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.


	2018
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,

Voyage Revenues	$	76,916	$	86,157	$	92,263	$	112,185
Operating (loss) income		(48,398)		10,851		12,089		25,972

Net (loss) income		(55,813)		(1,120)		5,708		18,283

Net (loss) earnings per share - basic (1)	$	(1.61)	$	(0.03)	$	0.14	$	0.44
Net (loss) earnings per share - diluted (1)	$	(1.61)	$	(0.03)	$	0.14	$	0.44
Weighted average common shares outstanding - basic		34,577,990		35,516,058		41,618,187		41,704,296
Weighted average common shares outstanding - diluted		34,577,990		35,516,058		41,821,008		41,792,956


	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

(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, 2018 and 2017 as reported in the Consolidated Statements of Operations due to rounding.