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Sale and Leaseback Transaction
3 Months Ended
Mar. 31, 2012
Sale and Leaseback Transaction [Abstract]  
Sale and Leaseback Transaction
Note 11. Sale and Leaseback Transaction
 
On February 22, 2012, we completed a sale and leaseback transaction with Wells Fargo Bank Northwest, National Association, of our 2007-built PCTC, the Green Bay.  The transaction generated gross proceeds of $59.0 million, which we used to pay down debt of $54.5 million. We are leasing the vessel back under a ten year lease agreement with early buyout options that can be exercised in 2017 and 2019.  The sale resulted in a gain of $14.9 million, which has been recorded as a deferred liability on the balance sheet and will be recognized over the term of the lease. Please refer to our Current Report Form 8-K dated February 22, 2012 for further information.