0001481241
2012-12-31
0001481241
2012-01-01
2012-12-31
0001481241
2011-12-31
0001481241
2011-01-01
2011-12-31
0001481241
2010-01-07
2010-12-31
0001481241
2010-12-31
0001481241
us-gaap:RetainedEarningsMember
2010-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2010-12-31
0001481241
us-gaap:CommonStockMember
2010-12-31
0001481241
us-gaap:CommonStockMember
2011-01-01
2011-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2011-01-01
2011-12-31
0001481241
us-gaap:CommonStockMember
2011-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2011-12-31
0001481241
us-gaap:RetainedEarningsMember
2011-12-31
0001481241
us-gaap:RetainedEarningsMember
2012-01-01
2012-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2012-01-01
2012-12-31
0001481241
us-gaap:RetainedEarningsMember
2011-01-01
2011-12-31
0001481241
us-gaap:CommonStockMember
2012-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2012-12-31
0001481241
us-gaap:RetainedEarningsMember
2012-12-31
0001481241
us-gaap:RetainedEarningsMember
2010-01-07
2010-12-31
0001481241
us-gaap:CommonStockMember
2010-01-07
2010-12-31
0001481241
us-gaap:AdditionalPaidInCapitalMember
2010-01-07
2010-12-31
0001481241
us-gaap:CommonStockMember
2012-01-01
2012-12-31
0001481241
2010-01-07
2010-03-31
0001481241
2012-03-31
0001481241
2012-06-30
0001481241
2012-09-30
0001481241
2011-09-30
0001481241
2010-03-31
0001481241
dcix:LikiepShippingCompanyIncMember
2012-12-31
0001481241
dcix:OranginaIncMember
2012-12-31
0001481241
dcix:RalikShippingCompanyIncMember
2012-12-31
0001481241
dcix:MiliShippingCompanyIncMember
2012-12-31
0001481241
dcix:EbonShippingCompanyIncMember
2012-12-31
0001481241
dcix:MejitShippingCompanyIncMember
2012-12-31
0001481241
dcix:MicronesiaShippingCompanyIncMember
2012-12-31
0001481241
dcix:RongerikShippingCompanyIncMember
2012-12-31
0001481241
dcix:UtirikShippingCompanyIncMember
2012-12-31
0001481241
dcix:LemonginaIncMember
2012-12-31
0001481241
dcix:MajorCustomerMember
2012-01-01
2012-12-31
0001481241
dcix:MajorCustomerBMember
2012-01-01
2012-12-31
0001481241
dcix:MajorCustomerMember
2011-01-01
2011-12-31
0001481241
dcix:MajorCustomerCMember
2012-01-01
2012-12-31
0001481241
dcix:MajorCustomerDMember
2011-01-01
2011-12-31
0001481241
us-gaap:MinimumMember
2012-01-01
2012-12-31
0001481241
us-gaap:MinimumMember
2011-01-01
2011-12-31
0001481241
us-gaap:MinimumMember
2010-01-07
2010-12-31
0001481241
dcix:MajorCustomerMember
2010-01-07
2010-12-31
0001481241
dcix:MajorCustomerDMember
2010-01-07
2010-12-31
0001481241
us-gaap:MinimumMember
2012-12-31
0001481241
us-gaap:MaximumMember
2012-12-31
0001481241
dcix:DianaShippingServicesSaMember
2012-01-01
2012-12-31
0001481241
dcix:DianaEnterprisesIncMember
2012-01-01
2012-12-31
0001481241
dcix:DianaShippingServicesSaMember
2011-01-01
2011-12-31
0001481241
dcix:DianaEnterprisesIncMember
2011-01-01
2011-12-31
0001481241
dcix:DianaShippingServicesSaMember
2011-12-31
0001481241
dcix:DianaShippingServicesSaMember
2012-12-31
0001481241
dcix:DianaShippingServicesSaMember
2010-01-07
2010-12-31
0001481241
dcix:DianaEnterprisesIncMember
2010-01-07
2010-12-31
0001481241
dcix:CapDomingoMember
2012-01-01
2012-12-31
0001481241
dcix:CapDoukatoMember
2012-01-01
2012-12-31
0001481241
dcix:AplSardonyxMember
2012-01-01
2012-12-31
0001481241
dcix:AplSpinelMember
2012-01-01
2012-12-31
0001481241
dcix:AplGarnetMember
2012-01-01
2012-12-31
0001481241
dcix:PrepaidCharterRevenueMember
2012-12-31
0001481241
dcix:DeferredAssetFromVaryingCharterRatesMember
2012-12-31
0001481241
dcix:RbsCreditFacilityMember
2012-12-31
0001481241
dcix:RbsCreditFacilityMember
2012-01-01
2012-12-31
0001481241
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:TrancheMember
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:TrancheBMember
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-12-31
0001481241
dcix:TrancheMember
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-12-31
0001481241
dcix:TrancheBMember
dcix:DnbNorBankAsa2010DebtInstrumentMember
2011-12-31
0001481241
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-12-31
0001481241
dcix:TrancheMember
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-12-31
0001481241
dcix:TrancheBMember
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-12-31
0001481241
dcix:TrancheMember
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:TrancheBMember
dcix:DnbNorBankAsa2011DebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:DnbNorBankAsaDebtInstrumentMember
2010-12-31
0001481241
dcix:DnbNorBankAsaDebtInstrumentMember
2011-01-01
2011-12-31
0001481241
dcix:DnbNorBankAsaDebtInstrumentMember
2011-12-31
0001481241
dcix:RbsCreditFacilityMember
us-gaap:MinimumMember
2012-01-01
2012-12-31
0001481241
dcix:HiresCollectedInAdvanceMember
2012-12-31
0001481241
dcix:DeferredRevenueFromLubricantsMember
2012-12-31
0001481241
dcix:DeferredRevenueFromLubricantsMember
2011-12-31
0001481241
dcix:DeferredRevenueFromLubricantsMember
2012-01-01
2012-12-31
0001481241
dcix:DeferredRevenueFromLubricantsMember
2011-01-01
2011-12-31
0001481241
dcix:DeferredRevenueFromLubricantsMember
2010-01-07
2010-12-31
0001481241
us-gaap:EarningsPerShareBasicMember
2012-01-01
2012-12-31
0001481241
us-gaap:EarningsPerShareDilutedMember
2012-01-01
2012-12-31
0001481241
us-gaap:EarningsPerShareBasicMember
2011-01-01
2011-12-31
0001481241
us-gaap:EarningsPerShareBasicMember
2010-01-07
2010-12-31
0001481241
us-gaap:EarningsPerShareDilutedMember
2010-01-07
2010-12-31
0001481241
us-gaap:EarningsPerShareDilutedMember
2011-01-01
2011-12-31
0001481241
2011-10-01
2011-12-31
0001481241
us-gaap:DividendDeclaredMember
2012-01-01
2012-12-31
0001481241
dcix:AcquisitionOfNewVesselMember
2012-01-01
2012-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
1000000000
3 years
54090000
26504000
6175000
416000
1317000
79998
P0Y6M18D
20-F
2012-12-31
false
2012
FY
DIANA CONTAINERSHIPS INC.
0001481241
Yes
No
--12-31
Accelerated Filer
No
32191964
0.01
0.01
25000000
0
0
500000000
23076161
23076161
0
0
500000000
0.01
32191964
0.01
32191964
25000000
215000
31526000
41354000
163000
3206000
1832000
1965000
280812000
19867000
260945000
260945000
9270000
29918000
2672000
1517000
657000
1264000
6110000
91906000
271000
0
322000
263537000
-25101000
238758000
337045000
210000
43559000
36912000
6634000
166218000
7391000
158827000
165461000
991000
210011000
337045000
1917000
776000
318000
103000
3114000
364000
0
231000
208827000
-2525000
206533000
210011000
0
0
650000
154000
731000
11134000
1604000
26992000
5080000
3442000
-18000
-1450000
15536028
1404000
-2988000
3468000
8957000
3066000
78000
194000
28969000
1551000
56631000
26934533
5969000
3630000
0.22
0.23
12476000
5937000
5735000
267000
2885000
1454000
203000
3524000
1044000
-1554000
511000
64000
-447000
-2001000
-0.45
4449431
26934533
15543916
4449431
5969000
3630000
-2001000
7.50
84611000
-2001000
86551000
61000
6106161
16916667
169000
121323000
121492000
53333
1000
954000
953000
23076161
206533000
231000
208827000
-2525000
5969000
900000
3630000
32191964
322000
263537000
-25101000
900000
238758000
28545000
28545000
-2001000
500
1000
1000
5892330
59000
85222000
85281000
213331
2000
1328000
1330000
4154000
4154000
9115803
91000
53810000
53901000
15.00
6.25
7.50
15.00
1.00
0.15
0.25
0.30
0.30
0.15
0.03
0
197000
900000
52000
1374000
1877000
755000
1180000
31346000
107960000
42000000
-149960000
92700000
28545000
-9270000
108786000
-9828000
681000
45000
954000
125000
-398000
1209000
-8000
1482000
12504000
79321000
-79321000
85000000
104670000
121492000
1382000
787000
97073000
30256000
670000
112000
53901000
4154000
285000
12204000
110000
1330000
37000
398000
623000
219000
436000
586000
227000
-186000
93531000
-93531000
20000000
330000
85281000
400000
-787000
103764000
1051000
11098000
2546000
155000
1051000
339000
318000
741000
190000
11098000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">General Information</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The accompanying consolidated financial statements include the accounts of Diana Containerships Inc. (“DCI”) and its wholly-owned subsidiaries (collectively, the “Company”). Diana Containerships Inc. was incorporated on January 7, 2010 under the laws of </font><font style="font-family:Calibri;font-size:11pt;">the Republic of Marshall Islands </font><font style="font-family:Calibri;font-size:11pt;">for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corp</font><font style="font-family:Calibri;font-size:11pt;">orations Act. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The Company </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> engaged in the seaborne transportation industry through the ownership and operation of containerships and is the sole owner of all outstanding shares of the following subsidiaries</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">each</font><font style="font-family:Calibri;font-size:11pt;"> incorporated in the Marshall Islands:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Likiep Shipping Company Inc. (“Likiep”),</font><font style="font-family:Calibri;font-size:11pt;"> owner of the </font><font style="font-family:Calibri;font-size:11pt;">Marshall Islands</font><font style="font-family:Calibri;font-size:11pt;"> flag</font><font style="font-family:Calibri;font-size:11pt;">, 3,426</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">TEU capacity </font><font style="font-family:Calibri;font-size:11pt;">container </font><font style="font-family:Calibri;font-size:11pt;">vessel</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> “</font><font style="font-family:Calibri;font-size:11pt;">Sagitta</font><font style="font-family:Calibri;font-size:11pt;">”, which was built and delivered </font><font style="font-family:Calibri;font-size:11pt;">on</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">June </font><font style="font-family:Calibri;font-size:11pt;">29, </font><font style="font-family:Calibri;font-size:11pt;">20</font><font style="font-family:Calibri;font-size:11pt;">10</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Orangina Inc. (“Orangina”),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 3,426 TEU capacity container vessel, “Centaurus”, which was built</font><font style="font-family:Calibri;font-size:11pt;"> and delivered on July 9, 2010</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Lemongina Inc. (“Lemongina”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">,</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,729 TEU ca</font><font style="font-family:Calibri;font-size:11pt;">pacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> Garnet</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">5</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">November</font><font style="font-family:Calibri;font-size:11pt;"> 1</font><font style="font-family:Calibri;font-size:11pt;">9</font><font style="font-family:Calibri;font-size:11pt;">, 2012 (Note 4).</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ralik </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“Ralik”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">4,206</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Maersk Madrid</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built </font><font style="font-family:Calibri;font-size:11pt;">in 1989</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which was acquired </font><font style="font-family:Calibri;font-size:11pt;">on June </font><font style="font-family:Calibri;font-size:11pt;">14</font><font style="font-family:Calibri;font-size:11pt;">, 201</font><font style="font-family:Calibri;font-size:11pt;">1</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mili</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mili</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">4,714</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “Maersk Malacca” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built</font><font style="font-family:Calibri;font-size:11pt;"> in 1990</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which was acquired </font><font style="font-family:Calibri;font-size:11pt;">on </font><font style="font-family:Calibri;font-size:11pt;">June 22</font><font style="font-family:Calibri;font-size:11pt;">, 2011.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ebon</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ebon</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">4,714</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built </font><font style="font-family:Calibri;font-size:11pt;">in </font><font style="font-family:Calibri;font-size:11pt;">1990</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which was acquired </font><font style="font-family:Calibri;font-size:11pt;">on </font><font style="font-family:Calibri;font-size:11pt;">June </font><font style="font-family:Calibri;font-size:11pt;">17</font><font style="font-family:Calibri;font-size:11pt;">, 201</font><font style="font-family:Calibri;font-size:11pt;">1</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mejit</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mejit</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,7</font><font style="font-family:Calibri;font-size:11pt;">29</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Sardonyx</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">5</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">February</font><font style="font-family:Calibri;font-size:11pt;"> 17, 201</font><font style="font-family:Calibri;font-size:11pt;">2</font><font style="font-family:Calibri;font-size:11pt;"> (Note 4).</font><p><font style="font-family:Calibri;font-size:11pt;margin-left:18px;">       </font></p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Micronesia Shipping Company Inc. (“Micronesia”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,729 TEU ca</font><font style="font-family:Calibri;font-size:11pt;">pacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> Spinel</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">March</font><font style="font-family:Calibri;font-size:11pt;"> 1, 2012 (Note 4).</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Rongerik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Rongerik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">3</font><font style="font-family:Calibri;font-size:11pt;">,7</font><font style="font-family:Calibri;font-size:11pt;">39</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Cap San Marco</font><font style="font-family:Calibri;font-size:11pt;">” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built in </font><font style="font-family:Calibri;font-size:11pt;">2001</font><font style="font-family:Calibri;font-size:11pt;">),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">acquired </font><font style="font-family:Calibri;font-size:11pt;">on</font><font style="font-family:Calibri;font-size:11pt;"> February </font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2012 (Note </font><font style="font-family:Calibri;font-size:11pt;">4</font><font style="font-family:Calibri;font-size:11pt;">).</font><font style="font-family:Calibri;font-size:11pt;"> In August 2012, the vessel was</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">renamed to “Cap Domingo”.</font><p><font style="font-family:Calibri;font-size:11pt;margin-left:18px;">       </font><font style="font-family:Calibri;font-size:11pt;">       </font></p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Utirik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Utirik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">3,739 TEU capacity container vessel, “Cap San Raphael”</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built in 2002</font><font style="font-family:Calibri;font-size:11pt;">),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">acquired on February </font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">, 2012 </font><font style="font-family:Calibri;font-size:11pt;">(Note </font><font style="font-family:Calibri;font-size:11pt;">4</font><font style="font-family:Calibri;font-size:11pt;">).</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">In </font><font style="font-family:Calibri;font-size:11pt;">September</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> the vessel was renamed to “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Unitized Ocean Transport Limited (“UOT”),</font><font style="font-family:Calibri;font-size:11pt;"> which as </font><font style="font-family:Calibri;font-size:11pt;">at </font><font style="font-family:Calibri;font-size:11pt;">December 31</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2012, did not have any operations.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">During 2012,</font><font style="font-family:Calibri;font-size:11pt;"> 2011</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">2010</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">charterers </font><font style="font-family:Calibri;font-size:11pt;">that </font><font style="font-family:Calibri;font-size:11pt;">accounted for more than 10% of the Company's revenues </font><font style="font-family:Calibri;font-size:11pt;">were </font><font style="font-family:Calibri;font-size:11pt;">as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 314px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Charterer</font></td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 20px"><td style="width: 314px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">A</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">46%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">73%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">51%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">B</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">22%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">C</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">22%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">D</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">27%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">41%</font></td></tr></table></div>
the Republic of Marshall Islands
3426
3426
4206
4714
4714
4729
4729
3739
3739
4729
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 314px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Charterer</font></td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 20px"><td style="width: 314px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">A</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">46%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">73%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">51%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">B</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">22%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">C</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">22%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">D</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">27%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">41%</font></td></tr></table></div>
2010-01-07
0.46
0.22
0.73
0.22
0.27
0.10
0.10
0.10
0.51
0.41
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Significant</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Accounting</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Policies</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Preparation of financial statements</font><font style="font-family:Calibri;font-size:11pt;">: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Diana Containerships Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All significant intercompany balances and transactions have been eliminated upon consolidation.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Us</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">e of Estimates: </font><font style="font-family:Calibri;font-size:11pt;">The preparation of </font><font style="font-family:Calibri;font-size:11pt;">consolidated</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the </font><font style="font-family:Calibri;font-size:11pt;">consolidated</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Other Comprehensive Income</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> / (loss)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">: </font><font style="font-family:Calibri;font-size:11pt;">The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of </font><font style="font-family:Calibri;font-size:11pt;">certain transactions, which are recorded directly as components of stockholders' equity</font><font style="font-family:Calibri;font-size:11pt;">. The Company presents Other Comprehensive Income / (Loss)</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in a separate statement</font><font style="font-family:Calibri;font-size:11pt;"> according to </font><font style="font-family:Calibri;font-size:11pt;">ASU 2011-05.</font><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">       </font></p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Foreign Currency Translation: </font><font style="font-family:Calibri;font-size:11pt;">The functional currency of the Company is the U.S. Dollar because the </font><font style="font-family:Calibri;font-size:11pt;">Company operate</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> its </font><font style="font-family:Calibri;font-size:11pt;">vessels in international shipping markets, and therefore</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> primarily transact</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the </font><font style="font-family:Calibri;font-size:11pt;">period presented </font><font style="font-family:Calibri;font-size:11pt;">are converted into U.S. Dollars using the exchange rates in effect at the time of the transact</font><font style="font-family:Calibri;font-size:11pt;">ions. At the balance sheet date</font><font style="font-family:Calibri;font-size:11pt;">, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the </font><font style="font-family:Calibri;font-size:11pt;">period</font><font style="font-family:Calibri;font-size:11pt;">-end exchange rates. Resulting gains or losses are reflected sepa</font><font style="font-family:Calibri;font-size:11pt;">rately in the </font><font style="font-family:Calibri;font-size:11pt;">accompanying consolidated statement</font><font style="font-family:Calibri;font-size:11pt;"> of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">. </font><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">       </font></p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Cash and Cash Equivalents: </font><font style="font-family:Calibri;font-size:11pt;">The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. </font><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">       </font></p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Compensating</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Cash</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Balance</font><font style="font-family:Calibri;font-size:11pt;font-style:italic;">: </font><font style="font-family:Calibri;font-size:11pt;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">Compensating cash balance</font><font style="font-family:Calibri;font-size:11pt;"> include</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> minimum cash deposits required to be maintained under the Company's borrowing arrangement.</font><font style="font-family:Calibri;font-size:11pt;font-style:italic;"> </font><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">       </font></p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounts Receivable, Trade: </font><font style="font-family:Calibri;font-size:11pt;">The account includes receivables from charterers for hire, freight and demurrage billings. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.</font><font style="font-family:Calibri;font-size:11pt;"> No provision for doubtful accounts has been made as of December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Inventories: </font><font style="font-family:Calibri;font-size:11pt;">Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when the vessel operates under freight charter or when on the </font><font style="font-family:Calibri;font-size:11pt;">balance sheet</font><font style="font-family:Calibri;font-size:11pt;"> date a vessel has been redelivered by its previous charterers and h</font><font style="font-family:Calibri;font-size:11pt;">as not yet been delivered to new charterers</font><font style="font-family:Calibri;font-size:11pt;">, or remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Prepaid/Deferred Charter Revenue</font><font style="font-family:Calibri;font-size:11pt;">: The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on </font><font style="font-family:Calibri;font-size:11pt;">the difference between the current fair market value of the charter and the net present value of future contractual cash flows. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">capped to the vessel's fair value on a charter free basis, </font><font style="font-family:Calibri;font-size:11pt;">is recorded as prepaid charter revenue. When the opposite situation occurs, any difference, capped to the vessel's fair value on a charter free basis, is recorded as deferred revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. </font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Vessel Cost: </font><font style="font-family:Calibri;font-size:11pt;">Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. </font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Vessel Depreciation</font><font style="font-family:Calibri;font-size:11pt;">: </font><font style="font-family:Calibri;font-size:11pt;">The Company depreciates containership vessels on a straight-line basis over their estimated useful lives, estimated to be 30 years from the date of initial deli</font><font style="font-family:Calibri;font-size:11pt;">very from the shipyard</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Second-hand</font><font style="font-family:Calibri;font-size:11pt;"> vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Depreciation is based on costs less the </font><font style="font-family:Calibri;font-size:11pt;">estimated residual scrap value, which is assessed at</font><font style="font-family:Calibri;font-size:11pt;"> $200 </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> $350 </font><font style="font-family:Calibri;font-size:11pt;">per light-weight ton</font><font style="font-family:Calibri;font-size:11pt;">, depending on the vessel's age</font><font style="font-family:Calibri;font-size:11pt;"> and market conditions</font><font style="font-family:Calibri;font-size:11pt;">. A decrease in the useful life of a containership or in its residual</font><font style="font-family:Calibri;font-size:11pt;"> scrap</font><font style="font-family:Calibri;font-size:11pt;"> value would have the effect of increasing the annual depreciation charge. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel's useful life </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> adjusted at the date such regulations are adopted.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Impairment of Long-Lived Assets: </font><font style="font-family:Calibri;font-size:11pt;">The Company</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">follows ASC 360-10-40 “Impairment or Disposal of Long-</font><font style="font-family:Calibri;font-size:11pt;">Lived</font><font style="font-family:Calibri;font-size:11pt;"> Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. </font><font style="font-family:Calibri;font-size:11pt;">The Company </font><font style="font-family:Calibri;font-size:11pt;">reviews vessels for impairment whenever events or changes in circumstances indicate that the c</font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;">rrying amount of a vessel may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition is less than its carrying amount, the Company evaluates the vessel for impairment loss. Measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on management estimates and assumptions and by making use of available market data and third party valuations. </font><font style="font-family:Calibri;font-size:11pt;">The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. </font><font style="font-family:Calibri;font-size:11pt;">In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the </font><font style="font-family:Calibri;font-size:11pt;">containerships</font><font style="font-family:Calibri;font-size:11pt;"> market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment. </font><font style="font-family:Calibri;font-size:11pt;">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, vessels' operating expense</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">, vessels' residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well a</font><font style="font-family:Calibri;font-size:11pt;">s future expectations</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel's carrying value. The projected net operating cash flows are determined by considering the historical and estimated vessels' performance and utilization, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for </font><font style="font-family:Calibri;font-size:11pt;">the unfixed days (based on the most recent 10 year average historical </font><font style="font-family:Calibri;font-size:11pt;">6-12</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">months time</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">charter rates available for each type of vessel, considering also current market rates) over the remaining estimated life of each vessel, net of brokerage commissions, expected outflows for scheduled vessels' maintenance and vessel operating expenses assuming an average annual inflation rate of 3%.  Effective fleet utilization is assumed to 98% in the Company's exercise, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), as well as an estimate of 1% off hire days each year, assumptions in line with the Company's historical performance. The Company concluded based on this exercise that step two of the impairment analysis was not required and no impairment of vessels existed at December 31, 2012 as the undiscounted projected cash flows</font><font style="font-family:Calibri;font-size:11pt;"> significantly</font><font style="font-family:Calibri;font-size:11pt;"> exceeded their carrying value.</font></p><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">No impairment loss was identified or recorded for 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2011 </font><font style="font-family:Calibri;font-size:11pt;">and 2010 </font><font style="font-family:Calibri;font-size:11pt;">and the Company has not identified any other facts or circumstances that would require the write down of vessel values in the near future.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounting for Revenues and Expenses:</font><font style="font-family:Calibri;font-size:11pt;"> Revenues are generated from </font><font style="font-family:Calibri;font-size:11pt;">time </font><font style="font-family:Calibri;font-size:11pt;">charter agreements. </font><font style="font-family:Calibri;font-size:11pt;">Time c</font><font style="font-family:Calibri;font-size:11pt;">harter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. </font><font style="font-family:Calibri;font-size:11pt;">Time-charter r</font><font style="font-family:Calibri;font-size:11pt;">evenues are recorded </font><font style="font-family:Calibri;font-size:11pt;">over the term of the charter as service is provided</font><font style="font-family:Calibri;font-size:11pt;">. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Income representing ballast bonus payments</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> in connection with the repositioning of a vessel by the charterer to the vessel owner</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> are recognized in the period earned. Deferred revenue</font><font style="font-family:Calibri;font-size:11pt;">, if any,</font><font style="font-family:Calibri;font-size:11pt;"> includes cash received prior to the balance sheet date for which all criteria for recognition as revenue would not be met, including any deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis. </font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are </font><font style="font-family:Calibri;font-size:11pt;">due</font><font style="font-family:Calibri;font-size:11pt;"> as revenues are earned.</font></p><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Earnings / (</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Loss</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> per Common Share:</font><font style="font-family:Calibri;font-size:11pt;"> Basic </font><font style="font-family:Calibri;font-size:11pt;">earnings / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> per common share are computed by dividing net</font><font style="font-family:Calibri;font-size:11pt;"> income / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> attributable</font><font style="font-family:Calibri;font-size:11pt;"> to common stockholders by the weighted average number of common sh</font><font style="font-family:Calibri;font-size:11pt;">ares outstanding during the period</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Diluted </font><font style="font-family:Calibri;font-size:11pt;">earnings / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> per common </font><font style="font-family:Calibri;font-size:11pt;">share</font><font style="font-family:Calibri;font-size:11pt;"> reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised.</font><font style="font-family:Calibri;font-size:11pt;"> </font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Segmental Reporting:</font><font style="font-family:Calibri;font-size:11pt;"> The Company has determined that it operates under one reportable segment, relating to its operations of the container vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. </font><p><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:36px;"> </font></p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounting for Dry-Docking Costs</font><font style="font-family:Calibri;font-size:11pt;">: The Company follow</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> the deferral method of accounting for dry-docking costs whereby actual costs incurred </font><font style="font-family:Calibri;font-size:11pt;">are </font><font style="font-family:Calibri;font-size:11pt;">deferred and amortized on a straight-line basis over the period through the date the next dry-docking </font><font style="font-family:Calibri;font-size:11pt;">will be </font><font style="font-family:Calibri;font-size:11pt;">scheduled to become due. Unamortized dry-docking costs of vessels that are sold </font><font style="font-family:Calibri;font-size:11pt;">are </font><font style="font-family:Calibri;font-size:11pt;">written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Financing Costs</font><font style="font-family:Calibri;font-size:11pt;">: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred. </font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Repairs and Maintenance:</font><font style="font-family:Calibri;font-size:11pt;"> All repair and maintenance expenses including underwater inspection expenses are expensed in the </font><font style="font-family:Calibri;font-size:11pt;">period</font><font style="font-family:Calibri;font-size:11pt;"> incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Share Based Payment:</font><font style="font-family:Calibri;font-size:11pt;"> ASC 718 “Compensation – Stock Compensation”, requires the Company to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measure</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is </font><font style="font-family:Calibri;font-size:11pt;">remeasured</font><font style="font-family:Calibri;font-size:11pt;"> subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair va</font><font style="font-family:Calibri;font-size:11pt;">lue and are not subsequently re-</font><font style="font-family:Calibri;font-size:11pt;">measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. </font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Variable Interest Entities:</font><font style="font-family:Calibri;font-size:11pt;"> ASC 81</font><font style="font-family:Calibri;font-size:11pt;">0-10-50 “Consolidation of Variable Interest Entities”, addresses the consolidation of business enterprises (variable interest entities) to which the usual condition (ownership of a majority voting interest) of consolidation does not apply. The guidance focuses on financial interests that indicate control. It concludes that in the absence of clear control through voting interests, a company's exposure (variable interest) to the economic risks and potential rewards from the variable interest entity's assets and activities are the best evidence of control. Variable interests are rights and obligations that convey economic gains or losses from changes in the value of the variable interest entity's assets and liabilities. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. </font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The Company's evaluation did not result in an identification of variable interest entities as of December 31, 2012 and 2011.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Concentration of Credit Risk:</font><font style="font-family:Calibri;font-size:11pt;"> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with </font><font style="font-family:Calibri;font-size:11pt;">various</font><font style="font-family:Calibri;font-size:11pt;"> qualified financial institutions</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing </font><font style="font-family:Calibri;font-size:11pt;">ongoing</font><font style="font-family:Calibri;font-size:11pt;"> credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</font></li></ul>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Preparation of financial statements</font><font style="font-family:Calibri;font-size:11pt;">: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Diana Containerships Inc. and its wholly-owned subsidiaries referred to in Note 1 above. All significant intercompany balances and transactions have been eliminated upon consolidation.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Us</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">e of Estimates: </font><font style="font-family:Calibri;font-size:11pt;">The preparation of </font><font style="font-family:Calibri;font-size:11pt;">consolidated</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the </font><font style="font-family:Calibri;font-size:11pt;">consolidated</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Other Comprehensive Income</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> / (loss)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">: </font><font style="font-family:Calibri;font-size:11pt;">The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of </font><font style="font-family:Calibri;font-size:11pt;">certain transactions, which are recorded directly as components of stockholders' equity</font><font style="font-family:Calibri;font-size:11pt;">. The Company presents Other Comprehensive Income / (Loss)</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in a separate statement</font><font style="font-family:Calibri;font-size:11pt;"> according to </font><font style="font-family:Calibri;font-size:11pt;">ASU 2011-05.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Foreign Currency Translation: </font><font style="font-family:Calibri;font-size:11pt;">The functional currency of the Company is the U.S. Dollar because the </font><font style="font-family:Calibri;font-size:11pt;">Company operate</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> its </font><font style="font-family:Calibri;font-size:11pt;">vessels in international shipping markets, and therefore</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> primarily transact</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the </font><font style="font-family:Calibri;font-size:11pt;">period presented </font><font style="font-family:Calibri;font-size:11pt;">are converted into U.S. Dollars using the exchange rates in effect at the time of the transact</font><font style="font-family:Calibri;font-size:11pt;">ions. At the balance sheet date</font><font style="font-family:Calibri;font-size:11pt;">, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the </font><font style="font-family:Calibri;font-size:11pt;">period</font><font style="font-family:Calibri;font-size:11pt;">-end exchange rates. Resulting gains or losses are reflected sepa</font><font style="font-family:Calibri;font-size:11pt;">rately in the </font><font style="font-family:Calibri;font-size:11pt;">accompanying consolidated statement</font><font style="font-family:Calibri;font-size:11pt;"> of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Cash and Cash Equivalents: </font><font style="font-family:Calibri;font-size:11pt;">The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Compensating</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Cash</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Balance</font><font style="font-family:Calibri;font-size:11pt;font-style:italic;">: </font><font style="font-family:Calibri;font-size:11pt;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">Compensating cash balance</font><font style="font-family:Calibri;font-size:11pt;"> include</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> minimum cash deposits required to be maintained under the Company's borrowing arrangement.</font><font style="font-family:Calibri;font-size:11pt;font-style:italic;"> </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounts Receivable, Trade: </font><font style="font-family:Calibri;font-size:11pt;">The account includes receivables from charterers for hire, freight and demurrage billings. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.</font><font style="font-family:Calibri;font-size:11pt;"> No provision for doubtful accounts has been made as of December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Vessel Cost: </font><font style="font-family:Calibri;font-size:11pt;">Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
Vessel Depreciation: The Company depreciates containership vessels on a straight-line basis over their estimated useful lives, estimated to be 30 years from the date of initial delivery from the shipyard. Second-hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Depreciation is based on costs less the estimated residual scrap value, which is assessed at $200 and $350 per light-weight ton, depending on the vessel’s age and market conditions. A decrease in the useful life of a containership or in its residual scrap value would have the effect of increasing the annual depreciation charge. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted at the date such regulations are adopted.
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Impairment of Long-Lived Assets: </font><font style="font-family:Calibri;font-size:11pt;">The Company</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">follows ASC 360-10-40 “Impairment or Disposal of Long-</font><font style="font-family:Calibri;font-size:11pt;">Lived</font><font style="font-family:Calibri;font-size:11pt;"> Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. </font><font style="font-family:Calibri;font-size:11pt;">The Company </font><font style="font-family:Calibri;font-size:11pt;">reviews vessels for impairment whenever events or changes in circumstances indicate that the c</font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;">rrying amount of a vessel may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition is less than its carrying amount, the Company evaluates the vessel for impairment loss. Measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on management estimates and assumptions and by making use of available market data and third party valuations. </font><font style="font-family:Calibri;font-size:11pt;">The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. </font><font style="font-family:Calibri;font-size:11pt;">In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the </font><font style="font-family:Calibri;font-size:11pt;">containerships</font><font style="font-family:Calibri;font-size:11pt;"> market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment. </font><font style="font-family:Calibri;font-size:11pt;">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, vessels' operating expense</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">, vessels' residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well a</font><font style="font-family:Calibri;font-size:11pt;">s future expectations</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel's carrying value. The projected net operating cash flows are determined by considering the historical and estimated vessels' performance and utilization, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for </font><font style="font-family:Calibri;font-size:11pt;">the unfixed days (based on the most recent 10 year average historical </font><font style="font-family:Calibri;font-size:11pt;">6-12</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">months time</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">charter rates available for each type of vessel, considering also current market rates) over the remaining estimated life of each vessel, net of brokerage commissions, expected outflows for scheduled vessels' maintenance and vessel operating expenses assuming an average annual inflation rate of 3%.  Effective fleet utilization is assumed to 98% in the Company's exercise, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), as well as an estimate of 1% off hire days each year, assumptions in line with the Company's historical performance. The Company concluded based on this exercise that step two of the impairment analysis was not required and no impairment of vessels existed at December 31, 2012 as the undiscounted projected cash flows</font><font style="font-family:Calibri;font-size:11pt;"> significantly</font><font style="font-family:Calibri;font-size:11pt;"> exceeded their carrying value.</font></p><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">No impairment loss was identified or recorded for 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2011 </font><font style="font-family:Calibri;font-size:11pt;">and 2010 </font><font style="font-family:Calibri;font-size:11pt;">and the Company has not identified any other facts or circumstances that would require the write down of vessel values in the near future.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounting for Revenues and Expenses:</font><font style="font-family:Calibri;font-size:11pt;"> Revenues are generated from </font><font style="font-family:Calibri;font-size:11pt;">time </font><font style="font-family:Calibri;font-size:11pt;">charter agreements. </font><font style="font-family:Calibri;font-size:11pt;">Time c</font><font style="font-family:Calibri;font-size:11pt;">harter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. </font><font style="font-family:Calibri;font-size:11pt;">Time-charter r</font><font style="font-family:Calibri;font-size:11pt;">evenues are recorded </font><font style="font-family:Calibri;font-size:11pt;">over the term of the charter as service is provided</font><font style="font-family:Calibri;font-size:11pt;">. Revenues from time charter agreements providing for varying annual rates over their term are accounted for on a straight line basis. Income representing ballast bonus payments</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> in connection with the repositioning of a vessel by the charterer to the vessel owner</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> are recognized in the period earned. Deferred revenue</font><font style="font-family:Calibri;font-size:11pt;">, if any,</font><font style="font-family:Calibri;font-size:11pt;"> includes cash received prior to the balance sheet date for which all criteria for recognition as revenue would not be met, including any deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight line basis. </font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are </font><font style="font-family:Calibri;font-size:11pt;">due</font><font style="font-family:Calibri;font-size:11pt;"> as revenues are earned.</font></p></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Earnings / (</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Loss</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> per Common Share:</font><font style="font-family:Calibri;font-size:11pt;"> Basic </font><font style="font-family:Calibri;font-size:11pt;">earnings / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> per common share are computed by dividing net</font><font style="font-family:Calibri;font-size:11pt;"> income / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> attributable</font><font style="font-family:Calibri;font-size:11pt;"> to common stockholders by the weighted average number of common sh</font><font style="font-family:Calibri;font-size:11pt;">ares outstanding during the period</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Diluted </font><font style="font-family:Calibri;font-size:11pt;">earnings / (</font><font style="font-family:Calibri;font-size:11pt;">loss</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> per common </font><font style="font-family:Calibri;font-size:11pt;">share</font><font style="font-family:Calibri;font-size:11pt;"> reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised.</font><font style="font-family:Calibri;font-size:11pt;"> </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Segmental Reporting:</font><font style="font-family:Calibri;font-size:11pt;"> The Company has determined that it operates under one reportable segment, relating to its operations of the container vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Accounting for Dry-Docking Costs</font><font style="font-family:Calibri;font-size:11pt;">: The Company follow</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> the deferral method of accounting for dry-docking costs whereby actual costs incurred </font><font style="font-family:Calibri;font-size:11pt;">are </font><font style="font-family:Calibri;font-size:11pt;">deferred and amortized on a straight-line basis over the period through the date the next dry-docking </font><font style="font-family:Calibri;font-size:11pt;">will be </font><font style="font-family:Calibri;font-size:11pt;">scheduled to become due. Unamortized dry-docking costs of vessels that are sold </font><font style="font-family:Calibri;font-size:11pt;">are </font><font style="font-family:Calibri;font-size:11pt;">written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Financing Costs</font><font style="font-family:Calibri;font-size:11pt;">: Fees paid to lenders for obtaining new loans or refinancing existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Unamortized fees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are charged to expense in the period incurred. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Repairs and Maintenance:</font><font style="font-family:Calibri;font-size:11pt;"> All repair and maintenance expenses including underwater inspection expenses are expensed in the </font><font style="font-family:Calibri;font-size:11pt;">period</font><font style="font-family:Calibri;font-size:11pt;"> incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Share Based Payment:</font><font style="font-family:Calibri;font-size:11pt;"> ASC 718 “Compensation – Stock Compensation”, requires the Company to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. The Company initially measure</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> the cost of employee services received in exchange for an award or liability instrument based on its current fair value; the fair value of that award or liability instrument is </font><font style="font-family:Calibri;font-size:11pt;">remeasured</font><font style="font-family:Calibri;font-size:11pt;"> subsequently at each reporting date through the settlement date. Changes in fair value during the requisite service period are recognized as compensation cost over that period with the exception of awards granted in the form of restricted shares which are measured at their grant date fair va</font><font style="font-family:Calibri;font-size:11pt;">lue and are not subsequently re-</font><font style="font-family:Calibri;font-size:11pt;">measured. The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Variable Interest Entities:</font><font style="font-family:Calibri;font-size:11pt;"> ASC 81</font><font style="font-family:Calibri;font-size:11pt;">0-10-50 “Consolidation of Variable Interest Entities”, addresses the consolidation of business enterprises (variable interest entities) to which the usual condition (ownership of a majority voting interest) of consolidation does not apply. The guidance focuses on financial interests that indicate control. It concludes that in the absence of clear control through voting interests, a company's exposure (variable interest) to the economic risks and potential rewards from the variable interest entity's assets and activities are the best evidence of control. Variable interests are rights and obligations that convey economic gains or losses from changes in the value of the variable interest entity's assets and liabilities. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. </font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The Company's evaluation did not result in an identification of variable interest entities as of December 31, 2012 and 2011.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Concentration of Credit Risk:</font><font style="font-family:Calibri;font-size:11pt;"> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with </font><font style="font-family:Calibri;font-size:11pt;">various</font><font style="font-family:Calibri;font-size:11pt;"> qualified financial institutions</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing </font><font style="font-family:Calibri;font-size:11pt;">ongoing</font><font style="font-family:Calibri;font-size:11pt;"> credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</font></li></ul>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Inventories: </font><font style="font-family:Calibri;font-size:11pt;">Inventories consist of lubricants and victualling which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when the vessel operates under freight charter or when on the </font><font style="font-family:Calibri;font-size:11pt;">balance sheet</font><font style="font-family:Calibri;font-size:11pt;"> date a vessel has been redelivered by its previous charterers and h</font><font style="font-family:Calibri;font-size:11pt;">as not yet been delivered to new charterers</font><font style="font-family:Calibri;font-size:11pt;">, or remains idle. Bunkers are also stated at the lower of cost or market and cost is determined by the first in, first out method.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Prepaid/Deferred Charter Revenue</font><font style="font-family:Calibri;font-size:11pt;">: The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on </font><font style="font-family:Calibri;font-size:11pt;">the difference between the current fair market value of the charter and the net present value of future contractual cash flows. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">capped to the vessel's fair value on a charter free basis, </font><font style="font-family:Calibri;font-size:11pt;">is recorded as prepaid charter revenue. When the opposite situation occurs, any difference, capped to the vessel's fair value on a charter free basis, is recorded as deferred revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
0
0
0.03
0.98
0.01
0
0
0
the most recent 10 year average historical 6-12 months time charter rates
30 years
200
350
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">3</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">T</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">ransactions with </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Related Parties</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0px;">Diana Shipping </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Services</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> S.A. (“DS</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">S</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> or the “Manager”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">):</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">DSS</font><font style="font-family:Calibri;font-size:11pt;">, a wholly owned subsidiary o</font><font style="font-family:Calibri;font-size:11pt;">f </font><font style="font-family:Calibri;font-size:11pt;">Diana Shipping Inc.</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;"> Company's </font><font style="font-family:Calibri;font-size:11pt;">major</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">shareholder</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> provide</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> (</font><font style="font-family:Calibri;font-size:11pt;">i</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">administrative services under an Administrative Service</font><font style="font-family:Calibri;font-size:11pt;">s Agreement</font><font style="font-family:Calibri;font-size:11pt;">, for a monthly fee of $10</font><font style="font-family:Calibri;font-size:11pt;">; (ii) brokerage services</font><font style="font-family:Calibri;font-size:11pt;"> pursuant to a Broker Services Agreement </font><font style="font-family:Calibri;font-size:11pt;">that </font><font style="font-family:Calibri;font-size:11pt;">DSS has entered into with Diana Enterprises Inc.</font><font style="font-family:Calibri;font-size:11pt;"> (“Diana Enterprises”),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">a related party controlled by the Company's Chief Executive Officer and Chairman </font><font style="font-family:Calibri;font-size:11pt;">Mr.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Symeon</font><font style="font-family:Calibri;font-size:11pt;"> Palios</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">for annual fees of $1,040</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">until </font><font style="font-family:Calibri;font-size:11pt;">the completion of the public offering on </font><font style="font-family:Calibri;font-size:11pt;">June 15, 2011</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">$1,300 </font><font style="font-family:Calibri;font-size:11pt;">thereafter</font><font style="font-family:Calibri;font-size:11pt;">;</font><font style="font-family:Calibri;font-size:11pt;"> (iii) </font><font style="font-family:Calibri;font-size:11pt;">commercial and technical services pursuant to </font><font style="font-family:Calibri;font-size:11pt;">Vessel Management Agreements</font><font style="font-family:Calibri;font-size:11pt;">, signed between each </font><font style="font-family:Calibri;font-size:11pt;">shipowning</font><font style="font-family:Calibri;font-size:11pt;"> company and DSS,</font><font style="font-family:Calibri;font-size:11pt;"> under which </font><font style="font-family:Calibri;font-size:11pt;">the Company </font><font style="font-family:Calibri;font-size:11pt;">pays </font><font style="font-family:Calibri;font-size:11pt;">a commission of 1% of the gross charterhire </font><font style="font-family:Calibri;font-size:11pt;">or</font><font style="font-family:Calibri;font-size:11pt;"> freight earned by </font><font style="font-family:Calibri;font-size:11pt;">each </font><font style="font-family:Calibri;font-size:11pt;">vessel and a technical management fee of $15 per vessel per month for employed vessels and $20 per vessel per month for laid-up vessels.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">For </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;"> and for the period from January 7 (inception date) to December 31, 2010,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">DSS </font><font style="font-family:Calibri;font-size:11pt;">charged the C</font><font style="font-family:Calibri;font-size:11pt;">ompany</font><font style="font-family:Calibri;font-size:11pt;"> the following amounts for (</font><font style="font-family:Calibri;font-size:11pt;">i</font><font style="font-family:Calibri;font-size:11pt;">) </font><font style="font-family:Calibri;font-size:11pt;">management fees</font><font style="font-family:Calibri;font-size:11pt;"> and commissions</font><font style="font-family:Calibri;font-size:11pt;"> under the Vess</font><font style="font-family:Calibri;font-size:11pt;">el Management Agreements, (ii) </font><font style="font-family:Calibri;font-size:11pt;">administrative </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> under the Administrative Services Agreement and (iii) brokerage </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">attributable to Diana Enterprises </font><font style="font-family:Calibri;font-size:11pt;">under the Broker Services Agreement be</font><font style="font-family:Calibri;font-size:11pt;">tween DSS and Diana Enterprises:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:left;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:left;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td rowspan="6" style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the period from January 7, 2010 (inception date) to December 31, 2010</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="3" style="width: 208px; text-align:center;border-color:#000000;min-width:208px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the years ended December 31, </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Management fees, including capitalized fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,641</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 758</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 203</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 687</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 270</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 57</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Administrative fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 120</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 120</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 88</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Brokerage fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,300</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,182</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 607</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">Part of the m</font><font style="font-family:Calibri;font-size:11pt;">anagement fees</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">is </font><font style="font-family:Calibri;font-size:11pt;">separately presented in Management fees in the accompanying consolidated</font><font style="font-family:Calibri;font-size:11pt;"> statements of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">operations </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">the other part is</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">included </font><font style="font-family:Calibri;font-size:11pt;">in Vessels</font><font style="font-family:Calibri;font-size:11pt;"> and in Advances for vessel</font><font style="font-family:Calibri;font-size:11pt;"> acquisitions</font><font style="font-family:Calibri;font-size:11pt;"> and other vessel cost</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Commissions are included in Voyage expenses</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying consolidated </font><font style="font-family:Calibri;font-size:11pt;">statements </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;"> (Note 10</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Administrative and brokerage </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> are included in General and administrative expenses in the accompanying consolidated </font><font style="font-family:Calibri;font-size:11pt;">statements </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> operations</font><font style="font-family:Calibri;font-size:11pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">December 31, </font><font style="font-family:Calibri;font-size:11pt;">2011</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> an amount of $612</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">$263</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> was due </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">DSS and </font><font style="font-family:Calibri;font-size:11pt;">comprises a significant part of the account</font><font style="font-family:Calibri;font-size:11pt;"> Due </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">related part</font><font style="font-family:Calibri;font-size:11pt;">ies</font><font style="font-family:Calibri;font-size:11pt;"> in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">.</font></p>
687000
120000
1300000
270000
120000
1182000
10000
1300000
1040000
0.01
15000
20000
263000
612000
1641000
758000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:left;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:left;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td rowspan="6" style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the period from January 7, 2010 (inception date) to December 31, 2010</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:center;border-color:#000000;min-width:98px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="3" style="width: 208px; text-align:center;border-color:#000000;min-width:208px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the years ended December 31, </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:98px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Management fees, including capitalized fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,641</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 758</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 203</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 687</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 270</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 57</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Administrative fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 120</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 120</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 88</font></td></tr><tr style="height: 17px"><td style="width: 313px; text-align:left;border-color:#000000;min-width:313px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Brokerage fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,300</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 1,182</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 98px; text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 607</font></td></tr></table></div>
203000
57000
88000
607000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">4.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Vessels</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In </font><font style="font-family:Calibri;font-size:11pt;">December 2011</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Rongerik</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">Utirik</font><font style="font-family:Calibri;font-size:11pt;"> acquire</font><font style="font-family:Calibri;font-size:11pt;">d</font><font style="font-family:Calibri;font-size:11pt;"> the container vessels</font><font style="font-family:Calibri;font-size:11pt;"> m/v</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Cap San Marco</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">, renamed to “Cap Domingo” </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">m/v “</font><font style="font-family:Calibri;font-size:11pt;">Cap San Raphael</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">, renamed to “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">, respectively, for the purchase price of $33</font><font style="font-family:Calibri;font-size:11pt;">.0 million</font><font style="font-family:Calibri;font-size:11pt;"> each</font><font style="font-family:Calibri;font-size:11pt;">. Both vessels were delivered on</font><font style="font-family:Calibri;font-size:11pt;"> February </font><font style="font-family:Calibri;font-size:11pt;">6, </font><font style="font-family:Calibri;font-size:11pt;">2012. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In </font><font style="font-family:Calibri;font-size:11pt;">January 2012, </font><font style="font-family:Calibri;font-size:11pt;">Mejit</font><font style="font-family:Calibri;font-size:11pt;"> and Micronesia, </font><font style="font-family:Calibri;font-size:11pt;">acquired</font><font style="font-family:Calibri;font-size:11pt;"> the container vessels, “APL Sardonyx” and “APL Spinel”, respectively, for the purchase price of $30.0 million each</font><font style="font-family:Calibri;font-size:11pt;">. M</font><font style="font-family:Calibri;font-size:11pt;">/v “APL Sardonyx” </font><font style="font-family:Calibri;font-size:11pt;">was delivered </font><font style="font-family:Calibri;font-size:11pt;">on February 17, 2012 </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> m/v “APL Spinel” </font><font style="font-family:Calibri;font-size:11pt;">o</font><font style="font-family:Calibri;font-size:11pt;">n March </font><font style="font-family:Calibri;font-size:11pt;">1, </font><font style="font-family:Calibri;font-size:11pt;">2012. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In November </font><font style="font-family:Calibri;font-size:11pt;">2012, </font><font style="font-family:Calibri;font-size:11pt;">Lemongina</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">acquired the container vessel</font><font style="font-family:Calibri;font-size:11pt;"> “APL</font><font style="font-family:Calibri;font-size:11pt;"> Garnet” </font><font style="font-family:Calibri;font-size:11pt;">for the purc</font><font style="font-family:Calibri;font-size:11pt;">hase price of $30.0 million. </font><font style="font-family:Calibri;font-size:11pt;">The vessel </font><font style="font-family:Calibri;font-size:11pt;">was delivered </font><font style="font-family:Calibri;font-size:11pt;">to the Company </font><font style="font-family:Calibri;font-size:11pt;">on </font><font style="font-family:Calibri;font-size:11pt;">November 19, </font><font style="font-family:Calibri;font-size:11pt;">2012. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">All these vessels were acquired</font><font style="font-family:Calibri;font-size:11pt;"> with time charters attached (N</font><font style="font-family:Calibri;font-size:11pt;">ote 5).</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Vessels' Cost</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Depreciation</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net Book Value</font></td></tr><tr style="height: 6px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2010</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 93,531</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,454)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,077</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions, improvements and other vessels' costs</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,687</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,687</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,937)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,937)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 166,218</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (7,391)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 158,827</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions, improvements and other vessels' costs</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$114,594</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 114,594</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (12,476)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (12,476)</font></td></tr><tr style="height: 17px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 280,812</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,867)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 260,945</font></td></tr><tr style="height: 21px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at December 31, 2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;">cquisitions, improvements and other vessel's costs </font><font style="font-family:Calibri;font-size:11pt;">includes</font><font style="font-family:Calibri;font-size:11pt;"> capitalized costs of</font><font style="font-family:Calibri;font-size:11pt;"> $594</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and $2,187</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">. Also, an amount of $6,634</font><font style="font-family:Calibri;font-size:11pt;"> was transferred </font><font style="font-family:Calibri;font-size:11pt;">in 2012 </font><font style="font-family:Calibri;font-size:11pt;">from Advances for vessel acquisition and other vessel costs presented in the accompanying consolidated balance sheet as at December 31, 2011.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at December 31, 2012, </font><font style="font-family:Calibri;font-size:11pt;">certain of </font><font style="font-family:Calibri;font-size:11pt;">the Company</font><font style="font-family:Calibri;font-size:11pt;">'s</font><font style="font-family:Calibri;font-size:11pt;"> vessels</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> having a total carrying value of $179,414</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> were provided as collateral to secure the revolving credit facility with the Royal Bank of Scotland</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;">, discussed in Note 6.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As </font><font style="font-family:Calibri;font-size:11pt;">at</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">all</font><font style="font-family:Calibri;font-size:11pt;"> vessels were operating under time charter agreements.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Vessels' Cost</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Depreciation</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net Book Value</font></td></tr><tr style="height: 6px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"> </td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2010</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 93,531</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,454)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,077</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions, improvements and other vessels' costs</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,687</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,687</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,937)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,937)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 166,218</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (7,391)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 158,827</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions, improvements and other vessels' costs</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$114,594</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 114,594</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (12,476)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (12,476)</font></td></tr><tr style="height: 17px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 280,812</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,867)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 260,945</font></td></tr><tr style="height: 21px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td></tr></table></div>
114594000
594000
93531000
72687000
1454000
92077000
33000000
33000000
30000000
30000000
30000000
2187000
179414000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">5</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Prepaid Charter Revenue</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In February, </font><font style="font-family:Calibri;font-size:11pt;">March</font><font style="font-family:Calibri;font-size:11pt;"> and November</font><font style="font-family:Calibri;font-size:11pt;"> 2012, </font><font style="font-family:Calibri;font-size:11pt;">the container vessels</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Cap San Marco</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;"> renamed to “Cap Domingo”</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Cap San Raphael</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;"> renamed to “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">APL Sardonyx”,</font><font style="font-family:Calibri;font-size:11pt;"> “APL Spinel”</font><font style="font-family:Calibri;font-size:11pt;"> and “APL Garnet”</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">were delivered to the Company and were </font><font style="font-family:Calibri;font-size:11pt;">chartered back to the seller</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> Based on the vessels' valuation and the valuation of their respective time charter agreements according to the Company's policy, an aggregate asset of $42,000</font><font style="font-family:Calibri;font-size:11pt;"> was recorded which is amortized to revenue over the period of the respective time charter agreements. In addition to that and due to the fact that the time charter agreements for</font><font style="font-family:Calibri;font-size:11pt;"> m/v</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Cap </font><font style="font-family:Calibri;font-size:11pt;">Domingo</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">m/v “</font><font style="font-family:Calibri;font-size:11pt;">Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">” provide for varying rates throughout the duration of the time charter, the revenue is being recognized on a straight line basis and the difference is included in Prepaid charter revenue as well.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at December 31, 2012, the balance of the account was analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Description</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Amortization</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Prepaid charter revenue</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">42,000</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">(12,204)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,796</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred asset from varying charter rates</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">0</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">42,122</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">(12,204)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,918</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The </font><font style="font-family:Calibri;font-size:11pt;">aggregate </font><font style="font-family:Calibri;font-size:11pt;">expected amortization </font><font style="font-family:Calibri;font-size:11pt;">for each of the succeeding years</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">is as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 1</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$17,937</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 2</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$8,968</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 3</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$2,891</font></td></tr></table></div>
42000000
12204000
29796000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Description</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Amortization</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Prepaid charter revenue</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">42,000</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">(12,204)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,796</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred asset from varying charter rates</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">0</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">42,122</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">(12,204)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,918</font></td></tr></table></div>
122000
122000
0
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 1</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$17,937</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 2</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$8,968</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 3</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$2,891</font></td></tr></table></div>
17937000
8968000
2891000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">6.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Long-Term Debt</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:6pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amount</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> of long-term debt shown in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Royal Bank of Scotland - Revolving credit facility</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less related deferred financing costs </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (794)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 91,906</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0px;">DnB NOR Bank ASA:</font><font style="font-family:Calibri;font-size:11pt;"> On July 7, 2010, Likiep and Orangina, entered into a loan agreement with DnB NOR Bank ASA to finance part of the acquisition cost of the vessels “Sagitta” and “Centaurus”, for an amount of up to $40</font><font style="font-family:Calibri;font-size:11pt;">,000</font><font style="font-family:Calibri;font-size:11pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In July 2010, the Company</font><font style="font-family:Calibri;font-size:11pt;"> drew down $20,000</font><font style="font-family:Calibri;font-size:11pt;"> to finance part of the acquisition cost of the vessels “Sa</font><font style="font-family:Calibri;font-size:11pt;">gitta” and “Centaurus” and $20,000 </font><font style="font-family:Calibri;font-size:11pt;">in February 2011. </font><font style="font-family:Calibri;font-size:11pt;">Each advance </font><font style="font-family:Calibri;font-size:11pt;">was repayable in 2</font><font style="font-family:Calibri;font-size:11pt;">4 quarterly installments of $330</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and a balloon</font><font style="font-family:Calibri;font-size:11pt;"> of $12</font><font style="font-family:Calibri;font-size:11pt;">,0</font><font style="font-family:Calibri;font-size:11pt;">8</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;"> payable together with the last installment. The loan bore interest at LIBOR plus a margin of 2.40% per annum and commitment fees </font><font style="font-family:Calibri;font-size:11pt;">of 0.96% per annum</font><font style="font-family:Calibri;font-size:11pt;"> on the undrawn portion of the loan.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">On </font><font style="font-family:Calibri;font-size:11pt;">May 4, 2011, Likiep, Orangina, </font><font style="font-family:Calibri;font-size:11pt;">Mili</font><font style="font-family:Calibri;font-size:11pt;">, Ralik </font><font style="font-family:Calibri;font-size:11pt;">and Ebon, </font><font style="font-family:Calibri;font-size:11pt;">entered into a loan agreement with DnB NOR Bank ASA </font><font style="font-family:Calibri;font-size:11pt;">for a</font><font style="font-family:Calibri;font-size:11pt;">n amount of up to </font><font style="font-family:Calibri;font-size:11pt;">$85,000</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">to refinance the outstanding balance of the previous loan facility</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> to partly finance the cost of the vessels “Maersk Madrid”, “Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">” and “Maersk Malacca” and for general working capital purposes. The loan was available in two tranch</font><font style="font-family:Calibri;font-size:11pt;">es. Tranche 1 amounting to $65,000</font><font style="font-family:Calibri;font-size:11pt;"> was drawn down</font><font style="font-family:Calibri;font-size:11pt;"> in May 2011 </font><font style="font-family:Calibri;font-size:11pt;">and would be repaid in 24 consecutive quarterly i</font><font style="font-family:Calibri;font-size:11pt;">nstallments of approximately $1,</font><font style="font-family:Calibri;font-size:11pt;">1</font><font style="font-family:Calibri;font-size:11pt;">40</font><font style="font-family:Calibri;font-size:11pt;"> each, pl</font><font style="font-family:Calibri;font-size:11pt;">us a balloon installment of $37,</font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">4</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;"> that would be paid together with the last installment. Tranche 2 would be the </font><font style="font-family:Calibri;font-size:11pt;">lesser</font><font style="font-family:Calibri;font-size:11pt;"> of 35% of the market value of each of the “Maersk Madrid”, “Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">” and “Maersk Malacca” and $20</font><font style="font-family:Calibri;font-size:11pt;">,000</font><font style="font-family:Calibri;font-size:11pt;"> and would be repaid in 8 consecutive quarterly installments of $2</font><font style="font-family:Calibri;font-size:11pt;">,500</font><font style="font-family:Calibri;font-size:11pt;"> each. The loan bore interest at LIBOR plus a margin of 2.6% per annum. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">Both </font><font style="font-family:Calibri;font-size:11pt;">loans were secured by a first preferred ship mortgage on the vessels, general assignments, charter assignments, operating account assignments, a corporate guara</font><font style="font-family:Calibri;font-size:11pt;">ntee and manager's undertakings</font><font style="font-family:Calibri;font-size:11pt;">. The loan</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> also included restrictions as to changes in management, ownership, additional indebtedness,</font><font style="font-family:Calibri;font-size:11pt;"> minimum hull cover,</font><font style="font-family:Calibri;font-size:11pt;"> consolidated leverage ratio and minimum liquidity. Furthermore, the Company was not permitted to pay any dividends that would result to an event of default. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">On June 20, 2011, the Company prepaid in full the outstanding balance und</font><font style="font-family:Calibri;font-size:11pt;">er the loan, amounting to $65,000</font><font style="font-family:Calibri;font-size:11pt;"> and the loan agreement was terminated. As a result of the extinguishment of both loans, the unamortized balance of the related fin</font><font style="font-family:Calibri;font-size:11pt;">ance costs, totaling to $642</font><font style="font-family:Calibri;font-size:11pt;"> was written-off to Interest and finance costs, in the accompanying consolidated statement of operations for the </font><font style="font-family:Calibri;font-size:11pt;">year ended </font><font style="font-family:Calibri;font-size:11pt;">2011</font><font style="font-family:Calibri;font-size:11pt;">. The weighted average interest rate of the</font><font style="font-family:Calibri;font-size:11pt;"> loan during 2011</font><font style="font-family:Calibri;font-size:11pt;"> and 2010</font><font style="font-family:Calibri;font-size:11pt;"> was 2.77% (including the original and the refinanced loans) and 2.82%, respectively.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0px;">The Royal Bank of Scotland plc.:</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">On December 16, 2011, the Company entered into a revolving credit facility with the Royal Bank of Scotland </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;"> (“RBS”), where t</font><font style="font-family:Calibri;font-size:11pt;">he lenders have agreed to make available to </font><font style="font-family:Calibri;font-size:11pt;">it</font><font style="font-family:Calibri;font-size:11pt;"> a revolving credit facility of up to </font><font style="font-family:Calibri;font-size:11pt;">$100</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;">00</font><font style="font-family:Calibri;font-size:11pt;"> (which may be increased to $150</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;">00</font><font style="font-family:Calibri;font-size:11pt;"> subject to further syndication) </font><font style="font-family:Calibri;font-size:11pt;">in order</font><font style="font-family:Calibri;font-size:11pt;"> to refinance </font><font style="font-family:Calibri;font-size:11pt;">part of the acquisition cost of the vessels</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">m/v </font><font style="font-family:Calibri;font-size:11pt;">“Sagitta” and </font><font style="font-family:Calibri;font-size:11pt;">m/v </font><font style="font-family:Calibri;font-size:11pt;">“Centaurus” and </font><font style="font-family:Calibri;font-size:11pt;">finance </font><font style="font-family:Calibri;font-size:11pt;">part of the</font><font style="font-family:Calibri;font-size:11pt;"> acquisition </font><font style="font-family:Calibri;font-size:11pt;">costs </font><font style="font-family:Calibri;font-size:11pt;">of additional</font><font style="font-family:Calibri;font-size:11pt;"> containerships (“</font><font style="font-family:Calibri;font-size:11pt;">Additional Ship</font><font style="font-family:Calibri;font-size:11pt;">s”)</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">During 2012, an amount of $92,700 was drawn down under the credit facility, leaving an unused amount at December 31, 2012 of $7,300.</font><font style="font-family:Calibri;font-size:11pt;"> The Company pays commitment commissions of 0.99% on the available commitment</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The facility will be available for five years with the maximum available amount (the “Available Facility Limit”) reducing based on the age of the financed vessels and being assessed on a yearly basis, as well as, at the date in which the age of any Additional Ship exceeds the 20 years. In the event that the amounts outstanding at that time exceed the revised Available Facility Limit the Company shall repay such part of the loan that exceeds the Available Facility Limit.</font><font style="font-family:Calibri;font-size:11pt;"> Based on the age of the currently financed vessels the full amount of the facility will be repaid at the end of its availability period on January 17, 2017.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The </font><font style="font-family:Calibri;font-size:11pt;">credit facility</font><font style="font-family:Calibri;font-size:11pt;"> bear</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> interest at Libor plus a margin of 2.75% and </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> secured by first priority mortgages over the financed fleet, general assignments of earnings, insurances and requisition compensation, specific assignments of any charters exceeding durations of twelve months, pledge of shares of the guarantors which </font><font style="font-family:Calibri;font-size:11pt;">will be the ship-owning companies of the </font><font style="font-family:Calibri;font-size:11pt;">mortgaged vessels</font><font style="font-family:Calibri;font-size:11pt;">, manager's undertakings and minimum security hull value depending on the average age of the </font><font style="font-family:Calibri;font-size:11pt;">mortgaged</font><font style="font-family:Calibri;font-size:11pt;"> vessels. The credit facility also include</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> restrictions as to changes in management and employment of vessels, </font><font style="font-family:Calibri;font-size:11pt;">certain financial covenants and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">minimum cash </font><font style="font-family:Calibri;font-size:11pt;">of 10% of the drawings under the revolving facility, but not less than $5</font><font style="font-family:Calibri;font-size:11pt;">,000</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">to be held by the borrower</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Furthermore, the Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility. </font><font style="font-family:Calibri;font-size:11pt;">The weighted average interest rate of the loan during 2012 was 3.07%</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">During</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">, 2011,</font><font style="font-family:Calibri;font-size:11pt;"> and 2010</font><font style="font-family:Calibri;font-size:11pt;">, t</font><font style="font-family:Calibri;font-size:11pt;">otal interest incurred on long-term debt amounted to $2,652</font><font style="font-family:Calibri;font-size:11pt;">, $551</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and $274</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and is included in Interest and finance costs in the accompanying consolidated statements </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;"> (Note 11)</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> Commitment fees incurred during 2012</font><font style="font-family:Calibri;font-size:11pt;">, 2011 </font><font style="font-family:Calibri;font-size:11pt;">and 2010</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">amounted to</font><font style="font-family:Calibri;font-size:11pt;"> $150</font><font style="font-family:Calibri;font-size:11pt;">, $282</font><font style="font-family:Calibri;font-size:11pt;"> and $96</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> included in Interest and finance costs in the accompanying</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">consolidated statements </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Royal Bank of Scotland - Revolving credit facility</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less related deferred financing costs </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (794)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 91,906</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr></table></div>
92700000
794000
91906000
100000000
150000000
first priority mortgages over the financed fleet
0.0099
20 years
2652000
551000
150000
282000
2011-12-16
2010-07-07
24 quarterly installments
24
24
40000000
20000000
20000000
330000
12080000
24 quarterly installments
330000
12080000
Libor plus a margin of 2.4%
0.0096
2011-05-04
85000000
65000000
0.35
20000000
24
24 quarterly installments
1140000
37640000
8
8 quarterly installments
2500000
Libor plus a margin of 2.6%
0.0282
0.0307
274000
96000
0.0275
5 years
65000000
first preferred ship mortgage on the vessels
The loans also included restrictions as to changes in management, ownership, additional indebtedness, minimum hull cover, consolidated leverage ratio and minimum liquidity. Furthermore, the Company was not permitted to pay any dividends that would result to an event of default.
642000
0.0277
5000000
minimum cash of 10% of the drawings under the revolving credit facility, but not less than $5,000
0.10
0.0240
0.0260
92700000
7300000
The Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility.
2017-01-17
Libor plus a margin of 2.75%
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">7</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Deferred revenue, current and non-current</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts presented as current and non-current deferred revenue in the accompanying consolidated balance sheets as of December 31, 2012 </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2011</font><font style="font-family:Calibri;font-size:11pt;"> reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) deferred revenue resulting from free quantities of lubricants provided to the vessels as a benefit from the suppliers for entering into long term contracts with them. This revenue is amortized to Operating expenses </font><font style="font-family:Calibri;font-size:11pt;">according to the terms </font><font style="font-family:Calibri;font-size:11pt;">of the respective contracts.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">For 2012</font><font style="font-family:Calibri;font-size:11pt;">, 2011</font><font style="font-family:Calibri;font-size:11pt;"> and 2010</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">amortization of the deferred revenue from free lubricants</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">amounted to </font><font style="font-family:Calibri;font-size:11pt;">$112</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">$45</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">$0</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:136px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:123px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Hires collected in advance </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,157</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred revenue from lubricants</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 378</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 467</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,535</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 467</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,264)</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (103)</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Non-current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 271</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 364</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:136px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:123px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Hires collected in advance </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,157</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred revenue from lubricants</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 378</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 467</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,535</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 467</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,264)</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (103)</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Non-current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 271</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 364</font></td></tr></table></div>
1157000
378000
467000
112000
45000
467000
1535000
0
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Commitments and </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Contingencies</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.</font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. </font></p><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">The Company's vessels are covered </font><font style="font-family:Calibri;font-size:11pt;">for pollution in the amount of $1 </font><font style="font-family:Calibri;font-size:11pt;">billion per vessel per incident,</font><font style="font-family:Calibri;font-size:11pt;"> by the P&I Association in which the Company's vessels are entered.</font><font style="font-family:Calibri;font-size:11pt;"> The Company's vessels </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> subject to calls payable to the</font><font style="font-family:Calibri;font-size:11pt;">ir P&I</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">A</font><font style="font-family:Calibri;font-size:11pt;">ssociation </font><font style="font-family:Calibri;font-size:11pt;">and may be subject to</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">upplemental calls </font><font style="font-family:Calibri;font-size:11pt;">which are </font><font style="font-family:Calibri;font-size:11pt;">based on estimates of premium income and anticipated and paid claims</font><font style="font-family:Calibri;font-size:11pt;">. S</font><font style="font-family:Calibri;font-size:11pt;">uch estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. </font><font style="font-family:Calibri;font-size:11pt;">Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. </font><font style="font-family:Calibri;font-size:11pt;">The Company is not aware of any supplemental calls in respect of </font><font style="font-family:Calibri;font-size:11pt;">any policy year</font><font style="font-family:Calibri;font-size:11pt;">. </font></p><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;">As </font><font style="font-family:Calibri;font-size:11pt;">at</font><font style="font-family:Calibri;font-size:11pt;"> December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">the minimum contractual charter revenues, net of related commissions, to be generated from the existing non-cancelable time charter contracts until their expiration, are estimated at </font><font style="font-family:Calibri;font-size:11pt;">$54,090</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">until December 31, 2013, </font><font style="font-family:Calibri;font-size:11pt;">$26,504</font><font style="font-family:Calibri;font-size:11pt;"> until December 31, 2014 and at </font><font style="font-family:Calibri;font-size:11pt;">$6,175</font><font style="font-family:Calibri;font-size:11pt;"> until December 31, 2015.</font></li></ul>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">9</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Change</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">s</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> in Capital A</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">ccounts</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Compensation cost on </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">restricted common </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">stock</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">:</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">On April 6, 2010, DCI adopted an equity incentive plan which entitles the Company's directors, officers, employees, consultants and service providers to receive options to acquire the Company's common stock, stock appreciation rights, restricted stock, restricted stock units and unrestricted common stock. The Equity Incentive plan was amended on February 21, 2012. A total of 2,392,198 common shares have been reserved under the Incentive</font><font style="font-family:Calibri;font-size:11pt;"> plan (as amended) for issuance, of which</font><font style="font-family:Calibri;font-size:11pt;"> as at December 31,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2,125,534 common shares remain available to be issued. </font><font style="font-family:Calibri;font-size:11pt;"> The plan is administered by our compensation committee, or such other committee of the Company's board of directors as may be designated by the board to administer the plan. The plan will expire in ten years from the adoption of the plan by the Board of Directors</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">During 2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2011</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">for the period from January 7, 2010 (inception date) to December 31, 2010, </font><font style="font-family:Calibri;font-size:11pt;">compensation cost on restricted stock amounted </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">$900</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">$954</font><font style="font-family:Calibri;font-size:11pt;"> and $1,330</font><font style="font-family:Calibri;font-size:11pt;">, respectively, </font><font style="font-family:Calibri;font-size:11pt;">and is included </font><font style="font-family:Calibri;font-size:11pt;">in General and administrative expenses. </font><font style="font-family:Calibri;font-size:11pt;">At </font><font style="font-family:Calibri;font-size:11pt;">December 31,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012 </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> 2011</font><font style="font-family:Calibri;font-size:11pt;">, the total unrecognized </font><font style="font-family:Calibri;font-size:11pt;">compensation </font><font style="font-family:Calibri;font-size:11pt;">cost relating to restricted share awards was </font><font style="font-family:Calibri;font-size:11pt;">$416</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">$1,317</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">respectively. At </font><font style="font-family:Calibri;font-size:11pt;">December 31,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized </font><font style="font-family:Calibri;font-size:11pt;">is 0.55</font><font style="font-family:Calibri;font-size:11pt;"> years.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:36px;">D</font><font style="font-family:Calibri;font-size:11pt;">uring </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2011</font><font style="font-family:Calibri;font-size:11pt;"> and the period from January 7, 2010 (inception date) to December 31, 2010,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the movement of restricted stock cost was as follows:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 35px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:82px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Number of Shares</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average Grant Date Price</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 213,331</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (53,335)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2010</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 159,996</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 53,333</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 7.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,667)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 146,662</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.95</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 79,998</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.50</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'></p><ul><li style="margin-left:25.1px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Follow-on offering: </font><font style="font-family:Calibri;font-size:11pt;">On July 24, 2012, </font><font style="font-family:Calibri;font-size:11pt;">the Company completed a public offering in the United States under the United States Sec</font><font style="font-family:Calibri;font-size:11pt;">urities Act at 1933, as amended, and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">o</font><font style="font-family:Calibri;font-size:11pt;">n August 10, 2012, the underwriters exercised an overallotment option.</font><font style="font-family:Calibri;font-size:11pt;"> As a result of this offering, a total of 9,115,803 common </font><font style="font-family:Calibri;font-size:11pt;">shares were issued at the price of $6.25 per share.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The net proceeds from the public off</font><font style="font-family:Calibri;font-size:11pt;">ering, including the overallotment option, </font><font style="font-family:Calibri;font-size:11pt;">amounted to</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">$53,901</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">(net of underwriting discounts and commissions and offering e</font><font style="font-family:Calibri;font-size:11pt;">xpenses payable by the Company).</font></li></ul><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Stockholders Rights Agreement:</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;">On August 2, 2010, the Company entered into a stockholders rights agreement (the "Stockholders Rights Agreement") with Mellon Investor Services LLC as Rights Agent. Pursuant to this Stockholders Rights Agreement, each share of the Company's common stock includes one right (the "Right") that will entitle the holder to purchase from the Company a unit consisting of one one-thousandth of a share of our preferred stock at an exercise price specified in the Stockholders Rights Agreement, subject to specified adjustments. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other stockholder rights. As at </font><font style="font-family:Calibri;font-size:11pt;">December 31, 2012 and 2011,</font><font style="font-family:Calibri;font-size:11pt;"> no Rights were exercised.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 35px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:82px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Number of Shares</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average Grant Date Price</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 213,331</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (53,335)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2010</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 159,996</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 15.00</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 53,333</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 7.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,667)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 146,662</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.95</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 79,998</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.50</font></td></tr></table></div>
146662
-66664
12.95
13.50
12.50
213331
-53335
159996
53333
-66667
15.00
15.00
15.00
7.50
13.50
9115803
2392198
2022-02-21
2125534
0
0
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">10.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Voyage and Vessel Operating Expenses</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts in the accompanying consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;"> are </font><font style="font-family:Calibri;font-size:11pt;">analyzed</font><font style="font-family:Calibri;font-size:11pt;"> as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Voyage Expenses</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Port charges </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 33</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Bunkers </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 43</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 59</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 50</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,328</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 672</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 217</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,404</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 731</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 267</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vessel Operating Expenses</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Crew wages and related costs </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 14,460</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,283</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,251</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Insurance </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,392</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 582</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 160</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Spares and consumable stores </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,216</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,647</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,278</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Repairs and maintenance </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,403</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,468</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 138</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Tonnage taxes (Note 13)</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 136</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 27</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 13</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Miscellaneous </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 362</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 127</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 45</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 28,969</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,134</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,885</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">A part of the commissions is</font><font style="font-family:Calibri;font-size:11pt;"> charged by DSS under the Vessel Management Agreements (Note 3</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">.</font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Voyage Expenses</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Port charges </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 33</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Bunkers </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 43</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 59</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 50</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,328</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 672</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 217</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,404</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 731</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 267</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vessel Operating Expenses</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Crew wages and related costs </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 14,460</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,283</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,251</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Insurance </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,392</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 582</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 160</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Spares and consumable stores </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,216</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,647</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,278</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Repairs and maintenance </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,403</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,468</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 138</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Tonnage taxes (Note 13)</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 136</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 27</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 13</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Miscellaneous </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 362</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 127</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 45</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 28,969</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,134</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,885</font></td></tr></table></div>
33000
43000
59000
50000
1328000
672000
217000
14460000
1392000
8216000
4403000
136000
362000
5283000
582000
3647000
1468000
27000
127000
1251000
160000
1278000
138000
13000
45000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">11.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Interest and Finance Costs</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts in the accompanying consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;"> are analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Interest expense (Note 6)</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,652</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 551</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 274</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Amortization and write-off of deferred financing costs </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 197</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 681</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 110</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commitment fees and other</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 217</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 372</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 127</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,066</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,604</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 511</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"> <font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Interest expense (Note 6)</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,652</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 551</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 274</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Amortization and write-off of deferred financing costs </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 197</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 681</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 110</font></td></tr><tr style="height: 17px"><td colspan="2" style="width: 375px; text-align:left;border-color:#000000;min-width:375px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commitment fees and other</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 217</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 372</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 127</font></td></tr><tr style="height: 17px"><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;"> </td><td style="width: 346px; text-align:left;border-color:#000000;min-width:346px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,066</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,604</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 511</font></td></tr></table></div>
2652000
551000
274000
217000
372000
127000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">12</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Earnings</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> / (loss)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">per Share</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">All shares issued (including the restricted shares issued under</font><font style="font-family:Calibri;font-size:11pt;"> the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">equity incentive plan</font><font style="font-family:Calibri;font-size:11pt;">) are </font><font style="font-family:Calibri;font-size:11pt;">DCI</font><font style="font-family:Calibri;font-size:11pt;">'s </font><font style="font-family:Calibri;font-size:11pt;">common stock and have equal rights to vote and participate in dividends</font><font style="font-family:Calibri;font-size:11pt;">, subject to forfeiture provisions set forth in the applicable award agreement. </font><font style="font-family:Calibri;font-size:11pt;">Unvested shares granted under the Company's incentive plan </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">79,998</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">as </font><font style="font-family:Calibri;font-size:11pt;">at </font><font style="font-family:Calibri;font-size:11pt;">December 31</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;"> and 146,662</font><font style="font-family:Calibri;font-size:11pt;"> as at December 31, 2011</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> receive</font><font style="font-family:Calibri;font-size:11pt;">d</font><font style="font-family:Calibri;font-size:11pt;"> dividends which are not refundable, </font><font style="font-family:Calibri;font-size:11pt;">even </font><font style="font-family:Calibri;font-size:11pt;">if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes. </font><font style="font-family:Calibri;font-size:11pt;">Dividends</font><font style="font-family:Calibri;font-size:11pt;"> declared </font><font style="font-family:Calibri;font-size:11pt;">and paid </font><font style="font-family:Calibri;font-size:11pt;">during 2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;"> amounted to</font><font style="font-family:Calibri;font-size:11pt;"> $28,545</font><font style="font-family:Calibri;font-size:11pt;"> and $4,154</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> The Company did not declare any dividends in the period from January 7, 2010 (inception date) to December 31, 2010.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">For </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;"> and 2011</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">the effect of the incremental shares assumed issued, determined in accordance with the </font><font style="font-family:Calibri;font-size:11pt;">antidilution</font><font style="font-family:Calibri;font-size:11pt;"> sequencing provision</font><font style="font-family:Calibri;font-size:11pt;">s of ASC 260, was antidilutive</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">For the period ended December 31, 2010, and on the basis that the Company incurred losses from continuing operations, the effect of incremental sha</font><font style="font-family:Calibri;font-size:11pt;">res would be anti-dilutive;</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">therefore basic and diluted losses per share </font><font style="font-family:Calibri;font-size:11pt;">are the same amount</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic LPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted LPS</font></td></tr><tr style="height: 34px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,969</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,969</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(2,001)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(2,001)</font></td></tr><tr style="height: 51px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less distributed earnings allocated to restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (104)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (104)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(34)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss) available to common stockholders</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,865</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,865</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,596</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,001)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,001)</font></td></tr><tr style="height: 8px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, basic </font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,449,431</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,449,431</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Effect of dilutive restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">7,888</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, diluted </font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,543,916</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,449,431</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,449,431</font></td></tr><tr style="height: 6px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Earnings / (loss) per common share</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.22</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.22</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.23</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.23</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (0.45)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (0.45)</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic LPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted LPS</font></td></tr><tr style="height: 34px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,969</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,969</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(2,001)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(2,001)</font></td></tr><tr style="height: 51px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less distributed earnings allocated to restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (104)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (104)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(34)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss) available to common stockholders</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,865</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,865</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,596</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,630</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,001)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,001)</font></td></tr><tr style="height: 8px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, basic </font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,449,431</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,449,431</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Effect of dilutive restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">7,888</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, diluted </font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 26,934,533</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,536,028</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">15,543,916</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,449,431</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,449,431</font></td></tr><tr style="height: 6px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td></tr><tr style="height: 17px"><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Earnings / (loss) per common share</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.22</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.22</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.23</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.23</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (0.45)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (0.45)</font></td></tr></table></div>
5969000
104000
5865000
26934533
0.22
5969000
26934533
3630000
3596000
15536028
0.23
0.22
104000
34000
-2001000
-2001000
-2001000
4449431
4449431
-0.45
-0.45
5865000
-2001000
0
26934533
0
4449431
3630000
0
3630000
0.23
15536028
7888
15543916
0
0
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">13.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Income Taxes</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;"> (Note 10)</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">Under Section 883 of the </font><font style="font-family:Calibri;font-size:11pt;">Internal Revenue Code of the United States </font><font style="font-family:Calibri;font-size:11pt;">(the “Code”), a corporation would be exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an “equivalent exemption” to corporations organized in the United States (“United States corporations”); and (b) either (</font><font style="font-family:Calibri;font-size:11pt;">i</font><font style="font-family:Calibri;font-size:11pt;">) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified shareholders,”, which is referred to as the “50% Ownership Test,” or (ii) its common stock is “primarily and regularly traded on an established securities market” in a country that grants an “equivalent exemption” to U.S. corporations or in the United States, which is referred to as the “Publicly-Traded Test.” </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The Marshall Islands, the jurisdiction where DCI and each of its subsidiaries are incorporated, grant an “equivalent exemption” to U.S. corporations. Therefore, the Company would be exempt from U.S. federal income taxation with respect to its U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">N</font><font style="font-family:Calibri;font-size:11pt;">otwithstanding the foregoing, the regulations provide, in pertinent part, that a class of shares will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of outstanding sha</font><font style="font-family:Calibri;font-size:11pt;">res, to which we refer as the “Five</font><font style="font-family:Calibri;font-size:11pt;"> Percent Override Rule.” </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">T</font><font style="font-family:Calibri;font-size:11pt;">he Company believes that </font><font style="font-family:Calibri;font-size:11pt;">it </font><font style="font-family:Calibri;font-size:11pt;">satisfies</font><font style="font-family:Calibri;font-size:11pt;"> the Publicly-Traded Test and </font><font style="font-family:Calibri;font-size:11pt;">is </font><font style="font-family:Calibri;font-size:11pt;">not subject to the Five</font><font style="font-family:Calibri;font-size:11pt;"> Percent Override Rule. However, there are factual circumstances beyond the control of the Company that could cause it to lose the benefit of the Section 883 exemption. For example, there is a risk that the Company could no longer qualify for exemption under Code section 883 for a particular taxable year if shareholders with a five percent or greater interest in its common shares were to own 50% or more of its outstanding common shares on more than half the days of the taxable year. </font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">It is not anticipated that the Company will have any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of the shipping operations and other activities of Diana Containerships, it is not anticipated that any of the U.S.-source shipping income of the Company will be “effectively connected” with the conduct of a U.S. trade or business.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">Based on its U.S. source Shipping Income for </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">, 2011 </font><font style="font-family:Calibri;font-size:11pt;">and for </font><font style="font-family:Calibri;font-size:11pt;">the period ended December 31, </font><font style="font-family:Calibri;font-size:11pt;">2010</font><font style="font-family:Calibri;font-size:11pt;">, the Company would be subject to U.S. federal income tax of </font><font style="font-family:Calibri;font-size:11pt;">approximately </font><font style="font-family:Calibri;font-size:11pt;">$459</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> $22</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">$</font><font style="font-family:Calibri;font-size:11pt;">8</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">respectively </font><font style="font-family:Calibri;font-size:11pt;">in the absence of an exemption under Section</font><font style="font-family:Calibri;font-size:11pt;"> 883.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p>
0.50
0.50
0.05
459000
22000
8000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">14</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Financial Instruments</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loan and compensating cash balances, bearing interest at variable interest rates, approximate their recorded values as at </font><font style="font-family:Calibri;font-size:11pt;">December 31</font><font style="font-family:Calibri;font-size:11pt;">, 2012</font><font style="font-family:Calibri;font-size:11pt;">.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">15</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> Subsequent Events</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Declaration of dividends: </font><font style="font-family:Calibri;font-size:11pt;">On </font><font style="font-family:Calibri;font-size:11pt;">February 19</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2013,</font><font style="font-family:Calibri;font-size:11pt;"> the Company declared dividends amounting to</font><font style="font-family:Calibri;font-size:11pt;"> $9,658</font><font style="font-family:Calibri;font-size:11pt;">, or</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">$0.30 </font><font style="font-family:Calibri;font-size:11pt;">p</font><font style="font-family:Calibri;font-size:11pt;">er share, payable on or around </font><font style="font-family:Calibri;font-size:11pt;">March 21</font><font style="font-family:Calibri;font-size:11pt;">, 2013</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">to stockholders of record as of</font><font style="font-family:Calibri;font-size:11pt;"> March 5, 2013</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">New v</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">essel </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">acquisition</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">:</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">On </font><font style="font-family:Calibri;font-size:11pt;">February </font><font style="font-family:Calibri;font-size:11pt;">19</font><font style="font-family:Calibri;font-size:11pt;">, 2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">the Company, through it</font><font style="font-family:Calibri;font-size:11pt;">s newly </font><font style="font-family:Calibri;font-size:11pt;">acquired</font><font style="font-family:Calibri;font-size:11pt;"> subsidiary </font><font style="font-family:Calibri;font-size:11pt;">Nauru Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">entered into a memorandum of agreement with a third party company to acquire</font><font style="font-family:Calibri;font-size:11pt;"> the container vessel “</font><font style="font-family:Calibri;font-size:11pt;">Hanjin Malta</font><font style="font-family:Calibri;font-size:11pt;">” for the purc</font><font style="font-family:Calibri;font-size:11pt;">hase price of $22</font><font style="font-family:Calibri;font-size:11pt;">,000</font><font style="font-family:Calibri;font-size:11pt;">. The vessel </font><font style="font-family:Calibri;font-size:11pt;">is expected to be </font><font style="font-family:Calibri;font-size:11pt;">delivered to the Company </font><font style="font-family:Calibri;font-size:11pt;">in March</font><font style="font-family:Calibri;font-size:11pt;"> 2013</font><font style="font-family:Calibri;font-size:11pt;">. </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
2013-02-19
9658000
0.3
2013-03-21
2013-03-05
2013-02-19
22000000