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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net earnings (loss) $ (139,039) $ 199,391 $ 131,247
Items not involving cash:      
Depreciation and amortization 216,098 204,862 181,527
Share-based compensation (note 15) 6,378 4,528 8,301
Amortization of deferred financing fees 14,181 11,685 10,342
Amounts reclassified from other comprehensive loss to interest expense 3,407 3,319 4,259
Unrealized change in fair value of financial instruments (53,998) (53,252) (13,064)
Equity income on investment (note 8) (188) (5,107) (256)
Refinancing expenses and recoveries 1,677 5,148 (398)
Operating leases (note 12) (19,003) (9,795) (1,428)
Vessel impairments 285,195 0 0
Expenses related to customer bankruptcy (note 5) 18,883 0 0
Loss on disposals 31,876 0 0
Other income 0 (6,600) 0
Other 34 7,759 10,614
Changes in assets and liabilities:      
Accounts receivable (21,711) (323) (9,593)
Lease receivable 17,783 21,170 21,170
Prepaid expenses 2,108 (15,960) 856
Other assets and deferred charges (17,468) (31,011) (9,380)
Accounts payable and accrued liabilities (15,293) 10,143 5,574
Deferred revenue 4,778 (10,085) 3,188
Other long-term liabilities 6,600 0 0
Fair value of financial instruments (31,211) 0 0
Cash from operating activities 311,087 335,872 342,959
Financing activities:      
Senior unsecured notes issued 0 0 345,000
Preferred shares issued, net of issuance costs (note 13(b)) 541,694 0 130,415
Common shares issued, net of issuance costs (note 13(a)) 95,978 0 4,245
Draws on credit facilities 220,485 534,325 660,160
Repayment of credit facilities (704,291) (607,174) (872,659)
Draws on long-term obligations under capital lease 180,750 150,000 0
Repayment of long-term obligations under capital lease (24,733) (21,691) (393,382)
Common shares repurchased, including related expenses (8,269) (13,885) 0
Preferred shares redeemed, including related expenses (333,074) 0 0
Preferred shares repurchased, including related expenses (note 13) 0 (12,303) 0
Financing fees (12,992) (17,399) (17,405)
Dividends on common shares (148,556) (105,691) (62,310)
Dividends on preferred shares (54,085) (53,655) (50,443)
Proceeds from sale-leaseback of vessels (note 12) 354,000 542,000 330,000
Cash from financing activities 106,907 394,527 73,621
Investing activities:      
Expenditures for vessels (343,552) (712,663) (524,255)
Short-term investments 3,004 (2,203) 10,463
Net proceeds from vessel disposals 12,078 0 0
Proceeds from sale of leased vessels 20,000 0 0
Restricted cash (201) 0 60,000
Loans to affiliate (note 4) (18,096) (201,865) (210,713)
Repayment of loans to affiliate (note 4) 67,831 200,680 850
Other assets (6,677) (583) (27,550)
Cash used in investing activities (265,613) (716,634) (691,205)
Increase (decrease) in cash and cash equivalents 152,381 13,765 (274,625)
Cash and cash equivalents, beginning of year 215,520 201,755 476,380
Cash and cash equivalents, end of year $ 367,901 $ 215,520 $ 201,755