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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 29,519 $ 29,889
Accounts Receivable, Net 29,435 28,001
Accounts Receivable, Related Party 445 596
Prepaid Expenses 4,375 4,372
Inventory 17,181 14,843
Voyages in Progress 18,028 37,353
Other Current Assets 3,654 3,125
Total Current Assets 102,638 118,179
NON-CURRENT ASSETS    
Vessels, Net 1,004,346 962,685
Deposits paid for Vessels 66,723 64,000
Goodwill 18,979 18,979
Investment in Nordic American Offshore Ltd 59,729 64,877
Other Non-current Assets [1] 10,453 10,474
Total Non-current Assets 1,160,231 1,121,015
Total Assets 1,262,869 1,239,194
Current Liabilities    
Accounts Payable 4,671 4,247
Accrued Voyage Expenses 6,898 7,035
Accrued Liabilities 9,666 9,577
Total Current Liabilities 21,235 20,859
Long-term Debt [1] 380,213 324,568
Deferred Compensation Liability 14,892 13,046
Total Liabilities 416,340 358,473
Commitment and Contingencies
Shareholders' Equity    
Common Stock, par value $0.01 per Share; 180,000,000 shares authorized , 89,319,666 shares issued and outstanding and 180,000,000 shares authorized, 89,182,001 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 893 892
Additional Paid-in Capital 114,938 114,679
Contributed Surplus 731,575 766,122
Accumulated other comprehensive loss (877) (972)
Retained Earnings 0 0
Total Shareholders' Equity 846,529 880,721
Total Liabilities and Shareholders' Equity $ 1,262,869 $ 1,239,194
[1] Long-term Debt consists of outstanding amounts on our Credit Facility less unamortized deferred financing cost. Outstanding amounts on our Credit Facility were 385,000 and 330,000 as of June 30, 2016 and December 31, 2015, respectively. Please see note 2 to these Condensed Consolidated Financial Statements describing the effects of the accounting principle change covering the deferred financing costs.