UNAUDITED QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2020

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

18 - UNAUDITED QUARTERLY RESULTS OF OPERATIONS

In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis.

	2020
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,
		(3)				(3)		(3)
Voyage Revenues	$	98,336	$	74,206	$	87,524	$	95,495
Operating loss		(113,415)		(13,104)		(15,666)		(61,151)
Net loss		(120,350)		(18,204)		(21,098)		(65,921)
Net loss per share - basic (1)	$	(2.87)	$	(0.43)	$	(0.50)	$	(1.57)
Net loss per share - diluted (1)	$	(2.87)	$	(0.43)	$	(0.50)	$	(1.57)
Dividends declared per share	$	0.175	$	0.02	$	0.02	$	0.02
Weighted average common shares outstanding - basic		41,866,357		41,900,901		41,928,682		41,933,926
Weighted average common shares outstanding - diluted		41,866,357		41,900,901		41,928,682		41,933,926

	2019
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,
Voyage Revenues	$	93,464	$	83,550	$	103,776	$	108,705
Operating (loss) income		(882)		(27,309)		(7,772)		7,560
Net (loss) income		(7,801)		(34,476)		(14,591)		882
Net (loss) earnings per share - basic (1)	$	(0.19)	$	(0.83)	$	(0.35)	$	0.02
Net (loss) earnings per share - diluted (1)	$	(0.19)	$	(0.83)	$	(0.35)	$	0.02
Dividends declared per share	$	—	$	—	$	—	$	0.50
Weighted average common shares outstanding - basic		41,726,106		41,742,301		41,749,200		41,832,942
Weighted average common shares outstanding - diluted		41,726,106		41,742,301		41,749,200		41,989,553

(1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.

(2) Amounts may not total to annual amounts for the years ended December 31, 2020 and 2019 as reported in the Consolidated Statements of Operations due to rounding.

(3) During the quarters ended March 31, 2020, September 30, 2020 and December 31, 2020, the Company recorded $112,814, $21,896 and $74,225 of Impairment of vessel assets, respectively.