SALE/LEASEBACK ARRANGEMENTS (Tables)

12 Months Ended

Mar. 31, 2016

Details of Number of Vessels, Total Proceeds, Carrying Values at the Time of Sale, Deferred Gains Recognized, Lease Expirations, and Contractual Purchase Option

The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2015:

Fiscal 2015 Quarter	Number of Vessels		Total Proceeds		Carrying Value at time of Sale		Deferred Gain at time of Sale		Lease Term in Years		Purchase Option Percentage		Purchase Option at at end of:
First		1	$	13,400	$	4,002	$	9,398		7		61%	6^th Year
Second		1		19,350		8,214		11,136		8.5		47%	8^th Year
Third		3		78,200		33,233		44,967	8 – 9			60%	7^th or 8^th Year
Fourth		1		13,000		5,115		7,885	7			50%	6^th Year
		6	$	123,950	$	50,564	$	73,386

Fiscal 2014 Quarter	Number of Vessels		Total Proceeds		Carrying Value at time of Sale		Deferred Gain at time of Sale		Lease Term in Years		Purchase Option Percentage		Purchase Option at at end of:
Second		2	$	65,550	$	34,325	$	31,225		7		55%	6^th Year
Third		4		141,900		105,649		36,251	7 – 9		54 - 68%		6^th or 8^th Year
Fourth		4		63,305		32,845		30,460	7 – 10		53 - 59%		6^th or 9^th Year
		10	$	270,755	$	172,819	$	97,936

Schedule of Future Minimum Lease Payments

As of March 31, 2016, the future minimum lease payments for the vessels under the operating lease terms are as follows:

Fiscal year ending (In thousands)	Fiscal 2015 Sale/Leaseback		Fiscal 2014 Sale/Leaseback		Total
2017	$	9,485		20,879		30,364
2018		9,604		23,486		33,090
2019		10,234		24,800		35,034
2020		11,497		25,519		37,016
2021		11,594		19,979		31,573
Thereafter		19,273		20,063		39,336
Total future lease payments	$	71,687		134,726		206,413