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Capital Stock and Changes in Capital Accounts | 12 Months Ended
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Dec. 31, 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 December 31, 2024, and 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 December 31, 2024 and 2023, the Company had zero Series A Participating Preferred Shares issued and outstanding. b) Series B Preferred Stock: As of December 31, 2024, and 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. In 2024, 2023, and 2022, dividends on Series B Preferred Shares amounted to $ 5,769 , $ 5,769 and $ 5,769 , 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 December 31, 2024, and 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 December 31, 2024, and 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 and Repurchase of Common Shares: In 2022, the Company repurchased under its share repurchase program 820,000 shares of common stock, at an average price of $ 4.56 per share, for an aggregate cost of $ 3,799 , including expenses. Also, the Company issued under its ATM program 877,581 shares of common stock, at an average price of $ 6.27 per share and received net proceeds of $ 5,322 , and 16,453,780 shares of common stock, at an average price of $ 4.13 , for the acquisition of eight vessels, upon exercise of warrants issued to the vessels’ sellers. In 2023, the Company issued 2,033,613 shares of common stock, at $ 3.84 , for the acquisition of one vessel, upon exercise of a warrant issued to the vessel’s sellers (Note 6). The Company did no t receive any proceeds from the exercise of the warrants in 2022 and 2023, and the value of the shares issued was included in vessels, net. On December 2, 2024, the Company commenced a tender offer to purchase up to 15,000,000 shares of its outstanding common stock, at $ 2.00 per share, using funds available from cash and cash equivalents (Note 17). f) Dividend on Common Stock: On March 21, 2022, the Company paid a dividend on its common stock of $ 0.20 per share, to its shareholders of record as of March 9, 2022. On June 17, 2022, the Company paid a dividend on its common stock of $ 0.25 per share, to its shareholders of record as of June 6, 2022. On August 19, 2022, the Company paid a dividend on its common stock of $ 0.275 per share, to its shareholders of record as of August 8, 2022. On December 15, 2022, the Company paid a dividend on its common stock of $ 0.175 per share, to its shareholders of record as of November 28, 2022. During 2022, the Company paid total cash dividends on common stock amounting to $ 79,812 . On March 20, 2023, the Company paid a dividend of $ 0.15 per share, or $ 15,965 , to its shareholders of record as of March 13, 2023. On July 10, 2023, the Company distributed a dividend of $ 0.15 per share to all shareholders of record as of June 12, 2023, and paid $ 12,424 in cash to its shareholders who elected to receive cash and distributed 965,044 newly issued common shares to its shareholders who elected to receive shares. On September 8, 2023, the Company distributed a dividend of $ 0.15 per share to all shareholders of record as of August 14, 2023, and paid $ 13,041 in cash to its shareholders who elected to receive cash and distributed 831,672 newly issued common shares to its shareholders who elected to receive shares. On December 4, 2023, the Company distributed a dividend of $ 0.15 per share to all shareholders of record as of November 27, 2023 in the form of common stock and distributed 4,831,777 newly issued common shares. 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. On August 30, 2024, the Company paid a cash dividend on its common stock of $ 0.075 per share, or $ 9,384 , to shareholders of record as of August 15, 2024. On December 18, 2024, the Company paid a cash dividend on its common stock of $ 0.01 per share, or $ 1,252 , to shareholders of record as of December 11, 2024. g) Dividend in Kind : On December 15, 2022, the Company distributed the Company’s investment in the Series D Preferred Shares of OceanPal in the form of a stock dividend amounting to $ 18,189 , or $ 0.18 per share, to its shareholders of record as of November 28, 2022. 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. h) Warrants: On December 14, 2023, the Company distributed 22,613,070 warrants to its shareholders of record on December 6, 2023. Holders received one warrant for every five shares of issued and outstanding shares of common stock held as of the record date (rounded down to the nearest whole number for any fractional warrant. Each Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, at the exercise price of $ 4 per warrant, one share of common stock plus a bonus share fraction. A bonus share fraction entitles a holder to receive an additional part of a share of common stock for each warrant exercised without payment of any additional exercise price. In 2023, no warrants were exercised. In 2024, the Company issued 9,837,680 shares of common stock, having a value of $ 28,047 , net of expenses, or $ 2.86 per share, upon the exercise of 6,392,765 warrants issued in 2023 and distributed as dividend to the Company’s shareholders. The Company received $ 24,195 in proceeds, net of fees, from the exercise of warrants. If all warrants were exercised as of December 31, 2024, the Company would have issued 36,369,395 shares of common stock with a fair value of $ 80,049 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 December 31, 2024 and 2023, the warrant liability, measured at fair value, amounted to $ 1,802 and $ 6,332 , respectively. During the years ended December 31, 2024 and 2023, gain from warrants amounted to $ 719 and $ 1,583 , respectively and is separately presented in the consolidated statements of income. i) Incentive Plan: As of December 31, 2024, 11,144,759 shares remained reserved for issuance according to the Company’s incentive plan. Restricted stock in 2024, 2023 and 2022 is analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding as of December 31, 2021 9,514,649 $ 2.83 Granted 1,470,000 4.15 Vested (3,118,060) 2.86 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 December 31, 2023 6,793,836 $ 3.45 Granted 2,300,000 2.96 Vested (2,996,334) 3.38 Outstanding as of December 31, 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 over the respective vesting periods. In 2024, 2023 and 2022, compensation cost amounted to $ 10,012 , $ 9,938 and $ 9,282 , respectively, and is included in general and administrative expenses in the accompanying consolidated statements of income. As of December 31, 2024 and 2023, the total unrecognized cost relating to restricted share awards was $ 11,674 and $ 14,880 , respectively. As of December 31, 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 1.54 years.

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