Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

6.    Related Party Transactions

On February 27, 2013, the Company sold its 19.9% equity interest in W&B Service Company, L.P. ("W&B") for $3.2 million.  The Company's book value of this equity method investment at the date of sale was $1.6 million, resulting in a gain of $1.6 million during the first quarter of 2013.  The equity investment at December 31, 2012, which was included in "Other Assets" in the Company's consolidated condensed balance sheets, was $1.7 million.  Any transactions the Company has with W&B subsequent to the sale of our investment are not considered related party transactions.

During the period from January 1, 2013 through February 27, 2013, our equity in the earnings of W&B was a loss of $10,000, after final adjustments.  During the three months ended March 31, 2012, our equity in the earnings of W&B was $235,000.  Cash distributions to us from W&B's earnings during these same periods of 2013 and 2012 were $180,000 and $31,000, respectively.

During the period from January 1, 2013 through February 27, 2013, the Company made no purchases from W&B for trailers or refrigeration units.  During the three months ended March 31, 2012, we did not make any such purchases from W&B.  The Company also utilizes W&B to provide routine maintenance and warranty repair of trailers and refrigeration units.  During the period from January 1, 2013 through February 27, 2013, W&B invoiced the Company $129,000 for maintenance and repair services, accessories and parts.  During the three months ended March 31, 2012, W&B invoiced us $540,000 for these services and related items.