Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net (loss) income	$ (2,045,955)	$ 2,091,672
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	7,320,677	1,239,545
Amortization of deferred financing costs	232,231	70,714
Amortization of nonvested stock compensation expense	1,551,009	1,093,423
Change in assets and liabilities:
Increase in due from charterers	(189,474)	(758,662)
Increase in prepaid expenses and other current assets	(597,902)	(1,500,571)
Decrease in accounts payable and accrued expenses	(383,942)	(584,891)
(Decrease) increase in due to Parent	(404,067)	1,719,594
(Decrease) increase in deferred revenue	(104,251)	277,684
Net cash provided by operating activities	5,378,326	3,648,508
Cash flows from investing activities:
Purchase of vessels, including deposits	(1,986,054)	(238,457,425)
Purchase of other fixed assets		(24,000)
Deposits of restricted cash		(12,000,000)
Net cash used in investing activities	(1,986,054)	(250,481,425)
Cash flows from financing activities:
Proceeds from the 2010 Credit Facility		9,975,000
Capital contribution from Parent		75,000,000
Cash dividends paid	(5,195,645)
Proceeds from issuance of common stock		214,508,000
Payments of common stock issuance costs		(4,078,177)
Payment of deferred financing costs	(138,661)	(1,315,722)
Net cash (used in) provided by financing activities	(5,334,306)	294,089,101
Net (decrease) increase in cash and cash equivalents	(1,942,034)	47,256,184
Cash and cash equivalents at beginning of period	5,796,862	1
Cash and cash equivalents at end of period	$ 3,854,828	$ 47,256,185

The net change during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods and other operating assets not otherwise defined in the taxonomy.

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
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-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
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-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

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- Definition

The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.

+ References

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