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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2010
--- | --- | ---
Deferred tax assets: |  |
Vessels and equipment | $ 76,582 | $ 2,182
Tax losses carried forward (1) | 380,299 | 286,499
Other | 95,312 | 97,945
Total deferred tax assets | 552,193 | 386,626
Deferred tax liabilities: |  |
Vessels and equipment | 60,776 | 122,263
Long-term debt | 24,918 | 31,077
Other | 45,624 | 2,900
Total deferred tax liabilities | 131,318 | 156,240
Net deferred tax assets | 420,875 | 230,386
Valuation allowance | (398,559) | (213,385)
Net deferred tax assets (liabilities) | $ 22,316 | $ 17,001

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