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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2024 | Mar. 31, 2023
Cash flows from operating activities: |  |
Net income | $ 18,943 | $ 2,860
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 17,223 | 15,944
Amortization of deferred financing costs | 499 | 418
Right-of-use asset amortization | 368 | 360
Amortization of nonvested stock compensation expense | 1,382 | 1,559
Loss on sale of vessels | 978 |
Amortization of premium on derivatives | 45 | 59
Insurance proceeds for protection and indemnity claims | 117 | 34
Change in assets and liabilities: |  |
(Increase) decrease in due from charterers | (4,073) | 8,641
Decrease (increase) in prepaid expenses and other current assets | 651 | (2,263)
Increase in inventories | (3,889) | (3,428)
Increase (decrease) in accounts payable and accrued expenses | 5,831 | (97)
(Decrease) increase in deferred revenue | (3,067) | 71
Decrease in operating lease liabilities | (563) | (480)
Deferred drydock costs incurred | (2,194) | (4,112)
Net cash provided by operating activities | 32,251 | 19,566
Cash flows from investing activities: |  |
Purchase of vessels and ballast water treatment systems, including deposits | (930) | (2,003)
Purchase of other fixed assets | (240) | (1,085)
Net proceeds from sale of vessels | 18,505 |
Insurance proceeds for hull and machinery claims | 159 | 235
Net cash provided by (used in) investing activities | 17,494 | (2,853)
Cash flows from financing activities: |  |
Cash dividends paid | (17,885) | (21,666)
Payment of deferred financing costs | (38) |
Net cash used in financing activities | (47,923) | (30,416)
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,822 | (13,703)
Cash, cash equivalents and restricted cash at beginning of period | 46,857 | 64,100
Cash, cash equivalents and restricted cash at end of period | 48,679 | 50,397
$500 Million Revolver |  |
Cash flows from financing activities: |  |
Repayments of secured debt | $ (30,000) |
$450 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayments of secured debt |  | $ (8,750)

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