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v3.22.2.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2022 | Sep. 30, 2021
Cash flows from operating activities: |  |
Net income | $ 130,538 | $ 91,154
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 44,162 | 41,409
Amortization of deferred financing costs | 1,268 | 3,110
Amortization of fair market value of time charters acquired |  | (2,043)
Right-of-use asset amortization | 1,060 | 1,037
Amortization of nonvested stock compensation expense | 2,356 | 1,670
Loss on sale of vessels |  | 894
Loss on debt extinguishment |  | 4,408
Amortization of premium on derivative | 63 | 153
Interest rate cap premium payment |  | (240)
Insurance proceeds for protection and indemnity claims | 709 | 913
Change in assets and liabilities: |  |
Increase in due from charterers | (5,750) | (9,078)
Increase in prepaid expenses and other current assets | (1,421) | (193)
Increase in inventories | (7,618) | (2,139)
Increase in accounts payable and accrued expenses | 7,344 | 1,111
Increase in deferred revenue | 4,383 | 6,020
Decrease in operating lease liabilities | (1,384) | (1,314)
Deferred drydock costs incurred | (22,262) | (1,885)
Net cash provided by operating activities | 153,448 | 134,987
Cash flows from investing activities: |  |
Purchase of vessels and ballast water treatment systems, including deposits | (50,879) | (113,199)
Purchase of scrubbers (capitalized in Vessels) |  | (193)
Purchase of other fixed assets | (2,929) | (901)
Net proceeds from sale of vessels |  | 36,696
Insurance proceeds for hull and machinery claims | 293 | 295
Net cash used in investing activities | (53,515) | (77,302)
Cash flows from financing activities: |  |
Cash dividends paid | (82,713) | (7,175)
Payment of deferred financing costs | (11) | (5,474)
Net cash used in financing activities | (148,974) | (156,877)
Net decrease in cash, cash equivalents and restricted cash | (49,041) | (99,192)
Cash, cash equivalents and restricted cash at beginning of period | 120,531 | 179,679
Cash, cash equivalents and restricted cash at end of period | 71,490 | 80,487
$450 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from secured debt |  | 350,000
Repayment of secured debt | $ (66,250) | (45,000)
$133 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt |  | (114,940)
$495 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt |  | $ (334,288)

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