Shareholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

On January 10, 2017, we completed an underwritten public offering (the “Offering”) of 26,450,000 shares of our common stock at a public offering price of $8.65 per share. The net proceeds from the Offering approximated $220 million, after deducting underwriting discounts and commissions and estimated offering expenses. We intend to use the net proceeds from the Offering for general corporate purposes, which may include debt repayment, capital expenditures, working capital, acquisitions or investments in our subsidiaries.

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

	June 30, 2017			December 31, 2016
Cumulative foreign currency translation adjustment	$	(69,561	)	$	(78,953	)
Unrealized loss on hedges, net (1)	(12,002		)	(18,021		)
Accumulated other comprehensive loss	$	(81,563	)	$	(96,974	)

(1) Relates 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 Nordea Q5000 Loan, and are net of deferred income taxes totaling $6.5 million at June 30, 2017 and $9.7 million at December 31, 2016 (Note 14).