Subsequent Events

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

Note 21. Subsequent Events

On April 23, 2013, the Compensation Committee of our Board of Directors granted 87,300 restricted stock units under our 2011 Stock Incentive Plan. The awards include a combination of 80,250 time-based restricted stock units that will vest one-third over the next three years and 7,050 performance based restricted stock units that will vest over one year, for our top four executives and over three years for the remaining participants.

We have been notified by Maritime Administration that due to the budget reductions from "sequestration" participants in the Maritime Security Program would experience a reduction in payments. Therefore, unless Congress takes action that reverses said "sequestration" impact, our estimated impact would be approximately $2.0 million for Calendar Year 2013. If Congress takes no action, this impact will be reflected in our third quarter results. The Company is exploring options that would mitigate this impact.