DISCONTINUED OPERATION

3 Months Ended

Mar. 31, 2012

DISCONTINUED OPERATION

NOTE 2 – DISCONTINUED OPERATION

Charter Fleet Business

On March 19, 2012, we completed the sale of our former charter fleet business, which operated 10 of the 14 vessels acquired in our 2007 Secunda Acquisition. The cash proceeds from the charter fleet sale were approximately $61 million, resulting in a gain on the sale of approximately $0.3 million.

The following table presents selected financial information regarding the results of operations attributable to our former charter fleet business:

		$xxx,xxx		$xxx,xxx
	Three Months Ended March 31,
	2012(1)		2011
	(Unaudited) (In thousands)
Revenues	$	8,184	$	9,504
Gain on disposal of discontinued operations		257		—
Income before provision for income taxes		3,240		2,411
		3,497		2,411
Provision for income taxes		—		(749	)
Income from discontinued operations, net of tax	$	3,497	$	1,662

⁽¹⁾  Includes the charter fleet operations through March 19, 2012.

The following table presents the carrying values of the major classes of assets and liabilities held for sale that are included in our unaudited condensed consolidated balance sheets:

	March 31, 2012		December 31, 2011
	(Unaudited)
	(In thousands)
Other assets	$	—	$	3,197
Property, plant and equipment—net		—		45,892
Other assets		—		9,679
Total long-term assets held for sale	$	—	$	55,571