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
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 7,899 $ 17,021 $ 18,304
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 47,337 46,312 45,561
Share-based compensation 3,723 5,769 1,815
Bad debt expense, net 1,058 215 885
Gains on asset dispositions, net (5,953) (6,101) (18,301)
Debt discount amortization 246 251 231
Amortization of deferred financing costs 1,025 931 610
Derivative losses, net 18 944 104
Foreign currency gains (losses), net 3,030 1,089 (698)
Cash settlements on derivative transactions, net (356) (471) (478)
Gains on debt extinguishment (1,617) 0 0
Gain on sale of FBO (12,946) 0 0
Goodwill impairment 1,866 0 0
Note receivable impairment 0 2,457 0
Deferred income tax expense 14,200 7,050 7,136
Equity losses (earnings), net of tax 1,943 (1,157) (882)
Gain on sale of interest in equity investees 0 (1,518) 0
Changes in operating assets and liabilities:      
Decrease (increase) in receivables (9,079) 6,228 9,668
Decrease in prepaid expenses and other assets 6,328 802 1,250
Decrease in accounts payable, accrued expenses and other liabilities (14,266) (1,536) (834)
Net cash provided by operating activities 44,456 78,286 64,371
Cash flows from investing activities:      
Purchases of property and equipment (60,050) (106,732) (110,105)
Proceeds from disposition of property and equipment 25,328 7,051 65,151
Cash settlements on forward contracts, net (1,103) (1,545) 0
Business acquisitions, net of cash acquired (1,747) 0 0
Investments in and advances to equity investees (36) (125) 0
Proceeds from sale of FBO 14,252 0 0
Proceeds from sale of interest in equity investees 0 6,381 0
Principal payments on notes due from equity investees 688 638 863
Principal payments on third party notes receivable 52 460 632
Escrow deposits, net (191) 0 0
Net cash used in investing activities (22,807) (93,872) (43,459)
Cash flows from financing activities:      
Proceeds from Revolving Credit Facility 60,000 30,000 55,000
Long-term debt issuance costs (71) (2,446) 0
Payments on long-term debt (57,925) (2,885) (52,788)
Extinguishment of long-term debt (46,920) 0 0
Dividends paid on Series A preferred stock 0 0 (4,953)
Proceeds and tax benefits from share award plans 1,096 1,458 527
Tax expense on vested restricted stock (127) 0 0
Purchase of treasury shares (2,079) 0 0
Proceeds from SEACOR on the settlement of stock options 0 0 706
Net cash provided by (used in) financing activities (46,026) 26,127 (1,508)
Effects of exchange rate changes on cash and cash equivalents (2,120) (1,009) 426
Net increase (decrease) in cash and cash equivalents (26,497) 9,532 19,830
Cash and cash equivalents, beginning of year 40,867 31,335 11,505
Cash and cash equivalents, end of year $ 14,370 $ 40,867 $ 31,335