Excluding these non-cash items, net loss for the nine months ended September 30, 2012 would amount to $0.6 million, or $0.11 loss per basic and diluted share, based on 5,390,553 shares, which is the weighted average number of basic and diluted shares, on a reverse split-adjusted basis.
Net income for the nine months ended September 30, 2011 includes the following non-cash items:
•An increase of revenue of $0.5 million, or $0.1 per basic and diluted share, representing write-off of remaining balance of deferred revenue related to the fair value of below market acquired time charters attached to vessels acquired, due to early redelivery of vessel Star Cosmo by its charterers, of which $0.2 million is included under Voyage revenues and $0.3 million is included under Gain on time charter agreement termination.
•Amortization of fair value of above market acquired time charters of $0.8 million, or $0.17 per basic and diluted share, associated with time charters attached to vessels acquired in the third quarter of 2011, including vessels Star Big and Star Mega, which time charters are amortized over the remaining period of the time charter as decrease to voyage revenues.
•Expenses of $1.2 million, or $0.27 per basic and diluted share, relating to the amortization of stock based compensation recognized in connection with the unvested restricted shares issued to directors and employees
•An unrealized loss of $0.2 million, or $0.04 per basic and diluted share, associated with the mark-to-market valuation of the Company's derivatives.
Excluding these non-cash items, net income for the nine months ended September 30, 2011 would amount to $2.1 million, or $0.46 earnings per basic and diluted share, based on 4,525,501 and 4,528,822 weighted average numbers of shares, basic and diluted, respectively, on a reverse split-adjusted basis.
Adjusted EBITDA for the nine months ended September 30, 2012 and 2011 was $34.0 million and $41.2 million, respectively. A reconciliation of EBITDA and adjusted EBITDA to net cash provided by cash flows from operating activities is set forth below.
We owned and operated an average of 14.2 and 11.5 vessels during the nine month period ended September 30, 2012 and 2011, respectively, earning an average TCE rate of $15,560 and $20,166 per day, respectively. We refer you to the information under the heading "Summary of Selected Data" later in this earnings release for further information regarding our calculation of TCE rates.
Voyage expenses amounted to $17.5 million for the nine month period ended September 30, 2012 compared to $17.0 million for the nine month period ended September 30, 2011. The expense for chartering-in third party vessels to serve shipments under a COA amounted to $4.1 million and $14.4 million for the nine month period ended September 30, 2012 and 2011, respectively. Excluding these expenses for chartering-in third party vessels, the increase in voyage expenses is mainly due to the fact that during the nine month period ended September 30, 2012 our vessels were under six voyage charter agreements, pursuant which voyage expenses were paid by the Company, while during the same period in 2011 none of our vessels were under voyage charter agreement. The revenues earned from the voyage charter agreements during the nine month period ended September 30, 2012 was $18.1 million.
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