Investor Presentaiton
Appendix I – Net Income to Adj. Net Income Reconciliation
-
Expressed in thousands of U.S. dollars,
except share and per share data
Net Income
Earnings allocated to Preferred Stock
Net Income Available to common stockholders
Accrued charter revenue
Amortization of TC assumed
(Gain) on sale of vessels, net
2022
$121,987
(7,854)
$114,133
1,712
49
983
1,808
619
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after
earnings allocated to preferred stock and gain on retirement of preferred stock, but before non-cash "Accrued
charter revenue" recorded under charters with escalating or descending charter rates, realized (gain)/loss on
Euro/USD forward contracts, gain on sale of vessels, net, change in fair value of equity securities, non-recurring,
non-cash write-off of loan deferred financing costs, non-recurring payments for loan cancelation fees, general and
administrative expenses - non-cash component, and non-cash changes in fair value of derivatives. "Accrued charter
revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However,
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized
measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities
analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our
ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income
available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating
performance and liquidity position compared to that of other companies in our industry because the calculation of
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the
effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other
accounting treatments, items which may vary for different companies for reasons unrelated to overall operating
performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted
Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to
some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be
unaffected by unusual or non-recurring items.
Three-month period ended June 30,
2021
$90,616
(7,854)
$82,762
1,114
(345)
(1,666)
(3,452)
Change in fair value of equity securities
(25,157)
(Gain)/loss on derivative instruments (1)
(105)
Non-cash G&A expenses
1,768
Realized (gain)/loss on Euro/USD FX contracts (1)
(96)
One-off write-off of loan deferred financing fees
1,705
Non-recurring payments for loan cancelation fees
1,006
Adjusted Net Income available to common stockholders
$58,275
Weighted average number of shares
Adjusted Earnings per Share
122,844,260
$0.47
$118,563
124,306,059
$0.95
(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to
common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders.
Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted
Net Income available to common stockholders.
COSTAMARE INC.
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