Our term loan agreement require us to comply with financial covenants based on debt and interest ratio with extraordinary or exceptional items, interest, taxes, non-cash compensation, depreciation and amortization (Credit Agreement EBITDA). Therefore, we believe that this non-U.S. GAAP measure is important for our investors as it reflects our ability to meet our covenants. The following table is a reconciliation of net loss, as reflected in the consolidated statements of operations, to the Credit Agreement EBITDA:
|Three Months Ended||Six Months Ended|
|June 30, 2012||June 30, 2011||June 30, 2012||June 30, 2011|
|Net loss||$ (23,106,239)||$ (1,438,278)||$ (40,539,768)||$ (7,248,559)|
|Depreciation and Amortization||19,427,957||17,640,372||38,861,314||34,799,216|
|Amortization of fair value below contract value of time charter acquired||(1,205,276)||(1,271,810)||(2,434,040)||(2,566,329)|
|Adjustments for Exceptional Items:|
|Non-cash Compensation Expense (1)||2,799,899||2,202,091||4,881,924||4,939,137|
|Credit Agreement EBITDA||$ 9,969,683||$ 28,804,803||$ 23,783,682||$ 52,932,372|
|(1) Stock based compensation related to stock options and restricted stock units.|
Capital Expenditures and Drydocking
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