XML 21 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 42,436 $ 14,401
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,319 32,736
Amortization of deferred financing costs 997 840
Right-of-use asset amortization 739 721
Amortization of nonvested stock compensation expense 2,833 2,778
Impairment of vessel assets 5,634 0
Net gain on sale of vessels (12,228)  
Amortization of premium on derivatives 45 84
Insurance proceeds for protection and indemnity claims 266 168
Insurance proceeds for loss of hire claims   152
Change in assets and liabilities:    
(Increase) decrease in due from charterers (11,854) 5,640
Decrease (increase) in prepaid expenses and other current assets 1,374 (3,743)
Decrease (increase) in inventories 2,342 (1,361)
Increase (decrease) in accounts payable and accrued expenses 2,899 (7,708)
(Decrease) increase in deferred revenue (1,177) 2,987
Decrease in operating lease liabilities (1,133) (1,003)
Deferred drydock costs incurred (6,209) (7,744)
Net cash provided by operating activities 61,283 38,948
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (1,402) (3,131)
Purchase of other fixed assets (1,382) (1,802)
Net proceeds from sale of vessels 67,743  
Insurance proceeds for hull and machinery claims 159 1,402
Net cash provided by (used in) investing activities 65,118 (3,531)
Cash flows from financing activities:    
Cash dividends paid (35,872) (28,125)
Payment of deferred financing costs (38)  
Net cash used in financing activities (130,910) (45,625)
Net decrease in cash, cash equivalents and restricted cash (4,509) (10,208)
Cash, cash equivalents and restricted cash at beginning of period 46,857 64,100
Cash, cash equivalents and restricted cash at end of period 42,348 53,892
$500 Million Revolver    
Cash flows from financing activities:    
Repayments of secured debt $ (95,000)  
$450 Million Credit Facility    
Cash flows from financing activities:    
Repayments of secured debt   $ (17,500)