Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

On April 25, 2016, we launched an at-the-market (“ATM”) equity offering program and executed an Equity Distribution Agreement with Wells Fargo Securities, LLC (“Wells Fargo”) to sell up to $50 million of our common stock through Wells Fargo. As of September 30, 2016, we had sold a total of 6,309,355 shares of our common stock under this ATM program for $50 million, or an average of $7.92 per share. The proceeds from the ATM program totaled $47.7 million, net of transaction costs, including commissions of $1.3 million to Wells Fargo.

On August 11, 2016, we executed another Equity Distribution Agreement with Wells Fargo to sell an additional $50 million of our common stock under an ATM program. As of September 30, 2016, we had sold a total of 6,709,377 shares of our common stock under this ATM program for $50 million, or an average of $7.45 per share. The proceeds from this ATM program totaled $48.8 million, net of transaction costs, including commissions of $1.0 million to Wells Fargo.

The components of Accumulated Other Comprehensive Income (Loss) (“OCI”) are as follows (in thousands): 

	September 30, 2016			December 31, 2015
Cumulative foreign currency translation adjustment	$	(67,548	)	$	(43,010	)
Unrealized loss on hedges, net (1)	(18,026		)	(27,891		)
Accumulated other comprehensive loss	$	(85,574	)	$	(70,901	)

(1) Amounts relate to foreign currency hedges for the Grand Canyon, Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Term Loan and the Nordea Q5000 Loan, and are net of deferred income taxes totaling $9.8 million at September 30, 2016 and $15.1 million at December 31, 2015 (Note 14).