XML 26 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Shipping Revenues:      
Time charter revenues $ 266,193,000 $ 372,149,000 $ 385,206,000
Voyage charter revenues 124,233,000 90,271,000 81,666,000
Shipping revenues 390,426,000 462,420,000 466,872,000
Operating Expenses:      
Voyage expenses 29,390,000 16,260,000 17,814,000
Vessel expenses 135,991,000 140,696,000 138,179,000
Charter hire expenses 91,587,000 91,947,000 91,875,000
Depreciation and amortization 58,673,000 89,563,000 76,851,000
General and administrative 27,493,000 41,608,000 61,540,000
Severance costs 16,000 12,996,000 0
Loss on disposal of vessels and other property, including impairments 13,200,000 104,532,000 207,000
Total operating expenses 356,350,000 497,602,000 386,466,000
Income/(loss) from vessel operations 34,076,000 (35,182,000) 80,406,000
Equity in income of affiliated companies 3,747,000 3,642,000 3,783,000
Operating income/(loss) 37,823,000 (31,540,000) 84,189,000
Other expense (1,881,000) (2,391,000) (26,239,000)
Income/(loss) before interest expense, reorganization items and income taxes 35,942,000 (33,931,000) 57,950,000
Interest expense (37,401,000) (43,151,000) (70,365,000)
Loss from continuing operations before reorganization items, net and income taxes (1,459,000) (77,082,000) (12,415,000)
Reorganization items, net (190,000) 10,925,000 (8,052,000)
Loss from continuing operations before income taxes (1,649,000) (66,157,000) (20,467,000)
Income tax benefit from continuing operations 57,627,000 65,098,000 101,032,000
Net income/(loss) from continuing operations 55,978,000 (1,059,000) 80,565,000
(Loss)/income from discontinued operations 0 (292,555,000) 203,395,000
Net income/(loss) 55,978,000 (293,614,000) 283,960,000
Other Comprehensive Income (Loss), Net of Tax [Abstract]      
Net change in unrealized gains on cash flow hedges 907,000 10,311,000 6,927,000
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]      
Net change in unrecognized prior service costs (157,000) (60,000) (211,000)
Net change in unrecognized actuarial losses 948,000 (3,295,000) 3,203,000
Other comprehensive income 1,698,000 6,956,000 9,919,000
Comprehensive income/(loss) 57,676,000 (286,658,000) 293,879,000
Common Class A [Member]      
Operating Expenses:      
Net income/(loss) from continuing operations 55,957,000 (1,002,000) 79,424,000
(Loss)/income from discontinued operations $ 0 $ (295,001,000) $ 200,515,000
Weighted Average Number of Common Shares Outstanding:      
Weighted average common shares outstanding, basic 87,834,769 90,949,577 95,584,559
Weighted average common shares outstanding, diluted 88,082,978 90,949,577 95,629,090
Per Share Amounts:      
Basic and Diluted net income/(loss) per share, continuing operations $ 0.64 $ (0.01) $ 0.83
Basic and Diluted net income/(loss) per share, discontinued operations 0.00 (3.24) 2.10
Basic and diluted net income/(loss) $ 0.64 $ (3.25) $ 2.93
Common Class B and Common Stock [Member]      
Weighted Average Number of Common Shares Outstanding:      
Weighted average common shares outstanding, basic 0 533,758 1,320,337
Weighted average common shares outstanding, diluted 0 533,758 1,320,337
Common Class B [Member]      
Operating Expenses:      
Net income/(loss) from continuing operations $ 0 $ (57,000) $ 1,097,000
(Loss)/income from discontinued operations $ 0 $ 2,426,000 $ 2,770,000
Weighted Average Number of Common Shares Outstanding:      
Weighted average common shares outstanding, basic 0 533,758 1,320,337
Weighted average common shares outstanding, diluted 0 533,758 1,320,337
Per Share Amounts:      
Basic and Diluted net income/(loss) per share, continuing operations $ 0.00 $ (0.11) $ 0.83
Basic and Diluted net income/(loss) per share, discontinued operations 0.00 4.54 2.10
Basic and diluted net income/(loss) $ 0.00 $ 4.43 $ 2.93