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Nordic American Tanker

(NAT) - Get Nordic American Tankers Limited Report

has taken a savvy course when it comes to offering stock to fund its operations and growth, Jim Cramer said in his "Mad Money" broadcast Thursday evening. This week, the company priced 4 million shares at $32 each.

Cramer recommended buying Nordic American stock -- but only up to $36 a share -- and he went on to crunch the relevant numbers in an effort to assuage the fears of those who worry about the dilutive effects of secondary offerings.

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Nordic American, founded in 1995 and based in Bermuda, has issued $1.06 billion in stock since it was formed, Cramer said. It has used that capital to buy 16 tankers. Meanwhile, it's paid shareholders $716 million in dividends and has delivered, on average, a 15.1% dividend yield. In short, Cramer argued, the company has added value for shareholders in the long run.

In the "Lightning Round" segment of Wednesday's broadcast, Cramer had said that, over $35 a share, he was no longer a fan of Nordic American's stock.

On Thursday, the underwriters of Nordic American's secondary offering this week partially exercised their overallotment option for an added 225,000 shares. In total, Nordic American raised $130 million through the sale, which it expects to close May 18.

Nordic American shares traded Friday morning at $33.77, up 82 cents, or 2.5%. Volume was 243,000 shares; the daily average is 850,000. The stock was trading as high as $37 last week, but is still off its 52-week high of $42, set almost a year ago in May.

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