v2.4.0.6
Consolidated Statements of (Loss) Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES      
Time charter revenues (note 14b) $ 155,591 $ 157,595 $ 140,529
Net pool revenues (note 14b and 14e) 48,158 74,587 117,578
Voyage charter revenues   2,871 6,202
Interest income from investment in term loans (note 5) 11,323 5,297  
Total revenues 215,072 240,350 264,309
OPERATING EXPENSES      
Voyage expenses (note 14b and 14e) 3,449 5,301 7,503
Vessel operating expenses (notes 14b and 14c) 84,089 81,650 79,460
Time-charter hire expense 4,046    
Depreciation and amortization 74,482 77,317 76,201
General and administrative (notes 14b and 14d) 16,125 16,620 19,875
Vessel impairments and net loss on sale of vessels (note 18) 58,034 1,864  
Goodwill impairment charge (note 7) 19,294    
Total operating expenses 259,519 182,752 183,039
(Loss) income from operations (44,447) 57,598 81,270
OTHER ITEMS      
Interest expense (note 14b) (40,539) (51,140) (36,215)
Interest income 71 100 70
Realized and unrealized (loss) gain on derivative instruments (note 10) (27,783) (28,684) 11,958
Other expenses (note 11) (377) (1,016) (1,623)
Total other items (68,628) (80,740) (25,810)
Net (loss) income $ (113,075) $ (23,142) $ 55,460
Per common share amounts:      
• Basic and diluted (loss) earnings (note 17) $ (0.15) $ 0.37 $ 1.28
• Cash dividends declared $ 0.83 $ 1.28 $ 1.86
Weighted-average number of Class A and Class B common shares outstanding      
• Basic and diluted (note 17) 60,770,525 42,330,038 28,643,836