XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities      
Net (Loss) Income $ (73,192) $ (72,298) $ (809)
Reconciliation of Net (Loss) Income to Net Cash Provided by Operating Activities      
Depreciation Expense 69,219 64,626 62,545
Impairment Loss on Vessel 12,030 0 0
Loss on Contract 0 16,200 0
Dry-dock Expenditures (16,538) (11,577) (5,205)
Amortization of Deferred Finance Costs 1,365 653 653
Deferred Compensation Liability 1,391 1,741 2,450
Compensation- Restricted Shares 1,540 67 2,838
Share-based Compensation 1,258 1,320 60
Other, net (170) 0 0
Changes in Operating Assets and Liabilities:      
Accounts Receivables 17,532 (9,682) 7,326
Accounts Receivables Related party (11,291) 1,571 0
Inventory 3,538 (3,982) (755)
Prepaid and Other Current Assets 7,799 (4,167) 927
Accounts Payable and Accrued Liabilities (7,609) 13,983 (3,151)
Accounts Payable Related party 610 926 0
Deferred Revenue 0 0 (537)
Voyages in Progress 5,233 (5,233) 0
Other Non-current Related party Receivables (13,282) (18,941) 0
Other Non-current Assets 0 12,630 (8,590)
Net Cash (Used in) Provided by Operating Activities (567) (12,163) 57,752
Cash Flows from Investing Activities      
Investment in Marketable Securities 0 (795) 0
Investment in Vessels (2,745) (91,536) (194,426)
Deposit and Loan repayment from (paid to) seller 9,000 10,609 (8,384)
Other, net (129) (61) 0
Net Cash Provided by (Used in) Investing Activities 6,126 (81,783) (202,810)
Cash Flows from Financing Activities      
Proceeds from Issuance of Common Stock 75,582 4 136,510
Proceeds from Use of Credit Facility 270,000 155,000 225,000
Repayments on Credit Facility (250,000) 0 (150,000)
Credit Facility Cost (6,139) 0 0
Dividends Paid (63,497) (54,273) (79,728)
Net Cash Provided by Financing Activities 25,946 100,731 131,783
Net Increase (Decrease) in Cash and Cash Equivalents 31,505 6,785 (13,275)
Cash and Cash Equivalents at the Beginning of Year 24,006 17,221 30,496
Cash and Cash Equivalents at the End of Year 55,511 24,006 17,221
Cash Paid for Interest 2,928 1,902 1,551
Cash Paid for Taxes $ 0 $ 0 $ 0