VOYAGE REVENUE (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Standards Update 2014-09

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Balance Sheet:


	As of September 30, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Assets
Current assets:
Due from charterers	$	18,536	$	20,974	$	(2,438)
Prepaid expenses and other current assets		10,072		8,396		1,676

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	33,084	$	33,123	$	(39)
Deferred revenue		10,231		8,402		1,829

Equity:
Retained deficit	$	(705,556)	$	(703,004)	$	(2,552)

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Operations:


	For the Three Months Ended September 30, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Voyage revenues	$	92,263	$	95,123	$	(2,860)

Voyage expenses		31,475		32,512		(1,037)

Net income		5,708		7,531		(1,823)

Net earnings per share-basic	$	0.14	$	0.18	$	(0.04)
Net earnings per share-diluted	$	0.14	$	0.18	$	(0.04)


	For the Nine Months Ended September 30, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Voyage revenues	$	255,336	$	258,450	$	(3,114)

Voyage expenses		78,551		79,772		(1,221)

Net loss		(51,224)		(49,331)		(1,893)

Net loss per share-basic	$	(1.37)	$	(1.32)	$	(0.05)
Net loss per share-diluted	$	(1.37)	$	(1.32)	$	(0.05)

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Cash Flows:


	For the Nine Months Ended September 30, 2018
			Balance
			without Adoption
			of New Revenue		Effect of
	As Reported		Standard		Change
Cash flows from operating activities:
Change in assets and liabilities:
Increase in due from charterers	$	(6,329)	$	(8,119)	$	1,790
Increase in prepaid expenses and other current assets		(5,966)		(4,765)		(1,201)
Increase in accounts payable and accrued expenses		8,169		8,202		(33)
Increase in deferred revenue		5,017		3,680		1,337

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Condensed Consolidated Balance Sheet:


			New
	Balance at		Revenue		Balance at
	December 31,		Standard		January 1,
	2017		Adjustment		2018
Assets
Current assets:
Due from charterers	$	12,855	$	(647)	$	12,208
Prepaid expenses and other current assets		7,338		475		7,813

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	23,230	$	(6)	$	23,224
Deferred revenue		4,722		493		5,215

Equity:
Retained deficit	$	(653,673)	$	(659)	$	(654,332)