(14)

GAIN ON DISPOSITION OF ASSETS, NET

The company seeks opportunities to dispose its older vessels when market conditions warrant and opportunities arise. As such, vessel dispositions vary from year to year, and gains on sales of assets may also fluctuate significantly from period to period. The majority of the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry.

The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows:


(In thousands, except number of vessels disposed)	2014		2013		2012
Gain on vessels disposed	$	12,247		12,191		20,024
Number of vessels disposed		48		32		60

Also included in gain on dispositions of assets, net are gains of $4.0 million and $2.3 million related to the sale of the company’s two shipyards in fiscal 2014 and fiscal 2013 respectively and, amortized gains on sale/leaseback transactions of $3.7 million. Please refer to Note (13) above for a discussion on asset impairment.