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v3.19.1

Consolidated Statements of Operations - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017
Revenues: |  |
Revenues | $ 372,970,373 | $ 385,945,564
Expenses: |  |
Voyage expense | 145,146,359 | 160,577,816
Charter hire expense | 116,958,024 | 132,852,712
Vessel operating expenses | 39,830,110 | 36,435,959
General and administrative | 16,483,991 | 15,163,352
Depreciation and amortization | 17,620,725 | 15,614,571
Loss on sale and leaseback of vessels | 860,426 | 9,275,042
Total expenses | 336,899,635 | 369,919,452
Income from operations | 36,070,738 | 16,026,112
Other (expense) income: |  |
Interest expense, net | (8,694,481) | (7,954,126)
Interest expense, related party | (202,748) | (316,250)
Unrealized (loss) gain on derivative instruments | (3,868,948) | 360,316
Other income | 677,085 | 984,603
Total other expense, net | (12,089,092) | (6,925,457)
Net income | 23,981,646 | 9,100,655
Income attributable to noncontrolling interests | (6,224,626) | (1,287,861)
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 17,757,020 | $ 7,812,794
Earnings per common share: |  |
Basic (in dollars per share) | $ 0.42 | $ 0.20
Diluted (in dollars per share) | $ 0.42 | $ 0.20
Weighted average shares used to compute earnings per common share |  |
Basic (in shares) | 42,248,776 | 38,414,383
Diluted (in shares) | 42,783,586 | 38,925,745
Voyage revenue |  |
Revenues: |  |
Revenues | $ 319,753,056 | $ 338,540,738
Charter revenue |  |
Revenues: |  |
Revenues | $ 53,217,317 | $ 47,404,826

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