XML 48 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues.        
Revenues $ 91,624,875 $ 40,807,542 $ 152,790,421 $ 68,451,824
Expenses        
Voyage expenses 855,023 435,224 1,194,137 535,397
Charter hire expenses 2,055,000   4,110,000  
Vessel operating expenses 17,393,685 17,375,273 33,513,638 34,060,730
Depreciation and amortization 16,473,418 16,437,653 32,739,839 32,702,709
General and administrative expenses 5,895,406 5,692,137 12,631,241 13,612,423
Professional and legal fees related to the BW Proposal   1,770,589   2,253,589
Total expenses 42,672,532 41,710,876 84,188,855 83,164,848
Other income-related party 314,084 584,632 937,367 1,229,149
Operating income/(loss) 49,266,427 (318,702) 69,538,933 (13,483,875)
Other income/(expenses)        
Interest and finance costs (9,303,373) (10,152,672) (19,000,655) (20,526,953)
Interest income 344,919 451,923 706,955 912,896
Unrealized gain/(loss) on derivatives (667,110) 1,051,460 (6,737,899) 2,759,076
Realized gain on derivatives 709,146 830,991 1,742,141 1,613,556
Other gain/(loss), net 361,887 (40,120) 537,480 (48,378)
Total other income/(expenses), net (8,554,531) (7,858,418) (22,751,978) (15,289,803)
Net income/(loss) $ 40,711,896 $ (8,177,120) $ 46,786,955 $ (28,773,678)
Weighted average shares outstanding Basic (in shares) 54,646,451 54,431,820 54,599,978 54,313,255
Weighted average shares outstanding Diluted (in shares) 54,763,634 54,431,820 54,825,183 54,313,255
Earnings/(loss) per common share – basic (in dollars per share) $ 0.75 $ (0.15) $ 0.86 $ (0.53)
Earnings/(loss) per common share – diluted (in dollars per share) $ 0.74 $ (0.15) $ 0.85 $ (0.53)
Net pool revenue - related party        
Revenues.        
Revenues $ 80,944,577 $ 32,027,042 $ 131,036,714 $ 48,133,443
Time charter revenue        
Revenues.        
Revenues 10,271,398 8,640,000 21,253,429 20,107,881
Other revenues, net        
Revenues.        
Revenues $ 408,900 $ 140,500 $ 500,278 $ 210,500