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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Shipping Revenues:        
Shipping revenues $ 139,725 $ 69,010 $ 265,062 $ 170,884
Operating Expenses:        
Voyage expenses 4,436 6,523 10,042 14,368
Vessel expenses 30,278 30,746 63,238 61,284
Charter hire expenses 7,540 13,033 17,771 30,218
Depreciation and amortization 18,880 18,818 37,147 37,747
General and administrative 6,694 6,297 14,128 13,070
Provision for credit losses, net (129) (21) (67) 1,277
Third-party debt modification fees 0 0 232 30
Loss on disposal of vessels and other property, including impairments 4,134 1,548 1,330 1,500
Total operating expenses 71,833 76,944 143,821 159,494
Income/(loss) from vessel operations 67,892 (7,934) 121,241 11,390
Equity in income of affiliated companies 5,205 8,015 10,316 16,085
Operating income 73,097 81 131,557 27,475
Other income/(expense) 143 839 (13,289) 1,875
Income before interest expense and income taxes 73,240 920 118,268 29,350
Interest expense (8,881) (17,443) (20,890) (34,976)
Income/(loss) before income taxes 64,359 (16,523) 97,378 (5,626)
Income tax provision (1) 0 (1) 0
Net income/(loss) $ 64,358 $ (16,523) $ 97,377 $ (5,626)
Weighted Average Number of Common Shares Outstanding:        
Basic 28,469,969 29,220,345 28,812,299 29,200,897
Diluted 28,639,780 29,220,345 28,989,146 29,200,897
Per Share Amounts:        
Basic net income/(loss) per share $ 2.26 $ (0.57) $ 3.37 $ (0.19)
Diluted net income/(loss) per share $ 2.24 $ (0.57) $ 3.35 $ (0.19)
Pool Revenue Leases [Member]        
Shipping Revenues:        
Shipping revenues $ 100,059 $ 44,713 $ 201,268 $ 112,350
Time and Bareboat Charter Leases [Member]        
Shipping Revenues:        
Shipping revenues 26,655 6,541 35,259 12,061
Voyage Charter Leases [Member]        
Shipping Revenues:        
Shipping revenues $ 13,011 $ 17,756 $ 28,535 $ 46,473