UNAUDITED QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2017

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

UNAUDITED QUARTERLY RESULTS OF OPERATIONS

20 - 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.


	2017
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,

Voyage Revenues	$	38,249	$	45,370	$	51,161	$	74,918
Operating (loss) income		(8,570)		(7,237)		(23,782)		9,973

Net (loss) income		(15,600)		(14,513)		(31,182)		2,569

Net (loss) earnings per share - basic (1)	$	(0.47)	$	(0.42)	$	(0.90)	$	0.07
Net (loss) earnings per share - diluted (1)	$	(0.47)	$	(0.42)	$	(0.90)	$	0.07
Weighted average common shares outstanding - basic		33,495,738		34,430,766		34,469,998		34,559,830
Weighted average common shares outstanding - diluted		33,495,738		34,430,766		34,469,998		34,682,302


	2016
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,

Voyage Revenues	$	20,131	$	31,460	$	37,871	$	43,785
Operating loss		(46,960)		(100,766)		(20,115)		(18,634)

Net loss		(54,483)		(110,653)		(27,514)		(25,104)

Net loss per share - basic (1)	$	(7.55)	$	(15.32)	$	(3.80)	$	(3.43)
Net loss per share - diluted (1)	$	(7.55)	$	(15.32)	$	(3.80)	$	(3.43)
Weighted average common shares outstanding - basic		7,218,795		7,221,735		7,245,268		7,318,452
Weighted average common shares outstanding - diluted		7,218,795		7,221,735		7,245,268		7,318,452

(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.

(2)

Amounts may not total to annual amounts for the years ended December 31, 2017 and 2016 as reported in the Consolidated Statements of Operations due to rounding.