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danans World Class Shipping , Leading - Edge Expertise Danaos Corporation Reports First Quarter Results for the Period Ended March 31 , 2021 Athens , Greece , May 10 , 2021 - Danaos Corporation ( " Danaos " ) ( NYSE : DAC ) , one of the world's largest independent owners of containerships , today reported unaudited results for the quarter ended March 31 , 2021 . Highlights for the First Quarter Ended March 31 , 2021 : • Adjusted net income of $ 58.0 million , or $ 2.83 per share , for the three months ended March 31 , 2021 compared to $ 33.3 million , or $ 1.34 per share , for the three months ended March 31 , 2020 , an increase of 74.2 % . • • • • • Operating revenues of $ 132.1 million for the three months ended March 31 , 2021 compared to $ 106.2 million for the three months ended March 31 , 2020 , an increase of 24.4 % . Adjusted EBITDA¹ of $ 96.3 million for the three months ended March 31 , 2021 compared to $ 71.9 million for the three months ended March 31 , 2020 , an increase of 33.9 % . Total contracted operating revenues were $ 1.2 billion as of March 31 , 2021 , with charters extending through 2028 and remaining average contracted charter duration of 2.9 years , weighted by aggregate contracted charter hire . Charter coverage of 91 % for the next 12 months based on current operating revenues and 88 % in terms of contracted operating days . Initiated a regular quarterly dividend with a dividend of $ 0.50 per share of common stock for the first quarter of 2021. The dividend is payable on June 9 , 2021 to stockholders of record as of May 27 , 2021 . Three Months Ended March 31 , 2021 Financial Summary - Unaudited ( Expressed in thousands of United States dollars , except per share amounts ) Three months ended March 31 , Three months ended March 31 , 2021 2020 Operating revenues $ 132,118 $ 106,196 Net income $ 296,780 $ 29,089 Adjusted net income¹ $ 58,011 $ 33,281 Earnings per share , diluted $ 14.47 $ 1.17 Adjusted earnings per share , diluted¹ $ 2.83 $ 1.34 Diluted weighted average number of shares ( in thousands ) 20,513 24,789 Adjusted EBITDA¹ $ 96,282 $ 71,918 1 Adjusted net income , adjusted earnings per share and adjusted EBITDA are non - GAAP measures . Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA . 1 of 12