COMPANY INQUIRY AND RESTATEMENT (Tables)

12 Months Ended

Dec. 31, 2012

Audit Committee Inquiry and Restatement [Abstract]

Schedule of Condensed Balance Sheet [Table Text Block]

	As of December 31, 2011
	As Previously
	Reported		Adjustment			As Restated
ASSETS
Current Assets:
Cash and cash equivalents	$	54,877				$	54,877
Voyage receivables		168,313					168,313
Income taxes recoverable		27,365	$	(21,924)	(a)		5,441
Other receivables		24,972		135	(a)		25,107
Inventories		19,219					19,219
Prepaid expenses and other current assets		47,401					47,401
Total Current Assets		342,147		(21,789)			320,358
Vessels and other property, less accumulated depreciation		3,226,923					3,226,923
Deferred drydock expenditures, net		66,023					66,023
Total Vessels, Deferred Drydock and Other Property		3,292,946					3,292,946
Investments in Affiliated Companies		251,385		(19,015)	(c)		232,370
Intangible Assets, less accumulated amortization		77,158					77,158
Goodwill		9,589					9,589
Other Assets		61,124					61,124
Total Assets	$	4,034,349	$	(40,804)		$	3,993,545
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$	125,111	$	(368)	(b)	$	124,743
Income taxes payable		-		368	(b)		368
Current installments of long-term debt		14,990					14,990
Total Current Liabilities		140,101		-			140,101
Reserve for Uncertain Tax Positions		4,804		318,599	(a)(d)		323,403
Long-term Debt		2,050,902					2,050,902
Deferred Gain on Sale and Leaseback of Vessels		11,051					11,051
Deferred Income Taxes		203,129		193,550	(e)		396,679
Other Liabilities		69,117					69,117
Total Liabilities		2,479,104		512,149			2,991,253
Equity:
Common stock		44,291					44,291
Paid-in additional capital		413,016					413,016
Retained earnings		2,040,031		(535,437)	(f)		1,504,594
		2,497,338		(535,437)			1,961,901
Cost of treasury stock		840,302					840,302
		1,657,036		(535,437)			1,121,599
Accumulated other comprehensive loss		(101,791)		(17,516)	(c)		(119,307)
Total Equity		1,555,245		(552,953)			1,002,292
Total Liabilities and Equity	$	4,034,349	$	(40,804)		$	3,993,545

      (a)   To adjust income taxes recoverable to reflect the reserve for uncertain tax positions.   

      (b)   To reclassify $ 368 to conform to 2012 balance sheet presentation of tax accounts.  

      (c)   To adjust for the cumulative overstatement in investments in affiliated companies and accumulated other comprehensive loss resulting from the correction of an error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees.  

      (d)   To record a reserve for the tax liability of uncertain tax positions, primarily resulting from deemed dividends by OIN and relating to intercompany balances as described in Note 2.  

      (e)   To adjust the deferred income tax liability for the tax effects of unremitted earnings of foreign subsidiaries, to reflect the utilization of net operating loss carryforwards to offset the deemed distributions by OIN, and to establish a deferred tax asset for the benefit of accrued interest.  

      (f)    To record cumulative reductions to retained earnings of $1,499 relating to the credit valuation error described above and of $533,938 resulting primarily from the errors relating to the Company’s assertion concerning its intent and ability to permanently reinvest earnings from foreign shipping operations accumulated through December 31, 2011.

Schedule of Condensed Income Statement [Table Text Block]

	For the year ended December 31, 2011
	As Previously
	Reported		Adjustments			As Restated
Shipping Revenues:
Pool revenues	$	245,028				$	245,028
Time and bareboat charter revenues		267,159					267,159
Voyage charter revenues		537,344					537,344
		1,049,531					1,049,531
Operating Expenses:
Voyage expenses		259,330					259,330
Vessel expenses		287,610					287,610
Charter hire expenses		383,940					383,940
Depreciation and amortization		179,721					179,721
General and administrative		83,178					83,178
Gain on disposal of vessels, including impairments		(2,060)					(2,060)
Total Operating Expenses		1,191,719					1,191,719
Loss from Vessel Operations		(142,188)					(142,188)
Equity in Income of Affiliated Companies		22,054	$	(1,499)	(a)		20,555
Operating Loss		(120,134)		(1,499)			(121,633)
Other Income		2,154					2,154
Loss before Interest Expense and Taxes		(117,980)		(1,499)			(119,479)
Interest Expense		(79,898)					(79,898)
Loss before Income Taxes		(197,878)		(1,499)			(199,377)
Income Tax Benefit/(Provision)		4,962		(6,948)	(b)		(1,986)
Net Loss	$	(192,916)	$	(8,447)		$	(201,363)
Earnings per share:
Basic	$	(6.39)	$	(0.28)		$	(6.67)
Diluted	$	(6.39)	$	(0.28)		$	(6.67)
Cash dividends declared	$	1.53				$	1.53
Weighted Average Number of Common Shares Outstanding:
Basic		30,228,441					30,228,441
Diluted		30,228,441					30,228,441

(a)   To adjust for the overstatement in equity in income of affiliated companies resulting from the correction of an error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees.

(b)  To adjust for the  understatement  in the income tax provision benefit primarily related to changes in reserves for uncertain tax positions and the after-tax effect of accrued interest related to the reserve for uncertain tax positions offset by the reversal of the originally recorded valuation allowance.

	For the year ended December 31, 2010
	As Previously
	Reported		Adjustments			As Restated
Shipping Revenues:
Pool revenues	$	355,915				$	355,915
Time and bareboat charter revenues		276,636					276,636
Voyage charter revenues		413,059					413,059
		1,045,610					1,045,610
Operating Expenses:
Voyage expenses		192,332					192,332
Vessel expenses		265,251					265,251
Charter hire expenses		369,667					369,667
Depreciation and amortization		170,670					170,670
General and administrative		100,424					100,424
Shipyard contract termination recoveries		(2,061)					(2,061)
Loss on disposal of vessels, including impairments		28,622					28,622
Total Operating Expenses		1,124,905					1,124,905
Loss from Vessel Operations		(79,295)					(79,295)
Equity in Income of Affiliated Companies		3,593					3,593
Operating Loss		(75,702)					(75,702)
Other Income		1,047					1,047
Loss before Interest Expense and Taxes		(74,655)					(74,655)
Interest Expense		(67,044)					(67,044)
Loss before Income Taxes		(141,699)					(141,699)
Income Tax Benefit		7,456	$	11,701	(a)		19,157
Net Loss	$	(134,243)	$	11,701		$	(122,542)
Earnings per share:
Basic	$	(4.55)	$	0.40		$	(4.15)
Diluted	$	(4.55)	$	0.40		$	(4.15)
Cash dividends declared	$	1.75				$	1.75
Weighted Average Number of Common Shares Outstanding:
Basic		29,498,127					29,498,127
Diluted		29,498,127					29,498,127

(a) To adjust the income tax benefit primarily related to the reversal of the originally recorded valuation allowance, changes in reserves for uncertain tax positions and the after-tax effect  of accrued interest related to reserves for uncertain tax positions.

Schedule Of Audit Committee Inquiry and Restatement [Table Text Block]

	For the year ended December 31, 2011
	As Previously Reported		Adjustments			As Restated
Net Loss	$	(192,916)	$	(8,447)	(a)	$	(201,363)
Other Comprehensive (Loss)/Income, net of tax:
Net change in unrealized holding losses on available-for-sale Securities		(231)					(231)
Net change in unrealized losses on cash flow hedges		(17,152)		(17,516)	(b)		(34,668)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized transition obligation		(29)					(29)
Net change in unrecognized prior service costs		(968)					(968)
Net change in unrecognized actuarial losses		(6,523)					(6,523)
Other Comprehensive Loss		(24,903)		(17,516)			(42,419)
Comprehensive Loss	$	(217,819)	$	(25,963)		$	(243,782)

(a) To adjust for the understatement of the net loss resulting from (1) the $1,499 overstatement in equity in income of affiliated companies resulting from the error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees and (2) the $6.948 understatement in the income tax provision primarily related to changes in reserves for uncertain tax positions and  the after-tax effect of accrued interest related to reserves for uncertain tax positions offset by the reversal of the originally recorded valuation allowance.

(b) To adjust for the understatement of other comprehensive loss resulting from the error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees.

Schedule of Condensed Cash Flow Statement [Table Text Block]

The restatements did not affect total net cash flows from operating, investing or financing activities for the years ended December 2010 and 2011 or any prior period. However, the following components of total cash flows from operating activities have been restated as follows:

	For the year ended December 31, 2011
	As Previously Reported		Adjustments			As Restated
Net Loss	$	(192,916)	$	(8,447)	(a)	$	(201,363)
Items included in net loss not affecting cash flows:
Deferred income tax benefit		(4,667)		(24,969)	(b)		(29,636)
Undistributed earnings of affiliated companies		(9,127)		1,499	(c)		(7,628)
Changes in operating assets and liabilities:
Decrease/(increase) in receivables		33,808		(41,276)	(b)		(7,468)
Net change in prepaid items and accounts payable, accrued expenses and other current and long term liabilities		(12,228)		73,193	(b)		60,965

(a)   To adjust for the understatement of the net loss resulting from (1) the $1,499 overstatement in equity in income of affiliated companies resulting from the error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees and (2) the $6,948 understatement in the income tax provision relating to changes in reserves for uncertain tax positions and the after-tax effect of accrued interest related to reserves for uncertain tax positions offset by the reversal of the originally recorded valuation allowance.  

(b)   To adjust for the understatement of the deferred tax benefit, the overstatement of income taxes recoverable which is a component of receivables, and the understatements of income taxes payable and reserve for uncertain tax positions.  

(c)   To adjust undistributed earnings of affiliated companies for the $1,499 overstatement in equity in income of affiliated companies resulting from the error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees .

	For the year ended December 31, 2010
	As Previously Reported		Adjustments			As Restated
Net Loss	$	(134,243)	$	11,701	(a)	$	(122,542)
Items included in net loss not affecting cash flows:
Deferred income tax benefit		(10,176)		(6,938)	(b)		(17,114)
Changes in operating assets and liabilities:
Net change in prepaid items and accounts payable, accrued expenses and other current and long term liabilities		(34,766)		(4,763)	(b)		(39,529)

(a)	To adjust for the understatement in the income tax benefit related to the reversal of the originally recorded valuation allowance, changes in reserves for uncertain tax positions and the after-tax effect of accrued interest related to reserves for uncertain tax positions.
(b)	To adjust for the understatements of the deferred tax benefit, income taxes payable and the reserve for uncertain tax positions.

Schedule of Retained Earnings Adjustments [Table Text Block]

The following table provides a reconciliation of retained earnings, as previously reported and as restated, at December 31, 2009.

Retained earnings at December 31, 2009, as previously reported	$	2,465,949
Tax adjustments
Year ended December 31, 2000		(122,500)
Year ended December 31, 2001		(36,364)
Year ended December 31, 2002		12,919
Year ended December 31, 2003		(23,405)
Year ended December 31, 2004		(7,317)
Year ended December 31, 2005		(18,342)
Year ended December 31, 2006		(337,404)
Year ended December 31, 2007		(46,193)
Year ended December 31, 2008		43,130
Year ended December 31, 2009		(3,215)
Cumulative adjustment to retained earnings as of December 31, 2009		(538,691)
Retained earnings at December 31, 2009, as restated	$	1,927,258