XML 23 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 2,860 $ 41,865
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 15,944 14,059
Amortization of deferred financing costs 418 418
Right-of-use asset amortization 360 351
Amortization of nonvested stock compensation expense 1,559 690
Amortization of premium on derivative 59 43
Insurance proceeds for protection and indemnity claims 34 99
Change in assets and liabilities:    
Decrease in due from charterers 8,641 77
Increase in prepaid expenses and other current assets (2,263) (1,350)
(Increase) decrease in inventories (3,428) 1,226
Decrease in accounts payable and accrued expenses (97) (2,834)
Increase in deferred revenue 71 52
Decrease in operating lease liabilities (480) (456)
Deferred drydock costs incurred (4,112) (1,685)
Net cash provided by operating activities 19,566 52,555
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (2,003) (45,482)
Purchase of other fixed assets (1,085) (1,483)
Insurance proceeds for hull and machinery claims 235  
Net cash used in investing activities (2,853) (46,965)
Cash flows from financing activities:    
Repayment of secured debt (8,750) (48,750)
Cash dividends paid (21,666) (28,289)
Payment of deferred financing costs   (11)
Net cash used in financing activities (30,416) (77,050)
Net decrease in cash, cash equivalents and restricted cash (13,703) (71,460)
Cash, cash equivalents and restricted cash at beginning of period 64,100 120,531
Cash, cash equivalents and restricted cash at end of period $ 50,397 $ 49,071