XML 53 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (107,796) $ (100,890)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 72,739 69,100
Amortization of deferred financing costs 4,291 3,691
Amortization of time charters acquired (67) (233)
Amortization of discount on Convertible Senior Notes 1,592 2,388
Interest expense related to the de-designation of the interest rate swap 953  
Unrealized loss on derivative instruments   5
Amortization of nonvested stock compensation expense 2,691 2,380
Change in assets and liabilities:    
Decrease in due from charterers 2,241 768
Increase in prepaid expenses and other current assets (4,227) (2,901)
Increase in accounts payable and accrued expenses 14,064 1,686
(Decrease) increase in deferred revenue (446) 13
Increase in lease obligations 197 125
Deferred drydock costs incurred (9,288) (1,402)
Net cash used in operating activities (23,056) (25,270)
Cash flows from investing activities:    
Purchase of vessels, including deposits (29,790) (54)
Purchase of other fixed assets (391) (195)
Changes in deposits of restricted cash (125)  
Net cash used in investing activities (30,306) (249)
Cash flows from financing activities:    
Payment of dividend by subsidiary (2,046) (347)
Proceeds from issuance of common stock by subsidiary   21,838
Payment of common stock issuance costs by subsidiary (111) (17)
Payment of deferred financing costs (360)  
Net cash (used in) provided by financing activities (11,640) 22,474
Net decrease in cash and cash equivalents (65,002) (3,045)
Cash and cash equivalents at beginning of period 122,722 72,600
Cash and cash equivalents at end of period 57,720 69,555
$100 Million Term Loan Facility
    
Cash flows from financing activities:    
Repayments on Term Loan Facility (1,923)  
$253 Million Term Loan Facility
    
Cash flows from financing activities:    
Repayments on Term Loan Facility (5,075)  
2010 Baltic Trading Credit Facility
    
Cash flows from financing activities:    
Proceeds from Term Loan Facility   1,000
Baltic Trading $22 Million Term Loan Facility
    
Cash flows from financing activities:    
Repayments on Term Loan Facility (750)  
Baltic Trading $44 Million Term Loan Facility
    
Cash flows from financing activities:    
Repayments on Term Loan Facility $ (1,375)