NOTE 21 — 2012 AND 2011 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED):

The financial information presented below for the quarters prior to the third quarter of the year ended December 31, 2012 have been restated for the reasons as set forth in this Annual Report on Form 10-K as more fully described in Note 2, “Company Inquiry and Restatement.” The Company has not amended previously filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q for the periods affected by the restatements.

Selected Financial Data for the Quarter Ended	March 31,		March 31,		June 30,		June 30,		Sept. 30,		Dec. 31,
2012	(As Reported)		(As Restated)		(As Reported)		(As Restated)		(a)		(a)
Shipping revenues	$	292,378	$	292,378	$	291,354	$	291,354	$	297,505	$	255,897
Gain/(loss) on disposal of vessels, including impairments		106		106		285		285		(332)		(271,418)
Total operating expenses		316,020		316,020		321,793		321,793		311,433		567,121
Loss from vessel operations		(23,642)		(23,642)		(30,439)		(30,439)		(13,928)		(311,224)
Equity in income of affiliated companies		7,080		6,908		5,538		5,401		9,869		11,308
Interest expense		23,010		23,010		22,084		22,084		23,314		25,013
Reorganization items, net		-		-		-		-		-		41,113
Income tax benefit/(provision)		1,347		(528)		(1,857)		911		(105)		1,203
Net loss		(34,813)		(36,860)		(55,326)		(52,695)		(25,786)		(364,773)
Comprehensive loss		(21,132)		(27,290)		(61,106)		(65,047)		(24,947)		(357,305)
Basic net loss per share	$	(1.15)	$	(1.22)	$	(1.83)	$	(1.74)	$	(0.85)	$	(12.01)
Diluted net loss per share	$	(1.15)	$	(1.22)	$	(1.83)	$	(1.74)	$	(0.85)	$	(12.01)
Cash and cash equivalents	$	213,353	$	213,353	$	226,554	$	226,554	$	566,880	$	507,342
Other receivables, including income taxes recoverable		51,763		30,329		48,994		28,882		26,118		28,900
Investments in affiliated companies		266,184		242,886		262,710		232,703		237,691		252,398
Vessels, deferred drydock and other property (c)		3,285,765		3,285,765		3,259,810		3,259,810		3,225,380		2,911,706
Total assets		4,201,064		4,156,332		4,151,334		4,101,215		4,384,695		4,043,535
Income taxes payable, including current portion of uncertain tax positions and deferred taxes (b)		368		368		366		366		366		355,699
Deferred income taxes and other liabilities, including non-current reserve for uncertain tax positions		277,247		791,626		280,508		793,441		795,060		397,941
Current installments on long-term debt		283,097		283,097		292,412		292,412		1,525,266		-
Long-term debt (d)		1,961,418		1,961,418		1,952,240		1,952,240		1,049,049		-
Liabilities Subject to Compromise (d)		-		-		-		-		-		2,652,537
Total liabilities		2,665,009		3,179,388		2,674,281		3,187,214		3,493,616		3,509,289
Paid-in additional capital		410,517		410,517		411,853		411,853		413,875		414,411
Retained earnings		2,005,218		1,467,734		1,949,892		1,415,039		1,389,253		1,024,480
Accumulated other comprehensive loss		(88,110)		(109,737)		(93,889)		(122,088)		(121,249)		(113,781)
Total equity		1,536,055		976,944		1,477,053		914,001		891,079		534,246

(a)

Financial information for the third and fourth quarter or full year 2012 had not been reported prior to the aforementioned restatement.

(b)

Income taxes payable for the quarters ended March 31, 2012 and June 30, 2012 were previously reported as a component of the balance sheet line entitled “Accounts payable, accrued expenses and other current liabilities” of $135,559 and $142,605, respectively. Disaggregated amounts for income taxes payable are presented here to conform to the September 30, 2012 and December 31, 2012 balance sheet presentation.

(c)

As discussed in Note 7, “Vessels, Deferred Drydock and Other Property,” impairment charges aggregating $279,382 were recorded in the fourth quarter.

(d)

As discussed in Note 3, “Bankruptcy Filing and Going Concern,” and Note 11, “Debt,” the Debtors filed a petition for relief under Chapter 11 and its debt agreements are classified as Liabilities Subject to Compromise. From November 14, 2012 to December 31, 2012, interest expense of $9,395 was accordingly not recorded.

Selected Financial Data for the Quarter Ended	March 31,		March 31,		June 30,		June 30,
2011	(As Reported)		(As Restated)		(As Reported)		(As Restated)
Shipping revenues	$	263,668	$	263,668	$	271,738	$	271,738
Gain/(loss) on disposal of vessels, including impairments		(868)		(868)		1,455		1,455
Total operating expenses		289,509		289,509		295,784		295,784
Loss from vessel operations		(25,841)		(25,841)		(24,046)		(24,046)
Equity in income of affiliated companies		5,642		5,642		3,930		3,930
Interest expense		17,739		17,739		19,134		19,134
Income tax benefit/(provision)		1,556		(13,376)		1,220		6,621
Net loss		(34,558)		(49,490)		(37,308)		(31,907)
Comprehensive loss		(25,127)		(40,059)		(46,851)		(41,450)
Basic net loss per share	$	(1.15)	$	(1.64)	$	(1.24)	$	(1.06)
Diluted net loss per share	$	(1.15)	$	(1.64)	$	(1.24)	$	(1.06)
Cash and cash equivalents	$	257,681	$	257,681	$	204,276	$	204,276
Other receivables, including income taxes recoverable		59,827		38,038		61,996		40,207
Investments in affiliated companies		277,185		277,185		265,745		265,745
Vessels, deferred drydock and other property		3,261,845		3,261,845		3,272,572		3,272,572
Total assets		4,266,842		4,245,053		4,228,472		4,206,683
Deferred income taxes and other liabilities, including non-current reserve for uncertain tax positions		273,961		794,094		273,358		788,090
Current installments on long-term debt		50,844		50,844		51,785		51,785
Long-term debt		2,010,130		2,010,130		2,031,496		2,031,496
Total liabilities		2,493,358		3,013,491		2,525,754		3,040,486
Paid-in additional capital		405,259		405,259		408,002		408,002
Retained earnings		2,231,880		1,689,958		2,167,861		1,631,340
Accumulated other comprehensive loss		(67,457)		(67,457)		(77,000)		(77,000)
Total equity		1,773,484		1,231,562		1,702,718		1,166,197

Selected Financial Data for the Quarter Ended	Sept. 30,		Sept. 30,		Dec. 31,		Dec. 31,
2011	(As Reported)		(As Restated)		(As Reported)		(As Restated)
Shipping revenues	$	256,379	$	256,379	$	257,746	$	257,746
Gain/(loss) on disposal of vessels, including impairments		(233)		(233)		1,706		1,706
Total operating expenses		308,751		308,751		297,675		297,675
Loss from vessel operations		(52,372)		(52,372)		(39,929)		(39,929)
Equity in income of affiliated companies		3,523		2,204		8,959		8,779
Interest expense		21,097		21,097		21,928		21,928
Income tax benefit/(provision)		329		10,206		1,857		(5,437)
Net loss		(71,080)		(62,522)		(49,970)		(57,444)
Comprehensive loss		(94,913)		(100,766)		(50,928)		(61,507)
Basic net loss per share	$	(2.35)	$	(2.07)	$	(1.65)	$	(1.90)
Diluted net loss per share	$	(2.35)	$	(2.07)	$	(1.65)	$	(1.90)
Cash and cash equivalents	$	156,347	$	156,347	$	54,877	$	54,877
Other receivables, including income taxes recoverable		57,149		35,360		52,337		30,548
Investments in affiliated companies		237,687		221,957		251,385		232,370
Vessels, deferred drydock and other property		3,298,660		3,298,660		3,292,946		3,292,946
Total assets		4,155,429		4,117,910		4,034,349		3,993,545
Deferred income taxes and other liabilities, including non-current reserve for uncertain tax positions		272,267		777,122		277,050		789,199
Current installments on long-term debt		54,879		54,879		14,990		14,990
Long-term debt		2,071,362		2,071,362		2,050,902		2,050,902
Total liabilities		2,551,783		3,056,638		2,479,104		2,991,253
Paid-in additional capital		410,491		410,491		413,016		413,016
Retained earnings		2,090,042		1,562,079		2,040,031		1,504,594
Accumulated other comprehensive loss		(100,833)		(115,244)		(101,791)		(119,307)
Total equity		1,603,646		1,061,272		1,555,245		1,002,292

The restatements did not affect total net cash flows from operating, investing or financing activities for any of the quarters in the years ended December 2012 and 2011.