(1) Earliest date charters could expire. Some charters include options to extend their terms.
(2) Vessel subject to charterer's option to purchase vessel after first eight years of time charter term for $78.0 million.
(3) On April 20, 2012, the APL Commodore was renamed to Hyundai Commodore at the request of the charterer of this vessel.
(4) On January 29, 2012, the APL Duke was renamed to Hyundai Duke at the request of the charterer of this vessel.
(5) On January 31, 2012, the APL Federal was renamed to Hyundai Federal at the request of the charterer of this vessel.
(6) On March 18, 2012, the YM Colombo was renamed to SNL Colombo at the request of the charterer of this vessel.
(7) On April 9, 2012, the Taiwan Express was renamed to YM Seattle at the request of the charterer of this vessel.
New Deliveries
The following table describes the expected additions to our fleet as a result of our new building containership program.
Vessel Size Vessel Name (TEU) Expected Delivery Charter Term ----------- ------------------ ------------ Hull No S-459 13,100 June 2012 12 years Hull No S-460 13,100 June 2012 12 years DANAOS CORPORATION Condensed Statements of Income- Unaudited(Expressed in thousands of United States dollars, except per share amounts) Three Three months ended months ended March 31, March 31, ------------- ------------- 2012 2011 ------------- -------------OPERATING REVENUES $ 134,237 $ 98,989OPERATING EXPENSES Vessel operating expenses (30,095) (26,602) Depreciation & amortization (32,883) (23,966) General & administrative (4,837) (4,629) Other operating expenses (2,890) (2,218) ------------- -------------Income From Operations 63,532 41,574 ------------- -------------OTHER EARNINGS (EXPENSES) Interest income 353 353 Interest expense (18,390) (11,848) Other finance cost, net (3,857) (4,427) Other income/(expenses), net 196 (1,920) Realized (loss)/gain on derivatives (34,794) (28,109) Unrealized gain/(loss) on derivatives 2,302 9,820 ------------- -------------Total Other Income (Expenses), net (54,190) (36,131) ------------- -------------Net Income $ 9,342 $ 5,443 ============= =============EARNINGS PER SHAREBasic & diluted net income per share $ 0.09 $ 0.05 ============= =============Basic & diluted weighted average number of common shares (in thousands of shares) 109,605 108,611 ============= ============= Non-GAAP Measures* Reconciliation of Net Income to Adjusted Net Income - Unaudited Three Three months ended months ended March 31, March 31, ------------- ------------- 2012 2011 ------------- -------------Net income $ 9,342 $ 5,443Unrealized gain on derivatives (2,302) (9,820)Realized losses on over-hedging portion of derivatives 6,886 9,769Comprehensive Financing Plan related fees -- 2,089Amortization of financing fees & finance fees accrued 3,661 1,620Non-cash change in fair value of warrants -- 2,253 ------------- -------------Adjusted Net Income $ 17,587 $ 11,354 ============= =============Adjusted Earnings Per Share $ 0.16 $ 0.10 ============= =============Weighted average number of shares 109,605 108,611
