NOTE 16 —ACCUMULATED OTHER COMPREHENSIVE LOSS:

The tables below reflect the correction of an error described in Note 2, “Company Inquiry and Restatement,” above. The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow:

	2012		2011
At December 31,			(As Restated)

Unrealized gains on available-for-sale securities	$	49	$	34
Unrealized losses on derivative instruments		(98,937)		(104,554)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)		(14,893)		(14,787)
	$	(113,781)	$	(119,307)

The following amounts are included in accumulated other comprehensive loss at December 31, 2012, which have not yet been recognized in net periodic cost: unrecognized transition obligation of $14 ($9 net of tax), unrecognized prior service credits of $1,128 ($733 net of tax) and unrecognized actuarial losses $24,026 ($15,617 net of tax). The transition obligation, prior service credit and actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic cost during 2013 are a loss of $7 ($5 net of tax), a gain of $248 ($153 net of tax) and a loss of $890 ($597 net of tax), respectively.

At December 31, 2012, the Company expects that it will reclassify $20,132 of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months due to the payment of variable rate interest associated with floating rate debt of the Company’s FSO and LNG equity method investees.

The components of the change in the accumulated unrealized loss on derivative instruments, net of related taxes follow:

	2012		2011		2010
For the year ended December 31,			(As Restated)

Reclassification adjustments for amounts included in net income/(loss), net:
Interest expense	$	5,947	$	8,151	$	10,321
Shipping revenues		-		-		(1,707)
Change in unrealized impact of derivative instruments		(330)		(42,819)		(25,851)
	$	5,617	$	(34,668)	$	(17,237)

The income tax expense/(benefit) allocated to each component of other comprehensive loss follows:

	2012		2011		2010
For the year ended December 31,			(As Restated)

Unrealized losses on derivative instruments	$	(414)	$	(484)	$	(4,055)
Pension liabilities		(1,094)		(2,742)		93
Reclassification adjustments included in net income/(loss):
General and administrative expenses		875		50		21
Losses on derivative instruments		2,517		2,386		2,365
	$	1,884	$	(790)	$	(1,576)