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v3.8.0.1

Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016
Revenues: |  |  |  |
Voyage revenue | $ 93,688,834 | $ 65,986,320 | $ 251,608,298 | $ 161,509,615
Charter revenue | 13,334,202 | 4,797,572 | 31,293,637 | 10,173,501
Revenues | 107,023,036 | 70,783,892 | 282,901,935 | 171,683,116
Expenses: |  |  |  |
Voyage expense | 44,305,446 | 29,166,651 | 124,174,513 | 74,434,257
Charter hire expense | 34,764,942 | 19,655,327 | 91,140,160 | 43,199,730
Vessel operating expense | 9,144,472 | 7,483,507 | 26,810,071 | 22,277,417
General and administrative | 4,762,860 | 3,179,287 | 11,418,900 | 9,151,608
Depreciation and amortization | 3,950,661 | 3,532,171 | 11,604,168 | 10,576,223
Loss on sale and leaseback of vessels | 70,000 | 0 | 9,275,042 | 0
Total expenses | 96,998,381 | 63,016,943 | 274,422,854 | 159,639,235
Income from operations | 10,024,655 | 7,766,949 | 8,479,081 | 12,043,881
Other income (expense): |  |  |  |
Interest expense, net | (2,106,139) | (1,258,105) | (5,981,237) | (4,158,143)
Interest expense on related party debt | (79,713) | (79,712) | (236,538) | (235,212)
Unrealized (loss) gain on derivative instruments, net | 59,138 | (161,002) | (430,869) | (1,212,434)
Other income (expense) | 977,795 | (8,097) | 1,885,801 | (42,754)
Total other expense, net | (1,267,195) | (1,184,912) | (3,901,105) | (3,223,675)
Net income | 8,757,460 | 6,582,037 | 4,577,976 | 8,820,206
Income attributable to non-controlling interests | (1,576,209) | (517,701) | (787,063) | (1,429,132)
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 7,181,251 | $ 6,064,336 | $ 3,790,913 | $ 7,391,074
Earnings per common share: |  |  |  |
Basic (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.10 | $ 0.21
Diluted (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.10 | $ 0.21
Weighted average shares used to compute earnings per common share |  |  |  |
Weighted Average Number of Shares Outstanding, Basic | 40,796,867 | 35,165,532 | 37,225,825 | 35,148,793
Weighted Average Number of Shares Outstanding, Diluted | 41,074,592 | 35,347,403 | 37,674,123 | 35,299,839

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