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Operating Expenses (Tables) | 12 Months Ended
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Dec. 31, 2021
Operating Expense [Abstract] |
Voyage Expenses | Voyage Expenses
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Bunkers |  | $ | 72,925 |  |  | $ | 106,104 |  |  | $ | 156,171 |
Other Voyage Related Expenses |  |  | 19,480 |  |  |  | 34,460 |  |  |  | 31,329 |
Total Voyage Expenses |  | $ | 92,405 |  |  | $ | 140,564 |  |  | $ | 187,500 |
Vessel Operating Expenses | Vessel Operating Expenses
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Operating Expenses |  | $ | 71,609 |  |  | $ | 75,944 |  |  | $ | 72,541 |
Insurance |  |  | 6,198 |  |  |  | 6,244 |  |  |  | 5,785 |
Total Vessel Operating Expenses |  | $ | 77,807 |  |  | $ | 82,188 |  |  | $ | 78,327 |
General and Administrative Expenses | General and Administrative Expenses:
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Total Compensation to Employees and Directors |  | $ | 11,890 |  |  | $ | 14,163 |  |  | $ | 10,331 |
Office and Administrative Expenses |  |  | 3,351 |  |  |  | 2,413 |  |  |  | 2,633 |
Audit, Legal and Consultancy |  |  | 1,325 |  |  |  | 1,313 |  |  |  | 1,826 |
Total General and Administrative Expenses |  | $ | 16,565 |  |  | $ | 17,890 |  |  | $ | 14,789 |
Stock Compensation Series | Stock Compensation Series
|  | Number of shares |  | Vesting Period |  | Fair value at grant date |
(1) Granted January 2017, restricted shares |  | 900,000 |  | 2 years |  | $ | 4.61 |
(2) Granted January 2018, restricted shares |  | 355,000 |  | 1 year |  |  | 3.92 |
(3) Granted January 2018, restricted shares |  | 212,000 |  | 3 years |  |  | 2.30 |
(4) Granted January 2019, restricted shares |  | 360,000 |  | 3 years |  |  | 4.25 |
(5) Granted January 2019, restricted shares |  | 200,000 |  | 3 years |  |  | 3.04 |
(6) Granted March 2019, restricted shares |  | 210,000 |  | 1 year |  |  | 4.60 |
(7) Granted January 2020, restricted shares |  | 460,000 |  | 3 years |  |  | 8.22 |
(8) Granted January 2020, restricted shares |  | 150,000 |  | 1 year |  |  | 8.22 |
(9) Granted January 2020, restricted shares |  | 200,000 |  | 1 year |  |  | 3.56 |
(10) Granted January 2021, restricted shares |  | 579,100 |  | 3 years |  |  | 5.52 |
(11) Granted January 2021, restricted shares |  | 175,000 |  | 1 year |  |  | 5.52 |
(12) Granted January 2021, restricted shares |  | 119,900 |  | 3 years |  | $ | 3.22 |
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 |
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 |
Outstanding at December 31, 2020 |  |  | 819,998 |
Granted |  |  | 874,000 |
Exercised* |  |  | 733,133 |
Forfeited |  |  | - |
Outstanding at December 31, 2021 |  |  | 960,865 |
*Does not include shares in lieu of dividends
Stock Compensation Expense | Stock Compensation Expense
(Dollars in thousands) | 2021 |  | 2020 |  | 2019 |
Expense recognized from stock compensation |  | $ | 4,371 |  |  | $ | 4,792 |  |  | $ | 2,532 |
Remuneration of Executives and Directors | Remuneration of Directors and Executives as a group:
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Cash compensation |  | $ | 5,050 |  |  | $ | 3,897 |  |  | $ | 3,518 |
Pension cost |  |  | 219 |  |  |  | 206 |  |  |  | 36 |
Share compensation* |  |  | 3,508 |  |  |  | 4,364 |  |  |  | 2,003 |
Total remuneration |  | $ | 8,776 |  |  | $ | 8,466 |  |  | $ | 5,556 |
* Share compensation reflects the expense recognized.
Shares held by Executives and Directors | Shares held by Directors and Executives:
| 2021 |  | 2020 |  | 2019 |
Directors and Executives as a group* |  |  | 2,958,894 |  |  |  | 2,303,011 |  |  |  | 3,615,221 |
*Includes 725,665 (2020: 619,998, 2019: 440,000) shares of restricted stock subject to vesting conditions.

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