CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012		Dec. 31, 2011
ASSETS:
Cash and cash equivalents	$ 17,148,510		$ 25,075,203
Accounts receivable, net	10,250,226		13,960,777
Prepaid expenses	5,048,180		3,969,905
Inventories	12,581,899		11,083,331
Investment	227,354		988,196
Fair value above contract value of time charters acquired	557,881		567,315
Fair value of derivative instruments	0		246,110
Total current assets	45,814,050		55,890,837
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $276,929,765 and $239,568,767, respectively	1,752,078,568		1,789,381,046
Other fixed assets, net of accumulated amortization of $420,668 and $324,691, respectively	519,683		605,519
Restricted cash	291,891		670,418
Deferred drydock costs	3,067,188		3,303,363
Deferred financing costs	28,321,603		11,766,779
Fair value above contract value of time charters acquired	2,766,769		3,041,496
Other assets	2,292,075		2,597,270
Total noncurrent assets	1,789,337,777		1,811,365,891
Total assets	1,835,151,827		1,867,256,728
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable	6,629,148		10,642,831
Accrued interest	3,067,461		2,815,665
Other accrued liabilities	17,652,035		11,822,582
Current portion of long-term debt	0		32,094,006
Deferred revenue and fair value below contract value of time charters acquired	4,637,875		5,966,698
Unearned charter hire revenue	4,086,738		5,779,928
Total current liabilities	36,073,257		69,121,710
Noncurrent liabilities:
Long-term debt	1,130,186,429		1,097,384,735
Deferred revenue and fair value below contract value of time charters acquired	15,386,221		17,088,464
Fair value of derivative instruments	6,223,622		9,486,116
Total noncurrent liabilities	1,151,796,272		1,123,959,315
Total liabilities	1,187,869,529		1,193,081,025
Stockholders' equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued	0		0
Common stock, $.01 par value, 100,000,000 shares authorized, 15,771,496 shares issued and outstanding*	157,715	[1]	157,508	[1]
Additional paid-in capital*	757,090,198	[1]	745,945,694	[1]
Retained earnings (net of dividends declared of $262,118,388 as of June 30, 2012 and December 31, 2011, respectively)	(103,014,254)		(62,474,486)
Accumulated other comprehensive loss	(6,951,361)		(9,453,013)
Total stockholders' equity	647,282,298		674,175,703
Total liabilities and stockholders' equity	$ 1,835,151,827		$ 1,867,256,728

[1] Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012, see Note 1