Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'INTERNATIONAL SHIPHOLDING CORP |
Entity Central Index Key | '0000278041 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 7,301,669 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ' | ' | ' | ' |
Revenues | $76,752 | $74,897 | $149,446 | $156,021 |
Operating Expenses: | ' | ' | ' | ' |
Voyage Expenses | 62,296 | 60,227 | 123,899 | 127,951 |
Intangible Amortization | 1,029 | 1,281 | 2,058 | 3,148 |
Vessel Depreciation | 6,517 | 5,804 | 13,238 | 11,575 |
Other Depreciation | 18 | 11 | 36 | 34 |
Administrative and General Expenses | 5,232 | 6,170 | 10,811 | 11,603 |
Total Operating Expenses | 75,092 | 73,493 | 150,042 | 154,311 |
Operating Income (Loss) | 1,660 | 1,404 | -596 | 1,710 |
Interest and Other: | ' | ' | ' | ' |
Interest Expense | 2,041 | 2,077 | 4,186 | 4,278 |
Derivative Loss (Gain) | 18 | -205 | 32 | -282 |
Other Income from Vessel Financing | -472 | -539 | -961 | -1,094 |
Investment Income | -5 | -42 | -24 | -82 |
Foreign Exchange Loss (Gain) | 9 | -1,836 | 93 | -5,017 |
Total Interest and Other Income | 1,591 | -545 | 3,326 | -2,197 |
Income (Loss) Before Benefit for Income Taxes and Equity in Net Income of Unconsolidated Entities | 69 | 1,949 | -3,922 | 3,907 |
Provision (Benefit) for Income Taxes | 653 | 15 | -229 | 50 |
Equity in Net Loss of Unconsolidated Entities (Net of Applicable Taxes) | -80 | -75 | -188 | -345 |
Net (Loss) Income | -664 | 1,859 | -3,881 | 3,512 |
Preferred Stock Dividends | 1,305 | 594 | 2,611 | 845 |
Net (Loss) Income Available to Common Stockholders | ($1,969) | $1,265 | ($6,492) | $2,667 |
Basic and Diluted Earnings Per Common Share: | ' | ' | ' | ' |
Basic Earnings Per Common Share: (in dollars per share) | ($0.27) | $0.17 | ($0.89) | $0.37 |
Diluted Earnings Per Common Share: (in dollars per share) | ($0.27) | $0.17 | ($0.89) | $0.37 |
Weighted Average Shares of Common Stock Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 7,281,807 | 7,239,780 | 7,267,023 | 7,226,415 |
Diluted (in shares) | 7,281,807 | 7,263,206 | 7,267,023 | 7,248,377 |
Common Stock Dividends Per Share (in dollars per share) | $0.25 | $0.25 | $0.50 | $0.50 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Condensed Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | ' | ' |
Net (Loss) Income | ($664) | $1,859 | ($3,881) | $3,512 | $18,532 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ' |
Unrealized Foreign Currency Translation Gain | 42 | 206 | 17 | 246 | ' |
Change in Fair Value of Derivatives | -44 | 962 | -35 | 1,509 | ' |
Change in Funding Status of Defined Benefit Plan | -24 | 310 | 151 | 621 | ' |
Comprehensive (Loss) Income | ($690) | $3,337 | ($3,748) | $5,888 | $29,538 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and Cash Equivalents | $15,817,000 | $20,010,000 |
Restricted Cash | 8,000,000 | 8,499,000 |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 32,271,000 | 30,417,000 |
Prepaid Expenses | 7,861,000 | 8,493,000 |
Deferred Tax Asset | 633,000 | 3,084,000 |
Other Current Assets | 1,045,000 | 1,029,000 |
Notes Receivable | 3,465,000 | 3,987,000 |
Material and Supplies Inventory | 10,774,000 | 11,322,000 |
Total Current Assets | 79,866,000 | 86,841,000 |
Investment in Unconsolidated Entities | 22,638,000 | 14,818,000 |
Vessels, Property, and Other Equipment, at Cost: | ' | ' |
Vessels | 582,959,000 | 582,416,000 |
Building | 1,354,000 | 1,211,000 |
Land | 623,000 | 623,000 |
Leasehold Improvements | 26,348,000 | 26,348,000 |
Construction in Progress | 8,936,000 | 2,673,000 |
Furniture and Equipment | 12,041,000 | 11,727,000 |
Property, Plant and Equipment Total, Gross | 632,261,000 | 624,998,000 |
Less - Accumulated Depreciation | -189,596,000 | -175,106,000 |
Net Vessels, Property, Plant and Equipment | 442,665,000 | 449,892,000 |
Other Assets: | ' | ' |
Deferred Charges, Net of Accumulated Amortization | 25,275,000 | 29,309,000 |
Intangible Assets, Net of Accumulated Amortization | 26,698,000 | 28,756,000 |
Due from Related Parties | 1,992,000 | 1,974,000 |
Notes Receivable | 26,057,000 | 27,659,000 |
Goodwill | 2,735,000 | 2,735,000 |
Deferred Tax Asset | 9,998,000 | 7,325,000 |
Other | 4,997,000 | 7,383,000 |
Other Assets Total | 97,752,000 | 105,141,000 |
TOTAL ASSETS | 642,921,000 | 656,692,000 |
Current Liabilities: | ' | ' |
Current Maturities of Long-Term Debt | 19,902,000 | 19,213,000 |
Accounts Payable and Other Accrued Expenses | 49,084,000 | 51,220,000 |
Total Current Liabilities | 68,986,000 | 70,433,000 |
Long-Term Debt, Less Current Maturities | 180,032,000 | 179,016,000 |
Other Long-Term Liabilities: | ' | ' |
Incentive Obligation | 8,591,000 | 5,397,000 |
Other | 58,654,000 | 65,306,000 |
TOTAL LIABILITIES | 316,263,000 | 320,152,000 |
Stockholders' Equity: | ' | ' |
Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized, 7,301,669 and 7,203,935 Shares Issued and Outstanding at June 30, 2014 and December 31, 2013, Respectively | 8,710,000 | 8,692,000 |
Additional Paid-In Capital | 140,289,000 | 140,115,000 |
Retained Earnings | 216,273,000 | 226,480,000 |
Treasury Stock, 1,388,066 Shares at June 30, 2014 and December 31, 2013, Respectively | -25,403,000 | -25,403,000 |
Accumulated Other Comprehensive Loss | -13,777,000 | -13,910,000 |
TOTAL STOCKHOLDERS' EQUITY | 326,658,000 | 336,540,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 642,921,000 | 656,692,000 |
9.50% Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, $1.00 Par Value | 250,000 | 250,000 |
9.00% Series B Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, $1.00 Par Value | $316,000 | $316,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Stockholders' Equity: | ' | ' |
Common Stock, par value (in dollars per share) | $1 | $1 |
Common Stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, shares issued (in shares) | 7,301,669 | 7,301,669 |
Common Stock, shares outstanding (in shares) | 7,203,935 | 7,203,935 |
Treasury Stock, (in shares) | 1,388,066 | 1,388,066 |
9.50% Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Cumulative Perpetual Preferred Stock, par value (in dollars per share) | $1 | $1 |
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.50% | 9.50% |
Cumulative Perpetual Preferred Stock, shares authorized (in shares) | 650,000 | 650,000 |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 250,000 | 250,000 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 250,000 | 250,000 |
9.00% Series B Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Cumulative Perpetual Preferred Stock, par value (in dollars per share) | $1 | $1 |
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.00% | 9.00% |
Cumulative Perpetual Preferred Stock, shares authorized (in shares) | 350,000 | 350,000 |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 316,250 | 316,250 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 316,250 | 316,250 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net (Loss) Income | ($3,881) | $3,512 |
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 13,601 | 11,899 |
Amortization of Deferred Charges | 8,896 | 4,239 |
Amortization of Intangible Assets | 2,058 | 3,148 |
Deferred Tax | -271 | ' |
Non-Cash Share Based Compensation | 833 | 721 |
Equity in Net Loss of Unconsolidated Entities | 188 | 345 |
Loss (Gain) on Foreign Currency Exchange | 93 | -5,017 |
Changes in: | ' | ' |
Deferred Drydocking Charges | -4,098 | -6,584 |
Accounts Receivable | 1,566 | -1,774 |
Inventories and Other Current Assets | 904 | 3,852 |
Other Assets | -500 | 301 |
Accounts Payable and Accrued Liabilities | -3,727 | 641 |
Other Long-Term Liabilities | -3,945 | 4,511 |
Net Cash Provided by Operating Activities | 11,717 | 19,794 |
Cash Flows from Investing Activities: | ' | ' |
Principal payments received under Direct Financing Leases | ' | 558 |
Capital Improvements to Vessels and Other Assets | -6,547 | -7,518 |
Investment in Unconsolidated Entities | -7,886 | -500 |
Net Decrease (Increase) in Restricted Cash Account | 2,499 | -9,825 |
Acquisition of United Ocean Services, LLC, net of cash acquired | ' | -2,475 |
Proceeds from Payments on Note Receivables | 2,124 | 3,657 |
Net Cash Used In Investing Activities | -9,810 | -16,103 |
Cash Flows from Financing Activities: | ' | ' |
Issuance of Preferred Stock | ' | 23,480 |
Proceeds from Issuance of Debt | 18,000 | 22,000 |
Repayment of Debt | -17,511 | -41,840 |
Additions to Deferred Financing Charges | -339 | -693 |
Dividends Paid | -6,250 | -4,120 |
Net Cash Used In Financing Activities | -6,100 | -1,173 |
Net (Decrease) Increase in Cash and Cash Equivalents | -4,193 | 2,518 |
Cash and Cash Equivalents at Beginning of Period | 20,010 | 19,868 |
Cash and Cash Equivalents at End of Period | 15,817 | 22,386 |
Supplemental Disclosure of non-cash investing activities | ' | ' |
Additions to vessels, property, plant and equipment included in accounts payable and other accrued expenses | $716 | $596 |
Basis_Of_Preparation
Basis Of Preparation | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Preparation [Abstract] | ' |
Basis Of Preparation | ' |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
30-Jun-14 | |
(Unaudited) | |
Note 1. Basis of Preparation | |
We operate a diversified fleet of U.S. and International flag vessels that provide international and domestic maritime transportation services. For additional information on our business, see Item 2 of Part I of this report. | |
We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission, and as permitted thereunder, we have omitted certain information and footnote disclosures required by U.S. Generally Accepted Accounting Principles (GAAP) for complete financial statements. We suggest that you read these interim statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated balance sheet as of December 31, 2013 included in this report has been derived from the audited financial statements at that date. | |
The foregoing 2014 interim results are not necessarily indicative of the results of operations for the full year 2014. Management believes that it has made all adjustments necessary, consisting only of normal recurring adjustments, for a fair statement of the information presented. | |
Our policy is to consolidate each subsidiary in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting or economic interest and have the ability to exercise significant influence over operating and financial activities, and the cost method to account for investments in entities in which we hold a less than 20% voting interest and in which we cannot exercise significant influence over operating and financial activities. | |
Revenues and expenses relating to our Rail-Ferry, Jones Act, and Specialty segments’ voyages are recorded over the duration of the voyage based on percentage of completion. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments are made. Based on our prior experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus recording expenses as incurred. Revenues and expenses relating to our other vessels’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. | |
We have eliminated all significant intercompany balances, accounts, and transactions in consolidation. | |
Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. Such reclassifications primarily relate to a related party receivable that was reclassified as other current assets versus note receivable in the balance sheet. | |
Out_Of_Period_Adjustments
Out Of Period Adjustments | 6 Months Ended |
Jun. 30, 2014 | |
Out Of Period Adjustments [Abstract] | ' |
Out Of Period Adjustments | ' |
Note 2. Out of Period Adjustments | |
During 2014, an error was identified related to the cutoff of voyage revenues between the first and second quarter of 2014 which would have resulted in an increase in revenue and an increase in voyage expenses with a net impact that would have decreased pre-tax loss by $108,000 and decreased net loss by $61,000, respectively, for the quarter ended March 31, 2014. During the three months ended June 30, 2014 we recorded an out of period adjustment to correct this error. The impact of correcting this error resulted in an increase to pre-tax income of $108,000 and a decrease to net loss by $61,000. We evaluated the impact of this error on the results of our previously issued financial statements for the first quarter of 2014 and concluded that the impact was not material. We also evaluated the impact of correcting the error in the second quarter of 2014 and concluded that the impact was not material. | |
Operating_Segments
Operating Segments | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||||
Operating Segments | ' | |||||||||||||||||||||
Note 3. Operating Segments | ||||||||||||||||||||||
Our six operating segments, Jones Act, Pure Car Truck Carriers, Dry Bulk Carriers, Rail-Ferry, Specialty Contracts, and Other are distinguished primarily by the market in which the segment assets are deployed, the physical characteristics of those assets, and the type of services provided to our customers. We report in the Other category the results of several of our subsidiaries that provide ship and cargo charter brokerage, ship management services and agency services to our operating subsidiaries as well as third party customers. Also included in the Other category are corporate related items, results of insignificant operations, and income and expense items not allocated to the other reportable segments. We manage each reportable segment separately, as each requires different resources depending on the nature of the contract or terms under which the vessels within the segment operate. | ||||||||||||||||||||||
We allocate interest expense to the segments in proportion to the fixed assets (defined as the carrying value of vessels, property, and other equipment) within each segment. Additionally, we allocate the results of most of our unconsolidated entities, Oslo Bulk, AS, Oslo Bulk Holding Pte. Ltd, and Terminales Transgolfo, S.A. de C.V., to the Dry Bulk Carriers and Rail-Ferry results. The results of our remaining unconsolidated entities, Saltholmen Shipping Ltd and Brattholmen Shipping Ltd (a joint venture owning two Asphalt Tankers), are allocated to the Specialty Contracts results. We do not allocate to our segments; (i) administrative and general expenses, (ii) (loss) gain on sale of other assets, (iii) derivative (income) loss, (iv) income taxes, (v) loss (gain) on sale of investment, (vi) other income from vessel financing, (vii) investment income, and (viii) foreign exchange loss (gain). Intersegment revenues are based on market prices and include revenues earned by our subsidiaries that provide specialized services to our operating companies. Finally, we use “gross voyage profit” (as defined further below in this Note 3) as the primary measure for our segments’ profitability to assist in monitoring and managing our business. | ||||||||||||||||||||||
The following table presents information about segment profit and loss for the three months ended June 30, 2014 and 2013: | ||||||||||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||||||||||
three MONTHS ENDED June 30, 2014 | ||||||||||||||||||||||
COMPARED TO THE three MONTHS ENDED June 30, 2013 | ||||||||||||||||||||||
(All Amounts in Thousands) | Jones Act | Pure Car Truck Carriers | Dry Bulk Carriers | Rail Ferry | Specialty Contracts | Other | Total | |||||||||||||||
2014 | ||||||||||||||||||||||
Fixed Revenue | $ | 33,216 | $ | 15,295 | $ | 1,758 | $ | - | $ | 8,487 | $ | - | $ | 58,756 | ||||||||
Variable Revenue | - | 3,858 | 3,505 | 9,739 | 911 | -17 | 17,996 | |||||||||||||||
Total Revenue from External Customers | 33,216 | 19,153 | 5,263 | 9,739 | 9,398 | -17 | 76,752 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -4,321 | -4,321 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 4,321 | 4,321 | |||||||||||||||
Voyage Expenses | 27,181 | 16,903 | 3,412 | 7,870 | 8,446 | -487 | 63,325 | |||||||||||||||
Loss (Income) of Unconsolidated Entities | - | - | 89 | 39 | -48 | - | 80 | |||||||||||||||
Gross Voyage Profit | $ | 6,035 | $ | 2,250 | $ | 1,762 | $ | 1,830 | $ | 1,000 | $ | 470 | $ | 13,347 | ||||||||
Gross Voyage Profit Margin | 18 | % | 12 | % | 33 | % | 19 | % | 11 | % | 2765 | % | 17 | % | ||||||||
2013 | ||||||||||||||||||||||
Fixed Revenue | $ | 27,725 | $ | 16,804 | $ | 665 | $ | - | $ | 5,835 | $ | - | $ | 51,029 | ||||||||
Variable Revenue | - | 8,286 | 4,188 | 9,523 | 1,671 | 200 | 23,868 | |||||||||||||||
Total Revenue from External Customers | 27,725 | 25,090 | 4,853 | 9,523 | 7,506 | 200 | 74,897 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -5,519 | -5,519 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 5,519 | 5,519 | |||||||||||||||
Voyage Expenses | 22,204 | 20,453 | 4,473 | 7,762 | 6,539 | 77 | 61,508 | |||||||||||||||
Loss of Unconsolidated Entities | - | - | 7 | 68 | - | - | 75 | |||||||||||||||
Gross Voyage Profit | $ | 5,521 | $ | 4,637 | $ | 373 | $ | 1,693 | $ | 967 | $ | 123 | $ | 13,314 | ||||||||
Gross Voyage Profit Margin | 20 | % | 18 | % | 8 | % | 18 | % | 13 | % | 62 | % | 18 | % | ||||||||
The following table presents information about segment profit and loss for the six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||||||||||
SIX MONTHS ENDED June 30, 2014 | ||||||||||||||||||||||
COMPARED TO THE SIX MONTHS ENDED June 30, 2013 | ||||||||||||||||||||||
(All Amounts in Thousands) | Jones Act | Pure Car Truck Carriers | Dry Bulk Carriers | Rail Ferry | Specialty Contracts | Other | Total | |||||||||||||||
2014 | ||||||||||||||||||||||
Fixed Revenue | $ | 62,315 | $ | 30,911 | $ | 3,284 | $ | - | $ | 17,188 | $ | - | $ | 113,698 | ||||||||
Variable Revenue | - | 7,799 | 7,094 | 17,667 | 3,158 | 30 | 35,748 | |||||||||||||||
Total Revenue from External Customers | 62,315 | 38,710 | 10,378 | 17,667 | 20,346 | 30 | 149,446 | |||||||||||||||
Intersegment Revenues(Eliminated) | - | - | - | - | - | -8,642 | -8,642 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 8,642 | 8,642 | |||||||||||||||
Voyage Expenses | 52,057 | 34,101 | 7,055 | 14,912 | 18,646 | -814 | 125,957 | |||||||||||||||
Loss (Income) of Unconsolidated Entities | - | - | 169 | 67 | -48 | - | 188 | |||||||||||||||
Gross Voyage Profit | $ | 10,258 | $ | 4,609 | $ | 3,154 | $ | 2,688 | $ | 1,748 | $ | 844 | $ | 23,301 | ||||||||
Gross Voyage Profit Margin | 16 | % | 12 | % | 30 | % | 15 | % | 9 | % | 2813 | % | 16 | % | ||||||||
2013 | ||||||||||||||||||||||
Fixed Revenue | $ | 59,579 | $ | 33,757 | $ | 1,538 | $ | - | $ | 12,667 | $ | - | $ | 107,541 | ||||||||
Variable Revenue | 19,207 | 7,549 | 18,697 | 2,526 | 501 | 48,480 | ||||||||||||||||
Total Revenue from External Customers | 59,579 | 52,964 | 9,087 | 18,697 | 15,193 | 501 | 156,021 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -11,038 | -11,038 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 11,038 | 11,038 | |||||||||||||||
Voyage Expenses | 47,694 | 43,926 | 9,674 | 15,482 | 14,037 | 286 | 131,099 | |||||||||||||||
Loss of Unconsolidated Entities | - | - | 338 | 7 | - | - | 345 | |||||||||||||||
Gross Voyage Profit (Loss) | $ | 11,885 | $ | 9,038 | $ | -925 | $ | 3,208 | $ | 1,156 | $ | 215 | $ | 24,577 | ||||||||
Gross Voyage Profit Margin | 20 | % | 17 | % | -10 | % | 17 | % | 8 | % | 43 | % | 16 | % | ||||||||
The following table is a reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements: | ||||||||||||||||||||||
Three Months Ended June 30, | Year to date as of June 30, | |||||||||||||||||||||
(All Amounts in Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues | $ | 76,752 | $ | 74,897 | $ | 149,446 | $ | 156,021 | ||||||||||||||
Voyage Expenses* | 63,325 | 61,508 | 125,957 | 131,099 | ||||||||||||||||||
Net Loss of Unconsolidated Entities | 80 | 75 | 188 | 345 | ||||||||||||||||||
Gross Voyage Profit | 13,347 | 13,314 | 23,301 | 24,577 | ||||||||||||||||||
Vessel Depreciation | 6,517 | 5,804 | 13,238 | 11,575 | ||||||||||||||||||
Other Depreciation | 18 | 11 | 36 | 34 | ||||||||||||||||||
Gross Profit | 6,812 | 7,499 | 10,027 | 12,968 | ||||||||||||||||||
Other Operating Expenses: | ||||||||||||||||||||||
Administrative and General Expenses | 5,232 | 6,170 | 10,811 | 11,603 | ||||||||||||||||||
Less: Net Loss of Unconsolidated Entities | -80 | -75 | -188 | -345 | ||||||||||||||||||
Total Other Operating Expenses | 5,152 | 6,095 | 10,623 | 11,258 | ||||||||||||||||||
Operating Income (Loss) | $ | 1,660 | $ | 1,404 | $ | -596 | $ | 1,710 | ||||||||||||||
* Includes Intangible Amortization | ||||||||||||||||||||||
Inventory
Inventory | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventory [Abstract] | ' | ||||||
Inventory | ' | ||||||
Note 4. Inventory | |||||||
Spare parts and warehouse inventories are stated at the lower of cost or market based on the first-in, first-out method of accounting. Our fuel inventory is based on the average inventory method of accounting. Our inventory consists of three major classes, the break out of which is included in the following table: | |||||||
(All Amounts in Thousands) | June 30, | December 31, | |||||
Inventory Classes | 2014 | 2013 | |||||
Spare Parts Inventory | $ | 4,039 | $ | 3,968 | |||
Fuel Inventory | 4,080 | 4,663 | |||||
Warehouse Inventory | 2,655 | 2,691 | |||||
$ | 10,774 | $ | 11,322 | ||||
Investment_In_Unconsolidated_E
Investment In Unconsolidated Entities | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investment In Unconsolidated Entities [Abstract] | ' | ||||||||||||
Investment In Unconsolidated Entities | ' | ||||||||||||
Note 5. Investment in Unconsolidated Entities | |||||||||||||
The following table summarizes our equity in net (loss) income of unconsolidated entities for the three months and six months ended June 30, 2014 and 2013, respectively. | |||||||||||||
Three Months ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(All Amounts in Thousands) | |||||||||||||
Oslo Bulk, AS | $ | -25 | $ | -137 | $ | -87 | $ | -97 | |||||
Oslo Bulk Holding Pte, Ltd | -64 | 132 | -82 | -240 | |||||||||
Terminales Transgolfo, S . A . D E C . V . | -39 | -70 | -67 | -8 | |||||||||
Saltholmen Shipping, Ltd | 48 | - | 48 | - | |||||||||
Total Equity in Net Loss of Unconsolidated Entities | $ | -80 | $ | -75 | $ | -188 | $ | -345 | |||||
These investments have been accounted for under the equity method and our portion of their earnings or losses is presented net of any applicable taxes on our condensed consolidated statements of income (loss) under the caption: "Equity in Net Loss of Unconsolidated Entities (Net of Applicable Taxes).” | |||||||||||||
We have a 30% investment in Saltholmen Shipping Ltd, which was contracted to build two Chemical Tankers, both of which were delivered during the second quarter of 2014. These vessels were immediately employed on long-term bareboat charters. During the six months ended June 30, 2014, we invested approximately $5.8 million cash and $2.0 million cash to acquire a 30% interest in Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively. Brattholmen Shipping Ltd was organized to purchase and operate two Asphalt Tankers. These vessels were delivered on June 25, 2014 and both were simultaneously employed on long-term bareboat charters. | |||||||||||||
Goodwill_Other_Intangible_Asse
Goodwill, Other Intangible Assets, And Deferred Charges | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | ' | ||||||||||||||||
Goodwill, Other Intangible Assets, And Deferred Charges | ' | ||||||||||||||||
Note 6. Goodwill, Other Intangible Assets, and Deferred Charges | |||||||||||||||||
Amortization expense for intangible assets was approximately $1.0 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively. Amortization expense for deferred charges was approximately $4.6 million and $2.3 million for the three months ended June 30, 2014 and 2013, respectively. The following table presents the rollforward of goodwill, other intangible assets, and deferred charges for the three months ended June 30, 2014: | |||||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Amortization Period | Balance at March 31, 2014 | Additions | Amortization | Reclassified | Balance at June 30, 2014 | ||||||||||||
Indefinite Life Intangibles | |||||||||||||||||
Goodwill | n/a | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | |||||||
Definite Life Intangibles | |||||||||||||||||
Trade names - FSI | 240 months | $ | 59 | $ | - | $ | -1 | $ | - | $ | 58 | ||||||
Trade names - UOS | 96 months | 1,505 | - | -56 | - | 1,449 | |||||||||||
Customer Relationships - FSI | 240 months | 391 | - | -5 | - | 386 | |||||||||||
Customer Relationships - UOS | 96 months | 25,772 | - | -967 | - | 24,805 | |||||||||||
Total Definite Life Intangibles | $ | 27,727 | $ | - | $ | -1,029 | $ | - | $ | 26,698 | |||||||
Deferred Charges | |||||||||||||||||
Drydocking Costs | various | $ | 23,936 | $ | 2,323 | $ | -4,457 | $ | 482 | $ | 22,284 | ||||||
Financing Charges and Other | various | 2,792 | 277 | -154 | 76 | 2,991 | |||||||||||
Total Deferred Charges | $ | 26,728 | $ | 2,600 | $ | -4,611 | $ | 558 | $ | 25,275 | |||||||
Amortization expense for intangible assets was approximately $2.1 million and $3.1 million for the six months ended June 30, 2014 and 2013, respectively. Amortization expense for deferred charges was approximately $8.9 million and $4.2 million for the six months ended June 30, 2014 and 2013, respectively. The following table presents the rollforward of goodwill, other intangible assets, and deferred charges as of June 30, 2014: | |||||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Amortization Period | Balance at December 31, 2013 | Additions | Amortization | Reclassified | Balance at June 30, 2014 | ||||||||||||
Indefinite Life Intangibles | |||||||||||||||||
Goodwill | n/a | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | |||||||
Definite Life Intangibles | |||||||||||||||||
Trade names - FSI | 240 months | $ | 60 | $ | - | $ | -2 | $ | - | $ | 58 | ||||||
Trade names - UOS | 96 months | 1,561 | - | -112 | - | 1,449 | |||||||||||
Customer Relationships - FSI | 240 months | 396 | - | -10 | - | 386 | |||||||||||
Customer Relationships - UOS | 96 months | 26,739 | - | -1,934 | - | 24,805 | |||||||||||
Total Definite Life Intangibles | $ | 28,756 | $ | - | $ | -2,058 | $ | - | $ | 26,698 | |||||||
Deferred Charges | |||||||||||||||||
Drydocking Costs | various | $ | 26,428 | $ | 4,098 | $ | -8,591 | $ | 349 | $ | 22,284 | ||||||
Financing Charges and Other | various | 2,881 | 339 | -305 | 76 | 2,991 | |||||||||||
Total Deferred Charges | $ | 29,309 | $ | 4,437 | $ | -8,896 | $ | 425 | $ | 25,275 | |||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 7. Income Taxes | |
We recorded a tax benefit of $229,000 on our $3.9 million of loss before taxes and equity in net loss of unconsolidated entities for the six months ended June 30, 2014. For the six months ended June 30, 2013, we recorded an income tax provision of $50,000 on our $3.9 million of income before taxes and equity in net loss of unconsolidated entities. Included in both our 2014 tax benefit and our 2013 tax provision are taxes on our qualifying U.S. flag operations, which continue to be taxed under a “tonnage tax” regime rather than under the normal U.S. corporate income tax regime, a 35% provision on our U.S. flag Jones Act results, and foreign tax withholdings. Our 2014 tax benefit for the six months ended June 30, 2014, also includes recognition of deferred tax benefits, which we were unable to recognize in 2013 due to the valuation allowance that we reversed in the fourth quarter of 2013, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2013. Additionally, we have recorded a tax liability on our income from vessel financing in 2014 that was exempt from tax in 2013. | |
For further information on certain tax laws and elections, see our Annual Report on Form 10-K filed for the year ended December 31, 2013, including “Note J - Income Taxes” to the consolidated financial statements included therein. | |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
Note 8. Commitments and Contingencies | |
Commitments | |
Leases | |
As of the six months ended June 30, 2014 there have been no changes to our leases. For more information about our leases, please see our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Letters of Credit | |
As of June 30, 2014, we have approximately $9.5 million in outstanding letters of credit, see Note 11 for more information. | |
Contingencies | |
On June 26, 2014, U.S. Customs and Border Protection (CBP) issued pre-penalty notifications to us and two of our affiliates alleging failure to properly report the importation of spare parts consumed by our vessels covering the period April 2008 through September 2012. CBP’s proposed duty is approximately $2.1 million along with a proposed penalty on the assessment of approximately $8.4 million. The basis of CBP’s assessment is that the U. S. Government experienced a loss of revenue consisting of the difference between the government’s ad valorem duty and the consumption entry duty actually paid by the Company. The Company denies violating the applicable U.S. statute or regulations and plans to formally respond to the June 26, 2014 notices within the allowable response period, which is currently through September 26, 2014. We have not accrued a liability for this matter because the case is ongoing and we do not yet consider it probable that we will incur a loss. | |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Note 9. Employee Benefit Plans | |||||||||||||
The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the three months ended June 30, 2014 and 2013: | |||||||||||||
Pension Plan | Postretirement Benefits | ||||||||||||
(All Amounts in Thousands) | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 155 | $ | 190 | $ | 4 | $ | 6 | |||||
Interest cost | 381 | 336 | 144 | 119 | |||||||||
Expected return on plan assets | -571 | -557 | - | - | |||||||||
Amortization of prior service cost | -1 | -1 | 25 | 25 | |||||||||
Amortization of Net Loss | 1 | 223 | -1 | 63 | |||||||||
Net periodic benefit cost | $ | -35 | $ | 191 | $ | 172 | $ | 213 | |||||
The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the six months ended June 30, 2014 and 2013: | |||||||||||||
Pension Plan | Postretirement Benefits | ||||||||||||
(All Amounts in Thousands) | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 309 | $ | 380 | $ | 7 | $ | 12 | |||||
Interest cost | 762 | 672 | 289 | 238 | |||||||||
Expected return on plan assets | -1,226 | -1,114 | - | - | |||||||||
Amortization of prior service cost | -1 | -2 | 50 | 50 | |||||||||
Amortization of Net Loss | 64 | 447 | 87 | 126 | |||||||||
Net periodic benefit cost | $ | -92 | $ | 383 | $ | 433 | $ | 426 | |||||
We contributed $300,000 to our pension plan for the six months ended June 30, 2014. Based on current conditions, we expect to contribute an additional $300,000 before December 31, 2014. | |||||||||||||
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
Note 10. Derivative Instruments | ||||||||||||
We use derivative instruments to manage certain foreign currency and interest rate risk exposures. We do not use derivative instruments for speculative trading purposes. All derivative instruments are recorded on the balance sheet at fair value. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded through other comprehensive income and reclassified to earnings when the derivative instrument is settled. Any ineffective portion of changes in the fair value of the derivative is reported in earnings. None of our derivative contracts contain credit-risk related contingent features that would require us to settle the contract upon the occurrence of such contingency. However, all of our contracts contain clauses specifying events of default under specified circumstances, including failure to pay, breach of agreement, default under the specific agreement to which the hedge relates, bankruptcy, misrepresentation and the occurrence of certain transactions. The remedy for default is settlement in entirety or payment of the fair value of the contracts, which was $3.9 million in the aggregate for all of our contracts as of June 30, 2014. The unrealized loss related to our derivative instruments included in accumulated other comprehensive loss, net of taxes, was $4.3 million as of both June 30, 2014 and December 31, 2013. | ||||||||||||
The notional and fair value amounts of our derivative instruments as of June 30, 2014 were as follows: | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
2014 | 2014 | |||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||
(All Amounts in Thousands) | Amount | Location | Location | |||||||||
Interest Rate Swaps - L/T* | $ | 46,482 | $ | - | Other Liabilities | $ | -3,895 | |||||
Foreign Exchange Contracts | 3,392 | Other Current Assets | 69 | - | ||||||||
Foreign Exchange Contracts | 28,219 | Other Assets | 344 | - | ||||||||
Total Derivatives designated as hedging instruments | $ | 78,093 | $ | 413 | $ | ($3,895) | ||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is $46.5 million (based on a Yen to USD exchange rate of 101.33 as of June 30, 2014). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap is reflected in our statement of income (loss) for the second quarter of 2014 as a $18,000 loss. The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap associated with our 25% investment in Oslo Bulk AS. | ||||||||||||
The effect of derivative instruments designated as cash flow hedges on our condensed consolidated statement of income (loss) for the six months ended June 30, 2014 were as follows: | ||||||||||||
Gain(Loss) Recognized in OCI* | Location of Gain(Loss) Reclassified from AOCL** to Income | Amount of Gain(Loss) Reclassified from AOCL to Income | Gain/(Loss) Recognized in Income from Ineffective portion | |||||||||
(All Amounts in Thousands) | 2014 | 2014 | 2014 | |||||||||
Interest Rate Swaps | $ | -35 | Interest Expense | $ | 711 | $ | -32 | |||||
Foreign Exchange Contracts | - | Other Revenues | 149 | - | ||||||||
Total | $ | -35 | $ | 860 | $ | -32 | ||||||
* Other Comprehensive (Loss) Income | ||||||||||||
**Accumulated Other Comprehensive Loss | ||||||||||||
Interest Rate Swap Agreements | ||||||||||||
We enter into interest rate swap agreements to manage well-defined interest rate risks. We record the fair value of the interest rate swap as an asset or liability on the balance sheet. Currently, our interest rate swap is accounted for as an effective cash flow hedge with the exception of a small portion of one contract. Accordingly, the effective portion of the change in fair value of the swap is recorded in Other Comprehensive Income (Loss). | ||||||||||||
As of June 30, 2014, we had the following interest rate swap contract outstanding: | ||||||||||||
(All Amounts in Thousands) | ||||||||||||
Effective | Termination | Current | ||||||||||
Date | Date | Notional Amount* | Swap Rate | Type | ||||||||
3/15/09 | 9/15/20 | $ | 46,482 | 2.065 | % | Variable-to-Fixed | ||||||
Total: | $ | 46,482 | ||||||||||
*Notional amount converted from Yen at June 30, 2014 at a Yen to USD exchange rate of 101.33. | ||||||||||||
Foreign Currency Contracts | ||||||||||||
We enter into foreign exchange contracts to hedge certain firm foreign currency purchase commitments. During 2013, we entered into two forward purchase contracts for Mexican Pesos, which expire in December 2014. The first was for Mexican Pesos of $1.2 million U.S. Dollar equivalents at an exchange rate of 13.6103 and the second was for Mexican Pesos of $600,000 U.S. Dollar equivalents at an exchange rate of 13.3003. Our Mexican Peso foreign exchange contracts cover 60% of our projected Peso exposure. | ||||||||||||
In December 2013, we entered into three forward foreign exchange contracts totaling approximately 3.3 billion Yen in order to limit our exposure to currency fluctuations and to provide us with the option to fully pay off our current Yen Facility at an approximate exchange rate of 102.53 to $1.00. One of these contracts was exercised in March 2014 and one was exercised in June 2014. The remaining July contract for 3.1 billion Yen was rolled forward under four contracts, three of which coincide to the next three scheduled quarterly loan installments on September 2014, December 2014, and March 2015 of approximately 85 million Yen each with the remaining 2.885 billion Yen maturing in April 2015. Entering into these four contracts allows us to limit our exposure to currency fluctuations and provide us with the option to fully pay off our current Yen Facility at an approximate exchange rate of 102.26 to $1.00. These remaining contracts and related agreements with the current lender give us the option to convert the Yen Facility into a USD-based Facility with the current lender at this fixed exchange rate, but otherwise on the same terms and with the same collateral. As of the date of this report, we have not yet decided if or when to exercise this loan conversion option. These particular forward foreign exchange contracts do not qualify for hedge accounting treatment and are thus accounted for as economic hedges. | ||||||||||||
The following table summarizes the current notional values as of June 30, 2014, of these contracts: | ||||||||||||
(All Amounts in Thousands) | ||||||||||||
Transaction Date | Type of Currency | Amount Available in Dollars | Effective Date | Expiration Date | ||||||||
13-Nov | Peso | $ | 300 | 14-Jan | 14-Dec | |||||||
14-May | Yen | 830 | 14-May | 14-Sep | ||||||||
14-May | Yen | 831 | 14-May | 14-Dec | ||||||||
14-May | Yen | 832 | 14-May | 15-Mar | ||||||||
14-May | Yen | 28,219 | 14-May | 15-Apr | ||||||||
13-Aug | Peso | 600 | 14-Jan | 14-Dec | ||||||||
$ | 31,612 | |||||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||
Long-Term Debt | ' | ||||||||||||||
Note 11. Long-Term Debt | |||||||||||||||
On September 24, 2013, we entered into a new senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a revolving credit facility (“LOC”) in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. The Credit Facility has four lenders, each with commitments ranging from $15 million to $30 million. The facility carries an accordion feature, whereby an additional term loan up to $50 million may be advanced subject to certain financial requirements. | |||||||||||||||
In conjunction with entering into the new Credit Facility, we used the Credit Facility to refinance and retire all indebtedness outstanding under our previously-existing revolving credit facility scheduled to expire in September 2014 and our five-year variable rate financing agreement we entered into on November 30, 2012. As a result, both the old revolving credit facility and the old five-year variable rate facilities were terminated concurrently with the establishment of the new Credit Facility. The total amount paid off was approximately $46.6 million, with $21.0 million of this amount drawn from the new LOC. We categorized this refinancing as a debt extinguishment. The total fees associated with this facility included $1.4 million of bank fees and $148,000 of third party fees. All bank fees associated with the term loan facility were expensed during the third quarter of 2013, while all the fees associated with new LOC facility are being amortized over the term of the Credit Facility. | |||||||||||||||
As of the dates indicated below, long-term debt consisted of the following: | |||||||||||||||
Interest Rate | Total Principal Due | ||||||||||||||
(All Amount in Thousands) | June 30, | December 31, | Maturity | June 30, | December 31, | ||||||||||
Description | 2014 | 2013 | Date | 2014 | 2013 | ||||||||||
Secured: | |||||||||||||||
Notes Payable – Variable Rate | -1 | 2.7310 | % | 2.7451 | % | 2018 | $ | 13,743 | $ | 15,460 | |||||
Notes Payable – Variable Rate | 2.7304 | % | 2.7400 | % | 2018 | 43,240 | 45,081 | ||||||||
Notes Payable – Variable Rate | 2.5009 | % | 2.5188 | % | 2017 | 10,263 | 11,383 | ||||||||
Notes Payable – Variable Rate | 2.9036 | % | 2.9181 | % | 2018 | 11,360 | 12,780 | ||||||||
Notes Payable – Variable Rate | -1 | 2.7286 | % | 2.7384 | % | 2018 | 16,022 | 16,651 | |||||||
Notes Payable – Variable Rate | -2 | 3.6400 | % | 2.8964 | % | 2020 | 30,993 | 31,437 | |||||||
Notes Payable – Variable Rate | -3 | 3.9900 | % | 3.7500 | % | 2018 | 43,313 | 44,437 | |||||||
Secured Line of Credit | -3 | 3.9009 | % | 3.6700 | % | 2018 | 31,000 | 21,000 | |||||||
199,934 | 198,229 | ||||||||||||||
Less Current Maturities | -19,902 | -19,213 | |||||||||||||
$ | 180,032 | $ | 179,016 | ||||||||||||
1 | We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. | ||||||||||||||
2 | We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 5.565%. The swap agreement is for the same term as the associated note payable. | ||||||||||||||
3 | As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. | ||||||||||||||
All of our principal credit agreements and operating leases require us to comply with various loan covenants, including financial covenants that require minimum levels of net worth, working capital, liquidity, and interest expense or fixed charges coverage and a maximum amount of debt leverage. During first quarter of 2014, there was concern that we would be unable to meet all of our required debt covenants for the quarter. As of March 31, 2014, our principal senior secured lenders and two of our lessors agreed to, among other things, defer the date upon which we are required to attain a more stringent leverage ratio and increased liquidity from December 31, 2013 to June 30, 2014. Under these terms, we are required to maintain a consolidated leverage ratio of 4.50 to 1.0 through the fiscal quarter ending June 30, 2014, and 4.25 to 1.0 thereafter, and liquidity of not less than $15 million through June 30, 2014 and $20 million thereafter. As of June 30, 2014, we were in compliance with all of our debt covenants. | |||||||||||||||
Based on our expectations for improved performance over the next twelve months, we currently believe that we will be able to attain all of our financial covenants through the end of 2014. | |||||||||||||||
In addition to the restrictions under our new Credit Facility, certain of our loan agreements restrict the ability of our subsidiaries to dispose of collateralized assets or any other asset which is substantial in relation to our assets taken as a whole without the approval from the lender. We believe that we have consistently remained in compliance with this provision of these loan agreements. | |||||||||||||||
Other_Long_Term_Liabilities
Other Long Term Liabilities | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Long Term Liabilities [Abstract] | ' | |||||
Other Long Term Liabilities | ' | |||||
Note 12. Other Long Term Liabilities | ||||||
June 30, | December 31, | |||||
(All Amounts in Thousands) | 2014 | 2013 | ||||
Deferred Gains, net of Amortization | $ | 31,298 | $ | 34,009 | ||
Pension and Post Retirement | 10,110 | 10,339 | ||||
Alabama Lease Incentive | 6,313 | 6,887 | ||||
Insurance Reserves | 4,755 | 5,521 | ||||
Derivatives | 3,895 | 4,412 | ||||
Other | 2,283 | 4,138 | ||||
$ | 58,654 | $ | 65,306 | |||
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ' | |||||||||||||||||||||||
Stock Based Compensation | ' | |||||||||||||||||||||||
Note 13. Stock Based Compensation | ||||||||||||||||||||||||
We grant stock-based compensation in the form of (1) unrestricted stock awards to our independent Board of Directors and (2) restricted stock units (“RSUs”) to key executive personnel. These awards are granted under the International Shipholding Corporation 2011 Stock Incentive Plan (the “Plan”), which was approved by our stockholders in 2011. | ||||||||||||||||||||||||
Unrestricted Stock Awards | ||||||||||||||||||||||||
On January 15, 2013, we granted our independent directors an aggregate of 6,708 unrestricted shares of common stock from the Plan. On January 14, 2014, we granted our independent directors an aggregate of 4,470 unrestricted shares of common stock from the Plan. For the six months ended June 30, 2014 and 2013, our net income reflected approximately $60,000 of stock-based compensation expense charges related to these issuances, which had no effect on either basic or diluted earnings per share. | ||||||||||||||||||||||||
A summary of the activity for stock awards during the six months ended June 30, 2014, is as follows: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Shares | Weighted Average Fair Value Per Share | |||||||||||||||||||||||
Non-vested - December 31, 2013 | - | - | ||||||||||||||||||||||
Unrestricted Shares Granted | 4,470 | $ | 26.80 | |||||||||||||||||||||
Shares Vested | -4,470 | $ | 26.80 | |||||||||||||||||||||
Non-vested - June 30, 2014 | - | - | ||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||
General Terms | ||||||||||||||||||||||||
We grant restricted stock units to key executive personnel under the Plan. Each year, we have granted awards that vest based on continued service (“Time-Based RSUs”) as well as awards that vest based on a combination of performance metrics and continued service (“Performance-Based RSUs”). Our Time-Based RSUs generally vest one-third per year over a three-year period. Each of our Performance-Based RSUs represents the right to receive a maximum of one-and-a-half shares of common stock, depending upon performance. We grant two types of Performance-Based RSUs – one for which vesting is contingent upon an absolute metric, earnings per share (our “Absolute Performance-Based RSUs”), and another for which vesting is contingent upon our performance as measured against a relative metric, relative total shareholder return (our “Relative Performance-Based RSUs”) | ||||||||||||||||||||||||
For our top four executives, their Absolute Performance-Based RSUs vest and pay out in the year following the grant. For each other recipient, the Absolute Performance-Based RSUs vest and pay out one-third per year over the three years following grant, based on the achievement of the metric in the first year. With respect to the Relative Performance-Based RSUs, vesting is contingent upon our total stockholder return for a given period as compared to the companies comprising the Russell 2000 index for the same period. For our top four executives, the performance of their Relative Performance-Based RSUs is measured over a one-year period (the calendar year of the grant), while for each other recipient the performance of their Relative Performance-Based RSUs is measured at the end of the third year (through December 31 of the third year following the grant). For all RSUs, vesting is contingent upon continued employment with the Company except in certain limited circumstances. | ||||||||||||||||||||||||
For the three months ended June 30, 2014 and 2013, our net income reflected $355,000 and $418,000, respectively, of RSU stock-based compensation expense charges. For the six months ended June 30, 2014 and 2013, our net income reflected $771,000 and $661,000, respectively, of RSU stock-based compensation expense charges. | ||||||||||||||||||||||||
2012 Grants | ||||||||||||||||||||||||
In 2012, we achieved maximum performance on our Absolute Performance-Based RSUs, and 21,564 shares of common stock vested and were paid out in 2013. In May 2014, an additional 1,500 shares vested and were paid out. The remaining 1,500 RSUs will vest and pay out in May 2015. With respect to our Relative Performance-Based RSUs, for our top four executives, whose awards were measured over a one-year performance period, our relative rank was in the 27th percentile, and therefore those awards paid out at 53% of grant (21,564 shares of common stock) in 2013. Vesting of the remainder of Relative Performance-Based RSUs granted in 2012 is based on our relative TSR rank over a three-year measurement period, and therefore those 1,500 RSUs will vest and be paid out in 2015 based on our relative performance as determined following the end of the performance period (December 31, 2014). | ||||||||||||||||||||||||
2013 Grants | ||||||||||||||||||||||||
In 2013, we achieved maximum performance on our Absolute Performance-Based RSUs, and 8,450 shares of common stock vested and paid out on May 7, 2014. The remaining 3,525 RSUs will vest and pay out ratably in May 2015 and 2016. With respect to our Relative Performance-Based RSUs, for our top four executives, whose awards were measured over a one-year performance period, our relative rank was in the 79th percentile, and therefore those awards paid out at 150% of grant (20,064 shares of common stock) on May 7, 2014. The remainder of Relative Performance-Based RSUs granted in 2013 will vest based on our relative TSR rank over a three-year measurement period, and therefore those 3,525 RSUs will be vest and be paid out in 2016 based on our relative performance as determined following the end of the performance period (December 31, 2015). | ||||||||||||||||||||||||
2014 Grants | ||||||||||||||||||||||||
On January 28, 2014, we granted 7,950 Time-Based RSUs, 17,351 Absolute Performance-Based RSUs, and 17,349 Relative Performance-Based RSUs. | ||||||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The fair value of the service based awards was calculated based on the closing market price of our stock as of the grant date times the number of RSUs issued with no forfeitures assumed. For our 2014, 2013, and 2012 awards, we used the closing market price of our stock on January 28, 2014, April 23, 2013, and May 7, 2012 which was $25.95, $17.66, and $19.35 per share, respectively. The performance based RSUs are subject to vesting upon two different performance metrics: an Absolute Performance-Based metric based on targeted earnings per share and a Relative Performance-Based metric based on our total stockholder return over a given period as measured against that of the other companies in the Russell 2000 index. In order to calculate the fair value of our Absolute Performance-Based RSUs, we multiplied the closing market price of our stock as of the grant date times the number of RSU’s issued with no forfeitures assumed. We measured our Relative Performance-Based RSUs based on market conditions on the grant date. In order to derive the fair value of these awards, we used a Monte-Carlo simulation statistical technique to simulate our future stock prices and the components of the Russell 2000 Index. The stock prices were based upon the risk-free rate of return, the volatility of each entity, and the correlation of each entity with the Russell 2000 Index. We multiplied our ending simulated stock price by the payout percentage to determine a projected payout at the end of the performance period. The ending payout was then discounted, using the risk-free rate of return, to the grant date to determine the grant date fair value. Since 2014, 2013, and 2012 all provide for one year vesting (for the top four named executive officers) and three year vesting (for all other award recipients), a fair value was calculated separately for the one and three year awards for each year. | ||||||||||||||||||||||||
The following assumptions were used: | ||||||||||||||||||||||||
2014 Awards | 2013 Awards | 2012 Awards | ||||||||||||||||||||||
1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | |||||||||||||||||||
Stock Price | $ | 25.95 | $ | 25.95 | $ | 17.66 | $ | 17.66 | $ | 19.35 | $ | 19.35 | ||||||||||||
Expected Volatilities | 44.30 | % | 40.02 | % | 33.50 | % | 37.03 | % | 44.31 | % | 40.50 | % | ||||||||||||
Correlation Coefficients | 0.374 | 0.554 | 0.473 | 0.625 | 0.719 | 0.694 | ||||||||||||||||||
Risk Free Rate | 0.10 | % | 0.72 | % | 0.10 | % | 0.31 | % | 0.16 | % | 0.34 | % | ||||||||||||
Dividend Yield | 3.85 | % | 3.85 | % | 5.70 | % | 5.70 | % | 5.17 | % | 5.17 | % | ||||||||||||
Simulated Fair Value | $ | 23.03 | $ | 25.46 | $ | 15.33 | $ | 16.57 | $ | 17.73 | $ | 18.88 | ||||||||||||
Fair Value as a % of Grant | 88.74 | % | 98.10 | % | 86.81 | % | 93.83 | % | 91.63 | % | 97.57 | % | ||||||||||||
Our operating results, net income (loss) and net income (loss) before taxes for the periods set forth below include (i) the following amounts of compensation expense associated with the stock grants and RSUs and (ii) the related reductions in earnings per share: | ||||||||||||||||||||||||
Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Expense: | ||||||||||||||||||||||||
Stock Grants to Board of Directors | $ | 30,000 | $ | 30,000 | $ | 60,000 | $ | 60,000 | ||||||||||||||||
RSUs Awards to Officers | $ | 355,000 | $ | 418,000 | $ | 771,000 | $ | 661,000 | ||||||||||||||||
Related Reduction in | ||||||||||||||||||||||||
Earnings Per Share 1 | $ | -0.03 | $ | -0.02 | $ | -0.07 | $ | -0.05 | ||||||||||||||||
1 Same for basic and diluted earnings per share | ||||||||||||||||||||||||
In all cases, vesting is contingent upon continued employment with the company. A summary of the activity for the restricted stock awards during the six months ended June 30, 2014 is as follows: | ||||||||||||||||||||||||
Number of RSU's | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Non-vested - December 31, 2013 | 131,100 | $ | 18.77 | |||||||||||||||||||||
Additional Awards Granted | 15,138 | 16.63 | ||||||||||||||||||||||
Awards Granted | 42,650 | 24.99 | ||||||||||||||||||||||
Awards Exercised | -48,849 | 24.97 | ||||||||||||||||||||||
Awards Cancelled | -25,639 | 24.97 | ||||||||||||||||||||||
Non-vested - June 30, 2014 | 114,400 | $ | 22.07 | |||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Stockholders' Equity [Abstract] | ' | |||||||
Stockholders' Equity | ' | |||||||
Note 14. Stockholders’ Equity | ||||||||
A summary of the changes in Stockholders’ equity for the six months ended June 30, 2014, is as follows: | ||||||||
Stockholders' | ||||||||
(All Amounts in Thousands) | Equity | |||||||
Balance December 31, 2013 | $ | 336,540 | ||||||
Net Loss | -3,881 | |||||||
Common Stock Dividends* | -3,715 | |||||||
Preferred Stock Dividends | -2,611 | |||||||
Unrealized Foreign Currency Translation Gain | 17 | |||||||
Net Change in Fair Value of Derivatives | -35 | |||||||
Net Change in Funding Status of Defined Benefit Plan | 151 | |||||||
Issuance of stock-based compensation | 192 | |||||||
Balance June 30, 2014 | $ | 326,658 | ||||||
*Includes $76,000 of dividends accrued but not paid during the period | ||||||||
Stock Repurchase Program | ||||||||
On January 25, 2008, the Company’s Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of the Company’s common stock. We expect that any share repurchases under this program will be made from time to time for cash in open market transactions at prevailing market prices. The timing and amount of any purchases under the program will be determined by management based upon market conditions and other factors. In 2008, we repurchased 491,572 shares of our common stock for $11.5 million. Thereafter, we suspended repurchases until the second quarter of 2010, when we repurchased 223,051 shares of our common stock for $5.2 million. Unless and until the Board otherwise provides, this authorization will remain open indefinitely, or until we reach the approved 1,000,000 share limit. | ||||||||
This table provides certain information with respect to the Company’s purchase of shares of its common stock during the three months ended June 30, 2014: | ||||||||
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plan | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plan | ||||
April 1, 2014 - April 30, 2014 | - | - | - | 285,377 | ||||
May 1, 2014 - May 31, 2014 | - | - | - | 285,377 | ||||
June 1, 2014 - June 30, 2014 | - | - | - | 285,377 | ||||
Dividend Payments | ||||||||
During the six months ended June 30, 2014, we paid cash dividends in respect to our common stock as follows: | ||||||||
(All Amounts in Thousands Except per Share Data ) | Total | |||||||
Per Share | Dividend | |||||||
Record Date | Payment Date | Amount | Paid | |||||
17-Feb-14 | 3-Mar-14 | $ | 0.250 | $ | 1,813 | |||
16-May-14 | 3-Jun-14 | $ | 0.250 | 1,826 | ||||
$ | 3,639 | |||||||
During the six months ended June 30, 2014, we paid cash dividends in respect of our Series A and Series B Cumulative Perpetual Preferred Stock as follows: | ||||||||
(All Amounts in Thousands Except per Share Data ) | Total | |||||||
Per Share | Dividend | |||||||
Record Date | Series | Payment Date | Amount | Paid | ||||
29-Jan-14 | A | 30-Jan-14 | $ | 2.375 | $ | 594 | ||
29-Jan-14 | B | 30-Jan-14 | $ | 2.250 | 712 | |||
29-Apr-14 | A | 30-Apr-14 | $ | 2.375 | 594 | |||
29-Apr-14 | B | 30-Apr-14 | $ | 2.250 | 711 | |||
$ | 2,611 | |||||||
Preferred_Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2014 | |
Preferred Stock [Abstract] | ' |
Preferred Stock | ' |
Note 15. Preferred Stock | |
Series A Issuance | |
On February 21, 2013, we sold 250,000 shares of our 9.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $1.00 par value per share, with a liquidation preference of $100.00 per share. | |
Subject to the declaration of dividends by our Board of Directors, cumulative dividends on the Series A Preferred Stock are payable at a rate of 9.50% per annum per $100.00 liquidation preference per share, starting from the date of original issue, February 21, 2013. Dividends accumulate quarterly in arrears on each January 30, April 30, July 30 and October 30. However, the dividends are payable only if declared by our Board of Directors and must come from funds legally available for dividend payments. On January 7, 2014, the Board of Directors declared a dividend of $2.375 per share on our Series A Preferred Stock for the preferred stockholders of record as of January 29, 2014, which was paid on January 30, 2014. On April 9, 2014, the Board of Directors declared a dividend of $2.375 per share on our Series A Preferred Stock for the preferred stockholders of record as of April 29, 2014, which was paid on April 30, 2014. On July 7, 2014, the Board of Directors declared a dividend of $2.375 per share on our 9.5% Series A Cumulative Perpetual Preferred Stock to preferred stockholders of record on July 29, 2014, which was paid on July 30, 2014. As of June 30, 2014, we had no accumulated unpaid dividends for our Series A preferred stock. | |
Commencing on April 30, 2018, we may redeem, at our option, the Series A Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control” occurs, we will have the option to redeem the Series A Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or other mandatory redemption, and are not convertible into or exchangeable for any of our other securities. | |
Holders of the Series A Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series A Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances. | |
Net proceeds from the issuance of the Series A Preferred Shares were approximately $23.4 million, net of underwriter discounts and related costs totaling approximately $1.6 million. | |
Series B Issuance | |
On August 1, 2013, we sold 316,250 shares of our 9.00% Series B Cumulative Redeemable Perpetual Preferred Stock, $1.00 par value per share, with a liquidation preference of $100.00 per share, including 41,250 shares sold pursuant to an over-allotment option granted to the underwriters for the offering. | |
Subject to the declaration of dividends by our Board of Directors, cumulative dividends on the Series B Preferred Stock are payable at a rate of 9.00% per annum per $100.00 liquidation preference per share, starting from the date of original issue, August 1, 2013. Dividends accumulate quarterly in arrears on each January 30, April 30, July 30 and October 30. However, the dividends are payable only if declared by our board of directors and must come from funds legally available for dividend payments. On January 7, 2014, the Board of Directors declared a dividend of $2.25 per share on our Series B Preferred Stock for the preferred stockholders of record as of January 29, 2014, which was paid on January 30, 2014. On April 9, 2014, the Board of Directors declared a dividend of $2.25 per share on our Series B Preferred Stock for the preferred stockholders of record as of April 29, 2014, which was paid on April 30, 2014. On July 7, 2014, the Board of Directors declared a dividend of $2.25 per share 9.0% Series B Cumulative Perpetual Preferred Stock to preferred stockholders of record on July 29, 2014, which was paid on July 30, 2014. As of June 30, 2014, we had no accumulated unpaid dividends for our Series B preferred stock. | |
Commencing on October 30, 2018, we may redeem, at our option, the Series B Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control” occurs, we will have the option to redeem the Series B Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series B Preferred Shares have no stated maturity, are not subject to any sinking fund or other mandatory redemption, and are not convertible into or exchangeable for any of our other securities. | |
Holders of the Series B Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series B Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances. | |
Net proceeds from the issuance of the Series B Preferred Shares were approximately $30.0 million, net of underwriter discounts and related costs totaling approximately $1.6 million. | |
Changes_In_Accumulated_Other_C
Changes In Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Changes In Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||||
Changes In Accumulated Other Comprehensive Loss | ' | |||||||||||||
Note 16. Changes in Accumulated Other Comprehensive Loss | ||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ||||||||||||||
For the three months ending June 30, 2014 | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance April 1, 2014 | $ | -4,270 | $ | -439 | $ | -9,042 | $ | -13,751 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassification | 326 | 42 | - | 368 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income (loss) | -370 | - | -24 | -394 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income (loss) | -44 | 42 | -24 | -26 | ||||||||||
Ending balance as of June 30, 2014 | $ | -4,314 | $ | -397 | $ | -9,066 | $ | -13,777 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss | ||||||||||||||
For the three months ending June 30, 2014 | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | -352 | Interest expense | |||||||||||
Foreign exchange contracts | -18 | Other revenues | ||||||||||||
-370 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
-370 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | -26 | A&G Expense | ||||||||||||
Actuarial losses | 51 | A&G Expense | ||||||||||||
25 | Total before tax | |||||||||||||
-49 | Tax (expense) or benefit | |||||||||||||
-24 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | -394 | Net of tax | |||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ||||||||||||||
For the three months ending June 30, 2013 | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance April 1, 2013 | $ | -6,805 | $ | -310 | $ | -16,933 | $ | -24,048 | ||||||
Other comprehensive income | ||||||||||||||
before reclassification | 620 | 206 | - | 826 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income | 342 | - | 310 | 652 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income | 962 | 206 | 310 | 1,478 | ||||||||||
Ending balance as of June 30, 2013 | $ | -5,843 | $ | -104 | $ | -16,623 | $ | -22,570 | ||||||
*The fair value balance as of June 30, 2013, includes a negative $722,503 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss | ||||||||||||||
For the three months ending June 30, 2013 | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | 248 | Interest expense | |||||||||||
Foreign exchange contracts | 94 | Other revenues | ||||||||||||
342 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
342 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 24 | A&G Expense | ||||||||||||
Actuarial losses | 286 | A&G Expense | ||||||||||||
310 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
310 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 652 | Net of tax | |||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ||||||||||||||
For the six months ending June 30, 2014 | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance as of January 1, 2014 | $ | -4,279 | $ | -414 | $ | -9,217 | $ | -13,910 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassification | 793 | 17 | - | 810 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income (loss) | -828 | - | 151 | -677 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income (loss) | -35 | 17 | 151 | 133 | ||||||||||
Ending balance as of June 30, 2014 | $ | -4,314 | $ | -397 | $ | -9,066 | $ | -13,777 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss | ||||||||||||||
For the six months ending June 30, 2014 | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | -679 | Interest expense | |||||||||||
Foreign exchange contracts | -149 | Other revenues | ||||||||||||
-828 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
-828 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 49 | A&G Expense | ||||||||||||
Actuarial losses | 151 | A&G Expense | ||||||||||||
200 | Total before tax | |||||||||||||
-49 | Tax (expense) or benefit | |||||||||||||
151 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | -677 | Net of tax | |||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ||||||||||||||
For the six months ending June 30, 2013 | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance as of January 1, 2013 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | -24,946 | ||||||
Other comprehensive income | ||||||||||||||
before reclassification | 795 | 246 | - | 1,041 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income | 714 | - | 621 | 1,335 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income | 1,509 | 246 | 621 | 2,376 | ||||||||||
Ending balance as of June 30, 2013 | $ | -5,843 | $ | -104 | $ | -16,623 | $ | -22,570 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $722,503 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss | ||||||||||||||
For the six months ending June 30, 2013 | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | 649 | Interest expense | |||||||||||
Foreign exchange contracts | 65 | Other revenues | ||||||||||||
714 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
714 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 48 | A&G Expense | ||||||||||||
Actuarial losses | 573 | A&G Expense | ||||||||||||
621 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
621 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 1,335 | Net of tax | |||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 17. Earnings Per Share | |||||||||||||
We compute basic earnings per share based on the weighted average number of common shares outstanding during the relevant periods. Diluted earnings per share also reflect dilutive potential common shares, including shares issuable under restricted stock units using the treasury stock method. The calculation of basic and diluted earnings per share is as follows: | |||||||||||||
(All Amounts in Thousands Except per Share Data) | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator | |||||||||||||
Net (Loss) Income | $ | -664 | $ | 1,859 | $ | -3,881 | $ | 3,512 | |||||
Preferred Stock Dividends | -1,305 | -594 | -2,611 | -845 | |||||||||
Net (Loss) Income Available to Common Stockholders | $ | -1,969 | $ | 1,265 | $ | -6,492 | $ | 2,667 | |||||
Denominator | |||||||||||||
Weighted Average Shares of Common Stock | |||||||||||||
Outstanding: | |||||||||||||
Basic | 7,281,807 | 7,239,780 | 7,267,023 | 7,226,415 | |||||||||
Plus: | |||||||||||||
Effect of dilutive restrictive stock | - | 23,426 | - | 21,962 | |||||||||
Diluted | 7,281,807 | 7,263,206 | 7,267,023 | 7,248,377 | |||||||||
Basic Earnings Per Common Share: | |||||||||||||
Net (Loss) Income per share - Basic | $ | -0.27 | $ | 0.17 | $ | -0.89 | $ | 0.37 | |||||
Net (Loss) Income per share - Diluted: | $ | -0.27 | $ | 0.17 | $ | -0.89 | $ | 0.37 | |||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
Note 18. Fair Value Measurements | |||||||||
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Under ASC 820, the price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, and (iii) able and willing to complete a transaction. | |||||||||
Fair value measurements require the use of valuation techniques that are consistent with one or more of the following: the market approach, the income approach or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. The fair value of our interest rate swap agreements is based upon the approximate amounts required to settle the contracts. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In that regard, ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||
§ | Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||
§ | Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (including interest rates, volatilities, prepayment speeds, credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. | ||||||||
§ | Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2014, segregated by the above-described levels of valuation inputs: | |||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 413 | $ | - | $ | 413 | |
Derivative Liabilities | $ | - | $ | -3,895 | $ | - | $ | -3,895 | |
The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximated their fair value at June 30, 2014 and December 31, 2013. We estimated the fair value of our variable rate long-term debt at June 30, 2014, including current maturities, to equal approximately $199.9 million due to the variable rate nature of the debt as well as to the underlying value of the collateral. We have determined that credit risk is not a material factor. | |||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
Note 19. New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standard Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, to amend Accounting Standards Codification Topic 605, “Revenue Recognition”. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning on or after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of the adoption of this standard. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation”, to give explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public business entities and all other entities. We are currently evaluating the impact of the adoption of this standard. | |
Prior_Period_Revision
Prior Period Revision | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Prior Period Revision [Abstract] | ' | ||||||||||||
Prior Period Revision | ' | ||||||||||||
Note 20. Prior Period Revision | |||||||||||||
In the first quarter of 2014, we elected to revise our prior year financial statements in accordance with Accounting Bulletin No. 108 (SAB 108) for three previously uncorrected misstatements which impacted the fourth quarter of 2013. The corrections are immaterial to our financial statements for the period ended December 31, 2013. Accordingly, we corrected the balance sheet impact of these errors by revising our previously issued financial statements in our first quarter 10-Q filing. The first revision related to the cutoff of voyage revenues which resulted in a decrease in revenue and a decrease in voyage expenses for a net adjustment to pre-tax income of $70,000. The second correction related to the classification of the short-term and long-term portions of a related party note receivable. This revision decreased our short term note receivable and increased our long term note receivable by $275,000. The third revision related to an increase in our long-term deferred tax assets and a decrease to our deferred income tax expense by $305,000. The total effect of the revisions on retained earnings was an increase of $375,000 for the year ended December 31, 2013. The income statement effect of these entries will be revised in our financial statements for the twelve month period ended December 31, 2013 when the 2013 income statement or related data derived there from is included in one of our subsequent filings under the federal security laws. The financial statement line items impacted by these revisions by more than 1% are presented in the table below in thousands: | |||||||||||||
2013 | |||||||||||||
Financial Statement Line Item | Dollar Impact | As Previously Reported | % Impact | 2013 As Revised | |||||||||
Provision (Benefit) for Income Taxes | $ | -305 | $ | -11,963 | 2.54 | % | $ | -12,268 | |||||
Net Income | $ | 375 | $ | 18,157 | 2.07 | % | $ | 18,532 | |||||
Comprehensive Income | $ | 375 | $ | 29,163 | 1.2 | % | $ | 29,538 | |||||
Note: The impact of these revisions on Revenue, Voyage Expense, Total Operating Expenses, Operating Income, Income Before Provision (Benefit) for Income Taxes and Equity in Net Loss of Unconsolidated Entities, Retained Earnings, Stockholders’ Equity, Current Assets, Non-Current Assets, Current Liabilities, and Non-Current Liabilities was less than 1% of each line item, respectively. | |||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 21. Subsequent Events | |
During the second quarter of 2014, we executed two indicative term sheets with lenders for the proposed refinancing of a 1999 International Flag PCTC vessel and the repurchase of a 2007 U.S. Flag PCTC vessel pursuant to a negotiated purchase option under its current operating lease. The 2007 PCTC vessel was previously sold and leased back to us in the first quarter of 2012. Both of the above transactions allows us to take advantage of attractive interest rates and extend the period of our payment obligations relating to these vessels. As currently proposed, each of the new facilities would extend our payment maturities out to the third quarter of 2020 and 2021, respectively. We expect to enter into definitive documents with respect to both of these facilities in the third quarter of 2014, but cannot provide any assurances to this effect. | |
As previously disclosed, we are in the process of moving our Corporate Headquarters back to the city of New Orleans. In the first quarter of 2014, we purchased a historical building with plans to renovate and expand the facility. In order to finance a portion of the new construction, we have executed an indicative term sheet with a lender which grants us an option to convert the construction loan to a ten-year loan. We expect to enter into definitive loan documents by the end of the year, but cannot provide any assurances to this effect. We anticipate that the building renovation and expansion will be completed prior to the end of 2015. | |
Operating_Segments_Tables
Operating Segments (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||||
Segment Profit And Loss | ' | |||||||||||||||||||||
(All Amounts in Thousands) | Jones Act | Pure Car Truck Carriers | Dry Bulk Carriers | Rail Ferry | Specialty Contracts | Other | Total | |||||||||||||||
2014 | ||||||||||||||||||||||
Fixed Revenue | $ | 33,216 | $ | 15,295 | $ | 1,758 | $ | - | $ | 8,487 | $ | - | $ | 58,756 | ||||||||
Variable Revenue | - | 3,858 | 3,505 | 9,739 | 911 | -17 | 17,996 | |||||||||||||||
Total Revenue from External Customers | 33,216 | 19,153 | 5,263 | 9,739 | 9,398 | -17 | 76,752 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -4,321 | -4,321 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 4,321 | 4,321 | |||||||||||||||
Voyage Expenses | 27,181 | 16,903 | 3,412 | 7,870 | 8,446 | -487 | 63,325 | |||||||||||||||
Loss (Income) of Unconsolidated Entities | - | - | 89 | 39 | -48 | - | 80 | |||||||||||||||
Gross Voyage Profit | $ | 6,035 | $ | 2,250 | $ | 1,762 | $ | 1,830 | $ | 1,000 | $ | 470 | $ | 13,347 | ||||||||
Gross Voyage Profit Margin | 18 | % | 12 | % | 33 | % | 19 | % | 11 | % | 2765 | % | 17 | % | ||||||||
2013 | ||||||||||||||||||||||
Fixed Revenue | $ | 27,725 | $ | 16,804 | $ | 665 | $ | - | $ | 5,835 | $ | - | $ | 51,029 | ||||||||
Variable Revenue | - | 8,286 | 4,188 | 9,523 | 1,671 | 200 | 23,868 | |||||||||||||||
Total Revenue from External Customers | 27,725 | 25,090 | 4,853 | 9,523 | 7,506 | 200 | 74,897 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -5,519 | -5,519 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 5,519 | 5,519 | |||||||||||||||
Voyage Expenses | 22,204 | 20,453 | 4,473 | 7,762 | 6,539 | 77 | 61,508 | |||||||||||||||
Loss of Unconsolidated Entities | - | - | 7 | 68 | - | - | 75 | |||||||||||||||
Gross Voyage Profit | $ | 5,521 | $ | 4,637 | $ | 373 | $ | 1,693 | $ | 967 | $ | 123 | $ | 13,314 | ||||||||
Gross Voyage Profit Margin | 20 | % | 18 | % | 8 | % | 18 | % | 13 | % | 62 | % | 18 | % | ||||||||
The following table presents information about segment profit and loss for the six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||||||||||
SIX MONTHS ENDED June 30, 2014 | ||||||||||||||||||||||
COMPARED TO THE SIX MONTHS ENDED June 30, 2013 | ||||||||||||||||||||||
(All Amounts in Thousands) | Jones Act | Pure Car Truck Carriers | Dry Bulk Carriers | Rail Ferry | Specialty Contracts | Other | Total | |||||||||||||||
2014 | ||||||||||||||||||||||
Fixed Revenue | $ | 62,315 | $ | 30,911 | $ | 3,284 | $ | - | $ | 17,188 | $ | - | $ | 113,698 | ||||||||
Variable Revenue | - | 7,799 | 7,094 | 17,667 | 3,158 | 30 | 35,748 | |||||||||||||||
Total Revenue from External Customers | 62,315 | 38,710 | 10,378 | 17,667 | 20,346 | 30 | 149,446 | |||||||||||||||
Intersegment Revenues(Eliminated) | - | - | - | - | - | -8,642 | -8,642 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 8,642 | 8,642 | |||||||||||||||
Voyage Expenses | 52,057 | 34,101 | 7,055 | 14,912 | 18,646 | -814 | 125,957 | |||||||||||||||
Loss (Income) of Unconsolidated Entities | - | - | 169 | 67 | -48 | - | 188 | |||||||||||||||
Gross Voyage Profit | $ | 10,258 | $ | 4,609 | $ | 3,154 | $ | 2,688 | $ | 1,748 | $ | 844 | $ | 23,301 | ||||||||
Gross Voyage Profit Margin | 16 | % | 12 | % | 30 | % | 15 | % | 9 | % | 2813 | % | 16 | % | ||||||||
2013 | ||||||||||||||||||||||
Fixed Revenue | $ | 59,579 | $ | 33,757 | $ | 1,538 | $ | - | $ | 12,667 | $ | - | $ | 107,541 | ||||||||
Variable Revenue | 19,207 | 7,549 | 18,697 | 2,526 | 501 | 48,480 | ||||||||||||||||
Total Revenue from External Customers | 59,579 | 52,964 | 9,087 | 18,697 | 15,193 | 501 | 156,021 | |||||||||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -11,038 | -11,038 | |||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 11,038 | 11,038 | |||||||||||||||
Voyage Expenses | 47,694 | 43,926 | 9,674 | 15,482 | 14,037 | 286 | 131,099 | |||||||||||||||
Loss of Unconsolidated Entities | - | - | 338 | 7 | - | - | 345 | |||||||||||||||
Gross Voyage Profit (Loss) | $ | 11,885 | $ | 9,038 | $ | -925 | $ | 3,208 | $ | 1,156 | $ | 215 | $ | 24,577 | ||||||||
Gross Voyage Profit Margin | 20 | % | 17 | % | -10 | % | 17 | % | 8 | % | 43 | % | 16 | % | ||||||||
Reconciliation Of The Totals Reported For The Operating Segments | ' | |||||||||||||||||||||
Three Months Ended June 30, | Year to date as of June 30, | |||||||||||||||||||||
(All Amounts in Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues | $ | 76,752 | $ | 74,897 | $ | 149,446 | $ | 156,021 | ||||||||||||||
Voyage Expenses* | 63,325 | 61,508 | 125,957 | 131,099 | ||||||||||||||||||
Net Loss of Unconsolidated Entities | 80 | 75 | 188 | 345 | ||||||||||||||||||
Gross Voyage Profit | 13,347 | 13,314 | 23,301 | 24,577 | ||||||||||||||||||
Vessel Depreciation | 6,517 | 5,804 | 13,238 | 11,575 | ||||||||||||||||||
Other Depreciation | 18 | 11 | 36 | 34 | ||||||||||||||||||
Gross Profit | 6,812 | 7,499 | 10,027 | 12,968 | ||||||||||||||||||
Other Operating Expenses: | ||||||||||||||||||||||
Administrative and General Expenses | 5,232 | 6,170 | 10,811 | 11,603 | ||||||||||||||||||
Less: Net Loss of Unconsolidated Entities | -80 | -75 | -188 | -345 | ||||||||||||||||||
Total Other Operating Expenses | 5,152 | 6,095 | 10,623 | 11,258 | ||||||||||||||||||
Operating Income (Loss) | $ | 1,660 | $ | 1,404 | $ | -596 | $ | 1,710 | ||||||||||||||
* Includes Intangible Amortization | ||||||||||||||||||||||
Inventory_Tables
Inventory (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventory [Abstract] | ' | ||||||
Inventory By Class | ' | ||||||
(All Amounts in Thousands) | June 30, | December 31, | |||||
Inventory Classes | 2014 | 2013 | |||||
Spare Parts Inventory | $ | 4,039 | $ | 3,968 | |||
Fuel Inventory | 4,080 | 4,663 | |||||
Warehouse Inventory | 2,655 | 2,691 | |||||
$ | 10,774 | $ | 11,322 | ||||
Investment_In_Unconsolidated_E1
Investment In Unconsolidated Entities (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investment In Unconsolidated Entities [Abstract] | ' | ||||||||||||
Summarized Equity In Net (Loss) Income Of Unconsolidated Entities | ' | ||||||||||||
Three Months ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(All Amounts in Thousands) | |||||||||||||
Oslo Bulk, AS | $ | -25 | $ | -137 | $ | -87 | $ | -97 | |||||
Oslo Bulk Holding Pte, Ltd | -64 | 132 | -82 | -240 | |||||||||
Terminales Transgolfo, S . A . D E C . V . | -39 | -70 | -67 | -8 | |||||||||
Saltholmen Shipping, Ltd | 48 | - | 48 | - | |||||||||
Total Equity in Net Loss of Unconsolidated Entities | $ | -80 | $ | -75 | $ | -188 | $ | -345 | |||||
Goodwill_Other_Intangible_Asse1
Goodwill, Other Intangible Assets, And Deferred Charges (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | ' | ||||||||||||||||
Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges | ' | ||||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Amortization Period | Balance at March 31, 2014 | Additions | Amortization | Reclassified | Balance at June 30, 2014 | ||||||||||||
Indefinite Life Intangibles | |||||||||||||||||
Goodwill | n/a | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | |||||||
Definite Life Intangibles | |||||||||||||||||
Trade names - FSI | 240 months | $ | 59 | $ | - | $ | -1 | $ | - | $ | 58 | ||||||
Trade names - UOS | 96 months | 1,505 | - | -56 | - | 1,449 | |||||||||||
Customer Relationships - FSI | 240 months | 391 | - | -5 | - | 386 | |||||||||||
Customer Relationships - UOS | 96 months | 25,772 | - | -967 | - | 24,805 | |||||||||||
Total Definite Life Intangibles | $ | 27,727 | $ | - | $ | -1,029 | $ | - | $ | 26,698 | |||||||
Deferred Charges | |||||||||||||||||
Drydocking Costs | various | $ | 23,936 | $ | 2,323 | $ | -4,457 | $ | 482 | $ | 22,284 | ||||||
Financing Charges and Other | various | 2,792 | 277 | -154 | 76 | 2,991 | |||||||||||
Total Deferred Charges | $ | 26,728 | $ | 2,600 | $ | -4,611 | $ | 558 | $ | 25,275 | |||||||
Amortization expense for intangible assets was approximately $2.1 million and $3.1 million for the six months ended June 30, 2014 and 2013, respectively. Amortization expense for deferred charges was approximately $8.9 million and $4.2 million for the six months ended June 30, 2014 and 2013, respectively. The following table presents the rollforward of goodwill, other intangible assets, and deferred charges as of June 30, 2014: | |||||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Amortization Period | Balance at December 31, 2013 | Additions | Amortization | Reclassified | Balance at June 30, 2014 | ||||||||||||
Indefinite Life Intangibles | |||||||||||||||||
Goodwill | n/a | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | - | $ | 2,735 | |||||||
Definite Life Intangibles | |||||||||||||||||
Trade names - FSI | 240 months | $ | 60 | $ | - | $ | -2 | $ | - | $ | 58 | ||||||
Trade names - UOS | 96 months | 1,561 | - | -112 | - | 1,449 | |||||||||||
Customer Relationships - FSI | 240 months | 396 | - | -10 | - | 386 | |||||||||||
Customer Relationships - UOS | 96 months | 26,739 | - | -1,934 | - | 24,805 | |||||||||||
Total Definite Life Intangibles | $ | 28,756 | $ | - | $ | -2,058 | $ | - | $ | 26,698 | |||||||
Deferred Charges | |||||||||||||||||
Drydocking Costs | various | $ | 26,428 | $ | 4,098 | $ | -8,591 | $ | 349 | $ | 22,284 | ||||||
Financing Charges and Other | various | 2,881 | 339 | -305 | 76 | 2,991 | |||||||||||
Total Deferred Charges | $ | 29,309 | $ | 4,437 | $ | -8,896 | $ | 425 | $ | 25,275 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Components Of Net Periodic Benefit Cost | ' | ||||||||||||
Pension Plan | Postretirement Benefits | ||||||||||||
(All Amounts in Thousands) | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 155 | $ | 190 | $ | 4 | $ | 6 | |||||
Interest cost | 381 | 336 | 144 | 119 | |||||||||
Expected return on plan assets | -571 | -557 | - | - | |||||||||
Amortization of prior service cost | -1 | -1 | 25 | 25 | |||||||||
Amortization of Net Loss | 1 | 223 | -1 | 63 | |||||||||
Net periodic benefit cost | $ | -35 | $ | 191 | $ | 172 | $ | 213 | |||||
The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the six months ended June 30, 2014 and 2013: | |||||||||||||
Pension Plan | Postretirement Benefits | ||||||||||||
(All Amounts in Thousands) | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 309 | $ | 380 | $ | 7 | $ | 12 | |||||
Interest cost | 762 | 672 | 289 | 238 | |||||||||
Expected return on plan assets | -1,226 | -1,114 | - | - | |||||||||
Amortization of prior service cost | -1 | -2 | 50 | 50 | |||||||||
Amortization of Net Loss | 64 | 447 | 87 | 126 | |||||||||
Net periodic benefit cost | $ | -92 | $ | 383 | $ | 433 | $ | 426 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Notional And Fair Value Of Derivative Instruments | ' | |||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
2014 | 2014 | |||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||
(All Amounts in Thousands) | Amount | Location | Location | |||||||||
Interest Rate Swaps - L/T* | $ | 46,482 | $ | - | Other Liabilities | $ | -3,895 | |||||
Foreign Exchange Contracts | 3,392 | Other Current Assets | 69 | - | ||||||||
Foreign Exchange Contracts | 28,219 | Other Assets | 344 | - | ||||||||
Total Derivatives designated as hedging instruments | $ | 78,093 | $ | 413 | $ | ($3,895) | ||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is $46.5 million (based on a Yen to USD exchange rate of 101.33 as of June 30, 2014). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap is reflected in our statement of income (loss) for the second quarter of 2014 as a $18,000 loss. The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap associated with our 25% investment in Oslo Bulk AS. | ||||||||||||
Derivative Instruments, Effect On Other Comprehensive Income (Loss) | ' | |||||||||||
Gain(Loss) Recognized in OCI* | Location of Gain(Loss) Reclassified from AOCL** to Income | Amount of Gain(Loss) Reclassified from AOCL to Income | Gain/(Loss) Recognized in Income from Ineffective portion | |||||||||
(All Amounts in Thousands) | 2014 | 2014 | 2014 | |||||||||
Interest Rate Swaps | $ | -35 | Interest Expense | $ | 711 | $ | -32 | |||||
Foreign Exchange Contracts | - | Other Revenues | 149 | - | ||||||||
Total | $ | -35 | $ | 860 | $ | -32 | ||||||
* Other Comprehensive (Loss) Income | ||||||||||||
**Accumulated Other Comprehensive Loss | ||||||||||||
Interest Rate Derivatives | ' | |||||||||||
(All Amounts in Thousands) | ||||||||||||
Effective | Termination | Current | ||||||||||
Date | Date | Notional Amount* | Swap Rate | Type | ||||||||
3/15/09 | 9/15/20 | $ | 46,482 | 2.065 | % | Variable-to-Fixed | ||||||
Total: | $ | 46,482 | ||||||||||
*Notional amount converted from Yen at June 30, 2014 at a Yen to USD exchange rate of 101.33. | ||||||||||||
Notional Amount Of Foreign Exchange Contracts | ' | |||||||||||
(All Amounts in Thousands) | ||||||||||||
Transaction Date | Type of Currency | Amount Available in Dollars | Effective Date | Expiration Date | ||||||||
13-Nov | Peso | $ | 300 | 14-Jan | 14-Dec | |||||||
14-May | Yen | 830 | 14-May | 14-Sep | ||||||||
14-May | Yen | 831 | 14-May | 14-Dec | ||||||||
14-May | Yen | 832 | 14-May | 15-Mar | ||||||||
14-May | Yen | 28,219 | 14-May | 15-Apr | ||||||||
13-Aug | Peso | 600 | 14-Jan | 14-Dec | ||||||||
$ | 31,612 | |||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||
Schedule Of Long-Term Debt | ' | ||||||||||||||
Interest Rate | Total Principal Due | ||||||||||||||
(All Amount in Thousands) | June 30, | December 31, | Maturity | June 30, | December 31, | ||||||||||
Description | 2014 | 2013 | Date | 2014 | 2013 | ||||||||||
Secured: | |||||||||||||||
Notes Payable – Variable Rate | -1 | 2.7310 | % | 2.7451 | % | 2018 | $ | 13,743 | $ | 15,460 | |||||
Notes Payable – Variable Rate | 2.7304 | % | 2.7400 | % | 2018 | 43,240 | 45,081 | ||||||||
Notes Payable – Variable Rate | 2.5009 | % | 2.5188 | % | 2017 | 10,263 | 11,383 | ||||||||
Notes Payable – Variable Rate | 2.9036 | % | 2.9181 | % | 2018 | 11,360 | 12,780 | ||||||||
Notes Payable – Variable Rate | -1 | 2.7286 | % | 2.7384 | % | 2018 | 16,022 | 16,651 | |||||||
Notes Payable – Variable Rate | -2 | 3.6400 | % | 2.8964 | % | 2020 | 30,993 | 31,437 | |||||||
Notes Payable – Variable Rate | -3 | 3.9900 | % | 3.7500 | % | 2018 | 43,313 | 44,437 | |||||||
Secured Line of Credit | -3 | 3.9009 | % | 3.6700 | % | 2018 | 31,000 | 21,000 | |||||||
199,934 | 198,229 | ||||||||||||||
Less Current Maturities | -19,902 | -19,213 | |||||||||||||
$ | 180,032 | $ | 179,016 | ||||||||||||
1 | We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. | ||||||||||||||
2 | We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 5.565%. The swap agreement is for the same term as the associated note payable. | ||||||||||||||
3 | As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. | ||||||||||||||
Other_Long_Term_Liabilities_Ta
Other Long Term Liabilities (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Long Term Liabilities [Abstract] | ' | |||||
Other Long Term Liabilities | ' | |||||
June 30, | December 31, | |||||
(All Amounts in Thousands) | 2014 | 2013 | ||||
Deferred Gains, net of Amortization | $ | 31,298 | $ | 34,009 | ||
Pension and Post Retirement | 10,110 | 10,339 | ||||
Alabama Lease Incentive | 6,313 | 6,887 | ||||
Insurance Reserves | 4,755 | 5,521 | ||||
Derivatives | 3,895 | 4,412 | ||||
Other | 2,283 | 4,138 | ||||
$ | 58,654 | $ | 65,306 | |||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ' | |||||||||||||||||||||||
Summary Of Activity For Stock Awards | ' | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Shares | Weighted Average Fair Value Per Share | |||||||||||||||||||||||
Non-vested - December 31, 2013 | - | - | ||||||||||||||||||||||
Unrestricted Shares Granted | 4,470 | $ | 26.80 | |||||||||||||||||||||
Shares Vested | -4,470 | $ | 26.80 | |||||||||||||||||||||
Non-vested - June 30, 2014 | - | - | ||||||||||||||||||||||
Schedule Of Assumptions Used | ' | |||||||||||||||||||||||
2014 Awards | 2013 Awards | 2012 Awards | ||||||||||||||||||||||
1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | |||||||||||||||||||
Stock Price | $ | 25.95 | $ | 25.95 | $ | 17.66 | $ | 17.66 | $ | 19.35 | $ | 19.35 | ||||||||||||
Expected Volatilities | 44.30 | % | 40.02 | % | 33.50 | % | 37.03 | % | 44.31 | % | 40.50 | % | ||||||||||||
Correlation Coefficients | 0.374 | 0.554 | 0.473 | 0.625 | 0.719 | 0.694 | ||||||||||||||||||
Risk Free Rate | 0.10 | % | 0.72 | % | 0.10 | % | 0.31 | % | 0.16 | % | 0.34 | % | ||||||||||||
Dividend Yield | 3.85 | % | 3.85 | % | 5.70 | % | 5.70 | % | 5.17 | % | 5.17 | % | ||||||||||||
Simulated Fair Value | $ | 23.03 | $ | 25.46 | $ | 15.33 | $ | 16.57 | $ | 17.73 | $ | 18.88 | ||||||||||||
Fair Value as a % of Grant | 88.74 | % | 98.10 | % | 86.81 | % | 93.83 | % | 91.63 | % | 97.57 | % | ||||||||||||
Schedule Of Compensation Expense And Reductions In Earnings Per Share | ' | |||||||||||||||||||||||
Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Expense: | ||||||||||||||||||||||||
Stock Grants to Board of Directors | $ | 30,000 | $ | 30,000 | $ | 60,000 | $ | 60,000 | ||||||||||||||||
RSUs Awards to Officers | $ | 355,000 | $ | 418,000 | $ | 771,000 | $ | 661,000 | ||||||||||||||||
Related Reduction in | ||||||||||||||||||||||||
Earnings Per Share 1 | $ | -0.03 | $ | -0.02 | $ | -0.07 | $ | -0.05 | ||||||||||||||||
1 Same for basic and diluted earnings per share | ||||||||||||||||||||||||
Summary Of RSU Activity And Related Information | ' | |||||||||||||||||||||||
Number of RSU's | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Non-vested - December 31, 2013 | 131,100 | $ | 18.77 | |||||||||||||||||||||
Additional Awards Granted | 15,138 | 16.63 | ||||||||||||||||||||||
Awards Granted | 42,650 | 24.99 | ||||||||||||||||||||||
Awards Exercised | -48,849 | 24.97 | ||||||||||||||||||||||
Awards Cancelled | -25,639 | 24.97 | ||||||||||||||||||||||
Non-vested - June 30, 2014 | 114,400 | $ | 22.07 | |||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Stockholders' Equity [Abstract] | ' | |||||||
Summary Of Changes In Stockholders' Equity | ' | |||||||
Stockholders' | ||||||||
(All Amounts in Thousands) | Equity | |||||||
Balance December 31, 2013 | $ | 336,540 | ||||||
Net Loss | -3,881 | |||||||
Common Stock Dividends* | -3,715 | |||||||
Preferred Stock Dividends | -2,611 | |||||||
Unrealized Foreign Currency Translation Gain | 17 | |||||||
Net Change in Fair Value of Derivatives | -35 | |||||||
Net Change in Funding Status of Defined Benefit Plan | 151 | |||||||
Issuance of stock-based compensation | 192 | |||||||
Balance June 30, 2014 | $ | 326,658 | ||||||
*Includes $76,000 of dividends accrued but not paid during the period | ||||||||
Issuer Purchases Of Equity Securities | ' | |||||||
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plan | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plan | ||||
April 1, 2014 - April 30, 2014 | - | - | - | 285,377 | ||||
May 1, 2014 - May 31, 2014 | - | - | - | 285,377 | ||||
June 1, 2014 - June 30, 2014 | - | - | - | 285,377 | ||||
Cash Dividends Paid | ' | |||||||
(All Amounts in Thousands Except per Share Data ) | Total | |||||||
Per Share | Dividend | |||||||
Record Date | Payment Date | Amount | Paid | |||||
17-Feb-14 | 3-Mar-14 | $ | 0.250 | $ | 1,813 | |||
16-May-14 | 3-Jun-14 | $ | 0.250 | 1,826 | ||||
$ | 3,639 | |||||||
During the six months ended June 30, 2014, we paid cash dividends in respect of our Series A and Series B Cumulative Perpetual Preferred Stock as follows: | ||||||||
(All Amounts in Thousands Except per Share Data ) | Total | |||||||
Per Share | Dividend | |||||||
Record Date | Series | Payment Date | Amount | Paid | ||||
29-Jan-14 | A | 30-Jan-14 | $ | 2.375 | $ | 594 | ||
29-Jan-14 | B | 30-Jan-14 | $ | 2.250 | 712 | |||
29-Apr-14 | A | 30-Apr-14 | $ | 2.375 | 594 | |||
29-Apr-14 | B | 30-Apr-14 | $ | 2.250 | 711 | |||
$ | 2,611 | |||||||
Changes_In_Accumulated_Other_C1
Changes In Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Changes In Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||||
Changes In Accumulated Other Comprehensive Loss By Component | ' | |||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance April 1, 2014 | $ | -4,270 | $ | -439 | $ | -9,042 | $ | -13,751 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassification | 326 | 42 | - | 368 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income (loss) | -370 | - | -24 | -394 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income (loss) | -44 | 42 | -24 | -26 | ||||||||||
Ending balance as of June 30, 2014 | $ | -4,314 | $ | -397 | $ | -9,066 | $ | -13,777 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance April 1, 2013 | $ | -6,805 | $ | -310 | $ | -16,933 | $ | -24,048 | ||||||
Other comprehensive income | ||||||||||||||
before reclassification | 620 | 206 | - | 826 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income | 342 | - | 310 | 652 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income | 962 | 206 | 310 | 1,478 | ||||||||||
Ending balance as of June 30, 2013 | $ | -5,843 | $ | -104 | $ | -16,623 | $ | -22,570 | ||||||
*The fair value balance as of June 30, 2013, includes a negative $722,503 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation (Loss) Income | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance as of January 1, 2014 | $ | -4,279 | $ | -414 | $ | -9,217 | $ | -13,910 | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassification | 793 | 17 | - | 810 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income (loss) | -828 | - | 151 | -677 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income (loss) | -35 | 17 | 151 | 133 | ||||||||||
Ending balance as of June 30, 2014 | $ | -4,314 | $ | -397 | $ | -9,066 | $ | -13,777 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Total | ||||||||||
Beginning balance as of January 1, 2013 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | -24,946 | ||||||
Other comprehensive income | ||||||||||||||
before reclassification | 795 | 246 | - | 1,041 | ||||||||||
Amount reclassified from accumulated | ||||||||||||||
other comprehensive income | 714 | - | 621 | 1,335 | ||||||||||
Net current-period other | ||||||||||||||
comprehensive income | 1,509 | 246 | 621 | 2,376 | ||||||||||
Ending balance as of June 30, 2013 | $ | -5,843 | $ | -104 | $ | -16,623 | $ | -22,570 | ||||||
*The fair value balance as of June 30, 2014, includes a negative $722,503 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Loss | ' | |||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | -352 | Interest expense | |||||||||||
Foreign exchange contracts | -18 | Other revenues | ||||||||||||
-370 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
-370 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | -26 | A&G Expense | ||||||||||||
Actuarial losses | 51 | A&G Expense | ||||||||||||
25 | Total before tax | |||||||||||||
-49 | Tax (expense) or benefit | |||||||||||||
-24 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | -394 | Net of tax | |||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | 248 | Interest expense | |||||||||||
Foreign exchange contracts | 94 | Other revenues | ||||||||||||
342 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
342 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 24 | A&G Expense | ||||||||||||
Actuarial losses | 286 | A&G Expense | ||||||||||||
310 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
310 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 652 | Net of tax | |||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | -679 | Interest expense | |||||||||||
Foreign exchange contracts | -149 | Other revenues | ||||||||||||
-828 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
-828 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 49 | A&G Expense | ||||||||||||
Actuarial losses | 151 | A&G Expense | ||||||||||||
200 | Total before tax | |||||||||||||
-49 | Tax (expense) or benefit | |||||||||||||
151 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | -677 | Net of tax | |||||||||||
(All Amounts in Thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||||||
Gains and losses on derivatives fair value | ||||||||||||||
Interest rate contracts | $ | 649 | Interest expense | |||||||||||
Foreign exchange contracts | 65 | Other revenues | ||||||||||||
714 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
714 | Net of tax | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | 48 | A&G Expense | ||||||||||||
Actuarial losses | 573 | A&G Expense | ||||||||||||
621 | Total before tax | |||||||||||||
- | Tax (expense) or benefit | |||||||||||||
621 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 1,335 | Net of tax | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculation Of Basic And Diluted Earnings Per Share | ' | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator | |||||||||||||
Net (Loss) Income | $ | -664 | $ | 1,859 | $ | -3,881 | $ | 3,512 | |||||
Preferred Stock Dividends | -1,305 | -594 | -2,611 | -845 | |||||||||
Net (Loss) Income Available to Common Stockholders | $ | -1,969 | $ | 1,265 | $ | -6,492 | $ | 2,667 | |||||
Denominator | |||||||||||||
Weighted Average Shares of Common Stock | |||||||||||||
Outstanding: | |||||||||||||
Basic | 7,281,807 | 7,239,780 | 7,267,023 | 7,226,415 | |||||||||
Plus: | |||||||||||||
Effect of dilutive restrictive stock | - | 23,426 | - | 21,962 | |||||||||
Diluted | 7,281,807 | 7,263,206 | 7,267,023 | 7,248,377 | |||||||||
Basic Earnings Per Common Share: | |||||||||||||
Net (Loss) Income per share - Basic | $ | -0.27 | $ | 0.17 | $ | -0.89 | $ | 0.37 | |||||
Net (Loss) Income per share - Diluted: | $ | -0.27 | $ | 0.17 | $ | -0.89 | $ | 0.37 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Summary Of Financial Assets And Financial Liabilities Measured At Fair Value On A Recurring And Non-Recurring Basis | ' | ||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 413 | $ | - | $ | 413 | |
Derivative Liabilities | $ | - | $ | -3,895 | $ | - | $ | -3,895 | |
Prior_Period_Revision_Tables
Prior Period Revision (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Prior Period Revision [Abstract] | ' | ||||||||||||
Schedule Of Financial Statement Line Items Impacted By Revisions By More Than 1% | ' | ||||||||||||
2013 | |||||||||||||
Financial Statement Line Item | Dollar Impact | As Previously Reported | % Impact | 2013 As Revised | |||||||||
Provision (Benefit) for Income Taxes | $ | -305 | $ | -11,963 | 2.54 | % | $ | -12,268 | |||||
Net Income | $ | 375 | $ | 18,157 | 2.07 | % | $ | 18,532 | |||||
Comprehensive Income | $ | 375 | $ | 29,163 | 1.2 | % | $ | 29,538 | |||||
Basis_Of_Preparation_Details
Basis Of Preparation (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Preparation [Abstract] | ' |
Minimum percentage of ownership considered for consolidation (in hundredths) | 50.00% |
Minimum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 20.00% |
Maximum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 50.00% |
Maximum percentage of ownership considered for cost method of accounting for investments (in hundredths) | 20.00% |
Out_Of_Period_Adjustments_Deta
Out Of Period Adjustments (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
Out Of Period Adjustments [Abstract] | ' | ' |
Possible decrease to pre-tax loss due to error | ' | $108,000 |
Possible decrease to net loss due to error | ' | 61,000 |
Increase to pre-tax income due to correction of error | 108,000 | ' |
Decrease to net loss due to correction of error | $61,000 | ' |
Operating_Segments_Segment_Pro
Operating Segments (Segment Profit And Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
segment | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Number of operating segments | ' | ' | 6 | ' | ||||
Fixed Revenue | $58,756 | $51,029 | $113,698 | $107,541 | ||||
Variable Revenue | 17,996 | 23,868 | 35,748 | 48,480 | ||||
Total Revenues | 76,752 | 74,897 | 149,446 | 156,021 | ||||
Revenues | 76,752 | 74,897 | 149,446 | 156,021 | ||||
Expenses | 75,092 | 73,493 | 150,042 | 154,311 | ||||
Voyage Expenses | 63,325 | [1] | 61,508 | [1] | 125,957 | [1] | 131,099 | [1] |
Loss (Income) of Unconsolidated Entities | 80 | 75 | 188 | 345 | ||||
Gross Voyage Profit (Loss) | 13,347 | 13,314 | 23,301 | 24,577 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 17.00% | 18.00% | 16.00% | 16.00% | ||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | -4,321 | -5,519 | -8,642 | -11,038 | ||||
Revenues | -4,321 | -5,519 | -8,642 | -11,038 | ||||
Expenses | 4,321 | 5,519 | 8,642 | 11,038 | ||||
External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 76,752 | 74,897 | 149,446 | 156,021 | ||||
Revenues | 76,752 | 74,897 | 149,446 | 156,021 | ||||
Jones Act [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Fixed Revenue | 33,216 | 27,725 | 62,315 | 59,579 | ||||
Voyage Expenses | 27,181 | 22,204 | 52,057 | 47,694 | ||||
Gross Voyage Profit (Loss) | 6,035 | 5,521 | 10,258 | 11,885 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 18.00% | 20.00% | 16.00% | 20.00% | ||||
Jones Act [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 33,216 | 27,725 | 62,315 | 59,579 | ||||
Revenues | 33,216 | 27,725 | 62,315 | 59,579 | ||||
PCTC [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Fixed Revenue | 15,295 | 16,804 | 30,911 | 33,757 | ||||
Variable Revenue | 3,858 | 8,286 | 7,799 | 19,207 | ||||
Voyage Expenses | 16,903 | 20,453 | 34,101 | 43,926 | ||||
Gross Voyage Profit (Loss) | 2,250 | 4,637 | 4,609 | 9,038 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 12.00% | 18.00% | 12.00% | 17.00% | ||||
PCTC [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 19,153 | 25,090 | 38,710 | 52,964 | ||||
Revenues | 19,153 | 25,090 | 38,710 | 52,964 | ||||
Dry Bulk Carriers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Fixed Revenue | 1,758 | 665 | 3,284 | 1,538 | ||||
Variable Revenue | 3,505 | 4,188 | 7,094 | 7,549 | ||||
Voyage Expenses | 3,412 | 4,473 | 7,055 | 9,674 | ||||
Loss (Income) of Unconsolidated Entities | 89 | 7 | 169 | 338 | ||||
Gross Voyage Profit (Loss) | 1,762 | 373 | 3,154 | -925 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 33.00% | 8.00% | 30.00% | -10.00% | ||||
Dry Bulk Carriers [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 5,263 | 4,853 | 10,378 | 9,087 | ||||
Revenues | 5,263 | 4,853 | 10,378 | 9,087 | ||||
Rail-Ferry Service [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Variable Revenue | 9,739 | 9,523 | 17,667 | 18,697 | ||||
Voyage Expenses | 7,870 | 7,762 | 14,912 | 15,482 | ||||
Loss (Income) of Unconsolidated Entities | 39 | 68 | 67 | 7 | ||||
Gross Voyage Profit (Loss) | 1,830 | 1,693 | 2,688 | 3,208 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 19.00% | 18.00% | 15.00% | 17.00% | ||||
Rail-Ferry Service [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 9,739 | 9,523 | 17,667 | 18,697 | ||||
Revenues | 9,739 | 9,523 | 17,667 | 18,697 | ||||
Specialty Contracts [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Fixed Revenue | 8,487 | 5,835 | 17,188 | 12,667 | ||||
Variable Revenue | 911 | 1,671 | 3,158 | 2,526 | ||||
Voyage Expenses | 8,446 | 6,539 | 18,646 | 14,037 | ||||
Loss (Income) of Unconsolidated Entities | -48 | ' | -48 | ' | ||||
Gross Voyage Profit (Loss) | 1,000 | 967 | 1,748 | 1,156 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 11.00% | 13.00% | 9.00% | 8.00% | ||||
Specialty Contracts [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | 9,398 | 7,506 | 20,346 | 15,193 | ||||
Revenues | 9,398 | 7,506 | 20,346 | 15,193 | ||||
Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Variable Revenue | -17 | 200 | 30 | 501 | ||||
Voyage Expenses | -487 | 77 | -814 | 286 | ||||
Gross Voyage Profit (Loss) | 470 | 123 | 844 | 215 | ||||
Gross Voyage Profit Margin Percentage (in hundredths) | 2765.00% | 62.00% | 2813.00% | 43.00% | ||||
Other [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | -4,321 | -5,519 | -8,642 | -11,038 | ||||
Revenues | -4,321 | -5,519 | -8,642 | -11,038 | ||||
Expenses | 4,321 | 5,519 | 8,642 | 11,038 | ||||
Other [Member] | External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total Revenues | -17 | 200 | 30 | 501 | ||||
Revenues | ($17) | $200 | $30 | $501 | ||||
[1] | Includes Intangible Amortization |
Operating_Segments_Reconciliat
Operating Segments (Reconciliation Of The Totals Reported For The Operating Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Operating Segments [Abstract] | ' | ' | ' | ' | ||||
Total Revenues | $76,752 | $74,897 | $149,446 | $156,021 | ||||
Voyage Expenses | 63,325 | [1] | 61,508 | [1] | 125,957 | [1] | 131,099 | [1] |
Gross Voyage Profit | 13,347 | 13,314 | 23,301 | 24,577 | ||||
Vessel Depreciation | 6,517 | 5,804 | 13,238 | 11,575 | ||||
Other Depreciation | 18 | 11 | 36 | 34 | ||||
Gross Profit | 6,812 | 7,499 | 10,027 | 12,968 | ||||
Administrative and General Expenses | 5,232 | 6,170 | 10,811 | 11,603 | ||||
Less: Net Loss of Unconsolidated Entities | -80 | -75 | -188 | -345 | ||||
Total Other Operating Expenses | 5,152 | 6,095 | 10,623 | 11,258 | ||||
Operating Income (Loss) | $1,660 | $1,404 | ($596) | $1,710 | ||||
[1] | Includes Intangible Amortization |
Inventory_Details
Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Spare Parts Inventory | $4,039 | $3,968 |
Fuel Inventory | 4,080 | 4,663 |
Warehouse Inventory | 2,655 | 2,691 |
Inventory | $10,774 | $11,322 |
Investment_In_Unconsolidated_E2
Investment In Unconsolidated Entities (Narrative) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Payment for investment in Unconsolidated Entities | $7,886 | $500 |
Saltholmen Shipping Ltd. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity investee ownership interest | 30.00% | ' |
Payment for investment in Unconsolidated Entities | 5,800 | ' |
Saltholmen Shipping Ltd. [Member] | Chemical Tankers [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Number of vessels contracted to build | 2 | ' |
Brattholmen Shipping Ltd. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity investee ownership interest | 30.00% | ' |
Payment for investment in Unconsolidated Entities | $2,000 | ' |
Brattholmen Shipping Ltd. [Member] | Asphalt Tankers [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Number of vessels owned or operated | 2 | ' |
Investment_In_Unconsolidated_E3
Investment In Unconsolidated Entities (Summarized Equity In Net (Loss) Income Of Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Equity in Net Loss of Unconsolidated Entities | ($80) | ($75) | ($188) | ($345) |
Oslo Bulk, AS [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Equity in Net Loss of Unconsolidated Entities | -25 | -137 | -87 | -97 |
Oslo Bulk Holding Pte, Ltd (formerly Tony Bulkers) [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Equity in Net Loss of Unconsolidated Entities | -64 | 132 | -82 | -240 |
Terminales Transgolfo, S.A. DE C.V. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Equity in Net Loss of Unconsolidated Entities | -39 | -70 | -67 | -8 |
Saltholmen Shipping Ltd. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Equity in Net Loss of Unconsolidated Entities | $48 | ' | $48 | ' |
Goodwill_Other_Intangible_Asse2
Goodwill, Other Intangible Assets, And Deferred Charges (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | ' | ' | ' | ' |
Definite Life Intangibles, Amortization | $1,029 | $1,281 | $2,058 | $3,148 |
Amortization expense for deferred charges | $4,600 | $2,300 | $8,896 | $4,239 |
Goodwill_Other_Intangible_Asse3
Goodwill, Other Intangible Assets, And Deferred Charges (Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning Balance | $2,735 | ' | $2,735 | ' |
Goodwill, Ending Balance | 2,735 | ' | 2,735 | ' |
Total Indefinite Life Intangibles, Beginning Balance | 2,735 | ' | 2,735 | ' |
Total Indefinite Life Intangibles, Ending Balance | 2,735 | ' | 2,735 | ' |
Definite Life Intangibles, Beginning Balance | 27,727 | ' | 28,756 | ' |
Definite Life Intangibles, Amortization | -1,029 | -1,281 | -2,058 | -3,148 |
Definite Life Intangibles, Ending Balance | 26,698 | ' | 26,698 | ' |
Drydocking Costs, Beginning Balance | 23,936 | ' | 26,428 | ' |
Drydocking Costs, Additions | 2,323 | ' | 4,098 | ' |
Drydocking Costs, Amortization | -4,457 | ' | -8,591 | ' |
Drydocking Costs, Reclassified | 482 | ' | 349 | ' |
Drydocking Costs, Ending Balance | 22,284 | ' | 22,284 | ' |
Financing Charges and Other, Beginning Balance | 2,792 | ' | 2,881 | ' |
Financing Charges and Other, Additions | 277 | ' | 339 | ' |
Financing Charges and Other, Amortization | -154 | ' | -305 | ' |
Financing Charges and Other, Reclassified | 76 | ' | 76 | ' |
Financing Charges and Other, Ending Balance | 2,991 | ' | 2,991 | ' |
Total Deferred Charges, Beginning Balance | 26,728 | ' | 29,309 | ' |
Total Deferred Charges, Additions | 2,600 | ' | 4,437 | ' |
Total Deferred Charges, Amortization | -4,611 | ' | -8,896 | ' |
Total Deferred Charges, Reclassified | 558 | ' | 425 | ' |
Total Deferred Charges, Ending Balance | 25,275 | ' | 25,275 | ' |
Trade Names [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | ' | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization period | '240 months | ' | '240 months | ' |
Definite Life Intangibles, Beginning Balance | 59 | ' | 60 | ' |
Definite Life Intangibles, Amortization | -1 | ' | -2 | ' |
Definite Life Intangibles, Ending Balance | 58 | ' | 58 | ' |
Trade Names [Member] | United Ocean Services, LLC [Member] | ' | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization period | '96 months | ' | '96 months | ' |
Definite Life Intangibles, Beginning Balance | 1,505 | ' | 1,561 | ' |
Definite Life Intangibles, Amortization | -56 | ' | -112 | ' |
Definite Life Intangibles, Ending Balance | 1,449 | ' | 1,449 | ' |
Customer Relationships [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | ' | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization period | '240 months | ' | '240 months | ' |
Definite Life Intangibles, Beginning Balance | 391 | ' | 396 | ' |
Definite Life Intangibles, Amortization | -5 | ' | -10 | ' |
Definite Life Intangibles, Ending Balance | 386 | ' | 386 | ' |
Customer Relationships [Member] | United Ocean Services, LLC [Member] | ' | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization period | '96 months | ' | '96 months | ' |
Definite Life Intangibles, Beginning Balance | 25,772 | ' | 26,739 | ' |
Definite Life Intangibles, Amortization | -967 | ' | -1,934 | ' |
Definite Life Intangibles, Ending Balance | $24,805 | ' | $24,805 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Provision (benefit) for income taxes | $653 | $15 | ($229) | $50 | ($12,268) |
(Loss) income before taxes and equity in net loss unconsolidated entities | $69 | $1,949 | ($3,922) | $3,907 | ' |
Corporate tax rate | ' | ' | 35.00% | 35.00% | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Jun. 30, 2014 | Jun. 26, 2014 |
In Millions, unless otherwise specified | U.S. Customs And Border Protection [Member] | |
item | ||
Commitments And Contingencies [Line Items] | ' | ' |
Outstanding letters of credit | $9.50 | ' |
Number of affiliates that allegedly failed to properly report the importation of spare parts consumed by vessels | ' | 2 |
Amount of proposed duty | ' | 2.1 |
Amount of proposed penalty on assessment | ' | $8.40 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Employee Benefit Plans [Abstract] | ' |
Contribution to pension plan | $300,000 |
Expected contribution to pension plan before December 31, 2014 | $300,000 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $155 | $190 | $309 | $380 |
Interest cost | 381 | 336 | 762 | 672 |
Expected return on plan assets | -571 | -557 | -1,226 | -1,114 |
Amortization of prior service cost | -1 | -1 | -1 | -2 |
Amortization of Net Loss | 1 | 223 | 64 | 447 |
Net periodic benefit cost | -35 | 191 | -92 | 383 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 4 | 6 | 7 | 12 |
Interest cost | 144 | 119 | 289 | 238 |
Amortization of prior service cost | 25 | 25 | 50 | 50 |
Amortization of Net Loss | -1 | 63 | 87 | 126 |
Net periodic benefit cost | $172 | $213 | $433 | $426 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2014 | ||
USD ($) | contract | JPY (¥) | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contract 1 [Member] | Foreign Exchange Contract 1 [Member] | Foreign Exchange Contract 2 [Member] | Foreign Exchange Contract 2 [Member] | July Foreign Exchange Contract [Member] | ||
contract | contract | USD ($) | USD ($) | USD ($) | MXN | USD ($) | MXN | JPY (¥) | ||||
item | ||||||||||||
contract | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum potential future exposure on derivatives | $3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized loss related to derivative instruments included in accumulated other comprehensive loss | ' | ' | ' | 4,300,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | |
Number of forward purchase contracts | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of foreign currency derivatives held | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | 4 | |
Number of contracts which coincide to the next three scheduled quarterly loan installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | |
Number of quarterly loan installments coincided by contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | |
Derivatives, current notional amount | 46,482,000 | [1] | ' | 3,300,000,000 | ' | ' | ' | 1,200,000 | ' | 600,000 | ' | 3,100,000,000 |
Exchange rate | ' | ' | 102.53 | ' | ' | ' | ' | 13.6103 | ' | 13.3003 | ' | |
Projected Peso exposure represented by Mexican Peso foreign exchange contracts (in hundredths) | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | |
Number of expired contracts | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Approximate amount of quarterly loan installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | |
Approximate exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.26 | |
Derivatives, notional amount remaining after quarterly loan installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ¥ 2,885,000,000 | |
[1] | Notional amount converted from Yen at June 30, 2014 at a Yen to USD exchange rate of 101.33. |
Derivative_Instruments_Notiona
Derivative Instruments (Notional And Fair Value Of Derivative Instruments) (Details) | 3 Months Ended | ||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
USD ($) | JPY (¥) | Designated as Hedging Instrument [Member] | Interest Rate Swap - LT [Member] | Interest Rate Swap - LT [Member] | Other Liabilities [Member] | Other Current Assets [Member] | Other Assets [Member] | Oslo Bulk, AS [Member] | Oslo Bulk, AS [Member] | ||||
USD ($) | USD ($) | JPY (¥) | Interest Rate Swap - LT [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | |||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset derivatives, current notional amount | $31,612,000 | ' | ' | ' | ' | ' | $3,392,000 | $28,219,000 | ' | ' | |||
Liability derivatives, current notional amount | ' | ' | ' | 46,482,000 | [1] | ' | ' | ' | ' | ' | ' | ||
Derivatives, current notional amount | 46,482,000 | [2] | 3,300,000,000 | 78,093,000 | ' | ' | ' | ' | ' | ' | ' | ||
Asset derivatives, fair value | ' | ' | 413,000 | ' | ' | ' | 69,000 | 344,000 | ' | ' | |||
Liability derivatives, fair value | ' | ' | -3,895,000 | ' | ' | -3,895,000 | [1] | ' | ' | ' | ' | ||
Exchange rate | ' | 102.53 | ' | ' | 101.33 | ' | ' | ' | ' | ' | |||
Original funding of vessel's delivery cost (in hundredths) | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revised funding of vessel's delivery cost (in hundredths) | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reduction in funding of vessel's delivery cost (in hundredths) | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Change in fair value related to ineffective portion of derivative instrument, loss | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Negative balance related to an interest rate swap in Oslo Bulk AS | ' | ' | ' | ' | ' | ' | ' | ' | $555,000 | ' | |||
Ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | |||
[1] | We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is $46.5 million (based on a Yen to USD exchange rate of 101.33 as of June 30, 2014). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vesselbs delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap is reflected in our statement of income (loss) for the second quarter of 2014 as a $18,000 loss. The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap associated with our 25% investment in Oslo Bulk AS. | ||||||||||||
[2] | Notional amount converted from Yen at June 30, 2014 at a Yen to USD exchange rate of 101.33. |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Gain (Loss) Recognized in OCI | ($35) | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 860 | |
Gain/(Loss) Recognized in Income from Ineffective portion | -32 | |
Interest Rate Swaps [Member] | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Gain (Loss) Recognized in OCI | -35 | [1] |
Gain/(Loss) Recognized in Income from Ineffective portion | -32 | |
Interest Rate Swaps [Member] | Interest Expense [Member] | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Amount of Gain (Loss) Reclassified from AOCI to Income | 711 | |
Foreign Exchange Contracts [Member] | Other Revenues [Member] | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Amount of Gain (Loss) Reclassified from AOCI to Income | $149 | |
[1] | Other Comprehensive (Loss) Income |
Derivative_Instruments_Interes
Derivative Instruments (Interest Rate Derivatives) (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | ||
USD ($) | JPY (¥) | Swap 3 [Member] | Swap 3 [Member] | |||
USD ($) | JPY (¥) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ||
Effective Date | ' | ' | 15-Mar-09 | 15-Mar-09 | ||
Termination Date | ' | ' | 15-Sep-20 | 15-Sep-20 | ||
Derivatives, current notional amount | $46,482,000 | [1] | ¥ 3,300,000,000 | $46,482,000 | [1] | ' |
Swap Rate (in thousandths) | ' | ' | 2.07% | 2.07% | ||
Type | ' | ' | 'Variable-to-Fixed | 'Variable-to-Fixed | ||
Exchange rate | ' | 102.53 | ' | 101.33 | ||
[1] | Notional amount converted from Yen at June 30, 2014 at a Yen to USD exchange rate of 101.33. |
Derivative_Instruments_Notiona1
Derivative Instruments (Notional Amount Of Foreign Exchange Contracts) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Derivative [Line Items] | ' |
Derivatives, current notional amount | $31,612 |
Foreign Exchange Contract 1 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-08 |
Derivatives, current notional amount | 600 |
Effective Date | '2014-01 |
Expiration Date | '2014-12 |
Foreign Exchange Contract 2 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-11 |
Derivatives, current notional amount | 300 |
Effective Date | '2014-01 |
Expiration Date | '2014-12 |
Foreign Exchange Contract 3 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2014-05 |
Derivatives, current notional amount | 830 |
Effective Date | '2014-05 |
Expiration Date | '2014-09 |
Foreign Exchange Contract 4 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2014-05 |
Derivatives, current notional amount | 831 |
Effective Date | '2014-05 |
Expiration Date | '2014-12 |
Foreign Exchange Contract 5 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2014-05 |
Derivatives, current notional amount | 832 |
Effective Date | '2014-05 |
Expiration Date | '2015-03 |
Foreign Exchange Contract 6 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2014-05 |
Derivatives, current notional amount | $28,219 |
Effective Date | '2014-05 |
Expiration Date | '2015-04 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Jun. 30, 2014 | Sep. 24, 2013 | |
Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Standby Letters Of Credit [Member] | Swingline Loans [Member] | Line Of Credit Facility [Member] | Line Of Credit Facility [Member] | Variable Rate Financing Agreement [Member] | ||||
item | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | ' |
Number of lenders | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Lender commitments, minimum | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' |
Lender commitments, maximum | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' |
Amount of additional term loan | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' |
Variable rate financing agreement term | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount paid off | ' | ' | ' | ' | ' | ' | ' | 46,600,000 | ' | ' |
Amount drawn from line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 |
Bank fees | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' |
Third party fees | ' | ' | ' | 148,000 | ' | ' | ' | ' | ' | ' |
Line of credit | ' | ' | 50,000,000 | ' | ' | 20,000,000 | 5,000,000 | ' | ' | ' |
Consolidated Leverage Ratio through June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' |
Future Consolidated Leverage Ratio after June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' |
Minimum Liquidity Amount through June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Minimum Future Liquidity Amount after June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2013 | Jun. 20, 2011 | Jun. 20, 2011 | Jan. 24, 2012 | Nov. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Jun. 30, 2014 | Jun. 20, 2011 | ||||||||||||
Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2020 [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Secured Line Of Credit [Member] | Secured Line Of Credit [Member] | Senior Secured Credit Facility [Member] | Standby Letters Of Credit [Member] | Swingline Loans [Member] | ING Bank [Member] | ING Bank [Member] | ||||||||||||||||
Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2017 [Member] | Notes Payable - Variable Rate 2017 [Member] | Notes Payable - Variable Rate 2018c [Member] | Notes Payable - Variable Rate 2018c [Member] | Notes Payable - Variable Rate 2018d [Member] | Notes Payable - Variable Rate 2018d [Member] | Notes Payable - Variable Rate 2020 [Member] | Notes Payable - Variable Rate 2020 [Member] | Notes Payable - Variable Rate 2018e [Member] | Notes Payable - Variable Rate 2018e [Member] | item | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 2.73% | [1] | 2.75% | [1] | 2.73% | 2.74% | 2.50% | 2.52% | 2.90% | 2.92% | 2.73% | [1] | 2.74% | [1] | 3.64% | [2] | 2.90% | [2] | 3.99% | [3] | 3.75% | [3] | 3.90% | [3] | 3.67% | [3] | ' | ' | ' | ' | ' | ||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | [1] | ' | '2018 | ' | '2017 | ' | '2018 | ' | '2018 | [1] | ' | '2020 | [2] | ' | '2018 | [3] | ' | '2018 | [3] | ' | ' | ' | ' | ' | ' | |||||||
Total Principal Due | $199,934,000 | [1] | $198,229,000 | [1] | ' | ' | ' | ' | ' | ' | $13,743,000 | [1] | $15,460,000 | [1] | $43,240,000 | $45,081,000 | $10,263,000 | $11,383,000 | $11,360,000 | $12,780,000 | $16,022,000 | [1] | $16,651,000 | [1] | $30,993,000 | [2] | $31,437,000 | [2] | $43,313,000 | [3] | $44,437,000 | [3] | $31,000,000 | [3] | $21,000,000 | [3] | ' | ' | ' | ' | ' |
Less current maturities | -19,902,000 | -19,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Long-term debt - non-current | 180,032,000 | 179,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate swap , fixed interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 2.07% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Effective, swaption interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 5.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Term of financing agreement in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ||||||||||||
Business acquisition interest in acquiree | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Proceeds from borrowings of line of credit | ' | ' | ' | 24,100,000 | 23,300,000 | 12,700,000 | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ||||||||||||
Term loan facility principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ||||||||||||
Line of credit | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 5,000,000 | ' | ' | ||||||||||||
Additional term loan amount | ' | ' | ' | $24,100,000 | $23,300,000 | $12,700,000 | $6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. | ||||||||||||||||||||||||||||||||||||||||
[2] | We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 5.565%. The swap agreement is for the same term as the associated note payable. | ||||||||||||||||||||||||||||||||||||||||
[3] | As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. |
Other_Long_Term_Liabilities_De
Other Long Term Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Long Term Liabilities [Abstract] | ' | ' |
Deferred Gains, net of Amortization | $31,298 | $34,009 |
Pension and Post Retirement | 10,110 | 10,339 |
Alabama Lease Incentive | 6,313 | 6,887 |
Insurance Reserves | 4,755 | 5,521 |
Derivatives | 3,895 | 4,412 |
Other | 2,283 | 4,138 |
Other Long Term Liabilities | $58,654 | $65,306 |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | Jan. 28, 2014 | Apr. 23, 2013 | 7-May-12 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 14, 2014 | Jan. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jan. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-15 | 7-May-14 | Jun. 30, 2014 | 7-May-14 | 31-May-16 | 31-May-15 | Jan. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 28, 2014 | Jun. 30, 2014 | |
item | Top Executives [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | ||||
employee | Independent Director [Member] | Independent Director [Member] | 2014 Grants [Member] | employee | 2012 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | 2014 Grants [Member] | Top Executives [Member] | Top Executives [Member] | employee | 2014 Grants [Member] | Top Executives [Member] | |||||||||||||
employee | Scenario, Forecast [Member] | employee | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | 2012 Grants [Member] | 2013 Grants [Member] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares granted to independent directors (in shares) | ' | ' | ' | ' | ' | ' | ' | 4,470 | 6,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in net income | ' | ' | ' | ' | ' | $60,000 | $60,000 | ' | ' | $355,000 | $418,000 | $771,000 | $661,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '3 years | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | '1 year | '1 year | ' | ' | '1 year |
Maximum shares allocated to each share based compensation unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of types of Performance-Based RSUs | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of top executives | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Number of shares vested and paid out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | 21,564 | ' | ' | ' | 8,450 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of remaining shares expected to vest (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | 3,525 | 3,525 | ' | ' | ' | ' | ' | ' |
Percentage of restricted stock units vested (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares paid out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,564 | ' | 20,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards Granted (in shares) | ' | ' | ' | ' | ' | 4,470 | ' | ' | ' | ' | ' | 42,650 | ' | ' | 7,950 | ' | 15,138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,351 | ' | ' | ' | 17,349 | ' |
Closing market stock price | ' | $25.95 | $17.66 | $19.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary Of Activity For Stock Awards And Summary Of RSU Activity And Related Information) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Unrestricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Granted (in shares) | 4,470 |
Awards Vested (in shares) | -4,470 |
Awards Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $26.80 |
Awards Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $26.80 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested - Beginning of Period (in shares) | 131,100 |
Awards Granted (in shares) | 42,650 |
Awards Exercised (in shares) | -48,849 |
Awards Forfeited/Cancelled (in shares) | -25,639 |
Non-vested - End of Period (in shares) | 114,400 |
Non-vested, Weighted Average Grant Date Fair Value - Beginning of Period (in dollars per share) | $18.77 |
Awards Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $24.99 |
Awards Exercised, Weighted Average Grant Date Fair Value (in dollars per share) | $24.97 |
Awards Forfeited/Cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | $24.97 |
Non-vested, Weighted Average Grant Date Fair Value - End of Period (in dollars per share) | $22.07 |
Absolute Performance Based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Granted (in shares) | 15,138 |
Awards Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $16.63 |
Stock_Based_Compensation_Sched
Stock Based Compensation (Schedule Of Assumptions Used) (Details) (USD $) | Jan. 28, 2014 | Apr. 23, 2013 | 7-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
1 Year Vest [Member] | 1 Year Vest [Member] | 1 Year Vest [Member] | 3 Year Vest [Member] | 3 Year Vest [Member] | 3 Year Vest [Member] | ||||
item | item | item | item | item | item | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Price | $25.95 | $17.66 | $19.35 | $25.95 | $17.66 | $19.35 | $25.95 | $17.66 | $19.35 |
Expected Volatilities | ' | ' | ' | 44.30% | 33.50% | 44.31% | 40.02% | 37.03% | 40.50% |
Correlation Coefficients | ' | ' | ' | 0.374 | 0.473 | 0.719 | 0.554 | 0.625 | 0.694 |
Risk Free Rate | ' | ' | ' | 0.10% | 0.10% | 0.16% | 0.72% | 0.31% | 0.34% |
Dividend Yield | ' | ' | ' | 3.85% | 5.70% | 5.17% | 3.85% | 5.70% | 5.17% |
Simulated Fair Value | ' | ' | ' | $23.03 | $15.33 | $17.73 | $25.46 | $16.57 | $18.88 |
Fair Value as a % of Grant | ' | ' | ' | 88.74% | 86.81% | 91.63% | 98.10% | 93.83% | 97.57% |
Stock_Based_Compensation_Sched1
Stock Based Compensation (Schedule Of Compensation Expense And Reductions In Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Related Reduction in Earnings Per Share | ($0.03) | [1] | ($0.02) | [1] | ($0.07) | [1] | ($0.05) | [1] |
Stock Grants To Board Of Directors [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Stock-Based Compensation Expense | $30,000 | $30,000 | $60,000 | $60,000 | ||||
RSUs Awards To Officers [Member] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Stock-Based Compensation Expense | $355,000 | $418,000 | $771,000 | $661,000 | ||||
[1] | Same for basic and diluted earnings per share |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2010 | Dec. 31, 2008 | Jan. 25, 2008 |
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Shares authorized for repurchase (in shares) | ' | ' | ' | ' | ' | 1,000,000 |
Total number of shares purchased (in shares) | ' | ' | ' | 223,051 | 491,572 | ' |
Payments for shares purchased | ' | ' | ' | $5.20 | $11.50 | ' |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Changes In Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Stockholders' Equity [Line Items] | ' | ' | ' | ' | ' | |
Balance | ' | ' | $336,540,000 | ' | ' | |
Net Loss | -664,000 | 1,859,000 | -3,881,000 | 3,512,000 | 18,532,000 | |
Common Stock Dividends | ' | ' | -3,715,000 | [1] | ' | ' |
Unrealized Foreign Currency Translation Gain | 42,000 | 206,000 | 17,000 | 246,000 | ' | |
Net Change in Fair Value of Derivatives | -44,000 | 962,000 | -35,000 | 1,509,000 | ' | |
Net Change in Funding Status of Defined Benefit Plan | -24,000 | 310,000 | 151,000 | 621,000 | ' | |
Issuance of stock-based compensation | ' | ' | 192,000 | ' | ' | |
Balance | 326,658,000 | ' | 326,658,000 | ' | 336,540,000 | |
Accrued dividends not paid | ' | ' | 76,000 | ' | ' | |
Preferred Stock [Member] | ' | ' | ' | ' | ' | |
Stockholders' Equity [Line Items] | ' | ' | ' | ' | ' | |
Preferred Stock Dividends | ' | ' | ($2,611,000) | ' | ' | |
[1] | Includes $76,000 of dividends accrued but not paid during the period |
Stockholders_Equity_Issuer_Pur
Stockholders' Equity (Issuer Purchases Of Equity Securities) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2010 | Dec. 31, 2008 | |
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' |
Total number of shares purchased (in shares) | ' | ' | ' | 223,051 | 491,572 |
Average Price Paid per Share | ' | ' | ' | ' | ' |
Total Number of Shares Purchased as Part of Publicly Announced Plan | ' | ' | ' | ' | ' |
Maximum Number of Shares that May Yet Be Purchased Under the Plan (in shares) | 285,377 | 285,377 | 285,377 | ' | ' |
Stockholders_Equity_Cash_Divid
Stockholders' Equity (Cash Dividends Paid) (Details) (USD $) | 0 Months Ended | 6 Months Ended | 1 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 03, 2014 | Mar. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jan. 30, 2014 | Apr. 30, 2014 | Jan. 30, 2014 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | 9.50% Series A Preferred Stock [Member] | 9.50% Series A Preferred Stock [Member] | 9.00% Series B Preferred Stock [Member] | 9.00% Series B Preferred Stock [Member] | |
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | |||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 16-May-14 | 17-Feb-14 | ' | ' | 29-Apr-14 | 29-Jan-14 | 29-Apr-14 | 29-Jan-14 |
Payment Date | 3-Jun-14 | 3-Mar-14 | ' | ' | 30-Apr-14 | 30-Jan-14 | 30-Apr-14 | 30-Jan-14 |
Per Share Amount (in dollars per share) | $0.25 | $0.25 | ' | ' | $2.38 | $2.38 | $2.25 | $2.25 |
Total Dividend Paid | $1,826 | $1,813 | $3,639 | $2,611 | $594 | $594 | $711 | $712 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
Jun. 30, 2013 | Apr. 09, 2014 | Jan. 07, 2014 | Feb. 21, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Apr. 09, 2014 | Jan. 07, 2014 | Aug. 01, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jul. 07, 2014 | Jul. 07, 2014 | |
Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued | ' | ' | ' | 250,000 | ' | ' | ' | ' | 316,250 | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | 9.50% | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | $1 | ' | ' | ' | ' | $1 | ' | ' | ' | ' |
Preferred stock, liquidation preference per share | ' | ' | ' | $100 | ' | ' | ' | ' | $100 | ' | ' | ' | ' |
Shares sold pursuant to over-allotment option granted to underwriters for offering | ' | ' | ' | ' | ' | ' | ' | ' | 41,250 | ' | ' | ' | ' |
Preferred stock, dividend declared | ' | $2.38 | $2.38 | ' | ' | ' | $2.25 | $2.25 | ' | ' | ' | $2.38 | $2.25 |
Accumulated unpaid dividends | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | $0 | ' | ' |
Preferred stock, redemption date | ' | ' | ' | ' | ' | 30-Apr-18 | ' | ' | ' | ' | 30-Oct-18 | ' | ' |
Cash redemption price (in dollars per share) | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | $100 | ' | ' |
Net proceeds from the issuance of preferred stock | 23,480,000 | ' | ' | ' | 23,400,000 | ' | ' | ' | ' | 30,000,000 | ' | ' | ' |
Underwriter discounts and related costs | ' | ' | ' | ' | $1,600,000 | ' | ' | ' | ' | $1,600,000 | ' | ' | ' |
Period after change of control to redeem shares | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | '120 days | ' | ' |
Changes_In_Accumulated_Other_C2
Changes In Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss By Component) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ($13,751,000) | ($24,048,000) | ($13,910,000) | ($24,946,000) | ||||
Other comprehensive income (loss) before reclassification | 368,000 | 826,000 | 810,000 | 1,041,000 | ||||
Amount reclassified from accumulated other comprehensive income (loss) | -394,000 | 652,000 | -677,000 | 1,335,000 | ||||
Net current-period other comprehensive income (loss) | -26,000 | 1,478,000 | 133,000 | 2,376,000 | ||||
Ending balance | -13,777,000 | -22,570,000 | -13,777,000 | -22,570,000 | ||||
Gains And Losses On Derivatives Fair Value [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | -4,270,000 | [1] | -6,805,000 | [2] | -4,279,000 | [1] | -7,352,000 | [2] |
Other comprehensive income (loss) before reclassification | 326,000 | [1] | 620,000 | [2] | 793,000 | [1] | 795,000 | [2] |
Amount reclassified from accumulated other comprehensive income (loss) | -370,000 | [1] | 342,000 | [2] | -828,000 | [1] | 714,000 | [2] |
Net current-period other comprehensive income (loss) | -44,000 | [1] | 962,000 | [2] | -35,000 | [1] | 1,509,000 | [2] |
Ending balance | -4,314,000 | [1] | -5,843,000 | [2] | -4,314,000 | [1] | -5,843,000 | [2] |
Unrealized Translation (Loss) Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | -439,000 | -310,000 | -414,000 | -350,000 | ||||
Other comprehensive income (loss) before reclassification | 42,000 | 206,000 | 17,000 | 246,000 | ||||
Net current-period other comprehensive income (loss) | 42,000 | 206,000 | 17,000 | 246,000 | ||||
Ending balance | -397,000 | -104,000 | -397,000 | -104,000 | ||||
Defined Benefit Pension Items [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | -9,042,000 | -16,933,000 | -9,217,000 | -17,244,000 | ||||
Amount reclassified from accumulated other comprehensive income (loss) | -24,000 | 310,000 | 151,000 | 621,000 | ||||
Net current-period other comprehensive income (loss) | -24,000 | 310,000 | 151,000 | 621,000 | ||||
Ending balance | -9,066,000 | -16,623,000 | -9,066,000 | -16,623,000 | ||||
Oslo Bulk, AS [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Interest rate swap fair value | ($555,000) | ($722,503) | ($555,000) | ($722,503) | ||||
Ownership percentage (in hundredths) | 25.00% | 25.00% | 25.00% | 25.00% | ||||
[1] | The fair value balance as of June 30, 2014, includes a negative $555,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||
[2] | The fair value balance as of June 30, 2013, includes a negative $722,503 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. |
Changes_In_Accumulated_Other_C3
Changes In Accumulated Other Comprehensive Loss (Reclassifications Out Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Interest Expense | ($2,041,000) | ($2,077,000) | ($4,186,000) | ($4,278,000) | ' |
Other revenues | 472,000 | 539,000 | 961,000 | 1,094,000 | ' |
Income (Loss) Before Benefit for Income Taxes and Equity in Net Income of Unconsolidated Entities | 69,000 | 1,949,000 | -3,922,000 | 3,907,000 | ' |
(Expense) Benefit for Income Taxes | -653,000 | -15,000 | 229,000 | -50,000 | 12,268,000 |
Net (Loss) Income | -664,000 | 1,859,000 | -3,881,000 | 3,512,000 | 18,532,000 |
Amount Reclassified From Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Net (Loss) Income | -394,000 | 652,000 | -677,000 | 1,335,000 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Amount Reclassified From Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Income (Loss) Before Benefit for Income Taxes and Equity in Net Income of Unconsolidated Entities | -370,000 | 342,000 | -828,000 | 714,000 | ' |
Net (Loss) Income | -370,000 | 342,000 | -828,000 | 714,000 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Interest Rate Contract [Member] | Amount Reclassified From Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Interest Expense | -352,000 | 248,000 | -679,000 | 649,000 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Foreign Exchange Contracts [Member] | Amount Reclassified From Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Other revenues | -18,000 | 94,000 | -149,000 | 65,000 | ' |
Defined Benefit Pension Items [Member] | Amount Reclassified From Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Prior service costs | -26,000 | 24,000 | 49,000 | 48,000 | ' |
Actuarial losses | 51,000 | 286,000 | 151,000 | 573,000 | ' |
Income (Loss) Before Benefit for Income Taxes and Equity in Net Income of Unconsolidated Entities | 25,000 | 310,000 | 200,000 | 621,000 | ' |
(Expense) Benefit for Income Taxes | -49,000 | ' | -49,000 | ' | ' |
Net (Loss) Income | ($24,000) | $310,000 | $151,000 | $621,000 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Decrease to net loss | ($664) | $1,859 | ($3,881) | $3,512 | $18,532 |
Preferred Stock Dividends | -1,305 | -594 | -2,611 | -845 | ' |
Net (Loss) Income Available to Common Stockholders | ($1,969) | $1,265 | ($6,492) | $2,667 | ' |
Basic (in shares) | 7,281,807 | 7,239,780 | 7,267,023 | 7,226,415 | ' |
Plus: Effect of dilutive restrictive stock (in shares) | ' | 23,426 | ' | 21,962 | ' |
Diluted (in shares) | 7,281,807 | 7,263,206 | 7,267,023 | 7,248,377 | ' |
Net (Loss) Income per share - Basic (in dollars per share) | ($0.27) | $0.17 | ($0.89) | $0.37 | ' |
Net (Loss) Income per share - Diluted (in dollars per share) | ($0.27) | $0.17 | ($0.89) | $0.37 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | $413,000 |
Derivative Liabilities | -3,895,000 |
Long-term Debt | 199,900,000 |
Level 2 Inputs [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 413,000 |
Derivative Liabilities | ($3,895,000) |
Prior_Period_Revision_Narrativ
Prior Period Revision (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
item | Restatement Adjustment [Member] | |||||
Number of previously uncorrected misstatements | ' | 3 | ' | ' | ' | ' |
Pre-tax income | $69,000 | ' | $1,949,000 | ($3,922,000) | $3,907,000 | $70,000 |
Decrease to short term note receivable due to revision | 3,465,000 | 3,987,000 | ' | 3,465,000 | ' | -275,000 |
Increase to long term note receivable due to revision | 26,057,000 | 27,659,000 | ' | 26,057,000 | ' | 275,000 |
Increase in long-term deferred tax assets due to revision | 9,998,000 | 7,325,000 | ' | 9,998,000 | ' | 305,000 |
Decrease to deferred income tax expense due to revision | ' | ' | ' | -271,000 | ' | -305,000 |
Increase to retained earnings due to revision | $216,273,000 | $226,480,000 | ' | $216,273,000 | ' | $375,000 |
Prior_Period_Revision_Schedule
Prior Period Revision (Schedule Of Financial Statement Line Items Impacted By Revisions By More Than 1%) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Provision/(Benefit) for Income Taxes | $653 | $15 | ($229) | $50 | ($12,268) |
Net Income | -664 | 1,859 | -3,881 | 3,512 | 18,532 |
Comprehensive Income | -690 | 3,337 | -3,748 | 5,888 | 29,538 |
% Impact | ' | ' | ' | ' | 2.54% |
% Impact | ' | ' | ' | ' | 2.07% |
% Impact | ' | ' | ' | ' | 1.20% |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' |
Provision/(Benefit) for Income Taxes | ' | ' | ' | ' | -305 |
Net Income | ' | ' | ' | ' | 375 |
Comprehensive Income | ' | ' | ' | ' | 375 |
As Previously Reported [Member] | ' | ' | ' | ' | ' |
Provision/(Benefit) for Income Taxes | ' | ' | ' | ' | -11,963 |
Net Income | ' | ' | ' | ' | 18,157 |
Comprehensive Income | ' | ' | ' | ' | $29,163 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Period of loan that could be converted from construction loan | '10 years |