Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events

Subsequent Events

Note 20.    Subsequent Event

Lessee's Exercise of an Early Buy-Out Option

In January 2012, a lessee exercised its early buy-out option on two cargo ship leveraged leases. The exercise of these early buy-out options, recorded in January 2012, resulted in a pre-tax gain of $3.5 million and an after-tax gain of $6.2 million.