Income Taxes	6 Months Ended
Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	NOTE 8 – INCOME TAXES We recorded a tax provision of $32,000 on our $6.2 million loss before taxes and equity in net income of unconsolidated entities for the six months ended June 30, 2015. For the first six months of 2014 we recorded an income tax benefit of $229,000 on our $3.9 million loss before equity in net income of unconsolidated entities. These provision amounts represent our qualifying U.S. flag operations, which continue to be taxed under the “tonnage tax” provisions rather than the normal U.S. corporate income tax provisions, state income taxes paid, and foreign income tax withholdings or refunds. In accordance with Internal Revenue Code (IRC) Section 1359 disposition of qualifying vessels, we have elected to defer taxable gains on the sale of qualifying tonnage tax vessels operating under the tonnage tax regime. IRC Section 1359(b) defers the recognition of taxable gains for three years after the close of the first taxable year in which the gain is realized or subject to such terms and conditions as may be specified by the Secretary of the Internal Revenue Service, on such later date as the Secretary may designate upon application by the taxpayer. Deferred gains on the sale of qualifying vessels must be recognized if the amount realized upon such sale or disposition exceeds the cost of the replacement qualifying vessel, limited to the gain recognized on the transaction. We have elected to defer gains of approximately $80.9 million from the dispositions of qualifying vessels in prior years, of which $79.4 million of such deferred gain originated in the year ending December 31, 2012. In order to meet the non-recognition requirements on the 2012 dispositions, we would need to acquire qualifying replacement property by December 31, 2015. Management currently intends to satisfy substantially all requirements for non-recognition of taxable gains through purchase, refinancing, or by the extended time of replacement if granted by the Secretary of the Internal Revenue Service upon our application. To the extent any gain is recognized, we expect that existing tax attributes will be utilized to offset such gain. We intend to continue to monitor our ability to meet the requirements of IRC Section 1359 on a quarterly basis. We established a valuation allowance against deferred income tax assets in 2014 because, based on available information, we could not conclude that it was more likely than not that the full amount of deferred income tax assets generated primarily by net operating loss carryforwards and alternative minimum tax credits would be realized through the generation of taxable income in the near future. We have and will continue to evaluate the need for a valuation allowance on a quarterly basis. We recorded an increase in our valuation allowance of $1.8 million for the six months ending June 30, 2015. For further information on certain tax laws and elections, see our Annual Report on Form 10-K filed for the year ended December 31, 2014, including Note J - Income Taxes to the consolidated financial statements included therein.

NOTE 8 – INCOME TAXES

We recorded a tax provision of $32,000 on our $6.2 million loss before taxes and equity in net income of unconsolidated entities for the six months ended June 30, 2015. For the first six months of 2014 we recorded an income tax benefit of $229,000 on our $3.9 million loss before equity in net income of unconsolidated entities. These provision amounts represent our qualifying U.S. flag operations, which continue to be taxed under the “tonnage tax” provisions rather than the normal U.S. corporate income tax provisions, state income taxes paid, and foreign income tax withholdings or refunds. In accordance with Internal Revenue Code (IRC) Section 1359 disposition of qualifying vessels, we have elected to defer taxable gains on the sale of qualifying tonnage tax vessels operating under the tonnage tax regime. IRC Section 1359(b) defers the recognition of taxable gains for three years after the close of the first taxable year in which the gain is realized or subject to such terms and conditions as may be specified by the Secretary of the Internal Revenue Service, on such later date as the Secretary may designate upon application by the taxpayer. Deferred gains on the sale of qualifying vessels must be recognized if the amount realized upon such sale or disposition exceeds the cost of the replacement qualifying vessel, limited to the gain recognized on the transaction. We have elected to defer gains of approximately $80.9 million from the dispositions of qualifying vessels in prior years, of which $79.4 million of such deferred gain originated in the year ending December 31, 2012. In order to meet the non-recognition requirements on the 2012 dispositions, we would need to acquire qualifying replacement property by December 31, 2015. Management currently intends to satisfy substantially all requirements for non-recognition of taxable gains through purchase, refinancing, or by the extended time of replacement if granted by the Secretary of the Internal Revenue Service upon our application. To the extent any gain is recognized, we expect that existing tax attributes will be utilized to offset such gain. We intend to continue to monitor our ability to meet the requirements of IRC Section 1359 on a quarterly basis.

We established a valuation allowance against deferred income tax assets in 2014 because, based on available information, we could not conclude that it was more likely than not that the full amount of deferred income tax assets generated primarily by net operating loss carryforwards and alternative minimum tax credits would be realized through the generation of taxable income in the near future. We have and will continue to evaluate the need for a valuation allowance on a quarterly basis. We recorded an increase in our valuation allowance of $1.8 million for the six months ending June 30, 2015.

For further information on certain tax laws and elections, see our Annual Report on Form 10-K filed for the year ended December 31, 2014, including Note J - Income Taxes to the consolidated financial statements included therein.