Sale/Leaseback Arrangements (Tables)

12 Months Ended

Mar. 31, 2015

Details of Number of Vessels, Total Proceeds, Carrying Values at the Time of Sale, Deferred Gains Recognized, Lease Expirations, and Contractual Purchase Option

The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during Fiscal 2015:


Fiscal 2015 Quarter	Number of Vessels	Total Proceeds		Carrying Value at time of Sale		Deferred Gain at time of Sale		Lease Term in Years	Purchase Option Percentage	Purchase Option at end of:
First	1	$	13,400	$	4,002	$	9,398	7	61%	6^th Year
Second	1		19,350		8,214		11,136	8.5	47%	8^th Year
Third	3		78,200		33,233		44,967	8 – 9	60%	7^th or 8^th Year
Fourth	1		13,000		5,115		7,885	7	50%	6^th Year
	6	$	123,950	$	50,564	$	73,386


Fiscal 2014 Quarter	Number of Vessels	Total Proceeds		Carrying Value at time of Sale		Deferred Gain at time of Sale		Lease Term in Years	Purchase Option Percentage	Purchase Option at at end of:
Second	2	$	65,550	$	34,325	$	31,225	7	55%	6^th Year
Third	4		141,900		105,649		36,251	7 - 9	54 - 68%	6^th or 8^th Year
Fourth	4		63,305		32,845		30,460	7 – 10	53 - 59%	6^th or 9^th Year
	10	$	270,755	$	172,819	$	97,936

Schedule of Future Minimum Lease Payments

As of March 31, 2015, the future minimum lease payments for the vessels under the operating lease terms are as follows:


Fiscal year ending (In thousands)	Fiscal 2015 Sale/Leaseback		Fiscal 2014 Sale/Leaseback		Total
2016		$ 9,485		20,879		30,364
2017		9,485		20,879		30,364
2018		9,605		23,485		33,090
2019		10,234		24,800		35,034
2020		11,497		25,519		37,016
Thereafter		30,866		39,744		70,610
Total future lease payments		$ 81,172		155,306		236,478

- Definition

Tabular disclosure of leases entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller was accounted for as an operating or capital lease. If the sale of the asset(s) did not meet the requirements to be accounted for as a sale whether the transaction was accounted for using the deposit method or as a financing. Disclosure may also include a description of the terms of the sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances that require or result in the seller-lessee's continuing involvement. For leasing transactions involving "Special Purpose Entities"', disclosure may include a general description of the significant terms of the leasing arrangement including renewal or purchase options, escalation clauses, obligations with respect to refinancing of the lessor's debt, significant penalties and the provisions of any significant guarantees, such as residual value guarantees.

+ References+ Details