XML 68 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues      
Revenues $ 114,848,079 $ 118,280,752 $ 111,409,623
Revenues – related party (Note 3) 4,364,992    
Total revenues 119,213,071 118,280,752 111,409,623
Expenses      
Voyage expenses (Note 15) 11,231,340 16,354,725 12,283,131
Voyage expenses – related party (Note 15) 1,472,410 1,474,495 1,396,877
Vessels’ operating expenses (Note 15) 28,674,675 36,350,153 38,338,063
Vessels’ operating expenses – related party (Note 3) 1,917,302 208,000  
Dry-docking costs 2,067,393 3,443,491 2,716,378
Management fees – related party (Note 3) 4,315,720 4,760,865 5,184,055
General and administrative expenses 2,838,759 2,646,418 3,031,491
Depreciation (Note 6) 28,776,688 27,562,120 26,624,098
Charter termination fees     (228,000)
Net (gain)/loss on sale of vessels (Note 6) (1,372,409) 5,654,178 (960,696)
Total expenses 79,921,878 98,454,445 88,385,397
Income from operations 39,291,193 19,826,307 23,024,226
Other (expenses)/income      
Interest and finance costs (9,408,230) (8,510,516) (7,672,848)
Loss on derivatives (Note 11) (1,086,258) (2,931,404) (6,071,638)
Interest income 221,023 83,059 315,517
Foreign exchange gain/(loss) (59,241) 82,345 1,497,934
Other expenses, net (10,332,706) (11,276,516) (11,931,035)
Net income $ 28,958,487 $ 8,549,791 $ 11,093,191
Earnings per share      
– Basic (Note 14) (in Dollars per share) $ 1.41 $ 0.41 $ 0.51
– Diluted (Note 14) (in Dollars per share) $ 1.41 $ 0.41 $ 0.51
Weighted average number of shares      
– Basic (Note 14) (in Shares) 20,552,568 20,909,154 21,539,331
– Diluted (Note 14) (in Shares) 20,552,568 20,909,154 21,539,331