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UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended
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Dec. 31, 2015
UNAUDITED QUARTERLY RESULTS OF OPERATIONS |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 27 — 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 third quarter of 2015, the Successor Company had a material impairment of investment of $32,536. See Note 2 — Summary of Significant Accounting Policies for additional information. In the fourth quarter of 2014, the Successor Company had a material impairment of goodwill in the amount of $166,067. See Note 4 — Goodwill Impairment for additional information related to the impairment taken in the fourth quarter of 2014.
|  | 2015 |
|  | Successor |
|  | Quarter Ended |
(In thousands, except share and per share amounts) |  | March 31 |  | June 30 |  | September 30 |  | December 31 |
Voyage Revenues |  | $ | 33,609 |  | $ | 33,772 |  | $ | 49,167 |  | $ | 34,236 |
Operating loss |  | (73,763 | ) | (46,194 | ) | (35,294 | ) | (37,616 | )
Net loss |  | (79,115 | ) | (51,952 | ) | (73,803 | ) | (49,498 | )
Net loss attributable to noncontrolling interest |  | (40,673 | ) | (11,620 | ) | (7,178 | ) | — |
Net loss attributable to Genco Shipping & Trading Limited |  | (38,442 | ) | (40,332 | ) | (66,625 | ) | (49,498 | )
Net loss per share - basic (1) |  | $ | (0.64 | ) | $ | (0.67 | ) | $ | (0.95 | ) | $ | (0.69 | )
Net loss per share - diluted (1) |  | $ | (0.64 | ) | $ | (0.67 | ) | $ | (0.95 | ) | $ | (0.69 | )
Weighted average common shares outstanding - basic |  | 60,430,789 |  | 60,487,189 |  | 69,824,338 |  | 72,174,041 |
Weighted average common shares outstanding - diluted |  | 60,430,789 |  | 60,487,189 |  | 69,824,338 |  | 72,174,041 |
|  | 2014 |
|  | Predecessor |  | Successor |
|  |  |  |  |  | Period from |  | Period from |  | Quarter Ended |
|  | Quarter Ended |  | July 1 to July 9 |  | July 9 to |  | December 31 |
(In thousands, except share and per share amounts) |  | March 31 |  | June 30 |  | (restated) |  | September 30 |  | (restated) |
Voyage 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 (1) |  | $ | (0.90 | ) | $ | (1.39 | ) | $ | (19.54 | ) | $ | (0.30 | ) | $ | (2.72 | )
Net loss per share - diluted (1) |  | $ | (0.90 | ) | $ | (1.39 | ) | $ | (19.54 | ) | $ | (0.30 | ) | $ | (2.72 | )
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 |
| (1) |  | Amounts may not total to annual 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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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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