Acquisitions (Tables)

6 Months Ended

Jun. 30, 2013

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information

The pro forma combined financial statements do not include the realization of any cost savings from anticipated operating efficiencies, synergies, or other restructuring activities which might result from the acquisition. The following table sets forth the pro forma revenues, net earnings attributable to ISH, basic net earnings per share and fully diluted net earnings per share attributable to ISH common stockholders for the six months ended June 30, 2012, (unaudited and in thousands, except share amounts):

		Three Months Ended		Six Months Ended
		June, 2012		June, 2012
		Pro Forma		Pro Forma
Revenues		$	82,270	$	164,540
Net earnings attributable to ISH		$	7,691	$	15,383
Net earnings per share attributable to ISH common stockholders:
	Basic	$	1.07	$	2.14
	Diluted	$	1.07	$	2.14
Weighted average shares of common stock outstanding
	Basic		7,203,860		7,187,236
	Diluted		7,234,505		7,202,559

Frascati Shops Inc and Tower LLC [Member]

Business Acquisition [Line Items]

Assets acquired and liabilities assumed

The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of six months ending June 30, 2013:

Description	Amount Recognized as of Acquisition Date (Dollars in Thousands)
Working Capital including Cash Acquired	$	18
Inventory		231
Property, Plant, & Equipment		3,411
Identifiable Intangible Assets		490
Total Assets Acquired		4,150
Misc. Payables & Accrued Expenses		(412	)
Long Term Debt		(3,490)
Deferred Tax Liability		(453)
Total Liabilities Assumed		(4,355	)
Net Liabilities Assumed		(205)
Total Consideration Transferred		(623	)
Goodwill*	$	828

* Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.  Our above-described goodwill will not be amortized nor do we expect it to be deductible for tax purposes.  Specifically, the goodwill recorded as part of the acquisition of FSI and Tower includes the following:

·   the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations.

·   any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and

·   the anticipated higher rate of return of  the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately.

U.S. United Ocean Services, LLC Acquisition [Member]

Business Acquisition [Line Items]

Assets acquired and liabilities assumed

The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of the six months ending June 30, 2013:

Description	Amount Recognized as of Acquisition Date (Dollars in Thousands)
Working Capital including Cash Acquired	$	8,511
Inventory		6,510
Property, Plant, & Equipment		60,037
Identifiable Intangible Assets		45,131
Total Assets Acquired		120,189
Misc. Payables & Accrued Expenses		(5,470	)
Other Long Term Liability		(1,945)
Total Liabilities Assumed		(7,415	)
Net Assets Acquired		112,774
Total Consideration Transferred		(114,717	)
Goodwill*	$	1,943

* Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.  Our above-described goodwill will not be amortized nor do we expect it to be deductible for tax purposes.  Specifically, the goodwill recorded as part of the acquisition of UOS includes the following:

 •the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations.

 •any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired company, and

 •the anticipated higher rate of return of  UOS’s existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately.