Unconsolidated Entities	3 Months Ended
Unconsolidated Entities	Mar. 31, 2012
Unconsolidated Entities [Abstract]
Unconsolidated Entities	Note 3. Unconsolidated Entities In December 2009, we acquired for $6.25 million a 25% investment in Oslo Bulk AS ("Oslo Bulk") which in 2008 contracted to build eight new Mini Bulkers. During 2010, we invested an additional $3.9 million in Oslo Bulk Holding Pte. Ltd.. (formerly "Tony Bulkers"), an affiliate of Oslo Bulk AS, for our 25% share of the installment payments for two additional new Mini-Bulkers. These investments are accounted for under the equity method and our share of earnings or losses is reported in our consolidated statements of income, net of taxes. All ten of these Mini-Bulkers are managed by an affiliate of Oslo Bulk. We paid $750,000 into Oslo Bulk in the first quarter of 2012 for working capital purposes. Our portion of the aggregate earnings of Oslo Bulk and Tony Bulkers, which included final 2011 income adjustments of $304,000 recorded in the first quarter of 2012, was a profit of $42,000 for the three months ended March 31, 2012. Our share of the first quarter 2011 Oslo Bulk and Tony Bulkers' results was a loss of $43,000. Our 2011 first quarter results also included our portion of earnings of Dry Bulk Cape Holding Inc. ("Dry Bulk"). In 2003, we acquired for $3,479,000 a 50% investment in Dry Bulk. Historically, we have accounted for this investment under the equity method and our share of earnings or losses has been reported in our consolidated statements of income, net of taxes. On March 25, 2011, we acquired 100% ownership of Dry Bulk. Following the acquisition, Dry Bulk's results are no longer accounted for under the equity method. For further information on this acquisition, see Note 4 below. Our portion of earnings of Dry Bulk for the first three months of 2011, recorded under the equity method, was $1.3 million. During the first quarter of 2011 we received a $750,000 cash dividend distribution from Dry Bulk prior to acquiring full ownership of it on March 25, 2011. Our portion of the earnings of our remaining investments in unconsolidated entities for the three months ended March 31, 2012 and 2011 were losses of $112,000 and $32,000, respectively.

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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