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2017 AND 2016 QUARTERLY RESULTS OF OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Selected Financial Data for the Quarter Ended
 
March 31,
 
June 30,
 
Sept. 30,
 
Dec. 31,
2017
 
 

 
 

 
 

 
 

Shipping revenues
 
$
108,116

 
$
96,225

 
$
93,270

 
$
92,815

Loss on disposal of vessels and other property, including impairments (1)
 
—

 
—

 
7,353

 
5,847

Income from vessel operations
 
19,258

 
14,220

 
434

 
164

Interest expense
 
(9,357
)
 
(9,445
)
 
(9,474
)
 
(9,125
)
Reorganization items, net
 
(235
)
 
(9
)
 
46

 
8

(Provision)/benefit for taxes from continuing operations (2)
 
(3,569
)
 
(1,593
)
 
3,110

 
59,679

Net income/(loss)
 
5,429

 
3,211

 
(6,307
)
 
53,645

Basic and Diluted net income/(loss) per share - Class A
 
$
0.06

 
$
0.04

 
$
(0.07
)
 
$
0.61

 
(1)
As discussed in Note 6, “Vessels, Other Property and Deferred Drydock,” the Company recognized a loss on the sale of an ATB. In addition, as discussed in Note 10, "Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures," the Company recorded an impairment charge to write down the carrying values of five ATBs to their estimated fair values as of December 31, 2017.
(2)
As discussed in Note 12, “Taxes,” the Company has recognized a one-time non-cash tax benefit of approximately $54,300 in the fourth quarter of the fiscal year ended December 31, 2017. This tax benefit is based on the Company’s assessment of the impact of the TCJA, which reduced the federal corporate income tax rate from 35.0% to 21.0%.


Selected Financial Data for the Quarter Ended
 
March 31,
 
June 30,
 
Sept. 30,
 
Dec. 31,
2016
 
 

 
 

 
 

 
 

Shipping revenues (2)
 
$
115,080

 
$
118,384

 
$
114,180

 
$
114,776

Loss on disposal of vessels and other property, including impairments (1) (2)
 
(14
)
 
(113
)
 
(97,782
)
 
(6,623
)
Income/(loss) from vessel operations (2)
 
17,401

 
23,035

 
(83,439
)
 
7,821

Interest expense (2)
 
(11,917
)
 
(10,862
)
 
(10,607
)
 
(9,765
)
Reorganization items, net (2)
 
17,910

 
(860
)
 
(5,732
)
 
(393
)
(Provision)/benefit for taxes from continuing operations (1)
 
(33,235
)
 
(15,075
)
 
49,755

 
63,653

Income/(loss) from continuing operations
 
(8,698
)
 
(4,184
)
 
(52,855
)
 
64,678

Income/(loss) from discontinued operations (3)
 
59,437

 
34,045

 
(45,884
)
 
(340,153
)
Net income
 
50,739

 
29,861

 
(98,739
)
 
(275,475
)
Basic and Diluted net income/(loss) per share - Class A from continuing operations
 
$
(0.09
)
 
$
(0.04
)
 
$
(0.59
)
 
$
0.74

Basic and Diluted net income/(loss) per share - Class A from discontinued operations
 
$
0.62

 
$
0.35

 
$
(0.51
)
 
$
(3.89
)
Basic and Diluted net income/(loss) per share - Class B from continuing operations
 
$
(0.09
)
 
$
(0.27
)
 
$
—

 
$
—

Basic and Diluted net income/(loss) per share - Class B from discontinued operations
 
$
0.64

 
$
2.19

 
$
—

 
$
—

 
(1)
As discussed in Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” the Company recorded impairment charges to write down the carrying values of the seven ATBs to their estimated fair values as of September 30, 2016 and December 31, 2016, respectively, using estimates of discounted future cash flows for each of the vessels (income approach) since the secondhand sale and purchase market for the type of U.S. Flag vessels owned by OSG is not considered to be robust.
(2)
Data has been adjusted from amounts previously reported in Form 10-Q to reflect discontinued operations as discussed in Note 1.
(3)
As discussed in Note 5, “Discontinued Operations,” the Company recorded an impairment charge of $332,562 to write down the carrying values of the INSW disposal group to its fair value, calculated on a held for sale basis, on November 30, 2016.