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

9 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

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

Notional Amount Outstanding – September 30, 2013		Notional Amount Outstanding – December 31, 2012		Fixed Rate	Maturity
$	-	$	81,500,000	3.895%	01/2013
	-		84,800,000	3.900%	09/2013
$	-	$	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	September 30, 2013		December 31, 2012
Interest rate swaps	$	0	$	(2,243,833	)
Total	$	0	$	(2,243,833	)

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

		Effective Portion of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
		Three Months Ended						Nine Months Ended
	Location of Gain (Loss) Recognized	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Derivatives designated as hedging instruments
Interest rate swaps	Interest expense	$	(657,812	)	$	(1,622,399	)	$	(2,302,273	)	$	(5,348,189	)

		Amount of Gain (Loss)				Amount of Gain (Loss)
		Three Months Ended				Nine Months Ended
	Location of Gain (Loss) Recognized	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2 012
Derivatives not designated as hedging instruments
FFAs, bunker swaps, freight and bunker derivatives	Other income	$	—	$	—	$	—	$	1,028,375

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

	September 30, 2013						December 31, 2012
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Investment	$	22,110,249		—		—	$	197,509		—		—
Liabilities:
Interest rate swaps		—		—		—		—	$	2,243,833		—