egle20140331

0001437749-14-009277.txt : 20140515 0001437749-14-009277.hdr.sgml : 20140515 20140515170105 ACCESSION NUMBER: 0001437749-14-009277 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140515 DATE AS OF CHANGE: 20140515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Eagle Bulk Shipping Inc. CENTRAL INDEX KEY: 0001322439 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 980450435 FISCAL YEAR END: 0521 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33831 FILM NUMBER: 14848582 BUSINESS ADDRESS: STREET 1: 477 MADISON AVENUE STREET 2: SUITE 1405 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-785-2500 MAIL ADDRESS: STREET 1: 477 MADISON AVENUE STREET 2: SUITE 1405 CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 egle20140331_10q.htm FORM 10-Q egle20140331_10q.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

________________

FORM 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

________________

Commission File Number 001–33831

EAGLE BULK SHIPPING INC.

(Exact name of Registrant as specified in its charter)

Republic of the Marshall Islands		98–0453513
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

477 Madison Avenue

New York, New York 10022

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (212) 785–2500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES X NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES X NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated Filer Accelerated Filer Non-accelerated Filer Smaller reporting company X

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES NO X

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, par value $0.01 per share, 16,902,213 shares outstanding as of May 15, 2014.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013	3

	Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013	4

	Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2014 and 2013	5

	Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2014	6

	Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013	7

	Notes to Consolidated Financial Statements	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures about Market Risks	29

Item 4.	Controls and Procedures	29

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	30
Signatures		31

Part 1 : FINANCIAL INFORMATION

Item 1 : Financial Statements

EAGLE BULK SHIPPING INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2014			December 31, 2013
ASSETS:
Current assets:
Cash and cash equivalents	$	19,827,606		$	19,682,724
Accounts receivable, net		13,721,595			11,197,101
Prepaid expenses		7,818,159			5,501,081
Inventories		6,735,101			9,610,272
Investment		11,715,793			13,817,439
Other assets		4,495,176			2,122,574
Total current assets		64,313,430			61,931,191
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated, depreciation of $407,926,586 and $389,545,066, respectively		1,621,173,848			1,639,555,368
Other fixed assets, net of accumulated amortization of $606,976 and $574,532, respectively		349,394			361,306
Restricted cash		66,243			66,243
Deferred drydock costs		4,033,139			3,826,685
Deferred financing costs		14,262,767			16,278,544
Other assets		1,323,515			1,394,964
Total noncurrent assets		1,641,208,906			1,661,483,110
Total assets	$	1,705,522,336		$	1,723,414,301

LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		4,618,061		$	6,422,306
Accrued interest		152,139			153,885
Other accrued liabilities		7,731,467			6,211,224
Unearned charter hire revenue		4,855,641			5,387,844
Term loans		1,129,478,741			1,129,478,741
Payment-in-kind loans		51,903,212			44,565,437
Total current liabilities		1,198,739,261			1,192,219,437
Total liabilities		1,198,739,261			1,192,219,437
Commitment and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued		-			-
Common stock, $.01 par value, 100,000,000 shares authorized, 16,902,213 and 16,783,071 shares issued and outstanding, respectively		169,020			167,828
Additional paid-in capital		767,102,359			766,823,808
Retained earnings (net of accumulated dividends declared of $262,118,388 as of March 31, 2014 and December 31, 2013, respectively)		(258,386,658	)		(235,796,772	)
Accumulated other comprehensive loss		(2,101,646	)		-
Total stockholders' equity		506,783,075			531,194,864
Total liabilities and stockholders' equity	$	1,705,522,336		$	1,723,414,301

The accompanying notes are an integral part of these Consolidated Financial Statements.

EAGLE BULK SHIPPING INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended
	March 31, 2014			March 31, 2013

Revenues, net of commissions	$	45,795,391		$	72,222,353

Voyage expenses		3,837,278			8,204,657
Vessel expenses		22,577,518			20,494,412
Depreciation and amortization		19,077,813			18,936,577
General and administrative expenses		3,122,933			3,116,337
Gain on time charter agreement termination		—			(3,331,692	)
Total operating expenses		48,615,542			47,420,291

Operating income (loss)		(2,820,151	)		24,802,062

Interest expense		19,773,619			20,539,035
Interest income		(3,884	)		(64,170	)
Other expense		—			2,952,927
Total other expense, net		19,769,735			23,427,792

Net income (loss)	$	(22,589,886	)	$	1,374,270

Weighted average shares outstanding:
Basic		17,080,190			16,966,070
Diluted		17,080,190			16,966,070

Per share amounts:
Basic net income (loss)	$	(1.32	)	$	0.08
Diluted net income (loss)	$	(1.32	)	$	0.08

The accompanying notes are an integral part of these Consolidated Financial Statements.

EAGLE BULK SHIPPING INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended
	March 31, 2014			March 31, 2013


Net income (loss)	$	(22,589,886	)	$	1,374,270

Other comprehensive income (loss):
Change in unrealized loss on investment		(2,101,646	)		(2,187,318	)
Realized loss on investment		—			2,952,927
Net unrealized gain on derivatives		—			823,222
Total other comprehensive income (loss)		(2,101,646	)		1,588,831

Comprehensive Income/(loss)	$	(24,691,532	)	$	2,963,101

The accompanying notes are an integral part of these Consolidated Financial Statements

EAGLE BULK SHIPPING INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2014

	Common shares		Common shares amount		Additional paid-in capital			Net Loss			Accumulated deficit			Other comprehensive income (loss)			Total stockholders’ equity

Balance at December 31, 2013		16,783,071	$	167,828	$	766,823,808					$	(235,796,772	)		—		$	531,194,864
Net Loss		—		—		—		$	(22,589,886	)		(22,589,886	)		—			(22,589,886	)
Change in unrealized gain on investment		—		—		—			—			—		$	(2,101,646	)		(2,101,646	)
Exercise of Warrants		119,142		1,192		(1,192	)		—			—			—			—
Non-cash compensation		—		—		279,743			—			—			—			279,743
Balance at March 31, 2014		16,902,213	$	169,020	$	767,102,359					$	(258,386,658	)	$	(2,101,646	)	$	506,783,075

The accompanying notes are an integral part of these Consolidated Financial Statements.

EAGLE BULK SHIPPING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31, 2014			March 31, 2013
Cash flows from operating activities:
Net income (loss)	$	(22,589,886	)	$	1,374,270
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Items included in net income (loss) not affecting cash flows:
Depreciation		18,413,964			18,515,090
Amortization of deferred drydocking costs		663,849			421,487
Amortization of deferred financing costs		2,015,777			2,075,338
Amortization of fair value below contract value of time charter acquired		—			(10,280,559	)
Payment-in-kind interest on debt		7,337,775			7,174,028
Investment and other current asset		—			(4,925,953	)
Realized loss from investment		—			2,952,927
Gain on time charter agreement termination		—			(3,331,692	)
Non-cash compensation expense		279,743			1,955,391
Drydocking expenditures		(870,303	)		(681,628	)
Changes in operating assets and liabilities:
Accounts receivable		(2,524,494	)		(1,451,069	)
Other assets		(2,301,153	)		(724,321	)
Prepaid expenses		(2,317,078	)		(710,477	)
Inventories		2,875,171			(636,185	)
Accounts payable		(1,804,245	)		(2,092,635	)
Accrued interest		(1,746	)		(1,383,205	)
Accrued expenses		1,520,243			(3,429,333	)
Deferred revenue		—			(3,766,412	)
Unearned revenue		(532,203	)		193,777
Net cash provided by operating activities		165,414			1,248,839

Cash flows from investing activities:
Vessel improvements		—			(49,994	)
Purchase of other fixed assets		(20,532	)		—
Net cash used in investing activities		(20,532	)		(49,994	)

Cash flows from financing activities:
Deferred financing costs		—			(48,000	)
Net cash used in financing activities		—			(48,000	)

Net increase in cash		144,882			1,150,845
Cash at beginning of period		19,682,724			18,119,968
Cash at end of period	$	19,827,606		$	19,270,813

The accompanying notes are an integral part of these Consolidated Financial Statements.

EAGLE BULK SHIPPING INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Basis of Presentation and General Information

The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company", “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment.

The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares or limited liability company interests of its subsidiaries. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company.

As of March 31, 2014, the Company owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately 6.9 years.

The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated:

	% of Consolidated Charter Revenue
	Three Months Ended
Charterer	March 31, 2014	March 31, 2013
Charterer A	-	44.5%
Charterer B	13.3%	11.9%
Charterer C	16.0%	-

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K, filed with the SEC on March 31, 2014.

The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivatives and warrants.

Liquidity

As further described in Note 4, the Fourth Amended and Restated Credit Facility (as defined in Note 4 and also referred to herein as the “Credit Agreement”), the Company has financial covenants that began in 2013 and become increasingly restrictive each quarter. The covenants are primarily driven by the calculation of EBITDA for the trailing twelve month periods, which is driven by charter hire rates. In order to remain in compliance with our covenants, charter hire rates must increase over time. However, charter hire rates have been volatile and were driven down during the recession. Despite relatively low charter hire rates in 2013, the Company met all of its covenants in 2013, other than the maximum leverage ratio at December 31, 2013. That ratio was exceeded primarily due to a recognized loss of $8.2 million on the Company’s shares of Korea Lines Corporation (“KLC”) during the fourth quarter of 2013, as further described below under “Korean Line Corporation”. The Company also believes that it will fail to meet both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at their respective compliance measurement dates throughout each measurement date in 2014, including for the period ended March 31, 2014 and thereafter.

On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014.

Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014.

On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.

The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern.

The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially.

As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014.

The Company’s Credit Agreement is described further in Note 4 below.

Korea Line Corporation

Since January 2011, Korea Lines Corporation (“KLC”), one of our charterers, has been operating under protective receivership in Seoul, South Korea. Since the fourth quarter of 2011, KLC had not been performing in accordance with the $17,000 per vessel per day shortfall arrangement on 13 of our vessels. As a result we were not recording revenue associated with those amounts owed during prior year periods as collectability was not assured.

On January 3, 2013, a comprehensive termination agreement between the Company and KLC became effective, pursuant to which we agreed to accept $63.7 million on a non-interest bearing installment note and 1,224,094 common shares of KLC stock as compensation for the early termination of our 13 charters with KLC. Under the termination agreement, cash payments of $10.3 million were paid in the first quarter of 2013, and the balance of $53.4 million would have been paid in cash installments through 2021, with the majority of the payments to be paid in the last five years. The KLC stock certificates were issued on February 7, 2013 and were secured at the Korean Securities Depository for six months. On August 7, 2013, we took possession of the share certificates.

In the first quarter of 2013, as the settlement effectively terminated the charters with KLC, the Company released $3.5 million of bunker liabilities and an aggregate $13.7 million balance related to deferred revenue and to the unamortized fair value of charters below and above contract value. The Company valued the equity received from KLC at $5.9 million and the note receivable at $2.7 million. The Company recorded revenue associated with the termination of $32.8 million related to amounts previously owed but not recognized and a termination gain of $3.3 million.

On March 28, 2013, the Korean court approved an amendment to the KLC termination agreement after receiving a favorable vote from the concerned parties. The amendment included a 1 to 15 reduction to the number of KLC common shares outstanding at that date and also reduced our long-term receivable by 90%, substituting that portion of the commitment with 538,751 additional common shares of KLC to be issued to the Company at a date to be determined in the second quarter of 2013. We evaluated the fair value of the additional KLC common shares to be issued and the impact to our long-term receivable and determined that the aggregate value exceeded the carrying value of our long-term note receivable recorded in January of 2013; therefore, we did not have a loss on that transaction. Under our accounting policy, and in accordance with U.S. GAAP, any gain on that transaction should be recorded upon settlement. As 90% of the long-term note receivable was paid in equity in the second quarter of 2013, we reclassified that portion as a current asset in the “Investment” line of our balance sheet at March 31, 2013. We considered the March 28, 2013 decision by KLC to dilute the value of previously issued KLC shares to be a triggering event requiring the evaluation of whether a permanent decrease in value had occurred. We determined that a permanent decrease in value had occurred and as of March 31, 2013, we recognized the change in the fair value of our existing KLC shares as other-than-temporary and recorded in other expense a loss of approximately $3.0 million.

On May 9, 2013, the 538,751 additional KLC common shares were issued to the Company and are secured at the Korean Securities Depository. On November 11, 2013, we took possession of the share certificates. These shares replace the note receivable recorded pursuant to the January 3, 2013, termination agreement. The fair market value of the shares upon issuance was in excess of the fair value of the receivable and result a gain of $32.5 million in the second quarter of 2013.

KLC completed its financial reorganization by the middle of September 2013, and emerged from bankruptcy in October 2013. On October 28, 2013, we received early prepayment of $3.9 million to settle our long term receivable from KLC, which resulted in an additional gain on time charter agreement termination of $3.5 million recognized in the third quarter of 2013 as the carrying value at September 30, 2013 was adjusted to reflect the elimination of credit risk.

As of December 31, 2013, the Company sold 58,128 of the KLC shares for a total consideration of $2.3 million and realized a loss of $0.4 million.

As of September 30, 2013 and December 31, 2013, the change in the fair value of our KLC investment was considered as other-than-temporary, and therefore the Company recorded a non-cash impairment loss of $7.3 million and $8.2 million in other expense in the third and fourth quarters of 2013, respectively.

The KLC stock held by the Company is designated as available-for-sale and is reported at fair value, with unrealized gains and losses recorded in shareholders’ equity as a component of accumulated other comprehensive income. As of March 31, 2014, the fair value of the remaining 566,529 KLC shares held by the Company was $11.7 million.

Note 2. New Accounting Pronouncements

In April 2014, the FASB issued an update Accounting Standards Update for Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, Presentation of Financial Statements, and Property Plant and Equipment. Under this new guidance only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The Company does not expect a material impact on the Company’s consolidated financial statements as a result of the adoption of this standard.

Note 3. Vessels

Vessel and Vessel Improvements

At March, 2014, the Company’s operating fleet consisted of 45 dry bulk vessels.

Vessel and vessel improvements:



Vessels and Vessel Improvements, at December 31, 2013	$	1,639,555,368
Depreciation Expense		(18,381,520	)
Vessels and Vessel Improvements, at March 31, 2014	$	1,621,173,848

Note 4. Debt

Debt consists of the following:

	March 31, 2014		December 31, 2013
Term Loans	$	1,129,478,741	$	1,129,478,741
Payment-in-kind loans		51,903,212		44,565,437
Total debt	$	1,181,381,953	$	1,174,044,178

The Fourth Amended and Restated Credit Agreement

On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement, dated as of October 19, 2007, as amended up to the date thereof (the “Fourth Amended and Restated Credit Agreement”), which, among other things, (i) permanently waives any purported defaults or events of defaults that were the subject of a temporary waiver under the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, including any alleged events of default arising from any purported breach of the minimum adjusted net worth covenant that occurred as a result of any failure to maintain the required adjusted net worth; (ii) converts the $1,129,478,741 outstanding under the revolving credit facility into a term loan; (iii) sets the maturity date as December 31, 2015, and, subject to the Company's satisfaction of certain conditions, including a collateral coverage ratio at December 31, 2015 of less than 80%, provides an option to the Company to further extend the maturity date by an additional 18 months to June 30, 2017 (the "Termination Date"); (iv) requires no mandatory repayments of principal until the Termination Date, other than a quarterly sweep of cash on hand in excess of $20,000,000 and upon the sale of vessels, additional financings or future equity raises by the Company. All amounts outstanding under the term loan will bear interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component. The initial cash margin of 3.50% and PIK margin of 2.50% can be reduced on the basis of reduced leverage and proceeds from future equity raises by the Company.

The Fourth Amended and Restated Credit Agreement also provides for a new Liquidity Facility in the aggregate amount of $20,000,000, which permits the purchase or sale of vessels within certain parameters, permits the management of third party vessels and provides that all capitalized interest will be evidenced in the form of PIK loans, which will mature on the Termination Date. On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share. As of March 31, 2014 the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $51,903,212 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Agreement, the Company recorded $11,829,673 of deferred financing costs that are amortized over the life of the term loan, including amendment and professional fees.

In addition, the Fourth Amended and Restated Credit Agreement replaced the previously existing financial covenants and substituted them with new covenants, which requires the Company to (i) maintain a maximum leverage ratio of the term loan indebtedness, excluding the PIK loans, to EBITDA (as defined in the Fourth Amended and Restated Credit Agreement) on a trailing four quarter basis, commencing in the quarterly period ending September 30, 2013, of 13.9:1, December 31, 2013, of 12.3:1, March 31, 2014 of 10.6:1, June 30, 2014 of 9.2:1, September 30, 2014 of 8.5:1, December 31, 2014 of 8.1:1, March 31, 2015 of 7.8:1, June 30, 2015 of 7.6:1, September 30, 2015 of 7.5:1, and December 31, 2015 of 7.3:1 and, should the Termination Date be extended under the Company’s option, further declining in intervals to 6.2:1 for the quarterly period ending March 31, 2017; (ii) maintain a minimum interest coverage ratio of EBITDA to cash interest expenses on a trailing four quarter basis, expressed as a percentage, commencing in the quarterly period ending June 30, 2013, of 130%, September 30, 2013, of 140%, December 31, 2013, of 160%, March 31, 2014 of 180%, June 30, 2014 of 200%, September 30, 2014 of 210%, December 31, 2014 of 220%, March 31, 2015 of 220%, June 30, 2015 of 220%, September 30, 2015 of 220%, and December 31, 2015 of 220% and, should the Termination Date be extended, further escalating in intervals to 230% for the quarterly period ending March 31, 2017; (iii) maintain free cash with the agent in one or more accounts in an amount equal to $500,000 per vessel owned directly or indirectly by the Company, provided that the unutilized amount of the liquidity facility shall be deemed to constitute free cash for these purposes; and (iv) maintain a maximum collateral coverage ratio, commencing in the quarterly period ending September 30, 2014, of 100% of the term loan indebtedness and any related swap exposure, declining in intervals to 80% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further declining in intervals to 70% for the quarterly period ending March 31, 2017. Refer to Note 1 - General Information- Liquidity for further information regarding compliance with our covenants.

In connection with the Fourth Amended and Restated Credit Agreement, the Company entered into a Warrant Agreement, dated June 20, 2012, pursuant to which the Company issued 3,148,584 warrants convertible on a cashless basis into shares of the Company's common stock, par value $0.01 (the "Warrant Shares"), at a strike price of $0.01 per share of common stock. One-third of the warrants are exercisable immediately, the next third of the warrants are exercisable when the price of the Company's common stock reaches $10.00 per share and the last third of the warrants are exercisable when the price of the Company's common stock reaches $12.00 per share. Unexercised warrants will expire on June 20, 2022. The Company determined the relative fair value of the Warrant Shares at $7.2 million using the Monte Carlo simulation which was performed, and the mean value was selected. The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98, risk-free rate of 1.64%, expected volatility of 79.3%, expected term of 10 years and expected dividend yield of 0%. The fair value of the warrants was recorded as deferred financing cost and amortized over of the life the term loan agreement.

Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties.

For the three months ended March 31, 2014, interest rates on the outstanding debt ranged from 3.73% to 3.61%, including a margin of 3.50% over LIBOR. The weighted average effective interest rate for the three months ended March 31, 2014, was 3.65%.

Interest Expense, inclusive of the PIK loans, consisted of:

	Three Months Ended
	March 31, 2014		March 31, 2013
Loan Interest	$	17,757,842	$	18,463,697
Amortization of Deferred Financing Costs		2,015,777		2,075,338
Total Interest Expense	$	19,773,619	$	20,539,035

Interest paid, exclusive of the PIK loans, in the three-month periods ended March 31, 2014 and 2013 amounted to $10,421,812 and $12,672,875, respectively.

Note 5. Derivative Instruments and Fair Value Measurements

Interest-Rate Swaps

Historically, the Company entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company pays fixed rate interest and receives floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for interest rate swaps is reflected in the accompany balance sheets.

Forward freight agreements, bunker swaps and freight derivatives

The Company trades in forward freight agreements (“FFAs”), bunker swaps and freight derivatives markets, with the objective of utilizing these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and/or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for derivative instruments is reflected in the accompany balance sheets.

Tabular disclosure of derivatives location

No portion of the cash flow hedges shown below was ineffective during the period ended March 31, 2014. The effect of cash flow hedging relationships on the balance sheets as of March 31, 2014 and December 31, 2013, and the statement of operations for the periods ended March 31, 2014 and 2013 are as follows:

The effect of derivative instruments on statements of operations:


	Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss
		Three Months Ended
	Location of Gain (Loss) Recognized	March 31, 2014		March 31, 2013
Derivatives designated as hedging instruments:
Interest rate swaps	Interest expense	$	—	$	(868,289	)

Cash Collateral Disclosures

The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined by the terms of the respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31, 2014 and December 31, 2013, the Company had no outstanding amounts paid as collateral related to the derivative fair value positions.

Fair Value Measurements

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash, cash equivalents and restricted cash—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof.

Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof.

Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

Forward freight agreements (FFAs)—the fair value of FFAs is determined based on quoted rates.

Freight and bunker derivative instruments—the fair value of freight and bunker derivative contracts is the estimated amount that the Company would receive or pay to terminate the option contracts at the reporting date.

Bunker swaps—the fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

Investment— include our available-for-sale securities that are traded in active market internationally. The fair value is measured by using closing stock price from active market.

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment.

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account.

Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions).

The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013:

	March 31, 2014						December 31, 2013
	Level 1		Level 2		Level 3		Level 1		Level 2	Level 3
Assets:
Investment	$	11,715,793		—		—	$	13,817,439			—

Note 6. Commitments and Contingencies

Legal Proceedings

The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows.

Vessel Technical Management Contract

The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $10,708 and $10,315 per vessel during the three months ended March 31, 2014 and 2013, respectively.

Other Commitments

On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to deliver in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company has options to purchase the vessel starting at the end of the fifth year.

Note 7. Related Party Transactions

On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company's Chief Executive Officer, Sophocles Zoullas. Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provides commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement, the Company has been granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire. The Company has also been granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel that the Company reasonably deems suitable for a Company-owned vessel. The Management Agreement also provides the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option of Delphin.

Pursuant to the Management Agreement, the Company contracted to provide commercial and technical supervisory management services for Delphin vessels for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Construction of the first vessel commenced in December 2010. Total management fees for the periods ended March 31, 2014 and 2013 amounted to $545,022 and $545,022, respectively. The advanced balance received from Delphin on account for the management of its vessels as of March 31, 2014 amounted to $786,844. The total reimbursable expenses for the periods ended March 31, 2014 and 2013 amounted to $37,279 and $75,454, respectively. The balance due from Delphin as of March 31, 2014 amounted to $4,984. The balance due mainly consists of reimbursable expenses.

Note 8. Earnings (Loss) Per Common Share

The computation of basic net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended March 31, 2014, includes the weighted average underlying Warrant Shares issuable upon exercise of the 177,783 warrants at the exercise price of $0.01 per share. In accordance with U.S. GAAP, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net income (loss) per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of March 31, 2014, does not include 123,667 restricted stock units and 1,727,667 stock options as their effect was anti-dilutive. Diluted net income per share as of March 31, 2013, does not include 345,331 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive.

	Three Months Ended
	March 31, 2014			March 31, 2013
Net income (loss)	$	(22,589,886	)	$	1,374,270
Weighted Average Shares – Basic		17,080,190			16,966,070
Dilutive effect of stock options and restricted stock units		—			—
Weighted Average Shares - Diluted		17,080,190			16,966,070
Basic Earnings (loss) Per Share	$	(1.32	)	$	0.08
Diluted Earnings (loss) Per Share	$	(1.32	)	$	0.08

Note 9. Stock Incentive Plans

2011 Equity Incentive Plan. In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the “2011 Plan”) for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plan did not adjust in accordance with the 1 for 4 reverse stock split that occur in May 2012. However, the 2011 Plan was approved by shareholders subject to the Company’s confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company’s issued and outstanding shares on a fully diluted basis on the date the options first become exercisable.

2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the “2009 Plan”) for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company’s common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company’s board of directors. A maximum of 1.05 million of the Company’s common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012.

As of March 31, 2014, RSUs covering a total of 123,667 of the Company’s shares are outstanding. The restricted stock units (“RSUs”) vest ratably between three to five years. These RSUs also entitle the participant to receive a dividend equivalent payment on the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company’s shareholders. The dividend equivalent rights on the unvested RSUs are forfeited upon termination of employment. The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the three months ended March 31, 2014 and 2013, the amortization charge was $124,891 and $1,614,720, respectively. The remaining expense for each of the year ending 2014 will be $392,149

As of March 31, 2014 and December 31, 2013, options covering 1,727,667 of the Company’s common shares are outstanding with exercise prices ranging from $3.34 to $87.52 per share (the market prices at dates of grants). The options granted to the independent non-employee directors vested and became exercisable on the grant dates. The options granted to members of its management under the 2005 Plan and 2009 Plan vest and become exercisable over three years. The options granted to members of its management under the 2011 Plan vest in four equal annual installments beginning on the grant date. All options expire between five to ten years from the date of grant. For the three months ended March 31, 2014 and 2013, the Company has recorded a non-cash compensation charge from stock options of $154,852 and $340,671, respectively. The remaining expense for each of the years ending 2014 and 2015 will be $277,459 and $123,032 respectively.

The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:

	Three Months Ended
	March 31, 2014		March 31, 2013
Stock Option Plans	$	154,852	$	340,671
Restricted Stock Grants		124,891		1,614,720
Total Non-cash compensation expense	$	279,743	$	1,955,391

As of March 31, 2014, Dividend Equivalent Rights Awards (“DERs”) equivalent to 147,667 of the Company’s common shares are outstanding to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company’s shareholders. For the three months ended March 31, 2014 and 2013, no compensation expenses were recorded.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

The following is a discussion of the Company's financial condition and results of operation for the three-month periods ended March 31, 2014 and 2013. This section should be read in conjunction with the consolidated financial statements included elsewhere in this report and the notes to those financial statements and the audited consolidated financial statements and the notes to those financial statements for the fiscal year ended December 31, 2013, which were included in our Form 10-K, filed with the Securities and Exchange Commission on March 31, 2014

This discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbor provided for under these sections. These statements may include words such as “believe,” “estimate,” “project,” “intend,” “expect,” “plan,” “anticipate,” and similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements include, but are not limited to, statements we make regarding our ability to enter into a Restructuring transaction. The foregoing is not a complete list of all forward-looking statements we make. Forward-looking statements reflect management's current expectations and observations with respect to future events and financial performance. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The principal factors that affect our financial position, results of operations and cash flows include charter market rates, which have declined significantly from historic highs, periods of charter hire, vessel operating expenses and voyage costs, which are incurred primarily in U.S. dollars, depreciation expenses, which are a function of the cost of our vessels, significant vessel improvement costs and our vessels' estimated useful lives, and financing costs related to our indebtedness. Our actual results may differ materially from those anticipated in these forward looking statements as a result of certain factors which could include the following: (i) changes in demand in the dry bulk market, including, without limitation, changes in production of, or demand for, commodities and bulk cargoes, generally or in particular regions; (ii) greater than anticipated levels of dry bulk vessel newbuilding orders or lower than anticipated rates of dry bulk vessel scrapping; (iii) changes in rules and regulations applicable to the dry bulk industry, including, without limitation, legislation adopted by international bodies or organizations such as the International Maritime Organization and the European Union or by individual countries; (iv) actions taken by regulatory authorities; (v) changes in trading patterns significantly impacting overall dry bulk tonnage requirements; (vi) changes in the typical seasonal variations in dry bulk charter rates; (vii) changes in the cost of other modes of bulk commodity transportation; (viii) changes in general domestic and international political conditions; (ix) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking costs); (x) significant deteriorations in charter hire rates from current levels or the inability of the Company to achieve its cost-cutting measures, (xi) the outcome of legal proceeding in which we are involved; (xii) our ability to complete the restructuring required under the recently negotiated Waivers under our Credit Agreement; and (xiii) and other factors listed from time to time in our filings with the Securities and Exchange Commission. This discussion also includes statistical data regarding world dry bulk fleet and orderbook and fleet age. We generated some of this data internally, and some were obtained from independent industry publications and reports that we believe to be reliable. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this Quarterly Report. We disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. If we update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Overview

Eagle Bulk Shipping Inc. (the "Company", "we", "us", or "our"), incorporated under the laws of the Republic of the Marshall Islands (the "Marshall Islands") and headquartered in New York City, is engaged primarily in the ocean transportation of a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. We operate in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels. We own one of the largest fleets of Supramax dry bulk vessels in the world. Supramax dry bulk vessels range in size from 50,000 to 60,000 deadweight tons, or dwt. These vessels have the cargo loading and unloading flexibility of on-board cranes while offering cargo carrying capacities approaching that of Panamax dry bulk vessels, which range in size from 60,000 to 100,000 dwt and must rely on port facilities to load and offload their cargoes. We believe that the cargo handling flexibility and cargo carrying capacity of the Supramax class vessels make them attractive to charterers.

As of March 31, 2014, we owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately 6.9 years.

Each of our vessels is owned by us through a separate wholly owned Republic of the Marshall Islands limited liability company.

We maintain our principal executive offices at 477 Madison Avenue, New York, New York 10022. Our telephone number at that address is (212) 785-2500. Our website address is www.eagleships.com. Information contained on or accessible through our website does not constitute part of this Quarterly Report.

Our financial performance is based on the following key elements of our business strategy:

(1)

concentration in one vessel category: the Supramax class of Handymax dry bulk vessels, which we believe offer size, operational and geographical advantages over Panamax and Capesize vessels;

(2)

balance our revenues between mid-term time charters, short-term time charters, voyage charters and pool arrangements to maximize our financial performance throughout shipping cycles. The Company has been executing its commercial strategy by trading in the spot market through spot market-related time charters on voyages, short time charters, index charters, and pool charters. We have entered into either time charter, or voyage charter employment, or pool contracts for all the vessels in our operating fleet. The vessels that are on charters whose revenues are linked to the Baltic Supramax index generally have durations of one-year or less. These index-linked charters, voyage charters and pool contracts provide us with revenue upside as the market improves. We regularly monitor the dry bulk shipping market and based on market conditions we may consider taking advantage of long-term charter rates when appropriate.

Under a pool arrangement, the vessels operate under a time charter agreement with the Pool Manager. The members of the pool share in the revenue generated by the entire group of vessels in the pool, and the pool may operate either in the Time Charter or in the spot market in which case the cost of the bunkers and port costs are borne by the Pool and the net pool revenue is distributed as time charter hire to each Participant. To the extent the vessels are operated in the spot market, they are subject to the fluctuations of the spot market. The operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel.

We believe that this structure provides significant visibility to our future financial results and allows us to take advantage of the relatively stable cash flows and high utilization rates that are associated with medium-term time charters, while at the same time providing us with the revenue upside potential from the index-linked or short-term time charters or voyage charters or pool charters. We regularly monitor the dry bulk shipping market and based on market conditions we may consider taking advantage of long-term charter rates.

(3)

maintain high quality vessels and improve standards of operation through improved environmental procedures, crew training and maintenance and repair procedures; and

(4)

maintain a balance between purchasing vessels as market conditions and opportunities arise and maintaining prudent financial ratios (e.g. leverage ratio).

We have employed all of our vessels in our operating fleet on time and voyage charters. The following table represents certain information about our revenue earning charters with respect to our operating fleet as of March 31, 2014:

Vessel	Year Built	Dwt		Charter Expiration (1)	Daily Charter Hire Rate

Avocet	2010		53,462	Mar 2015	Pool (5)

Bittern	2009		57,809	Mar 2015	Pool (5)

Canary	2009		57,809	Jan 2015	Pool (5)

Cardinal	2004		55,362	Apr 2014 to May 2014		$12,000(2)

Condor	2001		50,296	Sep 2014 to Nov 2014		$13,500

Crane	2010		57,809	Mar 2015	Pool (5)

Crested Eagle	2009		55,989	Apr 2014	Drydock(6)

Crowned Eagle	2008		55,940	Dec 2014 to May 2015	Index(3)

Egret Bulker	2010		57,809	Dec 2014	Pool (5)

Falcon	2001		50,296	Aug 2014 to Oct 2014		$11,700

Gannet Bulker	2010		57,809	Apr 2014 to Jun 2014		$10,650

Golden Eagle	2010		55,989	Apr 2014 to May 2014		$12,000(2)

Goldeneye	2002	52,421	Apr 2014		$9,600(2)

Grebe Bulker	2010	57,809	Nov 2014	Pool (5)

Harrier	2001	50,296	Apr 2014		$10,000(2)

Hawk I	2001	50,296	Nov 2014 to Apr 2015	Index(3)

Ibis Bulker	2010	57,775	Dec 2014	Pool (5)

Imperial Eagle	2010	55,989	Jul 2014 to Nov 2014	Index (3)

Jaeger	2004	52,248	Apr 2014		$20,000(2)

Jay	2010	57,802	Apr 2014		$11,000(2)

Kestrel I	2004	50,326	May 2014	Voyage(2)

Kingfisher	2010	57,776	Mar 2015	Pool (5)

Kite	1997	47,195	Apr 2014		$14,500(2)

Kittiwake	2002	53,146	Apr 2014		$15,000(2)

Martin	2010	57,809	Oct 2014	Pool (5)

Merlin	2001	50,296	Jul 2014 to Sep 2014		$11,500

Nighthawk	2011	57,809	Dec 2014	Pool (5)

Oriole	2011	57,809	May 2014		$11,000

Osprey I	2002	50,206	Apr 2014		$10,000(2)

Owl	2011	57,809	Apr 2014 to May 2014		$13,150(2)

Peregrine	2001	50,913	Apr 2014		$13,750(2)

Petrel Bulker	2011	57,809	May 2014 to Sep 2014	$17,650(4) (with 50% profit share over $20,000)

Puffin Bulker	2011	57,809	May 2014 to Sep 2014	$17,650(4) (with 50% profit share over $20,000)

Redwing	2007	53,411	Apr 2014 to Jun 2014		$13,500(2)

Roadrunner Bulker	2011	57,809	Aug 2014 to Dec 2014	$17,650(4) (with 50% profit share over $20,000)

Sandpiper Bulker	2011	57,809	Aug 2014 to Dec 2014	$17,650(4) (with 50% profit share over $20,000)

Shrike	2003	53,343	Apr 2014 to Jun 2014		$14,000(2)

Skua	2003	53,350	Aug 2014 to Oct 2014		$12,500

Sparrow	2000	48,225	Apr 2014 to May 2014		$14,000(2)

Stellar Eagle	2009	55,989	Apr 2014	Drydock(6)

Tern	2003	50,200	Apr 2014 to May 2014		$11,500(2)

Thrasher	2010	53,360	Oct 2014 to Jan 2015	Index(3)

Thrush	2011	53,297	Jan 2015	Pool (5)

Woodstar	2008	53,390	Apr 2014 to May 2014		$11,500(2)

Wren	2008	53,349	Apr 2014 to May 2014		$8,500(2)

	(1)	The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. The time charter hire rates presented are gross daily charter rates before brokerage commissions, ranging from 1.25% to 5.00%, to third party ship brokers.
	(2)	Upon conclusion of the previous charter the vessel will commence a short term charter for up to six months or a spot voyage.
	(3)	Index, an average of the trailing Baltic Supramax Index.
	(4)	The charterer has an option to extend the charter by two periods of 11 to 13 months each.
	(5)	These vessels are operating in a dry bulk pool for a period between 10 to 14 months.
	(6)	Upon conclusion of the drydocking the vessel will commence a short term charter for up to six months.

Fleet Management

The management of our fleet includes the following functions:

●

Strategic management. We locate, obtain financing and insurance for, the purchase and sale of vessels.

●

Commercial management. We obtain employment for our vessels and manage our relationships with charterers.

●

Technical management. We have established an in-house technical management function and engage a third party technical manager that performs day-to-day operations and maintenance of our vessels.

Commercial and Strategic Management

We carry out the commercial and strategic management of our fleet through our wholly owned subsidiaries, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company that maintains its principal executive offices in New York City, and Eagle Bulk Pte. Ltd, a Singapore company. We currently have a total of sixty three shore based personnel, including our senior management team and our office staff, who either directly or through these subsidiaries, provides the following services:

• commercial operations and technical supervision;

• safety monitoring;

• vessel acquisition; and

• financial, accounting and information technology services.

Technical Management

The technical management of a portion of our fleet is provided by our unaffiliated third party technical manager, V.Ships Limited, that we believe is one of the world's largest providers of independent ship management and related services. During the 2013 fiscal year we transferred all the vessels historically managed by Anglo Eastern International Ltd. to our in-house technical management. We established in-house technical management capabilities, through which we provide technical management services to a majority of our vessels, in addition to establishing a vessel management bench-mark with V.Ships Limited, the external technical manager. We review the performance of the technical manager on an annual basis and may add or change technical managers.

Technical management includes managing day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, supervising the maintenance and general efficiency of vessels, arranging our hire of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants and providing technical support. Our technical managers also manage and process all crew insurance claims. Our technical managers maintain records of all costs and expenditures incurred in connection with their services that are available for our review on a daily basis. Our technical managers are members of marine contracting associations which arrange bulk purchasing thereby enabling us to benefit from economies of scale.

Our third-party technical manager is paid a fixed management fee for each vessel in our operating fleet for the technical management services provided. For the three-month periods ended March 31, 2014 and 2013, the technical management fee averaged $10,708 and $10,315 per vessel per month, respectively. Management fees paid to our third-party technical manager is recorded under Vessel Expenses.

Value of Assets and Cash Requirements

The replacement costs of comparable new vessels may be above or below the book value of our fleet. The market value of our fleet may be below book value when market conditions are weak and exceed book value when markets conditions are strong. Customary with industry practice, we may consider asset redeployment which at times may include the sale of vessels at less than their book value. The Company’s results of operations and cash flow may be significantly affected by future charter markets.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations is based upon our interim unaudited consolidated financial statements, which have been prepared in accordance with U.S. GAAP and the rules and regulations of the SEC which apply to interim financial statements. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues, expenses and fair value of derivative and warrants and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions and conditions.

Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. As the discussion and analysis of our financial condition and results of operations is based upon our interim unaudited consolidated financial statements, they do not include all of the information on critical accounting policies normally included in consolidated financial statements. Accordingly, a detailed description of these critical accounting policies should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Reports on Form 10-K. There have been no material changes from the “Critical Accounting Policies” previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivative and warrants.

Results of Operations for the three month periods ended March 31, 2014 and 2013:

Fleet Data

We believe that the measures for analyzing future trends in our results of operations consist of the following:

	Three Months Ended
	March 31, 2014			March 31, 2013
Ownership Days		4,050			4,050
Available Days		3,995			4,030
Operating Days		3,937			3,992
Fleet Utilization		98.5	%		99.1	%

In order to understand our discussion of our results of operations, it is important to understand the meaning of the following terms used in our analysis and the factors that influence our results of operations.

• Ownership days: We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.

• Chartered-in under operating lease days: We define chartered-in under operating lease days as the aggregate number of days in a period during which we chartered-in vessels.

• Available days: We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. During the three-month periods ended March 31, 2014, the Company completed drydocking one vessel while two other vessels were still in drydocking as of March 31, 2014. During the three-month periods ended March 31, 2013, the Company drydocked one vessel.

• Operating days: We define operating days as the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

• Fleet utilization: We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. Our fleet continues to perform at high utilization rates.

Revenues

Our revenues are derived from time and voyage charters. As is common in the shipping industry, we pay commissions ranging from 1.25% to 5.00% of the total daily charter hire rate of each charter to unaffiliated ship brokers associated with the charterers, depending on the number of brokers involved with arranging the charter.

Gross time and voyage charter revenues in the quarter ended March 31, 2014 were $47,860,462, compared with $73,618,991 recorded in the comparable quarter in 2013. The decrease in revenue is attributable to the settlement agreement with KLC, pursuant to which the Company recognized revenue of approximately $32.8 million in the quarter ended March 31, 2013, offset by higher charter rates earned by the fleet in the quarter ended March 31, 2014. Gross revenues recorded in the quarter ended March 31, 2013, included $10,280,559 relating to the non-cash amortization of fair value below contract value of time charters acquired of which $10,106,247 relates to the KLC settlement agreement in the quarter ended March 31, 2013. Brokerage commissions incurred on revenues earned in the quarter ended March 31, 2014 and 2013 were $2,065,071 and $1,396,638, respectively. Net revenues during the quarter ended March 31, 2014 and 2013, were $45,795,391 and $72,222,353, respectively.

Voyage expenses

To the extent that we employ our vessels on voyage charters, we will incur expenses that include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions, as these expenses are borne by the vessel owner on voyage charters. Bunkers, port charges, and canal toll expenses primarily increase in periods during which vessels are employed on voyage charters because these expenses are for the account of the vessels. Voyage expenses for the three-month period ended March 31, 2014 were $3,837,278, compared to $8,204,657 in the comparable quarter in 2013.

Vessel Expenses

Vessel expenses for the three-month period ended March 31, 2014 were $22,577,518, compared to $20,494,412 in the comparable quarter in 2013. The increase is attributable primarily to the increased spending required for repairs and related spares. Vessel expenses for the three-month period ended March 31, 2014 included $21,113,880 in vessel operating costs and $1,463,638 in technical management fees. Vessel expenses for the comparable period in 2013 included $19,108,458, in vessel operating costs and $1,385,954 in technical management fees.

Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and related inventory, tonnage taxes, pre-operating costs associated with the delivery of acquired vessels including providing the newly acquired vessels with initial provisions and stores, other miscellaneous expenses, and technical management fees paid to our third party manager.

Other factors beyond our control, some of which may affect the shipping industry in general, may cause vessel operating expenses to increase, including, for instance, developments relating to market prices for crew, insurance and petroleum-based lubricants and supplies.

Depreciation and Amortization

For the three-month periods ended March 31, 2014 and 2013, total depreciation and amortization expense was $19,077,813 and $18,936,577, respectively. Total depreciation and amortization expense for the three-month period ended March 31, 2014 includes $18,413,964 of vessel and other fixed assets depreciation, and $663,849 relating to the amortization of deferred drydocking costs. Comparable amounts for the three-month period ended March 31, 2013 were $18,515,090 of vessel and other fixed assets depreciation and $421,487 of amortization of deferred drydocking costs. The increase in depreciation and amortization expense is attributable to higher drydock amortization.

The cost of all vessels is depreciated on a straight-line basis over the expected useful life of each vessel. Depreciation is based on the cost of the vessel less its estimated residual value. We estimate the useful life of our vessels to be 28 years from the date of initial delivery from the shipyard to the original owner. Furthermore, we estimate the residual values of our vessels to be $150 per lightweight ton. Drydocking relates to our regularly scheduled maintenance program necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. The Company anticipates that vessels are to be drydocked every two and a half years and, accordingly, these expenses are deferred and amortized over that period.

Amortization of deferred financing costs is included in interest expense. These financing costs relate to costs associated with our Credit Agreement and are amortized over the life of the facility. In connection with the Fourth Amended and Restated Credit Facility entered into on June 20, 2012, the Company recorded $11,829,673 in deferred financing costs and a fair value of the Warrant Shares of $7,241,743 that amortize over the life the term credit agreement. For the three-month periods ended March 31, 2014 and 2013, the amortization of deferred financing costs allocated to the vessels in operation was $2,015,777 and $2,075,338, respectively.

General and Administrative Expenses

Our general and administrative expenses include onshore vessel administration related expenses such as legal and professional expenses and administrative and other expenses including payroll and expenses relating to our executive officers and office staff, office rent and expenses, directors’ fees, and directors and officers insurance. General and administrative expenses also include non-cash compensation expenses.

General and administrative expenses for the three-month periods ended March 31, 2014, and 2013, were $3,122,933 and $3,116,337, respectively. These general and administrative expenses include a non-cash compensation component of $279,743 and $1,955,391, respectively. The general and administrative expenses for the three-month period ended March 31, 2014 remained relatively unchanged from the corresponding period in 2013.

EBITDA

EBITDA represents operating earnings before extraordinary items, depreciation and amortization, interest expense, and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is not an item recognized by U.S. GAAP and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company’s ability to satisfy its obligations including debt service, capital expenditures, and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used herein may not be comparable to that used by other companies due to differences in methods of calculation.

Our term loan agreement requires us to comply with financial covenants based on debt and interest ratio with extraordinary or exceptional items, interest, taxes, non-cash compensation, depreciation and amortization (“Credit Agreement EBITDA”). Therefore, we believe that this non-U.S. GAAP measure is important for our investors as it reflects our ability to meet our covenants. The following table is a reconciliation of net income/ (loss), as reflected in the consolidated statements of operations, to EBITDA and Credit Agreement EBITDA:

	Three Months Ended
	March 31,2014			March 31,2013
Net Income/(Loss)	$	(22,589,886	)	$	1,374,270
Interest Expense		19,773,619			20,539,035
Depreciation and Amortization		19,077,813			18,936,577
Amortization of fair value (below) above market of time charter acquired		-			(10,280,559	)
EBITDA		16,261,546			30,569,323

Non-cash Compensation Expense (1)		279,743			1,955,391
Credit Agreement EBITDA	$	16,541,289		$	32,524,714

(1) Stock based compensation related to stock options and restricted stock units.

Effects of Inflation

We do not believe that inflation has had or is likely, in the foreseeable future, to have a significant impact on vessel operating expenses, drydocking expenses or general and administrative expenses.

Liquidity and Capital Resources

Net cash provided by operating activities during the three-month period ended March 31, 2014 was $165,414, compared with net cash provided by operating activities of $1,248,839 during the corresponding three-month period ended March 31, 2013. The decrease was primarily due to KLC settlement in the first quarter of 2013.

Net cash used in investing activities during the three-month period ended March 31, 2014, was $20,532, compared with $49,994 during the corresponding three-month period ended March 31, 2013.

Net cash used by financing activities during the three-month period ended March 31, 2014 was none, compared to $48,000 during the corresponding three-month period ended March 31, 2013.

As of March 31, 2014, our cash balance was $19,827,606, compared to a cash balance of $19,682,724 at December 31, 2013. Also recorded in Restricted Cash is an amount of $66,243, which collateralizes letters of credit relating to our office leases.

At March 31, 2014, the Company’s debt consisted of $1,129,478,741 in term loans and $51,903,212 paid-in-kind loans.

As further described in Note 4, the Fourth Amended and Restated Credit Facility (as defined in Note 4 and also referred to herein as the “Credit Agreement”), the Company has financial covenants that began in 2013 and become increasingly restrictive each quarter. The covenants are primarily driven by the calculation of EBITDA for the trailing twelve month periods, which is driven by charter hire rates. In order to remain in compliance with our covenants, charter hire rates must increase over time. However, charter hire rates have been volatile and were driven down during the recession. Despite relatively low charter hire rates in 2013, the Company met all of its covenants in 2013, other than the maximum leverage ratio at December 31, 2013. That ratio was exceeded primarily due to a recognized loss of $8.2 million on the Company’s shares of Korea Lines Corporation during the fourth quarter of 2013. The Company also believes that it will fail to meet both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at their respective compliance measurement dates throughout each measurement date in 2014, including for the period ended March 31, 2014 and thereafter.

In August 2012, the Company filed a new shelf registration statement, which became effective on October 1, 2012, to replace its previous shelf registration statement that expired in August 2012. Under the new shelf registration statement, the Company may issue up to an aggregate of $500,000,000 of securities, including common shares, preferred shares, debt securities (which may be guaranteed by certain of the Company’s subsidiaries), warrants, purchase contracts, rights and units comprised of any of the aforementioned securities.

Dividends

The Company did not make any dividend payments in 2014 or 2013. In the future, the declaration and payment of dividends, if any, will always be subject to the discretion of the board of directors, restrictions contained in the credit facility and the requirements of Marshall Islands law. The timing and amount of any dividends declared will depend on, among other things, our earnings, financial condition and cash requirements and availability, the ability to obtain debt and equity financing on acceptable terms as contemplated by the Company's growth strategy, the terms of its outstanding indebtedness and the ability of the Company's subsidiaries to distribute funds to it.

Contractual Obligations

The following table sets forth our expected contractual obligations and their maturity dates as of March 31, 2014 :

(in thousands of U.S. dollars)	Within One Year		One to Three Years		Three to Five Years		More than Five years		Total

Bank Loans	$	1,129,479	$	-	$	-	$	-	$	1,129,479
PIK loan		104,798				-		-		104,798
Interest and borrowing fees		44,683		34,191		-		-		78,874
Chartering agreement (1)		2,457		9,855		9,855		12,326		34,493
Office lease (2)		1,293		2,511		1,297		-		5,101

Total	$	1,282,710	$	46,557	$	11,152	$	12,326	$	1,352,745

(1)

On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to deliver in October 2014 for seven years with an option for additional one year. The hire rate for the 1st to 7th year is $13,500 per day and for the 8th year option $13,750 per day.

(2)

Remainder of the lease on the office space which the Company occupies.

Capital Expenditures

Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels which are expected to enhance the revenue earning capabilities and safety of these vessels.

In addition to acquisitions that we may undertake in future periods, the Company’s other major capital expenditures include funding the Company's maintenance program of regularly scheduled drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its dry docking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years. Funding of these requirements is anticipated to be met with cash from operations. We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our available days and operating days during that period.

Drydocking costs incurred are amortized to expense on a straight-line basis over the period through the date of the next scheduled drydock. One vessel completed drydocking in the three months ended March 31, 2014 while two other vessels were still in drydocking as of March 31, 2014.

The following table represents certain information about the estimated costs for anticipated vessel drydockings in the next four quarters, along with the anticipated off-hire days:


Quarter Ending	Off-hire Days⁽¹⁾		Projected Costs⁽²⁾
June 30, 2014		66	$1.80 million
September 30, 2014		22	$0.60 million
December 31, 2014		88	$2.40 million
March 31, 2015		132	$3.60 million
⁽¹⁾Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other factors. ⁽²⁾Actual costs will vary based on various factors, including where the drydockings are actually performed.

Off-balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Other Contingencies

We refer you to Note 6 “Legal Proceeding” to our Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report for a discussion of our contingencies related to claim litigation. If an unfavorable ruling were to occur in these matters, there exists the possibility of a material adverse impact on our business, liquidity, results of operations, financial position and cash flows in the period in which the ruling occurs. The potential impact from legal proceedings on our business, liquidity, results of operations, financial position and cash flows, could change in the future.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes from the market risk disclosure set forth in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.

Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1 - Legal Proceedings

From time to time, we are involved in various disputes and litigation matters that arise in the ordinary course of our business, principally personal injury and property casualty claims. Those claims, even if lacking merit, could result in the expenditure by us of significant financial and managerial resources. Information about legal proceedings is set forth in Note 6 to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report and is incorporated by reference herein.

Item 1A – Risk Factors

There have been no material changes from the “Risk Factors” previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

None.

Item 5 - Other Information

None.

Item 6 – Exhibits

EXHIBIT INDEX

10.1

Waiver and Forbearance Agreement entered into between Eagle Bulk Shipping Inc. and certain lenders under its Fourth Amended and Restated Credit Agreement, dated March 19, 2014, incorporated by reference to Exhibit 10.11 of the Annual Report on Form 10-K of Eagle Bulk Shipping Inc., filed with the SEC on March 31, 2014.

10.2

Amendment No. 1 to Waiver and Forbearance Agreement entered into between Eagle Bulk Shipping Inc. and certain lenders under its Fourth Amended and Restated Credit Agreement, dated April 15, 2014, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Eagle Bulk Shipping Inc., filed with the SEC on April 15, 2014.

10.3

Amendment No. 2 to Waiver and Forbearance Agreement entered into between Eagle Bulk Shipping Inc. and certain lenders under its Fourth Amended and Restated Credit Agreement, dated April 30, 2014, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Eagle Bulk Shipping Inc., filed with the SEC on May 1, 2014.

31.1

Rule 13a-14(d) / 15d-14(a)_Certification of Principal Executive Officer.

31.2

Rule 13a-14(d) / 15d-14(a)_Certification of Principal Financial Officer.

32.1

Section 1350 Certification of Principal Executive Officer.

32.2

Section 1350 Certification of Principal Financial Officer.

101.

The following materials from Eagle Bulk Shipping Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets (unaudited) as of March 31, 2014 and December 31, 2013, (ii) Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2014 and 2013, (iii) Consolidated Statements of Comprehensive Loss (unaudited) for the three months ended March 31, 2014 and 2013, (iv) Consolidated Statements of Stockholders' Equity (unaudited) for the three months ended March 31, 2014 and 2013, (v) Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2014 and 2013, and (vi) Notes to Consolidated Financial Statements (unaudited).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EAGLE BULK SHIPPING INC.

By: /s/ Sophocles N. Zoullas

--------------------------------------------------------------------------------

Sophocles N. Zoullas

Chairman of the Board and

Chief Executive Officer

Date: May 15, 2014

By: /s/ Adir Katzav

--------------------------------------------------------------------------------

Adir Katzav

Chief Financial Officer

and Principal Accounting Officer

Date: May 15, 2014

EX-31 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, Sophocles Zoullas, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Eagle Bulk Shipping Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2014

/s/ Sophocles Zoullas

Sophocles Zoullas

Principal Executive Officer

EX-31 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, Adir Katzav, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Eagle Bulk Shipping Inc.;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2014

/s/ Adir Katzav

Adir Katzav

Principal Financial Officer

EX-32 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

Exhibit 32.1

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the quarterly report of Eagle Bulk Shipping Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Sophocles Zoullas, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: May 15, 2014

/s/ Sophocles Zoullas

Sophocles Zoullas

Principal Executive Officer

EX-32 5 ex32-2.htm EXHIBIT 32.2 ex32-2.htm

Exhibit 32.2

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the quarterly report of Eagle Bulk Shipping Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Adir Katzav, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: May 15, 2014

/s/ Adir Katzav

Adir Katzav

Principal Financial Officer

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Eagle Bulk Shipping Inc. 10-Q --12-31 16902213 false 0001322439 Yes No Smaller Reporting Company No 2014 Q1 2014-03-31

Note 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company", “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment. The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares or limited liability company interests of its subsidiaries. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company. As of March 31, 2014, the Company owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately 6.9 years. The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated: <table style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 0px; WIDTH: 60.7%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" id="TBL1552" border="0" cellspacing="0" cellpadding="0" align="center"> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.1%; VERTICAL-ALIGN: middle" colspan="2"> % of Consolidated Charter Revenue </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.1%; VERTICAL-ALIGN: middle" colspan="2"> Three Months Ended </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.6%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 1px solid"> March 31, 2014 </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32.5%; VERTICAL-ALIGN: middle"> March 31, 2013 </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer A </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> -  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> 44.5% </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer B </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> 13.3% </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> 11.9% </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="BACKGROUND-COLOR: #cceeff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer C </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> 16.0% </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> - </td> </tr> </table> The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K, filed with the SEC on March 31, 2014. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivatives and warrants. Liquidity  As further described in Note 4, the Fourth Amended and Restated Credit Facility (as defined in Note 4 and also referred to herein as the “Credit Agreement”), the Company has financial covenants that began in 2013 and become increasingly restrictive each quarter. The covenants are primarily driven by the calculation of EBITDA for the trailing twelve month periods, which is driven by charter hire rates. In order to remain in compliance with our covenants, charter hire rates must increase over time. However, charter hire rates have been volatile and were driven down during the recession. Despite relatively low charter hire rates in 2013, the Company met all of its covenants in 2013, other than the maximum leverage ratio at December 31, 2013. That ratio was exceeded primarily due to a recognized loss of $8.2 million on the Company’s shares of Korea Lines Corporation (“KLC”) during the fourth quarter of 2013, as further described below under “Korean Line Corporation”. The Company also believes that it will fail to meet both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at their respective compliance measurement dates throughout each measurement date in 2014, including for the period ended March 31, 2014 and thereafter. On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014. Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014. On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders.  Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.  The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern. The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially. As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014. The Company’s Credit Agreement is described further in Note 4 below. Korea Line Corporation Since January 2011, Korea Lines Corporation (“KLC”), one of our charterers, has been operating under protective receivership in Seoul, South Korea. Since the fourth quarter of 2011, KLC had not been performing in accordance with the $17,000 per vessel per day shortfall arrangement on 13 of our vessels. As a result we were not recording revenue associated with those amounts owed during prior year periods as collectability was not assured. On January 3, 2013, a comprehensive termination agreement between the Company and KLC became effective, pursuant to which we agreed to accept $63.7 million on a non-interest bearing installment note and 1,224,094 common shares of KLC stock as compensation for the early termination of our 13 charters with KLC. Under the termination agreement, cash payments of $10.3 million were paid in the first quarter of 2013, and the balance of $53.4 million would have been paid in cash installments through 2021, with the majority of the payments to be paid in the last five years. The KLC stock certificates were issued on February 7, 2013 and were secured at the Korean Securities Depository for six months. On August 7, 2013, we took possession of the share certificates.     In the first quarter of 2013, as the settlement effectively terminated the charters with KLC, the Company released $3.5 million of bunker liabilities and an aggregate $13.7 million balance related to deferred revenue and to the unamortized fair value of charters below and above contract value. The Company valued the equity received from KLC at $5.9 million and the note receivable at $2.7 million. The Company recorded revenue associated with the termination of $32.8 million related to amounts previously owed but not recognized and a termination gain of $3.3 million.   On March 28, 2013, the Korean court approved an amendment to the KLC termination agreement after receiving a favorable vote from the concerned parties. The amendment included a 1 to 15 reduction to the number of KLC common shares outstanding at that date and also reduced our long-term receivable by 90%, substituting that portion of the commitment with 538,751 additional common shares of KLC to be issued to the Company at a date to be determined in the second quarter of 2013. We evaluated the fair value of the additional KLC common shares to be issued and the impact to our long-term receivable and determined that the aggregate value exceeded the carrying value of our long-term note receivable recorded in January of 2013; therefore, we did not have a loss on that transaction. Under our accounting policy, and in accordance with U.S. GAAP, any gain on that transaction should be recorded upon settlement. As 90% of the long-term note receivable was paid in equity in the second quarter of 2013, we reclassified that portion as a current asset in the “Investment” line of our balance sheet at March 31, 2013. We considered the March 28, 2013 decision by KLC to dilute the value of previously issued KLC shares to be a triggering event requiring the evaluation of whether a permanent decrease in value had occurred. We determined that a permanent decrease in value had occurred and as of March 31, 2013, we recognized the change in the fair value of our existing KLC shares as other-than-temporary and recorded in other expense a loss of approximately $3.0 million. On May 9, 2013, the 538,751 additional KLC common shares were issued to the Company and are secured at the Korean Securities Depository. On November 11, 2013, we took possession of the share certificates. These shares replace the note receivable recorded pursuant to the January 3, 2013, termination agreement. The fair market value of the shares upon issuance was in excess of the fair value of the receivable and result a gain of $32.5 million in the second quarter of 2013. KLC completed its financial reorganization by the middle of September 2013, and emerged from bankruptcy in October 2013. On October 28, 2013, we received early prepayment of $3.9 million to settle our long term receivable from KLC, which resulted in an additional gain on time charter agreement termination of $3.5 million recognized in the third quarter of 2013 as the carrying value at September 30, 2013 was adjusted to reflect the elimination of credit risk. As of December 31, 2013, the Company sold 58,128 of the KLC shares for a total consideration of $2.3 million and realized a loss of $0.4 million. As of September 30, 2013 and December 31, 2013, the change in the fair value of our KLC investment was considered as other-than-temporary, and therefore the Company recorded a non-cash impairment loss of $7.3 million and $8.2 million in other expense in the third and fourth quarters of 2013, respectively. The KLC stock held by the Company is designated as available-for-sale and is reported at fair value, with unrealized gains and losses recorded in shareholders’ equity as a component of accumulated other comprehensive income. As of March 31, 2014, the fair value of the remaining 566,529 KLC shares held by the Company was $11.7 million.

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566529

11700000

<table style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 0px; WIDTH: 60.7%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" id="TBL1552" border="0" cellspacing="0" cellpadding="0" align="center"> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.1%; VERTICAL-ALIGN: middle" colspan="2"> % of Consolidated Charter Revenue </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.1%; VERTICAL-ALIGN: middle" colspan="2"> Three Months Ended </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.6%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 1px solid"> March 31, 2014 </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32.5%; VERTICAL-ALIGN: middle"> March 31, 2013 </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer A </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> -  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> 44.5% </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer B </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> 13.3% </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> 11.9% </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="BACKGROUND-COLOR: #cceeff; MARGIN-TOP: 0px; PADDING-LEFT: 9pt; WIDTH: 33%; MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> Charterer C </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.6%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid"> 16.0% </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.5%; VERTICAL-ALIGN: top"> - </td> </tr> </table> 0.445 0.133 0.119 0.160

Note 2. New Accounting Pronouncements In April 2014, the FASB issued an update Accounting Standards Update for Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, Presentation of Financial Statements, and Property Plant and Equipment. Under this new guidance only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The Company does not expect a material impact on the Company’s consolidated financial statements as a result of the adoption of this standard.

Note 3. Vessels Vessel and Vessel Improvements At March, 2014, the Company’s operating fleet consisted of 45 dry bulk vessels. Vessel and vessel improvements:   <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1618" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1618.finRow.3"> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2" nowrap="nowrap">   </td> </tr> <tr id="TBL1618.finRow.3-0"> <td style="WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2-0">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2-0">   </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2-0">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2-0" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1618.finRow.3-1"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Vessels and Vessel Improvements, at December 31, 2013 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2-1">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2-1"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2-1"> 1,639,555,368 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2-1" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1618.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Depreciation Expense </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.amt.2"> (18,381,520 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.trail.2" nowrap="nowrap"> ) </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1618.finRow.6"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Vessels and Vessel Improvements, at March 31, 2014 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.amt.2"> 1,621,173,848 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.trail.2" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1618.finRow.6-0"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.lead.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.symb.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.amt.2-0">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.trail.2-0" nowrap="nowrap">   </td> </tr> </table>

45 <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1618" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1618.finRow.3"> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2" nowrap="nowrap">   </td> </tr> <tr id="TBL1618.finRow.3-0"> <td style="WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2-0">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2-0">   </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2-0">   </td> <td style="WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2-0" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1618.finRow.3-1"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 85%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Vessels and Vessel Improvements, at December 31, 2013 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.lead.2-1">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.symb.2-1"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.amt.2-1"> 1,639,555,368 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.3.trail.2-1" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1618.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Depreciation Expense </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.amt.2"> (18,381,520 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.4.trail.2" nowrap="nowrap"> ) </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1618.finRow.6"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> Vessels and Vessel Improvements, at March 31, 2014 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.amt.2"> 1,621,173,848 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.trail.2" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1618.finRow.6-0"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.lead.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.symb.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.amt.2-0">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1618.finRow.6.trail.2-0" nowrap="nowrap">   </td> </tr> </table>

18381520

Note 4. Debt Debt consists of the following: <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1639" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1639.finRow.1"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.trail.D2">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.amt.D3" colspan="2"> December 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1639.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Term Loans </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.amt.2"> 1,129,478,741 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.amt.3"> 1,129,478,741 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1639.finRow.6"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Payment-in-kind loans </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.amt.2"> 51,903,212 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.amt.3"> 44,565,437 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1639.finRow.7"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Total debt </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.amt.2"> 1,181,381,953 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.amt.3"> 1,174,044,178 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.trail.3" nowrap="nowrap">   </td> </tr> </table> The Fourth Amended and Restated Credit Agreement On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement, dated as of October 19, 2007, as amended up to the date thereof (the “Fourth Amended and Restated Credit Agreement”), which, among other things, (i) permanently waives any purported defaults or events of defaults that were the subject of a temporary waiver under the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, including any alleged events of default arising from any purported breach of the minimum adjusted net worth covenant that occurred as a result of any failure to maintain the required adjusted net worth; (ii) converts the $1,129,478,741 outstanding under the revolving credit facility into a term loan; (iii) sets the maturity date as December 31, 2015, and, subject to the Company's satisfaction of certain conditions, including a collateral coverage ratio at December 31, 2015 of less than 80%, provides an option to the Company to further extend the maturity date by an additional 18 months to June 30, 2017 (the "Termination Date"); (iv) requires no mandatory repayments of principal until the Termination Date, other than a quarterly sweep of cash on hand in excess of $20,000,000 and upon the sale of vessels, additional financings or future equity raises by the Company. All amounts outstanding under the term loan will bear interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component.  The initial cash margin of 3.50% and PIK margin of 2.50% can be reduced on the basis of reduced leverage and proceeds from future equity raises by the Company. The Fourth Amended and Restated Credit Agreement also provides for a new Liquidity Facility in the aggregate amount of $20,000,000, which permits the purchase or sale of vessels within certain parameters, permits the management of third party vessels and provides that all capitalized interest will be evidenced in the form of PIK loans, which will mature on the Termination Date.  On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share. As of March 31, 2014 the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $51,903,212 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Agreement, the Company recorded $11,829,673 of deferred financing costs that are amortized over the life of the term loan, including amendment and professional fees. In addition, the Fourth Amended and Restated Credit Agreement replaced the previously existing financial covenants and substituted them with new covenants, which requires the Company to (i) maintain a maximum leverage ratio of the term loan indebtedness, excluding the PIK loans, to EBITDA (as defined in the Fourth Amended and Restated Credit Agreement) on a trailing four quarter basis, commencing in the quarterly period ending September 30, 2013, of 13.9:1, December 31, 2013, of 12.3:1, March 31, 2014 of 10.6:1, June 30, 2014 of 9.2:1, September 30, 2014 of 8.5:1, December 31, 2014 of 8.1:1, March 31, 2015 of 7.8:1, June 30, 2015 of 7.6:1, September 30, 2015 of 7.5:1, and December 31, 2015 of 7.3:1 and, should the Termination Date be extended under the Company’s option, further declining in intervals to 6.2:1 for the quarterly period ending March 31, 2017; (ii) maintain a minimum interest coverage ratio of EBITDA to cash interest expenses on a trailing four quarter basis, expressed as a percentage, commencing in the quarterly period ending June 30, 2013, of 130%, September 30, 2013, of 140%, December 31, 2013, of 160%, March 31, 2014 of 180%, June 30, 2014 of 200%, September 30, 2014 of 210%, December 31, 2014 of 220%, March 31, 2015 of 220%, June 30, 2015 of 220%, September 30, 2015 of 220%, and December 31, 2015 of 220% and, should the Termination Date be extended, further escalating in intervals to 230% for the quarterly period ending March 31, 2017; (iii) maintain free cash with the agent in one or more accounts in an amount equal to $500,000 per vessel owned directly or indirectly by the Company, provided that the unutilized amount of the liquidity facility shall be deemed to constitute free cash for these purposes; and (iv) maintain a maximum collateral coverage ratio, commencing in the quarterly period ending September 30, 2014, of 100% of the term loan indebtedness and any related swap exposure, declining in intervals to 80% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further declining in intervals to 70% for the quarterly period ending March 31, 2017. Refer to Note 1 - General Information- Liquidity for further information regarding compliance with our covenants. In connection with the Fourth Amended and Restated Credit Agreement, the Company entered into a Warrant Agreement, dated June 20, 2012, pursuant to which the Company issued 3,148,584 warrants convertible on a cashless basis into shares of the Company's common stock, par value $0.01 (the "Warrant Shares"), at a strike price of $0.01 per share of common stock. One-third of the warrants are exercisable immediately, the next third of the warrants are exercisable when the price of the Company's common stock reaches $10.00 per share and the last third of the warrants are exercisable when the price of the Company's common stock reaches $12.00 per share. Unexercised warrants will expire on June 20, 2022. The Company determined the relative fair value of the Warrant Shares at $7.2 million using the Monte Carlo simulation which was performed, and the mean value was selected. The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98, risk-free rate of 1.64%, expected volatility of 79.3%, expected term of 10 years and expected dividend yield of 0%. The fair value of the warrants was recorded as deferred financing cost and amortized over of the life the term loan agreement. Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties. On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014. Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014. On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders.  Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.  The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern. The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially. As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014. Refer to Note 1 – General Information- Liquidity for additional information. Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties. For the three months ended March 31, 2014, interest rates on the outstanding debt ranged from 3.73% to 3.61%, including a margin of 3.50% over LIBOR. The weighted average effective interest rate for the three months ended March 31, 2014, was 3.65%. Interest Expense, inclusive of the PIK loans, consisted of: <table style="TEXT-INDENT: 0px; WIDTH: 80%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20%" id="TBL1688" border="0" cellspacing="0" cellpadding="0"> <tr style="BORDER-BOTTOM: medium none; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1"> <td style="BORDER-BOTTOM: medium none; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: medium none; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="PADDING-BOTTOM: 1px; WIDTH: 0%; FONT-FAMILY: Times New Roman, Times, serif; HEIGHT: 0px; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1688.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.trail.D2">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1688.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Loan Interest </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.amt.2"> 17,757,842 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.amt.3"> 18,463,697 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1688.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Amortization of Deferred Financing Costs </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.amt.2"> 2,015,777 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.amt.3"> 2,075,338 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1688.finRow.5"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Total Interest Expense </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.2"> 19,773,619 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.3"> 20,539,035 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1688.finRow.5-0"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.2-0" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.3-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.3-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.3-0">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.3-0" nowrap="nowrap">   </td> </tr> </table> Interest paid, exclusive of the PIK loans, in the three-month periods ended March 31, 2014 and 2013 amounted to $10,421,812 and $12,672,875, respectively.

1129478741

2015-12-31

80% P18M 2017-06-30 20000000 0.0350 0.0250

20000000

10.00

11829673

13.9 12.3 10.6 9.2 8.5 8.1 7.8 7.6 7.5 7.3 6.2 1.30 1.40 1.60 1.80 2.00 2.10 2.20 2.20 2.20 2.20 2.20 2.30 500000 1.00 0.80 0.70

3148584

0.01

10.00

12.00

7200000

2.98

0.0164

0.793

P10Y

0.00

0.6667

0.0373

0.0361

0.0350

0.0365

10421812 12672875

<table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1639" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1639.finRow.1"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.trail.D2">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.amt.D3" colspan="2"> December 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1639.finRow.1.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1639.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Term Loans </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.amt.2"> 1,129,478,741 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.amt.3"> 1,129,478,741 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1639.finRow.6"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Payment-in-kind loans </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.amt.2"> 51,903,212 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.amt.3"> 44,565,437 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.6.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1639.finRow.7"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Total debt </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.amt.2"> 1,181,381,953 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.amt.3"> 1,174,044,178 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1639.finRow.7.trail.3" nowrap="nowrap">   </td> </tr> </table>

1129478741

1181381953 1174044178 <table style="TEXT-INDENT: 0px; WIDTH: 80%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20%" id="TBL1688" border="0" cellspacing="0" cellpadding="0"> <tr style="BORDER-BOTTOM: medium none; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1"> <td style="BORDER-BOTTOM: medium none; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid">   </td> <td style="BORDER-BOTTOM: medium none; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid" id="TBL1688.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="PADDING-BOTTOM: 1px; WIDTH: 0%; FONT-FAMILY: Times New Roman, Times, serif; HEIGHT: 0px; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1688.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.trail.D2">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1688.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1688.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Loan Interest </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.amt.2"> 17,757,842 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.amt.3"> 18,463,697 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1688.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Amortization of Deferred Financing Costs </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.amt.2"> 2,015,777 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.amt.3"> 2,075,338 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1688.finRow.5"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Total Interest Expense </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.2"> 19,773,619 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.3"> 20,539,035 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1688.finRow.5-0"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.2-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.2-0" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.lead.3-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.symb.3-0">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.amt.3-0">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1688.finRow.5.trail.3-0" nowrap="nowrap">   </td> </tr> </table>

17757842

18463697

Note 5. Derivative Instruments and Fair Value Measurements Interest-Rate Swaps Historically, the Company entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company pays fixed rate interest and receives floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for interest rate swaps is reflected in the accompany balance sheets. Forward freight agreements, bunker swaps and freight derivatives The Company trades in forward freight agreements (“FFAs”), bunker swaps and freight derivatives markets, with the objective of utilizing these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and/or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for derivative instruments is reflected in the accompany balance sheets. Tabular disclosure of derivatives location No portion of the cash flow hedges shown below was ineffective during the period ended March 31, 2014. The effect of cash flow hedging relationships on the balance sheets as of March 31, 2014 and December 31, 2013, and the statement of operations for the periods ended March 31, 2014 and 2013 are as follows: The effect of derivative instruments on statements of operations:    <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1756" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1756.finRow.1"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 42%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 98.25pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" colspan="8">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.1.trail.D4">   </td> </tr> <tr id="TBL1756.finRow.1-0"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 42%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 98.25pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" colspan="8"> Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.1.trail.D4-0">   </td> </tr> <tr id="TBL1756.finRow.2"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.amt.D4" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.trail.D4">   </td> </tr> <tr id="TBL1756.finRow.3"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Location of Gain (Loss) Recognized </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.3.amt.D3" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.trail.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.3.amt.D4" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.trail.D4">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1756.finRow.4"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Derivatives designated as hedging instruments: </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.lead.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.symb.B3">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.amt.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.trail.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.lead.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.symb.B4">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.amt.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.trail.B4">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1756.finRow.5"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Interest rate swaps </td> <td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Interest expense </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.amt.3"> — </td> <td style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.trail.3" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.lead.4">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.symb.4"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.amt.4"> (868,289 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.trail.4" nowrap="nowrap"> ) </td> </tr> </table> Cash Collateral Disclosures The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined by the terms of the respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31, 2014 and December 31, 2013, the Company had no outstanding amounts paid as collateral related to the derivative fair value positions. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof. Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof. Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date. Forward freight agreements (FFAs)—the fair value of FFAs is determined based on quoted rates. Freight and bunker derivative instruments—the fair value of freight and bunker derivative contracts is the estimated amount that the Company would receive or pay to terminate the option contracts at the reporting date. Bunker swaps—the fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date. Investment— include our available-for-sale securities that are traded in active market internationally. The fair value is measured by using closing stock price from active market. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013: <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1813" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1813.finRow.1"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.amt.D4" colspan="10"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.trail.D4">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.lead.D7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.amt.D7" colspan="7"> December 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.trail.D7">   </td> </tr> <tr id="TBL1813.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D2" colspan="2"> Level 1 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D3" colspan="2"> Level 2 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D4" colspan="2"> Level 3 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D4">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D5">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D5" colspan="2"> Level 1 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D5">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10.2%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Level 2 </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D7" colspan="2"> Level 3 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D7">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1813.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.8%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Assets: </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B2">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B3">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B4">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B5">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B7">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B7">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B7">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B7">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1813.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Investment </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.2"> 11,715,793 </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.3"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.3" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.4">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.4">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.4"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.4" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.5">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.5"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.5"> 13,817,439 </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.5" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.7">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.7">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.7"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.7" nowrap="nowrap">   </td> </tr> </table>

<table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1756" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1756.finRow.1"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 42%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 98.25pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" colspan="8">   </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.1.trail.D4">   </td> </tr> <tr id="TBL1756.finRow.1-0"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 42%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 98.25pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" colspan="8"> Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.1.trail.D4-0">   </td> </tr> <tr id="TBL1756.finRow.2"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.amt.D4" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.2.trail.D4">   </td> </tr> <tr id="TBL1756.finRow.3"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Location of Gain (Loss) Recognized </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.3.amt.D3" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.trail.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.3.amt.D4" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" id="TBL1756.finRow.3.trail.D4">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1756.finRow.4"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Derivatives designated as hedging instruments: </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.lead.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.symb.B3">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.amt.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.trail.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.lead.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.symb.B4">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.amt.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1756.finRow.4.trail.B4">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1756.finRow.5"> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Interest rate swaps </td> <td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Interest expense </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.amt.3"> — </td> <td style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.trail.3" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.lead.4">   </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.symb.4"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.amt.4"> (868,289 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1756.finRow.5.trail.4" nowrap="nowrap"> ) </td> </tr> </table>

-868289

<table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1813" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1813.finRow.1"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.amt.D4" colspan="10"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.trail.D4">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.lead.D7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.amt.D7" colspan="7"> December 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.1.trail.D7">   </td> </tr> <tr id="TBL1813.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D2" colspan="2"> Level 1 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D3" colspan="2"> Level 2 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D4">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D4" colspan="2"> Level 3 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D4">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D5">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D5" colspan="2"> Level 1 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D5">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10.2%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Level 2 </td> <td style="BORDER-BOTTOM: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.lead.D7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.amt.D7" colspan="2"> Level 3 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.2.trail.D7">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1813.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.8%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Assets: </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B2">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B2">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B3">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B3">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B4">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B4">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B5">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B5">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.lead.B7">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.symb.B7">   </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.amt.B7">   </td> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1813.finRow.3.trail.B7">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1813.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Investment </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.2"> 11,715,793 </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.3"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.3" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.4">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.4">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.4"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.4" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.5">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.5"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.5"> 13,817,439 </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.5" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.lead.7">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.symb.7">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.amt.7"> — </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1813.finRow.4.trail.7" nowrap="nowrap">   </td> </tr> </table>

11715793

13817439

Note 6. Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. Vessel Technical Management Contract The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $10,708 and $10,315 per vessel during the three months ended March 31, 2014 and 2013, respectively. Other Commitments On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to deliver in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company has options to purchase the vessel starting at the end of the fifth year.

10708 10315 13500 13750

Note 7. Related Party Transactions On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company's Chief Executive Officer, Sophocles Zoullas.  Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provides commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement, the Company has been granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire.  The Company has also been granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel that the Company reasonably deems suitable for a Company-owned vessel.  The Management Agreement also provides the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option of Delphin. Pursuant to the Management Agreement, the Company contracted to provide commercial and technical supervisory management services for Delphin vessels for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Construction of the first vessel commenced in December 2010. Total management fees for the periods ended March 31, 2014 and 2013 amounted to $545,022 and $545,022, respectively. The advanced balance received from Delphin on account for the management of its vessels as of March 31, 2014 amounted to $786,844. The total reimbursable expenses for the periods ended March 31, 2014 and 2013 amounted to $37,279 and $75,454, respectively. The balance due from Delphin as of March 31, 2014 amounted to $4,984. The balance due mainly consists of reimbursable expenses.

15834

11667

8750

545022

786844 37279 75454

4984

Note 8. Earnings (Loss) Per Common Share The computation of basic net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended March 31, 2014, includes the weighted average underlying Warrant Shares issuable upon exercise of the 177,783 warrants at the exercise price of $0.01 per share. In accordance with U.S. GAAP, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net income (loss) per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of March 31, 2014, does not include 123,667 restricted stock units and 1,727,667 stock options as their effect was anti-dilutive. Diluted net income per share as of March 31, 2013, does not include 345,331 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive. <table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1863" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1863.finRow.1"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1863.finRow.2"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.trail.D2">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Net income (loss) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.amt.2"> (22,589,886 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.amt.3"> 1,374,270 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Weighted Average Shares – Basic </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.amt.2"> 17,080,190 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.amt.3"> 16,966,070 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.5"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Dilutive effect of stock options and restricted stock units </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.amt.2"> — </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.amt.3"> — </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.6"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Weighted Average Shares - Diluted </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.amt.2"> 17,080,190 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.amt.3"> 16,966,070 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.7"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Basic Earnings (loss) Per Share </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.amt.2"> (1.32 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.amt.3"> 0.08 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.8"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Diluted Earnings (loss) Per Share </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.amt.2"> (1.32 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.amt.3"> 0.08 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.trail.3" nowrap="nowrap">   </td> </tr> </table>

177783 0.01

123667

1727667

345331

1908371

<table style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id="TBL1863" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1863.finRow.1"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1863.finRow.2"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.trail.D2">   </td> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1863.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Net income (loss) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.amt.2"> (22,589,886 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.amt.3"> 1,374,270 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.4"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Weighted Average Shares – Basic </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.amt.2"> 17,080,190 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.amt.3"> 16,966,070 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.5"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Dilutive effect of stock options and restricted stock units </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.amt.2"> — </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.amt.3"> — </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.6"> <td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Weighted Average Shares - Diluted </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.lead.2">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.symb.2">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.amt.2"> 17,080,190 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.lead.3">   </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.symb.3">   </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.amt.3"> 16,966,070 </td> <td style="PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.6.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1863.finRow.7"> <td style="BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Basic Earnings (loss) Per Share </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.amt.2"> (1.32 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.amt.3"> 0.08 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.7.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1863.finRow.8"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> Diluted Earnings (loss) Per Share </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.amt.2"> (1.32 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.trail.2" nowrap="nowrap"> ) </td> <td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.amt.3"> 0.08 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1863.finRow.8.trail.3" nowrap="nowrap">   </td> </tr> </table>

Note 9. Stock Incentive Plans 2011 Equity Incentive Plan. In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the “2011 Plan”) for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plandid not adjust in accordance with the 1 for 4 reverse stock split that occur in May 2012. However, the 2011 Plan was approved by shareholders subject to the Company’s confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company’s issued and outstanding shares on a fully diluted basis on the date the options first become exercisable. 2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the “2009 Plan”) for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company’s common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company’s board of directors. A maximum of 1.05 million of the Company’s common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012. As of March 31, 2014, RSUs covering a total of 123,667 of the Company’s shares are outstanding. The restricted stock units (“RSUs”) vest ratably between three to five years. These RSUs also entitle the participant to receive a dividend equivalent payment on the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company’s shareholders. The dividend equivalent rights on the unvested RSUs are forfeited upon termination of employment.The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the three months ended March 31, 2014 and 2013, the amortization charge was $124,891 and $1,614,720, respectively. The remaining expense for each of the year ending 2014 will be $392,149 As of March 31, 2014 and December 31, 2013, options covering 1,727,667 of the Company’s common shares are outstanding with exercise prices ranging from $3.34 to $87.52 per share (the market prices at dates of grants). The options granted to the independent non-employee directors vested and became exercisable on the grant dates. The options granted to members of its management under the 2005 Plan and 2009 Plan vest and become exercisable over three years. The options granted to members of its management under the 2011 Plan vest in four equal annual installments beginning on the grant date. All options expire between five to ten years from the date of grant. For the three months ended March 31, 2014 and 2013, the Company has recorded a non-cash compensation charge from stock options of $154,852 and $340,671, respectively. The remaining expense for each of the years ending 2014 and 2015 will be $277,459 and $123,032 respectively. The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows: <table style="TEXT-INDENT: 0px; WIDTH: 90%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 10%" id="TBL1901" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1901.finRow.1"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1901.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.trail.D2">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1901.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Stock Option Plans </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 7.75pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 7.75pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.amt.2"> 154,852 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.amt.3"> 340,671 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1901.finRow.4"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Restricted Stock Grants </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.amt.2"> 124,891 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.amt.3"> 1,614,720 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1901.finRow.5"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Total Non-cash compensation expense </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.amt.2"> 279,743 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.amt.3"> 1,955,391 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> </table> As of March 31, 2014, Dividend Equivalent Rights Awards (“DERs”) equivalent to 147,667 of the Company’s common shares are outstanding to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company’s shareholders. For the three months ended March 31, 2014 and 2013, no compensation expenses were recorded.

5900000

1 for 4

10%

1050000

123667

P3Y

P5Y

124891

1614720

392149

1727667

3.34

87.52

P3Y

P4Y

P5Y

P10Y

154852

340671

277459

123032

147667

<table style="TEXT-INDENT: 0px; WIDTH: 90%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 10%" id="TBL1901" border="0" cellspacing="0" cellpadding="0"> <tr id="TBL1901.finRow.1"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.amt.D3" colspan="6"> Three Months Ended </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.1.trail.D3">   </td> </tr> <tr id="TBL1901.finRow.2"> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.lead.D2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.amt.D2" colspan="2"> March 31, 2014 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.trail.D2">   </td> <td style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.lead.D3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.amt.D3" colspan="2"> March 31, 2013 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" id="TBL1901.finRow.2.trail.D3">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1901.finRow.3"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Stock Option Plans </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.lead.2">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 7.75pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.symb.2"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 7.75pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.amt.2"> 154,852 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.trail.2" nowrap="nowrap">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.lead.3">   </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.symb.3"> $ </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.amt.3"> 340,671 </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.3.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff" id="TBL1901.finRow.4"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Restricted Stock Grants </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.symb.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.amt.2"> 124,891 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.trail.2" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.symb.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.amt.3"> 1,614,720 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.4.trail.3" nowrap="nowrap">   </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff" id="TBL1901.finRow.5"> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle"> Total Non-cash compensation expense </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.lead.2">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.symb.2"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 1.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.amt.2"> 279,743 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.trail.2" nowrap="nowrap">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.lead.3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.symb.3"> $ </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0.7pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.amt.3"> 1,955,391 </td> <td style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" id="TBL1901.finRow.5.trail.3" nowrap="nowrap">   </td> </tr> </table>

154852

340671

124891

1614720

EX-101.SCH 7 egle-20140331.xsd EXHIBIT 101.SCH 001 - Statement - Consolidated Balance Sheets (Unaudited) link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets (Unaudited) (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Consolidated Statements of Changes in Stockholders' Equity (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Note 1 - Basis of Presentation and General Information link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Note 2 - New Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Note 3 - Vessels link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Note 4 - Debt link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Note 5 - Derivative Instruments and Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Note 6 - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Note 7 - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Note 8 - Earnings (Loss) Per Common Share link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Note 9 - Stock Incentive Plans link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Note 1 - Basis of Presentation and General Information (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Note 3 - Vessels (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Note 4 - Debt (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Note 5 - Derivative Instruments and Fair Value Measurements (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Note 8 - Earnings (Loss) Per Common Share (Tables) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Note 9 - Stock Incentive Plans (Tables) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Note 1 - Basis of Presentation and General Information (Details) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Note 3 - Vessels (Details) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Note 3 - Vessels (Details) - Vessels link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Note 4 - Debt (Details) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Note 4 - Debt (Details) - Summary of Debt link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Note 4 - Debt (Details) - Interest Expense link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Derivative Instruments on Statement of Operations link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Note 6 - Commitments and Contingencies (Details) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Note 7 - Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Note 8 - Earnings (Loss) Per Common Share (Details) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Note 8 - Earnings (Loss) Per Common Share (Details) - Earnings Per Share, Basic and Diluted link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Note 9 - Stock Incentive Plans (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Note 9 - Stock Incentive Plans (Details) - The Non-Cash Compensation Expense link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 egle-20140331_cal.xml EXHIBIT 101.CAL EX-101.DEF 9 egle-20140331_def.xml EXHIBIT 101.DEF EX-101.LAB 10 egle-20140331_lab.xml EXHIBIT 101.LAB Statement of Financial Position [Abstract] ASSETS: ASSETS: [Abstract] Current assets: Current assets: [Abstract] Cash and cash equivalents Accounts receivable, net Prepaid expenses Inventories Investment Other assets Total current assets Noncurrent assets: Noncurrent assets: [Abstract] Long lived, depreciable assets used for the primary purpose of water transportation, net of accumulated depreciation. Vessels and vessel improvements, at cost, net of accumulated, depreciation of $407,926,586 and $389,545,066, respectively Other fixed assets, net of accumulated amortization of $606,976 and $574,532, respectively Restricted cash Carrying balance of deferred dry dock costs during the period. Deferred drydock costs Deferred financing costs Other assets Total noncurrent assets Total assets LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES & STOCKHOLDERS' EQUITY [Abstract] Current liabilities: Current liabilities: [Abstract] Accounts payable Accrued interest Other accrued liabilities Unearned charter hire revenue Term loans Represents a payment in kind loan balance on particular date and is repaid at maturity or upon refinancing. A PIK loan is typically unsecured. Payment-in-kind loans Total current liabilities Total liabilities Commitment and contingencies Commitment and contingencies [Abstract] Stockholders' equity: Stockholders' equity: [Abstract] Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued Common stock, $.01 par value, 100,000,000 shares authorized, 16,902,213 and 16,783,071 shares issued and outstanding, respectively Additional paid-in capital Retained earnings (net of accumulated dividends declared of $262,118,388 as of March 31, 2014 and December 31, 2013, respectively) Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity Accumulated depreciation, vessels (in Dollars) Accumulated amortization, other fixed assets (in Dollars) Preferred stock par value (in Dollars per share) Preferred stock, shares authorized Preferred stock, shares issued Common stock par value (in Dollars per share) Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Accumulated dividends declared (in Dollars) Income Statement [Abstract] Revenues, net of commissions Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties. Voyage expenses The aggregate direct operating costs incurred during the reporting period. Vessel expenses Depreciation and amortization General and administrative expenses Gain on time charter agreement termination during the period. Gain on time charter agreement termination Total operating expenses Operating income (loss) Interest expense Interest income Other expense Total other expense, net Net income (loss) Weighted average shares outstanding: Weighted average shares outstanding: [Abstract] Basic (in Shares) Diluted (in Shares) Per share amounts: Per share amounts: [Abstract] Basic net income (loss) (in Dollars per share) Diluted net income (loss) (in Dollars per share) Statement of Comprehensive Income [Abstract] Net income (loss) Other comprehensive income (loss): Other comprehensive income (loss): [Abstract] Change in unrealized loss on investment Realized loss on investment Net unrealized gain on derivatives Total other comprehensive income (loss) Comprehensive Income/(loss) Statement of Stockholders' Equity [Abstract] Equity Component [Domain] Balance at Balance at Balance at (in Shares) Balance at (in Shares) Net Loss Change in unrealized gain on investment Exercise of Warrants Exercise of Warrants (in Shares) Non-cash compensation Statement of Cash Flows [Abstract] Cash flows from operating activities: Cash flows from operating activities: [Abstract] Adjustments to reconcile net income (loss) to net cash provided by operating activities: Adjustments to reconcile net income (loss) to net cash provided by operating activities: [Abstract] Items included in net income (loss) not affecting cash flows: Items included in net income (loss) not affecting cash flows: [Abstract] Depreciation The charge against earnings in the period representing the allocation of deferred dry docking costs to period expected to benefit from such costs. Amortization of deferred drydocking costs Amortization of deferred financing costs Amortization of the difference between fair value and contract value of time charter acquired. Amortization of fair value below contract value of time charter acquired Payment-in-kind interest on debt Investment and other current asset Realized loss from investment Gain on time charter agreement termination Non-cash compensation expense The cash outflow for dry docking costs. Drydocking expenditures Changes in operating assets and liabilities: Changes in operating assets and liabilities: [Abstract] Accounts receivable Other assets Prepaid expenses Inventories Accounts payable Accrued interest Accrued expenses Deferred revenue Unearned revenue Net cash provided by operating activities Cash flows from investing activities: Cash flows from investing activities: [Abstract] The cash outflow associated with the acquisition of vessels and vessel improvements and advances for vessel construction Vessel improvements Purchase of other fixed assets Net cash used in investing activities Cash flows from financing activities: Cash flows from financing activities: [Abstract] Deferred financing costs Net cash used in financing activities Net increase in cash Cash at beginning of period Cash at end of period Disclosure Text Block [Abstract] Business Description and Basis of Presentation [Text Block] New Accounting Pronouncements and Changes in Accounting Principles [Abstract] New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] Long-term Debt [Text Block] Derivatives and Fair Value [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Earnings Per Share [Abstract] Earnings Per Share [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Tabular disclosure of consolidated revenue from major charters. Schedule Of Consolidated Revenue From Major Charters [Table Text Block] Tabular disclosure of information pertaining vessels and vessels improvements. Schedule Of Vessel And Vessl Improvements [Table Text Block] Tabular disclosure of interest expenses excluding capitalized interest. Schedule of Debt [Table Text Block] Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block] Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] Fair Value, Assets Measured on Recurring Basis [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Tabular disclosure of non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses. Schedule of Non-Cash Compensation Expenses [Table Text Block] Consolidated Revenue from Major Charters Consolidated Revenue from Major Charters [Abstract] Customer [Domain] Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Table] Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items] Percentage disclosure of revenue earned from major customers. Charterer Vessels Vessels [Abstract] Vessels and Vessel Improvements Depreciation Expense Summary of Debt Summary of Debt [Abstract] Term Loans Long-term Debt Non Current Excluding Fair Value Of Derivative Instruments Total debt Interest Expense Interest Expense [Abstract] Loan Interest Amortization of Deferred Financing Costs Total Interest Expense Effect of Derivative Instruments on Statement of Operations Effect of Derivative Instruments on Statement of Operations [Abstract] Hedging Designation [Domain] Derivative, Name [Domain] Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Derivative Instruments on Statement of Operations [Table] Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Derivative Instruments on Statement of Operations [Line Items] Derivatives designated as hedging instruments: Derivatives designated as hedging instruments: [Abstract] Interest rate swaps Summary of Assets and Liabilities Measured at Fair Value Summary of Assets and Liabilities Measured at Fair Value [Abstract] Fair Value Hierarchy [Domain] Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value [Table] Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value [Line Items] Assets: Assets: [Abstract] Investment Earnings Per Share, Basic and Diluted Earnings Per Share, Basic and Diluted [Abstract] Net income (loss) Weighted Average Shares – Basic Weighted Average Shares - Diluted Basic Earnings (loss) Per Share Diluted Earnings (loss) Per Share The Non-Cash Compensation Expense EX-101.PRE 11 egle-20140331_pre.xml EXHIBIT 101.PRE EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0"I^C`/Y@$``,P7```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,F-%JVS`8A>\+>P>CVQ$K MDM:N&W%ZL767;:'=`VC6G]C$EH2DMLG;5W;:4DJ6$A;8N8E)+/WGB\`?^,PN MUGU7/%"(K;,5$^64%61K9UJ[K-CONU^3^[MM8ID_(':]ZE3)X3RKQS7!.; MUL?/&8/QG0G#G;\'/.^[SD<36D/%C0[I2O<9@Z\[_NC"ZH]SJW+_D!V4;K%H M:S*NON_S"931!](F-D2I[\KQ6O:ZM2_<>_+'Q9&/%W%DD.'_C8,/Y)`@'`J$ MXPL(QRD(QQD(QU<0CG,0CF\@'&**`H)B5(&B5('B5($B58%B58&B58'B58$B M5H%B5HEB5HEB5HEB5HEB5HEB5HEB5HEB5HEB5HEB5HEB5H5B5H5B5H5B5H5B M5H5B5H5B5H5B5O6_S)IR5TI\_/SW!W<<\T%9%].FHWCD%^SMT(^2&QW(W*:0 M6^6C`[R=O8\C=ZXWP?F8V^=`AY_"2[T\[)[X/(A":NFU8-Y5U+XFYN;Z\,!W M33$-W;@ALR.;CUW\_`D``/__`P!02P,$%``&``@````A`+55,"/U````3`(` M``L`"`)?]=J>*V?5@^@8B)G:13'&HX<85?=WFQ?>*24 MFV+7^ZBRBXL:NI3$V(T'4\4"_'L)MI<3_3_MCAQ(DN)T$C@\SS?BG-`Z^N!+I]HJ?B]SCSBIX3A M363X8<'%#U1?````__\#`%!+`P04``8`"````"$`\*#N9/0!``#)%@``&@`( M`7AL+U]R96QS+W=O_4G9E2_HBT%[12 MKRP\@)6X346;1+9AZ=MC%384B?UV#]%<(ME1QI\^C^?YU>FB,FUM=MUK2_-P4>S7)S]N+WW.Y?R1['9]K'( M4=I8FB:E_L;:6#5^[^*DZWV;WZR[L'3J=VW`:PRR^Q"Q6 M=6G"JB8QQ<.ASTO_.WBW7F\K?]=5SWO?IF_6L+^[\!0;[U,.ZL+&I](,4]$> MWY!,LF9C_R(G^Z$KYPK)X;FR')XC.7(]IIR8#KN<;L-.O8_1^DQCKC]DQJ>$ M8>HC69B0')DIRY$9DG.IK.82B2%65D,,Y6B;0]`=OE!VAR^0.Z)=A`4681FU M"*<,*Y_M_N#!<6B/3WBXM?,7IZ\V!PAR@',;H4I)GJ+TY5&Q-##@,V>&J3]8 MN$9RM"$%TU@[<6#>D+HUT!O6YC=#?HMVR1%8"53K0KLN"2/.JQ^@]W M"**0'+[Y0?TX@T``/__`P!02P,$%``&``@````A`#=1K21_ M`P``^PL```\```!X;"]W;W)K8F]O:RYX;6R4EMU.XS`0A>]7VG>(B], M:2[%T(]^AK['1"X++I9#_W[^Z\>9[VE#14%+*=C0WS+M7XZ^?[O82/7$.6S M!P)"#_V5,?5Y$.A\Q2JJ?\J:";BSD*JB!I9J&>A:,5KH%6.F*H,X#$^"BG+A M[Q3.U6,D>=AEYM*[O:`5QOY:^ M5U)M)@4WK!CZ&2SEAG4NJ'5]O>8EW!TD8>('HS;)J?(*MJ#KTLPAO;TZ^!6G M<7S2/-E8\<#91A\V-4OO]9&+0FZ:1\':;;M*(("-O?7("[."^V$8MM=^,[Y< MF?U%D`^0OG40WF./GK#I[1TA5Z(@$V&XV9);L7.?2RAAX_HM9!;YGCKG<*)N MBZ@)'*O<@(FRY`4%B\@U+:G(&9DU6S6YAT*U*C%2B;^F`@&T,@F2L7[W!C,S M$%-3HV"2`9(9.&42\L"T9B7.(07P2?$7 MR/>%`>/:*#L+-,$Z&-#HB%"K06ITS,J%*0!$T^2.U)E.F;(2X>U-,:72$J=49 MD)F1^3-8DP,6C4E3:.1.:3"ET1&F5J47,-R_*08UA_5,, M:.0F=(>(8R^F,G)CV4L*SB'#G,*,?C<2/RY-1PBS&[O9[:D-F2-7,LQN[&:W MMSJPMYVN&88W=L/;*P1[6Z$8TPL+ET6',H^9H;PS"F),+2P^M=\Q4N!+>Q@I MN\\N'J^V5&^\'`>1=9)PL]K=3&;KJJ)J"U\<;`:&-OX0VK<@H!,-@R%MR`3K M8(#C+P*,RYQ@@&'AW$W"9$PPP+%Q"O4.STPFXWHF;X-ZIV1'"!4_. 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Note 7 - Related Party Transactions (Details) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2010

Received Monthly [Member]

Delphin Shipping Llc [Member]

First Ten Vessels [Member]

Dec. 31, 2010

Received Monthly [Member]

Delphin Shipping Llc [Member]

Second Ten Vessels [Member]

Dec. 31, 2010

Received Monthly [Member]

Delphin Shipping Llc [Member]

Third Ten Vessels [Member]

Mar. 31, 2014

Delphin Shipping Llc [Member]

Note 7 - Related Party Transactions (Details) [Line Items]

Management Fees Revenue $ 545,022 $ 545,022 $ 15,834 $ 11,667 $ 8,750

Advance Balance Received 786,844

Reimbursement Of Expenses 37,279 75,454

Due from Related Parties $ 4,984

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Note 3 - Vessels (Details)

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

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Note 9 - Stock Incentive Plans (Details) - The Non-Cash Compensation Expense (USD $)
3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

The Non-Cash Compensation Expense [Abstract]

Stock Option Plans $ 154,852 $ 340,671

Restricted Stock Grants 124,891 1,614,720

Total Non-cash compensation expense $ 279,743 $ 1,955,391

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Note 2 - New Accounting Pronouncements
3 Months Ended

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New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note 2. New Accounting Pronouncements

In April 2014, the FASB issued an update Accounting Standards Update for Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, Presentation of Financial Statements, and Property Plant and Equipment. Under this new guidance only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The Company does not expect a material impact on the Company’s consolidated financial statements as a result of the adoption of this standard.

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The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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Note 4 - Debt (Details) - Interest Expense (USD $)
3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Interest Expense [Abstract]

Loan Interest $ 17,757,842 $ 18,463,697

Amortization of Deferred Financing Costs 2,015,777 2,075,338

Total Interest Expense $ 19,773,619 $ 20,539,035

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Note 4 - Debt (Details) - Summary of Debt (USD $)

Mar. 31, 2014

Dec. 31, 2013

Summary of Debt [Abstract]

Term Loans $ 1,129,478,741 $ 1,129,478,741

Payment-in-kind loans 51,903,212 44,565,437

Total debt $ 1,181,381,953 $ 1,174,044,178

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3 Months Ended

Mar. 31, 2013

Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]

Derivatives designated as hedging instruments:

Interest rate swaps $ (868,289)

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Mar. 31, 2014

Dec. 31, 2013

Fair Value, Inputs, Level 1 [Member]

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value [Line Items]

Investment $ 11,715,793 $ 13,817,439

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Note 1 - Basis of Presentation and General Information
3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Business Description and Basis of Presentation [Text Block]
Note 1. Basis of Presentation and General Information

The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company", “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment.

The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares or limited liability company interests of its subsidiaries. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company.

As of March 31, 2014, the Company owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately 6.9 years.

The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated:

% of Consolidated Charter Revenue

Three Months Ended

Charterer

March 31, 2014

March 31, 2013

Charterer A

-

44.5%

Charterer B

13.3%

11.9%

Charterer C

16.0%

-

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K, filed with the SEC on March 31, 2014.

The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivatives and warrants.

Liquidity

As further described in Note 4, the Fourth Amended and Restated Credit Facility (as defined in Note 4 and also referred to herein as the “Credit Agreement”), the Company has financial covenants that began in 2013 and become increasingly restrictive each quarter. The covenants are primarily driven by the calculation of EBITDA for the trailing twelve month periods, which is driven by charter hire rates. In order to remain in compliance with our covenants, charter hire rates must increase over time. However, charter hire rates have been volatile and were driven down during the recession. Despite relatively low charter hire rates in 2013, the Company met all of its covenants in 2013, other than the maximum leverage ratio at December 31, 2013. That ratio was exceeded primarily due to a recognized loss of $8.2 million on the Company’s shares of Korea Lines Corporation (“KLC”) during the fourth quarter of 2013, as further described below under “Korean Line Corporation”. The Company also believes that it will fail to meet both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at their respective compliance measurement dates throughout each measurement date in 2014, including for the period ended March 31, 2014 and thereafter.

On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014.

Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014.

On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.

The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern.

The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially.

As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014.

The Company’s Credit Agreement is described further in Note 4 below.

Korea Line Corporation

Since January 2011, Korea Lines Corporation (“KLC”), one of our charterers, has been operating under protective receivership in Seoul, South Korea. Since the fourth quarter of 2011, KLC had not been performing in accordance with the $17,000 per vessel per day shortfall arrangement on 13 of our vessels. As a result we were not recording revenue associated with those amounts owed during prior year periods as collectability was not assured.

On January 3, 2013, a comprehensive termination agreement between the Company and KLC became effective, pursuant to which we agreed to accept $63.7 million on a non-interest bearing installment note and 1,224,094 common shares of KLC stock as compensation for the early termination of our 13 charters with KLC. Under the termination agreement, cash payments of $10.3 million were paid in the first quarter of 2013, and the balance of $53.4 million would have been paid in cash installments through 2021, with the majority of the payments to be paid in the last five years. The KLC stock certificates were issued on February 7, 2013 and were secured at the Korean Securities Depository for six months. On August 7, 2013, we took possession of the share certificates.

In the first quarter of 2013, as the settlement effectively terminated the charters with KLC, the Company released $3.5 million of bunker liabilities and an aggregate $13.7 million balance related to deferred revenue and to the unamortized fair value of charters below and above contract value. The Company valued the equity received from KLC at $5.9 million and the note receivable at $2.7 million. The Company recorded revenue associated with the termination of $32.8 million related to amounts previously owed but not recognized and a termination gain of $3.3 million.

On March 28, 2013, the Korean court approved an amendment to the KLC termination agreement after receiving a favorable vote from the concerned parties. The amendment included a 1 to 15 reduction to the number of KLC common shares outstanding at that date and also reduced our long-term receivable by 90%, substituting that portion of the commitment with 538,751 additional common shares of KLC to be issued to the Company at a date to be determined in the second quarter of 2013. We evaluated the fair value of the additional KLC common shares to be issued and the impact to our long-term receivable and determined that the aggregate value exceeded the carrying value of our long-term note receivable recorded in January of 2013; therefore, we did not have a loss on that transaction. Under our accounting policy, and in accordance with U.S. GAAP, any gain on that transaction should be recorded upon settlement. As 90% of the long-term note receivable was paid in equity in the second quarter of 2013, we reclassified that portion as a current asset in the “Investment” line of our balance sheet at March 31, 2013. We considered the March 28, 2013 decision by KLC to dilute the value of previously issued KLC shares to be a triggering event requiring the evaluation of whether a permanent decrease in value had occurred. We determined that a permanent decrease in value had occurred and as of March 31, 2013, we recognized the change in the fair value of our existing KLC shares as other-than-temporary and recorded in other expense a loss of approximately $3.0 million.

On May 9, 2013, the 538,751 additional KLC common shares were issued to the Company and are secured at the Korean Securities Depository. On November 11, 2013, we took possession of the share certificates. These shares replace the note receivable recorded pursuant to the January 3, 2013, termination agreement. The fair market value of the shares upon issuance was in excess of the fair value of the receivable and result a gain of $32.5 million in the second quarter of 2013.

KLC completed its financial reorganization by the middle of September 2013, and emerged from bankruptcy in October 2013. On October 28, 2013, we received early prepayment of $3.9 million to settle our long term receivable from KLC, which resulted in an additional gain on time charter agreement termination of $3.5 million recognized in the third quarter of 2013 as the carrying value at September 30, 2013 was adjusted to reflect the elimination of credit risk.

As of December 31, 2013, the Company sold 58,128 of the KLC shares for a total consideration of $2.3 million and realized a loss of $0.4 million.

As of September 30, 2013 and December 31, 2013, the change in the fair value of our KLC investment was considered as other-than-temporary, and therefore the Company recorded a non-cash impairment loss of $7.3 million and $8.2 million in other expense in the third and fourth quarters of 2013, respectively.

The KLC stock held by the Company is designated as available-for-sale and is reported at fair value, with unrealized gains and losses recorded in shareholders’ equity as a component of accumulated other comprehensive income. As of March 31, 2014, the fair value of the remaining 566,529 KLC shares held by the Company was $11.7 million.

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3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Jul. 28, 2011

First To Seventh Year [Member]

Jul. 28, 2011

Eight Year [Member]

Note 6 - Commitments and Contingencies (Details) [Line Items]

Monthly Technical Management Fees $ 10,708 $ 10,315

Hire Rate Payable $ 13,500 $ 13,750

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Consolidated Balance Sheets (Unaudited) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Current assets:

Cash and cash equivalents $ 19,827,606 $ 19,682,724

Accounts receivable, net 13,721,595 11,197,101

Prepaid expenses 7,818,159 5,501,081

Inventories 6,735,101 9,610,272

Investment 11,715,793 13,817,439

Other assets 4,495,176 2,122,574

Total current assets 64,313,430 61,931,191

Noncurrent assets:

Vessels and vessel improvements, at cost, net of accumulated, depreciation of $407,926,586 and $389,545,066, respectively 1,621,173,848 1,639,555,368

Other fixed assets, net of accumulated amortization of $606,976 and $574,532, respectively 349,394 361,306

Restricted cash 66,243 66,243

Deferred drydock costs 4,033,139 3,826,685

Deferred financing costs 14,262,767 16,278,544

Other assets 1,323,515 1,394,964

Total noncurrent assets 1,641,208,906 1,661,483,110

Total assets 1,705,522,336 1,723,414,301

Current liabilities:

Accounts payable 4,618,061 6,422,306

Accrued interest 152,139 153,885

Other accrued liabilities 7,731,467 6,211,224

Unearned charter hire revenue 4,855,641 5,387,844

Term loans 1,129,478,741 1,129,478,741

Payment-in-kind loans 51,903,212 44,565,437

Total current liabilities 1,198,739,261 1,192,219,437

Total liabilities 1,198,739,261 1,192,219,437

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, 16,902,213 and 16,783,071 shares issued and outstanding, respectively 169,020 167,828

Additional paid-in capital 767,102,359 766,823,808

Retained earnings (net of accumulated dividends declared of $262,118,388 as of March 31, 2014 and December 31, 2013, respectively) (258,386,658) (235,796,772)

Accumulated other comprehensive loss (2,101,646)

Total stockholders' equity 506,783,075 531,194,864

Total liabilities and stockholders' equity $ 1,705,522,336 $ 1,723,414,301

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $)

Common Stock [Member]

Additional Paid-in Capital [Member]

Net Income [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Total

Balance at at Dec. 31, 2013 $ 167,828 $ 766,823,808 $ (235,796,772) $ 531,194,864

Balance at (in Shares) at Dec. 31, 2013 16,783,071

Net Loss (22,589,886) (22,589,886) (22,589,886)

Change in unrealized gain on investment (2,101,646) (2,101,646)

Exercise of Warrants 1,192 (1,192)

Exercise of Warrants (in Shares) 119,142

Non-cash compensation 279,743 279,743

Balance at at Mar. 31, 2014 $ 169,020 $ 767,102,359 $ (258,386,658) $ (2,101,646) $ 506,783,075

Balance at (in Shares) at Mar. 31, 2014 16,902,213

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Note 8 - Earnings (Loss) Per Common Share (Details) - Earnings Per Share, Basic and Diluted (USD $)
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Note 9 - Stock Incentive Plans (Tables)
3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Non-Cash Compensation Expenses [Table Text Block]

Three Months Ended

March 31, 2014

March 31, 2013

Stock Option Plans
$ 154,852 $ 340,671

Restricted Stock Grants
124,891 1,614,720

Total Non-cash compensation expense
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X

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Note 9 - Stock Incentive Plans (Details) (USD $)
1 Months Ended 3 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended

May 31, 2012

Mar. 31, 2014

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Dec. 31, 2015

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Mar. 31, 2014

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Mar. 31, 2014

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Mar. 31, 2014

Maximum [Member]

Management [Member]

Note 9 - Stock Incentive Plans (Details) [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) 5,900,000 1,050,000

Stockholders' Equity, Reverse Stock Split 1 for 4

Share-based Compensation Arrangement by Share-based Payment Award, Description 10%

Restricted Stock Units Outstanding (in Shares) 123,667

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years 5 years 3 years 4 years

Allocated Share-based Compensation Expense $ 124,891 $ 1,614,720 $ 0 $ 0 $ 277,459 $ 123,032 $ 154,852 $ 340,671

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 392,149

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) 147,667 1,727,667 1,727,667

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) $ 3.34 $ 3.34 $ 87.52 $ 87.52

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Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters
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Mar. 31, 2014

Mar. 31, 2013

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Charterer B [Member]

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
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Mar. 31, 2014

Mar. 31, 2013

Net income (loss) $ (22,589,886) $ 1,374,270

Depreciation 18,413,964 18,515,090

Amortization of deferred drydocking costs 663,849 421,487

Amortization of deferred financing costs 2,015,777 2,075,338

Amortization of fair value below contract value of time charter acquired (10,280,559)

Payment-in-kind interest on debt 7,337,775 7,174,028

Investment and other current asset (4,925,953)

Realized loss from investment 2,952,927

Gain on time charter agreement termination (3,331,692)

Non-cash compensation expense 279,743 1,955,391

Drydocking expenditures (870,303) (681,628)

Accounts receivable (2,524,494) (1,451,069)

Other assets (2,301,153) (724,321)

Prepaid expenses (2,317,078) (710,477)

Inventories 2,875,171 (636,185)

Accounts payable (1,804,245) (2,092,635)

Accrued interest (1,746) (1,383,205)

Accrued expenses 1,520,243 (3,429,333)

Deferred revenue (3,766,412)

Unearned revenue (532,203) 193,777

Net cash provided by operating activities 165,414 1,248,839

Vessel improvements (49,994)

Purchase of other fixed assets (20,532)

Net cash used in investing activities (20,532) (49,994)

Deferred financing costs (48,000)

Net cash used in financing activities (48,000)

Net increase in cash 144,882 1,150,845

Cash at beginning of period 19,682,724 18,119,968

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Note 3 - Vessels (Tables)
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Note 5 - Derivative Instruments and Fair Value Measurements
3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Derivatives and Fair Value [Text Block]
Note 5. Derivative Instruments and Fair Value Measurements

Interest-Rate Swaps

Historically, the Company entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company pays fixed rate interest and receives floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for interest rate swaps is reflected in the accompany balance sheets.

Forward freight agreements, bunker swaps and freight derivatives

The Company trades in forward freight agreements (“FFAs”), bunker swaps and freight derivatives markets, with the objective of utilizing these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and/or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for derivative instruments is reflected in the accompany balance sheets.

Tabular disclosure of derivatives location

No portion of the cash flow hedges shown below was ineffective during the period ended March 31, 2014. The effect of cash flow hedging relationships on the balance sheets as of March 31, 2014 and December 31, 2013, and the statement of operations for the periods ended March 31, 2014 and 2013 are as follows:

The effect of derivative instruments on statements of operations:

Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss

Three Months Ended

Location

of Gain (Loss) Recognized

March 31, 2014

March 31, 2013

Derivatives designated as hedging instruments:

Interest rate swaps

Interest expense
$ — $ (868,289
)

Cash Collateral Disclosures

The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined by the terms of the respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31, 2014 and December 31, 2013, the Company had no outstanding amounts paid as collateral related to the derivative fair value positions.

Fair Value Measurements

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash, cash equivalents and restricted cash—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof.

Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof.

Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

Forward freight agreements (FFAs)—the fair value of FFAs is determined based on quoted rates.

Freight and bunker derivative instruments—the fair value of freight and bunker derivative contracts is the estimated amount that the Company would receive or pay to terminate the option contracts at the reporting date.

Bunker swaps—the fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

Investment— include our available-for-sale securities that are traded in active market internationally. The fair value is measured by using closing stock price from active market.

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment.

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account.

Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions).

The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013:

March 31, 2014

December 31, 2013

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Assets:

Investment
$ 11,715,793 — — $ 13,817,439 —

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Note 4 - Debt
3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]
Note 4. Debt

Debt consists of the following:

March 31, 2014

December 31, 2013

Term Loans
$ 1,129,478,741 $ 1,129,478,741

Payment-in-kind loans
51,903,212 44,565,437

Total debt
$ 1,181,381,953 $ 1,174,044,178

The Fourth Amended and Restated Credit Agreement

On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement, dated as of October 19, 2007, as amended up to the date thereof (the “Fourth Amended and Restated Credit Agreement”), which, among other things, (i) permanently waives any purported defaults or events of defaults that were the subject of a temporary waiver under the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, including any alleged events of default arising from any purported breach of the minimum adjusted net worth covenant that occurred as a result of any failure to maintain the required adjusted net worth; (ii) converts the $1,129,478,741 outstanding under the revolving credit facility into a term loan; (iii) sets the maturity date as December 31, 2015, and, subject to the Company's satisfaction of certain conditions, including a collateral coverage ratio at December 31, 2015 of less than 80%, provides an option to the Company to further extend the maturity date by an additional 18 months to June 30, 2017 (the "Termination Date"); (iv) requires no mandatory repayments of principal until the Termination Date, other than a quarterly sweep of cash on hand in excess of $20,000,000 and upon the sale of vessels, additional financings or future equity raises by the Company. All amounts outstanding under the term loan will bear interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component. The initial cash margin of 3.50% and PIK margin of 2.50% can be reduced on the basis of reduced leverage and proceeds from future equity raises by the Company.

The Fourth Amended and Restated Credit Agreement also provides for a new Liquidity Facility in the aggregate amount of $20,000,000, which permits the purchase or sale of vessels within certain parameters, permits the management of third party vessels and provides that all capitalized interest will be evidenced in the form of PIK loans, which will mature on the Termination Date. On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share. As of March 31, 2014 the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $51,903,212 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Agreement, the Company recorded $11,829,673 of deferred financing costs that are amortized over the life of the term loan, including amendment and professional fees.

In addition, the Fourth Amended and Restated Credit Agreement replaced the previously existing financial covenants and substituted them with new covenants, which requires the Company to (i) maintain a maximum leverage ratio of the term loan indebtedness, excluding the PIK loans, to EBITDA (as defined in the Fourth Amended and Restated Credit Agreement) on a trailing four quarter basis, commencing in the quarterly period ending September 30, 2013, of 13.9:1, December 31, 2013, of 12.3:1, March 31, 2014 of 10.6:1, June 30, 2014 of 9.2:1, September 30, 2014 of 8.5:1, December 31, 2014 of 8.1:1, March 31, 2015 of 7.8:1, June 30, 2015 of 7.6:1, September 30, 2015 of 7.5:1, and December 31, 2015 of 7.3:1 and, should the Termination Date be extended under the Company’s option, further declining in intervals to 6.2:1 for the quarterly period ending March 31, 2017; (ii) maintain a minimum interest coverage ratio of EBITDA to cash interest expenses on a trailing four quarter basis, expressed as a percentage, commencing in the quarterly period ending June 30, 2013, of 130%, September 30, 2013, of 140%, December 31, 2013, of 160%, March 31, 2014 of 180%, June 30, 2014 of 200%, September 30, 2014 of 210%, December 31, 2014 of 220%, March 31, 2015 of 220%, June 30, 2015 of 220%, September 30, 2015 of 220%, and December 31, 2015 of 220% and, should the Termination Date be extended, further escalating in intervals to 230% for the quarterly period ending March 31, 2017; (iii) maintain free cash with the agent in one or more accounts in an amount equal to $500,000 per vessel owned directly or indirectly by the Company, provided that the unutilized amount of the liquidity facility shall be deemed to constitute free cash for these purposes; and (iv) maintain a maximum collateral coverage ratio, commencing in the quarterly period ending September 30, 2014, of 100% of the term loan indebtedness and any related swap exposure, declining in intervals to 80% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further declining in intervals to 70% for the quarterly period ending March 31, 2017. Refer to Note 1 - General Information- Liquidity for further information regarding compliance with our covenants.

In connection with the Fourth Amended and Restated Credit Agreement, the Company entered into a Warrant Agreement, dated June 20, 2012, pursuant to which the Company issued 3,148,584 warrants convertible on a cashless basis into shares of the Company's common stock, par value $0.01 (the "Warrant Shares"), at a strike price of $0.01 per share of common stock. One-third of the warrants are exercisable immediately, the next third of the warrants are exercisable when the price of the Company's common stock reaches $10.00 per share and the last third of the warrants are exercisable when the price of the Company's common stock reaches $12.00 per share. Unexercised warrants will expire on June 20, 2022. The Company determined the relative fair value of the Warrant Shares at $7.2 million using the Monte Carlo simulation which was performed, and the mean value was selected. The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98, risk-free rate of 1.64%, expected volatility of 79.3%, expected term of 10 years and expected dividend yield of 0%. The fair value of the warrants was recorded as deferred financing cost and amortized over of the life the term loan agreement.

Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties.

On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014.

Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014.

On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.

The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern.

The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially.

As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014. Refer to Note 1 – General Information- Liquidity for additional information.

Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties.

For the three months ended March 31, 2014, interest rates on the outstanding debt ranged from 3.73% to 3.61%, including a margin of 3.50% over LIBOR. The weighted average effective interest rate for the three months ended March 31, 2014, was 3.65%.

Interest Expense, inclusive of the PIK loans, consisted of:

Three Months Ended

March 31, 2014

March 31, 2013

Loan Interest
$ 17,757,842 $ 18,463,697

Amortization of Deferred Financing Costs
2,015,777 2,075,338

Total Interest Expense
$ 19,773,619 $ 20,539,035

Interest paid, exclusive of the PIK loans, in the three-month periods ended March 31, 2014 and 2013 amounted to $10,421,812 and $12,672,875, respectively.

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Note 1 - Basis of Presentation and General Information (Details) (USD $)
3 Months Ended 1 Months Ended 0 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Oct. 28, 2013

Subsequent Event [Member]

Korea Line Corporation [Member]

May 09, 2013

Korea Line Corporation [Member]

Sep. 30, 2013

Korea Line Corporation [Member]

Mar. 31, 2013

Korea Line Corporation [Member]

Jan. 03, 2013

Korea Line Corporation [Member]

Dec. 31, 2011

Korea Line Corporation [Member]

Dec. 31, 2013

Korea Line Corporation [Member]

Mar. 31, 2014

Korea Line Corporation [Member]

Mar. 31, 2014

Supramax Vessels [Member]

Mar. 31, 2014

Handymax Vessels [Member]

Dec. 31, 2013

Korea Line Corporation [Member]

Sep. 30, 2013

Korea Line Corporation [Member]

Jun. 30, 2013

Korea Line Corporation [Member]

Dec. 31, 2013

Korea Line Corporation [Member]

Feb. 07, 2013

Korea Line Corporation [Member]

Note 1 - Basis of Presentation and General Information (Details) [Line Items]

Vessels In Operation 45 13 43 2

Dead Weight Tonnage Of Operating Fleet 2,451,259

Average Age In Years Of Operating Fleet 6 years 328 days

Other than Temporary Impairment Losses, Investments $ 8,200,000 $ 8,200,000 $ 7,300,000

Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders 66.67%

Adjusted Chartered Rate Value 17,000

Contract Receivable 63,700,000

Investment Owned, Balance, Shares (in Shares) 1,224,094 566,529

Contract Receivable, Due in Next Twelve Months 10,300,000

Contract Receivable, Due after Year One 53,400,000

Number of Months Stock Certificates Are Secured in Depository 6 months

Bunker Liabilities Released 3,500,000

Deferred Revenue 13,700,000

Investment Owned, Balance, Principal Amount 5,900,000

Accounts and Notes Receivable, Net 2,700,000

Termination Revenue 32,800,000

Gain (Loss) on Contract Termination 3,331,692 3,500,000 3,300,000

Reduction Of Shares Outstanding 1 to 15

Reduction Of Long Term Receivable 90.00%

Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance (in Shares) 538,751

Other Expenses 3,000,000

Share-based Goods and Nonemployee Services Transaction, Securities Issued 538,751

Incremental Gain on Trading Shares 32,500,000

Proceeds From Charter Agreement Termination Receivable 3,900,000

Investment Owned, Shares Sold (in Shares) 58,128 58,128

Proceeds from Sale of Available-for-sale Securities, Equity 2,300,000

Available-for-sale Securities, Gross Realized Losses 400,000

Investment Owned, at Fair Value $ 11,700,000

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Note 4 - Debt (Tables)
3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Schedule of Debt [Table Text Block]

March 31, 2014

December 31, 2013

Term Loans
$ 1,129,478,741 $ 1,129,478,741

Payment-in-kind loans
51,903,212 44,565,437

Total debt
$ 1,181,381,953 $ 1,174,044,178

Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block]

Three Months Ended

March 31, 2014

March 31, 2013

Loan Interest
$ 17,757,842 $ 18,463,697

Amortization of Deferred Financing Costs
2,015,777 2,075,338

Total Interest Expense
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Note 8 - Earnings (Loss) Per Common Share
3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]
Note 8. Earnings (Loss) Per Common Share

The computation of basic net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended March 31, 2014, includes the weighted average underlying Warrant Shares issuable upon exercise of the 177,783 warrants at the exercise price of $0.01 per share. In accordance with U.S. GAAP, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net income (loss) per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of March 31, 2014, does not include 123,667 restricted stock units and 1,727,667 stock options as their effect was anti-dilutive. Diluted net income per share as of March 31, 2013, does not include 345,331 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive.

Three Months Ended

March 31,

2014

March 31,

2013

Net income (loss)
$ (22,589,886 ) $ 1,374,270

Weighted Average Shares – Basic
17,080,190 16,966,070

Dilutive effect of stock options and restricted stock units
— —

Weighted Average Shares - Diluted
17,080,190 16,966,070

Basic Earnings (loss) Per Share
$ (1.32 ) $ 0.08

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$ (1.32 ) $ 0.08

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Note 6 - Commitments and Contingencies
3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]
Note 6. Commitments and Contingencies

Legal Proceedings

The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows.

Vessel Technical Management Contract

The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $10,708 and $10,315 per vessel during the three months ended March 31, 2014 and 2013, respectively.

Other Commitments

On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to deliver in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company has options to purchase the vessel starting at the end of the fifth year.

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Note 7 - Related Party Transactions
3 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]
Note 7. Related Party Transactions

On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company's Chief Executive Officer, Sophocles Zoullas. Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provides commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement, the Company has been granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire. The Company has also been granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel that the Company reasonably deems suitable for a Company-owned vessel. The Management Agreement also provides the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option of Delphin.

Pursuant to the Management Agreement, the Company contracted to provide commercial and technical supervisory management services for Delphin vessels for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Construction of the first vessel commenced in December 2010. Total management fees for the periods ended March 31, 2014 and 2013 amounted to $545,022 and $545,022, respectively. The advanced balance received from Delphin on account for the management of its vessels as of March 31, 2014 amounted to $786,844. The total reimbursable expenses for the periods ended March 31, 2014 and 2013 amounted to $37,279 and $75,454, respectively. The balance due from Delphin as of March 31, 2014 amounted to $4,984. The balance due mainly consists of reimbursable expenses.

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Note 9 - Stock Incentive Plans
3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 9. Stock Incentive Plans

2011 Equity Incentive Plan. In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the “2011 Plan”) for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plandid not adjust in accordance with the 1 for 4 reverse stock split that occur in May 2012. However, the 2011 Plan was approved by shareholders subject to the Company’s confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company’s issued and outstanding shares on a fully diluted basis on the date the options first become exercisable.

2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the “2009 Plan”) for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company’s common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company’s board of directors. A maximum of 1.05 million of the Company’s common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012.

As of March 31, 2014, RSUs covering a total of 123,667 of the Company’s shares are outstanding. The restricted stock units (“RSUs”) vest ratably between three to five years. These RSUs also entitle the participant to receive a dividend equivalent payment on the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company’s shareholders. The dividend equivalent rights on the unvested RSUs are forfeited upon termination of employment.The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the three months ended March 31, 2014 and 2013, the amortization charge was $124,891 and $1,614,720, respectively. The remaining expense for each of the year ending 2014 will be $392,149

As of March 31, 2014 and December 31, 2013, options covering 1,727,667 of the Company’s common shares are outstanding with exercise prices ranging from $3.34 to $87.52 per share (the market prices at dates of grants). The options granted to the independent non-employee directors vested and became exercisable on the grant dates. The options granted to members of its management under the 2005 Plan and 2009 Plan vest and become exercisable over three years. The options granted to members of its management under the 2011 Plan vest in four equal annual installments beginning on the grant date. All options expire between five to ten years from the date of grant. For the three months ended March 31, 2014 and 2013, the Company has recorded a non-cash compensation charge from stock options of $154,852 and $340,671, respectively. The remaining expense for each of the years ending 2014 and 2015 will be $277,459 and $123,032 respectively.

The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:

Three Months Ended

March 31, 2014

March 31, 2013

Stock Option Plans
$ 154,852 $ 340,671

Restricted Stock Grants
124,891 1,614,720

Total Non-cash compensation expense
$ 279,743 $ 1,955,391

As of March 31, 2014, Dividend Equivalent Rights Awards (“DERs”) equivalent to 147,667 of the Company’s common shares are outstanding to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company’s shareholders. For the three months ended March 31, 2014 and 2013, no compensation expenses were recorded.

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Note 8 - Earnings (Loss) Per Common Share (Details) (USD $)
3 Months Ended 15 Months Ended

Mar. 31, 2014

Mar. 31, 2014

Warrant [Member]

Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]

Weighted Average Underlying Warrant Shares Issuable 177,783

Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share) $ 0.01 $ 0.01

Restricted Stock [Member]

Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 123,667 345,331

Equity Option [Member]

Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,727,667 1,908,371

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Note 8 - Earnings (Loss) Per Common Share (Tables)
3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended

March 31,

2014

March 31,

2013

Net income (loss)
$ (22,589,886 ) $ 1,374,270

Weighted Average Shares – Basic
17,080,190 16,966,070

Dilutive effect of stock options and restricted stock units
— —

Weighted Average Shares - Diluted
17,080,190 16,966,070

Basic Earnings (loss) Per Share
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Note 3 - Vessels (Details) - Vessels (USD $)
3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Vessels [Abstract]

Vessels and Vessel Improvements $ 1,621,173,848 $ 1,639,555,368

Depreciation Expense $ (18,381,520)

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)
3 Months Ended

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Mar. 31, 2013

Net income (loss) $ (22,589,886) $ 1,374,270

Other comprehensive income (loss):

Change in unrealized loss on investment (2,101,646) (2,187,318)

Realized loss on investment 2,952,927

Net unrealized gain on derivatives 823,222

Total other comprehensive income (loss) (2,101,646) 1,588,831

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Note 3 - Vessels
3 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]
Note 3. Vessels

Vessel and Vessel Improvements

At March, 2014, the Company’s operating fleet consisted of 45 dry bulk vessels.

Vessel and vessel improvements:

Vessels and Vessel Improvements, at December 31, 2013
$ 1,639,555,368

Depreciation Expense
(18,381,520 )

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Note 4 - Debt (Details) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 18 Months Ended 3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

May 15, 2014

Scenario, Forecast [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 20, 2012

Pik Loans To Cumulative Convertible Preferred Stock [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 20, 2012

Warrant [Member]

Fourth Amended and Restated Credit Agreement [Member]

Sep. 30, 2013

Commencing In Quarterly Period Ending September 30, 2013 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Dec. 31, 2013

Commencing In Quarterly Period Ending December 31 2013 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Mar. 31, 2014

Commencing In Quarterly Period Ending March 31 2014 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 30, 2014

Commencing In Quarterly Period Ending June 30 2014 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Dec. 31, 2015

Commencing In Quarterly Period Ending September 30, 2014 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Sep. 30, 2014

Commencing In Quarterly Period Ending September 30, 2014 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Dec. 31, 2014

Commencing In Quarterly Period Ending December 31 2014 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Mar. 31, 2015

Commencing In Quarterly Period Ending March 31 2015 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 30, 2015

Commencing In Quarterly Period Ending June 30 2015 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Sep. 30, 2015

Commencing In Quarterly Period Ending September 30 2015 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Dec. 31, 2015

Commencing In Quarterly Period Ending December 31 2015 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Mar. 31, 2017

Declining In Intervals Till Quarterly Period Ending March 31, 2017 Upon Extension Of Termination Date [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 30, 2013

Commencing In Quarterly Period Ending June 30, 2013 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Jun. 20, 2012

Fourth Amended and Restated Credit Agreement [Member]

Next Third [Member]

Jun. 20, 2012

Fourth Amended and Restated Credit Agreement [Member]

Last Third [Member]

Jun. 20, 2012

Fourth Amended and Restated Credit Agreement [Member]

Loans Payable [Member]

Jun. 20, 2012

Fourth Amended and Restated Credit Agreement [Member]

Line Of Credit Converted To Term Loan [Member]

Mar. 31, 2014

Fourth Amended and Restated Credit Agreement [Member]

Liquidity Facility [Member]

Jun. 20, 2012

Fourth Amended and Restated Credit Agreement [Member]

Liquidity Facility [Member]

Mar. 31, 2017

Fourth Amended and Restated Credit Agreement [Member]

Dec. 31, 2013

London Interbank Offered Rate (LIBOR) [Member]

Mar. 31, 2014

Minimum [Member]

Mar. 31, 2014

Maximum [Member]

Note 4 - Debt (Details) [Line Items]

Debt Conversion, Converted Instrument, Amount (in Dollars) $ 1,129,478,741

Debt Instrument, Maturity Date Dec. 31, 2015

Collateral Coverage Ratio To Be Maintained On Term Loan Maturity Date 80%

Debt Instrument Extended Date Period 18 months

Debt Instrument Extended Maturity Date Jun. 30, 2017

Cash Balance Resulting In Mandatory Repayments Of Term Loan Principal (in Dollars) 20,000,000

Debt Instrument Initial Cash Margin 3.50%

Debt Instrument Initial Paid In Kind Margin 2.50%

Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) 20,000,000

Par Value Per Share For Conversion Of Pik Loans Into Shares Of Cumulative Convertible Preferred Stock (in Dollars per share) $ 10.00

Long-term Debt, Excluding Current Maturities (in Dollars) 1,129,478,741 1,129,478,741

Payment In Kind Loan (in Dollars) 51,903,212 44,565,437

Deferred Finance Costs, Net (in Dollars) 11,829,673

Maximum Leverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained 13.9 12.3 10.6 9.2 8.5 8.1 7.8 7.6 7.5 7.3 6.2

Minimum Interest Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained 140.00% 160.00% 180.00% 200.00% 210.00% 220.00% 220.00% 220.00% 220.00% 220.00% 230.00% 130.00%

Free Cash To Be Maintained With Agent Per Vessel (in Dollars) 500,000

Maximum Collateral Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained 80.00% 100.00% 70.00%

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) 3,148,584

Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share) $ 0.01

Common Stock, Par or Stated Value Per Share (in Dollars per share) $ 0.01 $ 0.01 $ 0.01

Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) $ 10.00 $ 12.00

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share) $ 7,200,000

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share) $ 2.98

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 1.64%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 79.30%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 10 years

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%

Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders 66.67% 66.67%

Debt Instrument, Interest Rate During Period 3.73% 3.61%

Debt Instrument, Basis Spread on Variable Rate 3.50%

Debt, Weighted Average Interest Rate 3.65%

Interest Paid Excluding Payment In Kind (in Dollars) $ 10,421,812 $ 12,672,875

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

Mar. 31, 2014

Disclosure Text Block [Abstract]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss

Three Months Ended

Location

of Gain (Loss) Recognized

March 31, 2014

March 31, 2013

Derivatives designated as hedging instruments:

Interest rate swaps

Interest expense
$ — $ (868,289
)

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

March 31, 2014

December 31, 2013

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Assets:

Investment
$ 11,715,793 — — $ 13,817,439 —

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Note 7 - Related Party Transactions (Details) (USD $)	3 Months Ended		12 Months Ended			3 Months Ended
Note 7 - Related Party Transactions (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2010 Received Monthly [Member] Delphin Shipping Llc [Member] First Ten Vessels [Member]	Dec. 31, 2010 Received Monthly [Member] Delphin Shipping Llc [Member] Second Ten Vessels [Member]	Dec. 31, 2010 Received Monthly [Member] Delphin Shipping Llc [Member] Third Ten Vessels [Member]	Mar. 31, 2014 Delphin Shipping Llc [Member]
Note 7 - Related Party Transactions (Details) [Line Items]
Management Fees Revenue	$ 545,022	$ 545,022	$ 15,834	$ 11,667	$ 8,750
Advance Balance Received						786,844
Reimbursement Of Expenses	37,279	75,454
Due from Related Parties						$ 4,984

Note 3 - Vessels (Details)	Mar. 31, 2014
Property, Plant and Equipment [Abstract]
Number Of Vessels	45

Note 9 - Stock Incentive Plans (Details) - The Non-Cash Compensation Expense (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
The Non-Cash Compensation Expense [Abstract]
Stock Option Plans	$ 154,852	$ 340,671
Restricted Stock Grants	124,891	1,614,720
Total Non-cash compensation expense	$ 279,743	$ 1,955,391

Note 4 - Debt (Details) - Interest Expense (USD $)	3 Months Ended
Note 4 - Debt (Details) - Interest Expense (USD $)	Mar. 31, 2014	Mar. 31, 2013
Interest Expense [Abstract]
Loan Interest	$ 17,757,842	$ 18,463,697
Amortization of Deferred Financing Costs	2,015,777	2,075,338
Total Interest Expense	$ 19,773,619	$ 20,539,035

Note 4 - Debt (Details) - Summary of Debt (USD $)	Mar. 31, 2014	Dec. 31, 2013
Summary of Debt [Abstract]
Term Loans	$ 1,129,478,741	$ 1,129,478,741
Payment-in-kind loans	51,903,212	44,565,437
Total debt	$ 1,181,381,953	$ 1,174,044,178

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	Mar. 31, 2013
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivatives designated as hedging instruments:
Interest rate swaps	$ (868,289)

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value (Fair Value, Inputs, Level 1 [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 1 [Member]
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value [Line Items]
Investment	$ 11,715,793	$ 13,817,439

Note 6 - Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jul. 28, 2011 First To Seventh Year [Member]	Jul. 28, 2011 Eight Year [Member]
Note 6 - Commitments and Contingencies (Details) [Line Items]
Monthly Technical Management Fees	$ 10,708	$ 10,315
Hire Rate Payable			$ 13,500	$ 13,750

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 19,827,606	$ 19,682,724
Accounts receivable, net	13,721,595	11,197,101
Prepaid expenses	7,818,159	5,501,081
Inventories	6,735,101	9,610,272
Investment	11,715,793	13,817,439
Other assets	4,495,176	2,122,574
Total current assets	64,313,430	61,931,191
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated, depreciation of $407,926,586 and $389,545,066, respectively	1,621,173,848	1,639,555,368
Other fixed assets, net of accumulated amortization of $606,976 and $574,532, respectively	349,394	361,306
Restricted cash	66,243	66,243
Deferred drydock costs	4,033,139	3,826,685
Deferred financing costs	14,262,767	16,278,544
Other assets	1,323,515	1,394,964
Total noncurrent assets	1,641,208,906	1,661,483,110
Total assets	1,705,522,336	1,723,414,301
Current liabilities:
Accounts payable	4,618,061	6,422,306
Accrued interest	152,139	153,885
Other accrued liabilities	7,731,467	6,211,224
Unearned charter hire revenue	4,855,641	5,387,844
Term loans	1,129,478,741	1,129,478,741
Payment-in-kind loans	51,903,212	44,565,437
Total current liabilities	1,198,739,261	1,192,219,437
Total liabilities	1,198,739,261	1,192,219,437
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, 16,902,213 and 16,783,071 shares issued and outstanding, respectively	169,020	167,828
Additional paid-in capital	767,102,359	766,823,808
Retained earnings (net of accumulated dividends declared of $262,118,388 as of March 31, 2014 and December 31, 2013, respectively)	(258,386,658)	(235,796,772)
Accumulated other comprehensive loss	(2,101,646)
Total stockholders' equity	506,783,075	531,194,864
Total liabilities and stockholders' equity	$ 1,705,522,336	$ 1,723,414,301

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Net Income [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at at Dec. 31, 2013	$ 167,828	$ 766,823,808		$ (235,796,772)		$ 531,194,864
Balance at (in Shares) at Dec. 31, 2013	16,783,071
Net Loss			(22,589,886)	(22,589,886)		(22,589,886)
Change in unrealized gain on investment					(2,101,646)	(2,101,646)
Exercise of Warrants	1,192	(1,192)
Exercise of Warrants (in Shares)	119,142
Non-cash compensation		279,743				279,743
Balance at at Mar. 31, 2014	$ 169,020	$ 767,102,359		$ (258,386,658)	$ (2,101,646)	$ 506,783,075
Balance at (in Shares) at Mar. 31, 2014	16,902,213

Note 8 - Earnings (Loss) Per Common Share (Details) - Earnings Per Share, Basic and Diluted (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss)	$ (22,589,886)	$ 1,374,270
Weighted Average Shares – Basic	17,080,190	16,966,070
Weighted Average Shares - Diluted	17,080,190	16,966,070
Basic Earnings (loss) Per Share	$ (1.32)	$ 0.08
Diluted Earnings (loss) Per Share	$ (1.32)	$ 0.08

Note 9 - Stock Incentive Plans (Details) (USD $)	1 Months Ended	3 Months Ended					3 Months Ended		9 Months Ended	12 Months Ended			3 Months Ended		12 Months Ended						3 Months Ended
Note 9 - Stock Incentive Plans (Details) (USD $)	May 31, 2012	Mar. 31, 2014 Restricted Stock Units (RSUs) [Member] Equity Incentive Plan [Member]	Mar. 31, 2013 Restricted Stock Units (RSUs) [Member] Equity Incentive Plan [Member]	Mar. 31, 2014 Restricted Stock Units (RSUs) [Member] Equity Incentive Plan [Member] Minimum [Member]	Mar. 31, 2014 Restricted Stock Units (RSUs) [Member] Equity Incentive Plan [Member] Maximum [Member]	Mar. 31, 2014 Restricted Stock Units (RSUs) [Member]	Mar. 31, 2014 Dividend Equivalent Rights Award [Member]	Mar. 31, 2013 Dividend Equivalent Rights Award [Member]	Dec. 31, 2014 Equity Incentive Plan [Member] Non Employee Directors [Member]	Dec. 31, 2015 Equity Incentive Plan [Member] Non Employee Directors [Member]	Mar. 31, 2014 Equity Incentive Plan [Member] Non Employee Directors [Member]	Dec. 31, 2013 Equity Incentive Plan [Member] Non Employee Directors [Member]	Mar. 31, 2014 Equity Incentive Plan [Member] Management [Member]	Mar. 31, 2013 Equity Incentive Plan [Member] Management [Member]	Dec. 31, 2011 Equity Incentive Plan [Member]	Dec. 31, 2009 Equity Incentive Plan [Member]	Mar. 31, 2014 Equity Incentive Plan [Member] Minimum [Member] Non Employee Directors [Member]	Mar. 31, 2013 Equity Incentive Plan [Member] Minimum [Member] Non Employee Directors [Member]	Mar. 31, 2014 Equity Incentive Plan [Member] Maximum [Member] Non Employee Directors [Member]	Mar. 31, 2013 Equity Incentive Plan [Member] Maximum [Member] Non Employee Directors [Member]	Mar. 31, 2014 Management 2011 Plan [Member] Management [Member]	Mar. 31, 2014 Minimum [Member] Management [Member]	Mar. 31, 2014 Maximum [Member] Management [Member]
Note 9 - Stock Incentive Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)															5,900,000	1,050,000
Stockholders' Equity, Reverse Stock Split	1 for 4
Share-based Compensation Arrangement by Share-based Payment Award, Description															10%
Restricted Stock Units Outstanding (in Shares)						123,667
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years	5 years								3 years								4 years
Allocated Share-based Compensation Expense		$ 124,891	$ 1,614,720				$ 0	$ 0	$ 277,459	$ 123,032			$ 154,852	$ 340,671
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 392,149
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares)							147,667				1,727,667	1,727,667
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share)																	$ 3.34	$ 3.34	$ 87.52	$ 87.52
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term																						5 years	10 years

Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Charterer A [Member]
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]
Charterer		44.50%
Charterer B [Member]
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]
Charterer	13.30%	11.90%
Charterer C [Member]
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]
Charterer	16.00%

Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accumulated depreciation, vessels (in Dollars)	$ 407,926,586	$ 389,545,066
Accumulated amortization, other fixed assets (in Dollars)	606,976	574,532
Preferred stock par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,902,213	16,783,071
Common stock, shares outstanding	16,902,213	16,783,071
Accumulated dividends declared (in Dollars)	$ 262,118,388	$ 262,118,388

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	May 15, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Eagle Bulk Shipping Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		16,902,213
Amendment Flag	false
Entity Central Index Key	0001322439
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

Note 1 - Basis of Presentation and General Information (Details) (USD $)	3 Months Ended		1 Months Ended	0 Months Ended	3 Months Ended				3 Months Ended				3 Months Ended			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Oct. 28, 2013 Subsequent Event [Member] Korea Line Corporation [Member]	May 09, 2013 Korea Line Corporation [Member]	Sep. 30, 2013 Korea Line Corporation [Member]	Mar. 31, 2013 Korea Line Corporation [Member]	Jan. 03, 2013 Korea Line Corporation [Member]	Dec. 31, 2011 Korea Line Corporation [Member]	Dec. 31, 2013 Korea Line Corporation [Member]	Mar. 31, 2014 Korea Line Corporation [Member]	Mar. 31, 2014 Supramax Vessels [Member]	Mar. 31, 2014 Handymax Vessels [Member]	Dec. 31, 2013 Korea Line Corporation [Member]	Sep. 30, 2013 Korea Line Corporation [Member]	Jun. 30, 2013 Korea Line Corporation [Member]	Dec. 31, 2013 Korea Line Corporation [Member]	Feb. 07, 2013 Korea Line Corporation [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Vessels In Operation	45							13			43	2
Dead Weight Tonnage Of Operating Fleet	2,451,259
Average Age In Years Of Operating Fleet	6 years 328 days
Other than Temporary Impairment Losses, Investments									$ 8,200,000				$ 8,200,000	$ 7,300,000
Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders	66.67%
Adjusted Chartered Rate Value								17,000
Contract Receivable							63,700,000
Investment Owned, Balance, Shares (in Shares)							1,224,094			566,529
Contract Receivable, Due in Next Twelve Months						10,300,000
Contract Receivable, Due after Year One						53,400,000
Number of Months Stock Certificates Are Secured in Depository																	6 months
Bunker Liabilities Released						3,500,000
Deferred Revenue						13,700,000
Investment Owned, Balance, Principal Amount						5,900,000
Accounts and Notes Receivable, Net						2,700,000
Termination Revenue						32,800,000
Gain (Loss) on Contract Termination		3,331,692			3,500,000	3,300,000
Reduction Of Shares Outstanding		1 to 15
Reduction Of Long Term Receivable						90.00%
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance (in Shares)						538,751
Other Expenses						3,000,000
Share-based Goods and Nonemployee Services Transaction, Securities Issued				538,751
Incremental Gain on Trading Shares															32,500,000
Proceeds From Charter Agreement Termination Receivable			3,900,000
Investment Owned, Shares Sold (in Shares)													58,128			58,128
Proceeds from Sale of Available-for-sale Securities, Equity																2,300,000
Available-for-sale Securities, Gross Realized Losses																400,000
Investment Owned, at Fair Value										$ 11,700,000

Note 8 - Earnings (Loss) Per Common Share (Details) (USD $)	3 Months Ended	15 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Warrant [Member]
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]
Weighted Average Underlying Warrant Shares Issuable	177,783
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share)	$ 0.01	$ 0.01
Restricted Stock [Member]
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	123,667	345,331
Equity Option [Member]
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,727,667	1,908,371

Note 3 - Vessels (Details) - Vessels (USD $)	3 Months Ended
Note 3 - Vessels (Details) - Vessels (USD $)	Mar. 31, 2014	Dec. 31, 2013
Vessels [Abstract]
Vessels and Vessel Improvements	$ 1,621,173,848	$ 1,639,555,368
Depreciation Expense	$ (18,381,520)

Note 4 - Debt (Details) (USD $)	3 Months Ended				1 Months Ended		3 Months Ended															1 Months Ended					18 Months Ended	3 Months Ended
Note 4 - Debt (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	May 15, 2014 Scenario, Forecast [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 20, 2012 Pik Loans To Cumulative Convertible Preferred Stock [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 20, 2012 Warrant [Member] Fourth Amended and Restated Credit Agreement [Member]	Sep. 30, 2013 Commencing In Quarterly Period Ending September 30, 2013 [Member] Fourth Amended and Restated Credit Agreement [Member]	Dec. 31, 2013 Commencing In Quarterly Period Ending December 31 2013 [Member] Fourth Amended and Restated Credit Agreement [Member]	Mar. 31, 2014 Commencing In Quarterly Period Ending March 31 2014 [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2014 Commencing In Quarterly Period Ending June 30 2014 [Member] Fourth Amended and Restated Credit Agreement [Member]	Dec. 31, 2015 Commencing In Quarterly Period Ending September 30, 2014 [Member] Fourth Amended and Restated Credit Agreement [Member]	Sep. 30, 2014 Commencing In Quarterly Period Ending September 30, 2014 [Member] Fourth Amended and Restated Credit Agreement [Member]	Dec. 31, 2014 Commencing In Quarterly Period Ending December 31 2014 [Member] Fourth Amended and Restated Credit Agreement [Member]	Mar. 31, 2015 Commencing In Quarterly Period Ending March 31 2015 [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2015 Commencing In Quarterly Period Ending June 30 2015 [Member] Fourth Amended and Restated Credit Agreement [Member]	Sep. 30, 2015 Commencing In Quarterly Period Ending September 30 2015 [Member] Fourth Amended and Restated Credit Agreement [Member]	Dec. 31, 2015 Commencing In Quarterly Period Ending December 31 2015 [Member] Fourth Amended and Restated Credit Agreement [Member]	Mar. 31, 2017 Declining In Intervals Till Quarterly Period Ending March 31, 2017 Upon Extension Of Termination Date [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2013 Commencing In Quarterly Period Ending June 30, 2013 [Member] Fourth Amended and Restated Credit Agreement [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Next Third [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Last Third [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Loans Payable [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Line Of Credit Converted To Term Loan [Member]	Mar. 31, 2014 Fourth Amended and Restated Credit Agreement [Member] Liquidity Facility [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Liquidity Facility [Member]	Mar. 31, 2017 Fourth Amended and Restated Credit Agreement [Member]	Dec. 31, 2013 London Interbank Offered Rate (LIBOR) [Member]	Mar. 31, 2014 Minimum [Member]	Mar. 31, 2014 Maximum [Member]
Note 4 - Debt (Details) [Line Items]
Debt Conversion, Converted Instrument, Amount (in Dollars)																							$ 1,129,478,741
Debt Instrument, Maturity Date																						Dec. 31, 2015
Collateral Coverage Ratio To Be Maintained On Term Loan Maturity Date																						80%
Debt Instrument Extended Date Period																						18 months
Debt Instrument Extended Maturity Date																						Jun. 30, 2017
Cash Balance Resulting In Mandatory Repayments Of Term Loan Principal (in Dollars)																						20,000,000
Debt Instrument Initial Cash Margin																						3.50%
Debt Instrument Initial Paid In Kind Margin																						2.50%
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)																									20,000,000
Par Value Per Share For Conversion Of Pik Loans Into Shares Of Cumulative Convertible Preferred Stock (in Dollars per share)					$ 10.00
Long-term Debt, Excluding Current Maturities (in Dollars)	1,129,478,741		1,129,478,741
Payment In Kind Loan (in Dollars)	51,903,212		44,565,437
Deferred Finance Costs, Net (in Dollars)																								11,829,673
Maximum Leverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained							13.9	12.3	10.6	9.2		8.5	8.1	7.8	7.6	7.5	7.3	6.2
Minimum Interest Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained							140.00%	160.00%	180.00%	200.00%		210.00%	220.00%	220.00%	220.00%	220.00%	220.00%	230.00%	130.00%
Free Cash To Be Maintained With Agent Per Vessel (in Dollars)																										500,000
Maximum Collateral Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained											80.00%	100.00%						70.00%
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)						3,148,584
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share)						$ 0.01
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.01		$ 0.01			$ 0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share)																				$ 10.00	$ 12.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share)						$ 7,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share)						$ 2.98
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						1.64%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						79.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term						10 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%
Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders	66.67%			66.67%
Debt Instrument, Interest Rate During Period																												3.73%	3.61%
Debt Instrument, Basis Spread on Variable Rate																											3.50%
Debt, Weighted Average Interest Rate	3.65%
Interest Paid Excluding Payment In Kind (in Dollars)	$ 10,421,812	$ 12,672,875