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Earnings / (Loss) per share

12 Months Ended

Dec. 31, 2018

13. Earnings / (Loss) per share:

All common shares issued (including the restricted shares issued under the Company’s equity incentive plan) have equal rights to vote and participate in dividends. The restricted shares issued under the Company’s equity incentive plans are subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the purpose of calculating diluted earnings/ (loss) per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued, determined in accordance with the treasury stock method. For the years ended December 31, 2016 and 2017, during which the Company incurred losses, the effect of 385,000 and 280,000 non-vested shares, respectively, as well as the effect of 104,250 non vested share options, would be anti-dilutive, and “Basic loss per share” equals “Diluted loss per share.” Diluted earnings per share for the year ended December 31, 2018 does not include the effect of 104,250 non-vested share options outstanding as of that date, as their effect was anti-dilutive.

The Company calculates basic and diluted loss per share as follows:

		2016		2017		2018
Income / (Loss) :
Net income / (loss)	$	(154,228)	$	(9,771)	$	58,397


Basic earnings / (loss) per share:
Weighted average common shares outstanding, basic		47,574,454		63,034,394		77,061,227
Basic earnings / (loss) per share	$	(3.24)	$	(0.16)	$	0.76

Effect of dilutive securities:
Dillutive effect of non vested shares		-		-		264,884
Weighted average common shares outstanding, diluted		47,574,454		63,034,394		77,326,111

Diluted earnings / (loss) per share	$	(3.24)	$	(0.16)	$	0.76