| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
5,310 | 44,638 | 98,094 | 87,737 | 42,189 | 30,535 | 18,650 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation and amortization | ||||||
73,588 | 62,280 | 53,453 | 45,809 | 36,608 | 24,179 | 18,677 |
Payment of drydocking costs | ||||||
268 | 9,902 | 11,558 | 5,320 | 2,923 | - | 6 |
Call option premium on redemption of 9.00% unsecured bond | ||||||
2,500 | - | - | - | - | - | - |
Prior year expenses recovered in insurance claim | ||||||
504 | - | - | - | - | - | - |
Amortization of share-based compensation | ||||||
1,412 | 1,573 | 1,643 | 1,122 | 728 | 796 | 842 |
Amortization of deferred financing costs | ||||||
3,217 | 3,091 | 4,806 | 2,853 | 2,155 | 959 | 275 |
Insurance claim debtor | ||||||
7 | -60 | 10,289 | - | - | - | - |
Vessel write down following collision | ||||||
- | - | 10,500 | - | - | - | - |
Profit from sale of vessel | ||||||
- | - | 550 | - | - | - | - |
Unrealized foreign exchange | ||||||
-3 | -208 | 205 | 155 | -24 | -27 | 11 |
Changes in operating assets and liabilities | ||||||
Accounts receivable | ||||||
7,831 | -1,991 | 1,855 | -4,642 | 7,964 | 2,570 | -2,115 |
Bunkers and lubricant oils | ||||||
1,074 | 3,457 | -1,331 | -1,114 | 1,103 | 372 | 855 |
Prepaid expenses and other current assets | ||||||
5,079 | 7,694 | 4,408 | -2,417 | 2,276 | 6,381 | -2,761 |
Accounts payable, accrued interest and other liabilities | ||||||
4,654 | -6,040 | 8,394 | -7,224 | 12,894 | 7,787 | 2,532 |
Long-term accounts receivable | ||||||
- | - | -198 | -119 | 317 | - | - |
Net cash provided by operating activities | ||||||
75,921 | 86,748 | 149,554 | 133,114 | 80,015 | 54,962 | 44,982 |
Cash flows from investing activities | ||||||
Payment to acquire vessels | ||||||
1,940 | 1,733 | 3,348 | 3,503 | 426,119 | 147,454 | - |
Payment for vessels under construction | ||||||
180,629 | 239,179 | 236,648 | 230,066 | 41,291 | 44,931 | 85,526 |
Purchase of other property, plant and equipment | ||||||
1,726 | 75 | 142 | 108 | 93 | 403 | 50 |
Receipt of shipyard penalty payments | ||||||
280 | 1,901 | 1,933 | - | - | - | - |
Release of short term investment | ||||||
25,000 | - | - | - | 20,000 | - | - |
Insurance recoveries | ||||||
990 | 9,374 | 391 | 1,803 | - | - | - |
Placement of short term investment | ||||||
25,000 | - | - | - | 10,000 | 10,000 | - |
Capitalized costs for the repair of Navigator Aries | ||||||
- | 8,441 | - | - | - | - | - |
Proceeds from sale of vessel net of costs | ||||||
- | - | 31,958 | - | - | - | - |
Net cash used in investing activities | ||||||
-183,025 | -238,153 | -205,856 | -231,874 | -457,503 | -202,789 | -85,576 |
Cash flows from financing activities | ||||||
Proceeds from secured term loan facilities | ||||||
395,170 | 327,670 | 157,700 | 150,000 | 243,000 | 206,528 | 53,471 |
Issuance of 7.75% senior unsecured bonds | ||||||
100,000 | - | - | - | - | 125,000 | - |
Repayment of 9.00% senior unsecured bonds | ||||||
127,500 | - | - | - | - | - | - |
Issuance costs of 7.75% senior unsecured bonds | ||||||
1,819 | - | - | - | 114 | 3,645 | - |
Direct financing cost of secured term loan facilities | ||||||
2,058 | 2,680 | 5,879 | 483 | 6,867 | 2,700 | 900 |
Repayment of secured term loan facilities | ||||||
251,852 | 204,092 | 70,266 | 182,626 | 35,751 | 107,649 | 7,114 |
Proceeds from issuance of stock | ||||||
- | - | - | - | 246,570 | 46,875 | 15,625 |
Issuance costs of stock | ||||||
- | - | - | 345 | 15,480 | 25 | 356 |
Dividends paid | ||||||
- | - | - | - | - | 2,419 | 9,640 |
Net cash provided by/(used in) financing activities | ||||||
111,941 | 120,898 | 81,555 | -33,454 | 431,358 | 261,963 | 51,085 |
Net decrease in cash and cash equivalents | ||||||
4,837 | -30,507 | 25,253 | -132,214 | 53,870 | 114,135 | 10,491 |
Supplemental Information | ||||||
Total interest paid during the period, net of amounts capitalized | ||||||
35,890 | 29,815 | 24,427 | 25,449 | 23,038 | 6,166 | 2,099 |
Total tax paid during the period | ||||||
515 | 601 | 632 | 560 | 171 | 165 | 73 |