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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 130,538 $ 91,154
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,162 41,409
Amortization of deferred financing costs 1,268 3,110
Amortization of fair market value of time charters acquired   (2,043)
Right-of-use asset amortization 1,060 1,037
Amortization of nonvested stock compensation expense 2,356 1,670
Loss on sale of vessels   894
Loss on debt extinguishment   4,408
Amortization of premium on derivative 63 153
Interest rate cap premium payment   (240)
Insurance proceeds for protection and indemnity claims 709 913
Change in assets and liabilities:    
Increase in due from charterers (5,750) (9,078)
Increase in prepaid expenses and other current assets (1,421) (193)
Increase in inventories (7,618) (2,139)
Increase in accounts payable and accrued expenses 7,344 1,111
Increase in deferred revenue 4,383 6,020
Decrease in operating lease liabilities (1,384) (1,314)
Deferred drydock costs incurred (22,262) (1,885)
Net cash provided by operating activities 153,448 134,987
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (50,879) (113,199)
Purchase of scrubbers (capitalized in Vessels)   (193)
Purchase of other fixed assets (2,929) (901)
Net proceeds from sale of vessels   36,696
Insurance proceeds for hull and machinery claims 293 295
Net cash used in investing activities (53,515) (77,302)
Cash flows from financing activities:    
Cash dividends paid (82,713) (7,175)
Payment of deferred financing costs (11) (5,474)
Net cash used in financing activities (148,974) (156,877)
Net decrease in cash, cash equivalents and restricted cash (49,041) (99,192)
Cash, cash equivalents and restricted cash at beginning of period 120,531 179,679
Cash, cash equivalents and restricted cash at end of period 71,490 80,487
$450 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from secured debt   350,000
Repayment of secured debt $ (66,250) (45,000)
$133 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   (114,940)
$495 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   $ (334,288)