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Capital Stock and Changes in Capital Accounts
 6 Months Ended
Jun. 30, 2024
Capital Stock and Changes in Capital Accounts [Abstract]  
Capital Stock and Changes in Capital Accounts
 
 
 
 
 
 
11.
 
Capital Stock and Changes in Capital Accounts
a)
 
Preferred
 
stock
:
 
As
 
of
 
June
 
30,
 
2024,
 
and
 
December
 
31,
 
2023,
 
the
 
Company’s
 
authorized
preferred stock
 
consists of
50,000,000
 
shares, respectively
 
(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, 2024 and
December
 
31,
 
2023,
 
the
 
Company
 
had
zero
 
Series
 
A
 
Participating
 
Preferred
 
Shares
 
issued
 
and
outstanding.
b)
 
Series
 
B
 
Preferred
 
Stock:
 
As
 
of
 
June
 
30,
 
2024,
 
and
 
December
 
31,
 
2023,
 
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,
 
2024
 
and
 
2023,
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,
 
2024,
 
and
 
December
 
31,
 
2023,
 
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, 2024, and December 31,
 
2023, 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 200,000 votes,
 
on
 
all matters
 
submitted to
 
a vote
 
of the
 
stockholders of
 
the
 
Company,
provided however, that,
 
notwithstanding any other provision of the
 
Series D Preferred Stock statement of
designation, to the extent that
 
the total number of votes
 
one or more holders
 
of Series D Preferred Stock
is
 
entitled
 
to
 
vote
 
(including
 
any
 
voting
 
power
 
of
 
such
 
holders
 
derived
 
from
 
Series
 
D
 
Preferred
 
Stock,
shares of
 
Common Stock
 
or any
 
other voting
 
security of
 
the Company
 
issued and
 
outstanding as
 
of the
date hereof or
 
that may be
 
issued in the
 
future) on any
 
matter submitted to
 
a vote of
 
stockholders of the
Company would
 
exceed
36.0
% of
 
the total
 
number of
 
votes eligible
 
to be
 
cast on
 
such matter,
 
the total
number
 
of
 
votes
 
that
 
holders
 
of
 
Series
 
D
 
Preferred
 
Stock
 
may
 
exercise
 
derived
 
from
 
the
 
Series
 
D
Preferred
 
Stock
 
together
 
with
 
Common
 
Shares
 
and
 
any
 
other
 
voting
 
securities
 
of
 
the
 
Company
 
 
beneficially owned by such holder,
 
shall be reduced to
36
% of the total number of votes that
 
may be cast
on such matter submitted to a vote of stockholders.
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. 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.
During the first
half
 
of
 
2024,
 
the
 
Company
 
issued
 
9,723,506
 
common
 
shares,
 
having
 
a
 
value
 
of
 
$
27,792
,
 
net
 
of
expenses, or $
2.86
 
per share, upon the exercise of
6,321,891
 
warrants issued in 2023 and distributed as
dividend,
 
on
 
December
 
14,
 
2023,
 
to
 
the
 
Company’s
 
shareholders.
 
The
 
Company received
 
$
14,681
 
of
proceeds, net of fees, from the exercise of the warrants.
 
If all warrants were exercised as of June 30, 2024, the Company would have issued
35,434,896
 
common
shares with
 
a fair
 
value of
 
$
101,327
 
and would
 
have received
 
$
90,452
 
of gross
 
proceeds. The warrants
were
 
measured
 
on
 
the
 
date
 
of
 
distribution
 
at
 
fair
 
value,
 
determined
 
through
 
level
 
1
 
account
 
hierarchy,
being the
 
opening price of
 
the warrants
 
on the
 
NYSE on
 
the date
 
of distribution as
 
they are
 
listed under
the
 
ticker
 
DSX_W.
 
As of
 
June 30,
 
2024
 
and December
 
31,
 
2023, the
 
warrant liability,
 
measured at
 
fair
value,
 
amounted to
 
$
9,286
 
and $
6,332
,
 
respectively.
 
During the
 
six months
 
ended June
 
30,
 
2024, loss
from
 
warrants
 
amounted to
 
$
6,773
 
and
 
is
 
separately presented
 
in
 
the
 
2024
 
consolidated statement
 
of
comprehensive income/(loss).
f)
 
Dividend
 
on
 
Common
 
Stock:
On
 
March
 
12,
 
2024,
 
the
 
Company
 
paid
 
a
 
cash
 
dividend
 
on
 
its
common stock
 
of $
0.075
 
per share,
 
or $
8,989
 
to shareholders
 
of record
 
as of
 
March 5,
 
2024. On
 
June
18,
 
2024,
 
the
 
Company
 
paid
 
a
 
cash
 
dividend
 
on
 
its
 
common
 
stock
 
of
 
$
0.075
 
per
 
share,
 
or
 
$
9,379
,
 
to
shareholders of record as of June 12, 2024.
g)
 
Incentive
 
Plan:
As
 
of
 
June
 
30,
 
2024,
11,144,759
 
shares
 
remained
 
reserved
 
for
 
issuance
according to the Company’s incentive plan.
Restricted stock for the six months ended June 30, 2024 and 2023 is analyzed
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Shares
Weighted Average
Grant Date Price
Outstanding as of December 31, 2022
7,866,589
$
3.07
Granted
1,750,000
 
4.54
Vested
(2,822,753)
 
3.05
Outstanding as of June 30, 2023
6,793,836
$
3.45
Outstanding as of December 31, 2023
6,793,836
$
3.45
Granted
2,300,000
2.96
Vested
(2,996,334)
3.38
Outstanding as of June 30, 2024
6,097,502
$
3.30
 
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/(loss) over
the
 
respective vesting
 
periods.
 
For
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024
 
and
 
2023,
 
compensation cost
amounted to $
5,007
 
and $
4,826
, respectively,
 
and is included
 
in general and
 
administrative expenses in
the accompanying unaudited interim consolidated statements of comprehensive
 
income/(loss).
As
 
of
 
June
 
30,
 
2024
 
and
 
December
 
31,
 
2023,
 
the
 
total
 
unrecognized
 
cost
 
relating
 
to
 
restricted
 
share
awards was
 
$
16,679
 
and $
14,880
, respectively.
 
As of
 
June 30,
 
2024, the
 
weighted-average period
 
over
which
 
the
 
total
 
compensation
 
cost
 
related
 
to
 
non-vested
 
awards
 
not
 
yet
 
recognized
 
is
 
expected
 
to
 
be
recognized is
1.93
 
years.