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Operating expenses | 12 Months Ended
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Dec. 31, 2022
Operating expense [Abstract] |
Operating expenses | Note 11 – Operating expenses Voyage expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Bunkers |  | $ | 154,182 |  |  | $ | 72,925 |  |  | $ | 106,104 |
Other voyage related expenses |  |  | 31,320 |  |  |  | 19,480 |  |  |  | 34,460 |
Total voyage expenses |  | $ | 185,502 |  |  | $ | 92,405 |  |  | $ | 140,564 |
Voyage expenses relate to bunkers consumption and other voyage related expenses, such as broker commissions and port costs. Voyage expenses for time charter contracts are paid by the charterer, whereas voyage expenses for vessels operating in the spot market are paid by the Company. In 2022, the Company had more vessels operating in the spot market than in 2021, thereby driving an increase in voyage expenses. In 2021, the Company had fewer vessels operating in the spot market than in 2020, thereby driving a reduction in voyage expenses. Vessel operating expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Operating expenses |  | $ | 67,846 |  |  | $ | 71,609 |  |  | $ | 75,944 |
Insurance |  |  | 5,963 |  |  |  | 6,198 |  |  |  | 6,244 |
Total vessel operating expenses |  | $ | 73,809 |  |  | $ | 77,807 |  |  | $ | 82,188 |
Vessel operating expenses relate to crewing, maintenance, stores and spares and other technical costs to operate our vessels. General and administrative expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Total compensation to employees and Directors |  | $ | 11,763 |  |  | $ | 11,890 |  |  | $ | 14,163 |
Office and administrative expenses |  |  | 3,818 |  |  |  | 3,351 |  |  |  | 2,413 |
Audit, legal and consultancy |  |  | 1,308 |  |  |  | 1,325 |  |  |  | 1,313 |
Total general and administrative expenses |  | $ | 16,889 |  |  | $ | 16,565 |  |  | $ | 17,890 |
Stock compensation The Company currently maintains the 2022 Incentive Compensation Plan (the “2022 Plan”) for the benefit of directors and senior management. Different awards may be granted under the 2022 Plan, including stock options, restricted shares/restricted stock units and cash incentive awards. Restricted shares Restricted shares can neither be transferred nor assigned by the participant. Vesting conditions Awards issued vest subject to continued employment or office, except in the event that a member of the board of directors ceases service on the board of directors prior to the applicable vesting date for any reason, in which case his or her restricted stock would immediately vest in full. The awards have graded vesting. For some of the awards there is an additional vesting condition requiring certain market conditions to be met. The 2022 Plan may allow for different criteria for new grants. Stock compensation series
|  | Number of |  | Vesting |  | Fair value |
|  | shares/ options |  | Period |  | at grant date |
(1) Granted January 2019, restricted shares |  | 360,000 |  | 3 years |  | $ | 4.25 |
(2) Granted January 2019, restricted shares |  | 200,000 |  | 3 years |  |  | 3.04 |
(3) Granted March 2019, restricted shares |  | 210,000 |  | 1 year |  |  | 4.60 |
(4) Granted January 2020, restricted shares |  | 460,000 |  | 3 years |  |  | 8.22 |
(5) Granted January 2020, restricted shares |  | 150,000 |  | 1 year |  |  | 8.22 |
(6) Granted January 2020, restricted shares |  | 200,000 |  | 1 year |  |  | 3.56 |
(7) Granted January 2021, restricted shares |  | 579,100 |  | 3 years |  |  | 5.52 |
(8) Granted January 2021, restricted shares |  | 175,000 |  | 1 year |  |  | 5.52 |
(9) Granted January 2021, restricted shares |  | 119,900 |  | 3 years |  |  | 3.22 |
(10) Granted January 2022, restricted shares |  | 175,000 |  | 1 year |  |  | 5.38 |
(11) Granted January 2022, restricted shares |  | 573,359 |  | 3 years |  |  | 5.30 |
(12) Granted January 2022, restricted shares |  | 124,594 |  | 3 years |  | $ | 4.29 |
The following reconciles the number of outstanding restricted common stock:
|  | Restricted common stock |
Outstanding at December 31, 2019 |  |  | 560,000 |
Granted |  |  | 810,000 |
Exercised 1 |  |  | 550,002 |
Forfeited |  |  | - |
Outstanding at December 31, 2020 |  |  | 819,998 |
Outstanding at December 31, 2020 |  |  | 819,998 |
Granted |  |  | 874,000 |
Exercised 1 |  |  | 733,133 |
Forfeited |  |  | - |
Outstanding at December 31, 2021 |  |  | 960,865 |
Outstanding at December 31, 2021 |  |  | 960,865 |
Granted |  |  | 872,953 |
Exercised 1 |  |  | 800,723 |
Forfeited |  |  | 149,400 |
Outstanding at December 31, 2022 |  |  | 883,695 |
1 Does not include shares in lieu of dividends Stock compensation expenses
(Dollars in thousands) | 2022 |  | 2021 |  | 2020 |
Expense recognized from stock compensation |  | $ | 4,211 |  |  | $ | 4,371 |  |  | $ | 4,792 |
The fair value on the vesting date for shares that vested in 2022 was $8.22 for 122,057 shares, $5.52 for 388,412 shares, $5.30 for 175,048 shares and $4.25 for 167,431 shares. The fair value on the vesting date for shares that vested in 2021 was $8.22 for 435,960 shares, $4.25 for 163,764 shares, $5.52 for 120,986 shares and $3.22 for 120,986 shares. The fair value on the vesting date for shares that vested in 2020 was $4.25 for 125,649 shares, $3.56 for 207,786 shares, $4.60 for 235,650 shares and $8.22 for 32,445 shares. All share-based compensation is equity-settled and no payments were made for the vested shares. The average contractual life for the outstanding stock compensation series was 1.09 years as of December 31, 2022. Valuation of stock compensation The fair value at grant date for the shares subject to market conditions is independently determined using a Monte Carlo simulation model that takes into account the grant date, the share price at grant date, the risk-free interest rate, the expected volatility, the expected dividends and the correlation coefficients. The expected price volatility is based on the historic volatility (based on the daily share price logarithmic returns for the contractual life of the restricted stock) adjusted for any expected changes to future volatility due to publicly available information. In January 2022, a total of 697,953 shares of restricted stock were awarded to management for the year 2021. Of these shares, 174,394 shares vested in March 2022, 99,788 shares vested in January 2023, 99,788 shares will vest in January 2024, 99,789 shares will vest in January 2025, subject to continued employment or office, as applicable, and 174,331 shares are forfeited. The fair value at grant date was equal to the share price at grant date. The remaining 49,863 shares will vest subject to certain market conditions prior to December 2024 and the calculated fair value was $4.29 per share. In January 2021, a total of 699,000 shares of restricted stock were awarded to management for the year 2020. Of these shares, 239,800 vested in March 2021, 153,066 shares vested in January 2022, 50,000 shares vested in March 2022, 103,067 shares vested in January 2023, 103,067 shares will vest in January 2024, subject to continued employment or office, as applicable, and 50,000 shares are forfeited. The fair value at grant date was equal to the share price at grant date. In January 2022, a total of 175,000 shares of restricted stock were awarded to the board of directors for the year 2021. The fair value at grant date was equal to the share price at grant date and the shares will vest in June 2023. In January 2021, a total of 175,000 shares of restricted stock were awarded to the board of directors in for the year 2020. The fair value at grant date was equal to the share price at grant date and the shares vested in June 2022. Compensation of Directors and Executives Remuneration of Directors and Executives as a group:
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Cash compensation |  | $ | 2,648 |  |  | $ | 5,050 |  |  | $ | 3,897 |
Pension cost |  |  | 165 |  |  |  | 219 |  |  |  | 206 |
Share compensation 1 |  |  | 3,316 |  |  |  | 3,508 |  |  |  | 4,364 |
Total remuneration |  | $ | 6,129 |  |  | $ | 8,776 |  |  | $ | 8,466 |
1 Share compensation reflects the expense recognized. Shares held by Directors and Executives
| 2022 |  | 2021 |  | 2020 |
Directors and Executives as a group 1 |  |  | 1,908,331 |  |  |  | 2,958,894 |  |  |  | 2,303,011 |
1 Includes 595,832 (2021: 725,665, 2020: 619,998) shares of restricted stock subject to vesting conditions. In connection with termination of an Executive’s employment, the Executives of the Company may be entitled to an amount equal to 18 months’ base salary and any unvested equity awards may become fully vested in certain circumstances. Prepaid expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Prepaid voyage expenses |  | $ | 5,678 |  |  | $ | 2,959 |
Prepaid vessel operating expenses |  |  | 2,216 |  |  |  | 1,828 |
Other |  |  | 2,655 |  |  |  | 1,375 |
Total prepaid expenses |  | $ | 10,550 |  |  | $ | 6,162 |

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