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Earnings / (Loss) per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings / (Loss) per share

 11.       Earnings / (Loss) per share:

All common shares issued (including the restricted shares issued under the Company’s equity incentive plans) 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 year ended December 31, 2019, during which the Company incurred losses, the effect of i) 271,038 non-vested shares and ii) 104,250 non-vested share options , would be anti-dilutive. Hence for the year ended December 31, 2019 “Basic loss per share” equals “Diluted loss per share.” For the years ended December 31, 2020 and 2021 the denominator of the diluted earnings per share calculation includes 153,216 common shares and 295,243 common shares, respectively, being the number of incremental shares assumed issued under the treasury stock method.

11.       Earnings / (Loss) per share - (continued):

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

Earnings / (Loss) per share (Table)

	Years ended December 31,
		2019		2020		2021
Income / (Loss) :
Net income / (loss)	$	(16,201)	$	9,660	$	680,530
Basic earnings / (loss) per share:
Weighted average common shares outstanding, basic		93,735,549		96,128,173		101,183,829
Basic earnings / (loss) per share	$	(0.17)	$	0.10	$	6.73
Effect of dilutive securities:
Dillutive effect of non vested shares		–		153,216		295,243
Weighted average common shares outstanding, diluted		93,735,549		96,281,389		101,479,072
Diluted earnings / (loss) per share	$	(0.17)	$	0.10	$	6.71

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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