XML 22 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (42,277) $ (56,931)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 36,348 33,336
Amortization of deferred financing costs 1,867 1,239
Payment of PIK interest   (5,341)
Noncash operating lease expense 577  
Amortization of nonvested stock compensation expense 1,021 1,131
Impairment of right-of-use asset 223  
Impairment of vessel assets 13,897 56,586
Gain on sale of vessels (611)  
Loss on debt extinguishment   4,533
Insurance proceeds for protection and indemnity claims 389 187
Insurance proceeds for loss of hire claims   58
Change in assets and liabilities:    
Decrease (increase) in due from charterers 6,588 (2,201)
Decrease (increase) in prepaid expenses and other current assets 165 (2,910)
Decrease (increase) in inventories 223 (7,731)
Decrease in other noncurrent assets   514
Increase in accounts payable and accrued expenses 828 2,284
Increase in deferred revenue 1,859 1,185
Decrease in operating lease liabilities (786)  
Increase in deferred rent   539
Deferred drydock costs incurred (5,488) (1,459)
Net cash provided by operating activities 14,823 25,019
Cash flows from investing activities:    
Purchase of vessels, including deposits (7,754) (747)
Purchase of scrubbers (capitalized in Vessels) (10,370)  
Purchase of other fixed assets (2,494) (491)
Net proceeds from sale of vessels 6,309  
Insurance proceeds for hull and machinery claims 612 3,107
Net cash (used in) provided by investing activities (13,697) 1,869
Cash flows from financing activities:    
Payment of debt extinguishment costs   (2,962)
Proceeds from issuance of common stock   110,249
Payment of common stock issuance costs (105) (48)
Payment of deferred financing costs (611) (9,679)
Net cash (used in) provided by financing activities (38,451) 38,477
Net (decrease) increase in cash, cash equivalents and restricted cash (37,325) 65,365
Cash, cash equivalents and restricted cash at beginning of period 202,761 204,946
Cash, cash equivalents and restricted cash at end of period 165,436 270,311
Secured Debt | $108 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt (3,160) 0
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt (34,575) 0
Secured Debt | $460 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility   460,000
Secured Debt | $400 Million Credit Facility    
Adjustments to reconcile net loss to net cash provided by operating activities:    
Payment of PIK interest   (5,341)
Cash flows from financing activities:    
Repayment of secured debt   (399,600)
Secured Debt | 2014 Term Loan Facilities    
Cash flows from financing activities:    
Repayment of secured debt 0 (25,544)
Line of Credit Facility | $98 Million Credit Facility    
Cash flows from financing activities:    
Repayments of Credit Facility $ 0 $ (93,939)