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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 23,418$ 109,863
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization101,48481,091
Amortization of deferred financing costs2,3681,191
Amortization of time charters acquired(1,432)(3,893)
Amortization of discount on Convertible Senior Notes2,999671
Unrealized gain on derivative instruments(38)(41)
Amortization of nonvested stock compensation expense6,6175,317
Change in assets and liabilities:  
Increase in due from charterers(2,275)(3,478)
Increase in prepaid expenses and other current assets(2,073)(4,980)
Increase in other noncurrent assets(514) 
(Decrease) increase in accounts payable and accrued expenses(2,143)7,742
Decrease in deferred revenue(5,359)(518)
Increase (decrease) in deferred rent credit953(17)
Deferred drydock costs incurred(2,669)(3,220)
Net cash provided by operating activities121,336189,728
Cash flows from investing activities:  
Purchase of vessels(98,860)(789,535)
Deposits on vessels(87)(31,492)
Deposits on vessels to be sold (6,930)
Proceeds from sale of vessel 36,562
Purchase of other fixed assets(692)(353)
Changes in deposits of restricted cash(750)(3,500)
Net cash used in investing activities(100,389)(795,248)
Cash flows from financing activities:  
Repayments on the 2007 Credit Facility(37,500)(37,500)
Proceeds from the $100 Million Term Loan Facility40,00040,000
Repayments on the $100 Million Term Loan Facility(3,243)(351)
Proceeds from the $253 Million Term Loan Facility21,500231,500
Repayments on the $253 Million Term Loan Facility(14,841) 
Proceeds from the Baltic Trading 2010 Credit Facility 69,825
Proceeds from issuance of common stock 55,200
Payment of common stock issuance costs (91)
Proceeds from issuance of Convertible Senior Notes 125,000
Payment of Convertible Senior Notes issuance costs(51)(771)
Proceeds from issuance of common stock by subsidiary 214,508
Payments of subsidiary common stock issuance costs (3,722)
Payment of dividend by subsidiary(5,576)(2,686)
Payment of deferred financing costs(328)(8,792)
Net cash (used in) provided by financing activities(39)682,120
Net increase in cash and cash equivalents20,90876,600
Cash and cash equivalents at beginning of period270,877188,267
Cash and cash equivalents at end of period$ 291,785$ 264,867