I would also like to remind you that during this call, we may discuss certain non-GAAP financial measures including adjusted EBITDA, cash available for distribution to common shareholders, normalized net earnings, normalized earnings per share and normalized converted earnings per share. Regards to such financial measures and for reconciliation of such measures to the most closely comparable U.S. GAAP measures, please refer to our earnings release.
I will now pass the call over to Gerry, who will discuss our fourth quarter and full year highlights as well as some recent business developments.
Thank you, Sai. Good morning from [Shanghai]. Please turn to slide 3 of the webcast presentation. Despite the global economic uncertainty that persisted throughout the year, our business continued to perform as expected during that 2011. Our revenue and the normalized earnings grew to a record level as we took delivery of 10 newbuild vassals, all on probably our charters with leading line of companies.We took advantage of the compelling ship ordering environment to embark on our next phase of growth; introducing our few efficient (inaudible) growing our constructed fleet revenue streams and diversifying our customer base. We diversified our capital structure and enhanced our financial flexibility and we were sent capital to our shareholders, distributing $0.75 per share in dividend and are completing our $169 million share tender offer. Turing to fourth quarter results; I would like to highlight four points that speak to the ongoing stability and growth in our business. First, our operating fleet remains fully employed without any major off-hire incident. We achieved vessel utilization rates of 99.5% and 99.3%, respectively for the fourth quarter and for the full year of 2011. Our revenue cash available for distribution and normalized net earnings grew by 31.6%, 19% and 30.3% respectively for the quarter compared with result for the first quarter 2010.