Taking advantage of attractive demolition rates, we sold the 1984-built, 3,584 TEU containership MSC Austria for approximately $7.9 million. The sale resulted in a book gain of approximately $4.0 million.
On the chartering side, the Company has no ships laid up. We recently entered into an agreement to charter the 1996-built, 1,504 TEU containership Prosper to COSCO, for a period of approximately one year at a competitive daily rate of $7,350.
In a challenging market we have minimized our re-chartering risk. The charters for the vessels opening in 2013 and 2014 account for approximately 4% and 3% of our 2013 and 2014 contracted revenues, respectively.
Finally, on April 10, 2013, we declared a dividend for the first quarter of $0.27 per share. Consistent with our dividend policy, we continue to offer an attractive dividend, which we consider to be sustainable based on the size of our contracted cash flows, the quality of our charterers and the prudent amortization of our debt.
We believe that going forward, a containership market under pressure provides us with the opportunity to expand opportunistically in a low rate and asset values environment."
Financial Summary Three-month period ended March 31,(Expressed in thousands of U.S. dollars, except share and per share data): 2012 2013 ------------- -------------Voyage revenue $ 100,031 $ 91,536Accrued charter revenue (1) $ 505 $ 3,292Voyage revenue adjusted on a cash basis (2) $ 100,536 $ 94,828Adjusted EBITDA (3) $ 67,095 $ 61,226Adjusted Net Income (3) $ 25,178 $ 21,939Weighted Average number of shares 61,124,176 74,800,000Adjusted Earnings per share (3) $ 0.41 $ 0.29EBITDA (3) $ 66,451 $ 64,022Net Income $ 24,534 $ 24,735Weighted Average number of shares 61,124,176 74,800,000Earnings per share $ 0.40 $ 0.33
(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period, and during the last years of such a charter, cash received will exceed revenue recognized on a straight-line basis.
(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash "Accrued charter revenue" recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the "Fleet List" below.
(3) Adjusted net income, adjusted earnings per share, EBITDA and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to EBITDA and adjusted EBITDA below.