2 unchanged sentences
Our common shares have been traded on The Nasdaq Capital Market under the symbol PANL since our common shares began public trading on October 3, 2014.The Company's internet address is www.pangaeals.com.
−Removed: As of March 15, 2021, the Company estimates that there were approximately 1,147 holders of record of our common shares.
−Removed: Under our Bye-laws, our board of directors may declare dividends or distributions out of contributed surplus and may also pay interim dividends to be paid in cash, shares of the Company’s stock or any combination thereof.
+Added: Holders of Record
+Added: As of the close of business on March 14, 2022, there were approximately 13 stockholders of record of our common stock.
+Added: The actual number of stockholders is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees.
+Added: This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
+Added: Under our By-laws, our board of directors may declare dividends or distributions out of contributed surplus and may also pay interim dividends to be paid in cash, shares of the Company’s stock or any combination thereof.
Our board of directors’ objective is to generate competitive returns for our shareholders.
3 unchanged sentences
The Company paid a quarterly cash dividend of $0.035 per common share commencing in May 2019.
−Removed: In March 2020 the Company suspended its dividend due to the uncertainty caused by COVID-19 global pandemic, however it declared a quarterly cash dividend of $0.02 per common share in December 2020.
+Added: In March 2020 the Company suspended its dividend due to the uncertainty caused by COVID-19 global pandemic and resumed its quarterly cash dividends payouts in December 2020.
We cannot assure you that we will be able to pay regular quarterly dividends, and our ability to pay dividends will be subject to the limitations set forth above and in the section of this Form 10-K titled “Risk Factors.” The Company has dividends payable of $0.2 million at December 31, 2021.
+Added: On February 16, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share, to be paid on March 15, 2022, to all shareholders of record as of March 1, 2022.
Use of Proceeds
7 unchanged sentences
As of and for the years ended December 31,
−Removed: Selected Data from the Consolidated Statements of Operations
+Added: Selected Data from the Consolidated Statements of Income
Voyage revenue $ 614,482 $ 349,738
38 unchanged sentences
Net cash used in investing activities $ (197,792) $ (6,888)
−Removed: Net cash used in financing activities $ (18,606) $ (916)
+Added: Net cash provided by (used in) financing activities $ 143,859 $ (18,606)
Amounts in the table above have been calculated based on unrounded numbers.
Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.
−Removed: (1) Adjusted EBITDA represents operating earnings before interest expense, income taxes, depreciation and amortization, loss on sale and leaseback of vessels and other non-operating income and/or expense, if any.
+Added: (1) Adjusted EBITDA represents operating earnings before interest expense, income taxes, depreciation and amortization, loss on sale and leaseback of vessels, share-based compensation and other non-operating income and/or expense, if any.
Adjusted EBITDA is included because it is used by management and certain investors to measure operating performance and is also reviewed periodically as a measure of financial performance by Pangaea's Board of Directors.
11 unchanged sentences
Adjusted EBITDA
−Removed: Income from operations $ 19,697 $ 23,258
+Added: Net Income $ 72,374 $ 12,692
+Added: Interest expense, net 11,514 7,831
Depreciation and amortization 22,974 17,055
+Added: EBITDA $ 106,862 $ 37,578
Loss on sale of vessel — 730
1 unchanged sentence
Share-based compensation 2,103 2,315
+Added: Unrealized (gain) loss on derivative instruments, net (3,886) 156
Adjusted EBITDA $ 105,079 $ 42,580
6 unchanged sentences
Pangaea’s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.
−Removed: (4) Gross profit represents total revenue less net transportation and service revenue and less vessel depreciation and amortization.
+Added: (4) Gross profit represents total revenue less total cost of transportation and service revenue and less vessel depreciation and amortization.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.