Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows from Operating Activities:      
Net Income $ 18,304 $ 7,747 $ 2,108
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 45,561 42,502 42,612
Amortization of deferred financing costs 610 1,663 25
Shared-based compensation 1,815 0 0
Debt discount amortization 231 15 0
Bad debt expense, net 885 2,798 20
Gains on asset dispositions and impairments, net (18,301) (3,612) (15,172)
Derivative losses, net 104 490 1,326
Cash settlements on derivative transactions, net (478) (419) 0
Foreign currency gains, net (698) (720) (516)
Deferred income tax expense 7,136 58,511 18,339
Non-cash settlement of current tax benefit (see Note 10) 0 (50,000) 0
Equity in (earnings) losses of 50% or less owned companies, net of tax (882) 5,528 (82)
Dividends received from 50% or less owned companies 0 (16) 1,236
Changes in operating assets and liabilities:      
Decrease (increase) in receivables 9,668 320 (9,311)
Increase (decrease) in prepaid expenses and other assets 1,250 (2,153) (5,967)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (834) (48,739) 6,312
Net cash provided by operating activities 64,371 13,915 40,930
Cash Flows from Investing Activities:      
Purchases of property and equipment (110,105) (112,986) (158,929)
Proceeds from disposition of property and equipment 65,151 5,188 26,043
Cash settlements on derivative transactions, net 0 0 6,109
Investments in and advances to 50% or less owned companies 0 (10,627) (21,840)
Principal payments on notes due from equity investees 863 2,574 0
Principal payments (advances) on third party notes receivable, net 632 1,086 (472)
Net cash used in investing activities (43,459) (114,765) (149,089)
Cash Flows from Financing Activities:      
Payments to SEACOR, net 0 0 (63,166)
Proceeds from issuance of long-term debt 55,000 284,622 252,000
Long-term debt issuance costs 0 (4,754) (3,050)
Payments on long-term debt (52,788) (292,787) (2,690)
Issuance of Series B preferred stock 0 100,000 0
Settlement of Series B preferred stock 0 (50,000) 0
Dividends paid on Series A preferred stock (4,953) (4,447) 0
Proceeds and tax benefits from share award plans 527 0 0
Proceeds from SEACOR on the settlement of stock options 706 0 0
Net cash (used in) provided by financing activities (1,508) 32,634 183,094
Effects of Exchange Rate Changes on Cash and Cash Equivalents 426 599 489
Net Increase (Decrease) in Cash and Cash Equivalents 19,830 (67,617) 75,424
Cash and Cash Equivalents, Beginning of Year 11,505 79,122 3,698
Cash and Cash Equivalents, End of Year $ 31,335 $ 11,505 $ 79,122