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)
Interest Expense 12,053,342 11,672,428 23,014,252 23,008,907
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)
EBITDA 7,169,784 26,602,712 18,901,758 47,993,235
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.
         

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