| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||
17,048 | 23,981 | 9,100 | 9,158 | 13,367 | -13,647 | 15,514 |
Adjustments to reconcile net income to net cash (used in) provided by operations: | ||||||
Depreciation and amortization expense | ||||||
18,529 | 17,620 | 15,614 | 14,107 | 12,730 | 11,668 | 9,614 |
Amortization Of Deferred Financing Costs And Bank Fees | ||||||
727 | 693 | 681 | 662 | 745 | 954 | 949 |
Amortization of prepaid rent | ||||||
-118 | -121 | -121 | 0 | - | - | - |
Unrealized Gain (Loss) on Derivatives | ||||||
2,753 | -3,868 | - | - | - | - | - |
Unrealized loss (gain) on derivative instruments | ||||||
- | - | 360 | 2,163 | -377 | -1,230 | 1,101 |
Gain from equity method investee | ||||||
156 | 224 | 256 | 0 | -100 | -265 | 10 |
Earnings attributable to non-controlling interest recorded as interest expense | ||||||
44 | 0 | - | - | - | - | - |
(Recovery) provision for doubtful accounts | ||||||
898 | 269 | 543 | 922 | 974 | 2,764 | 652 |
Impairment of Long-Lived Assets Held-for-use | ||||||
4,751 | 0 | - | - | - | - | - |
Loss on sales of vessels | ||||||
-4,584 | 0 | - | - | - | - | - |
Loss on sales and leaseback of vessels | ||||||
0 | -860 | - | - | - | - | - |
Gain on sale of vessel | ||||||
- | - | -9,275 | 0 | -638 | 3,947 | 0 |
Loss on impairment of vessels | ||||||
- | - | - | - | 5,354 | 11,506 | 0 |
Drydocking costs | ||||||
1,633 | 2,135 | 3,775 | 42 | 1,393 | 4,880 | 731 |
Write off unamortized financing costs of repaid debt | ||||||
- | - | - | - | 72 | 471 | 0 |
Amortization of discount on related party long-term debt | ||||||
- | - | - | - | - | 322 | 1,117 |
Share-based compensation | ||||||
1,737 | 1,200 | 1,074 | 601 | 457 | 1 | 0 |
Change in operating assets and liabilities: | ||||||
Increase (Decrease) in Restricted Cash for Operating Activities | ||||||
- | - | - | -1,503 | 1,003 | 500 | - |
Increase in restricted cash | ||||||
- | - | - | - | - | - | 0 |
Accounts receivable | ||||||
725 | 7,661 | 5,642 | 1,781 | -6,769 | -14,561 | 15,445 |
Bunker inventory | ||||||
2,425 | 3,865 | 2,153 | 5,712 | -8,111 | -5,470 | 7,215 |
Advance hire, prepaid expenses and other current assets | ||||||
6,247 | -1,624 | 1,368 | 3,708 | -3,852 | -4,291 | 2,643 |
Accounts payable, accrued expenses and other current liabilities | ||||||
10,301 | -392 | 6,976 | 3,690 | -17,846 | -6,413 | 16,952 |
Deferred revenue | ||||||
-340 | 4,172 | -607 | - | - | - | - |
Net cash (used in) provided by operating activities | ||||||
44,458 | 40,134 | 29,223 | - | - | - | - |
Deferred revenue | ||||||
- | - | - | 1,974 | -7,300 | -4,406 | 2,733 |
Net cash provided by operating activities | ||||||
- | - | - | 19,213 | 26,009 | 19,714 | 21,117 |
Investing activities | ||||||
Purchase of vessels and vessel improvements | ||||||
41,350 | 17,126 | 64,029 | 319 | 44,799 | 43,914 | 49,736 |
Investment in newbuildings in-process | ||||||
15,357 | 0 | - | - | - | - | - |
Proceeds from sale and leaseback of vessel | ||||||
- | - | - | - | 8,265 | 23,279 | 0 |
Deposits on newbuildings in-process | ||||||
- | - | - | 9,618 | 27,209 | 13,101 | 31,900 |
Purchase of fixed assets and equipment | ||||||
283 | 414 | 0 | 315 | 55 | 560 | 112 |
Proceeds from sale of vessels | ||||||
10,388 | 0 | - | - | - | - | - |
Proceeds from sale of equipment | ||||||
0 | 31 | 306 | 0 | - | - | - |
Purchase of non-controlling interest in consolidated subsidiary | ||||||
- | - | 830 | 0 | - | - | - |
Net cash used in investing activities | ||||||
-46,602 | -17,509 | -64,553 | - | - | - | - |
Deposits on vessel purchase | ||||||
- | - | - | - | - | - | 1,500 |
Acquisition of interest in equity method investee | ||||||
- | - | - | - | 250 | 0 | 0 |
Net cash used in investing activities | ||||||
- | - | - | -10,254 | -64,048 | -34,297 | -83,980 |
Financing activities | ||||||
Proceeds from long-term debt | ||||||
- | - | 35,000 | 1,375 | 67,500 | 35,500 | 32,205 |
Proceeds from Mergers | ||||||
- | - | - | - | - | -5,035 | 0 |
Proceeds from Related Party Debt | ||||||
- | - | - | 4,836 | 6,853 | 17,651 | 29,554 |
Payments of related party debt | ||||||
2,595 | 4,131 | 0 | 2,500 | 1,216 | 225 | 5,274 |
Proceeds from long-term debt | ||||||
14,000 | 0 | - | - | - | - | - |
Payments of financing fees and debt issuance costs | ||||||
2,960 | 728 | 1,022 | 45 | 1,178 | 484 | 1,799 |
Payments of long-term debt | ||||||
20,627 | 21,058 | - | - | - | - | - |
Proceeds from finance leases | ||||||
25,600 | - | - | - | - | - | - |
Payments of long-term debt | ||||||
- | - | 25,329 | 23,722 | 22,548 | 30,051 | 14,401 |
Proceeds from finance leases | ||||||
- | 27,750 | 28,000 | 0 | - | - | - |
Payments of finance lease obligations | ||||||
6,602 | - | - | - | - | - | - |
Payments on finance lease obligation | ||||||
- | 3,501 | 1,198 | 0 | - | - | - |
Dividends paid to non-controlling interests | ||||||
4,666 | 904 | 0 | - | - | - | - |
Repayments of Lines of Credit | ||||||
- | - | - | - | 3,000 | - | - |
Merger costs | ||||||
- | - | - | - | - | 1,853 | 0 |
Proceeds from issuance of convertible redeemable preferred stock | ||||||
- | - | - | - | - | 0 | 21,899 |
Accrued common stock dividends paid | ||||||
8,090 | 2,270 | 1,001 | 100 | 100 | 100 | 100 |
Cash paid for incentive compensation shares relinquished | ||||||
-179 | -146 | 0 | - | - | - | - |
Contributions from noncontrolling interests recorded as long-term liability | ||||||
4,783 | 0 | - | - | - | - | - |
Contributions from non-controlling interest recorded as long-term liability | ||||||
422 | 0 | - | - | - | - | - |
Decrease in restricted cash | ||||||
- | - | - | - | - | - | 187 |
Distributions to non-controlling interest | ||||||
- | - | - | 0 | 567 | 0 | 176 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ||||||
- | - | - | -5,600 | 0 | - | - |
Contributions from noncontrolling interests | ||||||
- | - | 1,359 | 1,600 | - | - | - |
Proceeds from private placement of common stock, net of issuance costs | ||||||
0 | -50 | 9,631 | - | - | - | - |
Net cash (used in) provided by financing activities | ||||||
-916 | -5,042 | 45,439 | - | - | - | - |
Net cash provided by financing activities | ||||||
- | - | - | -24,156 | 45,742 | 25,472 | 62,095 |
Net (decrease) increase in cash, cash equivalents and restricted cash | ||||||
-3,059 | 17,582 | 10,108 | - | - | - | - |
Supplemental cash flow information | ||||||
Disclosure of noncash items | ||||||
Dividends declared, not paid | ||||||
- | - | - | - | - | 6,303 | 12,700 |
Issuance of convertible redeemable preferred stock as settlement of accrued dividends | ||||||
- | - | - | - | - | 28,332 | 213 |
Conversion of related party debt to noncontrolling interest | ||||||
- | - | 9,278 | 0 | 51,853 | 0 | 4,429 |
Issuance of common stock in settlement of merger related costs | ||||||
- | - | - | - | - | 4,234 | 0 |
Issuance of convertible redeemable preferred stock in settlement of common stock dividend | ||||||
- | - | - | - | - | - | 0 |
Beneficial conversion feature of convertible redeemable preferred stock at issuance date | ||||||
- | - | - | - | - | 11,776 | 8,959 |
Modification of Shareholder loan to on Demand | ||||||
- | - | - | - | - | 16,433 | 0 |
Modification of Shareholder loan to on Demand | ||||||
- | - | - | - | - | - | 0 |
Imputed interest on related party long-term debt | ||||||
- | - | - | - | - | 322 | 17,873 |
Transfer of ownership to noncontrolling interest | ||||||
- | - | - | - | - | - | 360 |
Cash paid for interest | ||||||
- | - | - | 4,659 | 5,407 | 5,112 | 4,059 |
Conversion of dividend into common stock | ||||||
- | - | 4,285 | - | - | - | - |
Cash paid for interest | ||||||
9,250 | 8,636 | 6,978 | - | - | - | - |
Net decrease in cash and cash equivalents | ||||||
- | - | - | -15,197 | 7,702 | 10,889 | -767 |