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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net earnings (loss) $ 278,798,000 $ 175,237,000 $ (139,039,000)
Items not involving cash:      
Depreciation and amortization 245,801,000 199,938,000 216,098,000
Share-based compensation (note 14) 3,134,000 17,526,000 6,378,000
Amortization of deferred financing fees, debt discount and fair value of long-term debt 19,947,000 11,899,000 14,181,000
Amounts reclassified from other comprehensive loss to interest expense (note 18(c)) 333,000 1,927,000 3,407,000
Unrealized change in fair value of financial instruments (57,445,000) (44,060,000) (53,998,000)
Acquisition related gain on contract settlement (2,430,000) 0 0
Equity income on investment (note 7) (1,216,000) (5,835,000) (188,000)
Refinancing expenses and recoveries 0 0 1,677,000
Operating leases (note 11) (23,594,000) (22,589,000) (19,003,000)
Amortization of acquired revenue contracts 8,117,000 4,511,000 3,273,000
Vessel impairments 0 0 285,195,000
Expenses related to customer bankruptcy 0 0 18,883,000
Loss (gain) on disposals 0 (13,604,000) 31,876,000
Other 16,000 6,690,000 34,000
Changes in assets and liabilities:      
Accounts receivable 15,495,000 16,584,000 (21,711,000)
Lease receivable 44,275,000 8,141,000 17,783,000
Prepaid expenses and other 17,457,000 (11,223,000) 2,108,000
Deferred dry-dock (10,264,000) (8,709,000) (20,741,000)
Accounts payable and accrued liabilities (8,288,000) 2,270,000 (8,693,000)
Deferred revenue (46,806,000) (7,377,000) 4,778,000
Other long-term liabilities (1,470,000) 0 0
Fair value of financial instruments 1,991,000 (8,107,000) (31,211,000)
Cash from operating activities 483,851,000 323,219,000 311,087,000
Financing activities:      
Preferred shares issued, net of issuance costs (note 12(b)) 144,375,000 2,690,000 541,694,000
Common shares issued, net of issuance costs (note 12(a)) 0 118,966,000 95,978,000
Draws on credit facilities 325,600,000 0 220,485,000
Repayment of credit facilities (469,662,000) (455,005,000) (704,291,000)
2025 Notes and 2018 Warrants issued 250,000,000 0 0
Senior unsecured notes issued (note 9) 0 80,000,000 0
Senior unsecured notes repurchased, including related expenses (17,529,000) (7,075,000) 0
Draws on long-term obligations under capital lease 46,964,000 176,254,000 180,750,000
Repayment of long-term obligations under capital lease (48,140,000) (26,198,000) (24,733,000)
Common shares repurchased, including related expenses 0 0 (8,269,000)
Preferred shares redeemed, including related expenses (143,430,000) 0 (333,074,000)
Proceeds from exercise of 2018 Warrants 250,000,000 0 0
Financing fees (16,122,000) (8,226,000) (12,992,000)
Dividends on common shares (49,937,000) (61,830,000) (148,556,000)
Dividends on preferred shares (65,765,000) (64,416,000) (54,085,000)
Proceeds from sale-leaseback of vessels 0 90,753,000 354,000,000
Cash from (used in) financing activities 206,354,000 (154,087,000) 106,907,000
Investing activities:      
Expenditures for vessels (318,740,000) (338,518,000) (343,552,000)
Short-term investments (2,428,000) 307,000 3,004,000
Net proceeds from vessel disposals 0 37,091,000 12,078,000
Proceeds from sale of leased vessels 0 0 20,000,000
Loans to affiliate (note 4) 0 (2,677,000) (18,096,000)
Repayment of loans to affiliate (note 4) 0 22,325,000 67,831,000
Other assets (1,417,000) (2,384,000) (6,677,000)
Acquisition of GCI (note 3) (333,581,000) 0 0
Cash acquired from GCI acquisition (note 3) 70,121,000 0 0
Cash used in investing activities (586,045,000) (283,856,000) (265,412,000)
Increase (decrease) in cash and cash equivalents 104,160,000 (114,724,000) 152,582,000
Cash and cash equivalents and restricted cash, beginning of year 267,236,000 381,960,000 229,378,000
Cash and cash equivalents and restricted cash, end of year $ 371,396,000 $ 267,236,000 $ 381,960,000