Company: LPG
Filing Date: 2025-07-22
Form Type: DEF 14A
Source: 0001558370-25-009356
Chunk: 73

Company: DORIAN LPG LTD.
Filing Date: 2025-07-22
Form: DEF 14A
Chunk 73
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 periods and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide revenue net of voyage expenses by available days for the relevant time period, which may not be calculated the same by other companies. The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented:

| ​                                        
 ​                                        
 (in U.S. dollars, except operating days) | ​          
 ​          
 ​          
 Numerator: | ​          
 ​          
 Year ended 
 ​          |              ​ 
 March 31, 2025 | ​ 
 ​ 
 ​ | ​          
 ​          
 Year ended 
 ​          |              ​ 
 March 31, 2024 |
|:-----------------------------------------|:-----------|:-----------|---------------:|:--|:-----------|---------------:|
| Revenues                                 | ​          | $          |    353,341,476 | ​ | $          |    560,717,436 |
| Voyage expenses                          | ​          | ​          |     -4,252,035 | ​ | ​          |     -2,674,179 |
| Time charter equivalent                  | ​          | $          |    349,089,441 | ​ | $          |    558,043,257 |
| ​                                        | ​          | ​          |              ​ | ​ | ​          |              ​ |
| Denominator:                             | ​          | ​          |              ​ | ​ | ​          |              ​ |
| Available days                           | ​          | ​          |          8,776 | ​ | ​          |          8,982 |
| TCE rate:                                | ​          | ​          |              ​ | ​ | ​          |              ​ |
| Time charter equivalent rate             | ​          | $          |         39,778 | ​ | $          |         62,129 |

In addition to the results of operations presented in accordance with U.S. GAAP, we provide adjusted net income and adjusted EPS. We believe that adjusted net income and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income and adjusted EPS are not a measurement of financial

54

performance or liquidity under U.S. GAAP; therefore, these non-U.S. GAAP financial measures should not be considered as an alternative or substitute for U.S. GAAP. The following table reconciles (unaudited) net income and EPS to adjusted net