Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 10 — 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.

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

	December 31,
	2019			2018
Cumulative foreign currency translation adjustment	$	(64,455	)	$	(69,855	)
Net unrealized loss on hedges, net of tax (1)	(285		)	(4,109		)
Accumulated OCI	$	(64,740	)	$	(73,964	)

(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 21). Balances at December 31, 2019 and 2018 were net of deferred income taxes totaling $0.1 million and $1.0 million, respectively.