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v3.21.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2021 | Jun. 30, 2020
Cash flows from operating activities: |  |
Net income (loss) | $ 34,022 | $ (138,554)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |
Depreciation and amortization | 27,209 | 33,504
Amortization of deferred financing costs | 2,235 | 1,909
Right-of-use asset amortization | 690 | 676
Amortization of nonvested stock compensation expense | 1,073 | 957
Impairment of vessel assets | 0 | 112,814
Loss on sale of vessels | 735 | 486
Amortization of premium on derivative | 111 |
Interest rate cap premium payment | (240) |
Insurance proceeds for protection and indemnity claims | 101 | 278
Insurance proceeds for loss of hire claims |  | 78
Change in assets and liabilities: |  |
(Increase) decrease in due from charterers | (921) | 331
(Increase) decrease in prepaid expenses and other current assets | (894) | 504
(Increase) decrease in inventories | (4,858) | 4,174
Increase (decrease) in accounts payable and accrued expenses | 5,028 | (17,454)
Increase (decrease) in deferred revenue | 954 | (2,259)
Decrease in operating lease liabilities | (871) | (828)
Deferred drydock costs incurred | (1,822) | (5,593)
Net cash provided by (used in) operating activities | 62,552 | (8,977)
Cash flows from investing activities: |  |
Purchase of vessels and ballast water treatment systems, including deposits | (24,678) | (2,275)
Purchase of scrubbers (capitalized in Vessels) | (126) | (10,839)
Purchase of other fixed assets | (431) | (2,716)
Net proceeds from sale of vessels | 29,096 | 14,726
Insurance proceeds for hull and machinery claims | 295 | 484
Net cash provided by (used in) investing activities | 4,156 | (620)
Cash flows from financing activities: |  |
Cash dividends paid | (2,983) | (8,126)
Payment of deferred financing costs |  | (283)
Net cash used in financing activities | (85,186) | (9,760)
Net decrease in cash, cash equivalents and restricted cash | (18,478) | (19,357)
Cash, cash equivalents and restricted cash at beginning of period | 179,679 | 162,249
Cash, cash equivalents and restricted cash at end of period | 161,201 | 142,892
Secured Debt | $133 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from credit facility |  | 24,000
Repayment of secured debt | (24,320) | (3,280)
Secured Debt | $495 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from credit facility |  | 11,250
Repayment of secured debt | $ (57,883) | $ (33,321)

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