XML 31 R4.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING REVENUES      
Time charter revenue (include related party revenues of $nil, $66,929 and $144,681 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 0 $ 666,715 $ 604,487 $ 402,524
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil, $5,385 and $6,882 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 0 8,080 41,158 45,430
Total operating revenues 674,795 645,645 447,954
OPERATING EXPENSES:      
Vessel operating expenses (include related party vessels operating expenses of $19,086, $16,642 and $15,294 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 179,221 167,444 130,304
Time charter and voyages expenses (include related party time charter and voyage expenses of $7,995, $6,289 and $3,583 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 23,582 21,154 13,100
Depreciation and amortization 91,727 81,303 61,563
Impairment of vessels 18,830 3,033 0
General and administrative expenses 18,217 18,526 13,240
Gain on sale of vessel 0 0 (7,770)
Operating Income 343,218 354,185 237,517
NON-OPERATING INCOME/(EXPENSES)      
Interest income 9,777 2,512 449
Interest and other finance expenses (include $108 acceleration of deferred financing costs, $21,511 expenses relating to prepayment fees, acceleration of deferred financing costs, premium and acceleration of premium amortization and $5,764 Notes premium for each of the years ended December 31, 2023, 2022 and 2021 respectively) (44,824) (75,289) (69,227)
Other income, net 2,149 1,782 2,812
Fair value adjustment on derivative asset (5,372) 9,685 0
Total non-operating expenses (38,270) (61,310) (65,966)
Income before income taxes 304,948 292,875 171,551
Income taxes (448) 50 (56)
Net Income 304,500 292,925 171,495
Earnings allocated to Series B Preferred Shares (9,536) (9,536) (8,263)
Net Income available to Common Shareholders $ 294,964 $ 283,389 $ 163,232
Common Class A [Member]      
Weighted average number of Class A common shares outstanding      
Basic 35,405,458 36,603,134 35,125,003
Diluted 35,928,922 37,204,345 35,508,015
Net Earnings per Class A common share      
Basic $ 8.33 $ 7.74 $ 4.65
Diluted $ 8.21 $ 7.62 $ 4.60