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Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 100,062,957 $ 129,114,803
Receivable from related party 112,895 104,476
Trade and other receivables 4,743,869 3,211,563
Claims receivable   70,273
Inventories 2,916,254 2,958,666
Advances and prepayments 1,249,402 1,386,003
Restricted cash 13,455,766 2,896,677
Vessel held for sale 831,226  
Total current assets 123,372,369 139,742,461
Non current assets    
Advances for vessels under construction and acquisitions 44,031,882 88,965,085
Vessels, net 864,689,888 711,352,845
Other receivables from related party 115,599 228,494
Restricted cash 5,146,877 2,500,000
Deferred finance charges 390,000 1,569,375
Fair value of derivatives 127,555  
Total non current assets 914,501,801 804,615,799
Total assets 1,037,874,170 944,358,260
Current liabilities    
Payable to related party 9,188,852 4,941,896
Trade accounts payable 8,328,878 8,843,593
Accrued liabilities 5,602,939 3,903,027
Deferred income 4,954,193 6,711,945
Deferred income – related party 413,157 180,383
Fair value of derivatives 297,656 583,368
Current portion of long-term debt 74,928,451 42,125,662
Total current liabilities 103,714,126 67,289,874
Non current liabilities    
Fair value of derivatives 681,197 1,873,295
Customer deposits 2,556,700  
Deferred gain on sale and leaseback of vessels 580,701 775,741
Deferred income 56,183 172,428
Long-term debt 347,234,103 281,856,648
Total noncurrent liabilities 351,108,884 284,678,112
Total liabilities $ 454,823,010 $ 351,967,986
Commitments and contingencies
Stockholders’ equity    
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 44,285,108 shares issued and 42,889,773 shares outstanding at December 31, 2014 and 44,285,108 shares issued and 40,517,676 shares outstanding at December 31, 2015 with a par value of $0.01 per share $ 442,850 $ 442,850
Treasury stock, 1,395,335 shares at December 31, 2014 and 3,767,432 shares at December 31, 2015 with a par value of $0.01 per share (20,486,872) (7,541,264)
Additional paid-in capital 501,002,146 499,862,062
Retained earnings 102,486,324 99,919,646
Accumulated other comprehensive loss (393,288) (293,020)
Total stockholders’ equity 583,051,160 592,390,274
Total liabilities and stockholders’ equity $ 1,037,874,170 $ 944,358,260