Note 4 — Business and Segment Reporting:

The Company has two reportable segments: Crude Tankers and Product Carriers. The Company’s investments in and equity in income of the joint ventures with two floating storage and offloading service vessels are included in the Crude Tankers Segment. The Company’s investments in and equity in income of the joint venture with four LNG Carriers, which was sold in October 2019, was included in Other. Adjusted income from vessel operations for segment purposes is defined as income from vessel operations before general and administrative expenses, provision for credit losses, third-party debt modification fees, and gain on disposal of vessels and other property. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s condensed consolidated financial statements.

Information about the Company’s reportable segments as of and for the three months ended March 31, 2020 and 2019 follows:


	Crude		Product
	Tankers		Carriers		Other		Totals
Three months ended March 31, 2020:
Shipping revenues	$	93,677	$	31,660	$	-	$	125,337
Time charter equivalent revenues		88,854		30,877		-		119,731
Depreciation and amortization		14,245		3,998		24		18,267
Gain on disposal of vessels and other property		(2,804)		-		-		(2,804)
Adjusted income/(loss) from vessel operations		43,949		14,353		(29)		58,273
Equity in income of affiliated companies		5,111		-		-		5,111
Investments in and advances to affiliated companies at March 31, 2020		143,403		7,997		-		151,400
Adjusted total assets at March 31, 2020		1,292,689		332,236		-		1,624,925
Expenditures for vessels and vessel improvements		11,301		17,613		-		28,914
Payments for drydockings		7,205		360		-		7,565

Three months ended March 31, 2019:
Shipping revenues	$	80,385	$	21,489	$	-	$	101,874
Time charter equivalent revenues		72,586		21,443		-		94,029
Depreciation and amortization		14,477		4,418		34		18,929
Loss/(gain) on disposal of vessels and other property		17		(65)		-		(48)
Adjusted income/(loss) from vessel operations		23,362		4,058		(43)		27,377
Equity in income of affiliated companies		4,770		-		3,300		8,070
Investments in and advances to affiliated companies at March 31, 2019		139,832		12,703		114,983		267,518
Adjusted total assets at March 31, 2019		1,306,866		326,696		114,983		1,748,545
Expenditures for vessels and vessel improvements		2,955		7		-		2,962
Payments for drydockings		4,231		207		-		4,438

Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:


	Three Months Ended March 31,
		2020		2019
Time charter equivalent revenues	$	119,731	$	94,029
Add: Voyage expenses		5,606		7,845
Shipping revenues	$	125,337	$	101,874

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.

Reconciliations of adjusted income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow:


	Three Months Ended March 31,
		2020		2019
Total adjusted income from vessel operations of all segments	$	58,273	$	27,377
General and administrative expenses		(7,434)		(6,773)
Provision for credit losses, net		(62)		(1,298)
Third-party debt modification fees		(232)		(30)
Gain on disposal of vessels and other property		2,804		48
Consolidated income from vessel operations		53,349		19,324
Equity in income of affiliated companies		5,111		8,070
Other (expense)/income		(13,432)		1,036
Interest expense		(12,009)		(17,533)
Income before income taxes	$	33,019	$	10,897

Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:


	March 31, 2020		March 31, 2019
Total assets of all segments	$	1,624,925	$	1,748,545
Corporate unrestricted cash and cash equivalents		93,298		79,537
Restricted cash		17,029		57,618
Other unallocated amounts		5,476		5,370
Consolidated total assets	$	1,740,728	$	1,891,070