XML 23 R12.htm IDEA: XBRL DOCUMENT

CASH FLOW INFORMATION

9 Months Ended

Sep. 30, 2021

CASH FLOW INFORMATION

CASH FLOW INFORMATION

3 - CASH FLOW INFORMATION

For the nine months ended September 30, 2021, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $512 for the Purchase of vessels and ballast water treatment systems, including deposits, $6 for the Purchase of Scrubbers and $199 for the Purchase of other fixed assets. For the nine months ended September 30, 2021, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $114 for Cash dividends payable and $620 associated with the Payment of deferred financing costs.

For the nine months ended September 30, 2020, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $1,241 for the Purchase of vessels and ballast water treatment systems, including deposits, $25 for the Purchase of scrubbers, $451 for the Purchase of other fixed assets and $123 for the Net proceeds from sale of vessels. For the nine months ended September 30, 2020, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $108 for Cash dividends payable.

During the nine months ended September 30, 2021 and 2020, cash paid for interest, net of amounts capitalized, was $9,888 and $14,577, respectively.

During the nine months ended September 30, 2021 and 2020, there was no cash paid for income taxes.

During the nine months ended September 30, 2021, the Company made a total reclassification of $6,964 from Vessels, net of accumulated depreciation and Deferred drydocking, net of accumulated amortization to Vessels held for sale as the Company entered into an agreement to sell the Genco Provence prior to September 30, 2021. Refer to Note 4 — Vessel Acquisitions and Dispositions.

During the nine months ended September 30, 2020, the Company made a reclassification of $20,889 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Genco Bay, Baltic Jaguar and Genco Normandy prior to September 30, 2020. Refer to Note 4 — Vessel Acquisitions and Dispositions.

On May 13, 2021, the Company issued 33,525 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $515.

On May 4, 2021, the Company issued 18,428 restricted stock units to the Chairman of the Board. The aggregate fair value of these restricted stock units was $300.

On February 23, 2021, the Company issued 103,599 restricted stock units and options to purchase 118,552 shares of the Company’s stock at an exercise price of $9.91 to certain individuals. The fair value of these restricted stock units and stock options were $1,027 and $513, respectively.

On July 15, 2020, the Company issued 42,642 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $255.

On February 25, 2020, the Company issued 173,749 restricted stock units and options to purchase 344,568 shares of the Company’s stock at an exercise price of $7.06 to certain individuals. The fair value of these restricted stock units and stock options were $1,227 and $693, respectively.

Refer to Note 14 — Stock-Based Compensation for further information regarding the aforementioned grants.

Supplemental Condensed Consolidated Cash Flow information related to leases is as follows:


		For the Nine Months Ended
		September 30,
		2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating lease		$	1,672		$	1,672