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Property and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

(4)

PROPERTY AND EQUIPMENT

The following table summarizes the Company’s property and equipment at December 31.


		2012				2011
		(Thousands of dollars)
Flight equipment		$	908,464			$	811,758
Facility & improvements			54,407				45,813
Operating equipment			23,929				22,275
Data processing equipment			31,956				29,739
Vehicles			7,595				7,402
Medical equipment			6,991				5,739
Other			4,705				3,952

			1,038,047				926,678
Less accumulated depreciation and amortization			(288,546	)			(266,922	)

Property and equipment, net		$	749,501			$	659,756

Depreciation expense related to property and equipment was $35.0 million in 2012, $31.3 million in 2011, and $28.1 million in 2010.

In 2012, we acquired real estate in New Iberia, LA from Gonsoulin Enterprises, Inc., an entity owned by our CEO and majority voting shareholder. The property had previously been leased from the same entity. The acquisition price was $1.7 million and was based upon an average of independent fair market value appraisals.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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