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ACQUISITIONS AND DISPOSITIONS
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3 Months Ended |
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Mar. 31, 2015
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| Property, Plant and Equipment [Abstract] | |
| ACQUISITIONS AND DISPOSITIONS |
ACQUISITIONS AND DISPOSITIONS
Capital Expenditures. During the three months ended March 31, 2015, capital expenditures were $8.9 million and consisted primarily of a base expansion project and capitalized interest. During the three months ended March 31, 2015 and 2014, the Company capitalized interest of $1.7 million and $1.0 million, respectively. As of March 31, 2015 and December 31, 2014, construction in progress, which is a component of property and equipment, included capitalized interest of $6.7 million and $5.0 million, respectively. A summary of changes to our operating helicopter fleet is as follows:
Equipment Additions - The Company had no helicopter acquisitions during the three months ended March 31, 2015. The Company placed two AW139 helicopters into service during the three months ended March 31, 2014.
Equipment Dispositions - During the three months ended March 31, 2015, the Company sold or otherwise disposed of property and equipment for proceeds of $5.4 million and recognized gains of $2.2 million. Additionally, a leasing customer exercised a purchase option for three helicopters from which the Company recognized a gain of $1.2 million and an investment in sales-type lease of $2.3 million. During the three months ended March 31, 2014, the company sold or otherwise disposed of property and equipment for proceeds of $3.6 million and recognized gains of $2.9 million.
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