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Goodwill and Other Intangible Assets (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Aug. 06, 2012
FSI
Nov. 30, 2012
UOS
Jun. 30, 2013
Trade Names [Member]
FSI
Jun. 30, 2013
Trade Names [Member]
UOS
Jun. 30, 2013
Customer Relationships [Member]
FSI
Jun. 30, 2013
Customer Relationships [Member]
UOS
Jun. 30, 2013
Favorable Lease [Member]
Jun. 30, 2013
Favorable Lease [Member]
UOS
Jun. 30, 2013
Favorable Lease [Member]
UOS EBO Acquisition [Member]
Jun. 30, 2013
Favorable Charter [Member]
Dry Bulk [Member]
Goodwill [Abstract]                              
Additions $ 71,000                            
Gross Carrying Amount 2,771,000   2,771,000                        
Accumulated Amortization 0   0                        
Net Carrying Amount 2,771,000   2,771,000   2,700,000 [1] 828,000 [2] 1,943,000 [3]                
Total Indefinite Life Intangibles [Abstract]                              
Gross Carrying Amount 2,771,000   2,771,000                        
Accumulated Amortization 0   0                        
Net Carrying Amount 2,771,000   2,771,000                        
Finite-Lived Intangible Assets [Line Items]                              
Amortization Period               240 months 96 months 240 months 96 months   13 months   24 months
Total Definite Life Intangibles [Abstract]                              
Gross Carrying Amount 50,773,000   50,773,000         65,000 1,805,000 425,000 30,928,000   1,071,000 11,328,000 5,151,000
Accumulated Amortization (8,137,000)   (8,137,000)         (3,000) (132,000) (18,000) (2,256,000)   (577,000) 0 (5,151,000)
Net Carrying Amount 42,636,000   42,636,000         62,000 1,673,000 407,000 28,672,000 11,328,000 494,000   0
Amortization expense $ 1,300,000 $ 643,875 $ 3,148,000 $ 1,288,000                      
[1] The addition of $71,000 in goodwill is associated with post acquisition settlement adjustments on our 2012 acquistions. FSI was increased by $29,000 and UOS was increased by $42,000.
[2] Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill will not be amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of FSI and Tower includes the following: · the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations. · any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and · the anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately.
[3] Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill will not be amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of UOS includes the following: · the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations. · any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired company, and · the anticipated higher rate of return of UOS’s existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately.