Note 10 - Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 10. PROPERTY, PLANT AND EQUIPMENT


Property, plant and equipment as of December 31, 2013 and 2012 are summarized as follows:


    2013     2012  
    (in thousands)    

Land

  $ 7,457     $ 7,229  

Plant assets

    159,337       148,451  

Fishing vessels

    101,745       103,754  

Furniture and fixtures

    7,091       7,225  

Construction in progress

    16,846       11,214  

Total property and equipment

    292,476       277,873  

Less accumulated depreciation and impairment

    (148,363 )     (150,233 )

Property, plant and equipment, net

  $ 144,113     $ 127,640  

Depreciation expense for 2013, 2012 and 2011 was $18.9 million, $16.3 million, and $14.7 million, respectively.


The Company capitalizes interest as part of the acquisition cost of a qualifying asset. Interest is capitalized only during the period of time required to complete and prepare the asset for its intended use. For 2013, 2012 and 2011, the Company capitalized interest of approximately $312,300, $765,300, and $245,300, respectively.


In December 2013, the Company closed its Cameron, Louisiana menhaden processing plant and is re-deploying some of its harvesting and processing assets to the three remaining menhaden processing plants. As a result of the closure, the Company recognized a $4.8 million impairment of its fixed assets that it does not plan to use in future operations. For more information see Note 5 – Plant Closure.


On June 1, 2012, the Company completed the sale of its Morgan City, Louisiana facility. The property last operated as a processing facility in 1999 but had recently been used primarily as a storage and training facility. Net cash proceeds from the sale after preparation costs, fees and expenses were approximately $5.2 million. For 2012, the Company recognized a gain on the sale of approximately $4.0 million which is included in gain on disposal of assets in the Company’s statement of comprehensive income.