v2.3.0.11
Discontinued Operations
 6 Months Ended
Jun. 30, 2011
Discontinued Operations  
Discontinued Operations

Note 3. Discontinued Operations

In the fourth quarter of 2009, we sold to Schnitzer Steel Industries, Inc. ("SSI") certain self service retail facilities and certain business assets related to additional self service facilities that were subsequently closed or converted to wholesale recycling operations. Related to this transaction, we agreed to sell to SSI two self service retail facilities in Dallas, Texas. These facilities were sold on January 15, 2010 for $12.0 million, resulting in a gain on the sale of approximately $1.7 million, net of tax, in our first quarter 2010 results. Goodwill totaling $6.7 million was included in the cost basis of net assets disposed when determining the gain on sale.

The self service facilities that we sold or closed are reported as discontinued operations for all periods presented. As of June 30, 2011 and December 31, 2010, we had accrued liabilities applicable to discontinued operations of $2.4 million and $2.7 million, respectively, included in the Unaudited Consolidated Condensed Balance Sheets. These liabilities were primarily composed of accrued restructuring expenses for the excess lease payments (net of estimated sublease income) and facility closure costs related to two of the closed self service facilities.

Results of operations for the discontinued operations are as follows (in thousands):

 

     Three Months Ended
June  30,		      Six Months Ended
June  30,		  
     2011      2010      2011      2010  

Revenue

    $ —         $ —         $ —         $ 686   

Income before income tax provision

      —           —           —           355   

Income tax provision

      —           —           —           131   
                                   

Income from discontinued operations, net of taxes, before gain on sale of discontinued operations

      —           —           —           224   

Gain on sale of discontinued operations, net of taxes of $1,015

      —           —           —           1,729   
                                   

Income from discontinued operations, net of taxes

    $ —         $ —         $ —         $ 1,953