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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 81,702 $ 143,764 $ 115,087
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 100,943 101,645 105,787
Allowance for doubtful amounts 0 0 2,888
Other non-current assets 4,000 0 0
Amortization of debt discount (659) (798) 0
Amortization of prepaid lease rentals 6,779 4,982 4,024
Amortization and write-off of financing costs 2,613 1,896 4,107
Amortization of deferred dry-docking and special survey costs 7,920 7,425 7,814
Equity based payments 4,951 8,623 0
Net settlements on interest rate swaps qualifying for cash flow hedge 0 0 (489)
Gain on derivative instruments, net (4,509) (16,856) (5,469)
Loss / (gain) on sale / disposal of vessels, net 4,440 (1,688) (2,543)
Loss on vessel held for sale 37,161 0 0
Equity loss on investments 78 529 3,428
Changes in operating assets and liabilities:      
Accounts receivable (10) 1,254 13,705
Due from related parties 2,565 (1,565) (1,768)
Inventories (837) 987 (560)
Insurance claims receivable 1,020 (2,147) (330)
Prepayments and other (368) 1,447 (2,543)
Accounts payable (199) (2,249) 482
Due to related parties (180) 371 0
Accrued liabilities (6,669) 4,087 2,731
Unearned revenue (545) 373 900
Other current liabilities (39) (574) (854)
Dry-dockings (5,868) (9,461) (10,150)
Accrued charter revenue (7,730) 2,618 7,023
Net Cash provided by Operating Activities 226,559 244,663 243,270
CASH FLOWS FROM INVESTING ACTIVITIES:      
Equity method investments (35,273) (44,881) (85,103)
Dividend from equity method investees 0 0 31,828
Debt securities capital redemption 46 0 0
Advances for vessel acquisitions 0 0 (59,058)
Vessels acquisitions / Additions to vessel cost (2,792) (2,758) (28,984)
Proceeds from the sale of vessels, net 3,629 4,655 22,054
Net cash used in Investing Activities (34,390) (42,984) (119,263)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Offering proceeds, net of related expenses 69,037 96,616 96,523
Capital lease proceeds 151,848 0 256,716
Capital lease repayment (21,637) (13,509) (9,583)
Proceeds from long-term debt 71,000 0 9,000
Repayment of long-term debt (335,764) (196,850) (356,635)
Payment of financing costs (3,907) 0 (2,055)
Dividends paid (75,003) (102,287) (93,074)
(Increase) / Decrease in restricted cash 17,050 1,367 (5,189)
Net Cash used in Financing Activities (127,376) (214,663) (104,297)
Net increase / (decrease) in cash and cash equivalents 64,793 (12,984) 19,710
Cash and cash equivalents at beginning of the year 100,105 113,089 93,379
Cash and cash equivalents at end of the year 164,898 100,105 113,089
SUPPLEMENTAL CASH INFORMATION:      
Cash paid during the year for interest $ 51,186 $ 45,213 $ 46,043