XML 21 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

Capital Stock and Changes in Capital Accounts | 6 Months Ended
--- | ---
Jun. 30, 2023
Capital Stock and Changes in Capital Accounts |
Capital Stock and Changes in Capital Accounts | 8. Capital Stock and Changes in Capital Accounts a) Preferred stock : As of June 30, 2023, and December 31, 2022, the Company’s authorized preferred stock consists of 25,000,000 shares (all in registered form), par value $ 0.01 per share, of which 1,000,000 shares are designated as Series A Participating Preferred Shares, 5,000,000 shares are designated as Series B Preferred Shares, 10,675 shares are designated as Series C Preferred Shares and 400 shares are designated as Series D Preferred Shares. As of June 30, 2023 and December 31, 2022, the Company had zero Series A Participating Preferred Shares issued and outstanding. b) Series B Preferred Stock: As of June 30, 2023, and December 31, 2022, the Company had 2,600,000 Series B Preferred Shares issued and outstanding with par value $ 0.01 per share, at $ 25.00 per share and with liquidation preference at $ 25.00 per share. Holders of Series B Preferred Shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. Also, holders of Series B Preferred Shares rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation and are subordinated to all of the existing and future indebtedness. Dividends on the Series B Preferred Shares are cumulative from the date of original issue and are payable on the 15th day of January, April, July and October of each year at the dividend rate of 8.875 % per annum, or $ 2.21875 per share per annum. For the six months ended June 30, 2023 and 2022, dividends on Series B Preferred Shares amounted to $ 2,884 and $ 2,884 , respectively. Since February 14, 2019, the Company may redeem, in whole or in part, the Series B Preferred Shares at a redemption price of $ 25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. c) Series C Preferred Stock : As of June 30, 2023, and December 31, 2022, the Company had 10,675 shares of Series C Preferred Stock, issued and outstanding, with par value $ 0.01 per share, owned by an affiliate of its Chief Executive Officer, Mrs. Semiramis Paliou. The Series C Preferred Stock votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. The Series C Preferred Stock has no dividend or liquidation rights and cannot be transferred without the consent of the Company except to the holder’s affiliates and immediate family members. d) Series D Preferred Stock : As of June 30, 2023, and December 31, 2022, the Company had 400 shares of Series D Preferred Stock, issued and outstanding, with par value $ 0.01 per share, owned by an affiliate of its Chief Executive Officer, Mrs. Semiramis Paliou. The Series D Preferred Stock is not redeemable and has no dividend or liquidation rights. The Series D Preferred Stock vote with the common shares of the Company, and each share of the Series D Preferred Stock entitles the holder thereof to up to 100,000 votes, on all matters submitted to a vote of the shareholders of the Company, subject to a maximum number of votes eligible to be cast by such holder derived from the Series D Preferred Shares and any other voting security of the Company held by the holder to be equal to the lesser of (i) 36% of the total number of votes entitled to vote on any matter put to shareholders of the Company and (ii) the sum of the holder’s aggregate voting power derived from securities other than the Series D Preferred Stock and 15% of the total number of votes entitled to be cast on matters put to shareholders of the Company. The Series D Preferred Stock is transferable only to the holder’s immediate family members and to affiliated persons or entities. e) Issuance of Common Shares: On January 30, 2023, the Company issued 2,033,613 common shares, at $ 3.84 , to Sea Trade upon exercise by Sea Trade of a warrant it held for the acquisition of a vessel (Note 3). The Company did no t receive any proceeds from the exercise of the warrants by Sea Trade and the exercise price of the shares issued was included in the price of the vessels acquired. f) Dividend on Common Stock: On March 20, 2023, the Company paid a dividend on its common stock of $ 0.15 per share, or $ 15,965 , to its shareholders of record as of March 13, 2023. On May 26, 2023, the Company declared a dividend on its common stock of $ 0.15 per share, or $ 15,965 , payable on July 10, 2023 in shares of common stock or, upon the election of common shareholders, in cash, to all shareholders of record as of June 12, 2023 (Note 12). g) Dividend in Kind: On June 9, 2023, the Company distributed the Company’s investment in the Series D Preferred Shares of OceanPal in the form of a stock dividend amounting to $ 10,761 , or $ 0.10 per share, to its shareholders of record as of April 24, 2023 (Notes 2(d) and 3). h) Incentive Plan: On February 22, 2023, the Company’s Board of Directors approved the award of 1,750,000 shares of restricted common stock to executive management and non-executive directors, pursuant to the Company’s Equity Incentive Plan, as annual bonus. The restricted shares have a vesting period of three years and their fair value amounted to $ 7,945 . As of June 30, 2023, 13,444,759 shares remained reserved for issuance according to the Company’s incentive plan. Restricted stock during the six months ended June 30, 2023 and 2022 is analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2021 9,514,649 $ 2.83 Granted 1,470,000 4.15 Vested (3,118,060) 2.84 Outstanding at June 30, 2022 7,866,589 $ 3.06 Outstanding at December 31, 2022 7,866,589 $ 3.07 Granted 1,750,000 4.54 Vested (2,822,753) 3.05 Outstanding at June 30, 2023 6,793,836 $ 3.45 The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the date such awards were approved by the Company’s board of directors. The aggregate compensation cost is recognized ratably in the consolidated statement of income over the respective vesting periods. During the six months ended June 30, 2023 and 2022, compensation cost amounted to $ 4,826 and $ 4,931 , respectively, and is included in “General and administrative expenses” presented in the accompanying unaudited interim consolidated statements of income. As of June 30, 2023 and December 31, 2022, the total unrecognized cost relating to restricted share awards was $ 19,992 and $ 16,873 , respectively. As of June 30, 2023, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 2.33 years.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration