Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 31, 2022 | |
Cover Abstract | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2021 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36437 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 66-0818228 | |
Entity Address, Address Line One | 27 Signal Road | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 674-9900 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LPG | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,138,956 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 115,807,905 | $ 79,330,007 |
Restricted cash - current | 5,315,951 | |
Trade receivables, net and accrued revenues | 202,221 | |
Due from related parties | 47,487,533 | 56,191,375 |
Inventories | 2,361,139 | 2,007,464 |
Vessel held for sale | 43,417,348 | |
Prepaid expenses and other current assets | 8,384,018 | 10,296,229 |
Total current assets | 217,457,943 | 153,343,247 |
Fixed assets | ||
Vessels, net | 1,252,405,737 | 1,377,028,255 |
Vessels under construction | 16,167,470 | |
Other fixed assets, net | 84,799 | 148,836 |
Total fixed assets | 1,268,658,006 | 1,377,177,091 |
Other non-current assets | ||
Deferred charges, net | 10,537,511 | 10,158,202 |
Due from related parties-non-current | 20,900,000 | 23,100,000 |
Restricted cash - non-current | 78,946 | 81,241 |
Operating lease right-of-use assets | 10,517,796 | 17,672,227 |
Other non-current assets | 94,580 | 82,837 |
Total assets | 1,528,244,782 | 1,581,614,845 |
Current liabilities | ||
Trade accounts payable | 9,271,885 | 9,831,328 |
Accrued expenses | 3,906,423 | 8,765,264 |
Due to related parties | 360,682 | 117,803 |
Deferred income | 1,628,133 | 853,983 |
Derivative instruments | 205,869 | 1,100,529 |
Current portion of long-term operating lease liabilities | 9,704,781 | 9,591,447 |
Current portion of long-term debt | 69,530,028 | 51,820,283 |
Dividends payable | 247,090 | |
Total current liabilities | 94,854,891 | 82,080,637 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 506,737,795 | 539,651,761 |
Long-term operating lease liabilities | 802,793 | 8,080,995 |
Derivative instruments | 144,057 | 3,454,862 |
Other long-term liabilities | 1,514,183 | 1,521,260 |
Total long-term liabilities | 509,198,828 | 552,708,878 |
Total liabilities | 604,053,719 | 634,789,515 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 51,275,609 and 51,071,409 shares issued, 40,138,956 and 41,493,275 shares outstanding (net of treasury stock), as of December 31, 2021 and March 31, 2021, respectively | 512,757 | 510,715 |
Additional paid-in-capital | 759,390,376 | 756,776,217 |
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of December 31, 2021 and March 31, 2021, respectively | (121,226,936) | (99,862,114) |
Retained earnings | 285,514,866 | 289,400,512 |
Total shareholders' equity | 924,191,063 | 946,825,330 |
Total liabilities and shareholders' equity | $ 1,528,244,782 | $ 1,581,614,845 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 51,275,609 | 51,071,409 |
Common stock, shares outstanding (net of treasury stock) | 40,138,956 | 41,493,275 |
Treasury stock, shares at cost | 11,136,653 | 9,578,134 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues. | ||||
Revenues | $ 68,599,782 | $ 88,479,024 | $ 194,637,378 | $ 216,354,625 |
Expenses | ||||
Voyage expenses | 779,746 | 752,404 | 3,200,751 | 2,426,518 |
Charter hire expenses | 4,917,012 | 4,392,132 | 10,829,050 | 13,626,580 |
Vessel operating expenses | 18,205,762 | 19,202,291 | 56,916,054 | 58,027,558 |
Depreciation and amortization | 16,859,224 | 17,253,447 | 50,771,237 | 51,346,574 |
General and administrative expenses | 5,867,454 | 5,548,526 | 23,257,989 | 22,764,312 |
Total expenses | 46,629,198 | 47,148,800 | 144,975,081 | 148,191,542 |
Gain on disposal of vessel | 3,466,210 | |||
Other income-related parties | 580,388 | 545,311 | 1,793,663 | 1,646,014 |
Operating income | 22,550,972 | 41,875,535 | 54,922,170 | 69,809,097 |
Other income/(expenses) | ||||
Interest and finance costs | (7,412,231) | (6,087,193) | (18,619,712) | (21,839,573) |
Interest income | 53,792 | 53,197 | 279,195 | 269,381 |
Unrealized gain on derivatives | 3,056,741 | 479,534 | 4,205,465 | 3,952,414 |
Realized loss on derivatives | (895,782) | (760,991) | (2,714,337) | (3,696,915) |
Other gain/(loss), net | (772,607) | 265,182 | (1,520,993) | 36,815 |
Total other income/(expenses), net | (5,970,087) | (6,050,271) | (18,370,382) | (21,277,878) |
Net income | $ 16,580,885 | $ 35,825,264 | $ 36,551,788 | $ 48,531,219 |
Weighted average shares outstanding Basic (in shares) | 39,890,674 | 50,255,908 | 40,305,902 | 50,511,473 |
Weighted average shares outstanding Diluted (in shares) | 40,025,399 | 50,368,392 | 40,460,665 | 50,605,985 |
Earnings per common share - basic (in dollars per share) | $ 0.42 | $ 0.71 | $ 0.91 | $ 0.96 |
Earnings per common share - diluted (in dollars per share) | $ 0.41 | $ 0.71 | $ 0.90 | $ 0.96 |
Net pool revenues - related party | ||||
Revenues. | ||||
Revenues | $ 62,856,243 | $ 82,659,967 | $ 174,739,894 | $ 199,312,944 |
Time charter revenues | ||||
Revenues. | ||||
Revenues | 5,301,134 | 4,665,664 | 15,915,876 | 13,928,732 |
Other revenue, net | ||||
Revenues. | ||||
Revenues | $ 442,405 | $ 1,153,393 | $ 3,981,608 | $ 3,112,949 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings/(Accumulated deficit) | Total |
Balance at Mar. 31, 2020 | $ 590,833 | $ (87,183,865) | $ 866,809,371 | $ 196,835,859 | $ 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 12,168,005 | 12,168,005 | |||
Restricted share award issuances | $ 3,516 | (3,516) | |||
Restricted share award issuances (in shares) | 351,629 | ||||
Stock-based compensation | 1,930,902 | 1,930,902 | |||
Purchase of treasury stock | (1,198,214) | (1,198,214) | |||
Balance at Jun. 30, 2020 | $ 594,349 | (88,382,079) | 868,736,757 | 209,003,864 | 989,952,891 |
Balance (in shares) at Jun. 30, 2020 | 59,434,919 | ||||
Balance at Mar. 31, 2020 | $ 590,833 | (87,183,865) | 866,809,371 | 196,835,859 | 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 48,531,219 | ||||
Balance at Dec. 31, 2020 | $ 594,651 | (99,862,114) | 869,673,244 | 245,367,078 | 1,015,772,859 |
Balance (in shares) at Dec. 31, 2020 | 59,465,124 | ||||
Balance at Jun. 30, 2020 | $ 594,349 | (88,382,079) | 868,736,757 | 209,003,864 | 989,952,891 |
Balance (in shares) at Jun. 30, 2020 | 59,434,919 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 537,950 | 537,950 | |||
Restricted share award issuances | $ 151 | (151) | |||
Restricted share award issuances (in shares) | 15,100 | ||||
Stock-based compensation | 406,721 | 406,721 | |||
Purchase of treasury stock | (1,306,388) | (1,306,388) | |||
Balance at Sep. 30, 2020 | $ 594,500 | (89,688,467) | 869,143,327 | 209,541,814 | 989,591,174 |
Balance (in shares) at Sep. 30, 2020 | 59,450,019 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 35,825,264 | 35,825,264 | |||
Restricted share award issuances | $ 151 | (151) | |||
Restricted share award issuances (in shares) | 15,105 | ||||
Stock-based compensation | 530,068 | 530,068 | |||
Purchase of treasury stock | (10,173,647) | (10,173,647) | |||
Balance at Dec. 31, 2020 | $ 594,651 | (99,862,114) | 869,673,244 | 245,367,078 | 1,015,772,859 |
Balance (in shares) at Dec. 31, 2020 | 59,465,124 | ||||
Balance at Mar. 31, 2021 | $ 510,715 | (99,862,114) | 756,776,217 | 289,400,512 | 946,825,330 |
Balance (in shares) at Mar. 31, 2021 | 51,071,409 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 5,869,100 | 5,869,100 | |||
Restricted share award issuances | $ 158 | (158) | |||
Restricted share award issuances (in shares) | 15,800 | ||||
Stock-based compensation | 647,124 | 647,124 | |||
Purchase of treasury stock | (14,793,180) | (14,793,180) | |||
Balance at Jun. 30, 2021 | $ 510,873 | (114,655,294) | 757,423,183 | 295,269,612 | 938,548,374 |
Balance (in shares) at Jun. 30, 2021 | 51,087,209 | ||||
Balance at Mar. 31, 2021 | $ 510,715 | (99,862,114) | 756,776,217 | 289,400,512 | 946,825,330 |
Balance (in shares) at Mar. 31, 2021 | 51,071,409 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 36,551,788 | ||||
Balance at Dec. 31, 2021 | $ 512,757 | (121,226,936) | 759,390,376 | 285,514,866 | 924,191,063 |
Balance (in shares) at Dec. 31, 2021 | 51,275,609 | ||||
Balance at Jun. 30, 2021 | $ 510,873 | (114,655,294) | 757,423,183 | 295,269,612 | 938,548,374 |
Balance (in shares) at Jun. 30, 2021 | 51,087,209 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 14,101,803 | 14,101,803 | |||
Restricted share award issuances | $ 1,884 | (1,884) | |||
Restricted share award issuances (in shares) | 188,400 | ||||
Dividend | (40,437,434) | (40,437,434) | |||
Stock-based compensation | 1,290,254 | 1,290,254 | |||
Purchase of treasury stock | (6,553,707) | (6,553,707) | |||
Balance at Sep. 30, 2021 | $ 512,757 | (121,209,001) | 758,711,553 | 268,933,981 | 906,949,290 |
Balance (in shares) at Sep. 30, 2021 | 51,275,609 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 16,580,885 | 16,580,885 | |||
Stock-based compensation | 678,823 | 678,823 | |||
Purchase of treasury stock | (17,935) | (17,935) | |||
Balance at Dec. 31, 2021 | $ 512,757 | $ (121,226,936) | $ 759,390,376 | $ 285,514,866 | $ 924,191,063 |
Balance (in shares) at Dec. 31, 2021 | 51,275,609 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 36,551,788 | $ 48,531,219 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 50,771,237 | 51,346,574 |
Amortization of operating lease right-of-use assets | 7,148,483 | 6,876,606 |
Amortization of financing costs | 3,232,626 | 4,005,265 |
Unrealized gain on derivatives | (4,205,465) | (3,952,414) |
Stock-based compensation expense | 2,616,201 | 2,867,691 |
Gain on disposal of vessel | (3,466,210) | |
Unrealized foreign currency (gain)/loss, net | 205,279 | (236,303) |
Other non-cash items, net | 1,342,894 | (411,380) |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | 202,221 | 820,414 |
Prepaid expenses and other current assets | (960,151) | (1,755,118) |
Due from related parties | 10,148,374 | (9,152,171) |
Inventories | (408,693) | (134,090) |
Other non-current assets | (11,743) | 1,471,650 |
Operating lease liabilities-current and long-term | (7,158,734) | (6,877,479) |
Trade accounts payable | (352,460) | (37,288) |
Accrued expenses and other liabilities | (3,998,726) | (863,951) |
Due to related parties | 242,879 | (183,387) |
Payments for drydocking costs | (3,128,235) | (4,720,105) |
Net cash provided by operating activities | 88,771,565 | 87,595,733 |
Cash flows from investing activities: | ||
Payments for vessels under construction and vessel capital expenditures | (22,225,882) | (9,301,455) |
Purchases of investment securities | (2,250,681) | (488,231) |
Proceeds from sale of investment securities | 3,742,429 | |
Proceeds from maturity of short-term investments | 15,000,000 | |
Proceeds from disposal of vessel | 43,283,021 | |
Payments to acquire other fixed assets | (11,566) | |
Net cash provided by investing activities | 22,548,887 | 5,198,748 |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 83,400,000 | 55,378,172 |
Repayment of long-term debt borrowings | (100,526,209) | (86,463,325) |
Repurchase of common stock | (21,346,885) | (11,659,822) |
Financing costs paid | (1,357,545) | (3,997,015) |
Dividend paid | (40,210,344) | |
Net cash used in financing activities | (80,040,983) | (46,741,990) |
Effects of exchange rates on cash and cash equivalents | (119,817) | 237,011 |
Net increase in cash, cash equivalents, and restricted cash | 31,159,652 | 46,289,502 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 84,727,199 | 87,389,127 |
Cash, cash equivalents, and restricted cash at the end of the period | $ 115,886,851 | $ 133,678,629 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2021, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), two 82,000 cbm VLGCs and two time chartered-in ECO-VLGCs. As of December 31, 2021, thirteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2021. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of December 31, 2021, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques (2) 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 84,000 Management and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC CMNL LPG Transport LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 16 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. COVID-19 against COVID-19 and its variants, and other governmental responses. Any new uncertainties regarding the economic impact of the COVID-19 pandemic may likely to result in market turmoil, which could also negatively impact our business, financial condition and cash flows. Over the course of the pandemic, governments approved large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to continue to sustain the business and financial condition of companies in the shipping industry. We have experienced increases in crew wages and related costs, particularly in crew travel and medical costs, as a result of COVID-19. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2021 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021). Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Dec. 31, 2021 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas), S.A. Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 2021 and 2020 and $0.1 million for both the nine months ended December 31, 2021 and 2020. As of December 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets. As of March 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets. Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of December 31, 2021, the Helios Pool operated twenty-four VLGCs, including twenty-one vessels from our fleet (including two vessels time chartered-in from related parties) and three Phoenix vessels. As of December 31, 2021, we had net receivables from the Helios Pool of $67.0 million (net of an amount due to Helios Pool of $0.3 million which is reflected under “Due to related Parties”), including $23.1 million of working capital contributed for the operation of our vessels in the pool (of which $2.2 million was classified as current). As of March 31, 2021, we had net receivables from the Helios Pool of $78.1 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). Our maximum exposure to losses from the pool as of December 31, 2021 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Dorian LPG (DK) ApS has assumed the responsibilities of Dorian LPG (UK) Ltd. under these commercial management agreements with the consolidation of our Copenhagen, Denmark and London, United Kingdom offices. Fees for commercial management services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million for both the three months ended December 31, 2021, and 2020, and $1.6 million and $1.5 million for the nine months ended December 31, 2021, and 2020, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.4 million and $0.9 million for the three months ended December 31, 2021, and 2020, respectively, and $1.9 million and $2.9 million for the nine months ended December 31, 2021, and 2020, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2021 and 2020. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 13. |
Deferred Charges, Net
Deferred Charges, Net | 9 Months Ended |
Dec. 31, 2021 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 2,876,379 Disposals (74,561) Transfer to vessel held for sale (224,291) Amortization (2,198,218) Balance, December 31, 2021 $ 10,537,511 |
Vessels, Net
Vessels, Net | 9 Months Ended |
Dec. 31, 2021 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 5,980,471 — 5,980,471 Transfer to vessel held for sale (68,845,783) 25,652,725 (43,193,058) Disposals (62,311,861) 23,410,912 (38,900,949) Depreciation — (48,508,982) (48,508,982) Balance, December 31, 2021 $ 1,637,480,657 $ (385,074,920) $ 1,252,405,737 Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2021. Our vessels, with a total carrying value of $1,212.3 million and $1,337.4 million as of December 31, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP Captain Markos NL In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL and recognized a gain of $3.5 million during the nine months ended December 31, 2021. |
Vessel Held For Sale
Vessel Held For Sale | 9 Months Ended |
Dec. 31, 2021 | |
Vessel Held For Sale | |
Vessel Held For Sale | 6. Vessel Held For Sale Captain Nicholas ML Captain Nicholas ML |
Vessels Under Construction
Vessels Under Construction | 9 Months Ended |
Dec. 31, 2021 | |
Vessels Under Construction. | |
Vessels Under Construction | 7. Vessel Under Construction Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 102,904 Capitalized interest 64,566 Balance, December 31, 2021 $ 16,167,470 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Dec. 31, 2021 | |
Long-term Debt | |
Long-term Debt | 8. Long-term Debt 2015 AR Facility Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Facility”), and the amendment and restatement of the 2015 Facility (the “2015 AR Facility”) on April 29, 2020. On December 29, 2021, we prepaid $47.2 million of the 2015 AR Facility’s then outstanding principal related to the Commander Constellation We were in compliance with all financial covenants as of December 31, 2021. BALCAP Facility Constellation Commander Constellation Commander The corporate financial covenants related to the BALCAP Facility are identical to those in the 2015 AR Facility. We were in compliance with all financial covenants as of December 31, 2021. Corsair Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing of our 2014-built VLGC, Corsair Concorde Japanese Financing Concorde Corvette Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing of our 2015-built VLGC, Corvette CMNL/CJNP Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2007-built VLGC, Captain John NP Captain John NP CNML Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2008-built VLGC, Captain Nicholas ML Captain Nicholas ML Cresques Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2015-built VLGC, Cresques Debt Obligations The table below presents our debt obligations: December 31, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 134,396,466 $ 155,205,698 KEXIM Direct Financing 68,911,186 89,474,512 KEXIM Guaranteed 72,958,655 93,997,081 K-sure Insured 35,828,187 46,333,895 Total 2015 AR Facility $ 312,094,494 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 38,458,334 $ 40,895,833 Concorde Japanese Financing 43,076,923 45,500,000 Corvette Japanese Financing 43,615,385 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing 17,801,637 18,855,655 Cresques Japanese Financing 46,515,000 49,080,000 Total Japanese Financings $ 189,467,279 $ 217,076,795 BALCAP Facility $ 83,400,000 $ — Total debt obligations $ 584,961,773 $ 602,087,981 Less: deferred financing fees 8,693,950 10,615,937 Debt obligations—net of deferred financing fees $ 576,267,823 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 69,530,028 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 506,737,795 539,651,761 Total $ 576,267,823 $ 591,472,044 Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 1,310,639 Amortization (3,232,626) Balance, December 31, 2021 $ 8,693,950 |
Leases
Leases | 9 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 9. Leases Time charter-in contracts liabilities Charter hire expenses for the VLGCs time chartered in were as follows: Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Charter hire expenses $ 4,917,012 $ 4,392,132 $ 10,829,050 $ 13,626,580 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. During the nine months ended December 31, 2021, we did not enter into any new office lease contracts. Operating lease rent expense related to our office leases was as follows: Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Operating lease rent expense $ 148,384 $ 139,568 $ 464,394 $ 401,435 For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of December 31, 2021 is 12.9 months. Description Location on Balance Sheet December 31, 2021 Assets: Office leases Operating lease right-of-use assets $ 303,810 Time charter-in VLGCs Operating lease right-of-use assets $ 10,213,986 Liabilities: Current Office Leases Current portion of long-term operating leases $ 291,241 Time charter-in VLGCs Current portion of long-term operating leases $ 9,413,540 Long-term Office Leases Long-term operating leases $ 2,347 Time charter-in VLGCs Long-term operating leases $ 800,446 Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574 |
Dividends
Dividends | 9 Months Ended |
Dec. 31, 2021 | |
Dividends. | |
Dividends | 10. Dividends On July 30, 2021, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on August 9, 2021, totaling $40.4 million. We paid $40.2 million on September 8, 2021 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. This was an irregular dividend. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. |
Stock Repurchase Authority
Stock Repurchase Authority | 9 Months Ended |
Dec. 31, 2021 | |
Stock Repurchase Authority | |
Stock Repurchase Authority | 11. Stock Repurchase Authority On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of our common shares through the period ended December 31, 2020 (the “2019 Common Share Repurchase Authority”). On February 3, 2020, our Board of Directors authorized an increase to our 2019 Common Share Repurchase Authority to repurchase up to an additional $50 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our 2019 Common Share Repurchase Authority, which was set to expire on December 31, 2020. Following this Board action, we were authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of December 31, 2021, our total purchases under this authority totaled 7.0 million of our common shares for an aggregate consideration of $81.0 million. Our 2019 Common Share Repurchase Authority expired on December 31, 2021. Under this authorization, when in force, purchases were made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. We are not obligated to make any common share repurchases. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.7 million and $0.5 million for the three months ended December 31, 2021 and 2020, respectively, and $2.6 million and $2.9 million for the nine months ended December 31, 2021 and 2020 respectively. Unrecognized compensation cost was $2.2 million as of December 31, 2021 and will be recognized over a remaining weighted average life of 2.02 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021. In August 2021, we granted an aggregate of 180,900 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date and 36,700 restricted stock units to certain of our officers and employees vesting ratably on the first, second, and third anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2021 and changes during the nine months ended December 31, 2021, is as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2021 358,171 $ 8.23 Granted 217,600 13.10 Vested (242,581) 9.40 Forfeited (4,100) 10.24 Unvested as of December 31, 2021 329,090 $ 10.56 |
Revenues
Revenues | 9 Months Ended |
Dec. 31, 2021 | |
Revenues. | |
Revenues | 13. Revenues Revenues comprise the following: Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net pool revenues—related party $ 62,856,243 $ 82,659,967 $ 174,739,894 $ 199,312,944 Time charter revenues 5,301,134 4,665,664 15,915,876 13,928,732 Other revenues, net 442,405 1,153,393 3,981,608 3,112,949 Total revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021. Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 9 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 14. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, amounts due from related parties, investment securities, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, accrued liabilities, and derivative instruments. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 AR Facility. Refer to Note 19 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on our interest rate swap agreements related to the 2015 AR Facility. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. In June 2021, our interest rate swap with the ABN AMRO Capital USA LLC was novated to Citibank N.A. with a decrease in the fixed rate from 1.4675% to 1.2370% . Additionally, we have previously taken positions in forward freight agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including vessels operating in the Helios Pool, and to take advantage of fluctuations in spot market rates. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlements of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 2021, but we have taken positions in FFAs in the past and we may do so again in the future. The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives, all of which are considered Level 2 items in accordance with the fair value hierarchy: December 31, 2021 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 205,869 $ — $ 1,100,529 December 31, 2021 March 31, 2021 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 144,057 $ — $ 3,454,862 The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 136,632 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 3,056,741 342,902 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — 153,919 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (895,782) (914,910) Gain/(loss) on derivatives, net $ 2,160,959 $ (281,457) Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,205,465 1,346,972 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) Interest rate swaps—realized gain/(loss) Realized loss on derivatives (2,714,337) (2,908,245) Gain/(loss) on derivatives, net $ 1,491,128 $ 255,499 As of December 31, 2021 and March 31, 2021, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2021 and 2020. (d) Book values and fair values of financial instruments: In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and investment securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and investment securities are considered Level 1 items. The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: Three months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,179,297) $ 358,678 Less: Realized gain/(loss) on investment securities (305) — Net gain/(loss) on investment securities $ (1,179,602) $ 358,678 Nine months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,710,348) $ 395,931 Less: Realized gain/(loss) on investment securities 447,255 — Net gain/(loss) on investment securities $ (1,263,093) $ 395,931 We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying values approximate their fair values as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CMNL/CJNP Japanese Financing, and CNML Japanese Financing (collectively, the “Japanese Financings”) and the BALCAP Facility that incur interest at a fixed-rate with amortizing principal amounts. The Japanese Financings and the BALCAP Facility are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of the Japanese Financings as of: December 31, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 38,458,334 $ 40,345,097 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 43,076,923 45,501,855 45,500,000 49,791,680 Corvette Japanese Financing 43,615,385 46,096,511 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing 17,801,637 18,917,200 18,855,655 21,195,305 BALCAP Facility $ 83,400,000 $ 83,400,000 $ — $ — |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share ("EPS") | |
Earnings Per Share ("EPS") | 15. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Numerator: Net income $ 16,580,885 $ 35,825,264 $ 36,551,788 $ 48,531,219 Denominator: Basic weighted average number of common shares outstanding 39,890,674 50,255,908 40,305,902 50,511,473 Effect of dilutive restricted stock and restricted stock units 134,725 112,484 154,763 94,512 Diluted weighted average number of common shares outstanding 40,025,399 50,368,392 40,460,665 50,605,985 EPS: Basic $ 0.42 $ 0.71 $ 0.91 $ 0.96 Diluted $ 0.41 $ 0.71 $ 0.90 $ 0.96 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 16. Commitments and Contingencies Commitments under Contracts for Ballast Water Management Systems Purchases We had contractual commitments to purchase ballast water management systems as of: December 31, 2021 Less than one year $ 405,030 Total $ 405,030 Commitments under Bareboat Charter Header Agreement Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: December 31, 2021 Less than one year $ 217,385 Total $ 217,385 Time Charter-in During the nine months ended December 31, 2021, we time chartered-in three newbuilding dual-fuel Panamax LPG vessels with purchase options that are scheduled to be delivered in the second and third calendar quarters of 2023 for a period of seven years each and also time chartered-in a VLGC for one year that was delivered to us in October 2021. We had the following time charter-in commitments relating to VLGCs: December 31, 2021 Less than one year $ 18,119,893 One to three years 61,293,000 Three to five years 64,080,000 Thereafter 99,710,000 Total $ 243,202,893 Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: December 31, 2021 Less than one year $ 19,608,078 One to three years 2,150,000 Total $ 21,758,078 Other From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim other than that described below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the unaudited interim condensed consolidated financial statements. In January 2021, subsequent to the delivery of one of our VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The claim was settled for $4.0 million during the three months ended December 31, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events. | |
Subsequent Events | 17. Subsequent Events This was an irregular dividend. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under the authorization, when in force, purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. No repurchases have been made under the 2022 Common Share Repurchase Authority to date. We are not obligated to make any common share repurchases. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of December 31, 2021, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques (2) 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 84,000 Management and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC CMNL LPG Transport LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 16 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 2,876,379 Disposals (74,561) Transfer to vessel held for sale (224,291) Amortization (2,198,218) Balance, December 31, 2021 $ 10,537,511 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 5,980,471 — 5,980,471 Transfer to vessel held for sale (68,845,783) 25,652,725 (43,193,058) Disposals (62,311,861) 23,410,912 (38,900,949) Depreciation — (48,508,982) (48,508,982) Balance, December 31, 2021 $ 1,637,480,657 $ (385,074,920) $ 1,252,405,737 |
Vessels Under Construction (Tab
Vessels Under Construction (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Vessels Under Construction. | |
Schedule of vessels under construction | Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 102,904 Capitalized interest 64,566 Balance, December 31, 2021 $ 16,167,470 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Long-term Debt | |
Schedule of loans outstanding | December 31, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 134,396,466 $ 155,205,698 KEXIM Direct Financing 68,911,186 89,474,512 KEXIM Guaranteed 72,958,655 93,997,081 K-sure Insured 35,828,187 46,333,895 Total 2015 AR Facility $ 312,094,494 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 38,458,334 $ 40,895,833 Concorde Japanese Financing 43,076,923 45,500,000 Corvette Japanese Financing 43,615,385 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing 17,801,637 18,855,655 Cresques Japanese Financing 46,515,000 49,080,000 Total Japanese Financings $ 189,467,279 $ 217,076,795 BALCAP Facility $ 83,400,000 $ — Total debt obligations $ 584,961,773 $ 602,087,981 Less: deferred financing fees 8,693,950 10,615,937 Debt obligations—net of deferred financing fees $ 576,267,823 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 69,530,028 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 506,737,795 539,651,761 Total $ 576,267,823 $ 591,472,044 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 1,310,639 Amortization (3,232,626) Balance, December 31, 2021 $ 8,693,950 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of time charter-in expenses | Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Charter hire expenses $ 4,917,012 $ 4,392,132 $ 10,829,050 $ 13,626,580 |
Schedule of operating lease rent expense | Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Operating lease rent expense $ 148,384 $ 139,568 $ 464,394 $ 401,435 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet December 31, 2021 Assets: Office leases Operating lease right-of-use assets $ 303,810 Time charter-in VLGCs Operating lease right-of-use assets $ 10,213,986 Liabilities: Current Office Leases Current portion of long-term operating leases $ 291,241 Time charter-in VLGCs Current portion of long-term operating leases $ 9,413,540 Long-term Office Leases Long-term operating leases $ 2,347 Time charter-in VLGCs Long-term operating leases $ 800,446 |
Schedule of maturities of operating lease liabilities | Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation Plans | |
Summary of the activity of restricted shares | Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2021 358,171 $ 8.23 Granted 217,600 13.10 Vested (242,581) 9.40 Forfeited (4,100) 10.24 Unvested as of December 31, 2021 329,090 $ 10.56 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Revenues. | |
Schedule of revenues | Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net pool revenues—related party $ 62,856,243 $ 82,659,967 $ 174,739,894 $ 199,312,944 Time charter revenues 5,301,134 4,665,664 15,915,876 13,928,732 Other revenues, net 442,405 1,153,393 3,981,608 3,112,949 Total revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | December 31, 2021 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 205,869 $ — $ 1,100,529 December 31, 2021 March 31, 2021 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 144,057 $ — $ 3,454,862 |
Schedule of effect of derivative instruments on the consolidated statement of operations | Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 136,632 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 3,056,741 342,902 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — 153,919 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (895,782) (914,910) Gain/(loss) on derivatives, net $ 2,160,959 $ (281,457) Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,205,465 1,346,972 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) Interest rate swaps—realized gain/(loss) Realized loss on derivatives (2,714,337) (2,908,245) Gain/(loss) on derivatives, net $ 1,491,128 $ 255,499 |
Summary of gains and losses on investment securities | Three months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,179,297) $ 358,678 Less: Realized gain/(loss) on investment securities (305) — Net gain/(loss) on investment securities $ (1,179,602) $ 358,678 Nine months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,710,348) $ 395,931 Less: Realized gain/(loss) on investment securities 447,255 — Net gain/(loss) on investment securities $ (1,263,093) $ 395,931 |
Summary of carrying value and estimated fair value of Japanese Financings | December 31, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 38,458,334 $ 40,345,097 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 43,076,923 45,501,855 45,500,000 49,791,680 Corvette Japanese Financing 43,615,385 46,096,511 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing 17,801,637 18,917,200 18,855,655 21,195,305 BALCAP Facility $ 83,400,000 $ 83,400,000 $ — $ — |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Numerator: Net income $ 16,580,885 $ 35,825,264 $ 36,551,788 $ 48,531,219 Denominator: Basic weighted average number of common shares outstanding 39,890,674 50,255,908 40,305,902 50,511,473 Effect of dilutive restricted stock and restricted stock units 134,725 112,484 154,763 94,512 Diluted weighted average number of common shares outstanding 40,025,399 50,368,392 40,460,665 50,605,985 EPS: Basic $ 0.42 $ 0.71 $ 0.91 $ 0.96 Diluted $ 0.41 $ 0.71 $ 0.90 $ 0.96 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Schedule of commitments under contracts for BWMS Purchases | December 31, 2021 Less than one year $ 405,030 Total $ 405,030 |
Schedule of operating leases | Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574 |
Schedule of future minimum time charter-in commitments | December 31, 2021 Less than one year $ 18,119,893 One to three years 61,293,000 Three to five years 64,080,000 Thereafter 99,710,000 Total $ 243,202,893 |
Schedule of future minimum fixed time charter contracts | December 31, 2021 Less than one year $ 19,608,078 One to three years 2,150,000 Total $ 21,758,078 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | December 31, 2021 Less than one year $ 217,385 Total $ 217,385 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 9 Months Ended |
Dec. 31, 2021item | |
Basis of Presentation and General Information | |
Total number of vessels | 23 |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 |
Number of VLGCs having 82,000 cbm | 2 |
Number of time chartered-in VLGC | 2 |
The number of vessels that have exhaust gas cleaning systems | 13 |
The number of chartered-in vessels that have exhaust gas cleaning systems | 1 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Dec. 31, 2021m³ |
CJNP | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CNML | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (Cougar) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (Cobra) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (Continental) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (Constitution) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (Commodore) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (Cresques) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (Cheyenne) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (Clermont) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (Cratis) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (Chaparral) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (Copernicus) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (Challenger) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (Caravel) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sakura LPG Transport LLC (Hull No. 1755) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) |
Transactions with Related Parties | ||||||
Due from related parties - current | $ 47,487,533 | $ 47,487,533 | $ 56,191,375 | |||
Due to related parties | 360,682 | $ 360,682 | 117,803 | |||
Number of time chartered-in VLGC | item | 2 | |||||
Manager | ||||||
Transactions with Related Parties | ||||||
Due from related parties - current | $ 1,000,000 | $ 1,000,000 | 1,000,000 | |||
Mr. John Hadjipateras | ||||||
Transactions with Related Parties | ||||||
Ownership interest (as a percent) | 100.00% | 100.00% | ||||
Helios LPG Pool LLC | ||||||
Transactions with Related Parties | ||||||
Due from related parties | $ 67,000,000 | $ 67,000,000 | 78,100,000 | |||
Due from related parties - current | 2,200,000 | 2,200,000 | 1,100,000 | |||
Due to related parties | 100,000 | |||||
Due to related party | 300,000 | $ 300,000 | ||||
Ownership interest (as a percent) | 50.00% | |||||
Number of members | item | 2 | |||||
Number of vessels that are operating under pooling agreement | item | 24 | |||||
Number of time chartered-in VLGC | item | 2 | |||||
Number of Company vessels that are operating under pooling agreement | item | 21 | |||||
Working capital contributed | 23,100,000 | $ 23,100,000 | $ 24,200,000 | |||
Helios LPG Pool LLC | Phoenix | ||||||
Transactions with Related Parties | ||||||
Number of third party vessels that are operating under pooling agreement | item | 3 | |||||
Other income-related party | Manager | ||||||
Transactions with Related Parties | ||||||
Related party income for chartering and operational services | $ 100,000 | $ 100,000 | ||||
Other income-related party | Manager | Maximum | ||||||
Transactions with Related Parties | ||||||
Related party income for chartering and operational services | 100,000 | $ 100,000 | ||||
Other income-related party | Helios LPG Pool LLC | ||||||
Transactions with Related Parties | ||||||
Related party income for chartering and operational services | 500,000 | 500,000 | 1,600,000 | 1,500,000 | ||
Other revenues, net | ||||||
Transactions with Related Parties | ||||||
Fixed reimbursement of expense from Helios | $ 400,000 | $ 900,000 | $ 1,900,000 | $ 2,900,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period - drydocking costs | $ 10,158,202 |
Additions - drydocking costs | 2,876,379 |
Disposals - drydocking costs | (74,561) |
Transfer to vessel held for sale - drydocking costs | (224,291) |
Amortization - drydocking costs | (2,198,218) |
Balance at the end of the period - drydocking costs | $ 10,537,511 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Vessels, Net | ||
Vessels, net | $ 1,252,405,737 | $ 1,377,028,255 |
Accumulated depreciation | ||
Transfer to vessel held for sale | (43,193,058) | |
Gain loss on vessel held for sale | 3,500,000 | |
Vessel held for sale | 43,417,348 | |
Vessels | ||
Cost | ||
Balance at the beginning of the period | 1,762,657,830 | |
Other additions | 5,980,471 | |
Transfers to vessel held for sale | (68,845,783) | |
Disposals | (62,311,861) | |
Balance at the end of the period | 1,637,480,657 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (385,629,575) | |
Transfer to vessel held for sale | 25,652,725 | |
Disposals accumulated depreciation | 23,410,912 | |
Impairment | 0 | |
Disposals net book value | (38,900,949) | |
Depreciation | (48,508,982) | |
Balance at the end of the period | (385,074,920) | |
Mortgaged VLGC vessels, carrying value | $ 1,212,300,000 | $ 1,337,400,000 |
Vessel Held For Sale (Details)
Vessel Held For Sale (Details) | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Vessel Held For Sale | |
Gain (loss) on vessels held for sale | $ 0 |
Vessel held for sale | $ 43,417,348 |
Vessels Under Construction (Det
Vessels Under Construction (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Vessels under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Balance | $ 16,167,470 | |
Vessels under commitment | ||
Vessels under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Installment payments | $ 16,000,000 | |
Other capitalized expenditures | 102,904 | |
Capitalized interest | 64,566 | |
Balance | $ 16,167,470 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | Dec. 29, 2021 | Nov. 30, 2021 | Oct. 24, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2015 |
Long-Term Debt | |||||||
Proceeds from long-term debt borrowings | $ 83,400,000 | $ 55,378,172 | |||||
Debt obligations | |||||||
Total debt obligations | 584,961,773 | $ 602,087,981 | |||||
Less: deferred financing fees | 8,693,950 | 10,615,937 | |||||
Total | 576,267,823 | 591,472,044 | |||||
Presented as follows: | |||||||
Current portion of long-term debt | 69,530,028 | 51,820,283 | |||||
Long-term debt-net of current portion and deferred financing fees | 506,737,795 | 539,651,761 | |||||
Total | 576,267,823 | 591,472,044 | |||||
Deferred financing fees | |||||||
Deferred finance fees, beginning | 10,615,937 | ||||||
Additions | 1,310,639 | ||||||
Amortization | (3,232,626) | $ (4,005,265) | |||||
Deferred finance fees, end | 8,693,950 | ||||||
2015 Facility | |||||||
Long-Term Debt | |||||||
Original loan amount | $ 758,000,000 | ||||||
Repayment of debt | $ 47,200,000 | ||||||
Debt obligations | |||||||
Total debt obligations | 312,094,494 | 385,011,186 | |||||
Commercial Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 134,396,466 | 155,205,698 | |||||
KEXIM Direct Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 68,911,186 | 89,474,512 | |||||
KEXIM Guaranteed | |||||||
Debt obligations | |||||||
Total debt obligations | 72,958,655 | 93,997,081 | |||||
K-sure Insured | |||||||
Debt obligations | |||||||
Total debt obligations | 35,828,187 | 46,333,895 | |||||
Japanese Financings | |||||||
Debt obligations | |||||||
Total debt obligations | 189,467,279 | 217,076,795 | |||||
Corsair Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 38,458,334 | 40,895,833 | |||||
Concorde Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 43,076,923 | 45,500,000 | |||||
Corvette Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 43,615,385 | 46,038,462 | |||||
CMNL Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 16,706,845 | ||||||
CNML Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 17,801,637 | 18,855,655 | |||||
Presented as follows: | |||||||
Current portion of long-term debt | 16,400,000 | ||||||
Cresques Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 46,515,000 | $ 49,080,000 | |||||
BALCAP Facility | |||||||
Long-Term Debt | |||||||
Original loan amount | $ 83,400,000 | ||||||
Security leverage ratio | 125.00% | ||||||
Stated rate (as a percent) | 3.78% | ||||||
Loan term period | 5 years | ||||||
Proceeds from long-term debt borrowings | $ 34,900,000 | ||||||
Principal payment frequency | monthly | ||||||
Periodic principal payment amount | $ 900,000 | ||||||
Balloon payment amount | $ 44,100,000 | ||||||
Debt obligations | |||||||
Total debt obligations | $ 83,400,000 | ||||||
CMNL | CJNP Japanese Financing | |||||||
Long-Term Debt | |||||||
Vessel purchase price | $ 15,800,000 | ||||||
Deposit retained by buyer used for purchase payment | $ 25,200,000 | ||||||
CNML | CNML Japanese Financing | |||||||
Long-Term Debt | |||||||
Vessel purchase price | $ 17,800,000 | ||||||
Deposit retained by buyer used for purchase payment | $ 27,900,000 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | |
Leases | |||||
Number of option period for time charter | item | 0 | 0 | |||
Operating lease liabilities - Time Charter in VLGCs | $ 10,200,000 | $ 10,200,000 | |||
Operating Lease, Expense | $ 148,384 | $ 139,568 | $ 464,394 | $ 401,435 | |
Weighted average discount rate (as a percent) | 3.88% | 3.88% | |||
Weighted average remaining lease term | 12 months 27 days | 12 months 27 days | |||
Operating lease right-of-use assets - Office Leases | $ 303,810 | $ 303,810 | |||
Operating lease right-of-use assets - Time Charter in VLGCs | 10,213,986 | 10,213,986 | |||
Operating lease liabilities current - Office Leases | 291,241 | 291,241 | |||
Operating lease liabilities current - Time Charter in VLGCs | 9,413,540 | 9,413,540 | |||
Operating lease liabilities non-current - Office Leases | 2,347 | 2,347 | |||
Operating lease liabilities non-current - Time Charter in VLGCs | 800,446 | 800,446 | |||
Operating lease right-of-use assets | 10,517,796 | 10,517,796 | $ 17,672,227 | ||
Operating lease liability | 10,507,574 | 10,507,574 | |||
Charter hire expense | |||||
Leases | |||||
Operating lease income | $ 5,500,000 | $ 8,700,000 | $ 12,300,000 | $ 20,200,000 | |
Minimum | |||||
Leases | |||||
Weighted average discount rate (as a percent) | 3.82% | 3.82% | |||
Maximum | |||||
Leases | |||||
Weighted average discount rate (as a percent) | 5.53% | 5.53% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Time Charter-in | ||||
Charter hire expenses | $ 4,917,012 | $ 4,392,132 | $ 10,829,050 | $ 13,626,580 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leases | ||||
Operating lease rent expense | $ 148,384 | $ 139,568 | $ 464,394 | $ 401,435 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Dec. 31, 2021USD ($) |
Leases | |
Less than one year | $ 9,923,917 |
One to three years | 819,233 |
Total undiscounted lease payments | 10,743,150 |
Less: imputed interest | (235,576) |
Carrying value of operating lease liabilities | $ 10,507,574 |
Dividends (Details)
Dividends (Details) - USD ($) | Jul. 30, 2021 | Dec. 31, 2021 |
Dividends. | ||
Dividends declared (in dollars per share) | $ 1 | |
Dividends, Common Stock | $ 40,400,000 | |
Dividends paid in cash | 40,200,000 | $ 40,210,344 |
Dividends payable | $ 200,000 | $ 247,090 |
Stock Repurchase Authority (Det
Stock Repurchase Authority (Details) - USD ($) shares in Millions, $ in Millions | 29 Months Ended | |||
Dec. 31, 2021 | Dec. 29, 2020 | Feb. 03, 2020 | Aug. 05, 2019 | |
Stock repurchases | ||||
Common stock repurchase authorized amount | $ 50 | $ 50 | $ 50 | |
Treasury stock shares acquired (in shares) | 7 | |||
Treasury stock value acquired to date | $ 81 | |||
Remaining available authorization | $ 41.4 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation Plans | |||||
Unrecognized compensation cost | $ 2.2 | $ 2.2 | |||
Weighted average life over which unrecognized compensation is expected to be recognized | 2 years 7 days | ||||
General and administrative expenses | |||||
Stock-Based Compensation Plans | |||||
Stock-based compensation expense | $ 0.7 | $ 0.5 | $ 2.6 | $ 2.9 | |
Restricted stock awards | |||||
Stock-Based Compensation Plans | |||||
Granted (in shares) | 217,600 | ||||
Number of Shares | |||||
Unvested at the beginning of the period (in shares) | 358,171 | ||||
Granted (in shares) | 217,600 | ||||
Vested (in shares) | (242,581) | ||||
Forfeited (in shares) | (4,100) | ||||
Unvested at the end of the period (in shares) | 329,090 | 329,090 | |||
Weighted-Average Grant-Date Fair Value | |||||
Unvested at the beginning of the period (in dollars per share) | $ 8.23 | ||||
Granted (in dollars per share) | 13.10 | ||||
Vested (in dollars per share) | 9.40 | ||||
Forfeited (in dollars per share) | 10.24 | ||||
Unvested at the end of the period (in dollars per share) | $ 10.56 | $ 10.56 | |||
Certain officers and employees | Restricted stock awards | |||||
Stock-Based Compensation Plans | |||||
Granted (in shares) | 180,900 | ||||
Number of Shares | |||||
Granted (in shares) | 180,900 | ||||
Certain officers and employees | Restricted stock units | |||||
Stock-Based Compensation Plans | |||||
Granted (in shares) | 36,700 | ||||
Minimum percent of weighted average price of common shares over any consecutive 15 day period of book value of one share of the company | 95.00% | ||||
Number of Shares | |||||
Granted (in shares) | 36,700 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 68,599,782 | $ 88,479,024 | $ 194,637,378 | $ 216,354,625 |
Net pool revenues - related party | ||||
Revenues | 62,856,243 | 82,659,967 | 174,739,894 | 199,312,944 |
Time charter revenues | ||||
Revenues | 5,301,134 | 4,665,664 | 15,915,876 | 13,928,732 |
Other revenue, net | ||||
Revenues | $ 442,405 | $ 1,153,393 | $ 3,981,608 | $ 3,112,949 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | |
Derivative Instruments | ||||||
Change in fair value | $ 3,056,741 | $ 479,534 | $ 4,205,465 | $ 3,952,414 | ||
Realized loss on derivatives | (895,782) | (760,991) | (2,714,337) | (3,696,915) | ||
Derivatives not designated as hedging instruments | ||||||
Derivative Instruments | ||||||
Gain/(loss) on derivatives, net | 2,160,959 | (281,457) | 1,491,128 | 255,499 | ||
Interest rate swaps | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 1.237% | 1.4675% | ||||
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Change in fair value | 3,056,741 | 342,902 | 4,205,465 | 1,346,972 | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Realized loss on derivatives | (895,782) | (914,910) | (2,714,337) | (2,908,245) | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | ||||||
Derivative Instruments | ||||||
Derivative Liabilities | 205,869 | 205,869 | $ 1,100,529 | |||
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | ||||||
Derivative Instruments | ||||||
Derivative Liabilities | 144,057 | 144,057 | $ 3,454,862 | |||
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Change in fair value | 136,632 | 2,605,442 | ||||
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Realized loss on derivatives | $ 153,919 | $ (788,670) | ||||
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | ||||||
Derivative Instruments | ||||||
Derivative Liabilities | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments and Fair Value Disclosures | ||||
Unrealized gain/(loss) on investment securities | $ (1,179,297) | $ 358,678 | $ (1,710,348) | $ 395,931 |
Less: Realized gain/(loss) on investment securities | (305) | 447,255 | ||
Net gain/(loss) on investment securities | $ (1,179,602) | $ 358,678 | $ (1,263,093) | $ 395,931 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Fair value | ||
Carrying Value | $ 576,267,823 | $ 591,472,044 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 38,458,334 | 40,895,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 40,345,097 | 44,298,064 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 43,076,923 | 45,500,000 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 45,501,855 | 49,791,680 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 43,615,385 | 46,038,462 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 46,096,511 | 50,376,434 |
CJNP Japanese Financing | ||
Fair value | ||
Carrying Value | 16,706,845 | |
CJNP Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 18,792,993 | |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 17,801,637 | 18,855,655 |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 18,917,200 | $ 21,195,305 |
BALCAP Facility | ||
Fair value | ||
Carrying Value | 83,400,000 | |
BALCAP Facility | Level 2 | ||
Fair value | ||
Fair Value | $ 83,400,000 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||||||||
Net income | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 35,825,264 | $ 537,950 | $ 12,168,005 | $ 36,551,788 | $ 48,531,219 |
Denominator: | ||||||||
Basic weighted average number of common shares outstanding (in shares) | 39,890,674 | 50,255,908 | 40,305,902 | 50,511,473 | ||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 134,725 | 112,484 | 154,763 | 94,512 | ||||
Diluted weighted average number of common shares outstanding (in shares) | 40,025,399 | 50,368,392 | 40,460,665 | 50,605,985 | ||||
EPS: | ||||||||
Earnings per common share - basic (in dollars per share) | $ 0.42 | $ 0.71 | $ 0.91 | $ 0.96 | ||||
Earnings per common share - diluted (in dollars per share) | $ 0.41 | $ 0.71 | $ 0.90 | $ 0.96 | ||||
Restricted stock awards | ||||||||
EPS: | ||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 0 | 0 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021USD ($)item | Mar. 31, 2021USD ($) | |
Commitments under Contracts for BWMS Purchases | |||
Less than one year | $ 405,030 | ||
Total | 405,030 | ||
Commitments under Operating Leases | |||
Less than one year | 9,923,917 | ||
Total undiscounted lease payments | $ 10,743,150 | ||
Time Charter-in commitments | |||
Number of VLGC with charter-in commitments to be delivered | item | 3 | ||
Duration of Very Large Gas Carrier Vessels that have charter-in commitments to be delivered | 1 year | 7 years | |
Less than one year | $ 18,119,893 | ||
One to three years | 61,293,000 | ||
Three to five years | 64,080,000 | ||
Thereafter | 99,710,000 | ||
Total | 243,202,893 | ||
Fixed Time Charter Commitments | |||
Less than one year | 19,608,078 | ||
One to three years | 2,150,000 | ||
Total | 21,758,078 | ||
Commitments under Bareboat Charter Header Agreement | |||
Bareboat charter agreement term of contract | 13 years | ||
Amount of predelivery cost commitments | $ 24,000,000 | ||
Amount of predelivery and additional features commitments | $ 25,000,000 | ||
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement | 9,000,000 | ||
Other | |||
Contingency expense | 4,000,000 | ||
United States, Greece, United Kingdom, And Denmark | |||
Commitments under Operating Leases | |||
Less than one year | 217,385 | ||
Total undiscounted lease payments | $ 217,385 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Jan. 25, 2022 | Jan. 04, 2022 | Oct. 24, 2021 | Jul. 30, 2021 | Dec. 31, 2021 | Feb. 02, 2022 | Dec. 29, 2020 | Feb. 03, 2020 | Aug. 05, 2019 |
Subsequent Event | |||||||||
Dividends declared (in dollars per share) | $ 1 | ||||||||
Dividends declared | $ 40,400,000 | ||||||||
Dividends paid in cash | 40,200,000 | $ 40,210,344 | |||||||
Dividends payable | $ 200,000 | 247,090 | |||||||
Common stock repurchase authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Treasury stock value acquired to date | $ 81,000,000 | ||||||||
CNML | CNML Japanese Financing | |||||||||
Subsequent Event | |||||||||
Vessel purchase price | $ 17,800,000 | ||||||||
Deposit retained by buyer used for purchase payment | $ 27,900,000 | ||||||||
Subsequent events | |||||||||
Subsequent Event | |||||||||
Dividends declared (in dollars per share) | $ 1 | ||||||||
Dividends declared | $ 40,100,000 | ||||||||
Dividends paid in cash | $ 39,900,000 | ||||||||
Dividends payable | $ 200,000 | ||||||||
Common stock repurchase authorized amount | $ 100,000,000 | ||||||||
Treasury stock value acquired to date | $ 0 |