General & Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2020

General & Administrative Expenses [Abstract]

General and Administrative Expenses:

(Dollars in thousands)	2020		2019		2018
Total Compensation to Employees and Directors	$	14,163	$	10,331	$	11,289
Office and Administrative Expenses		2,413		2,633		2,449
Audit, Legal and Consultancy		1,313		1,826		1,314
Total General and Administrative Expenses	$	17,890	$	14,789	$	15,052

Stock Compensation Series

	Number of shares/ options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years		2.30
(19) Granted January 2019, restricted shares		360,000	3 years		4.25
(20) Granted January 2019, restricted shares		200,000	3 years		3.04
(21) Granted March 2019, restricted shares		210,000	1 year		4.60
(22) Granted January 2020, restricted shares		460,000	3 years		8.22
(23) Granted January 2020, restricted shares		150,000	1 year		8.22
(24) Granted January 2020, restricted shares		200,000	1 year		3.5637

Reconciliation of Outstanding Restricted Common Stock and Share Options

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **

Outstanding at December 31, 2017		1,086,331		310,000	$	9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

Outstanding at December 31, 2018		545,500		-	$	-
Granted		770,000
Exercised*		755,500
Forfeited		-
Outstanding at December 31, 2019		560,000		-	$	-

Outstanding at December 31, 2019		560,000		-	$	-
Granted		810,000
Exercised*		550,002
Forfeited		-
Outstanding at December 31, 2020		819,998		-	$	-

*Does not include shares in lieu of dividends

**To be adjusted for dividends declared and paid subsequent to the respective grant dates.

Stock Compensation Expense

(Dollars in thousands)		2020				2019				2018
Expense recognized from stock compensation		$	4,792			$	2,532			$	2,458

Remuneration of Executives and Directors

Remuneration of Directors and Executives as a group:

(Dollars in thousands)	2020		2019		2018
Cash compensation	$	3,897	$	3,518	$	3,989
Pension cost		33		36		202
Share compensation*		4,364		2,003		2,250
Total remuneration	$	8,293	$	5,556	$	6,441

* Share compensation reflects the expense recognized.

Shares held by Executives and Directors

Shares held by Directors and Executives:

		2020				2019				2018
Directors and Executives as a group*			2,303,011				3,615,221				3,155,503

*Includes 619,998 (2019: 440,000, 2018: 465,000) shares of restricted stock subject to vesting conditions.