Note 5 - Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure Text Block [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Notional Amount Outstanding – June 30, 2013		Notional Amount Outstanding – December 31, 2012		Fixed Rate			Maturity
$	-	$	81,500,000		3.895	%	01/2013
	84,800,000		84,800,000		3.900	%	09/2013
$	84,800,000	$	166,300,000

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

	Amount of Loss Recognized in AOCI on Derivative (Effective Portion)
Derivatives designated for cash flow hedging relationships	June 30, 2013			December 31, 2012
Interest rate swaps	$	(657,346	)	$	(2,243,833	)
Total	$	(657,346	)	$	(2,243,833	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

		Effected Portion of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
		Three Months Ended						Six Months Ended
	Location of Gain (Loss) Recognized	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Derivatives designated as hedging instruments
Interest rate swaps	Interest expense	$	(776,172	)	$	(1,861,660	)	$	(1,627,154	)	$	(3,725,606	)

		Amount of Gain (Loss)				Amount of Gain (Loss)
		Three Months Ended				Six Months Ended
	Location of Gain (Loss) Recognized	June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
Derivatives not designated as hedging instruments
FFAs, bunker swaps, freight and bunker derivatives	Other income		—	$	7,076		—	$	1,028,375

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	June 30, 2013						December 31, 2012
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Investment	$	33,939,835		—		—	$	197,509		—		—
Liabilities:
Interest rate swaps		—	$	657,346		—		—	$	2,243,833		—