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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2013
Commitments and Contingencies

NOTE 6. Commitments and Contingencies

During the quarter, we entered into an equipment purchase contract for the acquisition of 1,500 53’ containers. We expect the total cost of purchasing the containers to be approximately $16.7 million. We expect to take delivery of the equipment between July and November 2013.

During the first quarter of 2013, we entered into an equipment purchase contract for the acquisition of 2,529 53’ containers. We expect the total cost of purchasing the containers to be approximately $29.0 million. Delivery began in April and is expected to continue through October 2013.

During the fourth quarter of 2012, we exercised our purchase option on approximately 4,000 containers that are currently leased. In addition, during the second quarter of 2013, we exercised our purchase option on another 200 containers that are currently leased. The purchases, totaling approximately $14.8 million, will occur as the leases expire throughout 2013. So far in 2013, we have purchased 1,886 containers for approximately $6.9 million.