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Condensed Consolidated Statements of Operations (USD $)
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3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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|
| Revenues | $ 9,914,090 | $ 6,990,763 | $ 19,457,578 | $ 6,990,763 |
| Operating expenses: | ||||
| Voyage expenses | (388,460) | 59,499 | (305,695) | 59,499 |
| Voyage expenses to Parent | 128,282 | 90,925 | 250,100 | 90,925 |
| Vessel operating expenses | 3,779,926 | 1,325,335 | 7,706,913 | 1,325,335 |
| General, administrative, and technical management fees | 1,294,383 | 1,417,937 | 3,045,925 | 1,901,798 |
| Management fees to Parent | 614,250 | 207,750 | 1,221,750 | 207,750 |
| Depreciation | 3,683,766 | 1,239,502 | 7,320,677 | 1,239,545 |
| Other operating income | (206,000) | (206,000) | ||
| Total operating expenses | 9,112,147 | 4,134,948 | 19,239,670 | 4,618,852 |
| Operating income | 801,943 | 2,855,815 | 217,908 | 2,371,911 |
| Other (expense) income: | ||||
| Other expense | (16,340) | (34,306) | ||
| Interest income | 1,208 | 139,794 | 3,741 | 162,069 |
| Interest expense | (1,111,865) | (393,697) | (2,210,844) | (442,308) |
| Other expense, net | (1,126,997) | (253,903) | (2,241,409) | (280,239) |
| (Loss) income before income taxes | (325,054) | 2,601,912 | (2,023,501) | 2,091,672 |
| Income tax expense | (27,873) | (22,454) | ||
| Net (loss) income | $ (352,927) | $ 2,601,912 | $ (2,045,955) | $ 2,091,672 |
| Net (loss) income per share of common and Class B Stock: | ||||
| Net (loss) income per share-basic (in dollars per share) | $ (0.02) | $ 0.12 | $ (0.09) | $ 0.15 |
| Net (loss) income per share-diluted (in dollars per share) | $ (0.02) | $ 0.12 | $ (0.09) | $ 0.15 |
| Dividends declared and paid per share of common and Class B Stock (in dollars per share) | $ 0.06 | $ 0.23 | ||
| X | ||||||||||
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- Definition
This element represents total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the transport and shipping business of the company. Management fees includes expenses to third-party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies.
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| X | ||||||||||
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- Definition
Fees charged by parent company for commercial, technical, administrative and strategic services.
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| X | ||||||||||
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- Definition
Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) transactions, and brokerage commissions payable to unaffiliated third parties.
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| X | ||||||||||
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- Definition
Brokerage commissions payable to Parent.
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| X | ||||||||||
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- Definition
Revenue from transporting cargo and freight between locations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate direct operating costs incurred during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues.
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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