Shareholders’ Equity

Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share issuable in one or more series.

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 offering expenses. We used the net proceeds from the Offering for general corporate purposes, including debt repayment, capital expenditures, working capital and investments in our subsidiaries.

In 2016, we sold a total of 13,018,732 shares of our common stock for $100 million under an at-the-market (“ATM”) equity offering program. The proceeds from this ATM program totaled $96.5 million, net of transaction costs, including commissions of $2.3 million to Wells Fargo Securities, LLC.

The components of accumulated OCI are as follows (in thousands):



	December 31,
	2018			2017

Cumulative foreign currency translation adjustment	$	(69,855	)	$	(62,689	)
Net unrealized loss on hedges, net of tax ⁽¹⁾	(4,109		)	(7,507		)
Unrealized gain on note receivable, net of tax ⁽²⁾	$	—		$	409
Accumulated other comprehensive loss	$	(73,964	)	$	(69,787	)

(1)

Relates to foreign currency hedges for the Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Nordea Q5000 Loan (Note 18). Balance at December 31, 2018 was net of deferred income taxes totaling $1.0 million. Balance at December 31, 2017 was net of deferred income taxes of $4.0 million, $1.6 million of which was reclassified to retained earnings on January 1, 2018 pursuant to the adoption of ASU No. 2018-02 (Note 2).


(2)	Balance at December 31, 2017 was net of deferred income taxes of $0.2 million, $0.1 million of which was reclassified to retained earnings on January 1, 2018 pursuant to the adoption of ASU No. 2018-02 (Note 2).