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•	emergency and crisis services activities;

•	agricultural commodity trading and logistics activities;

•	other activities, primarily lending and leasing activities; and

•	noncontrolling investments in various other businesses, primarily industrial aviation services businesses in Asia.

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•	expectations as to future oil and gas commodity prices;

•	customer assessments of offshore drilling prospects compared with land-based opportunities;

•	customer assessments of cost, geological opportunity and political stability in host countries;

•	worldwide demand for oil and natural gas;

•	the ability of The Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing;

•	the level of production of non-OPEC countries;

•	the relative exchange rates for the U.S. dollar; and

•	various United States and international government policies regarding exploration and development of oil and gas reserves.

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(1)	Excludes two BO-105 light-twin helicopters removed from service and one AW139 medium helicopter delivered in 2012 but not operational until 2013.

(2)

As of December 31, 2012, Aviation Services had committed to purchase eleven new helicopters, consisting of one AW139 medium helicopter, five AW169 light-twin helicopters and five AW189 medium helicopters, which are not reflected in the table above. In addition, Aviation Services had outstanding options to purchase up to an additional nine AW139 medium helicopters and five AW189 medium helicopters.

(3)	In typical configuration for Aviation Services’ operations.

(4)	For owned fleet.

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(1)	Excludes one BO-105 light-twin helicopter removed from service and one EC225 heavy helicopter, two EC135 light-twin helicopters and four AW139 medium helicopters delivered in 2011 but not operational until 2012.

(2)	In typical configuration for Aviation Services’ operations.

(3)	For owned fleet.

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(1)	Excludes one EC-120 light-single helicopter removed from service and one A119 light-single helicopter that was not placed into service until 2011. During 2012, one S76A medium helicopter and one BO-105 light-twin helicopter were removed from service and disassembled for spare parts.

(2)	Excludes three EC-120 light-single helicopters removed from service.

(3)	In typical configuration for Aviation Services’ operations.

(4)	For owned fleet.

•	Heavy helicopters, which have twin engines and a typical passenger capacity of 19, are primarily used in support of the deepwater offshore oil and gas industry, frequently in harsh environments or in areas with long distances from shore, such as those in the U.S. Gulf of Mexico, Brazil, Australia and the North Sea.

•	Medium helicopters, which mostly have twin engines and a typical passenger capacity of eleven to twelve, are primarily used to support the offshore oil and gas industry, search and rescue services, air medical services, firefighting activities and corporate uses.

•	Light helicopters, which may have single or twin engines and a typical passenger capacity of four to nine, are used to support a wide range of activities, including the shallow-water oil and gas industry, the mining industry, power line and pipeline surveying, air medical services, tourism and corporate uses.

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•	expectations as to future oil and gas commodity prices;

•	customer assessments of offshore drilling prospects compared with land-based opportunities;

•	customer assessments of cost, geological opportunity and political stability in host countries;

•	worldwide demand for oil and natural gas;

•	the ability of OPEC to set and maintain production levels and pricing;

•	the level of production of non-OPEC countries;

•	the relative exchange rates for the U.S. dollar; and

•	various United States and international government policies regarding exploration and development of oil and gas reserves.

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(1)	Excludes three dry cargo barges and two towboats delivered in 2011 but not operational until 2012.

(2)	Argentine-flag.

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(1)	Towboats have been upgraded and maintained to meet or exceed current industry standards.

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•	the level of domestic and international production of the basic agricultural products to be transported (in particular, the yield from grain harvests);

•	the level of domestic and international consumption of agricultural products and the effect of these levels on the volumes of products that are physically moved into the export markets;

•	the level of domestic and worldwide demand for iron ore, steel, steel by-products, coal, ethanol, petroleum and other bulk commodities;

•	the strength or weakness of the U.S. dollar; and

•	the cost of ocean freight and fuel.

•	the supply of barges available to move the products;

•	the cost of qualified wheelhouse personnel;

•	the ability to position the barges to maximize efficiencies and utility in moving cargos both northbound and southbound;

•	the cost of alternative forms of transportation (primarily rail) and capacities at export facilities;

•	general operating logistics on the river network including size and operating status of locks and dams;

•	the effect of river levels on the loading capacities of the barges in terms of draft restrictions; and

•	foreign and domestic laws and regulations.

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(1)	Roll on/Roll off ("RORO").

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(1)	Deadweight tons or “dwt”.

(2)	Leased-in vessel.

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•	onboard installation of automatic information systems to enhance vessel-to-vessel and vessel-to-shore communications;

•	onboard installation of ship security alert systems;

•	the development of vessel and facility security plans;

•	the implementation of a Transportation Worker Identification Credential program; and

•	compliance with flag state security certification requirements.

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•	general economic conditions;

•	prevailing oil and natural gas prices and expectations about future prices and price volatility;

•	assessments of offshore drilling prospects compared with land-based opportunities;

•	the cost of exploring for, producing and delivering oil and natural gas offshore;

•	worldwide demand for energy, other petroleum products and chemical products;

•	availability and rate of discovery of new oil and natural gas reserves in offshore areas;

•	federal, state, local and international political and economic conditions, and policies including cabotage and local content laws;

•	technological advances affecting exploration, development, energy production and consumption;

•	weather conditions;

•	environmental regulation;

•	regulation of drilling activities and the availability of drilling permits and concessions; and

•	the ability of oil and natural gas companies to generate or otherwise obtain funds for capital projects.

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•

the previously imposed drilling moratorium by the U.S. Department of the Interior that directed lessees and operators to cease drilling all new deepwater wells on federal leases in the U.S. Gulf of Mexico, the additional safety and certification requirements for drilling activities imposed for the approval of development and production activities and the delayed approval of applications to drill in both deep and shallow-water areas;

•	unplanned customer suspensions, cancellations, rate reductions or non-renewals of commitments to charter vessels or failures to finalize commitments to charter vessels;

•	new or additional government regulations or laws concerning drilling operations in the U.S. Gulf of Mexico and other regions; and

•	the cost or availability of relevant insurance coverage.

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•	United States embargoes or restrictive actions by U.S. and foreign governments that could limit the Company’s ability to provide services in foreign countries;

•	a change in, or the imposition of, withholding or other taxes on foreign income, tariffs or restrictions on foreign trade and investment;

•	limitations on the repatriation of earnings or currency exchange controls and import/export quotas;

•	local cabotage and local ownership laws and requirements;

•	nationalization, expropriation, asset seizure, blockades and blacklisting;

•	limitations in the availability, amount or terms of insurance coverage;

•	loss of contract rights and inability to enforce contracts;

•	political instability, war and civil disturbances or other risks that may limit or disrupt markets, such as terrorist attacks, piracy and kidnapping;

•	fluctuations in currency exchange rates, hard currency shortages and controls on currency exchange that affect demand for the Company’s services and its profitability;

•	potential noncompliance with a wide variety of laws and regulations, such as the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”), and similar non-U.S. laws and regulations, including the U.K. Bribery Act 2010;

•	labor strikes;

•	changes in general economic and political conditions; and

•	difficulty in staffing and managing widespread operations.

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(1)	Assumes the reinvestment of dividends.

(2)	Simmons Peer Index is calculated as a simple average percentage in share prices and includes the following companies: Bourbon S.A., Bristow Group Inc., PHI Inc., Tidewater Inc., GulfMark Offshore, Inc., Kirby Corporation, Hornbeck Offshore Services, Inc., Solstad Offshore ASA, Farstad Shipping ASA, DOF ASA, Dockwise Ltd., and SEACOR Holdings Inc.

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(1)	Excludes commissions of $12,410 or $0.01 per share.

(2)	Since February 1997, SEACOR’s Board of Directors has authorized the repurchase of Common Stock, certain debt or a combination thereof. From time to time thereafter, and most recently on February 26, 2013, SEACOR’s Board of Directors increased the authority to repurchase Common Stock.

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(1)	Other primarily includes the operations of the Company's emergency and crisis services activities, its agricultural commodity trading and logistics activities, other activities, primarily lending and leasing activities and its noncontrolling investments in various other businesses, primarily industrial aviation services businesses in Asia.

(2)	Other principally includes gains and losses from debt extinguishment, marketable security, derivative and foreign currency transactions.

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•	personnel (primarily wages, benefits, payroll taxes, savings plans and travel for marine personnel);

•	repairs and maintenance (primarily routine repairs and maintenance and main engine overhauls which are performed in accordance with planned maintenance programs);

•	drydocking (primarily the cost of regulatory drydockings performed in accordance with applicable regulations);

•	insurance and loss reserves (primarily the cost of Hull and Machinery and Protection and Indemnity insurance premiums and loss deductibles);

•	fuel, lubes and supplies;

•	leased-in equipment (includes the cost of leasing vessels from lessors under bareboat charter arrangements and leasing equipment employed on vessels);

•	brokered vessel activity (the cost of chartering-in third party vessels under time charter arrangements to fulfill a customer requirement that cannot be filled by a vessel in the Company's fleet); and

•	other (communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, customs and importation duties, and other).

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•	personnel (includes wages, benefits, payroll taxes, savings plans, subsistence and travel);

•	repairs and maintenance (primarily routine activities as well as helicopter refurbishments and engine and major component overhauls that are performed in accordance with planned maintenance programs);

•	insurance (the cost of hull and liability insurance premiums and loss deductibles);

•	fuel;

•	leased-in equipment (includes the cost of leasing helicopters and equipment); and

•	other (primarily base expenses, property, sales and use taxes, communication costs, freight expenses, and other).

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•	barge logistics (primarily towing, switching, fleeting and cleaning costs);

•	personnel (primarily wages, benefits, payroll taxes, savings plans and travel for marine personnel);

•	repairs and maintenance (primarily repairs and maintenance on towboats, which are performed in accordance with planned maintenance programs);

•	insurance and loss reserves (primarily the cost of Hull and Machinery, Protection and Indemnity and Cargo insurance premiums and loss deductibles);

•	fuel, lubes and supplies;

•	leased-in equipment (includes the cost of leasing equipment, including bought-in freight and towboats, from lessors under bareboat charter arrangements); and

•	other (rail car logistics, property taxes and other).

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•	personnel (primarily wages, benefits, payroll taxes, savings plans and travel for marine personnel);

•	repairs and maintenance (primarily routine repairs and maintenance and overhauls which are performed in accordance with planned maintenance programs);

•	drydocking (primarily the cost of regulatory drydockings performed in accordance with applicable regulations);

•	insurance and loss reserves (primarily the cost of Hull and Machinery and Protection and Indemnity insurance premiums and loss deductibles);

•	fuel, lubes and supplies;

•	leased-in equipment (includes the cost of leasing tankers from lessors under bareboat charter arrangements); and

•	other (port charges, freight, vessel inspection costs and other).

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(1)	Alcohol Manufacturing routinely enters into exchange traded positions (primarily corn futures) to offset its net commodity market exposure on raw material and finished goods inventory balances. As of December 31, 2012, the net market exposure to corn under its contracts and its raw material and inventory balances was not material.

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(1)	The components of segment profit do not include interest income, which is a significant component of the Company's lending and leasing activities.

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•	Capital expenditures were $352.3 million. Equipment deliveries included five offshore support vessels, one wind farm utility vessel, three inland river dry cargo barges, five inland river liquid tank barges, two inland river towboats and 18 helicopters.

•	The Company sold property and equipment for net proceeds of $173.1 million ($119.2 million in cash, $5.0 million in cash deposits previously received and $48.9 million in seller financing). Equipment dispositions included the sale of two anchor handling towing supply vessels and two harbor tugs for $84.5 million with leaseback terms ranging from 48 months to 96 months.

•	The Company made net investments in, and advances to, 50% or less owned companies of $56.2 million including a $10.8 million loan to Era do Brazil, $20.8 million of bridge financing to Trailer Bridge and $11.0 million in advances to Avion.

•	The Company received returns on investments from its 50% or less owned companies of $89.8 million including $45.0 million of repayments on short-term notes from Mexmar, $20.0 million from SeaJon as a capital distribution and $15.7 million from Avion as a repayment of advances.

•	The Company received net payments on third party notes receivable of $33.7 million.

•	Construction reserve fund account transactions included withdrawals of $122.7 million and deposits of $58.4 million.

•	The Company acquired 18 lift boats, real property and working capital from Superior for $142.5 million.

•	The Company obtained a 70% controlling interest in ICP through its acquisition of a portion of its partner's interest for $9.1 million in cash.

•	On March 16, 2012, the Company sold the SES Business for a net sales price of $99.9 million. Net cash proceeds received during 2012 were $90.3 million. On December 31, 2012, the Company sold SEI to Par Petroleum Corporation for a net sales price of $15.1 million. Net cash proceeds received during 2012 were $17.8 million.

•	Capital expenditures were $324.2 million. Equipment deliveries included three offshore support vessels, 55 inland river dry cargo barges, two inland river liquid tank barges, nine helicopters and one harbor tug. In addition, the Company acquired a controlling interest in an offshore support vessel.

•	The Company sold 11 offshore support vessels, 10 helicopters, one US-flagged product tanker, one inland river towboat, one inland river liquid tank barge, six inland river dry cargo and deck barges, two harbor tugs and other equipment for net proceeds of $101.8 million, including $36.3 million in proceeds upon entering into a sale-leaseback transaction.

•	The Company made investments in its 50% or less owned companies of $63.0 million.

•	The Company received returns on investments from its 50% or less owned companies of $22.3 million.

•	The Company made net advances on third party notes receivable of $36.2 million.

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•	Construction reserve fund account transactions included withdrawals of $82.5 million and deposits of $18.6 million.

•	The Company acquired certain assets and liabilities of Lewis & Clark and certain related affiliates for $29.6 million.

•	The Company acquired 75% of the issued and outstanding shares in Windcat Workboats Holdings Ltd. for $21.5 million. The acquired company had $3.3 million in cash at the time of acquisition.

•

The Company acquired certain real property, eight foreign-flag RORO vessels and a 70% interest in an operating company engaged in the shipping trade between the United States, the Bahamas and the Caribbean for $33.5 million, which included cash consideration of $30.3 million and the contribution of a $3.2 million note receivable. The acquired company had $1.6 million in cash at the time of acquisition.

•	The Company obtained a 100% controlling interest in Soylutions LLC through its acquisition of its partner’s interest for $11.9 million in cash. The acquired company had $0.2 million in cash at the time of acquisition.

•	Capital expenditures were $243.4 million. Equipment deliveries included one offshore support vessel, 113 inland river dry cargo barges, 17 inland river liquid tank barges, six helicopters and one tractor tug.

•

The Company sold eight offshore support vessels, two helicopters, one ocean liquid tank barge, 60 inland river dry cargo barges, two tankers and other equipment for net proceeds of $360.3 million, including $217.3 million in proceeds upon entering into sale-leaseback transactions. In addition, the Company received insurance proceeds related to the nationalization of one of its offshore support vessels and the total constructive loss of another offshore support vessel under construction.

•	The Company made investments in its 50% or less owned companies of $58.6 million.

•	The Company received returns on investments from its 50% or less owned companies of $15.1 million.

•	The Company released $21.4 million of restricted cash and $7.0 million of Title XI reserve funds into general purpose funds primarily due to the redemption of all of the outstanding Title XI Bonds on two of the Company’s double-hull product tankers (as noted below).

•	Construction reserve fund account transactions included withdrawals of $56.7 million and deposits of $97.8 million.

•	The Company made net investments in leases of $15.0 million.

•	purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for an aggregate purchase price of $5.7 million;

•	retired at maturity $171.0 million of the remaining principal balance outstanding of its 5.875% Senior Notes due 2012 for $171.0 million;

•	issued $350.0 million, in principal amount of its 2.5% Convertible Senior Notes due 2027, for proceeds of $340.6 million net of issue costs of $9.4 million;

•	issued $200.0 million, in principal amount of the Era Group Inc 7.75% Senior Notes due 2022 for proceeds of $191.9 million net of issue costs of $4.7 million;

•	borrowed $115.0 million and repaid $290.0 million under the SEACOR revolving credit facility;

•	borrowed $88.0 million and repaid $290.0 million under the Era Group senior secured revolving credit facility, net of issue costs;

•	issued other debt of $6.6 million;

•	made scheduled payments on long-term debt and capital lease obligations of $16.3 million;

•	had borrowings of $0.1 million and made repayments of $0.7 million on other working capital lines;

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•	repaid $3.2 million of acquired debt;

•	incurred net repayments on inventory financing arrangements of $14.6 million

•	paid a $5.00 per share dividend on Common Stock of $100.4 million to shareholders; and

•	acquired for treasury 1,377,798 shares of Common Stock for an aggregate purchase price of $119.5 million.

•	purchased $2.2 million, in principal amount, of its 5.875% Senior Notes due 2012 for an aggregate purchase price of $2.3 million;

•	had borrowings of $50.0 million under the SEACOR revolving credit facility and $248.9 million under the Era senior secured revolving credit facility, net of issue costs, and issued other debt of $2.9 million;

•	repaid $22.8 million for the redemption of facility financing;

•	made scheduled payments on long-term debt and capital lease obligations of $14.5 million;

•	had net borrowings on inventory financing arrangements of $20.2 million;

•	received $11.9 million for share award plans; and

•	acquired for treasury 843,400 shares of Common Stock for an aggregate purchase price of $71.3 million.

•	paid a $15.00 per share dividend on Common Stock of $319.7 million to shareholders;

•	redeemed all of the outstanding bonds on two of its double hull product tankers, in principal amount of $61.9 million, for an aggregate purchase price of $63.0 million including a make-whole premium;

•	purchased $2.4 million, in principal amount, of its 5.875% Senior Notes due 2012 for an aggregate purchase price of $2.5 million;

•	purchased $16.5 million, in principal amount, of its 7.375% Senior Notes due 2019 for an aggregate purchase price of $17.3 million;

•	made scheduled payments on long-term debt and capital lease obligations of $10.1 million;

•	issued other secured debt in an aggregate principal amount of $38.7 million;

•	had net borrowings on inventory financing arrangements of $21.6 million;

•	received $26.2 million from share award programs; and

•	acquired for treasury 1,811,700 shares of Common Stock for an aggregate purchase price of $137.1 million.

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•	The Company is a guarantor of 50% of the outstanding debt for one of its domestic offshore marine joint ventures. The amount guaranteed by the Company declines as principal payments are made and will terminate when the debt is repaid. The debt matures in 2015. As of December 31, 2012, the amount of the Company’s guarantee was $12.0 million.

•

The Company is a party to two international offshore marine joint ventures that obtained bank debt to finance the acquisition of offshore support vessels from the Company. The debt is secured by, among other things, a first preferred mortgage on the vessels. The bank also has the authority to require the parties to the joint ventures to fund uncalled capital commitments, as defined in the joint ventures’ partnership agreements. In such event, the Company would be required to contribute its allocable share of uncalled capital, which was $2.5 million, in the aggregate, as of December 31, 2012. The Company manages these vessels on behalf of the joint ventures and guarantees the outstanding charter receivables of one of the joint ventures if a customer defaults in payment and the Company either fails to take enforcement action against the defaulting customer or fails to assign its right of recovery against the defaulting customer. As of December 31, 2012, the Company’s contingent guarantee of the joint venture’s outstanding charter receivables was $2.2 million.

•	The Company guaranteed up to $0.7 million with respect to amounts owing pursuant to a vessel charter agreement between one of the Company’s domestic offshore marine joint ventures and the owner of the chartered vessel. The amount of the Company’s guarantee declines over the life of the charter and terminates in 2013.

•	The Company is guarantor of 50% of the outstanding debt for a joint venture that owns two offshore high speed catamaran crew boats. The amount of the guarantees decline as principal payments are made and will terminate when the debt is repaid. The debt matures in 2015. As of December 31, 2012, the amount of the Company’s guarantee was $9.1 million.

•	The Company is guarantor of 50% of the outstanding debt for a Shipping Services joint venture that owns a U.S.flag articulated tug-barge, up to a maximum of $5.0 million. The debt matures in 2017. As of December 31, 2012, the amount of the Company’s guarantee was $5.0 million.

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(1)	Maturities of the Company’s borrowings and interest payments pursuant to such borrowings are based on contractual terms.

(2)	Capital purchase obligations represent commitments for the purchase of property and equipment. These commitments are not recorded as liabilities on the Company’s consolidated balance sheet as of December 31, 2012 as the Company has not yet received the goods or taken title to the property.

(3)	Operating leases primarily include leases of vessels, helicopters, barges, tankers and other property that have a remaining term in excess of one year.

(4)	Purchase obligations primarily include future commodity purchase commitments for the Company's agriculture commodity trading activities as of December 31, 2012. These commitments are for goods and services to be acquired in the ordinary course of business and are fulfilled by the Company’s vendors within a short period of time.

(5)	Other primarily includes deferred compensation arrangements, refundable deposits and statutorily defined severance obligations.

(6)	See “Off-Balance Sheet Arrangements” above.

(1)	Maturities of the Company’s borrowings and interest payments pursuant to such borrowings are based on contractual terms.

(2)

Capital purchase obligations represent commitments for the purchase of property and equipment as of December 31, 2012. Of the total unfunded capital commitments, $128.3 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Such commitments relate to orders Aviation Services had paced for eleven new helicopters, consisting of one AW139 medium helicopter, five AW169 light-twin helicopters and five AW189 medium helicopters. These commitments are not recorded as liabilities on the Company’s consolidated balance sheet as of December 31, 2012 as the Company has not yet received the goods or taken title to the property. The AW139 medium helicopter was delivered in 2013 and the AW189 helicopters are scheduled to be delivered in 2014 and 2015. Delivery dates for the AW169 light-twin helicopters have yet to be determined.

(3)	Operating leases primarily include leases of vessels, helicopters, barges, tankers and other property that have a remaining term in excess of one year.

(4)	Purchase obligations primarily include purchase orders for helicopter inventory and maintenance as of December 31, 2012. These commitments are for goods and services to be acquired in the ordinary course of business and are fulfilled by the Company’s vendors within a short period of time.

(5)	Other primarily includes deferred compensation arrangements.

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(1)	Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new helicopter models that continue to increase their long-term value and make them viable for operation over a longer period of time.

(2)	Roll on/Roll off ("RORO").

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(a)	Documents filed as part of this report:

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(1)

Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new helicopter models that continue to increase their long-term value and make them viable for operation over a longer period of time. For the six months ended December 31, 2011, the change in estimate increased operating income by $7.6 million, net income by $4.9 million and basic and diluted earnings per share of $0.23. For the year ended December 31, 2012, the change in estimate increased operating income by $18.0 million, net income by $11.7 million, and basic and diluted earnings per share by $0.57 and $0.56, respectively.

(2)	Roll on/Roll off ("RORO").

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(1)	Includes property and equipment acquired in business acquisitions and recorded at fair value as of the date of the acquisition.

(2)	Includes land and buildings, aviation spares, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment.

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(1)	For the years ended December 31, 2012, 2011 and 2010, diluted earnings per common share of SEACOR excluded 549,223, 338,920 and 281,265, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.

(2)	Excludes interest expense of $0.6 million, net of tax, and 176,609 shares related to the Company's 2.5% Convertible Senior Notes (see Note 9) as the their inclusion would be anti-dilutive.

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(1)

Marketable security gains (losses), net include losses of $0.9 million and $7.7 million and gains of $3.0 million for the years ended December 31, 2012, 2011 and 2010, respectively, related to marketable security positions held by the Company as of December 31, 2012. Marketable security gains (losses), net include losses of $21.1 million and gains of $2.0 million for the years ended December 31, 2011 and 2010, respectively, related to marketable security positions held by the Company as of 2011. In addition, during the years ended December 31, 2012, 2011 and 2010, the Company recorded dividend expense, net on marketable securities of $0.5 million, $0.8 million and $0.1 million, respectively and recorded interest income, net on marketable securities of $0.2 million, $2.8 million and $3.1 million, respectively.

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(1)	On February 1, 2012, the Company marked its equity investment in its Illinois Corn Processing LLC ("ICP") joint venture to fair value following the acquisition of a controlling interest (see Note 5). The investment's fair value was determined based on a fair value analysis of the assets and liabilities of ICP.

(2)	On March 1, 2012, the Company wrote-off its equity investment in its Aeroleo joint venture (see Note 5).

(3)	On September 30, 2012, the Company marked its equity investment in its Era do Brazil joint venture to fair value. As the primary beneficiary, the Company has consolidated Era do Brazil in its financial statements effective September 30, 2012 (see Note 5).

(4)	During the year ended December 31, 2012, the Company recorded an impairment loss of $1.2 million to reduce the carrying value of one of its fixed-wing aircraft used in its lending and leasing activities following the conclusion of a lease.

(5)	On December 31, 2012, the Company marked its equity investment in Witt O'Brien's LLC, a response management joint venture, to fair value following the ORM Transaction (see Notes 1 and 5). The investment's fair value was determined based the Company's interest in the fair value analysis of the assets and liabilities of Witt O'Brien's.

(6)	On June 1, 2011, the Company marked its investment in its Avion Logistics Limited joint venture to fair value following the acquisition of controlling interests (see Note 5). The investments’ fair values were determined based on the Company’s purchase price of the acquired interests.

(7)	On July 29 2011, the Company marked its investment in its Soylutions LLC joint venture to fair value following the acquisition of controlling interests (see Note 5). The investments’ fair values were determined based on the Company’s purchase price of the acquired interests.

(8)	On July 1, 2011, the Company marked its investment in its Mantenimiento Express Maritimo, S.A.P.I. De C.V. joint venture to fair value following the joint venture’s sale of an additional equity interest to an unrelated third party (see Note 5). The investment’s fair value was determined based on the third party’s purchase price of the acquired interest.

(9)	During the year ended December 31, 2011, the Company recorded a gain of $0.2 million to decrease the carrying value of its exit obligations for three leased-in helicopters.

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(1)	For the year ended December 31, 2012, ICP and Superior Lift Boats contributed $188.7 million and $80.4 million, respectively, of operating revenues to the Company from the dates of their respective acquisitions.

(1)	Purchase price is net of cash acquired (totaling $3.7 million, $5.3 million and $1.2 million in 2012, 2011 and 2010, respectively) and includes issued Common Stock valued at $0.6 million in 2012.

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(1)	Excludes 18 liftboats acquired in the Superior Liftboat acquisition and excludes an interest in one U.S.-flagged articulated tug barge acquired and immediately contributed to SeaJon (see Note 5).

(2)	Excludes eight foreign-flag RORO vessels acquired in the G&G Shipping Acquisition and 28 owned and one leased-in wind farm utility vessels acquired in the Windcat Acquisition.

(3)	Excludes 75 inland river dry cargo barges and 17 inland river liquid tank barges following the acquisition of a controlling interest in Seapsraie.

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(1)	Excludes one U.S.-flag articulated tug-barge contributed to SeaJon (see Note 5) and includes one light-twin helicopter previously removed from service.

(2)	Excludes four crew and one mini-supply vessel operated by Offshore Marine Service's Mexican joint venture (see Note 5) and includes one helicopter previously removed from service.

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(1)	The Company's ownership represents its economic interest in the joint venture.

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(1)	The total minimum offsetting payments to be received under existing long-term bareboat charter-out arrangements (see Note 4).

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(1)	Operating revenues includes $184.9 million of tangible product sales and operating expenses includes $185.1 million of costs of goods sold.

(2)	Inventories for Commodity Trading and Logistics includes raw materials of $2.4 million and work in process of $1.8 million resulting from the acquisition of ICP (see Note 4).

(3)	Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds.

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(1)	Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds.

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(1)	Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds.

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(1)	Trade receivable amounts deemed uncollectible that were removed from accounts receivable and allowance for doubtful accounts.

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