Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Summary of financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis

The following table summarizes certain of our financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2012, segregated by the above-described levels of valuation inputs:

(Amounts in thousands)	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value

Marketable securities	$	13,111	$	-		$	-	$	13,111
Derivative assets	$	-	$	42		$	-	$	42
Derivative liabilities	$	-	$	(8,189	)	$	-	$	(8,189	)
Vessels (1)	$	-	$	37,070		$	-	$	37,070

(1)

Represents the appraised fair value of our Rail-Ferry vessels after the impairment charge taken in the third quarter of 2010. The valuation technique used was a weighted average of the cost, comparable sales and income approaches. The carrying value of the Rail-Ferry vessels ($33.2 million as of June 30, 2012) no longer equals the fair value.

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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