(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys.
(3) Operating days represent 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, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our operating days during a period by the number of our ownership days during that period.
(5) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(6) Time charter equivalent rates ("TCE rates") represent our charter revernues less commissions and voyage expenses during a certain period divided by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
TABLE 1 RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EPS Three-Month Twelve-Month Period Ended December Period Ended December 31, 31, --------------------- ---------------------(In thousands of U.S. Dollars except for share and per share data) 2011 2012 2011 2012 ---------- ---------- ---------- ----------Net Income - Adjusted Net IncomeNet Income 23,553 32,223 89,734 96,120Less Early redelivery income (106) (11,677) (207) (11,677)Plus Loss/(gain) on derivatives 175 (65) 12,491 5,384Plus Foreign currency loss 390 15 799 3Adjusted Net Income 24,012 20,496 102,817 89,830EBITDA - Adjusted EBITDANet Income 23,553 32,223 89,734 96,120Plus Net interest expense 1,251 2,597 4,204 7,950Plus Depreciation 6,571 8,755 23,637 32,250Plus Amortization 290 359 653 1,226EBITDA 31,665 43,934 118,228 137,546Less Early Redelivery Income (106) (11,677) (207) (11,677)Plus Loss/(gain) on derivatives 175 (65) 12,491 5,384Plus Foreign currency loss 390 15 799 3ADJUSTED EBITDA 32,124 32,207 131,311 131,256EPS - Adjusted EPSNet Income 23,553 32,223 89,734 96,120Adjusted net income 24,012 20,496 102,817 89,830Weighted average number of shares 70,894,420 76,665,956 69,463,093 75,468,465EPS 0.33 0.42 1.29 1.27Adjusted EPS 0.34 0.27 1.48 1.19
