13. Share Based Payment

Share based payment comprise the following:

Year 2017	Number of common shares	Number of preferred shares	Share premium	Retained earnings

Non-executive directors payment(1)	20,937	-	30	-
Balance at December 31, 2017	20,937	-	30	-

(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.

Year 2016	Number of common shares	Number of preferred shares	Share premium	Retained earnings

Non-executive directors payment	47,897	-	50	-
Balance at December 31, 2016	47,897	-	50	-

Year 2015	Number of common shares	Number of preferred shares	Share premium	Retained earnings

Non-executive directors payment	18,372	-	60	-
Balance at December 31, 2015	18,372	-	60	-

For the year ended December 31, 2017:

Non-executive director’s payments:

Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment.

For the year ended December 31, 2016:

Non-executive director’s payments:

Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment.

Series A Preferred shares:

Upon the former Chief Executive Officer’s resignation in July 2016, the 2,567 series A preferred shares, granted to him on April 20, 2012, were redeemed. As of December 31, 2016 there were no series A preferred shares outstanding.

For the year ended December 31, 2015:

Non-executive director’s payments:

Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment.