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Our policy is to declare quarterly dividends to shareholders, substantially equal to our net operating cash flow during the previous quarter after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our Credit Facility, our other cash needs and the requirements of Marshall Islands law. However, if we declare a dividend in respect of a quarter in which an equity issuance has taken place, we calculate the dividend per share as our net operating cash flow for the quarter (after taking into account the factors described above) divided by the weighted average number of shares over that quarter. Net operating cash flow represents net income plus depreciation and certain non-cash administrative charges. The dividend paid is the calculated dividend per share multiplied by the number of shares outstanding at the end of the quarter.

NAO has made the following dividend payments to its shareholders:

The table illustrates the dividend declared by quarter in which the dividend was paid and is based on the earnings of the previous quarter.

1st quarter 2nd quarter 3rd quarter 4th quarter
2018 $0.02 $0.01
2017 $0.02 $0.02 $0.02  $0.02
2016 $0.12 $0.08 $0.05 $0.03
2015 $0.45 $0.17 $0.17 $0.15
2014 $0.45 $0.45 $0.45