XML 85 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Shipping Revenues:        
Shipping revenues $ 71,278 $ 60,926 $ 242,162 $ 169,813
Operating Expenses:        
Voyage expenses 5,470 9,673 19,838 19,747
Vessel expenses 30,350 34,433 91,634 102,619
Charter hire expenses 14,381 10,739 44,599 30,085
Depreciation and amortization 18,961 19,317 56,708 53,745
General and administrative 6,449 5,434 19,519 17,527
Provision for credit losses, net (18) 0 1,259 41
Third-party debt modification fees   (9) 30 1,293
(Gain)/loss on disposal of vessels and other property, net of impairments (1,472) 17,360 28 17,193
Total operating expenses 74,121 96,947 233,615 242,209
(Loss)/income from vessel operations (2,843) (36,021) 8,547 (72,396)
Equity in income of affiliated companies 8,474 5,338 24,559 22,500
Operating income/(loss) 5,631 (30,683) 33,106 (49,896)
Other income/(expense) 284 220 2,159 (3,964)
Income/(loss) before interest expense and income taxes 5,915 (30,463) 35,265 (53,860)
Interest expense (17,010) (17,320) (51,986) (42,027)
Loss before income taxes (11,095) (47,783) (16,721) (95,887)
Income tax provision   (3)   (11)
Net loss $ (11,095) $ (47,786) $ (16,721) $ (95,898)
Weighted Average Number of Common Shares Outstanding:        
Basic 29,249,233 29,154,366 29,217,188 29,130,435
Diluted 29,249,233 29,154,366 29,217,188 29,130,435
Per Share Amounts:        
Basic and diluted net loss per share $ (0.38) $ (1.64) $ (0.57) $ (3.29)
Pool Revenue Leases [Member]        
Shipping Revenues:        
Shipping revenues $ 46,278 $ 36,721 $ 158,628 $ 105,836
Time and Bareboat Charter Leases [Member]        
Shipping Revenues:        
Shipping revenues 7,638 5,932 19,699 20,453
Voyage Charter Leases [Member]        
Shipping Revenues:        
Shipping revenues $ 17,362 $ 18,273 $ 63,835 $ 43,524