39,231
Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0		29,574	0	15,319
Dilutive shares due to options		19,491		30,050	0	15,764
Average exercise price of RSU (in dollars per share)		$ 5.99		$ 5.99	$ 5.99	$ 5.99
Restricted Stock, Dilutive Shares [Member]
Effect of dilutive securities:
Dilutive shares due to options		0		476	0	445