Filed: March 30, 2010 (period: December 31, 2009)



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DIANA SHIPPING INC.

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

For the years ended December 31, 2009, 2008 and 2007

 

 

 

 

(Expressed in thousands of U.S. Dollars – except for share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009

 

 

2008

 

 

2007

 

REVENUES:

 

 

 

 

 

 

 

 

 

Voyage and time charter revenues

 

$

239,342

 

 

$

337,391

 

 

$

190,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses (Notes 2(q) and 11)

 

 

11,965

 

 

 

15,003

 

 

 

8,697

 

Vessel operating expenses (Notes 2(q) and 11)

 

 

41,369

 

 

 

39,899

 

 

 

29,332

 

Depreciation and amortization of deferred charges  (Notes 2(l)&(m) and 5)

 

 

44,686

 

 

 

43,259

 

 

 

24,443

 

General and administrative expenses

 

 

17,464

 

 

 

13,831

 

 

 

11,718

 

Gain on vessel sale

 

 

-

 

 

 

-

 

 

 

(21,504

)

Foreign currency losses/(gains)

 

 

(478

)

 

 

(438

)

 

 

(144

)

Operating income

 

 

124,336

 

 

 

225,837

 

 

 

137,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and finance costs (Notes 7 and 12)

 

 

(3,284

)

 

 

(5,851

)

 

 

(6,394

)

Interest income

 

 

951

 

 

 

768

 

 

 

2,676

 

Loss from financial instruments (Note 2(z))

 

 

(505

)

 

 

-

 

 

 

-

 

Insurance settlement for vessel un-repaired damages

 

 

-

 

 

 

945

 

 

 

-

 

Total other income (expenses), net

 

 

(2,838

)

 

 

(4,138

)

 

 

(3,718

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

121,498

 

 

$

221,699

 

 

$

134,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic and diluted

 

$

1.55

 

 

$

2.97

 

 

$

2.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares, basic

 

 

78,282,775

 

 

 

74,375,686

 

 

 

63,748,973

 

Weighted average number of common shares, diluted

 

 

78,385,464

 

 

 

74,558,254

 

 

 

63,748,973

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

 

 


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