CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS:
Cash and cash equivalents	$ 18,119,968	$ 25,075,203
Accounts receivable, net	9,303,958	13,960,777
Prepaid expenses	3,544,810	3,969,905
Inventories	12,083,125	11,083,331
Investment	197,509	988,196
Fair value above contract value of time charters acquired	549,965	567,315
Fair value of derivative instruments	0	246,110
Total current assets	43,799,335	55,890,837
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $314,700,681 and $239,568,767, respectively	1,714,307,653	1,789,381,046
Other fixed assets, net of accumulated amortization of $515,896 and $324,691, respectively	447,716	605,519
Restricted cash	276,056	670,418
Deferred drydock costs	2,132,379	3,303,363
Deferred financing costs	25,095,469	11,766,779
Fair value above contract value of time charters acquired	2,491,530	3,041,496
Other assets	594,012	2,597,270
Total noncurrent assets	1,745,344,815	1,811,365,891
Total assets	1,789,144,150	1,867,256,728
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable	10,235,007	10,642,831
Accrued interest	2,430,751	2,815,665
Other accrued liabilities	14,330,141	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	3,237,694	5,966,698
Unearned charter hire revenue	3,755,166	5,779,928
Total current liabilities	33,988,759	69,121,710
Noncurrent liabilities:
Long-term debt	1,129,478,741	1,097,384,735
Payment-in-kind loans	15,387,468	0
Deferred revenue and fair value below contract value of time charters acquired	13,850,772	17,088,464
Fair value of derivative instruments	2,243,833	9,486,116
Total noncurrent liabilities	1,160,960,814	1,123,959,315
Total liabilities	1,194,949,573	1,193,081,025
Commitment and contingencies
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, 16,638,092 and 15,750,796[1] shares issued and outstanding, respectively	166,378	157,508	[1]
Additional paid-in capital	762,313,030	745,945,694
Retained earnings (net of dividends declared of $262,118,388 as of December 31, 2012 and December 31, 2011, respectively)	(165,275,389)	(62,474,486)
Accumulated other comprehensive loss	(3,009,442)	(9,453,013)
Total stockholders' equity	594,194,577	674,175,703
Total liabilities and stockholders' equity	$ 1,789,144,150	$ 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 11.