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UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended
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Dec. 31, 2014
UNAUDITED QUARTERLY RESULTS OF OPERATIONS |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 28 — UNAUDITED QUARTERLY RESULTS OF OPERATIONS In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis. We have presented the unaudited quarterly results of operations separately for the Successor Company and the Predecessor Company.
|  | 2014 |
|  | Predecessor |  | Successor |
|  |  |  | Period from |  | Period from |  |  |
|  | Quarter Ended |  | July 1 to |  | July 9 to |  | Quarter Ended |
|  | March 31 |  | June 30 |  | July 9 |  | September 30 |  | December 31 |
|  | (In thousands, except share and per share amounts) |
Revenues |  | $ | 63,180 |  | $ | 51,545 |  | $ | 4,034 |  | $ | 43,943 |  | $ | 54,874 |
Operating (loss) income |  | (20,766 | ) | (26,552 | ) | (8,356 | ) | (17,436 | ) | (185,796 | )
Net (loss) income |  | (42,238 | ) | (65,557 | ) | 892,351 |  | (22,562 | ) | (190,795 | )
Net (loss) income attributable to noncontrolling interest |  | (3,133 | ) | (5,033 | ) | (568 | ) | (4,272 | ) | (26,792 | )
Net (loss) income attributable to Genco Shipping & Trading Limited |  | (39,105 | ) | (60,524 | ) | 892,919 |  | (18,290 | ) | (164,003 | )
Net (loss) earnings per share - basic (2) |  | $ | (0.90 | ) | $ | (1.39 | ) | $ | 20.49 |  | $ | (0.30 | ) | $ | (2.72 | )
Net (loss) earnings per share - diluted (2) |  | $ | (0.90 | ) | $ | (1.39 | ) | $ | 20.49 |  | $ | (0.30 | ) | $ | (2.72 | )
Dividends declares and paid per share (1) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Weighted average common shares outstanding - basic |  | 43,568,942 |  | 43,568,942 |  | 43,568,942 |  | 60,299,766 |  | 60,415,981 |
Weighted average common shares outstanding - diluted |  | 43,568,942 |  | 43,568,942 |  | 43,568,942 |  | 60,299,766 |  | 60,415,981 |
|  | 2013 |
|  | Predecessor |
|  | Quarter Ended |
|  | March 31 |  | June 30 |  | September 30 |  | December 31 |
Revenues |  | $ | 40,486 |  | $ | 45,760 |  | $ | 59,433 |  | $ | 81,785 |
Operating (loss) income |  | (30,474 | ) | (27,075 | ) | (13,387 | ) | 4,030 |
Net (loss) income |  | (51,950 | ) | (48,940 | ) | (36,976 | ) | (19,155 | )
Net (loss) income attributable to noncontrolling interest |  | (3,787 | ) | (3,571 | ) | (1,942 | ) | 20 |
Net (loss) income attributable to Genco Shipping & Trading Limited |  | (48,163 | ) | (45,369 | ) | (35,034 | ) | (19,175 | )
Net (loss) earnings per share - basic (2) |  | $ | (1.12 | ) | $ | (1.05 | ) | $ | (0.81 | ) | $ | (0.43 | )
Net (loss) earnings per share - diluted (2) |  | $ | (1.12 | ) | $ | (1.05 | ) | $ | (0.81 | ) | $ | (0.43 | )
Dividends declares and paid per share (1) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Weighted average common shares outstanding - basic |  | 43,161,510 |  | 43,196,895 |  | 43,231,510 |  | 43,403,894 |
Weighted average common shares outstanding - diluted |  | 43,161,510 |  | 43,196,895 |  | 43,231,510 |  | 43,403,894 |
| (1) |  | Does not include cash dividends paid by Baltic Trading.
| (2) |  | Amounts may not total to annual earnings (loss) because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.

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