(1) Earliest date charters could expire. Some charters include options to extend their terms.
(2) The charters with respect to the CMA CGM Moliere, the CMA CGM Musset, the CMA CGM Nerval, the CMA CGM Rabelais and the CMA CGM Racine include an option for the charterer, CMA-CGM, to purchase the vessels eight years after the commencement of the respective charters, which will fall in September 2017, March 2018, May 2018, July 2018 and August 2018, respectively, each for $78.0 million.
(3) On February 6, 2013, the Hyundai Commodore was renamed to Commodore at the request of the charterer of this vessel.
(4) On October 25, 2012, the Hyundai Duke was renamed to Duka.
(5) On April 6, 2013, the Hyundai Federal was renamed to 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.
(8) On April 2, 2013, we entered into an agreement to sell the Honour. We expect to deliver the vessel to her buyers in May 2013.
DANAOS CORPORATION Condensed Statements of Income - Unaudited(Expressed in thousands of United States dollars, except per share amounts) Three months Three months ended ended March 31, March 31, ------------ ------------ 2013 2012 ------------ ------------OPERATING REVENUES $ 146,088 $ 134,237OPERATING EXPENSES Vessel operating expenses (29,293) (30,095) Depreciation & amortization (35,713) (32,883) General & administrative (4,917) (4,837) Loss on sale of vessels (15) -- Other operating expenses (3,057) (2,890) ------------ ------------Income From Operations 73,093 63,532 ------------ ------------OTHER EARNINGS (EXPENSES) Interest income 492 353 Interest expense (22,864) (18,390) Other finance cost (5,077) (3,857) Other income/(expenses), net (1) 196 Realized (loss)/gain on derivatives (36,615) (35,443) Unrealized gain/(loss) on derivatives 4,404 2,951 ------------ ------------Total Other Income (Expenses), net (59,661) (54,190) ------------ ------------Net Income $ 13,432 $ 9,342 ============ ============EARNINGS PER SHAREBasic & diluted net income per share $ 0.12 $ 0.09 ============ ============Basic & diluted weighted average number of common shares (in thousands of shares) 109,653 109,605 ============ ============ Non-GAAP Measures* Reconciliation of Net Income to Adjusted Net Income - Unaudited Three months Three months ended ended March 31, March 31, ------------ ------------ 2013 2012 ------------ ------------Net income $ 13,432 $ 9,342 Unrealized (gain)/loss on derivatives (4,404) (2,951) Realized loss on over-hedging portion of derivatives -- 6,886 Amortization of financing fees & finance fees accrued 4,841 3,661 Loss on sale of vessels 15 -- ------------ ------------Adjusted Net Income $ 13,884 $ 16,938 ============ ============Adjusted Earnings Per Share $ 0.13 $ 0.15 ============ ============Weighted average number of shares 109,653 109,605
