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Unaudited Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES        
Net pool revenues (note 12a) $ 90,446 $ 90,979 $ 201,252 $ 171,488
Time charter revenues (note 12a) 22,621 13,886 45,608 28,048
Voyage charter revenues 16,025 7,297 36,574 14,825
Other revenues (notes 6 and 16) 10,529 (879) 21,137 4,445
Total revenues 139,621 111,283 304,571 218,806
Voyage expenses (note 12a) (9,758) (3,613) (22,581) (7,511)
Vessel operating expenses (note 12a) (46,389) (27,846) (91,462) (51,818)
Time-charter hire expense (note 12a) (15,913) (16,793) (36,629) (31,796)
Depreciation and amortization (25,621) (16,012) (52,688) (30,468)
General and administrative expenses (note 12a) (4,769) (3,211) (10,202) (6,682)
Asset impairment (note 13) (6,420) 0 (6,420) 0
Restructuring charges (note 16) 0 879 0 (4,445)
Income from operations 30,751 44,687 84,589 86,086
Interest expense (7,341) (3,181) (15,612) (5,651)
Interest income 26 8 52 39
Realized and unrealized (loss) gain on derivative instruments (note 8) (3,750) 523 (11,531) (1,064)
Equity income (note 5) 4,740 3,587 8,554 6,169
Other expense (note 9) (1,940) (474) (4,586) (453)
Net income $ 22,486 $ 45,150 $ 61,466 $ 85,126
Per common share amounts (note 14)        
- Basic earnings per share (usd per share) $ 0.14 $ 0.38 $ 0.39 $ 0.72
- Diluted earnings per share (usd per share) 0.14 0.38 0.39 0.72
- Cash dividends declared (usd per share) $ 0.09 $ 0.03 $ 0.09 $ 0.06
Weighted-average number of Class A and Class B common stock outstanding (note 14)        
- Basic (shares) 156,208,917 116,150,985 156,146,287 115,600,570
- Diluted (shares) 156,446,895 116,725,428 156,469,816 116,182,250