18 - 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.


	2019
	Quarter Ended (2)
(In thousands, except share and per share amounts)	March 31,		June 30,		September 30,		December 31,

Voyage Revenues	$	93,464	$	83,550	$	103,776	$	108,705
Operating (loss) income		(882)		(27,309)		(7,772)		7,560

Net (loss) income		(7,801)		(34,476)		(14,591)		882

Net (loss) earnings per share - basic (1)	$	(0.19)	$	(0.83)	$	(0.35)	$	0.02
Net (loss) earnings per share - diluted (1)	$	(0.19)	$	(0.83)	$	(0.35)	$	0.02
Dividends declared per share	$	—	$	—	$	—	$	0.50
Weighted average common shares outstanding - basic		41,726,106		41,742,301		41,749,200		41,832,942
Weighted average common shares outstanding - diluted		41,726,106		41,742,301		41,749,200		41,989,553


	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

(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, 2019 and 2018 as reported in the Consolidated Statements of Operations due to rounding.