XML 20 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statemenets of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:      
Net income/(loss) $ (55,966) $ (47,944) $ 14,634
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation 49,485 47,133 43,084
Loss on sale of assets 2,750 0 0
Gain on asset purchase cancellation 0 0 (3,633)
Impairment loss 17,163 22,826 0
Gain on loan write off 0 (1,111) 0
Loss from inventory valuation 0 1,432 4,001
Amortization and write-off of deferred finance charges 3,063 2,793 1,472
Unrealized gain on derivatives (411) (606) (2,137)
Share based compensation 120 120 120
Change in:      
Accounts receivable (1,695) (2,010) 42
Due from Manager 345 (946) 0
Inventories 238 4,342 (2,586)
Accrued revenue (90) (341) (664)
Prepaid expenses and other current assets (340) 36 190
Due to Manager 0 (24) (283)
Trade accounts payable (1,679) 1,734 (997)
Accrued liabilities 411 (269) 192
Unearned revenue 84 (1,643) (9,703)
Net Cash Provided by Operating Activities 13,478 25,522 43,732
Cash Flows from Investing Activities:      
Vessel acquisitions including advances for vessels under construction (58,373) (123,541) (146,300)
Proceeds from asset purchase cancellation 0 0 36,320
Proceeds from sale of assets 29,000 0 0
Maturity of investment 0 0 50,000
Increase in restricted cash (3,907) (70,104) (13,779)
Restricted cash released 66,552 12,965 6,750
Increase in bank time deposits (51,452) (1,500) 0
Maturity of bank time deposits 39,452 0 0
Net Cash (Used in)/Provided by Investing Activities 21,272 (182,180) (67,009)
Cash Flows from Financing Activities:      
Proceeds from long-term debt 64,500 446,896 93,925
Principal payments of long-term debt (148,529) (243,659) (132,652)
Dividends paid (14,049) (17,539) (25,915)
Payment of deferred financing costs (100) (5,018) (2,267)
Proceeds on issuance of common stock 16,494 0 0
Payment of common stock offering expenses (361) 0 (98)
Repurchase of common stock (120) 0 0
Proceeds on issuance of preferred stock 0 0 133,387
Repurchase of preferred stock (1,710) (590) 0
Payment of preferred stock offering expenses 0 0 (463)
Net Cash Provided by/(Used in) Financing Activities (83,875) 180,090 65,917
Net increase/(decrease) in cash and cash equivalents (49,125) 23,432 42,640
Cash and cash equivalents at beginning of year 130,743 107,311 64,671
Cash and cash equivalents at end of year 81,618 130,743 107,311
Supplemental cash flow information:      
Cash paid for interest (excluding capitalized interest): 19,829 11,932 8,594
Non cash Investing and Financing activities $ 3,518 $ 772 $ 506