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v3.7.0.1

Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016
Revenues: |  |  |  |
Voyage revenue | $ 80,231,015 | $ 53,548,976 | $ 157,919,464 | $ 95,523,295
Charter revenue | 11,192,763 | 3,412,729 | 17,959,435 | 5,375,929
Revenues | 91,423,778 | 56,961,705 | 175,878,899 | 100,899,224
Expenses: |  |  |  |
Voyage expense | 38,597,148 | 26,766,724 | 79,869,067 | 45,267,606
Charter hire expense | 33,174,063 | 15,041,229 | 56,375,218 | 23,544,403
Vessel operating expense | 9,074,357 | 7,904,828 | 17,665,599 | 14,793,910
General and administrative | 3,141,276 | 2,935,950 | 6,656,040 | 5,972,321
Depreciation and amortization | 3,711,712 | 3,528,596 | 7,653,507 | 7,044,052
Loss on sale and leaseback of vessels | 4,915,044 | 0 | 9,205,042 | 0
Total expenses | 92,613,600 | 56,177,327 | 177,424,473 | 96,622,292
(Loss) income from operations | (1,189,822) | 784,378 | (1,545,574) | 4,276,932
Other income (expense): |  |  |  |
Interest expense, net | (2,244,110) | (1,530,425) | (3,875,098) | (2,900,038)
Interest expense on related party debt | (78,846) | (75,010) | (156,825) | (155,500)
Unrealized (loss) gain on derivative instruments, net | 1,476,380 | (1,387,391) | (490,007) | (1,051,432)
Other income (expense) | 813,356 | 67,661 | 908,006 | (34,657)
Total other expense, net | (2,985,980) | (150,383) | (2,633,910) | (2,038,763)
Net (loss) income | (4,175,802) | 633,995 | (4,179,484) | 2,238,169
Income (loss) attributable to non-controlling interests | (561,379) | (504,361) | 789,146 | (911,431)
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ (4,737,181) | $ 129,634 | $ (3,390,338) | $ 1,326,738
(Loss) earnings per common share: |  |  |  |
Basic (in dollars per share) | $ (0.13) | $ 0.00 | $ (0.10) | $ 0.04
Diluted (in dollars per share) | $ (0.13) | $ 0.00 | $ (0.10) | $ 0.04
Weighted average shares used to compute earnings per common share |  |  |  |
Weighted Average Number of Shares Outstanding, Basic | 35,539,186 | 35,150,453 | 35,411,060 | 35,140,332
Weighted Average Number of Shares Outstanding, Diluted | 35,539,186 | 35,337,290 | 35,411,060 | 35,269,824

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