Exhibit 99.3
CAPITALIZATION
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash, and (iii) consolidated capitalization as of December 31, 2016 on an:
• | actual basis; and |
• | as adjusted basis, giving effect to(i) scheduled debt repayments of $37.8 million, (ii) drawdowns of $100.2 million for the acquisition of vesselsMarathon,Hercules I andLisboa and the payment of $140.9 million to the shipbuilding yard, (iii) $0.6 million in respect of the partial prepayment of the pre-delivery financing forHercules I, (iv) the payment of $4.0 million of preferred share dividends, and (v) $3.1 million proceeds from the sale of 550,000 common shares and 24,803 Series D preferred shares. |
Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between December 31, 2016 and March 28, 2017.
This table should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2016 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Exhibits 99.1 and 99.2, respectively.
In thousands of U.S. Dollars | As of December 31, 2016 | |||||||
Actual | As Adjusted | |||||||
(Unaudited) | ||||||||
Cash | ||||||||
Cash and cash equivalents | $ | 187,777 | $ | 107,770 | ||||
Restricted cash | 9,996 | 9,996 | ||||||
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Total cash | 197,773 | 117,766 | ||||||
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Capitalization | ||||||||
Debt: | ||||||||
Long-term secured debt obligations (including current portion) | $ | 1,766,043 | $ | 1,827,805 | ||||
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Stockholders’ equity: | ||||||||
Preferred shares, $1.00 par value; 15,000,000 authorized (including 2,300,000 Series B Preferred Shares, 2,300,000 Series C Preferred Shares and 3,910,000 Series D Preferred Shares) and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares and 3,400,000 Series D Preferred Shares issued and outstanding at December 31, 2016 on an actual basis; 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares and 3,424,803 Series D Preferred Shares issued and outstanding on an as adjusted basis; | 7,400 | 7,425 | ||||||
Common shares, $1.00 par value; 185,000,000 shares authorized; 87,338,652 shares issued and 83,720,866 shares outstanding at December 31, 2016 on an actual basis and 87,338,652 shares issued and 84,270,866 shares outstanding on an as adjusted basis | 87,339 | 87,339 | ||||||
Additional paid-in capital | 752,001 | 752,578 | ||||||
Cost of treasury stock | (20,173 | ) | (17,112 | ) | ||||
Accumulated other comprehensive loss | (4,313 | ) | (4,313 | ) | ||||
Retained earnings | 582,889 | 574,174 | ||||||
Non-controlling interest | 12,307 | 12,307 | ||||||
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Total stockholders’ equity | 1,417,450 | 1,412,397 | ||||||
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Total capitalization | $ | 3,183,493 | $ | 3,240,202 | ||||
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