|
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
|---|---|
|
Jun. 30, 2011
|
|
| RELATED PARTY TRANSACTIONS [Abstract] | |
| RELATED PARTY TRANSACTIONS |
14. RELATED PARTY TRANSACTIONS
We incurred transportation and equipment costs of approximately $239,000 and $481,000 for the three and six months ended June 30, 2010 with STTC, which was previously owned by Nicholas Carter, President and CEO of the Company. Under the lease agreements, STTC paid all licenses, taxes, maintenance, and tires, and we were responsible for the drivers, insurance, and fuel. On November 30, 2010, the Company acquired STTC and the lease agreement was cancelled.
Legal fees of approximately $83,000 and $126,000 were paid during the three months ended June 30, 2011 and 2010, and approximately $144,000 and $191,000 were paid during the first half of 2011 and 2010 respectively, to the law firm of Germer Gertz, LLP of which Charles W. Goehringer, Jr. is a minority partner. Mr. Goehringer acts as corporate counsel for the Company and in November 2007 was appointed to the Board of Directors. Mr. Goehringer chose not to stand for re-election at the 2011 Annual Meeting; therefore, his term expired in June 2011.
Ghazi Sultan, a Company director, was paid $23,000 and $41,000 during the three and six months ended June 30, 2011, respectively for serving as the Company's Saudi branch representative. No amounts were paid for the three and six months ended June 30, 2010.
|