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Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019
Revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues | $ 112,800,000 | $ 103,700,000 | $ 70,400,000 | $ 95,900,000 | $ 130,500,000 | $ 118,900,000 | $ 83,300,000 | $ 79,600,000 |  | $ 382,895,991 | $ 412,197,819
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Voyage expense | 41,600,000 | 40,700,000 | 31,800,000 | 47,800,000 | 51,000,000.0 | 45,100,000 | 37,200,000 | 32,200,000 |  | 161,881,133 | 165,478,629
Charter hire expense | 45,300,000 | 35,000,000.0 | 15,200,000 | 32,300,000 | 47,700,000 | 42,000,000.0 | 18,300,000 | 24,900,000 |  | 127,769,042 | 132,950,418
Vessel operating expenses | 9,100,000 | 9,700,000 | 9,300,000 | 9,900,000 | 13,100,000 | 11,300,000 | 11,100,000 | 9,800,000 |  | 38,047,308 | 45,266,464
General and administrative | 4,400,000 | 3,700,000 | 3,900,000 | 4,000,000.0 | 5,200,000 | 2,800,000 | 5,400,000 | 4,000,000.0 |  | 15,915,035 | 17,378,681
Depreciation and amortization | 4,200,000 | 4,200,000 | 4,300,000 | 4,200,000 | 5,000,000.0 | 4,700,000 | 4,500,000 | 4,400,000 |  | 17,055,271 | 18,529,476
Loss on impairment of vessels | 0 | 0 | 1,800,000 | 0 | 4,800,000 | 0 | 0 | 0 | $ 1,800,000 | 1,801,039 | 4,751,143
Loss on sale of vessels | 0 | 500,000 | 300,000 | (100,000) | 4,600,000 | 0 | 0 | 0 |  | 730,065 | 4,584,796
Total operating expenses | 104,600,000 | 93,800,000 | 66,600,000 | 98,100,000 | 131,400,000 | 105,900,000 | 76,500,000 | 75,300,000 |  | 363,198,893 | 388,939,607
Income from operations | 8,200,000 | 9,900,000 | 3,800,000 | (2,200,000) | (900,000) | 13,000,000.0 | 6,800,000 | 4,300,000 |  | 19,697,098 | 23,258,212
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | (1,800,000) | (2,000,000.0) | (2,000,000.0) | (2,100,000) | (2,400,000) | (2,500,000) | (2,100,000) | (2,200,000) |  | (7,831,314) | (9,227,784)
Interest expense, related party | 0 | 0 | 0 | 0 | 0 | 0 | (100,000) | 0 |  | 0 | (50,241)
Unrealized (loss) gain on derivative instruments | 1,400,000 | 0 | 1,400,000 | (2,900,000) | 500,000 | (300,000) | 200,000 | 2,300,000 |  | (156,019) | 2,753,834
Other income | 0 | 300,000 | 100,000 | 600,000 | (300,000) | 200,000 | 200,000 | 200,000 |  | 982,345 | 314,847
Total other expense, net | (400,000) | (1,700,000) | (500,000) | (4,400,000) | (2,200,000) | (2,600,000) | (1,800,000) | 300,000 |  | (7,004,988) | (6,209,344)
Net income | 7,900,000 | 8,200,000 | 3,300,000 | (6,800,000) | (3,000,000.0) | 10,400,000 | 5,200,000 | 4,500,000 |  | 12,692,110 | 17,048,868
Income attributable to noncontrolling interests | (300,000) | (700,000) | (300,000) | 0 | (1,400,000) | (2,100,000) | (1,100,000) | (800,000) |  | (1,339,930) | (5,390,910)
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 7,600,000 | $ 7,500,000 | $ 3,000,000.0 | $ (6,800,000) | $ (4,400,000) | $ 8,300,000 | $ 4,100,000 | $ 3,700,000 |  | $ 11,352,180 | $ 11,657,958
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |
Basic (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.07 | $ (0.16) | $ (0.10) | $ 0.19 | $ 0.09 | $ 0.09 |  | $ 0.26 | $ 0.27
Diluted (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.07 | $ (0.16) | $ (0.10) | $ 0.19 | $ 0.09 | $ 0.09 |  | $ 0.26 | $ 0.27
Weighted average shares used to compute earnings per common share |  |  |  |  |  |  |  |  |  |  |
Basic (in shares) | 43,489,698 | 43,488,241 | 43,445,789 | 43,341,005 | 42,819,589 | 42,817,933 | 42,767,785 | 42,601,227 |  | 43,417,879 | 42,752,413
Diluted (in shares) | 44,337,242 | 43,510,961 | 43,445,789 | 43,341,005 | 42,819,589 | 43,354,742 | 43,293,022 | 43,071,632 |  | 43,817,348 | 43,267,178
Voyage revenue |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues | $ 98,200,000 | $ 98,100,000 | $ 66,900,000 | $ 86,500,000 | $ 118,600,000 | $ 103,800,000 | $ 77,400,000 | $ 65,900,000 |  | $ 349,738,153 | $ 365,714,864
Charter revenue |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues | $ 14,600,000 | $ 5,600,000 | $ 3,500,000 | $ 9,400,000 | $ 11,900,000 | $ 15,100,000 | $ 5,900,000 | $ 13,700,000 |  | $ 33,157,838 | $ 46,482,955

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