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Acquisition of SPT (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. Such estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company's consolidated statements of income for 2016.
| As at July 31, 2015 $
ASSETS |
Cash, cash equivalents and short-term restricted cash | 1,292 |
Accounts receivable | 10,332 |
Prepaid expenses and other current assets | 3,763 |
Vessels and equipment | 6,475 |
Other assets | 143 |
Intangible assets subject to amortization |
Customer relationships (1) | 17,901 |
Customer contracts (1) | 4,599 |
Goodwill (2) | 8,059 |
Total assets acquired | 52,564 |
LIABILITIES |
Accounts payable | (3,650 | )
Accrued liabilities | (3,276 | )
Total liabilities assumed | (6,926 | )
Net assets acquired (3) | 45,638 |
(1) | The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years, respectively. As at December 31, 2016, the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million, $4.8 million and $17.7 million (December 31, 2015 - $30.9 million, $1.3 million and $29.6 million), respectively. Amortization of intangible assets for the five fiscal years subsequent to 2016 is expected to be $3.2 million (2017), $2.9 million (2018), $2.2 million (2019), $2.0 million (2020), $1.8 million (2021) and $5.6 million (thereafter).
(2) | Goodwill recognized from this acquisition attributed $1.9 million to the Company's conventional tanker segment and $6.2 million to the Company's ship-to-ship transfer segment.
(3) | Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit (formerly known as the SPT Explorer) from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date.
Consolidated Pro forma Financial Information | The following table provides comparative summarized consolidated pro forma financial information for the Company for the year ended December 31, 2015, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2014:
| Unaudited Pro Forma Year ended December 31, 2015 $ |  | Unaudited Pro Forma Year ended December 31, 2014 $
Revenues | 570,381 |  |  | 330,714 |
Net income | 178,266 |  |  | 61,637 |
Earnings per common share: |  |  |
Basic | 1.33 |  |  | 0.67 |
Diluted | 1.33 |  |  | 0.66 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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