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Operating Expenses (Tables)

12 Months Ended

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.