Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

On April 25, 2016, we launched an at-the-market (“ATM”) offering program and executed an Equity Distribution Agreement with Wells Fargo Securities, LLC (“Wells Fargo”) to sell up to $50 million of our common stock through Wells Fargo. As of June 30, 2016, we sold a total of 5,081,339 shares of our common stock under the ATM program for $40.5 million, or an average of $7.98 per share, and received proceeds of $38.8 million, net of transaction costs, including commissions of $1.0 million that were paid to Wells Fargo.

The components of Accumulated Other Comprehensive Income (Loss) (“OCI”) are as follows (in thousands): 

	June 30, 2016			December 31, 2015
Cumulative foreign currency translation adjustment	$	(63,937	)	$	(43,010	)
Unrealized loss on hedges, net (1)	(22,918		)	(27,891		)
Accumulated other comprehensive loss	$	(86,855	)	$	(70,901	)

(1) Amounts relate to foreign currency hedges for the Grand Canyon, Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Term Loan and the Nordea Q5000 Loan, and are net of deferred income taxes totaling $12.5 million at June 30, 2016 and $15.1 million at December 31, 2015 (Note 14).