Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ (14,910,000) $ 7,899,000 $ 17,021,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 49,315,000 47,337,000 46,312,000
Share-based compensation 4,633,000 3,723,000 5,769,000
Bad debt expense, net 441,000 1,058,000 215,000
Gains on asset dispositions, net (4,787,000) (5,953,000) (6,101,000)
Debt discount amortization 189,000 246,000 251,000
Amortization of deferred financing costs 1,486,000 1,025,000 931,000
Derivative losses, net 0 18,000 944,000
Foreign currency gains (losses), net (96,000) 3,030,000 1,089,000
Cash settlements on derivative transactions, net 0 (356,000) (471,000)
Gains on debt extinguishment (518,000) (1,617,000) 0
Gain on sale of FBO 0 (12,946,000) 0
Goodwill impairment 0 1,866,000 0
Note receivable impairment 0 0 2,457,000
Deferred income tax expense (4,592,000) 14,200,000 7,050,000
Equity losses (earnings), net of tax (1,092,000) 1,943,000 (1,157,000)
Gain on sale of interest in equity investees 0 0 (1,518,000)
Changes in operating assets and liabilities:      
Decrease (increase) in receivables 13,516,000 (9,079,000) 6,228,000
Decrease in prepaid expenses and other assets 9,058,000 6,328,000 802,000
Increase (decrease) in accounts payable, accrued expenses and other liabilities 5,861,000 (14,266,000) (1,536,000)
Net cash provided by operating activities 58,504,000 44,456,000 78,286,000
Cash flows from investing activities:      
Purchases of property and equipment (39,200,000) (60,050,000) (106,732,000)
Proceeds from disposition of property and equipment 28,609,000 25,328,000 7,051,000
Cash settlements on forward contracts, net 0 (1,103,000) (1,545,000)
Return of helicopter deposits 544,000 0 0
Business acquisitions, net of cash acquired 0 (1,747,000) 0
Investments in and advances to equity investees 0 (36,000) (125,000)
Proceeds from sale of FBO 0 14,252,000 0
Proceeds from sale of interest in equity investees 0 0 6,381,000
Principal payments on notes due from equity investees 723,000 688,000 638,000
Principal payments on third party notes receivable 208,000 52,000 460,000
Escrow deposits, net (3,658,000) (191,000) 0
Net cash used in investing activities (12,774,000) (22,807,000) (93,872,000)
Cash flows from financing activities:      
Proceeds from Revolving Credit Facility 12,000,000 60,000,000 30,000,000
Long-term debt issuance costs (886,000) (71,000) (2,446,000)
Payments on long-term debt (40,444,000) (57,925,000) (2,885,000)
Extinguishment of long-term debt (4,331,000) (46,920,000) 0
Proceeds and tax benefits from share award plans 836,000 1,096,000 1,458,000
Tax expense on vested restricted stock 0 (127,000) 0
Purchase of treasury shares (161,000) (2,079,000) 0
Net cash provided by (used in) financing activities (32,986,000) (46,026,000) 26,127,000
Effects of exchange rate changes on cash and cash equivalents (164,000) (2,120,000) (1,009,000)
Net increase (decrease) in cash and cash equivalents 12,580,000 (26,497,000) 9,532,000
Cash and cash equivalents, beginning of year 14,370,000 40,867,000 31,335,000
Cash and cash equivalents, end of year $ 26,950,000 $ 14,370,000 $ 40,867,000