XML 42 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows from Operating Activities    
Net Income (Loss) $ (54,645) $ 12,031
Reconciliation of Net Income to Net Cash Provided by Operating Activities    
Depreciation Expense 47,587 46,846
Loss on Contract 16,200 0
Dry-dock Expenditures (10,787) (5,312)
Amortization of Deferred Finance Costs 489 489
Deferred Compensation Liability 1,263 515
Compensation - Restricted Shares 0 2,837
Share-based Compensation 974 60
Changes in Operating Assets and Liabilities:    
Accounts Receivables (3,286) 5,115
Accounts Payable and Accrued Liabilities 10,089 (1,408)
Prepaid and Other Current Assets (5,373) 736
Voyages in Progress (2,976) 0
Other Non-current Assets 0 (6,884)
Net Cash (Used in) Provided by Operating Activities (465) 55,025
Cash Flows from Investing Activities    
Investment in Marketable Securities (795) 0
Investment in Vessels (60,475) (141,558)
Loan to Seller, Nordic Galaxy 0 (8,384)
Net Cash Used in Investing Activities (61,270) (149,942)
Cash Flows from Financing Activities    
Proceeds from Issuance of Common Stock 0 136,511
Proceeds from Use of Credit Facility 95,000 200,000
Repayments on Credit Facility 0 (150,000)
Dividends Paid (40,082) (68,003)
Net Cash Provided by (Used in) Financing Activities 54,918 118,508
Net (Decrease) Increase in Cash and Cash Equivalents (6,817) 23,591
Cash and Cash Equivalents at the Beginning of Year 17,221 30,496
Cash and Cash Equivalents at the End of Year 10,404 54,087
Cash Paid for Interest 1,234 1,174
Cash Paid for Taxes $ 0 $ 0