SALE/LEASEBACK ARRANGEMENTS

9 Months Ended

Dec. 31, 2015

(13)	SALE/LEASEBACK ARRANGEMENTS

As of December 31, 2015, the future minimum lease payments for vessels under operating lease terms are as follows:

	Fiscal 2015		Fiscal 2014
Fiscal year ending (In thousands)	Sale/Leaseback		Sale/Leaseback		Total
Remaining three months of 2016	$	2,371		5,220		7,591
2017		9,485		20,879		30,364
2018		9,604		23,485		33,089
2019		10,234		24,800		35,034
2020		11,497		25,519		37,016
Thereafter		30,866		39,744		70,610
Total future lease payments	$	74,057		139,647		213,704

Included in gain on asset dispositions, net for the quarter and nine months ended December 31, 2015, respectively, are $5.8 million and $17.5 million of deferred gains from sale leaseback transactions. During the quarter and nine months ended December 31, 2014, the company recognized $4.8 million and $17.5 million of deferred gains from sale leaseback transactions which are also included in gain on asset dispositions, net.