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v3.20.4

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Cash flows from operating activities: |  |  |
Net loss | $ (225,573) | $ (55,985) | $ (32,940)
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
Depreciation and amortization | 65,168 | 72,824 | 68,976
Amortization of deferred financing costs | 3,903 | 3,788 | 3,035
Payment of PIK interest |  |  | (5,341)
Noncash operating lease expense | 1,359 | 1,246 |
Amortization of nonvested stock compensation expense | 2,026 | 2,057 | 2,231
Impairment of right-of-use asset |  | 223 |
Impairment of vessel assets | 208,935 | 27,393 | 56,586
Loss (gain) on sale of vessels | 1,855 | 168 | (3,513)
Loss on debt extinguishment |  |  | 4,533
Insurance proceeds for protection and indemnity claims | 569 | 494 | 303
Insurance proceeds for loss of hire claims | 78 |  | 58
Change in assets and liabilities: |  |  |
Decrease (Increase) in due from charterers | 710 | 8,605 | (10,099)
Increase in prepaid expenses and other current assets | (1,938) | (789) | (6,626)
Decrease (increase) in inventories | 5,625 | 2,340 | (14,215)
Decrease in other noncurrent assets |  |  | 514
(Decrease) increase in accounts payable and accrued expenses | (17,355) | 13,172 | 2,571
Increase in deferred revenue | 1,794 | 223 | 1,190
Decrease in operating lease liabilities | (1,677) | (1,592) |
Increase in deferred rent |  |  | 880
Deferred drydock costs incurred | (8,583) | (14,641) | (2,236)
Net cash provided by operating activities | 36,896 | 59,526 | 65,907
Cash flows from investing activities: |  |  |
Purchase of vessels and ballast water treatment systems, including deposits | (4,485) | (13,960) | (241,872)
Purchase of scrubbers (capitalized in Vessels) | (10,973) | (31,750) |
Purchase of other fixed assets | (4,580) | (4,714) | (1,462)
Net proceeds from sale of vessels | 56,993 | 26,963 | 44,330
Insurance proceeds for hull and machinery claims | 484 | 612 | 3,629
Net cash provided by (used in) investing activities | 37,439 | (22,849) | (195,375)
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) | (496)
Cash dividends paid | (9,847) | (20,877) |
Payment of deferred financing costs | (462) | (611) | (11,845)
Net cash (used in) provided by financing activities | (56,905) | (77,189) | 127,283
Net increase (decrease) in cash, cash equivalents and restricted cash | 17,430 | (40,512) | (2,185)
Cash, cash equivalents and restricted cash at beginning of period | 162,249 | 202,761 | 204,946
Cash, cash equivalents and restricted cash at end of period | 179,679 | 162,249 | 202,761
Secured Debt | $133 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Proceeds from credit facility | 24,000 |  | 108,000
Repayment of secured debt | (9,160) | (6,320) | (1,580)
Secured Debt | $495 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Proceeds from credit facility | 11,250 | 21,500 | 460,000
Repayment of secured debt | $ (72,686) | $ (70,776) | (15,000)
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 | $98 Million Credit Facility |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | (93,939)
Secured Debt | 2014 Term Loan Facilities |  |  |
Cash flows from financing activities: |  |  |
Repayment of secured debt |  |  | $ (25,544)

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