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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 5,272 $ 7,151
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 28,058 23,113
Amortization of debt issuance costs 747 754
Amortization of intangible assets 669 76
Stock-based compensation expense 461 470
Unrealized loss (gain) on foreign exchange 236 (7)
Loss on sale of used rental equipment 873 733
Deferred income taxes 601 100
Bad debt expense 187 150
Changes in other operating assets and liabilities:    
Accounts receivable (1,069) (7,993)
Prepaid expenses and other assets (4,134) (53)
Accounts payable, accrued expenses and other current liabilities (4,763) 4,040
Due to container investors (832) 194
Unearned revenue (648) 1,383
Net cash provided by operating activities 25,658 30,111
Cash flows from investing activities    
Purchase of rental equipment [1] (48,116) (45,844)
Acquisitions, net of cash acquired   (6,680)
Proceeds from sale of used rental equipment 19,325 12,740
Purchase of furniture, fixtures and equipment (44) (25)
Receipt of principal payments from direct financing leases 2,741 7,073
Net cash used in investing activities (26,094) (32,736)
Cash flows from financing activities    
Proceeds from debt 85,787 145,200
Principal payments on debt (100,541) (136,445)
Debt issuance costs   (10)
Decrease in restricted cash 255 255
Repurchase of stock   (6,032)
Exercise of stock options 327  
Net cash (used in) provided by financing activities (14,172) 2,968
Effect on cash of foreign currency translation 997 206
Net (decrease) increase in cash (13,611) 549
Cash at beginning of the period 46,134 52,553
Cash at end of the period 32,523 53,102
Cash paid during the period for:    
Income taxes 97 245
Interest 11,504 9,964
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 1,806 $ 8,879
Transfer of direct finance lease to rental equipment $ 291  
[1] Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated.