UNAUDITED QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2014

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

29 — 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. In the fourth quarter of 2014, the Successor had a material impairment of goodwill in the amount of $166,067. See Note 5 — Goodwill Impairment for additional information related to the impairment taken in the fourth quarter of 2014.

	2014
	Predecessor									Successor
							Period from			Period from			Quarter Ended
	Quarter Ended						July 1 to July 9			July 9 to			December 31
	March 31			June 30			(restated)			September 30			(restated)
	(In thousands, except share and per share amounts)
Revenues	$	63,180		$	51,545		$	4,034		$	43,943		$	54,874
Operating loss	(20,766		)	(26,552		)	(8,356		)	(17,436		)	(185,796		)

Net loss	(42,238		)	(65,557		)	(905,455		)	(22,562		)	(190,795		)
Net loss attributable to noncontrolling interest	(3,133		)	(5,033		)	(53,935		)	(4,272		)	(26,792		)
Net loss attributable to Genco Shipping & Trading Limited	(39,105		)	(60,524		)	(851,520		)	(18,290		)	(164,003		)

Net loss per share - basic (2)	$	(0.90	)	$	(1.39	)	$	(19.54	)	$	(0.30	)	$	(2.72	)

Net loss per share - diluted (2)	$	(0.90	)	$	(1.39	)	$	(19.54	)	$	(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	(51,950		)	(48,940		)	(36,976		)	(19,155		)
Net loss attributable to noncontrolling interest	(3,787		)	(3,571		)	(1,942		)	20
Net loss attributable to Genco Shipping & Trading Limited	(48,163		)	(45,369		)	(35,034		)	(19,175		)

Net loss per share - basic (2)	$	(1.12	)	$	(1.05	)	$	(0.81	)	$	(0.43	)

Net loss 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.