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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Cash flows from operating activities: |  |  |
Net loss | $ (32,940) | $ (58,725) | $ (217,757)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
Depreciation and amortization | 68,976 | 71,776 | 76,330
Amortization of deferred financing costs | 3,035 | 2,325 | 2,847
PIK interest, net |  | 4,542 | 800
Payment of PIK interest | (5,341) | 0 | 0
Amortization of nonvested stock compensation expense | 2,231 | 4,053 | 20,680
Impairment of vessel assets | 56,586 | 21,993 | 69,278
Gain on sale of vessels | (3,513) | (7,712) | (3,555)
Impairment of investment |  |  | 2,696
Loss on debt extinguishment | 4,533 |  |
Insurance proceeds for protection and indemnity claims | 303 | 765 | 494
Insurance proceeds for loss of hire claims | 58 | 2,230 | 812
Realized gain on sale of investment |  |  | (689)
Change in assets and liabilities: |  |  |
(Increase) decrease in due from charterers | (10,099) | (2,482) | 213
Increase in prepaid expenses and other current assets | (6,626) | (5,875) | 1,010
(Increase) decrease in inventories | (14,215) | (6,485) | 844
Decrease in other noncurrent assets | 514 |  |
Increase (decrease) in accounts payable and accrued expenses | 2,571 | 1,494 | (5,309)
Increase in deferred revenue | 1,190 | 3,234 | 430
Increase in lease obligations | 880 | 720 | 719
Deferred drydock costs incurred | (2,236) | (7,782) | (2,150)
Net cash provided by (used in) operating activities | 65,907 | 24,071 | (52,307)
Cash flows from investing activities: |  |  |
Purchase of vessels, including deposits | (241,872) | (262) | (458)
Purchase of other fixed assets | (1,462) | (290) | (329)
Net proceeds from sale of vessels | 44,330 | 15,513 | 13,024
Sale of AFS securities |  |  | 10,489
Insurance proceeds for hull and machinery claims | 3,629 | 2,444 | 2,325
Net cash (used in) provided by investing activities | (195,375) | 17,405 | 25,051
Cash flows from financing activities: |  |  |
Cash settlement of non-accredited Note holders |  |  | (101)
Payment of debt extinguishment costs | (2,962) |  |
Proceeds from issuance of common stock | 110,249 |  |
Payment of common stock issuance costs | (496) |  |
Proceeds from issuance of Series A Preferred Stock |  |  | 125,000
Payment of Series A Preferred Stock issuance costs |  | (1,103) | (3,108)
Payment of deferred financing costs | (11,845) |  | (1,500)
Net cash provided by (used in) financing activities | 127,283 | (5,598) | 55,435
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,185) | 35,878 | 28,179
Cash, cash equivalents and restricted cash at beginning of period | 204,946 | 169,068 | 140,889
Cash, cash equivalents and restricted cash at end of period | 202,761 | 204,946 | 169,068
Secured Debt | $108 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Proceeds from credit facility | 108,000 |  |
Repayment of secured debt | (1,580) | 0 | 0
Secured Debt | $460 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Proceeds from credit facility | 460,000 |  |
Repayment of secured debt | (15,000) | 0 | 0
Secured Debt | $400 Million Credit Facility |  |  |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
Payment of PIK interest | (5,341) |  |
Cash flows from financing activities: |  |  |
Proceeds from credit facility |  |  | 400,000
Repayment of secured debt | (399,600) | (400) | 0
Secured Debt | $100 Million Term Loan Facility |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | (60,099)
Secured Debt | $253 Million Term Loan Facility |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | (145,268)
Secured Debt | $44 Million Term Loan Facility |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | (38,500)
Secured Debt | $22 Million Term Loan Facility |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | (18,625)
Secured Debt | 2014 Term Loan Facilities |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt | (25,544) | (2,763) | (2,763)
Line of Credit Facility | $98 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Repayments of Credit Facility | $ (93,939) | $ (1,332) | (3,000)
Line of Credit Facility | $148 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Repayments of Credit Facility |  |  | (140,383)
Revolving Credit Facility | 2015 Revolving Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Repayments of Credit Facility |  |  | $ (56,218)

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