SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

(15)	SUBSEQUENT EVENTS

On May 1, 2018, the company signed an agreement to acquire Targa Resources Corporation's (“Targa”) inland marine tank barge business for approximately $69,300,000 in cash. Targa's inland marine tank barge fleet consists of 16 pressure barges with a total capacity of 258,000 barrels, many of which are under long-term multi-year contracts. The closing of the acquisition is expected to occur in the 2018 second quarter and is subject to customary closing conditions.

On April 23, 2018, Joseph H. Pyne, Chairman of the Board of the Company, informed the Board of Directors of the Company of his retirement as executive Chairman of the Board, effective April 30, 2018. He will continue as Chairman of the Board of Directors in a non-executive role. In connection with his retirement, the independent directors of the Company approved the payment to Mr. Pyne of a special one-time bonus of $15,000,000 and acceleration of the vesting of unvested stock options covering 26,819 shares of the Company’s common stock and 30,643 unvested shares of restricted stock held by Mr. Pyne. Including a value of $3,057,000 attributable to the noncash accelerated vesting of the equity awards, the compensation to Mr. Pyne will result in an $18,057,000, or approximately $0.30 per share, one-time nondeductible expense in the 2018 second quarter. Stock options for 21,396 shares and 13,245 RSUs granted to Mr. Pyne in February 2018 will continue to vest in accordance with the terms of the employee stock award plan. Mr. Pyne will also be entitled to receive prorated payments of previously awarded incentive compensation in amounts and at times to be determined according to the terms of the plans under which the awards were made. Mr. Pyne will no longer be compensated as an executive officer of the Company.