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v3.22.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2022 | Jun. 30, 2021
Cash flows from operating activities: |  |
Net income | $ 89,490 | $ 34,022
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 28,579 | 27,209
Amortization of deferred financing costs | 841 | 2,235
Right-of-use asset amortization | 705 | 690
Amortization of nonvested stock compensation expense | 1,516 | 1,073
Loss on sale of vessels |  | 735
Amortization of premium on derivative | 110 | 111
Interest rate cap premium payment |  | (240)
Insurance proceeds for protection and indemnity claims | 169 | 101
Change in assets and liabilities: |  |
Increase in due from charterers | (4,847) | (921)
Decrease (increase) in prepaid expenses and other current assets | 584 | (894)
Increase in inventories | (7,177) | (4,858)
Increase in accounts payable and accrued expenses | 8,602 | 5,028
(Decrease) increase in deferred revenue | (4,292) | 954
Decrease in operating lease liabilities | (917) | (871)
Deferred drydock costs incurred | (14,204) | (1,822)
Net cash provided by operating activities | 99,159 | 62,552
Cash flows from investing activities: |  |
Purchase of vessels and ballast water treatment systems, including deposits | (48,346) | (24,678)
Purchase of scrubbers (capitalized in Vessels) |  | (126)
Purchase of other fixed assets | (1,927) | (431)
Net proceeds from sale of vessels |  | 29,096
Insurance proceeds for hull and machinery claims | 293 | 295
Net cash (used in) provided by investing activities | (49,980) | 4,156
Cash flows from financing activities: |  |
Cash dividends paid | (61,572) | (2,983)
Payment of deferred financing costs | (11) |
Net cash used in financing activities | (119,083) | (85,186)
Net decrease in cash, cash equivalents and restricted cash | (69,904) | (18,478)
Cash, cash equivalents and restricted cash at beginning of period | 120,531 | 179,679
Cash, cash equivalents and restricted cash at end of period | 50,627 | 161,201
Secured Debt | $450 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt | $ (57,500) |
Secured Debt | $133 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt |  | (24,320)
Secured Debt | $495 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt |  | $ (57,883)

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