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EXCEL - IDEA: XBRL DOCUMENT - Eagle Bulk Shipping Inc.Financial_Report.xls
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v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss $ (70,377,128) $ (13,120,770)
Adjustments to reconcile net loss to net cash provided by operating activities: Items included in net loss not affecting cash flows:    
Depreciation 56,388,161 51,014,334
Amortization of deferred drydocking costs 1,862,195 2,445,175
Amortization of deferred financing costs 4,428,572 3,014,720
Amortization of fair value below contract value of time charter acquired (3,574,012) (3,833,571)
Loss from sale of vessel 0 509,076
Payment-in-kind interest on debt 8,101,953 0
Unrealized gain from forward freight agreements, net 246,110 377,889
Allowance for accounts receivable 5,351,609 6,586,900
Non-cash compensation expense 7,012,714 6,958,931
Drydocking expenditures (1,085,541) (2,074,115)
Changes in operating assets and liabilities:    
Accounts receivable (5,185,340) (16,264,471)
Other assets 2,089,633 (2,528,419)
Prepaid expenses 708,671 (198,860)
Inventories 269,672 (5,087,644)
Accounts payable (1,169,678) 3,309,380
Accrued interest (861,935) (2,495,987)
Accrued expenses 505,953 8,709,633
Deferred revenue (471,017) 19,244
Unearned revenue (1,596,072) (233,646)
Net cash provided by operating activities 2,644,520 37,107,799
Cash flows from investing activities:    
Vessels and vessel improvements and advances for vessel construction (58,521) (155,686,543)
Purchase of other fixed assets (48,497) (342,932)
Proceeds from sale of vessel 0 22,511,226
Changes in restricted cash 394,362 (1,131,519)
Net cash provided by (used in) investing activities 287,344 (134,649,768)
Cash flows from financing activities:    
Repayment of bank debt 0 (21,875,735)
Changes in restricted cash 0 19,000,000
Deferred financing costs (9,382,792) 0
Cash used to settle net share equity awards (65,138) (1,429,982)
Net cash used in financing activities (9,447,930) (4,305,717)
Net decrease in cash (6,516,066) (101,847,686)
Cash at beginning of period 25,075,203 129,121,680
Cash at end of period $ 18,559,137 $ 27,273,994