XML 21 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 89,490 $ 34,022
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,579 27,209
Amortization of deferred financing costs 841 2,235
Right-of-use asset amortization 705 690
Amortization of nonvested stock compensation expense 1,516 1,073
Loss on sale of vessels   735
Amortization of premium on derivative 110 111
Interest rate cap premium payment   (240)
Insurance proceeds for protection and indemnity claims 169 101
Change in assets and liabilities:    
Increase in due from charterers (4,847) (921)
Decrease (increase) in prepaid expenses and other current assets 584 (894)
Increase in inventories (7,177) (4,858)
Increase in accounts payable and accrued expenses 8,602 5,028
(Decrease) increase in deferred revenue (4,292) 954
Decrease in operating lease liabilities (917) (871)
Deferred drydock costs incurred (14,204) (1,822)
Net cash provided by operating activities 99,159 62,552
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (48,346) (24,678)
Purchase of scrubbers (capitalized in Vessels)   (126)
Purchase of other fixed assets (1,927) (431)
Net proceeds from sale of vessels   29,096
Insurance proceeds for hull and machinery claims 293 295
Net cash (used in) provided by investing activities (49,980) 4,156
Cash flows from financing activities:    
Cash dividends paid (61,572) (2,983)
Payment of deferred financing costs (11)  
Net cash used in financing activities (119,083) (85,186)
Net decrease in cash, cash equivalents and restricted cash (69,904) (18,478)
Cash, cash equivalents and restricted cash at beginning of period 120,531 179,679
Cash, cash equivalents and restricted cash at end of period 50,627 161,201
Secured Debt | $450 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt $ (57,500)  
Secured Debt | $133 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   (24,320)
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   $ (57,883)